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ORDINANCE NO. ~ ~ ~ ~ ~~~ <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND N0.429 TIF <br />DISTRICT -NORTHEAST DEVELOPMENT AREA <br />Statements of Purpose and Intent: <br />This ordinance establishes a new fund for the deposit and disbursement of Tax Increment <br />Financing dollars in the newly established Northeast Development Area TIF district recently <br />established by the South Bend Redevelopment Commission by resolution #2021. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. Anew fund is created that is called Fund #429 TIF District -Northeast <br />Development Area. <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 the Northeast <br />Development Area TIF fund shall remain in the fund. <br />SECTION IV. Monies remaining in each respective fund at the end of the fiscal year shall <br />not revert to 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 C ncil <br />Attes . <br />ity Cl rk <br />