HomeMy WebLinkAbout10061-10 Establishing- 2010 Sewage Works Revenue Bond Construction Fund (#658)ORDINANCE No. ,eos,
Passed by the Common Council of tlee City of South Bend, Indiana
Attest:
Attest:
Presented by me to the Mayor of the City of South Bend, Indiana
December 14, 20 10
City Clerk
~esident of Common Council
City Clerk
Approved and signed by me 1-~~- l ~ 20 ~
Mayor
December 13, 20 10
ORDINANCE NO. ~~et°~-~~
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ESTABLISHING THE 2010 SEWAGE WORKS REVENUE BOND
CONSTRUCTION FUND (#658)
STATEMENT OF PURPOSE AND INTENT
The City of South Bend, Indiana presently owns and operates a sewage works by and
through the Board of Public works for the collection and treatment of sewage and other wastes
pursuant to the provisions of Indiana Code 36-9-23, as amended. The City of South Bend
Sewage Works Division has financed several significant capital improvement projects out of
bond obligations and has recommended to the City of South Bend Common Council that certain
additions, extensions, and improvements to the Sewage Works were necessary. On November 8,
2010, in Ordinance No. 10052-10 the City of South Bend Common Council authorized the sale
of sewage works revenue bonds in an amount not to exceed $9,345,000. Bond covenants and
proper accounting principles require that these bond proceeds be deposited into a separate Fund
to be used to pay bond issuance costs and project expenditures. To accomplish this, it is in the
best interest of the City to establish a new 2010 Sewage Works Revenue Bond Construction
Fund (#658), which shall be anon-reverting Fund. The new Fund 658 will earn interest on cash
balances and will be subject to appropriation by the City of South Bend Common Council.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA as follows:
SECTION I. The 2010 Sewage Works Revenue Bond Construction Fund (#658) is
established within the City of South Bend to receive bond proceeds and to pay bond issuance
costs and project expenditures for the acquisition, construction, and installation of additions,
extensions and improvements to the Sewage Works, pursuant to the Project identified and
approved in Ordinance No. 10052-10.
SECTION 2. All disbursements from Fund 658 will be in accordance with bond
requirements and will be subject to the City of South Bend Common Council appropriation. The
2011 budget for Fund 658 was passed by the Common Council on October 25, 2010.
SECTION 3. The monies deposited into this Fund 658 will remain in the Fund and shall
not revert to the General Fund or any other City fund. Outstanding cash balances will earn
interest and this interest will be retained in Fund 658.
SECTION 4. This ordinance shall be in full force and effect from and after its passage by
the Common Council and approval by the Mayor.
Member, South Ben Common Council
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TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
78-10 A BILL OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, ESTABLISHING THE 2020
SEWAGE WORKS REVENUE BOND CONSTRUCTION
FUND (#658)
Respectfully report that they have examined the matter and that in their opinion,
this bill is being recommended to the full Council with a favorable
recommendation.
Ann Puzzello
Chairperson, Committee of the Whole
COUNTY-CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, IN 46601
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November 17, 2010
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
OFFICE OF ADMINISTRATION & FINANCE
GREGG D. ZIENTARA, CITY CONTROLLER
Mr. Derek Dieter
President, South Bend Common Council
4t" Floor, County-City Building
South Bend, IN 46601
PHONE 574-235-9216
FAX 574-235-9928
Re: Ordinance of the Common Council Creating a new Fund to Account for the 2010 Sewage Works
Revenue Bond Construction
Dear President Dieter:
On November 8, 2010, the City of South Bend Common Council approved spending Ordinance No.
10052-10, Sewage Works Revenue Bonds of 2010, which authorized the sale of sewage works revenue
bonds in an amount not to exceed $9,345,000.
Bond covenants and proper accounting principles require that upon issuance, the bond proceeds be
deposited into a separate Fund to pay bond issuance costs and project expenditures.
To accomplish this, it is in the best interest of the City to establish a new 2010 Sewage Works Revenue
Bond Construction Fund (#658), which shall be anon-reverting fund. The new Fund 658 will earn interest
on cash balances and will be subject to appropriation by the City of South Bend Common Council.
I will present this Bill to the Common Council at the appropriate Council Committee meeting, public
hearing, and at the Council meeting. I am available to discuss any matters concerning this Bill at the
convenience of the Council.
Regards,
Gregg D. i naa
cc: Ste n J. Luecke, Mayor of the City of South Bend
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