11194-25 Creation of Fund 457 - Laserfiche WebLink

Home Browse Search

BILL NO. 20-25 ORDINANCE NO. 11194-25 AN ORDINANCE OF THE SOUTH BEND COMMON COUNCIL CREATING THE 2024 RDA TAXABLE LEASE RENTAL REVENUE BOND CAPITAL FUND (#457) STATEMENT OF PURPOSE AND INTENT On February 6, 2023,the South Bend Common Council approved Resolution No. 4998-23 (the "Bond Resolution"), which approved the issuance of the South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds 2024, Series B (the "Bond") and approved the execution of a lease between the South Bend Redevelopment Authority and the South Bend Redevelopment Commission in connection with the Bonds. On July 18,2024, the Redevelopment Authority issued the Series B Bonds to finance the cost of the Madison Lifestyle District project (as defined in the Bond Resolution). It is in the best interests of the City to establish a new fund to account for the receipt and disbursement of the proceeds of the Series B Bonds. NOW,THEREFORE,BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The 2024 RDA Taxable Lease Rental Revenue Bond Capital Fund (#457) is hereby established as a non-reverting fund for the purpose of accounting for the proceeds of the Series B Bonds and any interest earnings thereon. SECTION II. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Canneth Lee, Council President South Bend Common Council Attest: $44414 Bianca L. Tira , City Clerk Office of the City Clerk Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the City of South Bend, Indiana on the 15`h day of April , 2025, at 12 o'clock p.m. itutgat-1 Bianca L. Tirado, City erk Office of the City Clerk Approved and signed by me on the 23 day of Nil I� , 2025, at o'clock .m. Ja Mueller, Mayor Ci of South Bend, Indiana