Creating a Civic Center Development Fund

Home Browse Search

ORDINANCE NO. 5374 -71 AN ORDINANCE CREATING A CIVIC CENTER DEVELOPMENT FUND, ACCEPTING DONATIONS FOR DEPOSIT IN SAID FUND, AND APPROVING AN AGREEMENT REGARDING THE USE OF SAME. WHEREAS, the City of South Bend has embarked upon the develop- ment of a Civic Center within the area bounded generally by Wayne St. on the south, St. Joseph St. on the west, Colfax Ave. on the north and the St. Joseph River on the east; and WHEREAS, it is contemplated that an art center and exhibition hall will be among the first improvements to be erected in said Civic Center; and WHEREAS, it is anticipated that said improvements will be undertaken with private funds donated for such purpose; and WHEREAS, a special fund needs to be established for receipt and handling of any and all donations which may be made for such pur- pose; and WHEREAS, the National Bank and Trust Company of South Bend, Indiana, as Trustee of The Muessel - Ellison Memorial Trust Foundation, is desirous of contributing $100,000 for such purposes, 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 Development Donation Fund" to be used for the receipt and deposit of donations for use in the development of the aforesaid Civic Center. SECTION II. That said Civic Center Development Donation Fund shall be a continuing fund and donations 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 be added to principal and retained in said fund for use in the same manner as other monies accumulated therein. SECTION III. That a donation of $100,000 from the National Bank and Trust Company of South Bend, Indiana, as Trustee of The Muessel- Ellison Memorial Trust Foundation, is hereby formally accepted for deposit in said fund for the uses and purposes indicated, and, further, all future donations to said fund for like purposes are hereby formally accepted. SECTION IV. That a formal agreement dated December 27, 1971, and executed by the National Bank and Trust Company of South Bend, Indiana, as Trustee of The Muessel - Ellison Memorial Trust Fund and the Board of Public Works and Safety governing donations to the Civic Center Development Donation Fund by the Muessel- Ellison Memorial Trust Foundation is hereby approved and the Mayor is authorized to signify such approval by executing the same.