HomeMy WebLinkAbout03/03/89 Board of Public Works Special Meeting MinutesSPECIAL MEETING MARCH 3, 1989
A Special Meeting of the Board of Public Works was convened at
9:36 a.m. on Friday, March 3, 1989, by Board President John E.
Leszczynski, with Mr. Leszczynski, Mrs. Patricia E. DeClercq and
Ms. Katherine Humphreys present. Also present was Assistant City
Attorney Marva Leonard -Dent.
ADOPT RESOLUTION NO. 9-1989 - OF THE CITY OF SOUTH BEND BOARD OF
PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION
REGARDING TAX ANTICIPATION TIME WARRANTS (FIRST SERIES, 1989)
Ms. Katherine Humphreys, Director, Administration and Finance,
advised that the. Resolution submitted to the Board today for
approval is to authorize the issuance of tax anticipation time
warrants.in the amount of $4.7 million dollars in short term
borrowing for the general fund. The money will be received at
the end of March and will be paid back at the end of December.
Ms. Humphreys stated that this action is necessitated to ease
cashflow problems and she recommended approval of the Resolution
as submitted. Therefore, Mrs. DeClercq made a motion that
Resolution No. 9-1989 be adopted. Mr. Leszczynski seconded the
motion and the following Resolution was adopted:
RESOLUTION NO. 9-1989
RESOLUTION OF THE CITY OF SOUTH BEND
BOARD OF PUBLIC WORKS RELATING TO THE
DISTRIBUTION OF INFORMATION REGARDING
TAX ANTICIPATION TIME WARRANTS FOR 1989
WHEREAS, on February 27, 1989, the City of South Bend Common
Council (the "Common Council") adopted an ordinance entitled "AN
ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1989"
(the "Ordinance") which authorized the City of South Bend (the
"City") to make temporary loans to meet current expenses pursuant
to the provisions of Indiana Code 36-4-6 for the use and benefit
of the General Fund of the City, which loans were further
authorized to be evidenced by tax anticipation time warrants of
the City in the following amount:
Amount
$4,700,000
and:
Fund
General Fund
WHEREAS, the Ordinance authorized and directed the City
Controller to have tax anticipation time warrants (the
"Warrants") prepared and to sell the Warrants at a price not less
than the par value thereof to a purchaser or purchasers pursuant
to a Purchase Agreement 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
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:
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SPECIAL MEETING
MARCH 3, 1989
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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 3rd day of March, 1989, 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
s/ Patricia DeClercq
s/ S. Katherine Humphreys
ATTEST:
s/ Sandra M. Parmerlee, Clerk
Ms. Humphreys answered questions asked by the news media
regarding the issuance of the warrants and explained the method
by which the City receives its tax distribution from the County.
She also provided an explanation of why the City needed to issue
tax anticipation time warrants at this time because of cash flow
problems due to the amount of the City's payroll, with three (3)
payrolls due in the month of March. Ms. Humphreys further stated
that the dollar amount required at this time is less than
required in 1988 as it was determined that the Park Department
fund did not need to be included at this time. She further
stated that the money is borrowed at a lower interest rate and because
of tax code laws, the City is allowed to invest the money at a
higher interest rate and therefore, the City will not lose money.
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 9:40 a.m.
Jot E. Leszczyn