Amending Article14 Establish a Cumulative Capital Development Fund

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Michael L. Vance Director, Administration and Finance CITY of SOUTH BEND ROGER O. PARENT, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 48601 July 31, 1984 Ms. Beverlie Beck South Bend Common 4th Floor Council South Bend, IN President Council Chambers 46601 Dear President Beck: 219/284 -9483 Enclosed please find an ordinance which is filed for first reading of the August 13, 1984 Council meeting. This ordinance amends Article 14 of the South Bend Municipal Code therefore allowing the City to establish a Cumulative Capital Development Fund as is allowed under Public Law 44 -1984. This is the same Capital Development Fund that I had presented in our financial presentations to the Council. This fund would be established at four cents ($.04) the first year, eight cents ($.08) the second year and twelve cents ($.12) the third year. This is a levy on property and is a maximum that can be established for municipalities in counties that have not taken advantage of the local option income tax. The uses defined in the ordinance are in the broadest catagories allowable under State statutes. It was felt that this would give us the broadest capabilities to address our needs and any future problems that may occur. As you are aware, the City had laid out a program of how that money would be spent over the three (3) years covered by the tax. The categories listed in Section I (a) of this ordinance are not in conflict with the original program as it was laid out. Based on an assessed value of four hundred and seventeen million dollars ($417,000,000) it is anticipated that one hundred and sixty -six thousand eight hundred dollars ($166,800) would be available the first year, three hundred thirty -four thousand dollars ($334,000) the second year and five hundred thousand four hundred dollars ($500,400) the third year of the tax.