06/11/07 Council Meeting Minutes

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REGULAR MEETING JUNE 11, 2007 Mayor Luecke advised that this bill would appropriate $500,000 in excess 2006 program income Community Development Block grant funds as part of the 2007 Action Plan of the 2005-2009 Housing & Community Development Plan. This matter is the subject of a 30-day public comment period from May 11 thru June 11. These funds will be used to implement the vacant properties initiative. Anticipated activities under this program are: demolition of vacant, dilapidated structures and accoutrements and the exterior rehabilitation of a vacant commercial structure on Western Avenue. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill. Councilmember Dieter made a motion for favorable recommendation to full Council concerning this bill. Councilmember Varner seconded the motion which carried by a voice vote of six (6) ayes. BILL NO. 34-07 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR AND/OR CONTROLLER OF THE CITY OF SOUTH BEND, INDIANA, TO MAKE TEMPORARY LOANS TO MEET CURRENT OPERATING EXPENSES OF VARIOUS FUNDS OF THE CITY IN ANTICIPATION OF AND NOT IN EXCESS OF CURRENT TAXES LEVIED IN THE YEAR 2006, AND COLLECTABLE IN THE YEAR 2007, AUTHORIZING THE ISSUANCE OF TEMPORARY LOAN TAX ANTICIPATION TIME WARRANTS TO EVIDENCE SUCH LOANS AND THE SALE OF SUCH WARRANTS AND APPROPRIATING AND PLEDGING THE TAXES TO BE RECEIVED IN SUCH FUNDS TO THE PAYMENT OF SUCH WARRANTS INCLUDING THE INTEREST THEREON Councilmember Pfeifer, Chairperson, Personnel & Finance Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Gary Gilot, Director, Public Works, 13~` Floor County-City Building, South Bend, Indiana, made the presentation on behalf of City Controller Catherine Fanello. Mr. Gilot advised that the City administration has learned that due to delays in billing, the 2006 tax revenues usually payable by June 2007 will be delayed. Therefore, City accounts will be insufficient to meet budgeted and necessary expenses. Under these circumstances, which the City similarly experienced in the past four fiscal years, Indiana Code Section 36-4-6-1 et seq. authorizes the City to borrow funds evidenced by temporary tax anticipation time warrants to meet ongoing expenses. The attached ordinance seeks Common Council approval of such a loan and the issuance of temporary tax anticipation time warrants. Councilmember Rouse asked Mr. Gilot what the interest rate was on the loans Mr. Gilot stated that the Controller did not have that information available and he will report as soon as that information is made available. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. 18