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Michael L. Vance <br />Director, Administration and <br />Finance <br />CITY ®f SOUTH BEND <br />ROGER O. PARENT, Mayor <br />COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 <br />June 18, 1985 <br />Mrs. Beverlie Beck, President <br />South Bend Common Council <br />4th Floor County -City Bldg. <br />South Bend, IN 46601 <br />Dear President Beck: <br />219/284 -9742 <br />The enclosed ordinance is being filed for lst reading of the <br />June 24, 1985 Common Council meeting. The ordinance appropriates <br />$181,475.00 from the General Sinking Fund of the City of South Bend, <br />Indiana. The money is needed to pay in full the payment on the <br />judgment funding bonds of 1984. <br />If you will recall, the City of South Bend passed a judgment <br />funding bond in 1984 that paid in full, plus interest, the <br />obligations incurred by the loss of two (2) court cases. The court <br />case of Wilbur Smith & Associates vs. City of South Bend reference <br />nonpayment on a parking study and the case of Dennis M. Swanson, et. <br />al, vs. City of South Bend, et. al reference a police pay dispute <br />resulted in a judgment of $170,000 plus accumulated interest of <br />$11,475 that were owed by the City of South Bend. The bond was <br />passed by the South Bend Common Council and approved by the State <br />Board of Tax Commissioners. In 1984 the bonds were sold and the <br />monies received were paid to the awardees. The State Board of Tax <br />Commissioners allowed for the revenue in the 1985 budget calculations <br />for the General Obligation Bond Sinking Fund. The passing of this <br />ordinance will allow for the payment of those funds and the balancing <br />of the account. <br />If you have any questions, please feel free to contact my <br />office. <br />Sincerely, <br />Michael L. Vance, Director <br />Administration & Finance <br />MLV /caw <br />