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BILL NO. <br /> ORDINANCE NO. 7 411°V_86' <br /> AN ORDINANCE ESTABLISHING A <br /> NONREVERTING "STANLEY COVELESKI STADIUM PARK FUND" . <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The Stanley Coveleski Stadium Park, to be acquired, built <br /> and operated by the South Bend Parks Department Board of Park <br /> Commissioners, has inspired substantial enthusiasm and support from <br /> many areas of the community as well as from many individuals and <br /> groups throughout the community. To acquire, develop, maintain, <br /> and improve the Stanley Coveleski Stadium Park, funds have been and <br /> are expected to be received from both public and private sources, <br /> designated for use specifically related to the Stanley Coveleski <br /> Stadium Park. It is necessary to establish a nonreverting fund to <br /> receive these monies and to disperse them solely for Stanley <br /> Coveleski Stadium Park purposes . <br /> NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON <br /> COUNCIL, as follows : <br /> SECTION I. A. "Stanley Coveleski Stadium Park" is <br /> established as a separate dedicated fund to be administered by the <br /> Parks Department and to be used solely to receive monies by way of <br /> donation, appropriation, and revenue from Stanley Coveleski Stadium <br /> Park events and operations . <br /> SECTION II. All sums of money collected and deposited in <br /> the Stanley Coveleski Stadium Park Fund shall be used solely for <br /> purposes of acquisition, development, maintenance, and improvement <br /> of the Stanley Coveleski Stadium Park and areas and activities <br /> directly associated therewith. <br /> SECTION III. Any and all interest earned on monies <br /> deposited in the Stanley Coveleski Stadium Park Fund shall remain <br /> in the fund . <br /> SECTION IV. Monies remaining in the Stanley Coveleski <br /> Stadium Park Fund at the end of the fiscal year shall not revert to <br /> the general 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 /> Member of the Co mon Council <br />