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ORDINANCE NO. ?-TS -4 -S-�l <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, ESTABLISHING <br />A NONREVERTING "FREDRICKSON PARK PROPERTY <br />FUND." <br />STATEMENT OF PURPOSE AND INTENT: <br />The Common Council has determined that it would be in the <br />City "s best interest to provide a means for allowing a fund <br />to be created and retained for the purpose of purchasing and <br />developing the Fredrickson Park Property. <br />The Common Council has determined that the well -being <br />of the surrounding neighborhood would be enhanced by the creation <br />of a fund for depositing the proceeds of the Fredrickson <br />Estate, said proceeds to be used for the purpose of acquiring <br />and improving the'Fredrickson Park Property. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND: <br />SECTION I. A "FREDRICKSON PARK PROPERTY FUND" is established <br />as a separate dedicated fund to receive proceeds from the <br />Fredrickson estate. All sums of money so collected and deposited <br />in said separate dedicated fund shall be used solely for the <br />purpose of acquiring property for the Fredrickson Park and <br />improving said property. Monies remaining in the fund at the <br />end of the fiscal year shall not revert to the general fund. <br />SECTION 1. Any and all interest earned on the monies <br />deposited in said dedicated fund shall remain in the fund. <br />'SECTIQN III. This ordinance shall be in full force and <br />effect.from. and after its passage by the Common Council.and <br />approval by the Mayor. <br />ember o the Co an ouncil <br />