Amending Article 14 Establish a Cumulative Capital Development Fund

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CITY of SOUTH CEND 9:5w1 '�d®0/ ROGER O. PARENT, Mayor \verse jl� d a• COUNTY-CITY BUILDING SOUTH BEND, INDIANA 46601 01 0.4 eye® 4i.:. /••4 ®® 3at8 si7 f 7® Michael L. Vance 219/284-9742 Director, Administration and Finance June 18, 1985 Mrs . Beverlie Beck, President South Bend Common Council 4th Floor County-City Bldg. South Bend, IN 46601 Dear President Beck: The enclosed ordinance is being filed for 1st reading of the June 24, 1985 Council meeting and would by its passage establish the Cumulative Capital Development Fund. The Cumulative Capital Development Fund is being proposed at the level of $. 04 per hundred dollars assessed valuation in 1986, $. 08 per hundred dollars of assessed valuation in 1987 and $. 12 per hundred dollars of assessed valuation in 1988 . These are the maximums that may be established by a city in a county that has chosen not to adopt the County Optional Income Tax. This will mean approximately $163, 000 in additional revenue in 1986, $326, 000 in 1987 and $488 , 000 in 1988 . Per the terms of the establishing ordinance monies raised through the Cumulative Capital Development Fund may be used for capital improvements pertaining to public ways (streets) sidewalks, sewers and general improvements including firefighting building and equipment and police equipment. Additionally, the funds may be used for parks and other public structures. Although the proposed ordinance establishes the fund, expenditures from the fund would still be authorized through appropriation for specific projects by the Common Council unless the need pertains to an immediate danger in the area of public health, welfare or safety.