HomeMy WebLinkAboutResolution No 44-2023 - Establishing Prime Borrowing Rate for 2024RESOLUTION NO. 44-2023
A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA
BOARD OF PUBLIC WORKS ESTABLISHING THE 2024 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 2024 at a two (2)
percent interest rate.
2.The effective date of this Resolution is December 1, 2023.
[Signature page follows]
ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana
held on November 28, 2023.
November 28, 2023
BOARD OF PUBLIC WORKS
AGENDA ITEM REVIEW REQUEST FORM
Date 11/20/2023
Name Jenna Throw Department Legal
BPW Date 11/28/2023 Phone Extension 9354
Review and Approval Required Prior to Submittal to Board
Diversity Compliance
and Inclusion Officer Officer Name
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
Other: Ease./Encroach
Required Information
Company or Vendor Name n/a
New Vendor Yes If Yes, Approved by Purchasing
No
MBE/WBE Contractor MBE
WBE Completed E-Verify Form Attached Yes
No
Project Name Resolution to Establish a Prime Borrowing Rate for 2024
Project Number
Funding Source
Account No.
Amount
Terms of Contract
Purpose/Description _______________________________________________________________
_______________________________________________________________
___________________________________________________
For Change Orders Only
Amount of Increase
Decrease
$
($ )
Previous Amount $
Current Percent of Change:
Increase
Decrease
%
( %)
New Amount $
Total Percent of Change:
Increase
Decrease
%
( %)
Time Extension Amount:
New Completion Date: