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HomeMy WebLinkAboutTransferring $200,000 Between various Accounts Establishing a South Bend Parking Facilities Study CommissionORDINANCE No. 5959 -76 Passed by the Common Council of the City of South Bend, Indiana March 8 .,, 76 Clerk IRENE K. GAMMON �AIPresident of Common Council Presented by me to the Mayor of the City of South Bend, March 9 T^ 7 IRENE K. GAMMON Approved and signed by me i:'/ —r c-/ °t Clerk ORDINANCE NO. 5959 -76 AN ORDINANCE TRANSFERRING THE SUM OF $200,000.00 BETWEEN VARIOUS ACCOUNTS IN THE CUMULATIVE CAPITAL IMPROVEMENT FUND OF THE CITY OF SOUTH BEND, INDIANA AND ESTABLISHING A SOUTH BEND PARKING FACILITIES STUDY COMMISSION. WHEREAS, certain extraordinary conditions have developed since the adoption of the existing budget for the Cumulative Capital Improvement Fund, so that it is now necessary to appropriate more money than was appropriated in the original budget for the various functions of City Government to meet such extraordinary conditions; and WHEREAS, additional funds are needed for certain accounts within the Cumulative Capital Improvement Fund to assure that depart- ment's ability to properly perform its functions; and WHEREAS, funds exist in various accounts of the Cumulative Capital Improvement Fund, which are not presently needed: NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: SECTION I. That the sum of $200,000.00 be transferred between various accounts as set forth below: Reduce the following accounts: Account No. 260.1 440.0 Description Century Center Other Materials TOTAL Increase the following accounts: Account No. 810.0 SECTION II. spent as o Bond requirements ments due in 1976. Description Bonds and notes Amount $125,000.00 75,000.00 $200,000.00 Amount $200,000.00 That the funds transferred by this ordinance be A minimum of $100,000 to be applied to the Term and $100,000 be applied toward the Serial Bond pay- SECTION III. That a South Bend Parking Facilities Study Com- mission be establ shed jointly by the Mayor and City Council of South Bend, Indiana. There shall be nine members on the Commission, four, appointed by the City Council and five appointed by the Mayor. The task of the Commission will include those listed below: 1. To develop a comprehensive parking plan for the City of South Bend. 2. To take a broad look not only at the downtown parking situa- tion, but also to study the parking needs of all commercial areas of South Bend. 3. To study the parking facilities, experiments and plans of other communities so as to avoid duplication of parking experiments and to benefit from other communities' attempts. 4. To develop, recommend and monitor parking strategies for South Bend. 5. To study various ways of financing parking facilities, to explore the feasibility of establishing special taxing districts, and to determine the need for establishing a Parking Facilities Authority with bonding and other powers. 6. To recommend new state and local legislation as is deemed necessary. SECTION IV. This Ordinance shall be in full force and effect from andd ads passage by the Common Council and its approval by the Mayor. Passed March 8, 1976, as amended. Tolt[mUttr Krpart, Wo t4c (96MU nn Coumil of t4r Ot'v of 001d4 3Brud: Your Committee of the Whole to whom was referred An ORDINANCE transferring the sum of $250,000.00 between various accounts in the Cumulative Capital Improvement Fund of the City of South Bend, Indiana. Respectfully report that they have examined the matter and that in their opinion The Ordinance be amended as follows: Title: Change sum to $200,000. Add, and establishing a South Bend Parking Facilities Study Commission. Third Whereas: Strike a surplus and insert funds in their place. SECTION I. From $250,000.00 to $200,000.00 440.0 From $125,000 to $75,000 Total: From $250,000 to $200,000 810.0 From $250,000 to $200,000 NEW SECTION II. That the funds transferred by this ordinance be spent as follows: A minimum of $100,000 to be applied to the Term Bond requirements and $100,000 be applied toward the Serial Bond payments due in 1976. NEW SECTION III. That a South Bend Parking Facilities Study Commission be established jointly by the Mayor and City Council of South Bend, Indiana. There shall be nine members on the Commission, four appointed by the City Council and five appointed by the Mayor. Chairman ......... mAE� .vswxixa w. The task of the Commission will include those listed below: 1. To develop a comprehensive parking plan for the City of South Bend. 2. To take a broad look not only at the downtown parking situation, but also to study the parking needs of all commercial areas of South Bend. 3. To study the parking facilities, experiments and plans of other com- munities so as to avoid duplication of parking experiments and to benefit from other communities' attempts. 4. To develop, recommend and monitor parking strategies for South Bend. 5. To study various ways of financing parking facilities, to explore the feasibility of establishing special taxing districts, and to determine the need for establishing a Parking Facilities Authority with bonding and other powers. 6. To recommend new state and local legislation as is deemed necessary. SECTION II. becomes SECTION IV. Frank Horvath Chairman February 4, 1976 To: Members of the Common Council From: Peter H. Mullen Subject: Transfer of Funds in Cumulative Capital Improvement Fund Gentlemen: I am certain you are aware of our arrearage in the Municipal Garage Sinking Fund. As of December 31, 1975, the Sinking Fund had a balance of $50,000 and was in arrears $425,000. In order to remove this deficit, and to maintain current annual payments, $156,250 per year must be placed in the Sinking Fund by December 31, 1976. By maintaining this annual payment there will be accumulated $675,000 in the fund and the fund will be current. As you are cognizant of the desirability of South Bend's bonds in the Municipal Bond Market, you can comprehend the necessity of preserving our bond ratings. You are aware that several security firms have communicated their concern re- garding the garage bonds. In order to establish immediate action on this deficit, and to continue our excellent bond rating, we are requesting the following transfers be made within the CCIF: 1. Transfer from Account 260 - Century Center $125,000.00 2. Transfer from Account 440 - Other Materials 125,000.00 $250,000.00 3. Transfer to Account 810 - Bonds & Notes $250,000.00 both in Accounts 260 and 440, Revenue Sharing can be utilized to replace said monies It is our intention to utilize the $250,000 by directing it into the Sinking Fund. We will apply $156,250 towards the term bond requirements and the remainder of $93,750 can be applied toward serial bond payments due this year. The serial bond payments are provided for by the revenues from the parking garages, parking violations, flat lots and meter revenues. Estimates have indicated that the free parking on Saturdays and Monday nights will produce a revenue loss of $20,000 which Members of the Common Council - 2 - will allow $73,750 to test our plans. It is possible that this entire amount will not be needed and, thus, the remainder will also be placed in the Sinking Fund. It is our desire to proceed for ninety days on a two -fold plan with respect to the garages. 1. allow two hours free parking at both garages 2. raise the existing rates at both garages from the third hour If we allowed two hour free parking at both garages without raising the rates our estimate is that the annual loss in revenue would be $42,000. However, if we raise the rate from the third hour on, the revenue loss could be as low as $6,271.20. (See attached sheets) Your positive consideration of this ordinance is requested. Controller CC: Peter J. Nemeth, Mayor Attachment