Appropriating $3,500,000.00 Water Related Raceway (East Raceway)

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ORDINANCE NO. 2j:3 _d, AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA APPROPRIATING THE SUM OF THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($3,500,000.00) TO BE APPLIED ON THE CONSTRUCTION AND SITE DEVELOP- MENT OF A WATER RELATED RACEWAY (EAST RACEWAY), CONSTRUCTION OF A WALKWAY WITH LIGHTING BENEATH THE WEST END OF THE JEFFERSON STREET BRIDGE, A WALKWAY WITH LIGHTING IN PLAZA PARK AND HOWARD PARK, AND PURCHASE OF LAND NECESSARY FOR THE CONSTRUCTION AND SITE DEVELOPMENT OF A WATER RELATED RACEWAY (EAST RACEWAY) BY THE BOARD OF PARK COMMISSIONERS OF THE PARK DISTRICT OF THE CITY OF SOUTH BEND, INDIANA WHEREAS, the Board of Park Commissioners of the Park District of the City of South Bend, Indiana, has determined and found that it will be of public utility and benefit and for the best interests of the citizens and property in the Park District of the City of South Bend to provide for various improvements, works of construction and property acquisition in an amount not exceeding Five Million Eight Hundred Thousand Dollars ($5,800,000.00); and WHEREAS, said Board of Park Commissioners by a Preliminary Appropriation Resolution passed the 16th day of November, 1981, found that the Park District of the City of South Bend has no funds available or provided for in the existing budget and tax levy which may be applied on said projects, making it necessary to authorize the issuance of bonds of the Park District of the City of South Bend in order to procure such funds and that an extraordinary emergency exists for the making of the additional appropriation hereinafter set out; and WHEREAS, a petition has been filed under the provisions of I.C. 6- 1.1 -20 -3 by five thousand two hundred and eighty -nine (5,289) owners of taxable real estate located within the Park District of the City of South Bend, Indiana, requesting said Board of Park Commissioners to issue bonds in an amount not exceeding Five Million Eight Hundred Thousand Dollars ($5,800,000.00) for the purpose of providing funds to be applied on the costs of said improvements, works of construction and property acquisition, which petition said Board of Park Commissioners found to be sufficient under the provisions of said statute; and WHEREAS, said Board of Park Commissioners by a Preliminary Bond Resolution passed on the 16th day of November, 1981, determined to proceed with a portion of the improvements and works of construction described in said Petition, those improvements and works of construction being construction and site development of a water related raceway (East Raceway) and the construction of a walkway with lighting beneath the west end of the Jefferson Street bridge and a walkway with lighting in Plaza Park and Howard Park, the estimated cost of said improvements and works of construction and the incidental expenses necessary to be incurred in connection with the projects and the issuance of bonds including architect and engineering fees and the cost of the sale of the bonds which is in the approximate amount of Two Million Nine Hundred Thousand Dollars ($2,900,000.00); and