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o' sail, <br /> 4,0 4 1,c4 <br /> �� r`; a- City of South Bend <br /> , ,'y.rr:,.3)))' Joseph E. Kernan, Mayor <br /> 1865 ;(0v <br /> Department of Administration and Finance <br /> Kevin C. Horton <br /> April 27, 1994 <br /> Mrs . Ann Puzzello, President <br /> South Bend Common Council <br /> 4th Floor, County-City Building <br /> South Bend, IN 46601 <br /> Re: An Ordinance Establishing a Cumulative Capital <br /> Development Fund <br /> Dear Mrs . Puzzello: <br /> I am attaching for filing, an ordinance establishing a <br /> cumulative capital development fund and establishing an ad <br /> valorem tax levy to fund the same at the rate of $ . 12 per $100 <br /> assessed valuation. <br /> State law limits to three (3) year increments the life of <br /> any such fund and levy. The City first established a cumulative <br /> capital development fund in 1985 and has since then reestablished <br /> that fund every three (3) years. Current authority for the fund <br /> terminates this year. The attached ordinance would allow for the <br /> continuation of the fund and levy for an additional three (3) <br /> years . <br /> Monies raised by this levy and deposited into this fund may <br /> be used for a variety of capital projects, including streets, <br /> sidewalks, sewers, and park improvements . <br /> Your favorable consideration is requested. <br /> Sincerely, <br /> Kevin C. Horton <br /> City Controller <br /> KCH/jl <br /> County-City Building • South Bend, Indiana 46601 • 219/235-9216 Fax 219/235-9928 <br /> Catherine A. Hubbard Jeffrey A. Rinard Isabel Gonzalez Ronalda Minnis <br /> Director Human Resources Finance Director Safety & Risk Manager Benefits Manager <br />