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

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Richard L. Hill City Attorney Robert M. Parker Chief Deputy Thomas L. Bodnar Gregory D. Loughridge James A. Masters Carolyn V. Pfotenhauer Robert C. Rosenfeld Eugenia S. Schwartz Kathleen E. Skiba CITY of SOUTH BEND ROGER O. PARENT, Mayor COUNTY CITY BUILDING SOUTH BEND, INDIANA 46601 MEMBERS OF THE COMMON COUNCIL COUNCIL CHAMBERS County -City Building, 4th Floor South Bend, Indiana 46601 Dear Members of the Council: February 26, 1982 219/284 -9241 Attached is an ordinance approving the issuance of bonds of the Park District of the City of South Bend for the construction of the East Race Project. The approval of the bonds by the Common Council is required by Indiana law. These bonds have been petitioned for by 5,289 owners of real pro- perty within the City. At a special meeting of the Park Board held at 3:00 p.m. on Friday, February 26, 1982, the Park Board passed a Final Bond Resolution which determined to issue Park District Bonds in the amount of $3,500,000.00 for the East Race construction and property acquisition. After the passage of this ordinance, the State Board of Tax Com- missioners will consider the approval of the bonds, the approval of the additional appropriation and the matter of the objecting petitions. It is hoped that all necessary approvals will be received so that the bonds can be sold in the month of April per- mitting construction of the East Race Project to begin during the month of May. Your favorable consideration of this ordinance is requested. Since ly, 4�hardL. Hill City Attorney RLH /smp Enc.