Establish one additional fund in the Sample Ewing Development area, Fund No. 209 Studebaker/Oliver Revitalization Grants

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ORDINANCE NO. _12~ ~ ~ ~ 1 _ AN ORDINANCE TO ESTABLISH ONE ADDITIONAL FUND IN THE SAMPLE EWING DEVELOPMENT AREA, NAMELY, FUND N0.209 STUDEBAKER/OLIVER REVITALIZATION GRANTS Statements of Purpose and Intent: This ordinance establishes a new fund in the Sample Ewing Development Area. This new fund will be used for the deposit and disbursement of Federal Grants that the City has been awarded and any future grants the city may receive for the Studebaker/Plow Revitalization Project: Cost centers will be created for each grant in order to more easily deternnirie all revenues and expenses activity for the project NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. Create Fund# 209 Studebaker/Oliver Revitalization Grants. SECTION 11. All sums of money collected and deposited in the fund shall be used solely for the purposes of acquisition, demolition, environmental assessment & remediation, disposition, site preparation, and maintenance of the Studebaker/Oliver Revitalization project. SECTION III. Any and all interest earned on monies deposited in the Studebaker/Oliver Revitalization Grant 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 the Sample Ewing Development Area TIF General 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 of the Common uncil 1st READING ~--~'nf ~~ Su~S-~~~~ PUBLIC HEARING L~.-L3-0~ CAS 5~~5~-~~~ 3 rd READING ~ _ Z3.,0, Cl.S ~, kb~~ ~~ NOT APPROVED REFERRED nn PASSED ~ - L3 -Ol Q. S f k.~S~~~v.''r~-dJ Ffled to Clerk's 4ff~ce ASR 0 ~ 2001 IORETTA J. DUDA CITY CLERK.lW. BENfl,iM.