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RESOLUTION NO. 31-2020 <br />A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA <br />BOARD OF PUBLIC WORKS ESTABLISHING THE 2021 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 (“Prime <br />Borrowing Rate”) for purposes of determining the interest rate of installment payments of <br />water/sewer installation charges; and <br />WHEREAS, pursuant to Section 17-85 of the Municipal Code, the Board of Public Works <br />is to establish the Prime Borrowing Rate each year for the following 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 2021 at a two (2) <br />percent interest rate. <br />2.The effective date of this Resolution is December 1, 2020. <br />[Signature page follows]