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CITY OF SOUTH BEND I OFFICE OF THE CLERK <br /> Committee Chair White replied, We will get the details to the Council. I just want you to know <br /> that I may have to add another meeting. I just want you to know. <br /> Councilmember Jake Teshka stated, I think this is our primary responsibility and we can't rush <br /> this, so if we must add another meeting then that is what we need to do. <br /> Committee Chair White replied, That's what we will do. Thank you! This portion of the budget <br /> hearing has ended. The next one (1) will start at 6:00 PM. <br /> City Wide Debt Overview <br /> Committee Chair Karen White called the meeting of the Personnel and Finance Committee back <br /> to order at 6:00 P.M., introduced the members and outlined the agenda. <br /> Jennifer Hockenhull, City Controller with offices on the 12th Floor of the County-City Building <br /> stated, We are here to talk about debt. There have been high-level conversations about it and it <br /> makes us happy to be here with you today. We have made it understandable for everyone and we <br /> appreciate any feedback you have as it's the first (15t) time we have done this. We welcome your <br /> feedback and please let us know what you would like to see differently next time. We can do this <br /> before we post it on the website. Tonight, we are going to go through some terminology, I know <br /> we talk about things differently. We will discuss credit ratings, why and how the City is in debt. <br /> We'll talk about responsible debt issuances and have an overall discussion on the City debt. We <br /> have here myself, Benjamin Dougherty, Deputy City Controller, we also have our partners from <br /> Crowe; we have Mr. Herschel Frierson, Managing Director and Mr. Nathan Flynn, Crowe <br /> Representative; they have been very helpful with putting this together. <br /> Councilmember Davis interjected, My question is to the committee chair,will we have time to go <br /> through all of this? By the time we look at this, will we have gone through any of this? The main <br /> point is why we have this debt and come back to the rest of the presentation. Because what is being <br /> asked is what our debt is because I want to able to answer this question. <br /> Committee Chair White replied,Jen could you start on that page and if we have time we can come <br /> back to that descriptive information. If you would want to start us off on page nine (9). <br /> Mrs. Hockenhull replied, I want us to all understand why we issue debt and not just why we have <br /> it. It's a crucial point to our conversation, so I would like to circle back to this tonight. <br /> Councilmember Davis interjected, I am fine with circling back, but it is just nice to know why, <br /> and what it is. <br /> Mrs. Hockenhull stated, one (1) of the pages you have is our debt summary and it's broken it up <br /> in three (3) different ways to view the same number. On the first(1St)page (referring to a handout <br /> which is available on file in the City Clerk's Office) and on page nine (9) is the principal and <br /> interest payments that is taking you from 2019 to 2038 which is basically out of the debt period <br /> here. On the left-hand side, it shows you which funds we are paying the debt out of. This is <br /> summarized, and you will see more details on this before the final version. On the left hand side, <br /> you see what is being paid out of River West and River East. I have been explaining to some <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT <br /> 455 County-City Building 1227 W.Jefferson Bvld I South Bend.Indiana 466011 p 574.235.92211f 574.235.91731TTD574.235.55671www.southbendin.gov <br /> 9 <br />