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09-27-04 Council Meeting Minutes
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09-27-04 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
9/27/2004
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REGULAR MEETING SEPTEMBER 27,2004 <br /> THE INTERESTS OF THE OWNERS OF SAID <br /> BONDS, AND OTHER MATTERS CONNECTED <br /> THEREWITH <br /> Councilmember Coleman, Vice-Chairperson,Utilities Committee, reported that this <br /> committee held a Public Hearing on this bill this afternoon and due to a lack of a quorum, <br /> sends this bill to the Council with no recommendation. <br /> Rick 011ett, City Controller, 14th Floor, County-City Building, South Bend, Indiana, <br /> made the presentation for this bill. <br /> Mr. 011ett advised that the Council has previously authorized the issuance of bonds, <br /> which remain outstanding, for capital improvements to the South Bend Sewage Works. <br /> Specifically, Indiana Sewage Works Revenue Bonds were issued in the original amount <br /> of$24,095,000 dated December 30, 1998 (the 1998 Bonds)pursuant to Ordinance 8919- <br /> 98. South Bend Sewage Works Refunding Revenue Bonds of 2001 (the 2001 Bonds) <br /> were issued in the original amount of$5,240,000 per Ordinance 9270-01. Most recently, <br /> Indiana Sewage Works Revenue Bonds have been issued in 2004 in the original amount <br /> of$11,425,000 per Ordinance 9523-04 (the 2004 Bonds). All outstanding bonds and <br /> their corresponding Bond Ordinances require the establishment of a Debt Service <br /> Reserve Account in the Sewage Works Sinking Fund and the funding of a Debt Service <br /> Reserve Requirement in order to provide payment in the event such monies in the Bond <br /> and Interest Account are insufficient to pay the principal and interest on the Outstanding <br /> Bonds when due. As an alternative to cash funding of the Debt Service Reserve Account, <br /> a Debt Service Reserve Account insurance policy can be procured to pay the principal <br /> and interest on the Outstanding Bonds when due. Both the 2001 Bond Ordinance and the <br /> 2004 Bond Ordinance include a provision authorizing a Debt Service Reserve Account <br /> insurance policy in lieu of the Debt Service Reserve Account in cash funds. The City's <br /> Finance Department has determined that a Debt Reserve Account insurance policy is <br /> fiscally beneficial to the City. This ordinance amends the 1998 Bond Ordinance (8919- <br /> 98) to permit the City to substitute one or more insurance policy(s) to provide funds for <br /> the Debt Service Reserve Account. This proposed Ordinance has been reviewed and <br /> approved by the Indiana Bond Bank, holder of the 1998 bonds, as well as by the State of <br /> Indiana. <br /> This being the time heretofore set for the Public Hearing on the above bill, proponents <br /> and 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 <br /> opposition to this bill, Councilmember Varner made a motion for favorable <br /> recommendation to full Council concerning this bill. Councilmember Dieter seconded <br /> the motion which carried by a voice vote of eight (8) ayes. <br /> BILL NO. 60-04 PUBLIC HEARING ON A BILL OF THE <br /> COMMON COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, APPROPRIATING$397,640 <br /> OF UNITED STATES DEPARTMENT OF <br /> HOUSING AND URBAN DEVELOPMENT <br /> ECONOMIC DEVELOPMENT INITIATIVE <br /> GRANT FUNDS WITHIN FUND 209 FOR THE <br /> PURPOSE OF REDEVELOPMENT OF THE <br /> STUDEBAKER-OLIVER PROJECT AREA <br /> Councilmember Kelly, Chairperson, Community and Economic Development <br /> Committee, reported that this committee held a Public Hearing on this bill this afternoon <br /> and voted to send it to the full Council with a favorable recommendation. <br /> Mr. Andy Laurent, Economic Development Specialist,Division of Community and <br /> Economic Development, 1200 County-City Building, South Bend, Indiana, made the <br /> presentation for this bill. <br /> 7 <br />
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