01-28-08 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETING JANUARY 28, 2008 Bonds, in such forms as the officers executing the same shall deem proper, to be evidenced by the execution thereof, including, without limitation, (i) executing a second addendum to lease to provide for lower annual lease rental payments as a result of the refinancing of the outstanding Prior Bonds, and (ii) entering into a continuing disclosure undertaking agreement to provide continuing disclosure with respect to the Refunding Bonds as required under the federal securities laws. 6. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Timothy A. Rouse, Member of the Common Council Councilmember LaFountain, Chairperson, Personnel and Finance 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 consideration. Mr. John Murphy, Assistant/Acting City Controller, 12th Floor County-City Building, 227 W. Jefferson Boulevard, South Bend, Indiana, made the presentation for this bill. Mr. Murphy advised that this bill would authorize the City of South Bend Building Corporation to refund its 2001 County Option Income Tax Lease Rental Revenue Bonds. Through this refunding, the City is expected to realize savings in debt service costs of approximately $90,000 per year for the years 2008 through 2021. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Dieter made a motion to adopt this Resolution. Councilmember Varner seconded the motion which carried by a roll call vote of nine (9) ayes. BILLS -FIRST READING BILL NO. 09-08 FIRST READING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, CLOSING SEDA TIF FUND NO. 414 AND TRANSFERRING REMAINING FUNDS TO AEDA TIF FUND NO. 324 This bill had first reading. Councilmember Dieter made a motion to refer this bill to the Personnel and Finance Committee and set it for Public Hearing and Third Reading on February 11, 2008. Councilmember Varner seconded the motion which carried by a voice vote of nine (9) ayes. BILL NO. 10-08 FIRST READING ON A BILL AMENDING ORDINANCE 9790-07 FIXING M~?~~IMUM SALARIES AND WAGES OF APPOINTED OFFICERS AND NON-BARGAINING EMPLOYEES OF THE CITY OF SOUTH BEND, INDIANA, FOR THE CALENDAR YEAR 2008 This bill had first reading. Councilmember Dieter made a motion to refer this bill to the Personnel and Finance Committee and set it for Public Hearing and Third Reading on February 11, 2008. Councilmember Henry Davis seconded the motion which carried by a voice vote of nine (9) ayes. UNFINISHED BUSINESS 20