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REGULAR MEETING NOVEMBER 24, 2008 <br /> <br /> <br /> <br />BILL NO. 71-08 PUBLIC HEARING ON A BILL OF THE <br /> COMMON COUNCIL OF THE CITY OF <br /> SOUTH BEND, INDIANA <br /> TRANSFERRING SIXTY-SIX <br /> THOUSAND SEVEN HUNDRED TWO <br /> DOLLARS AND ELEVEN CENTS <br /> ($66,702.11) IN DORMANT MONIES <br /> FROM VARIOUS FUNDS TO GENERAL <br /> FUND NO. 101 AND CLOSING OUT THE <br /> VARIOUS FUNDS <br /> <br />Councilmember LaFountain, Chairperson, Personnel & Finance Committee, reported that <br />this committee held a Public Hearing on this bill this afternoon and voted to send it to the <br />full Council with a favorable recommendation. <br /> <br />th <br />Ms. Catherine Fanello, City Controller, 12 Floor County-City Building, 227 W. <br />Jefferson Blvd., South Bend, Indiana, made the presentation for this bill. <br /> <br />Ms. Fanello advised that this bill would allow for the transfer to General Fund 101 a total <br />of Sixty-Six Thousand Seven Hundred Two Dollars and Eleven Cents ($66,702.11) of <br />dormant monies in five separate Funds and closing out those Funds. The funds are Build <br />Indiana Fund No. 230 - $0.33, because the last Fund activity occurred in early 2006, and <br />no further distributions to South Bend from the State of Indiana are expected; <br />Redevelopment Bond Studebaker Corridor Fund No. 310 - $4,551.49, shall be closed <br />because there will be no further activity in this Fund; Redevelopment Bond Century <br />Center Fund No. 318 - $52,770.45, shall be closed because it is no longer needed due to <br />refinancing of Century Center Bonds in 1998 and use of Fund No. 407 to pay the <br />refinanced bonds; EDIT Bond Plaza Garage - Tax Exempt Fund No. 320 - $3,408.81; <br />Taxable Fund No. 321 - $5,971.03, shall be closed because the Funds are no longer <br />needed due to the refinancing of the Plaza Garage bonds in 2006 and final payment of <br />Plaza Garage expenses in 2007. <br /> <br />This being the time heretofore set for the Public Hearing on the above bill, proponents <br />and opponents were given an opportunity to be heard. <br /> <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to this bill, Councilmember Varner made a motion for favorable <br />recommendation to full Council concerning this bill. Councilmember Oliver Davis <br />seconded the motion which carried by a voice vote of nine (9) ayes. <br /> <br /> <br />RISE AND REPORT <br /> <br />Councilmember White made a motion to rise and report to the full Council. <br />Councilmember Varner seconded the motion which carried by a voice vote of nine (9) <br />ayes. <br /> <br /> <br />ATTEST: ATTEST: <br /> <br /> <br /> <br /> <br /> <br /> <br />_________________________ _________________________ <br />John Voorde, City Clerk Derek D. Dieter, Chairperson <br /> Committee of the Whole <br /> <br /> <br /> <br /> 6 <br /> <br />