10-23-06 Council Meeting Minutes

Home Browse Search

REGULAR MEETING OCTOBER 23, 2006 Councilmember Kelly, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. th Mr. Shawn Peterson, Assistant City Attorney, 14 Floor County-City Building, 227 W. Jefferson Blvd., South Bend, Indiana, made the presentation for this bill. Mr. Peterson advised that this bill provides the refunding of two series of bonds that were issued in connection with the construction of the Leighton Center Parking Garage. They are payable from the county income tax revenues. It provides for the refunding of bonds in light of the current interest rates, the current bonds allow us to redeem them, the City believes that there can be a savings of $645,000 providing for the refund of the bonds. There are issued in two series, one is taxable and the other is tax exempt. The current interest rates range from 4.9% to 5.5% and the City believes that they can get a rate of 3.6% to 4%. This bill allows for the refunding of the bonds, and allows the City, through the Mayor and Controller to execute all documents necessary to provide for the refunding including the sale of the bonds and also the escrow agreements necessary to be refunded. 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 Pfeifer made a motion for favorable recommendation to full Council concerning this bill. Councilmember Kelly seconded the motion which carried by a voice vote of eight (8) ayes. RISE AND REPORT Councilmember Kelly made a motion to rise and report to the full Council. Councilmember Varner seconded the motion which carried by a voice vote of seven (7) ayes. ATTEST: ATTEST: __________________________ __________________________ John Voorde, City Clerk Karen L. White, 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 7:50 p.m. Council President Timothy A. Rouse presided with eight (8) members present. BILLS, THIRD READING ORDINANCE NO. 9707-06 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ANNEXING TO AND BRINGING WITHIN THE CITY LIMITS OF SOUTH BEND, INDIANA, CERTAIN LAND IN GERMAN TOWNSHIP, CONTIGUOUS THEREWITH; COUNCILMANIC DISTRICT 1, BRICK ROAD RIGHT OF WAY, A WEDGE OF PROPERTY LOCATED ALONG THE NORTH SIDE OF BRICK ROAD ON THE PROPERTIES LOCATED AT 51933 ORANGE ROAD 14