Laserfiche WebLink
ORDINANCE NO. <br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br /> INDIANA, TO CREATE THE CITY OF SOUTH BEND CERTIFIED TECHNOLOGY <br /> PARK FUND (#439) <br /> STATEMENT OF PURPOSE AND INTENT <br /> Effective January 1, 2009, the City of South Bend, Indiana and the City of South Bend <br /> Redevelopment Commission entered into a Certified Technology Park Agreement with the <br /> Indiana Economic Development Corporation. Each redevelopment commission with a certified <br /> technology park is required by IC 36-7-32-23 to establish a separate certified technology park <br /> fund ("CTP Fund") to receive property tax proceeds, state gross retail and use taxes, and other <br /> revenue. Money deposited in the CTP Fund may be used for the acquisition, improvement, <br /> construction and maintenance of public facilities, debt service and other permitted uses under IC <br /> 36-7-32-23 in connection with a certified technology park. <br /> To accomplish this, it is in the best interests of the City of South Bend to establish a City <br /> of South Bend Certified Technology Park Fund (#439). Fund 439 will be a capital project fund <br /> for financial reporting purposes and will earn interest on outstanding cash balances. Fund 439 <br /> will be subject to annual 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 1 , A City of South Bend Certified Technology Park Fund (#439) is created as <br /> the repository of eligible revenue and will be used to pay for eligible expenditures of the certified <br /> -technology park. The fund shall be non-reverting and shall be operated in accordance with all <br /> legal requirements. The fund shall earn interest on outstanding cash balances and shall be subject <br /> to annual appropriation by the City of South Bend Redevelopment Commission. <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 ouncil <br /> Attest: <br /> City Clerk s F <br /> ni- <br /> '..P Bi: Fr:i Abf <br />