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HomeMy WebLinkAboutagenda item 2015 0514 rdc 02bMay 7, 2015 8:40 a.m. SOUTH BEND REDEVELOPMENT COMMISSION SOUTH BEND REDEVELOPMENT AUTHORITY SOUTH BEND BUILDING CORPORATION SPECIAL JOINT MEETING Presiding: Marcia Jones, President 227 West Jefferson Boulevard South Bend, Indiana 1. CALL TO ORDER The meeting was called to order at 8:43 a.m. 2. ROLL CALL Members Present: Members Absent: Legal Counsel: Staff: Others Present: Redevelopment Commission Marcia Jones, President David Varner, Vice President Don Inks, Secretary Greg Downes · Gavin Ferlic John Anella Redevelopment Authority Rick Klee, President Erin Hanig, Secretary-Treasurer Building Corporation Mark Neal, President Catherine Roemer, Secretary Redevelopment Authority Anthony Fitts, Vice President Building Corporation Jose Alvarez, Treasurer Benjamin Dougherty, Esq. John Murphy, City Controller Jennifer Hockenhull, Assistant City Controller Scott Ford, Executive Director David Relos, Associate 11 Tracy Oehler, Recording Secretary Philip Faccenda, Barnes & Thornburg, LLP ITEM: 2.B. South Bend Redevelopment Commission South Bend Redevelopment Authority South Bend Building Corporation Special Joint Meeting -May 7, 2015 Page 2 3. PRESENTATION/ACTION/DISCUSSION A. Municipalities Continuing Disclosure Cooperation Initiative Bond Continuing Disclosure Procedures Mr. Murphy stated in July of 2009, the U.S. Securities and Exchange Commission (SEC) set up a website called the Electronic Municipal Market Access (EMMA). EMMA is the official repository for information on municipal bonds, which provides free public access to official disclosures, trade data, and other information about the municipal securities market. Between 2011 and 2014, the City contracted with a financial firm to handle the EMMA reporting but there were some errors and missed information. In March of 2014, the SEC announced the Municipalities Continuing Disclosure Cooperation Initiative which gave issuers the opportunity to get caught up on reporting with an extended deadline of December 1, 2014. In September of 2014, the compliance reporting was moved in-house and working with Barnes & Thornburg, LLP, the City refiled the comprehensive annual financial reports for 2004 through 2013. Additionally, the 2004 through 2014 annual financial reports, which are cash basis reports, were filed along with voluntary reports. The reporting was done in order to be in compliance with the SEC as well as providing the information to the public. On November 24, 2014, prior to the deadline, the City self-reported with the SEC. The City also drafted the Bond Continuing Disclosure Procedure.which outlines filing responsibilities. Mr. Faccenda noted the reason for the Special Joint Meeting is to document to the SEC the City has adopted bond continuing disclosure procedures. (1) South Bend Redevelopment Commission: Resolution No. 3290 Approving the City of South Bend's Participation in the Municipalities Continuing Disclosure. Cooperation Initiative and Ratifying the City Controller's Formal Submission Upon a motion by Commissioner Downes, seconded by Secretary Inks and unanimously carried, the Commission approved Resolution No. 3290 Approving the City of South Bend's Participation in the Municipalities Continuing Disclosure Cooperation Initiative and Ratifying the City Controller's Formal Submission. (2) South Bend Redevelopment Authority: Resolution No. 193 Approving the City of South Bend's Participation in the Municipalities Continuing Disclosure Cooperation Initiative and Ratifying the City Controller's Formal Submission Upon a motion by Secretary Hanig, seconded by President Klee, the motion carried 2-0 (Vice President Fitts absent), the Authority approved Resolution No. 193 Approving the City of South Bend's Participation in the Municipalities Continuing Disclosure Cooperation Initiative and Ratifying the City Controller's Formal Submission. South Bend Redevelopment Commission South Bend Redevelopment Authority South Bend Building Corporation Special Joint Meeting -May 7, 2015 Page 3 (3) South Bend Building Corporation: Resolution No. 2015-01 Approving the City of South Bend's Participation in the Municipalities Continuing Disclosure Cooperation Initiative and Ratifying the City Controller's Formal Submission Upon a motion by Secretary Roemer, seconded by President Neal, the motion carried 2-0 (Treasurer Alvarez absent), the Board approved Resolution No. 2015-01 Approving the City of South Bend's Participation in the Municipalities Continuing Disclosure Cooperation Initiative and Ratifying the City Controller's Formal Submission. 4. ADJOURNMENT Marcia Jones adjourned the meeting at 9:07 a.m. Marcia I. Jones, President South Bend Redevelopment Commission Richard Klee, President South Bend Redevelopment Authority John Murphy, President South Bend Building Corporation Don Inks, Secretary South Bend Redevelopment Commission Erin Hanig, Secretary South Bend Redevelopment Authority Catherine Roemer, Secretary South Bend Building Corporation