Laserfiche WebLink
REGULAR MEETING MARCH 22, 2004 <br /> Councilmember Kelly, Chairperson, Community and Economic Development Committee, <br /> reported that this committee met on this bill this afternoon and voted to send it to the full Council <br /> with a favorable recommendation. <br /> Mr. Ken Fedder, Attorney at Law, 53600 N. Ironwood, South Bend, Indiana, made the <br /> presentation for this bill. <br /> Mr. Fedder advised the Council that the only substantive change from the originally filed <br /> ordinance is that this bill provides the bondholder the option to extend the term of the bonds for <br /> two additional years at an interest rate to be determined by a formula as set forth in the Trust <br /> Indenture. Mr. Fedder further noted that the principal amount of the bonds will not exceed $14 <br /> million and the initial interest rate may not exceed 9%. Mr. Fedder stated that the City will bear <br /> no responsibility, financial or otherwise, with respect to the payment of the principal of and <br /> interest on the bonds or any other expenses associated with the bond issuance. Additionally, the <br /> South Bend Economic Development Commission has approved the refunding at their March 19, <br /> 2004 meeting. <br /> This being the time heretofore set for the Public Hearing on the above bill, proponents and <br /> opponents were given an opportunity to be heard. <br /> Mr. Dave Smith, Congress Avenue, South Bend, Indiana spoke in opposition to the bill. Mr. <br /> Smith stated that the Council should not allow tax abatements for apartment complexes. Mr. <br /> Smith noted that his rental properties do not receive any kind of tax credits. <br /> There was no one else present wishing to speak in opposition to this bill. <br /> In rebuttal, Mr. Fedder reiterated that the City will bear no responsibility, financial or otherwise <br /> with respect to the payment of the principal of interest on the bonds or any other expenses <br /> associated with the bond issuance. <br /> Councilmember Kelly made a motion for favorable recommendation to full Council concerning <br /> this bill as substituted. Councilmember Kuspa seconded the motion which carried by a voice <br /> vote of nine (9) ayes. <br /> BILL NO. 16-04 PUBLIC HEARING ON A BILL OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH BEND, INDIANA <br /> AMENDING SOUTH BEND MUNICIPAL CODE <br /> CHAPTER 4, ARTICLE 4, SECTION 4-19, <br /> INCREASING INSURANCE REQUIREMENTS FOR AN <br /> ARBORIST LICENSE. <br /> Councilmember White made a motion to continue this bill until the April 12, 2004 meeting of <br /> the Council. Councilmember Varner seconded the motion which carried by a voice vote of eight <br /> (8) ayes. <br /> RISE AND REPORT <br /> Councilmember Kelly made a motion to rise and report to the full Council. Councilmember <br /> Puzzello seconded the motion which carried by a voice vote of nine (9) ayes. <br /> -5- <br />