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12-13-10 Council Agenda & Packet
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12-13-10 Council Agenda & Packet
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City Council - City Clerk
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COUNTY -CITY BUILDING, <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, IN 46601 <br />Q ®�� 4& <br />tv <br />�. PEAS <br />184 <br />PHONE 574 - 235 -9216 <br />FAX 574 - 235 -9928 <br />CITY OF SouTH BEND STEPHEN J. LUECKE, MAYOR <br />OFFICE OF ADMINISTRATION & FINANCE <br />GREGG D. ZIENTARA, CITY CONTROLLER <br />November 17, 2010 <br />Mr, Derek Dieter - - ....._. _ <br />President, South Bend Common Council <br />e Floor, County -City Building <br />South Bend, IN 46601 <br />Re: Ordinance of the Common Council Creating a new Fund to Account for the 2010 Sewage Works <br />Revenue Bond Construction <br />Dear President Dieter: <br />On November 8, 2010, the City of South Bend Common Council approved spending Ordinance No. <br />10052 -10, Sewage Works Revenue Bonds of 2010, which authorized the sale of sewage works revenue <br />bonds in an amount not to exceed $9,345,000. <br />Bond covenants and proper accounting principles require that upon issuance, the bond proceeds be <br />deposited into a separate Fund to pay bond issuance costs and project expenditures. <br />To accomplish this, it is in the best interest of the City to establish a new 2010 Sewage Works Revenue <br />Bond Construction Fund (#658), which shall be a non - reverting fund. The new Fund 658 will earn interest <br />on cash balances and will be subject to appropriation by the City of South Bend Common Council. <br />I will present this Bill to the Common Council at the appropriate Council Committee meeting, public <br />hearing, and at the Council meeting. I am available to discuss any matters concerning this Bill at the <br />convenience of the Council. <br />Regards, <br />Gregg D. i n a <br />CC.' Ste n J. Luecke, Mayor of the City of South Bend <br />r,'� <br />
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