07/26/88 Board of Public Works Special Meeting Minutes

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SPECIAL MEETING JULY 26, 1988 A Special Meeting of the Board of Public Works was convened at 9:31 a.m. on Tuesday, July 26, 1988, by Board President John E. Leszczynski, with Mr. Leszczynski, Mrs. Patricia E. DeClercq and Ms. Katherine Humphreys present. Also present was Assistant City Attorney Jenny Pitts Manier. ADOPT RESOLUTION NO. 21-1988 - OF THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS (SECOND SERIES 1988) Ms. Katherine Humphreys, Director, Administration and Finance, advised that Resolution No. 21-1988 submitted to the Board today for approval relates to the action taken by the Common Council at their meeting held on July 25, 1988 whereby an ordinance entitled "An Ordinance Authorizing Tax Anticipation Time Warrants for 1988" was approved and also to the approval of the Official Statement and its distribution by Springsted Incorporated to all parties interested in purchasing the warrants. Therefore, upon a motion made by Mrs. DeClercq, seconded by Mr. Leszczynski and carried, the following Resolution No. 21-1988 was adopted: RESOLUTION NO. 21-1988 RESOLUTION OF THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS (SECOND SERIES 1988) WHEREAS, on July 25, 1988, the City of South Bend Common Council (the "Common Council") adopted an ordinance entitled "AN ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1988 (SECOND SERIES 1988)" (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 and the Park Maintenance Fund 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 $4,200,000 General Fund 100,000 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 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 condi- tions 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 instru- ments and otherwise take such actions as are necessary or appro- priate 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. J 1