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61 <br />SPECIAL MEETING <br />MARCH 3, 1989 <br />1 <br />11 <br />1. The "Official Statement" relating to the sale of the <br />Warrants by the City is hereby approved in the form presented to <br />the Board at this meeting. <br />2. Springsted, Incorporated is hereby authorized and <br />directed to cause to be distributed the "Official Statement," <br />substantially in the form presented to the Board at this meeting, <br />with such changes which are approved by the City's legal counsel <br />as Springsted Incorporated might recommend to describe adequately <br />such warrants and information related thereto to all parties who <br />in their judgment may be interested in purchasing the Warrants <br />and to the purchaser or purchasers of the Warrants. <br />3. This resolution shall be in full force and effect from <br />and upon compliance with the procedures required by law. <br />ADOPTED at a special meeting of the City of South Bend Board <br />of Public Works held on the 3rd day of March, 1989, in the Board <br />of Public Works Meeting Room located on the Thirteenth (13th) <br />Floor of the County -City Building, 227 West Jefferson Boulevard, <br />South Bend, Indiana 46601. <br />CITY OF SOUTH BEND BOARD OF PUBLIC WORKS <br />s/ John E. Leszczynski <br />s/ Patricia DeClercq <br />s/ S. Katherine Humphreys <br />ATTEST: <br />s/ Sandra M. Parmerlee, Clerk <br />Ms. Humphreys answered questions asked by the news media <br />regarding the issuance of the warrants and explained the method <br />by which the City receives its tax distribution from the County. <br />She also provided an explanation of why the City needed to issue <br />tax anticipation time warrants at this time because of cash flow <br />problems due to the amount of the City's payroll, with three (3) <br />payrolls due in the month of March. Ms. Humphreys further stated <br />that the dollar amount required at this time is less than <br />required in 1988 as it was determined that the Park Department <br />fund did not need to be included at this time. She further <br />stated that the money is borrowed at a lower interest rate and because <br />of tax code laws, the City is allowed to invest the money at a <br />higher interest rate and therefore, the City will not lose money. <br />ADJOURNMENT <br />There being no further business to come before the Board, upon a <br />motion made by Mr. Leszczynski, seconded by Mrs. DeClercq and <br />carried, the meeting adjourned at 9:40 a.m. <br />Jot E. Leszczyn <br />