HomeMy WebLinkAbout8438-93 Appropriating $99,500 General Fund ORDINANCE No. 8438-93
Passed by the Common Council of the City of South Bend, Indiana_
. November 29, 1993
Attest: City Clerk
IRENE K. GAMMON
Attest: :�_. // = President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana__
November 30, ig 93
City Clerk
IRENE K. GAMMON
Approved and signed by me 01/ Ig93
(2/4144` Mayor
SUBSTITUTE ORDINANCE NO. to3g--Q 3
AN ORDINANCE OF THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING
NINETY-NINE THOUSAND FIVE HUNDRED DOLLARS ($99,500.00)
FROM THE CITY OF SOUTH BEND GENERAL FUND
STATEMENT OF PURPOSE AND INTENT
On May 28, 1985, the City of South Bend entered into a land
contract with the Freeman-Spicer Company, Inc. , to purchase
certain real property and all improvements thereon, situated in
downtown South Bend, commonly known as 520 South Lafayette
Boulevard, South Bend, St. Joseph County, Indiana, and more
particularly described as:
Lots Numbered 46, 47, and 48 as shown on the
recorded Plat of Samuel Martin' s Addition to
the City of South Bend,
and
Lots Numbered 58, 59 and 60 as shown on the
recorded Plat of Samuel Martin's Addition to
the City of South Bend.
The land contract established a purchase price for the
property of $480,000.00, plus interest at the rate of 8% APR,
payable in 120 equal monthly payments of $5,823 .72, the first
such payment being due May 1, 1985.
The City has, to date, made 103 of the 120 monthly payments.
A total of $99,107.48 as of November 29, 1993, remains to be paid
under the terms of the land contract.
The terms of the land contract provide for prepayment, at
the City' s election, of any amount due hereunder, without payment
of a penalty or premium.
The Common Council of the City of South Bend has determined
that it is in the best interests of the City that the City
exercise its right under the land contract to prepay the
remaining balance and proceed with the purchase of the property
and improvements.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA, as follows:
SECTION I. The sum of $99,500.00 shall be and hereby is
ordered set apart and within the City of South Bend General Fund
for the purpose of paying all remaining sums due under the land
contract between the City of South Bend, Indiana, and the
Freeman-Spicer Company, Inc. , dated May 28, 1985, and all closing
costs, as indicated below:
ACCOUNT NO. DESCRIPTION AMOUNT
101-0409-453-41-02 General Fund $99,500.00
SECTION II. This ordinance shall be in full force and
effect from and after its adoption.
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City of South Bend
C 4) $, Joseph E. Kernan, Mayor
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Department of Administration and Finance
• Kevin C. Horton
November 1, 1993
Mr. Steve Luecke, President
South Bend Common Council
4th Floor, County-City Building
South Bend, IN 46601 .
Re: An Ordinance of the Common Council of
the City of South Bend, Indiana, Appropriating
Ninety-Nine Thousand Two Hundred Dollars ( $99,200)
from the City of South Bend General Fund
Dear Mr. Luecke:
I am attaching an Ordinance appropriating $99,200 from the
City' s General Fund for the purpose of purchasing the Studebaker
National Museum building and grounds.
As you are aware, in 1985 the City entered into a land
contract for the purchase of this property. Interest is being
paid on the remaining principal balance at a rate of 8%. The
land contract allows for an early payoff without penalty to the
City. The appropriation for which approval is sought will allow
the City to pay off the remaining principal balance and cover
certain closing costs.
Your favorable recommendation is respectfully requested.
Sincerely,
•
•
Kevin C. Orton
City Controller
KCH/j l
Attachment .
County-City Building • South. Bend, Indiana 46601 • 219/235-9216 Fax 219/235-9928
Catherine A. Hubbard Jeffrey A. Rinard Isabel Gonzalez
Personnel Director Finance Director Safety & Risk Manager
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Your Committee of the Whole
to whom was referred
BILL NO.
98-93 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA, APPROPRIATING NINETY—NINE THOUSAND
TWO HUNDRED DOLLARS ($99,200.00) FROM THE CITY OF SOUTH
BEND GENERAL FUND.
• Respectfully report that they have examined the matter and that in their opinion
This bill has been recommended to the Council favorable„ by substitution.
Chairman
Thomas Zakrzewski