Establishing Morris Civic Auditorium Improvement Fund

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ORDINANCE NO. 7292 -84 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ESTABLISHING A NONREVERTING "MORRIS CIVIC AUDITORIUM IMPROVEMENT FUND." STATEMENT OF PURPOSE AND INTENT: The Common Council has determined that it would be in the City's best interest to provide a means for allowing a fund to be created and retained for the purpose of improving the Morris Civic Auditorium. The Common Council has determined that it is in the best interests of the City to allow a fund to be created for de- positing donations as well as a portion of the revenue from ticket sales for events held at Morris Civic Auditorium, said donations and revenues to be used for the purpose of improving the facilities of Morris Civic Auditorium. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: SECTION I. A "MORRIS CIVIC AUDITORIUM IMPROVEMENT FUND" is established as a separate dedicated fund to be used to receive monies, either by way of donation or by way of revenue from the sale of tickets to events held at Morris Civic Auditorium. All sums of money so collected and deposited in said separate dedicated fund shall be used solely for the purpose of acquiring, leasing, renovating, remodeling or otherwise improving facilities of the Morris Civic Auditorium. Monies remaining in the fund at the end of the fiscal year shall not revert to the general fund. SECTION II. Any and all interest earned on the monies de- posited in said dedicated fund shall remain in the fund. SECTION III. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. m er o t e o n ounce Ut READING l 2'4 PUBLIC BEARING ► - a 3 - T �! 2nd REANNG 1 — of 3 - �f NOT APIP OVED REFtKKtLJ PASSED ► - a 3 - & Q `�, 0.,0