Appropriating Intresr Earned Certificates of Deposit Park District Bonds $ 15,164.35

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Ordinance ss -2S -73 AN ORDINANCE FOR APPROPRIATING INTEREST EARNED FROM THE PURCHASE OF CERTIFICATES OF DEPOSIT OUT OF THE PROCEEDS OF THE 1972 PARK DISTRICT BONDS TO THE PARK DISTRICT BOND CONSTRUCTION FUND IN THE AMOUNT OF $15916405. Whereas, the Park District of the City of South Berri sold bonds in the amount of $6009000.00, which were designated as the Park District Bonds of 1972s to have sufficient hurls to construct a recreation center building and the development of a park in an area bounded by Linden Avenue, Orange, Birdsall and College Streets known as Martin Luther King 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 $15,164.35 has been earned from said investments and Whereas, said Board now finds that the $600,000.00 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 the need to purchase equipment for the Recreation Center Building and site development 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 $15,164.35 be appropriated out of the pro_ ceeds of the interest earned from the Certificates of Deposit to the Park District Bond Construction fund. That the appropriation of funds that is set forth in Section 1. is required 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 concerning 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. lst READING PUBLIC HEARING 2nd READING y /0 -73 NOT APPROVED REFERRED PASSED 9- 16 _ 7,Y Member of throuth Co mmon Council FILED IN CLERK'S OFFICE AUG 2 21973 Irene Gammon CITY, CLERK,, SOUTH BEND, IND.