10580-18 Amending Chapter 2, Article 14 of the South Bend Municipal Code

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BILL NO. 12-18 ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,AMENDING CHAPTER 2,ARTICLE 14 OF THE SOUTH BEND MUNICIPAL CODE TO ESTABLISH A NEW FUND: PARK BOND DEBT SERVICE FUND (312). STATEMENT OF PURPOSE AND INTENT During the preparation and adoption of the 2018 City Budget, the need has arisen to add one (1) Fund to properly account for revenue and expenditures of the City of South Bend. The Parks Bond Debt Service Fund will be used to collect the property tax levy to fund the debt service payments. This Fund Number will be 312, and will be effective January 1, 2018. NOW,THEREFORE,BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,INDIANA as follows: SECTION I. Effective January 1, 2018,the following funds are established, and Chapter 2, Article 14, of the South Bend Municipal Code is hereby amended to add new sections which shall read in their entirety as follows: Section 2-170.30. Parks Bond Debt Service Fund The Parks Bond Debt Service Fund(No. 312)is established to account for the property levy to fund debt service payments related to the Parks Bond. SECTION IV. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Tim Scott, Council President South Bend Common Council Att est: Kare mah N. 'Fowle4 Citj Clerk Offi e of the City Clerk