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REGULAR MEETING DECEMBER 9, 2002 <br />TRANSFER $260,686.37 FROM FUND #328 TO FUND <br />4420 (SOUTH BEND CENTRAL DEVELOPMENT AREA <br />T.I.F.); AND TO CLOSE FUND 9328 DUE TO <br />FULFILLMENT OF THE FUND'S PURPOSE <br />Councilmember King advised that the Community and Economic Development Committee and the <br />Parks, Recreation, Cultural Arts and Entertainment Committee met jointly this afternoon and voted <br />to send this bill to the full Council with a favorable recommendation. <br />Mr. Rick 011ett, Controller, Offices on the 14th Floor of the County -City Building, South Bend, <br />Indiana, made the presentation for this bill. <br />Mr. 011ett advised that this bill involves bonds that were issued in 1992 and have a final maturity <br />date of February 1, 2004. The City has monies available in two (2) different funds that will more <br />than pay for redeeming this bond and therefore will be able to save interest dollars over the next <br />fourteen (14) months. Rather than pay 7.3% interest and then earn only 1 % to 1.5% on those funds <br />invested the City will recognize those savings as well as redeploy surplus funds in those two (2) <br />separate bond redemption funds. <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 Coleman made a motion for favorable recommendation to full Council <br />concerning this bill. Councilmember Varner seconded the motion which carried by a voice vote of <br />nine (9) 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 nine (9) ayes. <br />ATTEST: <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 7:40 p.m. Council President Roland <br />Kelly presided with nine (9) members present. <br />BILLS - THIRD READING <br />BILL NO. 44 -02 A BILL AMENDING THE ZONING ORDINANCE FOR <br />PROPERTY LOCATED AT 115 INDIANA AVENUE IN <br />THE CITY OF SOUTH BEND, INDIANA <br />This bill had third reading. Councilmember Pfeifer made a motion to defeat this bill. <br />Councilmember King seconded the motion which carried by a roll call vote of nine (9) ayes. <br />BE <br />