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REGULAR MEETING MAY 22, 1974
<br />11REGULAR MEETING - RECONVENED (CONTINUED)
<br />SECTION I. That the City Controller of the City of South Bend is authorized to
<br />transfer the aggregate amount of $4,995,000.00 to various funds from various other funds
<br />as listed below. The aggregate amount of $4,995,000.00 to be distributed so as not to
<br />exceed at any one time the maximum amounts as set forth below. Any such transfers made
<br />must be repaid by December 31, 1974:
<br />From: MAXIMUM
<br />Cumulative Sewer Building and
<br />Sinking Fund
<br />Cumulative Capital Improvement
<br />Fund
<br />Local Roads and Street Fund
<br />Federal Assistance Grant Fund
<br />Redevelopment District
<br />Capital - 1972 Fund
<br />Municipal Bonds of 1971 Fund
<br />$1,500,000.00
<br />To: MAXIMUM
<br />Corporation General Fund
<br />Park Maintenance Fund
<br />125,000.00 Police Pension Fund
<br />500,000.00 Firemen Pension Fund
<br />1,750,000.00 Redevelopment Fund
<br />Motor Vehicle Highway Fund
<br />500,000.00
<br />Human Rights Commission
<br />220,000.00 Fund
<br />Sewage Works Construction Fund 400,000.00 Redevelopment Bond Fund
<br />Total: $4,995,000.00 General Sinking Bond Fund
<br />Total:
<br />$2,745,000.00
<br />500,000.00
<br />250,000.00
<br />250,000.00
<br />25,000.00
<br />250,000.00
<br />25,000.00
<br />500,000.00
<br />450,000.00
<br />$4,995,000.00
<br />SECTION II. This Resolution shall be in full force and effect from and after its
<br />passage by the Common Council and its approval by the Mayor.
<br />s/ Roger 0. Parent
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. Walter Lantz, Deputy Controller,
<br />explained that the resolution was necessary in order to provide continued operating revenues and
<br />funds for up- coming bond payments. He stated that the transfers would be repaid by December 31,
<br />1974, or sooner, when it became possible. Council President Nemeth asked when the tax monies
<br />would be coming in, and Mr. Lantz stated that the certified rate is not known as yet.
<br />Councilman Newburn made a motion that the resolution be adopted, seconded by Councilman Horvath.
<br />The resolution passed by a roll call vote of eight ayes (Councilmen Serge, Szymkowiak, Miller,
<br />Parent, Taylor, Horvath, Newburn and Nemeth) with Councilman Kopczynski absent.
<br />11RESOLUTION NO. 425 -74
<br />and
<br />A RESOLUTION APPROVING THE SOUTH BEND DAM
<br />REPAIR PROJECT, AND AUTHORIZING THE
<br />PURSUANCE OF A LOAN FROM THE FLOOD
<br />CONTROL REVOLVING FUND OF THE STATE OF
<br />INDIANA.
<br />WHEREAS, the City of South Bend owns the South Bend Dam in South Bend, and
<br />WHEREAS, said dam is in need of repair, and
<br />WHEREAS, the Common Council has already appropriated some monies for this project,
<br />WHEREAS, the City of South Bend is repairing the South Bend Dam for flood control,
<br />aesthetic, historical, safety, and fish conservation reasons.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana:
<br />SECTION I. That the Common Council authorize and approve the South Bend Dam Repair
<br />Project and also authorize the preparation and submittal of an application for a loan from
<br />the Flood Control Revolving Fund of the State of Indiana.
<br />SECTION II. This Resolution shall be in full force and effect from and after its
<br />passage by the Common Council, and its approval by the Mayor.
<br />s/ Roger 0. Parent
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. Rollin Farrand, Director of the
<br />Department of Public Works, explained that the repair of the dam is the direct responsibility of th
<br />City of South Bend. He indicated that the repair is important because of flood damage and is a par
<br />of the riverfront improvements to be made in connection with the Civic Center. He stated that the
<br />proposed loan from the state was to be in the amount of $100,000 with a 1%% interest rate. Mr.
<br />Farrand concluded by stating that the total funding for the repair work has not been settled at
<br />this time.
<br />Councilman Serge made a motion that the resolution be adopted, seconded by Councilman Taylor. The
<br />resolution passed by a roll call vote of eight ayes (Councilmen Serge, Szymkowiak, Miller, Parent,
<br />Taylor, Horvath, Newburn and Nemeth) with Councilman Kopczynski absent.
<br />IIORDINANCES, FIRST READING
<br />IIORDINANCE NO. 5679 -74
<br />AN ORDINANCE APPROVING THE FORM AND TERMS OF
<br />LEASE AND TRUST INDENTURE AND INDUSTRIAL
<br />DEVELOPMENT REVENUE BONDS, AND AUTHORIZING
<br />THE EXECUTION THEREOF PERTAINING TO INDUSTRIAL
<br />PACKAGING CORPORATION.
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