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ORDINANCE NO. ~ s ~ y ~ ~-~ <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA AMENDING CHAPTER 2, ARTICLE 14 OF THE SOUTH BEND <br />MUNICIPAL CODE TO ADD A NEW SECTION 2-170.8 CREATING A PROPERTY <br />TAX LEVY EXCESS FUND <br />STATEMENT OF PURPOSE AND INTENT <br />Chapter 2, Article 14 of the South Bend Municipal Code provides for various special funds <br />within the budget for the City of South Bend. It has become necessary to establish a new fund to be <br />known as the Levy Excess Fund as provided for and authorized by Indiana Code § 6-1.1-18.5-17. <br />This fund shall be the repository for taxes collected in any calendar year that exceed the ad valorem <br />property tax levy as approved by the department of local government finance under Indiana Code <br />§ 6-1.1-17. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA that Chapter 2, Article 14, be amended to add a new Section 2-170.8 <br />of the South Bend Municipal Code as follows: <br />Section I. Chapter 2, Article 14 of the South Bend Municipal Code shall be amended to <br />include a new Section 2-170.8 titled Levy Excess Fund which shall read as follows: <br />Section 2-170.8 Levy Excess Fund <br />(a) The Levy Excess Fund is established within the City of South <br />Bend pursuant to IC 6-1.1-18.5-17. <br />(b) All taxes actually collected for taxes due and payable during a <br />particular calendar year that exceed the City of South Bend's ad <br />valorem property tax levy as approved by the department of local <br />government finance under IC 6-1.1-17 shall be deposited into this <br />Levy Excess Fund. <br />(c) The funds deposited into the City's Levy Excess Fund shall be <br />spent and transferred in strict conformity with the requirements and <br />limitations prescribed by Indiana law under IC 6-1.1-18.5-7 and any <br />amendments to that law. <br />(d) Subject to any limitations imposed by state law in IC 6-1.1-18.5-7, <br />the City may use money in this Levy Excess Fund for any lawful <br />purpose for which money in any of its other funds may be used. <br />