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HomeMy WebLinkAboutAppropriating $170,000.00 Payment of Judgements Against the CityT ORDINANCE No. 7289 -84 Paused by the Common Council of the City of South Bend, Indiana January 9i, 19 84 Attest: qc-e�- /r A;""—. City Clerk r Attest: IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana of Common Council January 10, �9 84 City Clerk IRENE K. GAMMON Approved and signed by me G 19-�� ORDINANCE NO. 7,?e9 -4fy AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. 7231 -83 AND APPROPRIATING THE SUM OF ONE HUNDRED SEVENTY THOUSAND DOLLARS ($170,000.00) FOR PAYMENT OF JUDGMENTS AGAINST THE CITY 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 against the City, WHEREAS, said Ordinance provided that the City shall make a loan in the amount of One Hundred Fifty -five Thousand Dollars ($155,000.00) for the purpose of providing funds with which to pay the judgments described in the ordinance and the incidental expenses necessary to be incurred in connection therewith, WHEREAS, the Common Council of the City of South Bend, Indiana, on August 8, 1983 passed Ordinance No. 7231 -83 which appropriated the sum of One Hundred Fifty -five Thousand Dollars ($155,000.00) to be applied to pay the judgments against the City together with the incidental expenses in connection therewith, WHEREAS, a petition for the approval of the issuance of bonds was filed with the State Board of Tax Commissioners on September 7, 1983 and a hearing was had on such petition before the Local Government Tax Control Board on September 23, 1983, WHEREAS, the State Board of Tax Commissioners on September 9, 1983 held a hearing on the matter of the additional appropriation as provided in Ordinance No. 7231 -83, WHEREAS, the State Board of Tax Commissioners approved the issuance of bonds by the City of South Bend in the amount of One Hundred Fifty -five Thousand Dollars ($155,000.00) on November 10, 1983 and approved the additional appropriation in the same amount on November 14, 1983, WHEREAS, due to the delays in the issuance of the 1983 Bonds described in the preceding paragraphs, the Common Council now finds that the amount required to accomplish the purposes set forth hereinabove has increased by an estimated amount not to exceed $15,000.00 (the "Additional Costs "), WHEREAS, the Common Council now finds that the City has no funds available or provided for in the existing budget and tax levy with which to pay the Additional Costs and the Common Council now determines that an extraordinary emergency exists making it necessary to amend Ordinance No. 7231 -83 to increase the amount of the appro- priation therein by the amount of the Additional Costs and to issue $15,000.00 more in the principal amount of Bonds than was originally anticipated to procure the required sums; NOW, THEREFORE, BE IT ORDAINED, BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: - 1 - SECTION I. Section 1 of Ordinance No. 7231 -83 is hereby amended by ad-ditions and deletions and shall read in its entirety as follows: Section 1. That the sum of -orr-- -i *r* Pd- Prf-t� r-k-e One Hundred SeventX Thousand Dollars ($170,000.00) shall be appropriated out ot the proceeds of the b on s authorized pursuant to Ordinance No. 7230 -83, as amended bX Ordinance No. , by the Common Council and designate as - Jti7dgnr� +tm -itrg- rrds- b-f- -1-9-8x3 " - "Judgment Funding Bonds of 1984" for the use of the Common Council in paying the following (a) In the case of Wilbur Smith and Associates v. City of South Bend, Cause No. K -3768, in the St. Joseph Superior Court, judgment entered May 19, 1982, the principal sum of $15,000.00, together with prejudgment interest in the sum of $7,245.92, the cost of the action, and interest since the date of judgment until satisfaction at an annual rate of 12 %. (b) In the case of Dennis M. Swanson et al., v. City of South Bend, et al., Cause No. K-4975, in the St. Joseph Circuit Court, judgment entered December 8, 1982, the principal sum of $112,806.00, the cost of the action, and interest since the date of judgment until satisfaction at an annual rate of 12 %. (c) All necessary and incidental expenses relating to the issuance and sale of the bonds." SECTION II. This Ordinance shall be in full force and effect from and at ter passage and signing by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA U� Member ot th C moron Council FILED IN CLEFS OFFICE PU BLIC NO u 3 u 1983 APPROVE6 Irene Gammon REFERRED CITY CLERK, SOUTH BEND, IND. PASSED 2 - Joseph E. Kernan Director, Administration and Finance CITY ®f SOUTH BEND ROGER O. PARENT, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 November 30, 1983 Members of Common Council 4th Floor County -City Bldg. South Bend, Indiana 46601 Dear Members of the Council: 219/284 -9742 The attached bill would appropriate the $170,000 in funds from the Judgment Funding Bonds of 1984 in order to pay two judgments previously rendered against the City. This bill is filed concurrently with the bill authorizing the sale and issuance of the Judgment Funding Bonds. If you have any questions about this bill or the process to date, please contact me or City Attorney Richard L. Hill. Thank you very much. Sincerely, 6eph E. Kernan City Controller JEK /caw TommUttr Irport tin #4e Townton 11ounrd of Or Mtn of ft* lirnk: Your Committee OF THE WHOLE to whom was referred 140 -83 A BILL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. 7231 -83 AND APPROPRIATING THE SUM OF ONE HUNDRED SEVENTY THOUSAND DOLLARS ($170,000.00) FOR PAYMENT OF JUDGMENTS AGAINST THE CITY. Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED TO THE COUNCIL FAVORABLE. JOSEPH T. SERGE Chairman FRE[ PRESS PUBLISHING CO.