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REGULAR MEETING DECEMBER 13, 2010 <br /> <br /> <br /> <br />BILL NO. 79-10 PUBLIC HEARING ON A BILL OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, <br /> APPROPRIATING ADDITIONAL FUNDS OF $157,000 <br /> FROM THE CENTURY CENTER FUND (#670) <br /> <br />Councilmember LaFountain, Chairperson, Personnel & Finance Committee reported that <br />this committee held a public hearing on this bill this afternoon and sends it to the full <br />Council with a favorable recommendation. <br /> <br />th <br />Gregg Zientara, City Controller, 12 Floor County-City Building, 227 W. Jefferson <br />Blvd., South Bend, Indiana, made the presentation for this bill. <br /> <br />Mr. Zientara advised that the City desires to settle the Old National Bank debt obligation <br />upon which settlement would save the city money in interest and finance cost of the <br />remaining debt obligation. The current debt service interest rate is 3.58% and exceeds <br />the interest rate earned on existing Century Center related deposits and investments. The <br />maturity date on the existing debt is January, 2013. Sufficient cash reserves exist at <br />present within Century Center operations to affect this debt settlement without financial <br />strain to ongoing Century Center operations. The Century Center Board of Managers <br />approved the debt settlement action. He asked for the Council’s favorable consideration. <br /> <br />This being the time heretofore set for the Public Hearing on the above bills, proponents <br />and opponents were given an opportunity to be heard. <br /> <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this bill, Councilmember Dieter made a motion for favorable <br />recommendation to full Council concerning this bill. Councilmember Oliver Davis <br />seconded the motion which carried by a voice vote of nine (9) ayes. <br /> <br /> <br />BILL NO. 80-10 PUBLIC HEARING ON A BILL OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, <br /> TRANSFERRING $440,000 FROM THE RAINY DAY <br /> FUND NO. 102 TO THE HALL OF FAME DEBT <br /> SERVICE FUND 313 WITHIN THE CITY OF SOUTH <br /> BEND <br /> <br />Councilmember LaFountain, Chairperson, Personnel & Finance Committee reported that <br />this committee held a public hearing on this bill this afternoon and sends it to the full <br />Council with a favorable recommendation. <br /> <br />th <br />Gregg Zientara, City Controller, 12 Floor County-City Building, 227 W. Jefferson <br />Blvd., South Bend, Indiana, made the presentation for this bill. <br /> <br />Mr. Zientara advised that do to possible delays in receipt of certain property tax revenue <br />from the County yet in December 2010 it has become necessary to temporarily transfer <br />monies from various funds within the city to depleted funds within the city to meet <br />current operational expenses. All funds from which temporary transfers are to be made <br />have sufficient monies to accommodate the temporary transfers. Once property tax <br />revenue is received from the County the funds will be returned to the loan fund source. <br />Mr. Zientara asked for the Council’s favorable consideration. <br /> <br />This being the time heretofore set for the Public Hearing on the above bills, proponents <br />and opponents were given an opportunity to be heard. <br /> <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this bill, Councilmember Oliver Davis made a motion for favorable <br />recommendation to full Council concerning this bill. Councilmember White seconded <br />the motion which carried by a voice vote of nine (9) ayes. <br /> <br /> <br /> 9 <br /> <br />