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Joseph E. Kernan <br />Director, Administration and <br />Finance <br />CITY of SOUTH BEND <br />ROGER O. PARENT, Mayor <br />COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 <br />Members of the Common <br />Council Chambers <br />4th Floor, County -City <br />South Bend, IN 46601 <br />Dear Council Members: <br />Council <br />Building <br />July 27, 1981 <br />219/284 -9742 <br />This bill would provide for the temporary transfer of funds from <br />the Personnel line item to the Motor Equipment line item in the <br />Police Department budget. This money will be used to pay for the <br />patrol cars that have recently been purchased. <br />While we had previously planned to pursue a lease- purchase arrange- <br />ment for these vehicles, present interest rates make this very ex- <br />pensive. The method described herein allows us to save substantial <br />monies. <br />If the bond issue is resloved prior to our having to transfer money <br />back into Police Personnel, we would attempt to use the bond proceeds <br />for this purpose. <br />If the bond issue is not resolved in a timely way, we will propose to <br />transfer CCIF funds into the General Fund to cover the shortfall in <br />Police Personnel. While this would deplete the anticipated operating <br />balance in this fund, it would save the City substantial interest <br />costs from the original lease - purchase arrangement. We would then <br />begin a long -term effort to try and bring the CCIF operating balance <br />back to is original level. <br />This proposal will give the City several months to continue pursuing <br />favorable resolution of the bond issue, while avoiding substantial <br />interest payments. <br />I regret the addition of this bill to the agenda, and request the first <br />reading this evening, and setting of public hearing for August 10, 1981. <br />Sincerely, <br />I � Z— <br />Joseph E. Kernan <br />JEK:dkf <br />