Creating "Federal Revenue Sharing" Fund

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ORDINANCE NO. 5474 -72 AN ORDINANCE CREATING THE FEDERAL REVENUE SHARING" FUND, ACCEPTING FUNDS FROM THE STATE AND LOCAL ASSISTANCE ACT OF 1972 IN SAID FUND AND APPROVING THE INVESTMENT OF SUCH FUNDS. WHEREAS, the City of South Bend, Indiana has been designated a participant in the State and _Local Assistance Act of 1972, and will receive funds by the same act; and WHEREAS, it is anticipated that such funds will be received by the City of South Bend on a continuing basis; and WHEREAS, the State and Local Assistance Act of 1972 requires that a sepa- rate trust fund be established for the deposit of the federal funds to be received by the City of South Bend, NOW, THEREFORE BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: SECTION I. That there is hereby established within the accounts admini- stered by the City Controller a new special fund to be known as the "Federal Revenue Sharing Fund to be used for the receipt and deposit of any such funds provided by the State and Local Assistance Act of 1972. SECTION II. That said Federal Revenue Sharing Act Fund be a continuing Fund and receipts deposited therein shall not revert to the General Fund; the City Controller is hereby authorized to invest any monies on deposit in said Fund in such manner as he may deem appropriate, consistent with the statutes of the State of Indiana; any interest or other income earned from such investments shall remain a part of such Fund. SECTION III. This Ordinance shall be in full force and effect from and after its adoption by the Common Council and its approval by the Mayor. 1st &2m1 READING 12 -18 -72 COMMITTEE OF THE WHO}E PUBLIC HEARING 12 -18 -72 e�2 *0 READING 12 -18 -72 NOT APPROVER REFERRER PASSED 12 -18 -72 - Suspension of Rules FILED IN CLER' "S `17 Irene Gary)— - CITY CLERK. SOUTH i... . DEC 1 3 1972