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REGULAR MEETING OCTOBER 14, 2002 <br />(2.5 %) interest rate and that they will be granted ten per cent (10 %) of the funds which means that <br />$1 million will be borrowed but the City will be paying back nine hundred thousand dollars <br />($900,000.00) at two and one -half per cent (2.5 %) interest. Ms. Kolata noted that these terms are <br />not yet final but are within the parameters of this ordinance. <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 this <br />bill, Councilmember Pfeifer made a motion for favorable recommendation to full Council <br />concerning this bill as substituted. Councilmember Coleman seconded the motion which carried by <br />a voice vote of eight (8) ayes. <br />RISE AND REPORT <br />Councilmember Coleman made motion to rise and report to the full Council. Councilmember <br />Varner seconded the motion which carried by a voice vote of eight (8) ayes. <br />A <br />Loretta . Du , City Jerk <br />REGULAR MEETING RECONVENED <br />Be it remembered that the Common Council of the City of South Bend reconvened in the Council <br />Chambers on the fourth floor of the County -City Building at 7:20 p.m. Council President Roland <br />Kelly presided with eight (8) members present. <br />BILLS - THIRD READING <br />ORDINANCE NO. 9357 -02 AN ORDINANCE AMENDING THE ZONING <br />ORDINANCE FOR PROPERTY LOCATED AT 2254 <br />PORTAGE AVENUE IN THE CITY OF SOUTH BEND, <br />INDIANA <br />This bill had third reading. Councilmember Coleman made a motion to pass this bill. <br />Councilmember Varner seconded the motion which carried. The bill passed by a roll call vote of <br />eight (8) ayes. <br />ORDINANCE NO. 9358 -02 AN ORDINANCE AMENDING THE ZONING <br />ORDINANCE FOR PROPERTY LOCATED AT 103 <br />NORTH ST. LOUIS AVE., 615 & 619 EAST <br />WASHINGTON STREET, IN THE CITY OF SOUTH <br />BEND, INDIANA <br />This bill had third reading. Councilmember Coleman made a motion to hear the substitute version <br />of this bill as heard in the Committee of the Whole. Councilmember King seconded the motion <br />which carried by a voice vote of eight (8) ayes. Additionally, Councilmember Coleman made a <br />motion to pass this bill as substituted. Councilmember King seconded the motion which carried by <br />a roll call vote of eight (8) ayes. <br />I on <br />