Establishing College Football Hall of Fame Debt Service Fund

Home Browse Search

ORDINANCE NO. VD 1-96 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND ESTABLISHING THE COLLEGE FOOTBALL HALL OF FAME DEBT SERVICE FUND APPROPRIATING $108, 122. 66 FROM FUND 270 TO THE COLLEGE FOOTBALL HALL OF FAME DEBT SERVICE FUND APPROPRIATING $524, 416. 00 FROM THE COLLEGE FOOTBALL HALL OF FAME DEBT SERVICE FUND AND APPROPRIATING $597, 170. 00 FROM FUND 318 All RELATING TO LEASE PAYMENTS OBLIGATIONS OF THE COLLEGE FOOTBALL HALL OF FAME AND CENTURY CENTER STATEMENT OF PURPOSE AND INTENT The City of South Bend, Indiana, through its Century Center Board of Managers operates the College Football Hall of Fame which shall, during calendar year 1996, realize revenues and incur expenses in connection with the operation and maintenance of the same. Among the obligations of the College Football Hall of Fame is the payment of a lease payment to the South Bend Redevelopment Commission, for use by the South Bend Redevelopment Commission in the satisfaction of its lease rental obligations arising in connection with the Hall of Fame Bonds. In order to segregate funds of the Hall of Fame for use in the satisfaction of lease obligations, the Common Council has determined it in the best interest of the City that there be established the College Football Hall of Fame Debt Service Fund. Excess operating revenues of and certain donations to the Hall of Fame shall be deposited into the College Football Hall of Fame Debt Service Fund and used for this purpose. The Common Council further determines that there is on deposit in Fund 270, the total sum of $108, 122 . 66. This sum represents the donation to the College Football Hall of Fame of $100, 000 made by Mr. William Busse plus accumulated interest thereon. The Common Council has determined that it is appropriate that this sum be appropriated from Fund 270 to the College Football Hall of Fame Debt Service Fund in order that it be made available in connection with lease payment obligations of the Hall. The Common Council has also been advised that the Office of the South Bend City Controller has received funds in the amount of $416, 293.34 from the Friends of the College Football Hall of Fame for use in connection with lease payment obligations of the Hall and that upon the passage of this ordinance, this sum will be deposited into the College Football Hall of Fame Debt Service Fund.