03-10-86 Council Meeting Minutes

Home Browse Search

REGUL- AR-- MEET-I-NG .,___ -- -MA -Ri 0 ; _19.8.6,__. SECTION IV. The Controller of the City of South Bend, or his designee, is hereby directed and required to maintain adequate documentation of the transactions affected by electronic funds transfer so that they may be audited as provided by law. SECTION V. The City of South Bend, in accordance with IC4- 8 -1 -2 -7 (c), elects to receive distributions from the State of Indiana by means of electronic transfers of funds. SECTION VI. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. /s/ Beverlie J. Beck Member of the Common Council A public hearing was held on the resolutions at this time. Michael Vance, Controller, indicated these two resolutions are filed each year in order to make interest earning investments in the local banks. Council Member Zakrzewski made a motion to adopt Resolution No. 1404 -86, seconded by Council Member Barcome. The resolution was adopted by a roll call vote of seven ayes. Council Member Taylor made a motion to adopt Resolution No. 1405 -86, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of seven ayes. RESOLUTION NO. 1406 -86 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING AN AMENDMENT TO THE LEASE PURCHASE AGREEMENT WITH SECURITY PACIFIC LEASING FOR CAPITAL EQUIPMENT. WHEREAS, the City of South Bend has entered into an agreement to replace certain capital equipment in order to provide essential services in an economic manner; and WHEREAS, the City intends to add the costs of other needed equipment for its Street Department, Fire Department and Department of Administration and Finance; and WHEREAS, the proposal of Security Pacific Leasing Corporation has been accepted by the Board of Public Works and approved by the Common Council; and WHEREAS, the total cost of said equipment shall be a maximum of $3,000,000.00 plus trade -ins at an interest rate of 7.950 with semi - annual payments of a maximum of $319,200.00 commencing January 15, 1986 and payable every six (6) months thereafter for a total of six (6) years. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, AS FOLLOWS: SECTION I. The Lease Purchase Agreement with Security Pacific Leasing Corporation for the purchase of said equipment is amended as follows: an increase to a maximum of $3,000,000.00 in expenditures for capital equipment from the originally approved limit of $2,500.000.00 SECTION II. The Common Council of the City of South Bend, intends to appropriate sufficient funds from the levy in the 1986, 1987, 1988, 1989, 1990 and 1991 budget years to cover payments due on said Lease Purchase Agreement. SECTION III. This Resolution shall be in full force and effect upon passage by the Common Council and approval by the Mayor. /s/ Beverlie J. Beck Member of the Common Council A public hearing was held on the resolution at this time. Michael Vance, Controller, indicated that will increase the cap on equipment leasing with Security Pacific to 3 million dollars. He indicated the increase was necessary to finance the purchase and installation of the City's financial information system which will allow us to complete in house payroll, personnel records, accounts payable, cash flow analysis and financial information by an on -line basis. Council Member Barcome made a motion to adopt this resolution, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of six ayes and one nay (Council Member Voorde.) RESOLUTION NO. 1407 -86 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, RECOMMENDING THAT THE APPLICATION OF CENTER CITY ASSOCIATES, INC. FOR SELECTION AS A PARTNER IN THE INDIANA MAIN STREET PROGRAM BE APPROVED BY THE INDIANA DEPARTMENT OF COMMERCE. WHEREAS, Center City Associates, Inc will be filing an application with the Indiana Department of Commerce for selection as a partner in the Indiana Main Street Program on or before March 14, 1986; and WHEREAS, the Indiana Main Street Program is designed to encourage the redevelopment and improvement of downtown areas in order to bring about new investments in those areas; and