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REGULAR MEETING
<br />AUGUST 26, 1985
<br />Be it remembered that the Common Council of the City of South Bend met in the
<br />Council Chambers of the County -City Building on Monday, August 26, at 7:00 p.m. The
<br />meeting was called to order and the Pledge to the Flag was given.
<br />to nT.T. r n r_T.
<br />BILLS, SECOND READING
<br />ORDINANCE NO. 7508 -85
<br />Present: Council Members Serge, Braboy, Puzzello,
<br />Taylor, Zakrzewski, Crone, Paszek, Voorde and
<br />Beck
<br />Absent: None
<br />AN ORDINANCE APPROPRIATING MONIES FOR THE PURPOSE OF
<br />DEFRAYING THE EXPENSES OF SEVERAL DEPARTMENTS OF THE
<br />CITY GOVERNMENT OF THE CITY OF SOUTH BEND, INDIANA, FOR
<br />THE FISCAL YEAR BEGINNING JANUARY 1, 1986, AND ENDING
<br />DECEMBER 31, 1986, INCLUDING ALL OUTSTANDING CLAIMS AND
<br />OBLIGATIONS AND FIXING A TIME WHEN THE SAME SHALL TAKE
<br />EFFECT.
<br />This bill had second reading. Council Member Taylor made a motion to amend this
<br />bill, as amended in the Committee of the Whole, seconded by Council Member
<br />Puzzello. The motion carried. Council Member Serge made a motion to pass this
<br />bill, as amended, seconded by Council Member Puzzello. The bill passed by a roll
<br />call vote of nine ayes.
<br />ORDINANCE NO. 7509 -85
<br />AN ORDINANCE LEVYING TAXES AND FIXING THE RATE OF
<br />TAXATION FOR THE PURPOSE OF RAISING REVENUE TO MEET THE
<br />NECESSARY EXPENSES FOR THE FISCAL YEAR ENDING DECEMBER
<br />31, 1986.
<br />This bill had second reading. Council Member Taylor made a motion to accept the
<br />substitute bill on file with the City Clerk, seconded by Council Member Serge. The
<br />motion carried. Council Member Serge made a motion to pass this bill, as amended,
<br />seconded by Council Member Puzzello. The bill passed by a roll call vote of nine
<br />ayes.
<br />RESOLUTIONS
<br />RESOLUTION NO. 1328 -85
<br />AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO AN APPLICATION BY JOHN F.
<br />HARRINGTON AND TRACEY S. HARRINGTON, FOR THE ISSUANCE
<br />OF CITY OF SOUTH BEND ECONOMIC DEVELOPMENT REVENUE
<br />BONDS.
<br />WHEREAS, at the present time there are insufficient employment opportunities and
<br />insufficient diversification of business, commerce and industry in and near the City
<br />of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would
<br />of economic development facilities in the corporate
<br />the provisions of Indiana Code 36 -7 -12 (the "Act ");
<br />WHEREAS, John F. Harrington and Tracey S. Harri
<br />to acquire economic development facilities in South
<br />Act if the City will finance costs of such economic
<br />to the Act; and
<br />be benefited by the acquisition
<br />limits of the City pursuant to
<br />and
<br />:igton (the "Harringtons ") propose
<br />Bend, Indiana as defined in the
<br />development facilities pursuant
<br />WHEREAS, the South Bend Economic Development Commission has received an
<br />application by the Harringtons for the issuance of City of South Bend Economic
<br />Development Revenue Bonds in the approximate principal amount of Four Hundred
<br />Thousand and no /100 Dollars ($400,000.00) with the terms of repayment to be
<br />determined by the market rates at the time the bonds are sold and the proceeds of
<br />the bonds will be used to acquire real estate and make improvements to real estate
<br />for a dental office and acquire certain equipment for the facility to be constructed
<br />at the 348 Columbia Street, in the City of South Bend, Indiana, resulting in the
<br />preservation of ten jobs and the addition of two new jobs added to the Harringtons'
<br />payroll resulting in an annual payroll of approximately $300,000 for the facility.
<br />NOW, THEREFORE, the Common Council of the City of South Bend, Indiana resolves
<br />as follows:
<br />1. The project constitutes economic development facilities which shall be
<br />financed by the City through the issuance of revenue bonds pursuant to the Act and
<br />the City is willing, upon compliance with all provisions of Indiana law, to
<br />authorize approximately Four Hundred Thousand and no /100 Dollars ($400,000.00) of
<br />its revenue bonds, which bonds will not be general obligations of the City but will
<br />be payable solely from the limited sources authorized and permitted by the Act.
<br />2. The proposed financing will be of benefit to the economic welfare of the
<br />City and will comply with the purposes and provisions of the Act.
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