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Home My WebLink About08-28-2023 Personnel and Finance Committee MeetingX ·--., 1865 ~- OFFI CE OF THE CITY CLERK D AWN M.joNES, Crrv CLERK PERSONNEL AND FINANCE COMMITTEE AUGUST 28, 2023, 4:02 P.M. Committee Members Present: Presenters: Agenda: Sheila Niezgodski, Eli Wax, Troy Warner, Canneth Lee, Rachel Thomas Morgan Eric Horvath Bill No 49-23 -An Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend Members marked with an asterisk (*) are present digitally Please note the attached link for the meeting recording: https:// docs.southbendin.gov/WebLink/browse.aspx? dbid=0&mediaid=370231 Committee Chair Sheila Niezgodski called to order the Personnel and Finance Committee at 4:02 p.m. Bill No. 49-23 -An Ordinance Authorizing the Acquisition and Construction of Certain Additions and Improvements to the Municipal Waterworks of the City of South Bend Eric Horvath, Public Works Director with offices on the twelfth (l l111) floor of the County-City building, noted that this initiative started a few years ago. There is a $35 million plan that includes upgrades to the infrastructure. This is funded by a tax increase and bonds will be issued. The first bond issuance will be $14.3 million via SRF. It was noted that there have already been rate increases scheduled to support this initiative. However, there will be additional needs in the future and funding will need to be a consideration. As part of the bond breakdown, there will be $2 million principal forgiveness. There will be a push for federal funding to support this project. There was additional discussion regarding rate increases. The rate increases were staggered to decrease the impact on the public. The bond repayment schedule is over 20 years. There are usually two payments per year but is dependent on when the bonds are sold. The current interest rate for SRF debt is approximately 2%, which is below market rate. There are many communities with water issues and South Bend is taking steps to ensure this does not occur in the City. Committee Chair Niezgodski held the public hearing, and nobody spoke. Committee member Warner motioned send Bill No. 49-23 to full council with a favorable recommendation, seconded by Committee member Tomas Morgan, and carried by a vote of five (5) ayes. EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 455 County-City Building 227 W. Jefferson Bvld South Bend. Indiana 46601 p 574.235.9221 f574.235.9173 TTD 574.235.5567 www.southbendin.gov CITY OF SOUTH BEND OFFICE OF THE CLERK Committee Chair Sheila Niezgodski -Aye Committee Vice-Chair Eli Wax -Aye Committee member Rachel Tomas Morgan -Aye Committee member Troy Warner -Aye Committee Member Canneth Lee -Aye With no further business, Committee Chair iezgodski adjourned the Personnel and Finance Committee meeting at 4:40 p.m. Respectfully Submitted, Sheila Niezgodski, Committee Chair NOTICE FOR HEARING AND SIGHT IMPAIRED PERSONS Auxiliary Aid or Othn Sen-ices may be A,•ailablt' upon RNJucst al No Char"l!"· Please )!in• Rl'asom1blc Adv:rncc Request when Possible EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 455 County-City Building 227 W. Jefferson Bvld South Bend. Indiana 46601 p 574.235.9221 f574.235.9173 TTD574.235.556 7 www.southbendin.gov 2