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HomeMy WebLinkAboutAppropriating $181,475 Payment of the Judgment Bond of 1984ORDINANCE No. 7480 -85 Passed by the Common Council of the City of South Bend, Indiana Attest Jul 19 85 IRENE K. GAMMON City Clerk Presented by me to the Mayor of the City of South Bend, Indiana Julv 9 Approved and signed by �9 85 of Common Council City Clerk IRENE K. GAMMON Ig vJ ORDINANCE NO. 7'/ b'D - $J� AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING THE SUM OF ONE HUNDRED EIGHTY -ONE THOUSAND FOUR HUNDRED SEVENTY -FIVE DOLLARS ($181,475) FOR PAYMENT OF THE JUDGMENT BOND OF 1984 STATEMENT OF PURPOSE AND INTENT: WHEREAS, the Common Council of the City of South Bend, Indiana on August 8, 1983 passed Ordinance No, 7230 -83 which authorized the issuance and sale of bonds in order to provide funds for payment of judgments rendered against the City in the case of Wilbur Smith and Associates v City of South Bend, Cause No. K -3768, and in the case of Dennis M. Swanson, et al v City of South Bend, et al, Cause No. K -4975, and WHEREAS, payment of said bonds was due and payable on March 1, 1985 in the principle amount of One hundred seventy thousand dollars ($170,000.00) and accumulated interest of Eleven thousand four hundred seventy -five dollars ($11,475) totaling a payment of One hundred eighty -one thousand four hundred seventy -five dollars ($181,475.00) and WHEREAS, the Common Council now finds that the City has funds available in the General Sinking Bond Fund, it is necessary to appropriate monies from this fund for purposes of payment of judgment bond. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA-. SECTION I. The sum of $181,475.00 is hereby appropriated for the year 1985 from the General Sinking Bond Fund of the City of South Bend, Indiana for payment of the Judgment Bond of 1984. SECTION II. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. m er of the Common Z��4 1 FILED IN CLERK'S OFFICE 1st READING 6 -oZY -$ J� JUN 1 N � 9 'J, 985 ?UBIIC HEAPJNG %-� P -Fl __1 .1 Michael L. Vance Director, Administration and Finance CITY ®f SOUTH BEND ROGER O. PARENT, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 June 18, 1985 Mrs. Beverlie Beck, President South Bend Common Council 4th Floor County -City Bldg. South Bend, IN 46601 Dear President Beck: 219/284 -9742 The enclosed ordinance is being filed for lst reading of the June 24, 1985 Common Council meeting. The ordinance appropriates $181,475.00 from the General Sinking Fund of the City of South Bend, Indiana. The money is needed to pay in full the payment on the judgment funding bonds of 1984. If you will recall, the City of South Bend passed a judgment funding bond in 1984 that paid in full, plus interest, the obligations incurred by the loss of two (2) court cases. The court case of Wilbur Smith & Associates vs. City of South Bend reference nonpayment on a parking study and the case of Dennis M. Swanson, et. al, vs. City of South Bend, et. al reference a police pay dispute resulted in a judgment of $170,000 plus accumulated interest of $11,475 that were owed by the City of South Bend. The bond was passed by the South Bend Common Council and approved by the State Board of Tax Commissioners. In 1984 the bonds were sold and the monies received were paid to the awardees. The State Board of Tax Commissioners allowed for the revenue in the 1985 budget calculations for the General Obligation Bond Sinking Fund. The passing of this ordinance will allow for the payment of those funds and the balancing of the account. If you have any questions, please feel free to contact my office. Sincerely, Michael L. Vance, Director Administration & Finance MLV /caw Tommi #tu Report 0010 toe Tommon Tounrd of t4r Tity of 10out4 Wend: Your Committee Of the Whole to whom was referred RTT.T. Ail) 64 -85 A BILL OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING THE SUM OF ONE HUNDRED EIGHTY —ONE THOUSAND FOUR HUNDRED SEVENTY —FIVE DOLLARS ($181,475) FOR PAYMENT OF THE JUDGMENT BOND OF 1984. Respectfully report that they have examined the matter and that in their opinion This bill should be recommended to the Council favorable Joseph T. SergeChairman FREE PRESS PUBLISHING CO.