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REGULAR MEETING NOVEMBER 8, 2004 <br /> Councilmember Kelly made a motion to continue this bill until the November 22, 2004 <br /> meeting of the Council. Councilmember Kirsits seconded the motion which carried by a <br /> voice vote of nine (9) ayes. <br /> BILL NO. 69-04 PUBLIC HEARING ON A BILL OF THE <br /> COMMON COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, AUTHORIZING THE <br /> MAYOR AND OR CONTROLLER OF THE CITY <br /> OF SOUTH BEND TO MAKE TEMPORARY <br /> LOANS TO PAY OFF PREVIOUSLY ISSUED <br /> TEMPORARY LOAN TAX ANTICIPATION <br /> WARRANTS; AND TO ISSUE NEW <br /> TEMPORARY LOAN TAX ANTICIPATION <br /> TIME WARRANTS TO EVIDENCE SUCH <br /> LOANS AND APPROPRIATING AND <br /> PLEDGING TAXES TO BE RECEIVED IN SUCH <br /> FUNDS TO THE PAYMENT OF THE NEW <br /> WARRANTS INCLUDING THE INTEREST <br /> THEREON <br /> Councilmember Dieter, Chairperson, Personnel and Finance Committee, reported that <br /> this committee met this afternoon regarding this bill and voted to send it to the full <br /> Council with a favorable recommendation. <br /> Mr. Rick 011ett, City Controller, 14th Floor, County-City Building, South Bend, Indiana, <br /> made the presentation for this bill. <br /> Mr. 011ett advised that due to property tax reassessment and the anticipated delays in the <br /> timing of the City of South Bend's receipt of tax revenues for the fiscal year ending <br /> December 31, 2004 the possibility exists that the City will not receive its 2004 property <br /> tax revenues by December 31, 2004. If this occurs, City accounts will be insufficient to <br /> pay of the tax anticipation time warrants authorized by the Common Council on May 24, <br /> 2004, (Ordinance No. 9511-04) and issued in June to meet budgeted and necessary <br /> expenses. <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 Dieter made a motion for favorable <br /> recommendation to full Council concerning this bill. Councilmember Varner seconded <br /> the motion which carried by a voice vote of nine (9) ayes. <br /> RISE AND REPORT <br /> Councilmember Kuspa made a motion to rise and report to the full Council. <br /> Councilmember Varner seconded the motion which carried by a voice vote of nine (9) <br /> ayes. <br /> ATTEST: ATTEST: <br /> /1\., at-egte.-COLVVVM,--- <br /> oorde, City Clerk Sean Coleman, Chairperson <br /> Committee of the Whole <br /> 10 <br />