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COUNTY-CITY BUILDING <br />227 W. JEFFERSON BOULEVARD <br />SOUTH BEND, IN 46601 <br />,,-.SpUTRB~ <br />f~'/ .'. ~ ~`' <br />UI ~ d <br />W i PEA~CF,~ a <br />~~ ~ ~~ <br />:\~~ ~e <br />1865 , <br />November 17, 2010 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />OFFICE OF ADMINISTRATION & FINANCE <br />GREGG D. ZIENTARA, CITY CONTROLLER <br />Mr. Derek Dieter <br />President, South Bend Common Council <br />4t" Floor, County-City Building <br />South Bend, IN 46601 <br />PHONE 574-235-9216 <br />FAX 574-235-9928 <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 anon-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 naa <br />cc: Ste n J. Luecke, Mayor of the City of South Bend <br />~a~ <br />,, ~"'~ .y c ~ v <br />;:. <br />,.,:-,~,1 ~ ~ ~~ <br />"'`l~ <br />~ ,'.J ~ <br />t ~,~ <br />°W~ <br />