Amending Chapter 2 Article 14 New Section 2-169 Non-Reverting Housing Maintenance Fund

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• Substitute BILL NO. 82-88 - Version As of 10-24-88 ORDINANCE NO. 1-1,°‘ `� (7- &g AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING CHAPTER 2, ARTICLE 14, BY THE INCLUSION OF NEW SECTION 2-169 ENTITLED NON-REVERTING HOUSING MAINTENANCE FUND STATEMENT OF PURPOSE AND INTENT On June 20, 1988, Mayor Joseph E. Kernan held a press conference where he highlighted specific action which would be taken by the City to further its commitment to providing safe, decent, and sanitary housing. One of the items highlighted was that the City would "explore the establishment of a fund to be used as a backup to guarantee that resources are available for short and long term maintenance, thereby guaranteeing the preservation of property values". It should be noted that payments in lieu of taxes are permitted pursuant to Title 24 of the Code of Federal Regulations, Section 941.103, and Section 36-7-18-25 of the Indiana Code. On June 20, 1988, the South Bend Housing Authority adopted a Resolution addressing the "Acquisition of Existing Housing Program. " This Resolution addressed among other things the need to set aside adequate funds for short-terms and long-term maintenance of these homes. The following ordinance establishes a non-reverting housing fund for the receipt of public housing payments in lieu of taxes which would be used solely as a backup funding source for short and long-term maintenance. It further provides for an amount to be funded in such fund each year and sets a maximum amount to be retained in said fund. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. Chapter 2, Article 14 of the Municipal Code of the City of South Bend, Indiana is hereby amended by the inclusion of new Section 2-169 entitled "Non-Reverting Housing Maintenance Fund" which shall read in its entirety as follows: Sec. 2-169 Non-Reverting Housing Maintenance Fund (a) The South Bend Non-Reverting Housing Maintenance Fund is established to receive monies from the South Bend Housing Authority which are to be paid in lieu of real and personal property taxes by said authority. (b) A maximum of twenty-thousand dollars ($20,000. 00) of the City's proportionate share shall be placed in said fund by July 1st of each year from such funding source. The fund shall accumulate to a maximum of $100,000. 00, with all interest earned to be placed in the General Fund of the City. (c) The monies accumulated in this fund may be loaned only for the short or loner term PxtPrnal maintenannp