03-10-97 Council Meeting Minutes

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REGULAR MEETING MARCH 10, 1997 ORDINANCE NO. 8767 -97 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING $15,000.00 FROM INDIANA RIVER RESCUE FUND (FUND #291) FOR THE PURCHASE OF EQUIPMENT This bill had third reading. Council Member Coleman made a motion to pass the bill, seconded by Council Member Aranowski. The bill passed by a roll call vote of nine ayes. RESOLUTIONS RESOLUTION NO. 2442 -97 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND REGARDING USE OF SURPLUS BOND PROCEEDS AND /OR EARNINGS FROM THE SOUTH BEND CIVIC CENTER BUILDING AUTHORITY BONDS OF 1975 AND REFUNDING BONDS OF 1977 WHEREAS, the Civic Center Building Authority previously issued its 1975 Bonds and 1977 Refunding Bonds (collectively, the Bonds), the proceeds of which were used for the acquisition and construction of the Century Center Civic Center; and WHEREAS, the purpose for which the bonds were issued has been accomplished and completed; and WHEREAS, the bonds have been paid in full; and WHEREAS, a surplus of $11,562.06 exists in the city bond trustee accounts (Funds) from the proceeds and /or investment earnings of the Bonds; and WHEREAS, the City Controller has made certifications regarding surplus monies in the Fund, a copy of which certification is attached hereto; and WHEREAS, the Common Council of the City of South Bend deems it advisable to use said surplus for the repayment of the South Bend Redevelopment Authority Lease Rental Revenue Bonds of 1994 (Century Center Project). NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION as follows: 1. That the determinations set forth in the certifications of the Controller are hereby approved. 2. That the Common Council of the City of South Bend hereby approves the use of said surplus in the Funds for repayment of the South Bend Redevelopment Authority Lease Rental Revenue bonds of 1994 (Century Center Project). 3. This resolution shall be in full force and effect from and upon its adoption by the Common Council and approval by the Mayor. /s/ Roland Kelly Council Member A public hearing was held on the resolution at this time. Ann Kolata, deputy executive director of Community and Economic Development, made the presentation. She indicated this resolution authorizes the deposit of surplus bond proceeds, plus interest earnings from the 1975 Civic Center Building Authority Bonds and the subsequent Refunding Bonds of 1994 on the Century Center Project. She reported that this surplus amounts to $11,562.06. Council Member Coleman made a motion to adopt this resolution, seconded by Council Member Hosinski. The resolution was adopted by a roll call vote of nine ayes. 1