HomeMy WebLinkAbout9815-07 Establish one Additional Fund, #651 - Sewage Works Revenue Bonds of 2007ORDINANCE No.
City Clerk
Passed by t11e Common Council of the City of South Bend, Indiana
December 10, 20 07
Attest:
Attest:,
Presented by me to the Mayor of tlae City of South Bend, Indiana
December 11,
20
President of Common Council
07
9815-07
City Clerk
Approved and signed by me December 14, 20
07
c~-p
Mayor
BILL NO.~~
ORDINANCE NO. ~ g (`~ ~ ~
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND NO. 651 -CITY
OF SOUTH BEND SEWAGE WORKS REVENUE BONDS OF 2007B
Statement of Purpose and Intent
This ordinance establishes a new fund for the deposit and disbursement of bond proceeds
in connection with the City of South Bend, Indiana Sewage Works Revenue Bonds of 2007B.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend,
Indiana, as follows:
SECTION I. Anew fund is created that is called Fund No. 651 -City of South Bend
Sewage Works Revenue Bonds of 2007B.
SECTION II. All sums of money collected and deposited in the fund shall be used solely
for the purposes of acquisition, construction and installation of certain additions, extensions and
improvements at the City of South Bend's Sewage Works and to pay expenses incidental to the
issuance of the 2007B bonds and any other similar expenses permitted by and consistent with
applicable State Law. The amount of the 2007B bonds shall be $16,515,000.
SECTION III. Any and all interest earned on monies deposited in Fund No. 651 shall
remain in the fund.
SECTION IV. Monies remaining in the fund at the end of the project may be transferred
to pay debt service on the 2007B Sewage Works Bonds but may not revert to any other fund.
SECTION V. The City Controller is authorized to establish a revenue and expenditure
budget for the 2007B Sewage Works Revenue Bonds and to amend the budget periodically as
-necessary.
SECTION VI. This Ordinance shall be in full force and effect from and after its passage by
the Common Council and approval by the Mayor.
G'~.,-'~
Member of the Co n Council
Att
ity Jerk
Presented by me to the Mayor of the City of South Bend, Indiana on the l I ~ day
of '~.c~,1A.w , 2 ;~Z, at :1 ~~z~ o'clock . ~ m.
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City erk ~ !~-c~u~
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Approved and signed by me on the day of .e ~ , 2~, at ~ o'clock
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May r, Ci f outh Bend, Indiana
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1st P,EADING
PUBLK HEARING (Z-l O-0~
3 rd READING I Z_ ~ p, O
NOT APPROVED
REFERRED
PASSED 1 2- l d- O~
Filed to Clerk's Office
N OV 2 02007
JOHtd V0~ BEND, IN.
CITY CLEr,K,
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
84-07 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND
NO. 651 -CITY OF SOUTH BEND SEWAGE WORKS REVENUE
BONDS OF 20076
Respectfully report that they have examined the matter and that in their opinion, this bill is
being recommended to the full Council with a favorite recommendation.
Karen L. White
Chairperson
CAIJNIY-CTIY BUII.DING
227 W. JEFFERSON BLVD.
SOL7rH BEND, INDIANA 46601-1830
PHONE 574/ 235-9216
Fnx 574/235-9928
TDD 574/ 235-5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
DEPARTMENT OF ADMINISTRATION AND FINANCE
M. CATHERINE FANELLO
CONTROLLER
November 19, 2007
Mr. Timothy Rouse, President
South Bend Common Council
4`" Floor, County-City Building
South Bend, IN 46601
Dear President Rouse:
The attached bill for your consideration and approval will create a new fund for the receipt and
expenditure of bond proceeds in connection with the Sewage Works Revenue Bonds of 2007B.
The amount of the borrowing is $16,515,000 and the anticipated closing date is December 20,
2007. I will be presenting the ordinance to the Common Council at its committee meeting and
public hearing.
Please feel free to contact me if you have any questions. Thank you for your favorable
consideration of this ordinance.
Sincerely,
..~~,
in H. Murphy
Assistant/Acting City Controller
Ftle~ to Cter"~'~ ~fittca
~a~`~ 2 p X07
JOHN YOOAD>:
CISY CI.~nK, SO. BENO,1f1.
JANICE I» HALL ,JOHN MURPHY ROBERT ALLEN
DIRECTOR ASSISTANT CONTROLLER DIRECTOR ®, y
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