04-26-10 Council Agenda & Packet

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ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ESTABLISHING A NEW FUND (#436), THE NORTHEAST NEIGHBORHOOD RESIDENTIAL TIF FUND STATEMENT OF PURPOSE AND INTENT This Council approved on July 20, 2007 the Northeast Neighborhood Residential Tax Increment Financing (TIF) District to, among other things, provide debt service financing for the City of South Bend's obligations relating to Eddy Street Commons. It is now necessary to establish a separate Fund within the City as the repository of this new residential TIF district revenue to pay the bond obligations due in February and August of 2011 and in subsequent years thereafter per the terms of the City's financing obligation, with any excess funds to be used for those purposes permitted by Ind. Code § 36-7-14 et seq. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: SECTION I. The Northeast Neighborhood Residential TIF Fund (#436) is established within the City of South Bend to receive and disburse Tax Increment Finance (TIF) revenues for debt service financing of South Bend's bond obligations relating to Eddy Street Commons, with any excess funds to be used for appropriate expenditures permitted by Ind. Code § 36-7-14 et. se . SECTION II. Any disbursements from this Fund (#436) other than for debt service shall be subject to approval of this Council. SECTION III. This Fund shall be subject to any limitations and restrictions imposed by Ind. Code § 36-7-14 and any and all other applicable laws. SECTION IV. The monies deposited in this Fund shall remain in the Fund and shall not revert to the General Fund. SECTION V. This Ordinance shall be in full force and effect from and after its passage by the Comm~m Council, and approval by the Mayor. {..:. Member of the Common Cou it Attest: ~°~Its'~ ... , . .. _. ,. .9 0~'ty~ .' , 's ~..