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Filed in Clerk's Office <br /> BILL NO. 20-25 MAR 1 9 <br /> Bianca Tirado <br /> ORDINANCE NO. City Clerk, South Bend, IN <br /> AN ORDINANCE OF THE SOUTH BEND COMMON COUNCIL <br /> CREATING THE 2024 RDA TAXABLE LEASE <br /> RENTAL REVENUE BOND CAPITAL FUND (#457) <br /> STATEMENT OF PURPOSE AND INTENT <br /> On February 6, 2023,the South Bend Common Council approved Resolution No. 4998-23 <br /> (the "Bond Resolution"), which approved the issuance of the South Bend Redevelopment <br /> Authority Taxable Lease Rental Revenue Bonds 2024, Series B (the "Bond") and approved the <br /> execution of a lease between the South Bend Redevelopment Authority and the South Bend <br /> Redevelopment Commission in connection with the Bonds. On July 18,2024,the Redevelopment <br /> Authority issued the Series B Bonds to finance the cost of the Madison Lifestyle District project <br /> (as defined in the Bond Resolution). <br /> It is in the best interests of the City to establish a new fund to account for the receipt and <br /> disbursement of the proceeds of the Series B Bonds. <br /> NOW,THEREFORE,BE IT ORDAINED by the Common Council of the City of South <br /> Bend, Indiana, as follows: <br /> SECTION I. The 2024 RDA Taxable Lease Rental Revenue Bond Capital Fund (#457) <br /> is hereby established as a non-reverting fund for the purpose of accounting for the proceeds of the <br /> Series B Bonds and any interest earnings thereon. <br /> SECTION II. This ordinance shall be in full force and effect from and after its passage <br /> by the Common Council and approval by the Mayor. <br /> Canneth Lee, Council President <br /> South Bend Common Council <br /> Attest: <br /> Bianca L. Tirado, City Clerk <br /> Office of the City Clerk <br />