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HomeMy WebLinkAbout02/12/91 Board of Public Works Special Meeting MinutesM, SPECIAL MEETING FEBRUARY 12, 1991 A Special Meeting of the Board of Public Works was convened at 2:32 p.m. on Tuesday, February 12, 1991, by Board President John E. Leszczynski, with Mr. Leszczynski and Mrs. Patricia E. DeClercq present. Board member Ms. Katherine Humphreys was not in attendance. Also present was Chief Assistant City Attorney Jenny Pitts Manier. ADOPT RESOLUTION NO. 6-1991 - AUTHORIZING THE BOARD TO ADOPT THE OFFICIAL STATEMENT FOR THE TAX ANTICIPATION TIME WARRANTS - 1991 Mr. John Leisenring, Chief Deputy Controller, advised the Board that the Official Statement submitted to the Board with Resolution No. 6-1991 will be used in conjunction with the sale of Tax Anticipation Time Warrants. He noted that the City is asking for tax anticipation time warrants in the amount of $6,240,000.00 for the General Fund and $810,000.00 for the Park Maintenance Fund. The sale of the warrants is scheduled for February 27, 1991, and closing is anticipated for March 6, 1991. Mr. Leisenring further noted that the Warrants will be repaid on December 31, 1991 and the paying agent is Society Bank. In response to a question from Mrs. DeClercq, Mr. Leisenring advised that the Common Council, at their meeting held on February 11, 1991, approved the required Ordinance regarding these Tax Anticipation Time Warrants. Therefore, Mrs. DeClercq made a motion that the Resolution as submitted be adopted. Mr. Leszczynski seconded the motion which carried, and the following Resolution No. 6-1991 containing the Official Statement was approved and adopted: RESOLUTION NO. 6-1991 RESOLUTION OF THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS FOR 1991 WHEREAS, on February 11, 1991, the City of South Bend Common Council (the "Common Council") adopted an ordinance entitled "AN ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1991" (the "Ordinance") which authorized the City of South Bend, Indiana (the "City") to make temporary loans to meet current expenses pursuant to the provisions of Indiana Code 36-4-6-20 for the use and benefit of the General Fund and Park Maintenance Fund (the "Funds") of the City, which loans were further authorized to be evidenced by tax anticipation time warrants of the City in the following amounts: Amount Fund $6,240.000 General Fund $ 810,000 Park Maintenance Fund and; WHEREAS, the Ordinance authorized and directed the City Controller to have Tax Anticipation Time Warrants (the "Warrants") prepared and to sell the Warrants for the Funds at a price not less than the par value thereof to a purchaser or purchasers pursuant to a Purchase Agreement or Purchase Agreements in accordance with the terms and conditions of the Ordinance; and WHEREAS, the Ordinance further authorized and directed the City Controller to make such filings and requests, deliver such certifications, execute and deliver such documents and m SPECIAL MEETING FEBRUARY 12, 1991 instruments and otherwise take such actions as necessary or appropriate to carry out the terms and conditions of the Ordinance; and WHEREAS, an "Official Statement" relating to the sale of the Warrants has been prepared by Springsted Incorporated as the financial advisor to the City and presented to the City of South Bend Board of Public Works (the "Board") and the Board desires to approve the "Official Statement" as presented to it and authorize its distribution to facilitate the sale of the Warrants: NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS THAT: 1. The "Official Statement" relating to the sale of the Warrants by the City is hereby approved in the form presented to the Board at this meeting. 2. Springsted Incorporated is hereby authorized and directed to cause to be distributed the "Official Statement," substantially in the form presented to the Board at this meeting, with such changes which are approved by the City's legal counsel as Springsted Incorporated might recommend to describe adequately such Warrants and information related thereto to all parties who in their judgment may be interested in purchasing the Warrants and to the purchaser or purchasers of the Warrants. 3. This resolution shall be in full force and effect from and upon compliance with the procedures required by law. ADOPTED at a special meeting of the City of South Bend Board of Public Works held on the 12th day of February, 1991 in the Board of Public Works Meeting Room located on the Thirteenth (13th) floor of the County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601. CITY OF SOUTH BEND BOARD OF PUBLIC WORKS s/John E. Leszczynski ATTEST: s/Patricia E. DeClercq s/Sandra M. Parmerlee, Clerk ADJOURNMENT There being no further business to come before the Board, upon a motion made by Mr. Leszczynski, seconded by Mrs. DeClercq and carried, the meeting adjourned at 2:34 p.m. . Leszc 4_ja2t"�_ ��a 6116 Patricia E. DeClercq t e ine H eys AT ST: Sandra M. Parmerlee, Clerk 1 1 1