02/12/91 Board of Public Works Special Meeting Minutes

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M, SPECIAL MEETING FEBRUARY 12, 1991 A Special Meeting of the Board of Public Works was convened at 2:32 p.m. on Tuesday, February 12, 1991, by Board President John E. Leszczynski, with Mr. Leszczynski and Mrs. Patricia E. DeClercq present. Board member Ms. Katherine Humphreys was not in attendance. Also present was Chief Assistant City Attorney Jenny Pitts Manier. ADOPT RESOLUTION NO. 6-1991 - AUTHORIZING THE BOARD TO ADOPT THE OFFICIAL STATEMENT FOR THE TAX ANTICIPATION TIME WARRANTS - 1991 Mr. John Leisenring, Chief Deputy Controller, advised the Board that the Official Statement submitted to the Board with Resolution No. 6-1991 will be used in conjunction with the sale of Tax Anticipation Time Warrants. He noted that the City is asking for tax anticipation time warrants in the amount of $6,240,000.00 for the General Fund and $810,000.00 for the Park Maintenance Fund. The sale of the warrants is scheduled for February 27, 1991, and closing is anticipated for March 6, 1991. Mr. Leisenring further noted that the Warrants will be repaid on December 31, 1991 and the paying agent is Society Bank. In response to a question from Mrs. DeClercq, Mr. Leisenring advised that the Common Council, at their meeting held on February 11, 1991, approved the required Ordinance regarding these Tax Anticipation Time Warrants. Therefore, Mrs. DeClercq made a motion that the Resolution as submitted be adopted. Mr. Leszczynski seconded the motion which carried, and the following Resolution No. 6-1991 containing the Official Statement was approved and adopted: RESOLUTION NO. 6-1991 RESOLUTION OF THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS FOR 1991 WHEREAS, on February 11, 1991, the City of South Bend Common Council (the "Common Council") adopted an ordinance entitled "AN ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1991" (the "Ordinance") which authorized the City of South Bend, Indiana (the "City") to make temporary loans to meet current expenses pursuant to the provisions of Indiana Code 36-4-6-20 for the use and benefit of the General Fund and Park Maintenance Fund (the "Funds") of the City, which loans were further authorized to be evidenced by tax anticipation time warrants of the City in the following amounts: Amount Fund $6,240.000 General Fund $ 810,000 Park Maintenance Fund and; 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 Funds at a price not less than the par value thereof to a purchaser or purchasers pursuant to a Purchase Agreement or Purchase Agreements in accordance with the terms and conditions of the Ordinance; and WHEREAS, the Ordinance further authorized and directed the City Controller to make such filings and requests, deliver such certifications, execute and deliver such documents and