05-24-04 Council Meetng Minutes - Laserfiche WebLink

Home Browse Search

REGULAR MEETING MAY 24, 2004 RUNNING EXPENSES OF VARIOUS FUNDS OF THE CITY IN ANTICIPATION OF AND NOT IN EXCESS OF CURRENT TAXES LEVIED IN THE YEAR 2003, AND COLLECTABLE IN THE YEAR 2004, AUTHORIZING THE ISSUANCE OF TEMPORARY LOAN TAX ANTICIPATION TIME WARRANTS TO EVIDENCE SUCH LOANS AND THE SALE OF SUCH WARRANTS AND APPROPRIATING AND PLEDGING THE TAXES TO BE RECEIVED IN SUCH FUNDS TO THE PAYMENT OF SUCH WARRANTS INCLUDING THE INTEREST THEREON Councilmember Dieter made a motion to hear the substitute version of this bill. Councilmember Pfeifer seconded the motion which carried by a voice vote of nine (9) ayes. Councilmember Dieter, Chairperson, Personnel & Finance Committee, reported that this committee met on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Mr. Rick 011ett, City Controller, 14th Floor, County -City Building, South Bend, Indiana, made the presentation for this bill. Mr. 011ett advised that the City Administration has learned that due to delays in billing resulting from tax reassessment, the 2003 tax revenues usually payable by June 2004 will be delayed until at least September 2004. Mr. 011ett stated that City accounts will be insufficient to meet budgeted and necessary expenses. Under these circumstances, which the City similarly experienced in fiscal year 2003, Indiana Code Section 36 -4 -6 -1 et seq. authorizes the City to borrow funds evidenced by temporary tax anticipation time warrants to meet ongoing expenses. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill, Councilmember Varner made a motion for favorable recommendation to full Council concerning this bill as substituted. Councilmember Kuspa seconded the motion which carried by a voice vote of nine (9) ayes. RISE AND REPORT Councilmember Kuspa made a motion to rise and report to the full Council. Councilmember Pfeifer seconded the motion which carried by a voice vote of nine (9) ayes. ATTEST: Jo hp V orde, City Clerk ATTEST: Sean Coleman, Chairperson Committee of the Whole REGULAR MEETING RECONVENED Be it remembered that the Common Council of the City of South Bend reconvened in the Council Chambers on the fourth floor of the County -City Building at 7:40 p.m. Council President Karen L. White presided with nine (9) members present. BILLS — THIRD READING E