03/03/89 Board of Public Works Special Meeting Minutes

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SPECIAL MEETING MARCH 3, 1989 A Special Meeting of the Board of Public Works was convened at 9:36 a.m. on Friday, March 3, 1989, by Board President John E. Leszczynski, with Mr. Leszczynski, Mrs. Patricia E. DeClercq and Ms. Katherine Humphreys present. Also present was Assistant City Attorney Marva Leonard -Dent. ADOPT RESOLUTION NO. 9-1989 - OF THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS (FIRST SERIES, 1989) Ms. Katherine Humphreys, Director, Administration and Finance, advised that the. Resolution submitted to the Board today for approval is to authorize the issuance of tax anticipation time warrants.in the amount of $4.7 million dollars in short term borrowing for the general fund. The money will be received at the end of March and will be paid back at the end of December. Ms. Humphreys stated that this action is necessitated to ease cashflow problems and she recommended approval of the Resolution as submitted. Therefore, Mrs. DeClercq made a motion that Resolution No. 9-1989 be adopted. Mr. Leszczynski seconded the motion and the following Resolution was adopted: RESOLUTION NO. 9-1989 RESOLUTION OF THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS FOR 1989 WHEREAS, on February 27, 1989, the City of South Bend Common Council (the "Common Council") adopted an ordinance entitled "AN ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1989" (the "Ordinance") which authorized the City of South Bend (the "City") to make temporary loans to meet current expenses pursuant to the provisions of Indiana Code 36-4-6 for the use and benefit of the General Fund of the City, which loans were further authorized to be evidenced by tax anticipation time warrants of the City in the following amount: Amount $4,700,000 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 at a price not less than the par value thereof to a purchaser or purchasers pursuant to a Purchase Agreement 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 instruments and otherwise take such actions as necessary or appropriate to carry out the terms and conditions of the Ordinance; and WHEREAS, an "Official Statement" relating to the sale of the Warrants has been prepared by Springsted Incorporated as the financial advisor to the City and presented to the City of South Bend Board of Public Works (the "Board") and the Board desires to approve the "Official Statement" as presented to it and authorize its distribution to facilitate the sale of the Warrants; NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS THAT: 1 1