Appropriating $181,475 Payment of the Judgment Bond of 1984

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ORDINANCE NO. 7'/ b'D - $J� AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING THE SUM OF ONE HUNDRED EIGHTY -ONE THOUSAND FOUR HUNDRED SEVENTY -FIVE DOLLARS ($181,475) FOR PAYMENT OF THE JUDGMENT BOND OF 1984 STATEMENT OF PURPOSE AND INTENT: WHEREAS, the Common Council of the City of South Bend, Indiana on August 8, 1983 passed Ordinance No, 7230 -83 which authorized the issuance and sale of bonds in order to provide funds for payment of judgments rendered against the City in the case of Wilbur Smith and Associates v City of South Bend, Cause No. K -3768, and in the case of Dennis M. Swanson, et al v City of South Bend, et al, Cause No. K -4975, and WHEREAS, payment of said bonds was due and payable on March 1, 1985 in the principle amount of One hundred seventy thousand dollars ($170,000.00) and accumulated interest of Eleven thousand four hundred seventy -five dollars ($11,475) totaling a payment of One hundred eighty -one thousand four hundred seventy -five dollars ($181,475.00) and WHEREAS, the Common Council now finds that the City has funds available in the General Sinking Bond Fund, it is necessary to appropriate monies from this fund for purposes of payment of judgment bond. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA-. SECTION I. The sum of $181,475.00 is hereby appropriated for the year 1985 from the General Sinking Bond Fund of the City of South Bend, Indiana for payment of the Judgment Bond of 1984. SECTION II. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. m er of the Common Z��4 1 FILED IN CLERK'S OFFICE 1st READING 6 -oZY -$ J� JUN 1 N � 9 'J, 985 ?UBIIC HEAPJNG %-� P -Fl __1 .1