Create a Cumulative Capital Improvement Fund

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FILED IN CLERK'S OFFICE jAN 211966 KATHRYN L. BLOUGH CITY CLERK, SOUTH SEND, IND, ORDINANCE N0. -- AN ORDINANCE TO CREATE A CUMULATIVE CAPITAL IMPROVEMENT FUND BE IT ORDAINED by the Common Council of the City of South Bend: SECTION I. In accordance with the requirements of Section 8 of Chapter 225, of the Acts of the 1965 General Assembly, there is hereby created a special fund to be known as the Cumulative Capital Improvement Fund of South Bend into which the cigarette taxes allotted to South Bend by reason of Subsection C (1) (C) of Section 27C and Section 27D of the Indiana Cigarette Tax Law being Chapter 222 of the Acts of 1947 as amen- ded shall be deposited. Said fund shall be appropriated and used solely for capital improvements as hereinafter defined and none of such monies shall revert to the general fund or be used for any purposes other than capital improvements. SECTION II. The term "capital improvements" means the construc- tion or improvement of any property owned by the City of South Bend including but not limited to streets, thoroughfares and sewers and the retirement of general obligation bonds of South Bend issued, and the proceeds used for the purpose of constructing capital improvements. The term capital improvement shall not include salaries of any public offi- cials or employees except those which are directly chargeable to a capi- tal improvement. 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. 1 rer of the Common kouncil Isf & 2nd READING / -G6 COWINTTEE OF THE WHOLE PUBLIC HEARIRG 2 G (o 3:d READING NOT A"PROVED REFERRED PASSED _T-11(146