12-09-02 Council Meeting Minutes

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REGULAR MEETING DECEMBER 9, 2002 FROM MAXIMUM TO Water Works General Fund No. 620 $200,000 Water Works Leak Insurance Fund No. 644 Section II. Such transfer shall be made for a period of time not to extend beyond December 31, 2003, and any funds so transferred shall be returned and repaid to the Water Works General Fund No. 620. Section III. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. s /Roland Kelly Member of the Common Council Councilmember Al `Buddy" Kirsits reported that the Utilities Committee met this afternoon and sends this Resolution to the Council with a favorable recommendation. Mr. John Stancati, Director, South Bend Water Works, Offices at 209 North Main Street, South Bend, Indiana, made the presentation for this Resolution. Mr. Stancati advised that this bill requests the transfer of funds from the Water Works General Fund into the Leak Insurance Fund in order to cover a year end shortfall. The shortfall is due to the increased number of service leaks as well as the additional cost due to the larger cuts that are required to improve street repairs. This transfer of funds will also provide the Water Works with another year to review the Water Leak Program in hopes that a rate increase can be avoided. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Coleman made a motion to adopt this Resolution. Councilmember White seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. RESOLUTION NO. 3143 -02 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING EARLY REDEMPTION OF PARKING FACILITIES BONDS, SERIES 1978 AND TRANSFERRING BOND RESERVE PROCEEDS TO FUND NUMBER 601, PARKING GARAGE - MAIN AND ST. JOSEPH WHEREAS, the City of South Bend, Indiana through the Parking Facilities of South Bend, Inc., issued bonds in 1978 for the purpose of constructing a new parking garage in the City of South Bend; and WHEREAS, the parking facility's bonds, Series 1978 are redeemable by the terms of their indenture on January 1, 2008; and WHEREAS, early payment of the South Bend Parking Facilities Bonds, Series 1978 will result in a savings to the City of around $200,000.00 in interest and other costs; and WHEREAS, the bond issuer, J.P. Morgan Trust Company, has on deposit in a sinking fund the full amount of funds necessary to pay all bond holders of record as of January 15, 2003, the full bond principal with accrued interest and after such payment, an excess of about $200,000.00 will be on deposit with J.P. Morgan Trust; and -22-