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U <br />Department of Public Parks <br />Administration Building <br />St. Louis Boulevard at Wayne Street <br />South Bend, Indiana 46617 <br />PHONE: (219) 284 -9401 <br />October 18, 1983 <br />Ms. Beverlie Beck, President <br />South Bend Common Council <br />County -City Building <br />227 West Jefferson Boulevard <br />South Bend, Indiana <br />Dear Ms. Beck: <br />The Department of Public Parks is requesting the Common Council to <br />give favorable action on an ordinance appropriating $321,000.00 from <br />interest earned on Certificate of Deposits from the proceeds of the <br />1982 Park District Bond Issue ($3,500,000.00). <br />Because of higher than anticipated bids were received for the Race <br />Way Project, cost of land and the Howard Park Project items, funds <br />received from the sale of bonds will not cover the costs of the river <br />bank projects. <br />The park staff and controller's office worked out a cash flow plan and <br />invested idle funds in certificates of deposit thus earning $321,000.00. <br />The earned interest will be used for change orders, adding items back <br />into the contract that had to be deleted from the original bids and to <br />pay for the hydroelectric generator. The City received a $500,000.00 <br />grant to install the hydro unit. <br />The Park Board feels the approval of this ordinance is very important <br />for the completion of the East Race Way and urges the Common Council to <br />give its favorable approval. <br />JRS:kb <br />Very truly yours, <br />DEP NT OF PUB 4C PARKS <br />F es R. Seitz, <br />erintendent <br />