10590-18 Ordinance Establishing New TIF Park Bond Debt, Capital Funds/Fire Station Debt Service and Capital Funds

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BILL NO. 18-18 ORDINANCE NO. 10590-18 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 NEW FUNDS: FIRE STATION NO. 9 DEBT SERVICE FUND (#350), FIRE STATION NO. 9 CAPITAL FUND (#451),2018 TIF PARKS BOND DEBT SERVICE FUND (#351),AND 2018 TIF PARKS BOND CAPITAL FUND (#452) STATEMENT OF PURPOSE AND INTENT In connection with the issuance of certain debt obligations approved by the South Bend Common Council related to the construction of certain public facilities and improvements, the need has arisen to create four (4) funds to properly account for revenue and expenditures of the City of South Bend. 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 2-170.31. Fire Station No. 9 Debt Service Fund The Fire Station No. 9 Debt Service Fund(No. 350) is established to account for revenues to fund debt service payments related to the General Obligation Bonds Series 2018 (Fire Station No. 9). Section 2-170.32. Fire Station No. 9 Capital Fund The Fire Station No. 9 Capital Fund(No.451) is established to account for the proceeds of the sale of the General Obligation Bonds, Series 2018 (Fire Station No. 9). Section 2-170.33. 2018 TIF Parks Bond I)cbt Service Fund The 2018 TIF Parks Bond Debt Service Fund (No. 351) is established to account for revenues to fund debt service payments related to the Redevelopment District Bonds of 2018. Section 2-170.34. 2018 TIF Parks Bond Capital Fund 1