HomeMy WebLinkAbout07/26/88 Board of Public Works Special Meeting MinutesSPECIAL MEETING
JULY 26, 1988
A Special Meeting of the Board of Public Works was convened at
9:31 a.m. on Tuesday, July 26, 1988, by Board President John E.
Leszczynski, with Mr. Leszczynski, Mrs. Patricia E. DeClercq and
Ms. Katherine Humphreys present. Also present was Assistant City
Attorney Jenny Pitts Manier.
ADOPT RESOLUTION NO. 21-1988 - OF THE CITY OF SOUTH BEND BOARD OF
PUBLIC WORKS RELATING TO THE DISTRIBUTION OF INFORMATION
REGARDING TAX ANTICIPATION TIME WARRANTS (SECOND SERIES 1988)
Ms. Katherine Humphreys, Director, Administration and Finance,
advised that Resolution No. 21-1988 submitted to the Board today
for approval relates to the action taken by the Common Council at
their meeting held on July 25, 1988 whereby an ordinance entitled
"An Ordinance Authorizing Tax Anticipation Time Warrants for
1988" was approved and also to the approval of the Official
Statement and its distribution by Springsted Incorporated to all
parties interested in purchasing the warrants.
Therefore, upon a motion made by Mrs. DeClercq, seconded by Mr.
Leszczynski and carried, the following Resolution No. 21-1988 was
adopted:
RESOLUTION NO. 21-1988
RESOLUTION OF THE CITY OF SOUTH BEND
BOARD OF PUBLIC WORKS RELATING TO THE DISTRIBUTION
OF INFORMATION REGARDING TAX ANTICIPATION TIME WARRANTS
(SECOND SERIES 1988)
WHEREAS, on July 25, 1988, the City of South Bend Common
Council (the "Common Council") adopted an ordinance entitled "AN
ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1988
(SECOND SERIES 1988)" (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 and the Park
Maintenance Fund 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
$4,200,000 General Fund
100,000 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 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 condi-
tions 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 instru-
ments and otherwise take such actions as are necessary or appro-
priate 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.
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SPECIAL MEETING JULY 26, 1988
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 direct-
ed to cause to be distributed the "Official Statement", substan-
tially 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 26th day of July, 1988, 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 E. DeClercq
s/S. Katherine Humphreys
ATTEST:
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 Ms. Humphreys and
carried, the meeting adjourned at 9:33 a.m.
ATTEST:
Sandra M. Parmerlee, Clerk
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