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Committee Report <br /> JOINT PERSONNEL AND FINANCE AND UTILITIES COMMITTEE <br /> To the Common Council of the City of South Bend: <br /> The joint Committee of the Personnel and Finance and <br /> Utilities Committee was called to order by the Utilities <br /> Chairperson,n Council Member Tom Zakrzewski, at 5: 00 <br /> p.m. on <br /> September 28, 1993 , in the Council Informal Meeting Room. <br /> Persons in attendance included Council Members: Luecke, <br /> Washington, Kelly, Puzzello, Slavinskas, Zakrzewski, <br /> Coleman, Duda, Ladewski; Richard Hill, Kevin Horton, John <br /> Stancati, John Leszczynski, T. Brooks Brademas, John Byorni, <br /> William Egan, Don Porter, and Kathleen Cekanski-Farrand. <br /> Council Member Zakrzewski noted that the main item on the <br /> agenda was to discuss Bill No. 81-93 which addresses the 5. 1 <br /> million dollar Bond Issue for the Municipal Waterworks. <br /> Mr. Richard Hill, Bond Council Attorney, then made the <br /> presentation. He presented to the Committee a document <br /> entitled "Waterworks Revenue Bonds and Water Rate Case <br /> Summary Timetable" dated September 27, 1993, (copy attached) <br /> and noted that it is anticipated that the bond sale would <br /> take place on October 21st, with the closing to take place <br /> on November 3rd. <br /> He then reviewed the handout entitled "Summary of an <br /> Ordinance Amending the Bond Ordinance Previously Adopted by <br /> the Common Council" (copy attached) . He noted that the Bond <br /> would basically finance the relocation of the main office, <br /> address Filtration Plant improvements, address repairs to <br /> existing reservoirs, repaint existing tanks, and allow for <br /> the construction of 5 (five) new wells. The maximum <br /> interest rate would be <br /> 8% (eight percent) with principal <br /> payments beginning January 1, 1995, and continuing through <br /> January 1, 2009. <br /> Mr. John Stancati then provided a 3 (three) page handout <br /> (copy attached) further outlining the Bond, projects and <br /> timetables, and a comparison to the original Bond breakdown. <br /> Under the public portion, Mr. T. Brooks Brademas stated that <br /> approximately one year ago when a 27% rate increase was <br />