Transferring $1,472.47 from the Redevelopment District Capital Fund 72

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ORDINANCE NO. 703/ -84 AN ORDINANCE TRANSFERRING $1,472.47 FROM THE RE- DEVELOPMENT DISTRICT CAPITAL FUND '72 TO THE URBAN REDEVELOPMENT BOND REDEMPTION FUND FOR THE PURPOSE OF MEETING RETIREMENT AND INTEREST OBLIGATIONS ON THE DISTRICT CAPITAL BONDS OF '72. STATEMENT OF PURPOSE AND INTENT The retirement and interest obligations attached to the District Capital Bonds of '72 were to be met by projected property tax revenues. These pro- jected revenues have not been realized, thus other funding sources are re- quired to meet these obligations. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, as follows: SECTION I. The sum of $1,472.47 is hereby transferred from the Re- development District Capital Fund '72 to the Urban Redevelopment Bond re- demption Fund, and is to be appropriated as follows: Account No. Description Amount 381 Interest on Bonds $1,472.47 TOTAL $1,472.47 SECTION II. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. lsi READiJC. P -<� "FS a PUBLIC HEA:iPiG 2nd REAC;N G NOT APF'r'.Oti�:.. REFERRED PASSED oV .tea _g 0 FILED IM CLEMPS OFFICI FEB _ 1082 IreneGammon CITY CLERK, Gammon IND.