9815-07 Establish one Additional Fund, #651 - Sewage Works Revenue Bonds of 2007

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BILL NO.~~ ORDINANCE NO. ~ g (`~ ~ ~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND NO. 651 -CITY OF SOUTH BEND SEWAGE WORKS REVENUE BONDS OF 2007B Statement of Purpose and Intent This ordinance establishes a new fund for the deposit and disbursement of bond proceeds in connection with the City of South Bend, Indiana Sewage Works Revenue Bonds of 2007B. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. Anew fund is created that is called Fund No. 651 -City of South Bend Sewage Works Revenue Bonds of 2007B. SECTION II. All sums of money collected and deposited in the fund shall be used solely for the purposes of acquisition, construction and installation of certain additions, extensions and improvements at the City of South Bend's Sewage Works and to pay expenses incidental to the issuance of the 2007B bonds and any other similar expenses permitted by and consistent with applicable State Law. The amount of the 2007B bonds shall be $16,515,000. SECTION III. Any and all interest earned on monies deposited in Fund No. 651 shall remain in the fund. SECTION IV. Monies remaining in the fund at the end of the project may be transferred to pay debt service on the 2007B Sewage Works Bonds but may not revert to any other fund. SECTION V. The City Controller is authorized to establish a revenue and expenditure budget for the 2007B Sewage Works Revenue Bonds and to amend the budget periodically as -necessary. SECTION VI. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. G'~.,-'~ Member of the Co n Council