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CITY OF SOUTH BEND OFFICE OF THE CLERK <br /> Mr. Parker replied,That is a great question. It definitely provides a degree of safety for a rainy day <br /> and looks very good when it comes to bond ratings. Higher bond ratings help us borrow money at <br /> a cheaper rate,which is great from that perspective.At the end of the day,it is true that maintenance <br /> of the strong liquidity is great, but at some point, we want to make the investment and instead of <br /> raising money for new bonds,we should spend down some cash reserves. I think that is where we <br /> are at. As we look to take on new projects, whereas in the past we would look to issue new bonds, <br /> we might look to see if we could spend down some cash at this point. <br /> Mr. Parker continued,There is one(1)additional sheet in the packet(which is available in the City <br /> Clerk's Office). It is the last sheet, and this is provided to you as a courtesy list. There is no action <br /> needed on this. Every year, the Controller is required to file with the Common Council a list of <br /> those checks that have been outstanding for two (2) years as of December 31st. This is the list of <br /> those checks. These checks have been declared void and have been redeposited into those funds. <br /> We do make a great deal of effort to find these people. <br /> Councilmember Broden asked, In terms of peer cities in the State of Indiana, who do we look at <br /> for a benchmark? <br /> Mr. Parker replied, Generally when we do benchmarks, we look at other Indiana Second (2nd) <br /> Class cities, so, Noblesville, Carmel, Fishers, Evansville and Fort Wayne. I don't know exactly <br /> where they are from a liquidity perspective, but we do look at them with respect to their debt and <br /> bond ratings and we compare very favorably in those respects. <br /> With no further business, Board President Voorde adjourned the Board of Finance meeting at 3:58 <br /> p.m. <br /> Respectfully Submi ed, <br /> a • s V s arde, Board President <br /> EXCELLENCE ! ACCOUNTABILITY INNOVATION INCLUSION I EMPOWERMENT <br /> 455 County-City Building',227 W.Jefferson Bvld South Bend,Indiana 46601 p 574.235.9221 f 574.235.9173 I 10574.235.5567 www.southbendin.gov <br /> 5 <br />