Continuation of the Cumulative Sewer Building and Sinking Fund

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ORDINANCE NO. AN ORDINANCE TO PROVIDE FOR THE CONTINUATION OF THE CUMULATIVE SEWER BUILDING AND SINKING FUND KNOWN AND DESIGNATED AS THE SEWAGE TREATMENT, STORM SEWER AND DISPOSAL PLANT FUND, AND PROVIDING FOR A TAX LEVY OF NOT TO EXCEED ONE DOLLAR ANNUALLY FOR A PERIOD OF TWELVE YEARS. STATEMENT OF PURPOSE AND INTENT: I.C. 18 -6 -6 -1 provides that a city may create a cumulative building and sinking fund to provide funds for the planning, erection, remodeling and extension or repairing of sewage dis- posal plants and sewers and the construction, remodeling, repair and extension of storm sewers. The city in 1968 adopted Ordinance No. 5043 -68 creating a cumulative sewer building and sinking fund to be known and designated as the Sewage Treatment, Storm Sewer and Disposal Plant Fund of South Bend. The ordinance by its terms and pursuant to statute became effective for the tax year 1968 payable in 1969 and extended for twelve years through 1979 payable in 1980. The City now desires to continue said fund in force and to provide for an annual tax levy pur- suant to I.C. 18 -6 -6 -4 for the next twelve years in an amount of not more than One ($1.00) Dollar on each One Hundred ($100) Dollars of taxable property within the city. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. In accordance with the provisions of I.C. 18 -6 -6 the special cumulative sewer building and sinking fund known as the Sewage Treatment Storm Sewer and Disposal Plant Fund of South Bend created by Ordinance No. 5043 -68 is hereby continued in force and effect for the purposes of providing for the planning, erection, remodeling and extension or repairing of sewage disposal plants and sanitary sewers and the remodeling, repairing or exten- sion of the same, and for relief sewers and drains in aid of the sanitary and storm water system of the City of South Bend. Said fund shall be appropriated and used solely for such purposes, which shall not include salaries of any public officials or employees except those which are directly chargeable to a sewer improvement, and none of the monies currently in the said fund or which may be annually placed in said fund shall revert to the general fund at the end of any year or be used for any purpose other than those stated herein. SECTION II. There is hereby levied for each year, commencing for the tax year 1980 payable in 1981, a tax levy to be paid into said fund of not more than One ($1.00) Dollar on each One Hundred ($100) Dollars of taxable property located within the City of South Bend, Indiana. SECTION III. Pursuant to the requirements I.C. 18 -6 -6 -2 public hearin on this proposed ordinance is hereby set for 14 day of 1980, at 7:00 o'clock p.m. in the council chambers o the City of South Bend, and notice of said public hearing shall be given to the taxpayers of the City of South Bend by two publications one week apart in two newspapers published in St. Joseph County, Indiana.