HomeMy WebLinkAboutResolution No 20-2019 - Installment Payment for Water-Sewer Installation ChargeRESOLUTION NO.20-2019
A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA
BOARD OF PUBLIC WORKS ESTABLISHING THE 2019 PRIME BORROWING
RATE FOR CALCULATING INSTALLMENT PAYMENT AMOUNT FOR
WATER/SEWER INSTALLATION CHARGE
WHEREAS, Section 17-85 of the City of South Bend Municipal Code (the "Municipal
Code") authorizes the Board of Public Works to establish the City's prime borrowing rate ("Prime
Borrowing Rate") for purposes of determining the interest rate of installment payments of
water/sewer installation charges; and
WHEREAS, pursuant to Section 17-85 of the Municipal Code, the Board of Public Works
is to establish the Prime Borrowing Rate by December 1 of each year for the following calendar
year; and
WHEREAS, Section 17-85 of the Municipal Code permits a single family residential real
property owner to pay water/sewer installation charges by making sixty (60) monthly installment
payments with an interest rate two (2) percent below the City's prime borrowing rate; and
WHEREAS, the interest rate at the commencement of a residential owner's sixty -month
payment plan shall remain constant throughout the sixty -month term.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF
THE CITY OF SOUTH BEND AS FOLLOWS:
The Board establishes the Prime Borrowing Rate for calendar year 2019 at a two (2)
percent interest rate.
2. The effective date of this Resolution is December 1, 2018.
ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana
held on June 11, 2019.
CITY OF SOUTH BEND, INDIANA
BOARD OF PURL ORKS
Gary A. Gilot, President
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Genevieve E. Miller, Member
Laura O'Sullivan, Member
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Elizabeth A. Marad ik, Member
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Therese J. rau Member Do��
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Linda M. Martin, :"lerk
BOARD OF PUBLIC WORKS
AGENDA ITEM REVIEW REQUEST FORM
Date June 5.2019
Department Public
Name Kim Thompson Works
BPW Date June 11, 2019 Phone Extension 5969
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Required Prior to Submittal to Board
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BPW Attorney Attorney Name Clara McDaniel$
Dept. Attorney ® Attorney Name Clara McDaniels
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