01-24-11 Common Council Meeting Minutes

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REGULAR MEETING JANUARY 24, 2011 scheduled to be transferred in June, 2011. These funds are maintained in a separate Century Center capital bank account and all capital expenditures are approved by the President of the Century Center Board of Managers and the City Controller. The 2011 capital budget for Century Center in the amount of$267,000 was approved by the Common Council on October 25, 2010. Mr. Zientara stated that a $395,423 payment for the initial debt service payment due on July 15, 2011 for the 2010 Coveleski Stadium Taxable Revenue Bonds that were approved by the Common Council on November 30, 2010. When the Coveleski Bond ordinance was approved, it was staed that PSDA revenue would be the funding source for repayment of the bonds and a cash projection was prepared demonstrating that sufficient funds would be available in the PSDA Fund to meet all debt service obligations. The final bond payment is due on January 15, 2019. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill, Councilmember Dieter made a motion for favorable recommendation to full Council concerning this bill. Councilmember Oliver Davis seconded the motion which carried by a voice vote of eight (8) ayes. BILL NO. 75-10 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING SECTIONS 2-8 AND 2-10 OF CHAPTER 2, ARTICLE 1 OF THE SOUTH BEND MUNICIPAL CODE ADDRESSING PROCEDURES GOVERNING THE COMMON COUNCIL Councilmember Oliver Davis made a motion to continue this bill until the February 14, 2011 meeting of the Council and refer back to the Information Technology Committee and Council Rules Committee. Councilmember White seconded the motion which carried by a voice vote of eight (8) ayes. RISE AND REPORT Councilmember Varner made a motion to rise and report to the full Council. Councilmember Oliver Davis seconded the motion which carried by a voice vote of eight (8) ayes. ATTEST: ATTEST: John Voorde, City Clerk Tim Rouse, Chairperson Committee of the Whole REGULAR MEETING RECONVENED Be it remembered that the Common Council of the City of South Bend reconvened in the Council Chambers on the fourth floor of the County-City Building at 7:51 p.m. President Derek D. Dieter presided with nine (9) members present. 9