HomeMy WebLinkAboutResolution No. 25-2025 - 2026 Prime BorrowingRESOLUTION NO. 25-2025
A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA BOARD OF PUBLIC WORKS ESTABLISHING THE 2026 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 2026 at a two (2) percent interest rate.
2. The effective date of this Resolution is December 1, 2025.
[Signature page follows]
ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana held on November 12, 2025.
November 12, 2025
BOARD OF PUBLIC WORKS AGENDA ITEM REVIEW REQUEST FORM
Date: October 30, 2025
Name: John Dorbin Department: Legal/ A&F
BPW Date: Phone Extension:
Required Prior to Submittal to Board
BPW Attorney X Attorney Name Michael Schmidt
Dept. Attorney Attorney Name John Dorbin
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
New Vendor Yes If Yes, Approved by Purchasing No
MBE/WBE Contractor MBE
WBE Completed E-Verify Form Attached Yes
No Project Name Annual Prime Rate Resolution
Project Number
Funding Source
Account No. PR/PO #
Amount
Terms of Contract
Special Contract Provisions
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: