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4 SOUTH 4�h ∎1 , • • • <br /> � i <br /> o IY/�qi, I,� / <br /> z % City of South Bend <br /> J(r ph konein.\I:ryrn <br /> ky\ 1865= <br /> DEPARTMENT OF ADMINISTRATION AND FINANCE <br /> Katherine Humphreys <br /> Director <br /> May 4, 1988 <br /> Mr. John Voorde, <br /> President <br /> South Bend Common Council <br /> 4th Floor Council Chambers <br /> South Bend, IN 46601 <br /> Dear Mr. Voorde: <br /> Attached please find an ordinance which is being filed for the <br /> purpose of re-establishing the Cumulative Capital Development Fund <br /> for the years 1989, 1990 and 1991. This fund was first established <br /> by ordinance adopted in 1985 and phased in over a three year period <br /> beginning in 1986. It is necessary to re-establish this fund every <br /> three years to retain the current rate ceiling as provided by Public <br /> Law 44-1984. <br /> The purpose of the fund is to provide South Bend with a method to <br /> develop a long range capital plan to be used for the purchase of <br /> equipment and funding of capital improvements, as well as to provide <br /> for expenditures to protect the public health, welfare or safety in <br /> an emergency situation which demands immediate action. <br /> The fund provides for a levy on property of twelve cents ($.12) <br /> per $100 assessed valuation which is the same levy established for <br /> the current year and the maximum rate that can be established for <br /> municipalities in counties that have not taken advantage of the local <br /> option income tax. The levy would continue the at this rate for all <br /> three years, at which time it will again be necessary to re-establish <br /> the fund. <br /> County-City Building, South Bend, Indiana 46601,219/284-9742 Fax 219/284-9892 <br /> Cathy Hubbard John Leisenring Lori Schur <br /> Personnel Coordinator Chief Deputy Controller E.D.P. Coordinator <br /> 284-9124 284-9483 284-9911 <br />