09-28-09 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETING SEPTEMBER 28, 2009 There being no one present wishing to speak to the Council either in favor of or in opposition to this bill. Councilmember Dieter made a motion for favorable recommendation to full Council concerning this bill. Councilmember Oliver Davis seconded the motion which carried by a voice vote of nine (9) ayes. BILL NO. 76-09 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING CHAPTER 2, ARTICLE 14, OF THE SOUTH BEND MUNICIPAL CODE TO CREATE A SEWAGE WORKS DEBT SERVICE RESERVE FUND (#653), TRANSFERRING TO FUND #653 THE TOTAL SUM OF $4,541,322 FROM VARIOUS FUNDS, APPROPRIATING THE SUM OF $4,541,322 WITHIN FUND #653 FOR SEWAGE WORKS BOND DEBT SERVICE RESERVE OBLIGATION, AND CLOSING FUND #650 Councilmember Oliver Davis, Chairperson, Utilities Committee, reported that this committee held a Public hearing on this bill this afternoon and sends this bill to the full Council with no recommendation due to the lack of a quorum. th Mr. Gilot, Director, Public Works, 13 Floor County-City Building, 227 W. Jefferson Blvd., South Bend, Indiana, made the presentation for this bill. Mr. Gilot advised that this bill creates a new, separate Fund #653 to hold Sewage Works bond debt service reserve monies which are required under the sewage works bonds. The bill will codify the creation of this fund within a new Section of the South Bend Municipal Code. A separate fund was recommended to create clear accounting and tracking of these monies. He stated that this bill also allows for the transfer from various Sewage Works Funds in the total sum of $4,541,322 which is required to satisfy the City Sewage Works bond debt service reserve requirements through 2009 and part of 2010 pursuant to bond documents. The bill then appropriates the transferred monies for debt service reserve purposes. He stated that finally one of the funds from which monies are to be transferred for debt service reserve appropriation is Clay Sewage General Fund #650. This fund should be closed because it is no longer needed. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. Councilmember Henry Davis stated that another fund needs to be added for incidental claims regarding sewage back-up in Residential Homes. Mr. Gilot stated that he would defer to Legal for the liability, this really is not in his area of engineering. He urged everyone to have a check valve in place. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill. Councilmember Dieter made a motion for favorable recommendation to full Council concerning this bill. Councilmember Oliver Davis seconded the motion which carried by a voice vote of nine (9) ayes. 9