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BILL NO. - 84 <br />ORDINANCE NO. 7411-9:1 - 84 <br />AN ORDINANCE ESTABLISHING PROCEDURES FOR TRANSFER <br />OF FUNDS FROM THE OLD BARRETT LAW ACCOUNT TO <br />THE SURPLUS BARRETT LAW ACCOUNT <br />STATEMENT OF PURPOSE AND INTENT <br />Within the Barrett Law funds of the City of South Bend, <br />there have existed since the early 1940's certain moneys related to <br />Barrett Law assessments and bonds relating to those assessments. The <br />moneys have been kept separate and are known as the Old Barrett Law <br />Account. Due to considerable litigation and record keeping diffi- <br />culties few disbursements have occurred from the Account until recent <br />weeks. As a result of a call of Old Barrett Law bonds, published in <br />the South Bend Tribune, the Indianapolis Star, and the Wall Street <br />Journal in January and February, 1984, which stated that holders of <br />0 Barrett Law bonds and coupons should present and surrender them <br />to the Controller's Office until March 31, 1983, all bonds and <br />coupons so presented and surrendered have been honored and all <br />amounts due and owing have been paid to the holders. <br />Funds remain in the Old Barrett Law Account which are no <br />longer needed for the purposes for which they were accumulated. <br />NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, AS FOLLOWS: <br />SECTION I. The Council finds that: <br />A. There exist within the funds of the Old Barrett Law <br />Account moneys which have been on hand for a period of ten years and <br />more, together with interest accumulated thereon; <br />B. Those moneys were collected in a variety of manners, <br />including: <br />1. As waivered assessments for payments of <br />bonds and coupons; and <br />2. As moneys from sale of a general obligation <br />judgment bond issue, the judgment for which <br />is satisfied and the bonds for which are <br />retired; and <br />3. As interest earned on the above funds. <br />C. As a result of a call for presentation and surrender on <br />or before March 31, 1984, of outstanding City of South Bend, Indiana, <br />Improvement Bonds, also known as Old Barrett Law Bonds, together with <br />unredeemed coupons, certain bonds and coupons have been presented to <br />.- .. .- -1 It --- __ .3 --- .3 -___.7 t__ �1_ - r,,+ -.. r--- __r 4:r.r <br />