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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 CONSTRUCTION FUND (#438) <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. Bond <br />covenants and proper accounting principles require that these bond proceeds be deposited into a <br />separate fund to be used to pay bond issuance costs, debt service reserves and project <br />expenditures. To accomplish this, it is in the best interest of the City to establish a new Coveleski <br />Stadium Recovery Zone Economic Development Bond Construction Fund (#438), which shall be <br />anon-reverting fund. The funding for this construction fund will be from the bond proceeds in <br />the amount of $4.98 million dollars. The new Fund 438 will earn interest on cash balances and <br />will be subject to appropriation by the City of South Bend Redevelopment 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 <br />Construction Fund (#438) is created as the repository for the City's bond proceeds and will be <br />used to pay bond issuance costs, debt service reserves and project expenditures. This Fund shall <br />be non-reverting and shall be funded and operated in accordance with all legal and specific bond <br />ordinance requirements. <br />SECTION II. This ordinance shall be in full force and effect from and after its passage <br />by the Common Council and approval by the Mayor. <br />Member, South Bend Common Council <br />Attes . <br />ity : erk <br />Presented by me to the Mayor of the City of South Bend, Indiana on the L3~ day of <br />~~•~ , 2 ~~ , at 3`-ES' o'clock~.m. <br />C.e.~'~-l Cr~t~ <br />