12-29-08 Common Council Mintues - Laserfiche WebLink

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SPECIAL MEETING DECEMBER 29, 2008 Section III. This Resolution shall be in full force and effect on December 30, 2008. s/Timothy A. Rouse Member of the Common Council th Catherine Fanello, City Controller, 12 Floor County-City Building, 227 W. Jefferson Blvd., South Bend, Indiana, made the presentation for this bill. Ms. Fanello advised that this bill addresses the unusual current financial circumstances of the City. These circumstances were caused by non-receipt as yet of City property tax revenues levied in 2007 payable in 2008. This resolution temporarily loans Five Million Dollars ($5,000,000.00) from the Health Insurance Fund (No. 711), Two Million Six Hundred eight-One Dollars ($2,681,000.00) from the Liability Self Insurance Fund (No. 226) and One Million Two Hundred Thousand Dollars ($1,200,000.00) from the Rainy Day Fund (No. 102) to repay the Tax Anticipation Time Warrants due December 30, 2008 under Ordinance 9846-08 from general Fund (No. 101), Parks and Recreation Fund (o. 201) and Hall of Fame Bond Fund (No. 313). These temporary loans in the aggregate total Eight Million Eight Hundred Fifty-One Thousand Dollars ($8,851,000.) A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Oliver Davis made a motion to adopt this Resolution. Councilmember Dieter seconded the motion which carried and the Resolution was adopted by a roll call vote of seven (7) ayes. RESOLUTION NO. 3934-08 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING MONIES FROM THE GENERAL FUND (NO. 101), THE PARKS AND RECREATION FUND (NO. 201), THE HALL OF FAME BOND FUND (NO. 313) IN THE AGGREGATE SUM OF ONE HUNDRED FIFTY ONE THOUSAND DOLLARS ($151,000) TO PAY OFF INTEREST DUE AND OWING ON THE TAX ANTICIPATION TIME WARRANTS ISSUED PURSUANT TO ORDINANCE NO. 9846-08 WHEREAS, on June 9, 2008 due to property tax reassessment and anticipated delays in the timing of receipt of tax revenues by the City of South Bend, the Common Council enacted Ordinance No. 9846-08 authorizing the Mayor and/or the Controller to make temporary loans to meet certain current operating expenses out of various funds of the City in anticipation of and not in excess of current taxes levied in the year 2007 and collectible in the year 2008. Ordinance No. 9846-08 further authorized the issuance of temporary loan Tax Anticipation Time Warrants to evidence such loans and the sale of such warrants. WHEREAS, the City expected that by December 30, 2008 it would have received property tax revenues; however, it is unlikely the City will receive sufficient property tax revenues prior to December 30, 2008 to (i) pay off the Tax Anticipation Time Warrants issued pursuant to Ordinance 9846-08 which mature and are payable in full with interest 4