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ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, TO CREATE A COVELESKI STADIUM RECOVERY ZONE ECONOMIC <br />DEVELOPMENT BOND DEBT SERVICE RESERVE FUND ( #317) <br />STATEMENT OF PURPOSE AND INTENT <br />The City of South Bend Redevelopment Commission is financing certain capital <br />improvement projects at Stanley Coveleski Regional Stadium out of bond obligations. These <br />bond obligations require protection of bondholders through debt service reserves which the City <br />previously handled through policies of insurance that are no longer of the credit quality required <br />of such policies. To meet the bond debt service reserve requirements, the City must have an <br />estimated surn of Four hundred Eighty Thousand ($480,000) set aside in a separate fund at the <br />time of closing. To accomplish this, it is in the best interest of the City to establish a new <br />Coveleski Stadium Recovery Zone Economic Development Bond Debt Service Reserve Fund <br />( #317), which shall be a non - reverting fund. The funding for the debt service reserve amount <br />will be from the bond proceeds of $4.98 million dollars. The new Fund 317 will earn interest on <br />cash balances and will be subject to appropriation by the City of South Bend Redevelopment <br />Commission. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA as follows: <br />SECTION I , A Coveleski Stadium Recovery Zone Economic Development Bond Debt <br />Service Reserve Fund ( #317) is created as the repository for the City's debt service reserve <br />obligation. This Fund shall be non - reverting and shall be funded and operated in accordance <br />with all legal and specific bond ordinance requirements. <br />SECTION 11. This ordinance shall be in full force and effect from and after its passage <br />by the Corn. mon Council and approval by the Mayor. <br />Attest: <br />City Clerk <br />010,J&_ <br />Member, South Bend Common Vouncil <br />,, ( 4 '� <br />2f yd'}'3�§ tw- r:J•::�s •.:F•e x:� °� -'. -�d V�''w'F,% <br />Pre�.,ented by me to the Mayor of the City of South Bend, Indiana on the day of <br />. 2 , at o' clock .m. <br />