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REGULAR MEETING NOVEMBER 26, 2019 358 <br />APPROVAL OF REQUEST TO ADVERTISE FOR THE RECEIPT OF BIDS — SALE OF <br />CITY -OWNED PROPERTY — 901 E. MINER STREET <br />In a memorandum to the Board, Mr. Andrew Netter, Community Investment, requested <br />permission to advertise for the receipt of bids for the above referenced city property. Therefore, <br />upon a motion made by Ms. Maradik, seconded by Ms. O'Sullivan and carried, the above request <br />was approved. <br />APPROVE TITLE SHEET— IRONWOOD DR/CORBY BLVD./ROCKNE DR. <br />INTERSECTION IMPROVEMENTS — PROJECT NO. 116-034 (INDOT) <br />Mr. Gilot advised that the Title Sheet for the above referenced INDOT project was being <br />presented at this time for execution. Upon a motion made by Ms. Maradik, seconded by Ms. <br />O'Sullivan and carried, the above referenced Title Sheet was approved and signed. <br />APPROVE TITLE SHEET— OLIVE STREET PAVEMENT RECONSTRUCTION — PROJECT <br />NO. 114-064 (INDOT) <br />Mr. Gilot advised that the Title Sheet for the above referenced INDOT project was being <br />presented at this time for execution. Upon a motion made by Ms. Maradik, seconded by Ms. <br />O'Sullivan and carried, the above referenced Title Sheet was approved and signed. <br />ADOPT RESOLUTION NO. 45— 2019 — A RESOLUTION OF THE CITY OF SOUTH BEND <br />INDIANA BOARD OF PUBLIC WORKS ESTABLISHING THE 2020 PRIME BORROWING <br />RATE FOR CALCULATING INSTALLMENT PAYMENT AMOUNT FOR WATERJSEWER <br />INSTALLATION CHARGE <br />Upon a motion made by Ms. Maradik, seconded by Ms. O'Sullivan and carried, the following <br />Resolution was adopted by the Board of Public Works: <br />RESOLUTION NO.45-2019 <br />A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA <br />BOARD OF PUBLIC WORKS ESTABLISHING THE 2020 PRIME BORROWING <br />RATE FOR CALCULATING INSTALLMENT PAYMENT AMOUNT FOR <br />WATER/SEWER INSTALLATION CHARGE <br />WHEREAS, Section 17-85 of the City of South Bend Municipal Code (the "Municipal <br />Code") authorizes the Board of Public Works to establish the City's prime borrowing rate <br />("Prime Borrowing Rate") for purposes of determining the interest rate of installment payments <br />of water/sewer installation charges; and <br />WHEREAS, pursuant to Section 17-85 of the Municipal Code, the Board of Public <br />Works is to establish the Prime Borrowing Rate by December 1 of each year for the following <br />calendar year; and <br />WHEREAS, Section 17-85 of the Municipal Code permits a single family residential real <br />property owner to pay water/sewer installation charges by making sixty (60) monthly installment <br />payments with an interest rate two (2) percent below the City's prime borrowing rate; and <br />WHEREAS, the interest rate at the commencement of a residential owner's sixty -month <br />payment plan shall remain constant throughout the sixty -month term. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF <br />THE CITY OF SOUTH BEND AS FOLLOWS: <br />1. The Board establishes the Prime Borrowing Rate for calendar year 2020 at a two (2) <br />percent interest rate. <br />2. The effective date of this Resolution is November 26, 2019. <br />ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana <br />held on November 26, 2019. <br />CITY OF SOUTH BEND <br />BOARD OF PUBLIC WORKS <br />s/ Gary A. Gilot <br />