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<br />September 9, 2009 <br />Derek Dieter, President <br />South Bend Common Council <br />4"' Floor Courity-City Building <br />South Bend, IN 46601 <br />RE: An Ordinance Creating a Sewage Works Debt Service Reserve Fund and Appropriating Monies <br />for that Purpose <br />Dear President Dieter: <br />Attached is an ordinance for consideration by the South Bend Common Council which creates a <br />new, separate Fund (#653) to hold Sewage Works bond debt service reserve monies which are <br />required under our outstanding sewage works bonds. The ordinance codifies the creation of this <br />Fund within a new Section of the South Bend Municipal Code. A separate Fund was <br />recommended to create clear accounting and tracking of these monies. <br />This ordinance also transfers from various Sewage Works Funds the total sum of $4,541,322 <br />which is required to satisfy the City Sewage Works bond debt service reserve requirements <br />through 2009 and part of 2010 pursuant to bond documents. This ordinance then appropriates the <br />transferred monies for debt service reserve purposes. <br />Finally, one of the Funds from which monies are to be transferred for debt service reserve <br />appropriation is Clay Sewage General Fund #650. This Fund should be closed because it is no <br />longer needed. <br />I will present this Bill to the Common Council at its Committee meeting and at public hearing. I <br />maybe accompanied by Environmental Services Director Jack Dillon. <br />Thank you for your consideration of this ordinance. <br />Sincerely, <br />Gregg D. Zientara <br />City Controller <br />