Laserfiche WebLink
GENERAL SINKING BOND <br /> Councilman Crone questioned Mr. Kernan on the general sinking bond <br /> proposed at $1, 660, 00. He noted that he had discussed this at a prior <br /> meeting, and noted that the figures were based on a $5. 9 million dollar <br /> general obligation bond, at 10% being sold by September 15 , 1981. <br /> PARK DISTRICT BOND <br /> Mr. Kernan then reviewed the Park District Bond proposed at <br /> $409,753, for a 3% decrease. He noted that the primary purpose of the <br /> fund was to pay for the zoo. bonds. <br /> URBAN REDEVELOPMENT BOND <br /> The Committee then reviewed the Urban Redevelopment Bond proposed <br /> at $290, 000 for a 3% reduction. <br /> MISCELLANEOUS REVENUES <br /> Councilman Crone then asked Mr. Kernan to review the 1982 <br /> Miscellaneous Revenues on page 114. He indicated that Column A represented <br /> projected income for July thru December 1981; and that Column B represented <br /> projected income for 1982. <br /> Councilman Crone noted that $3, 000 was projected from bicycle <br /> licenses in 1982, yet a "no fee" bill was presently pending before the <br /> Council. <br /> Mr. Kernan explained that the "miscellaneous" line item represented <br /> small revenues and property sales, and other items which he believed had been <br /> sent to her committee when reviewing all city licenses. Mr. Kernan noted <br /> that all projections were based on current rates. <br /> POLICE PENSION <br /> The Committee then reviewed the Police Pension budget proposed at <br /> $737,631, a decrease of 46%. <br /> Councilman Crone asked the Council Attorney her opinion on the <br /> Council' s role in reviewing this budget. She indicated that present <br /> Indiana Law allows the Common Council to review both Police and Fire Pension <br /> budgets. She indicated that since 1976, the City has taken the position <br /> that the Common Council had the right to review and reduce such budgets <br /> if they found it to be in order. Mr. Kernan noted that the new home -rule <br /> legislation will go into effect September 1, 1981. In effect allowing the <br /> City to establish: procedures. He noted that death benefits have been <br /> raised from $600 to $1,500. The Council Attorney suggested that the Council <br /> and Administration establish guidelines in this area before setting budgets <br /> for 1983. <br /> PARKING GARAGE <br /> Councilman Crone noted that she had inadvertently failed to schedule <br /> the parking garage budget, however Mr. Kernan indicated he could review this <br /> -2- <br />