11-27-06 Council Meeting Minutes

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REGULAR MEETINGNOVEMBER 27, 2006 CAPITAL PROJECTS PERMITTED BY PSDF DOLLARS Councilmember Dieter, Chairperson, PARCS Committee, reported that this committee held a Public Hearing on this bill this afternoon and sends it to the full Council with a favorable recommendation. th Catherine Fannello, City Controller, 14 Floor County-City Building, 227 W. Jefferson Blvd, South Bend, Indiana, made the presentation for this bill. Ms. Fannello advised that this bill request that the name of Fund #377 be formally re- titled Professional Sports and Development Fund (PSDF). This is the main source of revenue for this fund. It is not only used for Hall of Fame but is now being used to provide support for Century Center capital needs. The ordinance also requests a transfer of PSDF dollars to fund a capital reserve for the Hall of Fame as outlined in the Second Interim Management Agreement. The fund that may be used for this is fund #677 properly titled, Hall of Fame. The ordinance also appropriates dollars to transfer to Century Center and must be used only on items permitted by PSDF state law. These being the time heretofore set for the Public Hearing on the above bills, 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, as amended. Councilmember Rouse seconded the motion which carried by a voice vote of nine (9) ayes. BILL NO. 85-06 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND TRANSFERRING MONIES FROM VARIOUS ACCOUNTS TO VARIOUS ACCOUNTS WITHIN DEPARTMENTS WITHIN THE VARIOUS FUNDS OF THE CITY OF SOUTH BEND, INDIANA, FOR THE YEAR 2006 BILL NO. 86-06 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND INCREASING APPROPRIATIONS AND DECREASING APPROPRIATIONS WITHIN THE VARIOUS DEPARTMENTS WITHIN THE VARIOUS FUNDS OF THE CITY OF SOUTH BEND, INDIANA, FOR THE YEAR 2006 Councilmember Pfeifer made a motion to continue Bill Nos. 85-06 and 86-06 until the December 11, 2006 meeting of the Council. Councilmember Dieter seconded the motion which carried by a voice vote of nine (9) ayes. BILL NO. 81-06 PUBLIC HEARING ON A BILL AUTHORIZING THE ISSUANCE AND SALE OF AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS ($8,500,000) OF THE CITY OF SOUTH BEND, INDIANA VARIABLE RATE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2007 (PEI/GENESIS PROJECT); DESIGNATING THE BONDS AS LIMITED OBLIGATIONS OF THE CITY; APPROVING THE FORM OF, AND AUTHORIZING THE EXECUTION AND 23