10055-10 Revenue Bond- Create Coveleski Stadium Recovery Zone Economic Development Bond Debt Service Reserve Reserve Fund # 317

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ORDINANCE NO. L ~ ~ ~S- ~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, TO CREATE A COVELESKI STADIUM RECOVERY ZONE ECONOMIC DEVELOPMENT BOND DEBT SERVICE RESERVE FUND (#317) 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. These bond obligations require protection of bondholders through debt service reserves which the City previously handled through policies of insurance that are no longer of the credit quality required of such policies. To meet the bond debt service reserve requirements, the City must have an estimated sum of Four hundred Eighty Thousand ($480,000) set aside in a separate fund at the time of closing. To accomplish this, it is in the best interest of the City to establish a new Coveleski Stadium Recovery Zone Economic Development Bond Debt Service Reserve Fund (#317), which shall b~ a non-reverting fund. The funding for the debt service reserve amount will be from the bond proceeds of $4.98 million dollars. The new Fund 317 will earn interest on cash balances and will be subject 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 Debt Service Reserve Fund (#317) is created as the repository for the City's debt service reserve obligation. 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 Council Att st: ity C rk Presented by me to the Mayor of the City of South Bend, Indiana on the ~ ~ day of ~Ju~~w . 2 Ito , at d `~~ ~ o' clock~.m.