Laserfiche WebLink
ORDINANCE NO. � 0 N �_ ( I <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 />Rind ( "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 I. 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. An annual <br />report on proposed short and long -term expenditures shall be filed by the South Bend <br />Redevelopment Commission with the Office of the City Clerk, no later then the end of the first <br />quarter of each year. <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 />aleea,)�k& <br />Member, South Bend Common Council <br />