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REGULAR MEETING DECEMBER 12, 2005 <br />A Public Hearing was held on the Resolution at this time. <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this Resolution. Councilmember Dieter made a motion to adopt this <br />Resolution. Councilmember Varner seconded the motion which carried and the <br />Resolution was adopted by a roll call vote of nine (9) ayes. <br />RESOLUTION NO. 3547-OS <br />A RESOLUTION OF THE COMMON COUNCIL <br />OF THE CITY OF SOUTH BEND, INDIANA, <br />RESCINDING RESOLUTION NO. 3534-OS AND <br />PROVIDING FOR PARTIAL REPAYMENT OF <br />LOAN BY TRANSFER OF FUNDS FROM <br />WATER WORKS LEAK INSURANCE FUND <br />(#644) TO WATER WORKS GENERAL FUND <br />(#620) <br />WHEREAS, on November 14, 2005 Resolution No. 3534-OS was adopted by this <br />Council authorizing a loan from Water Works General Fund (#620) to Water Works Leak <br />Insurance Fund (#644); and <br />WHEREAS, it appears that Water Works General Fund will not need to loan funds to <br />Water Works Leak Insurance Fund but rather Water Works Leak Insurance Fund is <br />actually repaying $130,000 of a prior $260,000 loan from Water Works General Fund <br />approved by this Council in Ordinance 9481-03; and <br />WHEREAS, this Resolution is necessary to correct the record of the underlying <br />transaction. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA as follows: <br />Section L Resolution No. 3534-OS is hereby rescinded and retracted in full and is of no <br />further force or effect. <br />Section IL The Water Works Leak Insurance Fund (#644) is hereby authorized to <br />transfer the sum of $130,000 to Water Works General Fund (#620) in partial repayment <br />of a prior loan of $260,000 from the Water Works General Fund previously authorized in <br />Ordinance No. 9481-03. <br />Section III. Repayment by Water Works Leak Insurance Fund (#644) to Water Works <br />General Fund (#620) of the balance ($130,000) of the original loan approved in <br />Ordinance No. 9481-03 is deferred until December 31, 2006. <br />Section IV. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br />s/Charlotte D. Pfeifer <br />Member of the Common Council <br />Councilmember Kirsits, Chairperson, Utilities Committee, reported that this committee <br />held a Public Hearing on this bill this afternoon and voted to send it to the full Council <br />with a favorable recommendation. <br />Mr. John Stancati, Director, Water Works, 210 N. Main Street, South Bend, Indiana <br />made the presentation for this bill. <br />Mr. Stancati advised that it was discovered that Resolution No. 3534-OS passed by the <br />Common Council on November 14, 2005 incorrectly describes the nature of the desired <br />budget and accounting transaction. This Resolution rescinds Resolution No. 3534-OS and <br />provides for the actual transaction which is repayment by Water Works Leak Insurance <br />18 <br />