08-23-04 Council Meeting Minutes

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REGULAR MEETING AUGUST 23, 2004 BILL NO. 32-03 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING VARIOUS SECTIONS OF CHAPTER 2, ARTICLE 7 OF THE SOUTH BEND MUNICIPAL CODE ADDRESSING BUDGET, SALARY, PURCHASING, APPROPRIATIONS AND FINANCIAL REPORTING PROCEDURES Councilmember made a motion to continue this bill until the September 27, 2004 meeting. Councilmember Puzzello seconded the motion which carried by a voice vote of seven (7) ayes. BILL NO. 48-04 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE CITY OF SOUTH BEND, INDIANA, TO ISSUE ITS "TAXABLE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2004 (ERSKINE COMMONS PROJECT)" AND APPROVING AND AUTHORIZING OTHER ACTIONS IN RESPECT THERETO Councilmember Kelly made a motion to hear the substitute version of this bill. Councilmember Puzzello seconded the motion which carried by a voice vote of seven (7) ayes. Councilmember Kelly, Chairperson, Community and Economic Development Committee, reported that this committee met on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Mr. Shawn Peterson, Baker&Daniels, 205 W. Jefferson Blvd. Suite 250, South Bend, Indiana, residence 1470 Hampshire Dr., South Bend, Indiana made the presentation for this bill. Mr. Peterson advised that this is a substitute ordinance for consideration. Mr. Peterson stated that the only substantive change from the originally filed ordinance is that the borrower will be Anchor South Bend, LLC, an entity related to Anchor Acquisitions, Ltd., for the purpose of constructing and developing the improvements described in the substitute ordinance. This ordinance continues to provide that the principal amount of the bonds will not exceed$3.8 million and the interest rate may not exceed 8.0%, and that the City will bear no responsibility, financial or otherwise, with respect to the payment of the principal of and interest on the bonds or any other expenses associated with the bond issuance. The term of the bonds shall not exceed twenty-five (25) years. The proposed financing and the form of the financing documents approved by the Commission are on file in the Office of the City Clerk. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill, Councilmember Kelly made a motion for favorable recommendation to full Council concerning this bill as substituted. Councilmember Varner seconded the motion which carried by a voice vote of seven (7) ayes. RISE AND REPORT Councilmember a made a motion to rise and report to the full Council. Councilmember Varner seconded the motion which carried by a voice vote of nine (9) ayes. ATTEST: ATTEST: 3