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BILL NO. <br /> ORDINANCE NO. <br /> AN ORDINANCE ESTABLISHING A <br /> NONREVERTING "EAST BANK TRAIL FUND" . <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The East Bank Trail , to be acquired , built and operated <br /> by the South Bend Parks Department Board of Park Commissioners , has <br /> inspired substantial enthusiasm and support from many areas of the <br /> community as well as from many individuals and groups throughout <br /> the community. To acquire, develop, maintain, and improve the East <br /> Bank Trail , funds have been and are expected to be received from <br /> both public and private sources, designated for use specifically <br /> related to the East Bank Trail . It is necessary to establish a <br /> nonreverting fund to receive these monies and to disperse them <br /> solely for East Bank Trail purposes . <br /> NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON <br /> COUNCIL, as follows : <br /> SECTION I. An "East Bank Trail Fund" is established as a <br /> separate dedicated fund to be administered by the Parks Department <br /> and to be used solely to receive monies by way of donation, <br /> appropriation, and revenue from East Bank Trail events and <br /> operations . <br /> SECTION II. All sums of money collected and deposited in <br /> the East Bank Trail Fund shall be used solely for purposes of <br /> acquisition, development, maintenance , and improvement of the East <br /> Bank Trail and areas and activities directly associated therewith. <br /> SECTION III. Any and all interest earned on monies <br /> deposited in the East Bank Trail Fund shall remain in the fund. <br /> SECTION IV. Monies remaining in the East Bank Trail <br /> Fund at the end of the fiscal year shall not revert to the general <br /> fund. <br /> SECTION V. This ordinance shall remain in full force and <br /> effect from and after its passage by the Common Council and <br /> approval by the Mayor. <br /> . e :er of the Com n ouncil <br /> e5G44-1 <br />