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Joseph E. Kernan <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 />November 30, 1983 <br />Members of Common Council <br />4th Floor County -City Bldg. <br />South Bend, Indiana 46601 <br />Dear Members of the Council: <br />219/284 -9742 <br />The attached bill would authorize the issuance and sale <br />of Judgment Funding Bonds in the amount of $170,000 for the <br />purpose of paying two judgments previously rendered against <br />the City. <br />Earlier this year the Council passed a similar ordinance <br />in the amount of $155,000 to pay these same judgments. But <br />the delay on final approval by the State Board of Tax Com- <br />missioners negatively affected the marketability of the bonds <br />because they were dated October 1, 1983. Post - judgment <br />interest has also continued to accrue, and the $170,000 is now <br />required to meet the City's obligations. <br />If you have any questions about this bill or the process <br />to date, please contact me or City Attorney Richard L. Hill. <br />Thank you very much. <br />Sincerely, <br />Cels'eph E. Kernan <br />City Controller <br />JEK /caw <br />