Establish one additional fund, namely, Fund No. 426, TIF District, - Central Medical Services

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ORDINANCE NO. 1 Z s~ Q 1 AN ORDINANCE OF THE SOUTH BEND COMMON COUNCIL TO ESTABLISH ONE ADDITIONAL FUND, NAMELY, FUND N0.426, TIF DISTRICT -CENTRAL MEDICAL SERVICES STATEMENT OF PURPOSE AND INTENT This Ordinance establishes a new Fund, No. 426, for the deposit and disbursement of Tax Increment Financing dollars in the Central Medical Services Area TIF District which was recently established by the South Bend Redevelopment Commission in Resolution No. 1737. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana as follows: Section I. Anew Fund, No. 426, is created and designated as the TIF District -Central Medical Services Area Fund. Section II. All sums of money collected and deposited in this Fund No. 426 shall be used solely for the purposes of acquisition, demolition, environmental assessment, public works construction, disposition, site preparation, maintenance, and any other similar purpose permitted by and consistent with applicable Tax Increment Finance state law. Section III. Any and all interest earned on monies deposited in the Central Medical Services Area TIF fund shall remain in the fund. Section IV. Monies remaining in each respective fund at the end of the fiscal year shall not revert to any other fund. Section V. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. _~ Member, Common Council Z3-~~ 1 st READING PUBLIC HEARING ~-Ll~~ .3rd READING $-L~-o) N07 APPROVED REFERRED PASSED g -z~-~~ f11ed In Clerk's ®ffiee J11~ ~ ~ 7.001 LOFI&TTA J. DlfDfi CITY CLfiRK, 80. BIcND. Itl.