02/10/92 Board of Public Works Minutes

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REGULAR MEETING FEBRUARY 10, 1992 ADOPTION OF RESOLUTION NO. 6-1992 - ADOPTING A WRITTEN FISCAL PLAN FOR THE PROPOSED ANNEXATION OF PROPERTY IN GERMAN TOWNSHIP - TABLED Mr. Larry Magliozzi, Department of Economic Development, was present and advised the Board that the Petitioner for this proposed annexation verbally advised him this morning that he intends to withdraw his Petition for Annexation which is before the Common Council. As a formal written withdrawal is not in hand, Mr. Caldwell made a motion that the Resolution as prepared and submitted be tabled until the next regular meeting of the Board. Mrs. DeClercq seconded the motion which carried. In response to an inquiry why the Petitioner will be withdrawing his Petition, Mr. Magliozzi stated that it is his understanding that the cost estimates for the building of the proposed new motel came in higher than anticipated. At this time Mr. Magliozzi informed members of the Board that the Fiscal Plan attached to the Resolution has been altered from the types of plans previously submitted to the Board. He pointed out that the new format includes more points of information and more directly addresses state law issues. Mr. Magliozzi noted that a recommendation section has been added as well as more maps of the area to be annexed in order to give individuals a better idea of the location. Additionally, a tax rate information table has been included so that the Petitioner will have an idea of the impact of his tax structure upon annexation. ADOPT RESOLUTION NO. 7-1992 - RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS FOR 1992 Board Attorney Mary H. Mueller advised members of the Board that the Resolution which has been prepared and submitted to the Board today for adoption approves the Official Statement and authorizes its distribution which will begin the process of selling the Tax Anticipation Time Warrants for 1992. Therefore, Mr. Caldwell made a motion that the Resolution be adopted. Mrs. DeClercq seconded the motion which carried and the following Resolution No. 7-1992 was adopted: RESOLUTION NO. 7-1992 RESOLUTION OF THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS FOR 1992 WHEREAS, on January 27, 1992, the City of South Bend Common Council (the "Common Council") adopted an ordinance entitled "AN ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 19921" (the "Ordinance") which authorized the City of South Bend, Indiana (the "City") to make a temporary loan to meet current expenses pursuant to the provisions of Indiana Code 36-4-6-20 for the use and benefit of the General Fund (the "Fund") of the City, which loan was further authorized to be evidenced by tax anticipation time warrants of the City in the following amount: Amount $5,500,000 and; Fund General Fund WHEREAS, the Ordinance authorized and directed the City Controller to have Tax Anticipation Time Warrants (the "Warrants") prepared and to sell the Warrants for the Fund at a price not less than the par value thereof to a purchaser or purchasers pursuant to a Purchase Agreement or Purchase LJ