Appropriation Funds from HOF Fund #677 and CFHOF Fund #377 to satisfy the City's obligation to NFFoundation

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ORDINANCE NO. ZS $ -O AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND TO APPROPRIATE FUNDS FROM HALL OF FAME OPERATIONS FUND #677 AND FROM COLLEGE FOOTBALL HALL OF FAME FUND #377 FOR PURPOSES OF SATISFYING THE CITY'S OBLIGATION TO THE NATIONAL FOOTBALL FOUNDATION STATEMENT OF PURPOSE AND INTENT The City of South Bend and the National Football Foundation (hereafter NFF) have entered an Agreement whereby the NFF shall manage and operate the College Football Hall ofFame located in South Bend, Indiana for the interim term of five years beginning January 1, 2001 and ending December 31, 2005. The terms of the interim operating and management agreement between the City and the NFF require the City to promptly turn over to the NFF the adjusted cash balance of the Hall of Fame Operations account (Fund #677) as of December 31, 2000. That adjusted cash balance is $484,088.97 which should be disbursed to the NFF per agreement. On a temporary basis by consent of the NFF, the City received the revenue from and made payment for the operating expenses of the College Football Hall of Fame for the first five months of 2001. In order to fully turn over to the NFF the Hall of Fame management operations as contemplated by the terms ofthe City/NFF Agreement, it is necessary to appropriate sufficient funds to cover expected payments to the NFF for the remainder of calendar year 2001. Having previously appropriated $612,376 for Hall of Fame expenses in calendar year 2001, this Council now determines that it is necessary to appropriate an additional $442,198. These funds are expected to come from HotellNiotel tax transfers for the second half of calendar year 2001($231,188); estimated funds from Professional Sports Development Funds of $111,919 for the remainder of 2001, plus the cash balance that currently exists in Fund #377. Of the $442,198 appropriated in this Ordinance, $222,697 constitutes actual operating income from Hall of Fame operations in calendar year 2001 through May 31, 2001 which is held in Fund #377. The City is obliged to disburse promptly to the NFF said $222,697 ofnet revenue from Hall of Fame operations through May 31, 2001 per the terms of the City/NFF Agreement. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF SOUTH BEND AS FOLLOWS: Section I. The sum of $484,088.97 is hereby appropriated and shall be set apart from and within the Hall of Fame Operations Fund (#677) for disbursement to the National Football Foundation (NFF) which sum constitutes the adjusted cash balance of the College Football Hall of Fame (CFHOF) operations as ofDecember 31, 2000, as required by the Agreement between the City and the NFF.