Creating a Civic Center Endowment Fund

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NO. 5505 -73 AN ORDINANCE CREATING A CIVIC CENTER ENDOWMENT FUND. WHEREAS, the City of South Bend has embarked upon the development of a Civic Center within the area bounded generally by Wayne Street on the south, St. Joseph Street on the west, Colfax Avenue on the north and the St. Joseph River on the east; and WHEREAS, it is anticipated that the development and operation of said Civic Center will be financed, in part, by private donations; and WHEREAS, a special fund should be established for receipt and handling of any and all donations which may be made for such purpose. 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 administered by the City Controller a new special fund to be known as the "Civic Center Endowment Fund" to be used for the receipt and deposit of donations for use in the development and operation of the aforesaid Civic Center by the Civic Center Authority. SECTION II. That said Civic Center Endowment Fund shall be a continuing fund and donations deposited therein shall not revert to the general fund; but rather all money received by said fund shall be used to develop, operate, maintain or improve the Civic Center. Said money may be invested by the Controller, with the direction of the Authority, consistent with the statutes of the State of Indiana. Any interest or other income earned from such investments shall be added to principal and retained in said fund for use in the same manner as other monies accumulated therein. SECTION III. This ordinance shall be in full force and effect from and after its passage by the Common Council and its approval by the Mayor. member of the ommo Qqncil Passed April 9, 1973, as amended.