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(b) This fund may be used by the City to acquire by <br />purchase, gift, or devise, to own, improve, maintain, sell, lease, <br />convey, contract for, or otherwise deal in, real property for the <br />development of industrial parks or industrial sites. <br />(c) This fund may be used by the City in its exercise of <br />powers enumerated in this Section in areas within five (5) miles <br />outside of its corporate boundaries. <br />(d) Monies may be transferred into this fund from both <br />public and private sources, and the Council hereby accepts for <br />deposit for the uses and purposes indicated any and all current and <br />future donations. <br />SECTION III: Monies may not be expended from this fund <br />without the written approval of a majority of the Advisory Commission <br />on Industrial Development, to be appointed by the Mayor pursuant to <br />I.C. 36- 7 -13 -5. <br />SECTION IV: This revolving fund shall be a continuing fund <br />and donations deposited therein shall not revert to the general fund <br />until all purposes for which this fund was established have been <br />accomplished, at which time the balance remaining in the fund shall <br />revert to the general fund. The Controller may invest any monies on <br />deposit in the fund in such manner as he may deem appropriate, <br />consistent with the laws of the State of Indiana. Interest or income <br />earned from such investment shall be added to principal and retained <br />in the fund for uses with other monies accumulated therein. <br />SECTION V: Any funds donated to the City by private persons <br />or entities for the purpose of inducing the location in South Bend of <br />a major ethanol production facility shall be deposited in this fund <br />and shall be maintained within this fund in a separate program to be <br />known as the Ethanol Industrial Development Program. <br />SECTION VI: This ordinance shall be in full force and <br />effect from and after its passage by the Council and signature by <br />the Mayor. <br />Ist READING <br />PUBLIC HEARING <br />2nd READING <br />NOT APPROVED <br />REFERRED <br />PASSED I C3 <br />16-9. 81 <br />JU ^q_z <br />t <br />ember of the <br />-2- <br />c <br />FILED IN CLERK'S OFFICE <br />OCT 91981 <br />Irene Gain Mn <br />CR CLERK, Sootff BEND, PN3. <br />