Appropriating Intrest Earned from the Purchase of Certificates $321,000.00

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ORDINANCE NO. 74G AN ORDINANCE APPROPRIATING INTEREST EARNED FROM THE PURCHASE OF CERTIFICATES OF DEPOSIT OUT OF THE PROCEEDS OF THE 1982 PARK DISTRICT BONDS TO THE PARK DISTRICT BOND CONSTRUCTION FUND 50 IN THE AMOUNT OF $321,000.00. STATEMENT OF PURPOSE AND INTENT: The Board of Park Commissioners of the City of South Bend sold bonds in the amount of $3,500,000.00, which were designated as the Park District Bonds of 1982, to have sufficient funds to acquire land and construct the East Race Project, the bridge underpass at the west end of Jefferson Street Bridge and the lighting and construction of walkways at Howard Park. The proceeds from the sale of the 1982 bonds were invested in certificates of deposit before the start of construction and during the construction period, and interest in the amount of $321,000.00 has been earned from those investments. Additional funds are required to complete the East Race Project and associated works due to higher than anticipated bids that were received for the Raceway work. NOW, THEREFORE, BE IT ORDAINED by the South Bend Common Council, as follows: SECTION I. $321,000.00 is appropriated out of the proceeds of the interest earned from the invested funds from sale of Park District Bonds of 1982 to the Park District Bond Construction Fund 50. SECTION II. The appropriation of funds set forth above is required for the proper and efficient operation and function of the Department of Public Parks of South Bend and an extraordinary emergency is declared to exist concerning the foregoing appropria- tion. SECTION III. This ordinance shall be in full force and effect from and after its passage by the Common Council, its approval by the Mayor and the fulfillment of approval by the State Board of Tax Commissioners. 4 � MW