10-26-87 Council Meeting Minutes

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WE ORDINANCE NO. 7813 -87 AN ORDINANCE AUTHORIZING THE CITY OF SOUTH BEND, INDIANA, TO ISSUE ITS "CITY OF SOUTH BEND, INDIANA, VARIABLE RATE DEMAND MULTI - FAMILY HOUSING REFUNDING BONDS, SERIES 1987 (MAPLE LANE ASSOCIATES PROJECT) ", LOAN THE PROCEEDS THEREOF TO MAPLE LANE ASSOCIATES -PHASE VIII, AN INDIANA LIMITED PARTNERSHIP, AND AUTHORIZING AND APPROVING OTHER ACTIONS IN RESPECT THERETO. This bill had first reading. Council Member Beck made a motion to suspend the rules and have public hearing and second reading on this bill, seconded by Council Member Puzzello. The motion carried on a roll call vote of nine ayes. Council Member Barcome made a motion to accept the substitute bill on file with the City Clerk, seconded by Council Member Beck. The motion carried. Kevin Butler, attorney, made the presentation for the bill. He indicated this bond ordinance will authorize the issuance and sale of bonds in the amount of $6,500,000 for the above project. The proceeds will provide for the financing of the refunding and redemption of the $6,500.000 Multi - Family Housing Revenue Bonds (Maple Lane Associates Project) issued by the City in 1984. He indicated the apartment project has been completed and is fully occupied. Council Member Taylor made a motion to pass this bill, seconded by Council Member Barcome. The bill passed by a roll call vote of nine ayes. UNFINISHED BUSINESS Council Member Beck made a motion to set Bill nos. 83, 85, 93, 94 and 95 -87, for public hearing and second reading on November 9, seconded by Council Member Zakrzewski. The motion carried. Council Member Beck made a motion to set Bill No. 67 -87 for public hearing and second reading December 7, seconded by Council Member Taylor. The motion carried. PRIVILEGE OF THE FLOOR Joseph Guentert, 3510 Corby, questioned by cost of the stadium. There being no further business to come before the Council, unfinished or new, Council Member Taylor made a motion to adjourn, seconded by Council Member Barcome. The motion carried and the meeting was adjourned at 9:00 p.m. ATTEST: City Clerk APPROVED: resl ent