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REGULAR MEETING NOVEMBER 26, 2024 249 <br /> <br /> <br />RATE FOR CALCULATING INSTALLMENT PAYMENT AMOUNT FOR WATER/SEWER <br />INSTALLATION CHARGE <br />Upon a motion made by VP Molnar, seconded by Mr. Miller and carried by roll call, the following <br />resolution was adopted by the Board of Public Works: <br /> <br />RESOLUTION NO. 26-2024 <br /> <br />A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA <br />BOARD OF PUBLIC WORKS ESTABLISHING THE 2025 PRIME BORROWING <br />RATE FOR CALCULATING INSTALLMENT PAYMENT AMOUNT FOR <br />WATER/SEWER INSTALLATION CHARGE <br /> <br />WHEREAS, Section 17-85 of the City of South Bend Municipal Code (the “Municipal <br />Code”) authorizes the Board of Public Works to establish the City’s prime borrowing rate (“Prime <br />Borrowing Rate”) for purposes of determining the interest rate of installment payments of <br />water/sewer installation charges; and <br /> <br />WHEREAS, pursuant to Section 17-85 of the Municipal Code, the Board of Public Works <br />is to establish the Prime Borrowing Rate each year for the following calendar year; and <br /> <br />WHEREAS, Section 17-85 of the Municipal Code permits a single family residential real <br />property owner to pay water/sewer installation charges by making sixty (60) monthly installment <br />payments with an interest rate two (2) percent below the City’s prime borrowing rate; and <br /> <br />WHEREAS, the interest rate at the commencement of a residential owner’s sixty-month <br />payment plan shall remain constant throughout the sixty-month term. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF <br />THE CITY OF SOUTH BEND AS FOLLOWS: <br /> <br />1. The Board establishes the Prime Borrowing Rate for calendar year 2025 at a two (2) <br />percent interest rate. <br /> <br />2. The effective date of this Resolution is December 1, 2024. <br /> <br />ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana <br />held on November 26, 2024. <br /> <br />CITY OF SOUTH BEND <br />BOARD OF PUBLIC WORKS <br />s/ Elizabeth A. Maradik <br />s/ Joseph R. Molnar <br />s/ Gary A. Gilot <br />s/ Murray L. Miller <br /> <br />ATTEST: <br />s/ Theresa Heffner, Clerk <br /> <br />ADOPT RESOLUTION NO. 27-2024 – A RESOLUTION OF THE CITY OF SOUTH BEND, <br />INDIANA BOARD OF PUBLIC WORKS AUTHORIZING BOARD VICE PRESIDENT TO <br />CONDUCT CERTAIN ADMINISTRATIVE ACTS RELATING TO OWNERSHIP OF BOARD <br />PROPERTY <br />Upon a motion made by Mr. Miller, seconded by Mr. Gilot and carried by roll call with VP Molnar <br />abstaining from vote, the following resolution was adopted by the Board of Public Works: <br /> <br /> RESOLUTION NO. 27-2024 <br /> <br />A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, BOARD OF <br />PUBLIC WORKS AUTHORIZING BOARD VICE PRESIDENT TO <br />CONDUCT CERTAIN ADMINISTRATIVE ACTS RELATING TO <br />OWNERSHIP OF BOARD PROPERTY <br />