HomeMy WebLinkAboutResolution No 31-2020 - Establishing the 2021 Prime Borrowing Rate for Installment Payments of Utility Installation ChargesRESOLUTION NO.31-2020
A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA
BOARD OF PUBLIC WORKS ESTABLISHING THE 2021 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 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 2021 at a two (2)
percent interest rate.
2. The effective date of this Resolution is December 1, 2020.
[Signature page follows]
ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana
held on December 8, 2020.
BOARD OF PUBLIC WORKS
Gary A. Gilot, President
Elizabeth A. Maradik, Member
Jordan V. Gathers, Member
Joseph R. Molnar, Member
ATTEST:
82111d'T C(a72117
Linda M. Martin, Clerk
BOARD OF PUBLIC WORKS
AGENDA ITEM REVIEW REQUEST FORM
Date 11/23/2020
Name Dan Parker Department A&F
BPW Date 12/8/2020 Phone Extension 9822
Review and Approval Required Prior to Submittal to Board
Diversity Compliance ❑
Officer Name
and Inclusion Officer
BPW Attorney
❑ Attorney Name
Dept. Attorney ❑ Attorney Name
Purchasing ❑
Check the Appropriate Item Type — Required. for All Submissions
❑ Professional Services Agreement ❑ Contract ❑ Proposal
❑ Open Market Contract ❑ Amendment/Addendum ❑ Special Purchase, QPA
❑ Bid Opening ❑ Bid Award ❑ Req. to Advertise ❑ Title Sheet
❑ Quote Opening ❑ Quote Award ❑ Reject Bids/Quotes
❑ Proposal Opening ❑ C/O & PCA No. ❑ PCA
❑ Chg. Order, No. ❑ Traffic Control ® Resolution
n Other: n Ease./Encroach
Company or Vendor Name
New Vendor
MBE/WBE Contractor
Project Name
Project Number
Funding Source
Account No.
Amount
Terms of Contract
Purpose/Description
Resolution
❑ Yes El
❑ No
❑ MBE
❑ WBE
Information
Prime Borrowing Rate
If Yes, Approved by Purchasing
Completed E-Verify Form Attached ❑ Yes
❑ No
Resolution Establishing Prime Borrowing Rate
For Change Orders Only
Amount of ❑ Increase $
❑ Decrease ($ )
Previous Amount $
Increase
Current Percent of Change: Decrease
New Amount $
Increase
Total Percent of Change: Decrease
Time Extension Amount:
New Completion Date: