12-09-02 Council Meeting Minutes

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REGULAR MEETING DECEMBER 9, 2002 WHEREAS, the J.P. Morgan Trust Company sinking fund bond excess of about $200,000.00 should be transferred to City of South Bend Account Number 601 - Parking Garage Main and St. Joseph Street, South Bend, Indiana. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND as follows: Section I. The early retirement and redemption on January 15, 2003 of the South Bend Parking Facilities Bonds, Series 1978, is hereby approved. Section II. All funds remaining in J.P. Morgan Trust Company sinking bond fund pertaining to the Parking Facility Bonds, Series 1978, after payment of principal and accrued interest to all bond holders of record as of the January 15, 2003 date of redemption shall be transferred and deposited into City of South Bend Fund Number 601, Parking Garage - Main and St. Joseph Street. 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 /Ronald Kelly Member, South Bend Common Council Councilmember Aranowski reported that the Personnel and Finance Committee met this afternoon and sends this bill to the Council with a favorable recommendation. Mr. Rick 011ett, Controller, City of South Bend, Offices on the 14th Floor of the County -City Building, South Bend, Indiana, made the presentation for this bill. Mr. 011ett informed the Council that in 1978 the City issued bonds to construct a new parking garage at Main and St. Joseph Streets. These bonds have a final maturity of January 1, 2008 and at this time the City would like to retire those bonds early. This will save approximately two hundred thousand dollars ($200,000.00) in interest over that period of time. Additionally, using the funds not used to redeem the bonds of approximately two hundred thousand dollars ($200,000.00) will be returned to Fund #601 - Parking Garage - Main and St. Joseph Streets, for repairs that are needed. 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 Varner made a motion to adopt this Resolution. Councilmember Pfeifer seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. BILLS - FIRST READING BILL NO. 101 -02 FIRST READING ON A BILL TO VACATE THE FOLLOWING DESCRIBED PROPERTY: THE FIRST EAST -WEST ALLEY SOUTH OF JEFFERSON BLVD. BETWEEN MAIN STREET AND LAFAYETTE STREET & ALSO THE FIRST NORTH -SOUTH ALLEY WEST OF MAIN STREET RUNNING BETWEEN JEFFERSON BLVD. TO THE SOUTH RIGHT -OF -WAY LINE OF THE FIRST EAST -WEST ALLEY SOUTH OF JEFFERSON BLVD. -23-