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REGULAR MEETING AUGUST 9,2004 <br /> SALE OF REVENUE BONDS TO PROVIDE <br /> FUNDS FOR THE PAYMENT THEREOF, <br /> AND THE COLLECTION, SEGREGATION <br /> AND DISTRIBUTION OF THE REVENUES <br /> OF SUCH SEWAGE WORKS,AND OTHER <br /> MATTERS CONNECTED THEREWITH <br /> Councilmember Kirsits, Chairperson, Utilities Committee reported that this committee held a <br /> Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable <br /> recommendation. <br /> Mr. Jack Dillion,Director, Environmental Services, 3113 Riverside Drive, South Bend, Indiana <br /> made the presentation for this bill. <br /> Mr. Dillon advised that this bill would provide for additions, extensions and improvements to the <br /> City's Sewage Works Facility having an aggregate estimated cost of Eleven Million Five <br /> Hundred Thousand Dollars ($11,500,000). This ordinance further provides that the funding of <br /> this sewage works improvement cost shall be in the faun of revenue bonds payable from revenue <br /> generated by customers of the sewage works utility. The revenue bonds authorized to be issued <br /> by this ordinance shall not exceed Eleven Million Five Hundred Thousand Dollars <br /> ($11,500,000), and shall be on a parity with previous bonds issued for sewage works purposes, <br /> i.e., the Sewage Works Revenue Bonds of 1998 in the original amount of$24,095,000 (per <br /> Ordinance No. 8919-98) and the Sewage Works Refunding Bonds of 2001 issued in the original <br /> amount of$5,240,000 (per Ordinance No. 9270-01). <br /> Mr. Dillion recalled those members of the South Bend Common Council who participated in the <br /> process for increasing the City's sewer rates last July under Ordinance No. 9442-03 will recall <br /> that the Crowe Chizek& Co. Financing Report contained a Capital Improvement Plan prepared <br /> by Sewage Works staff. This Plan was based on current and long range needs of the utility. To <br /> efficiently and responsibly manage the sewage works facility for the benefit of customers and as <br /> an asset for the future growth and development of South Bend, it is important that the City <br /> undertake the projects provided for in this current ordinance. These include among other things, <br /> certain sewer extensions, back water gate replacement at outfall pipes, separate storm sewer <br /> construction in coordination with major road improvements; design work in anticipation of <br /> future storm separation projects in areas of the City where basement flooding has been a <br /> problem; and the design and construction of basin improvements. He indicated that these and <br /> many other projects will maintain and enhance the City's sewage utility. <br /> Mr. Phil Faccenda, Barnes &Thornburg, 100 N. Michigan Street, South Bend, Indiana, advised <br /> that he is special counsel for this project. <br /> This being the time heretofore set for the Public Hearing on the above bill,proponents and <br /> opponents were given an opportunity to be heard. <br /> There being no one present wishing to speak to the Council either in favor of or in opposition to <br /> this bill, Councilmember Varner made a motion for favorable recommendation to full Council <br /> concerning this bill. Councilmember Kelly seconded the motion which carried by a voice vote <br /> of nine(9) ayes. <br /> RISE AND REPORT <br /> Councilmember Kuspa made a motion to rise and report to the full Council. Councilmember <br /> Varner seconded the motion which carried by a voice vote of nine (9) ayes. <br /> 9 <br />