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I l <br /> ORDINANCE NO. .72W <br /> AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, ESTABLISHING A NONREVERTING "EAST RACE <br /> WATERWAY PROMOTIONAL AND DEVELOPMENT FUND", AS NEW SECTION <br /> 2-169 OF THE MUNICIPAL CODE OF THE CITY OF SOUTH BEND. <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The Common Council has determined that it would be in the City's best <br /> interest to provide a means for allowing a fund to be created and retained <br /> for the purpose of promoting and developing the East Race Waterway. <br /> The Common Council has determined that it is in the best interest of <br /> the City to create a fund to receive donations to be used for the purpose <br /> of promoting and developing the East Race Waterway. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF <br /> SOUTH BEND: <br /> SECTION I. Chapter 2, Article 14 of the Municipal Code of the City of <br /> South Bend, Indiana, is hereby amended by the inclusion of new Section <br /> 2-169 which shall read in its entirely as follows: <br /> Sec. 2-169 East Race Waterway Promotional and Development Fund <br /> (a) The East Race Waterway promotional and Development Fund is <br /> established by a separate dedicated fund to be used to receive monies, by <br /> way of donation. All sums of monies so collected and deposited in said <br /> separate dedicated fund shall be used solely for the purpose of promotion <br /> and developing the East Race Waterway. Monies remaining in the fund at <br /> the end of the fiscal year shall not revert to the general fund. <br /> (b) Any and all interest earned on the monies deposited in said <br /> dedicated fund shall remain in the fund. <br /> SECTION II. This ordinance shall be in full force and effect from and <br /> after its passage by the Common Council and approval by the Mayor. <br /> rim . ■il—ki.i <br /> M .f the Common Council <br />