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BILL NO. <br />ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND NO. 435 <br />TIF DISTRICT - DOUGLAS ROAD ECONOMIC DEVELOPMENT ALLOCATION AREA <br />Statement of Purpose and Intent: <br />This ordinance establishes a now fund for the deposit and disbursement of Tax Increment <br />Financing dollars in the newly established Douglas Road Economic Development Allocation <br />Area TIF district established by the South Bend Redevelopment Commission resolution #2206. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. A new fund is created that is called Fund No. 435 - City of South Bend <br />Redevelopment District Douglas Road Economic Development Allocation Area Capital <br />Fund. <br />SECTION II. All sums of money collected and deposited in the fund shall be used solely <br />for the purposes of acquisition, demolition, environmental assessment, public works <br />construction, disposition, site preparation, maintenance, and any other similar purpose permitted <br />by and consistent with applicable Tax Increment Finance State Law. <br />SECTION III. Any and all interest earned on monies deposited in Fund No. 435 shall <br />remain in the fund. <br />SECTION IV. Monies remaining in the fund at the end of the fiscal year shall not revert to <br />any other fund. <br />SECTION V. This Ordinance shall be in full force and effect from and after its passage by <br />the Common Council and approval by the Mayor. <br />Member of the Common Council <br />Attest: <br />