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10062-10 Appropriation- $157,000 Additional Funds from the Century Center Fund (#670)
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10062-10 Appropriation- $157,000 Additional Funds from the Century Center Fund (#670)
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12/22/2010 12:52:22 PM
Creation date
12/22/2010 12:51:09 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/2010
Ord-Res Number
10062-10
Bill Number
79-10
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COUNTY-CITY BUILDING <br />227 W.JEFFERSON BOULEVARD <br />SOUTH BEND,IN 46601 <br />PEACE <br />x ~._~/ ~ <br />1865 <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 />4~h 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 Appropriating Additional Monies within certain Enterprise <br />Funds of the Civil City of South Bend <br />Dear President Dieter: <br />The Common Council passed the City's 2010 operating and capital budgets in 2009 (Ordinance #9957-09 <br />and #9992-09), which included expenditures for various City enterprise operations. It is now necessary to <br />appropriate additional funds for operational expenditures necessary for the City to effect provision of <br />services to its citizens which were not anticipated at the time the City budget was adopted. <br />At present, the City has an outstanding debt obligation with Old National Bank, debt origination connected <br />to the Century Center and its prior year's contract with Johnson Controls for energy conservation in the <br />Century Center facility. The project was successfully concluded with desired results. <br />The City desires to settle the outstanding Old National Bank debt obligation which upon settlement will <br />save the city money in interest financing costs of the remaining debt obligation. The current debt service <br />interest rate is 3.58% and exceeds the interest rate earned on existing Century Center related deposits <br />and investments. The maturity date on the existing debt is January, 2013. Sufficient cash reserves exist <br />at present within Century Center operations to affect this debt settlement without financial strain to <br />ongoing Century Center operations. The Century Center Board of Managers approved the debt <br />settlement action. <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 Council. <br />Regard , <br />Gregg D. lent a <br />cc: Stephen J. Luecke, Mayor of the City of South Bend <br />~~ <br />
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