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SpUTH ����\1, <br /> p4/°01'11,G,� '..1 11 <br /> ,,,. II <br /> q ! .. City of South Bend <br /> i,6,,,,,t.,:,--,:.-__ ,7,,)/./.4,,e,. Joseph E. Kernan, Mayor <br /> 1 '.i865.Ya/�; <br /> Department of Administration and Finance <br /> Kevin C. Horton <br /> March 4, 1993 <br /> Mr. Stephen Luecke, President <br /> South Bend Common Council <br /> 4th Floor, County-City Building <br /> South Bend, Indiana 46601 <br /> Re: An Ordinance Concerning the Refunding <br /> of the City' s Sewage Works Bonds <br /> Dear Steve: <br /> I am attaching for filing an Ordinance concerning the refunding <br /> of the City' s sewage works bonds. <br /> As you know from the financial news, conditions in the bond <br /> market are extremely favorable at this point in time for issuers. of <br /> bonds. It is not clear or certain that conditions will remain this <br /> favorable and interest rates at their current low rates for too much <br /> longer. It is in the City' s interest to take full advantage of these <br /> conditions and move the proposed sewage works refunding bond to <br /> market a.s soon as possible. <br /> Consequently, and without indifference to the Council' s desire to <br /> maintain procedural integrity, I am respectfully requesting that the <br /> Council suspend its rules at its March 8th meeting in order to give <br /> the attached ordinance first. reading, second reading and public <br /> hearing, and final reading and vote. <br /> Again, were it not for the almost unprecedented. conditions at <br /> play in the bond market, and the financial benefit to the City of <br /> taking maximum advantage of market conditions, this request would not <br /> need to be made. <br /> County-City Building • South Bend, Indiana 46601 • 219/284-9742 Fax 219/284-9892 <br /> Catherine A. Hubbard John D. Leisenring C. J. Cowsert <br /> Personnel Director Chief Deputy Controller Safety & Risk Manager <br /> 284-9124 284-9483 284-9482 <br />