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

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WHEREAS, said Board of Park Commissioners additionally determined by said Preliminary Bond Resolution to proceed with a portion of the property acquisition described in said Petition, the property acquisition being the purchase of the parcel of property described in the Confirming Resolution passed by said Board of Park Commissioners on the 30th day of December, 1980 as "Parcel IV - East Race" which purchase of land is necessary for the construction and site development of a water related raceway (East Raceway), the estimated cost of said purchase and the incidental expenses necessary to be incurred in connection with said purchase or acquisition and the issuance of bonds including architect and engineering fees and the cost of the sale of bonds, which is in the approximate amount of Six Hundred Thousand Dollars ($600,000.00); and WHEREAS, said Board of Park Commissioners received a petition signed by three thousand five hundred and seventy -eight (3,578) owners of taxable real estate located within the Park District of the City of South Bend requesting said board not to issue bonds for the purpose of procurring funds to be applied on the cost of the improve- ments and works of construction and property acquisition on which said Board determined to proceed as described above; and WHEREAS, said Board of Park Commissioners determined by resolution passed on the 26th day of February, 1982, that the petition requesting that bonds not be issued was insufficient; and WHEREAS, said Board of Park Commissioners determined by Final Bond Resolution passed on the 26th day of February, 1982, to make a loan in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) for the purpose of providing funds with which to pay the costs of said improvements and works of construction and acquisition of property and the incidental expenses necessary to be incurred in connection with said projects and purchases and the issuance of bonds including architect and engineering fees and the cost of the sale of bonds; and WHEREAS, the Council now finds that said improvements, works of construction and property acquisition are necessary and will be of general benefit to the City and its citizens; and WHEREAS, the Council now finds that the City has no funds available or provided for in the existing budgets and tax levies which may be applied on said improvements, works of construction and property acquisition, making it necessary to authorize the issuance of bonds of the City in order to procure the required funds and the Council now determines that an extraordinary emergency exists for the expenditure of more money that was set out in the published budget and the making of the additional appropriation hereinafter set out. NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: SECTION 1. That the sum of Three Million Five Hundred Thousand Dollars ($3,500,000.00) be and the same is hereby appropriated for application on the costs of the 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, and the acquisition of a parcel of property described in the Confirming Resolution passed by the Board of Park Commissioners of the Park -2-