Appropriating Intrest Earned out of the proceeds of the 1977 Park District Bonds $88,000.00

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BILL NO. ORDINANCE NO. 6_?3,)-29 AN ORDINANCE FOR APPROPRIATING INTEREST EARNED FROM THE PURCHASE OF CERTIFICATES OF DEPOSIT OUT OF THE PROCEEDS OF THE 1977 PARK DISTRICT BONDS TO THE PARK DIS- TRICT BOND CONSTRUCTION FUND 50 IN THE AMOUNT OF $88,000.00. STATEMENT OF PURPOSE AND INTENT: WHEREAS, the Park.District of the City of South Bend sold bonds in the amount of $2,170,000.00, which were designated as the Park District Bonds of 1977, to have sufficient funds to renovate Potawatomi Zoo, replace irrigation system at Erskine Golf Course, light Belleville baseball field and Marshall Field tennis courts, construct tennis courts at Voorde and Riverside Manor Parks and to develop Paul F. Boehm Park, and WHEREAS, the proceeds from the sale of bonds were invested in Certificates of Deposit before the start of construction and during the construction period and WHEREAS, interest in the amount of $88,000.00 has been earned from said investments and WHEREAS, said Board now finds that the $2,170,000.00 from the sale of bonds has been expended or is under contract to be spent and that additional funds will be required due to change orders and to reinstate projects that had to be deleted from the zoo project due to higher than anticipated bids that were received for the zoo work and that an extraordinary emergency exists for the making of the additional appropriation hereinafter set out: NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: Section 1. That the amount of $88,000.00 be appropriated out of the pro- ceeds of the interest earned from the Certificates of Deposit to the Park District Bond Construction Fund 50. That the appropriation of funds that is set forth in Section 1. is re- quired for the proper and efficient operation and function of the Department of Public Parks of South Bend and an extraordinary emergency is declared to exist con- cerning the foregoing appropriation. This ordinance shall be in full force and effect from and after its passage by the Common Council, its approval by the Mayor and the fulfillment of all statutory requirements of emergency appropriations. 1st READING q-.., p - ) 00 PUBLIC HEARING 2nd READING NOT APPROVED REFERRED PASSEDy , �V" I4'Z��- - '07 _" Mem er of the Common Council rXI signed only to provide an Opportunity for . iWAUVICE and Council act APR 51978 Irene Gammon to t SOUTH BEND. IND.