03-09-15 Common Council Meeting Minutes

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REGULAR MEETING MARCH 09, 2015 Councilmember White, explained the procedures to be followed for tonight’s meeting in accordance with Article 1, Section 2-11 of the South Bend Municipal Code. Councilmember White stated that a brochure may be found on the railing in the Council Chambers explaining those procedures. Councilmember White stated that a brochure may be found on the railing in the Council . Preliminary questions only, with all other Council Chambers explaining those procedures comments being heard during the Council portion . No member of the public is permitted to approach the Council Members and everyone is requested to stay behind the Council railing. PUBLIC HEARINGS BILL NO. 03-15 PUBLIC HEARING ON A BILL TO VACATE THE FOLLOWING DESCRIBED PROPERTIES: ALL PUBLIC ALLEYS AND STREETS BOUNDED BY KEMBLE STREET ON THE WEST, THE NORFOLK & SOUTHERN RAILROAD (OLD PENN CENTRAL RR) ON THE NORTH, SCOTT STREET ON THE EAST AND INDIANA AVENUE ON THE SOUTH ALL IN THE CITY OF SOUTH BEND, INDIANA Councilmember, Gavin Ferlic made the motion to continue this bill to March 23, 2015. Councilmember Valerie Schey seconded the motion which carried by a voice vote of eight (8) ayes. BILL NO. 08-15 PUBLIC HEARING ON A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. 10346-15 IN ACCORDANCE WITH SECTION 11 THEREOF AND OTHER MATTERS CONNECTED THEREWITH AND REPEALING ORDINANCES INCONSISTENT HEREWITH Councilmember Gavin Ferlic, Chairperson, Community Investment Committee, reported that this committee held a Public Hearing on this bill this afternoon and sends it to the full Council with a favorable recommendation. Denise Barkdull, City of South Bend, Bond Counselor, 201 North Illinois, Indianapolis, Indiana, made the presentation for this bill. She explained the changes were technical, in nature to insure the marketability of the bond and the AA rating of the City. Denise Barkdull then highlights the two proposes changes. Denise said the first change asked for a monthly repayment deposit rather than the current practice of depositing bond repayments semi-annually. The second change would boast the reserve balance from the 125% requirement to 150%. Both these changes were easily accommodated by the City according to John Murphy. During the Council questions portion both Councilmembers Henry Davis and Valerie Schey asked why even issue a bond at all when the EDIT money used to repay the bond was readily available without bonding. Councilmembers Valerie Schey and Henry Davis further commented they felt the City need not incur the costs of bond issuance and bond interest when it appeared as unnecessary debt. 4