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21-25 Creation of Fund 458
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21-25 Creation of Fund 458
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3/19/2025 11:21:02 AM
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4/1/2025 12:24:54 PM
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City Council - City Clerk
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Filed in Clerk's Office <br /> BILL NO. 21-25 <br /> Bianca Tirado <br /> City Clerk, South Bend, IN <br /> ORDINANCE NO. <br /> AN ORDINANCE OF THE SOUTH BEND COMMON COUNCIL <br /> CREATING THE 2024 RDA LEASE RENTAL <br /> REVENUE BOND CAPITAL FUND (#458) <br /> STATEMENT OF PURPOSE AND INTENT <br /> On April 8,2024,the South Bend Common Council approved Resolution No. 5073-24(the <br /> "Bond Resolution"), which approved the issuance of the South Bend Redevelopment Authority <br /> Lease Rental Revenue Bonds of 2024(the"Bond")and approved the execution of a lease between <br /> the South Bend Redevelopment Authority and the South Bend Redevelopment Commission in <br /> connection with the Bonds. On July 12, 2024, the Redevelopment Authority issued the Bonds to <br /> finance the cost of renovations and improvements to Four Winds Field at Coveleski Stadium (as <br /> 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 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 Lease Rental Revenue Bond Capital Fund (#458) is hereby <br /> established as a non-reverting fund for the purpose of accounting for the proceeds of the Bonds <br /> 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 />
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