HomeMy WebLinkAboutResolution No 45-2019 - 2020 Prime Borrowing Rate Payment AmountRESOLUTION NO.45-2019
A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA
BOARD OF PUBLIC WORKS ESTABLISHING THE 2020 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:
1. The Board establishes the Prime Borrowing Rate for calendar year 2020 at a two (2)
percent interest rate.
2. The effective date of this Resolution is December 1, 2019.
[Signature page follows]
ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana
held on November 26, 2019.
CITY OF SOUTH BEND, INDIANA
BOARD OF PUBIAC NVO .' S
/ J-4j" A- -
Gary A. Gilot, President
Gene iee E. M e"nber
era O'Sullivan, Member
Elizabeth A. Maradik, Member
Therese J. Dorau, Member
ATTES I
BOARD OF PUBLIC WORKS
AGENDA ITEM REVIEW REQUEST FORM
Date November 7, 2019
Department Public
Name Kim Thompson ........ Works
.... . . . . . ......
BPW Date November 26, 2019 Phone Extension 5969
Required Prior to Submittal to Board
BPW Attorney Attorney Name Clara MeDaniels
Dept. Attorney Attorney Name Clara McDartiels
Purchasing
Check the
ItemTyp _ S - Requiredfi)r All Submissions
. . ..... ..... - -----
D Professional Services Agreement E] Contract
E] Open Market Contract
El Amendment/Addendum
Bid Opening
Bid Award
Quote Opening
❑ Quote Award
E] Proposal Opening
FIC/O & PCA No.
n Chg. Order, No.
El Traffic Control
El Other:
Company or Vendor Name
New Vendor
MBE/WBE Contractor
Project Name
Project Number
Funding Source
Account No.
Amount
Terms of Contract
Purpose/Description
Required Information
Proposal
J_J Special Purchase, QPA
E] Req. to Advertise
EJ Reject Bids/Quotes
E] PCA
E Resolution
Ease./Encroach
-------- - --------- - - - - - -- -
L_J Yes L_J If Yes, Approved by Purchasing
F-1 No
0 Title Sheei
FIMBE WBE Completed E-Verify Form Attached Nos
[:]
. ...... . ..... . ..... . . ..... ... . . ......
. ..... . For.. Change Orders On]-y"11111
Amount of Increase .........
6.
Decrease
Previous Amount $
Increase %
Current Percent of Change: Decrease
New Amount
Increase %
Total Percent of Change: Decrease (, %)
Time Extension Amount:
New Completion Date:
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