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BILL NO. <br /> ORDINANCE NO. 7o - . <br /> AN ORDINANCE ESTABLISHING A NONREVERTING <br /> "EAST RACE WATERWAY FUND" . <br /> STATEMENT OF PURPOSE AND INTENT: <br /> The East Race Waterway, built and operated by the South <br /> Bend Parks Department Board of Park Commissioners , has inspired <br /> substantial enthusiasm and support from many areas of the community <br /> as well as from many individuals and groups throughout the <br /> community. To promote, operate and improve the East Race, funds <br /> are expected to be received from both public and private sources , <br /> designated for use specifically related to the East Race. It is <br /> necessary to establish a nonreverting fund to receive these monies <br /> and to disperse them solely for East Race purposes. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON <br /> COUNCIL, as follows : <br /> SECTION I. An "East Race Waterway Fund" is established <br /> as a separate dedicated fund to be administered by the Parks <br /> Department and to be used solely to receive monies by way of <br /> donation, appropriation, and revenue from East Race events and <br /> operations . <br /> SECTION II. All sums of money collected and deposited in <br /> the East Race Waterway Fund shall be used solely for purposes of <br /> promotion, operation, and improvement of the East Race Waterway and <br /> areas and activities directly associated therewith. <br /> SECTION III . Any and all interest earned on monies <br /> deposited in the East Race Waterway Fund shall remain in the fund. <br /> SECTION IV. Monies remaining in the East Race Waterway <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 ��� <br /> m er o the , mmon Council <br />