11-22-10 Council Agenda & Packet

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ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITE' OF SOUTH BEND, INDIANA, TO CREATE A COVELESKI STADIUM RECOVERY ZONE ECONOMIC DEVELOPMENT BOND CONSTRUCTION FUND ( #438) STATEMENT.' OF PURPOSE AND INTENT The City of South Bend Redevelopment Commission is financing certain capital improvement projects at Stanley Coveleski Regional Stadium out of bond obligations. Bond covenants and proper accounting principles require that these bond proceeds be deposited into a separate fund to be used to pay bond issuance costs, debt service reserves and project expenditures. To accomplish this, it is in the best interest of the City to establish a new Coveleski Stadium Recovery Zone Economic Development Bond Construction Fund ( #438), which shall be a non - reverting fund. The funding for this construction fund will be from the bond proceeds in the amount of $4.98 million dollars. The new Fund 438 will earn interest on cash balances and will be subx ect to appropriation by the City of South Bend Redevelopment Commission. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: SECTION I . A Coveleski Stadium Recovery Zone Economic Development Bond Construction Fund ( #438) is created as the repository for the City's bond proceeds and will be used to pay bond issuance costs, debt service reserves and project expenditures. This Fund shall be non - reverting and shall be funded and operated in accordance with all legal and specific bond ordinance requirements. SECTION II. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Member, South Bend Common Co cil Attest: City Clerk ' c 6, Presented by me to the Mayor of the City of South Bend, Indiana on the '-day of , 2 , at o'clock m.