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<br />SPECIAL MEETING DECEMBER 29, 2008 <br /> <br /> <br /> <br />Be it remembered that the Common Council of the City of South Bend, Indiana met in <br />the Council Chambers of the County-City Building on Monday, December 29, 2008 at <br />12:00 p.m. The meeting was called to order by Council President Rouse and the <br />Invocation and Pledge to the Flag were given. <br /> <br />ROLL CALL <br /> <br />COUNCILMEMBERS: <br /> <br />Present: Derek D. Dieter 1st District, Chairperson Committee of the Whole <br /> Henry Davis, Jr. 2nd District <br /> Ann Puzzello 4th District <br /> Oliver Davis 6th District Vice-President <br /> Timothy Rouse At-Large President <br /> Al “Buddy” Kirsits At-Large <br /> Karen L. White At-Large <br /> <br />Absent: Thomas LaFountain 3rd District <br /> David Varner 5th District <br /> <br /> <br />OTHERS PRESENT: <br /> <br /> John Voorde City Clerk <br /> Mary Beth Wisniewski Chief Deputy <br /> Janice I. Talboom Deputy City Clerk <br /> Aladean DeRose Chief Assistant City Attorney <br /> <br />RESOLUTIONS <br /> <br />RESOLUTION NO. 3932-08 A RESOLUTION OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, LOANING MONIES <br /> FROM VARIOUS FUNDS TO OTHER <br /> FUNDS TO PAY OFF PREVIOUSLY <br /> ISSUED TAX ANTICIPATION TIME <br /> WARRANTS <br /> <br /> WHEREAS, on June 9, 2008 due to property tax reassessment and anticipated <br />delays in the timing of receipt of tax revenues by the City of South Bend, the Common <br />Council enacted Ordinance No. 9846-08 authorizing the Mayor and/or the Controller to <br />make temporary loans to meet certain current operating expenses out of various funds of <br />the City in anticipation of and not in excess of current taxes levied in the year 2007 and <br />collectible in the year 2008. Ordinance No. 9846-08 further authorized the issuance of <br />temporary loan Tax Anticipation Time Warrants to evidence such loans and the sale of <br />such warrants; and <br /> <br /> WHEREAS, the City expected that by December 30, 2008 it would have received <br />property tax revenues; however, it is unlikely the City will receive sufficient property tax <br />revenues prior to December 30, 2008 to (i) pay off the Tax Anticipation Time Warrants <br />issued pursuant to Ordinance 9846-08 which tax warrants mature and are payable in full <br />with interest on December 30, 2008, and (ii) meet current operating expenses of various <br />funds of the City. This Ordinance authorizes the loan of monies from various Funds <br />within the City to pay off the Tax Anticipation Time Warrants issued pursuant to <br />Ordinance 9846-08; and <br /> <br /> WHEREAS, the loan of funds under the City’s present financial circumstances is <br />an emergency caused by the delay in receiving tax revenues levied in 2007 and payable <br />in 2008 which have yet to be paid to the City. Without such inter-fund loans, the City <br />cannot meet its ongoing payroll and other operating expense without incurring <br /> 1 <br /> <br />