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REGULAR MEETING November 23, 2015 <br /> <br /> <br /> <br />Councilmember Henry Davis, Zoning and Annexation Committee met this afternoon and sends <br />the substitute version of Bill 70-15 to the full Council with no recommendation. <br /> <br /> <br />Matthew Chappuies, Area Plan Commission, Presenter- This bill is based on the new floodplain <br />definitions from FEMA. The floodplain map did not change and the changes will not affect any <br />homeowners. The changes were made to update the definitions of categories. All <br />municipalities must adopt these changes for homeowners to participate in the national flood <br />insurance. <br /> <br /> <br />There being no one present wishing to speak to the Council either in favor of or in opposition to <br />this bill, Council Vice President Derek Dieter made a motion to send Bill 70-15 to the full <br />council favorably. Councilmember Gavin Ferlic seconded the motion which carried by a voice <br />vote of six (6) ayes. <br /> <br />71-15 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, CONCERNING THE <br />REFUNDING OF OUTSTANDING SEWAGE WORK REVENUE BOND <br />OF 2006, SEWAGE WORKS REVENUE BONDS OF 2007B, <br />EACH ISSUED TO FINANCE CONSTRUCTION OF <br />IMPROVEMENTS TO THE MUNICIPAL SEWAGE WORKS OF THE <br />CITY OF SOUTH BEND, INDIANA; AUTHORIZING THE <br />ISSUANCE OF REVENUE BONDS FOR SUCK PURPOSE IN THE <br />PRINCIPAL AMOUNT NOT TO EXCEED TWENTY-EIGHT <br />MILLION DOLLARS (28,000, 000); APPROPRIATING <br />MONIES FROM THE RESERVE ACCOUNT FOR SUCH BONDS <br />(#653); ADDRESSING OTHER MATTERS CONNECTED <br />THEREWITH; AND REPEALING ORDINANCES INCONSISTENT <br /> <br />HEREWITH <br /> <br />Dr. David Varner, Chairperson, Utilities Committee met this afternoon and sends the second <br />substitute version of bill 71-15 to the full Council favorably. <br /> <br /> <br />John Murphy, City Controller, Presenter- This is a refunding of 2.3 million dollars from a City <br />bond. This 2.3 million in combination with 3.2 million from the Eddy St. Commons totals <br />approximately 5 million dollars for the year. The refunds are being made because the interest <br />rates are higher now than when they were issued. Presenter introduced Phil Faccenda of Piper <br />Jaffrey, Jennifer Wilson of Crowe Horvath, Landon Bain of Piper Jaffrey, and Eric Horvath. <br /> <br /> <br />Phil Faccenda, Bond Counsel 100 N Michigan St. - We are in charge of the refinancing of B- <br />Bonds. 27.5 million, will be refunded. Currently bond rates are at three (3) to four percent (4%) <br />originally when the bond was issued it was at two percent (2%). That is a half million dollar <br />savings for the city with a debt service savings of $6.7 million. $3.2 million will be released and <br />used for refunding. The Board of Public Works met and sent this with a favorable <br />recommendation. We will be meeting with bond purchaser tomorrow. <br /> <br /> <br />Vice President Dieter- How much will the bond person be paid? <br /> <br /> <br />Phil Faccenda, Bond Counsel- The fee is $100,000. <br /> <br /> <br />Jennifer Wilson, Crowe Horvath- That is their placement agent fee. When you are above three <br />percent (3%) is when we recommend a refund. <br /> <br /> Eric Horvath, Public Works Director- Mr. Horvath stated that he thought the early refund was <br />tremendous work by John, Phil, and Jennifer and that the 2.3 million dollar savings was the net <br />of any fees being paid. <br /> <br /> <br />This being the time heretofore set for the Public Hearing on the above bill, proponents and <br />opponents were given an opportunity to be heard. <br /> <br />Those wishing to speak in favor: <br /> <br /> <br />6 <br /> <br /> <br />