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REGULAR MEETING NOVEMBER 14, 2016 Councilmember Dr. David Varner made a motion to send Bill No. 54 -16 to the full Council. Councilmember Oliver Davis seconded the motion which carried by a voice vote of nine (9) ayes. 60 -16 PUBLIC HEARING ON AN ORDINANCE TO VACATE THE FOLLOWING DESCRIBED PROPERTY: THE FIRST NORTH -SOUTH ALLEY LYING WEST OF PORTAGE AVENUE, BOUNDED ON THE NORTH BY THE SOUTH RIGHT -OF -WAY LINE OF BULLA STREET AND BOUNDED ON THE SOUTH BY THE NORTH RIGHT -OF -WAY LINE OF THE FIRST EAST -WEST ALLEY NORTH OF KING STREET IN PORTAGE TOWNSHIP Chairperson Gavin Ferlic entertained a motion to continue Bill No. 60 -16 to November 28, 2016, so moved by Councilmember Oliver Davis. Councilmember Regina Williams- Preston seconded the motion which carried by a voice vote of nine (9) ayes. 67 -16 PUBLIC HEARING ON AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONCERNING THE CURRENT REFUNDING OF OUTSTANDING WATERWORKS REVENUE BONDS OF 2000 AND 2006, EACH ISSUED TO FINANCE CONSTRUCTION OF IMPROVEMENTS TO THE MUNICIPAL WATERWORKS OF THE CITY OF SOUTH BEND, INDIANA; AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR SUCH PURPOSE IN THE PRINCIPAL AMOUNT NOT TO EXCEED THREE MILLION SEVEN HUNDRED TWENTY THOUSAND ($3,720,000); ADDRESSING OTHER MATTERS CONNECTED THEREWITH, INCLUDING THE ISSUANCE OF NOTES IN ANTICIPATION OF BONDS; AND REPEALING ORDINANCES INCONSISTENT HEREWITH Councilmember Randy Kelly made a motion to accept the substitute version of Bill No. 67 -16. Councilmember Tim Scott seconded the motion which carried with a voice vote of nine (9) ayes. Councilmember Dr. David Varner, Chair of the Utilities Committee, reported that they met and send this bill forward with a favorable recommendation. Phil Faccenda, Barnes & Thornburg, 100 N. Michigan St., South Bend, served as the presenter and petitioner of this bill. Mr. Faccenda stated that the bond ordinance in question is a refunding of two prior bonds of the City Waterworks. There have been several refinancings that the City has undertaken in regards to water and sewer bonds over the course of the last several years. Mr. Faccenda stated that this is another refinancing opportunity. The refinance would be retiring the 2000 and 2006 bonds. There would not be an extension of the final maturity. The 2006 bonds expire on January of 2027, and that would be the final maturity of the refunding bonds, as well. It is an amount not to exceed $3,720,000. There will also be contributions coming from funds on -hand with the City and their designated reserve funds for the two (2) existing bonds that are being refinanced. That keeps the principal amounts of the bonds down. The bond ordinance also