Additional Appropriation from the General Park Fund in the Amount of $2,000.00 to the Park District Fund

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ORDINANCE NO. % LL— - ,7 FILED IN CLE K'S OFFICE AN ORDINANCE FOR ADDITIONAL APPROPRIATION J U N 2 3 198:` FROM THE GENERAL PARK FUND IN THE AMOUNT OF TWO THOUSAND DOLLARS ($2,000.00) TO THE PARK DISTRICT FUND KATHRYN BOUGH CITY CLERK, SO H BEND, IND. WHEREAS, Certain extraordinary conditions have developed since the adoption of the existing annual budget, so that it is now necessary to appropriate more money than was appropriated in the annual budget, for the various functions of city government to meet such extraordinary emergencies and WHEREAS, an error was made in computing the 1965 Park District Fund budget causing a shortage to occur in the Park District Fund. The figure used in Line 6 (Actual balance, June 30th, 1964) of the 1965 budget showed a balance of $90,245.61 as of June 30th, 1964. This figure included money that was appropriated for construction work in conjunction with the sale of General Obligation Bonds in February 1963 in the amount of $800,000.00 The actual balance in the Park District Fund as of June 30th, 1964 was $47,203.51 thus creating a shortage of $43,042.70 in the Park District Fund to meet Bond and Principal payment due in 1965 and, WHEREAS, Premium and Interest in the amount of $16,522,64 was earned from the sale of Bonds, and investments in U. S. Treasury Bills has earned the amount of $18,243.45, and a balance of $3,732.14 was unexpended in the 1963 Park District Bonds sale, which sums total $38,498.23. This amount can be used to offset the above shortage, and, WHEREAS, Bond Principal and Interest payments for the year 1965 total $1291287.62, and estimated income to meet said debt is $127089.56 SECTION I. BE IT ORDAINED, by the Common Council of the City of South Bend, Indiana, that for the expenses of City Government and its institutions for the year ending December 311 1965, the following sum of money is hereby appropriated and set apart out of the fund herein named and for the purpose herein specified, subject to the laws governing the same, and such sum herein appropriated shall be held to include all expenditures authorized to be made during the year, unless, otherwise expressly stipulated and provided by law. SECTION II. That for said fiscal year there is hereby appropri- ated out of and from the General Park Fluid, the following specified amount to meet such extra- ordinary emergencies as follows, to wit: 1. Park District Fund - $2,000.00 SECTION III. This Ordinance shall be in full force and effect from and after its passage by the Common Council, its approval by the Mayor, and the fulfillment of all statutory requirements of emergency appropriations. let 8 2nd READIMB IAOTfEE OF THE M71OL[ Member of the Common Council PUBLIO HEARIRB 3rd READING 7 NOT APPROVED REFERRED 1ED