Establishing a cumculative Sinking Fund to be known as the Track Elevation Fund Under Chapter 192 of Acts of 1955 General Assembly

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k ORDINANCE No. 4457 AN ORDINANCE ESTABLISHING A CUMULATIVE SINKING FOND TO BE KNOWN AS THE TRACK ELEVATION FUND UNDER CHAPTER 192 OF THE ACTS OF 1955 GENERAL ASSEMBLY OF THE STATE OF INDIANA. -- BE IT ORDAINED by the Common Council of the City of South Bend, Indiana: SECTION I: In accordance with Chapter 192 of the Acts of the 1955 General Assembly of the State of Indiana, there is hereby established a cumulative sinking fund to provide funds for the payment of the city's portion of the cost of the separation and alteration of the grade levels of any public highway, or highways, in said city and of any railroad, or railroads, crossing the same or the city's portion of the cost or the payment of bonds and interest thereon covering the city's portion of the cost of the removal of railroad tracks, road beds, yards, stations, or other facilities or the acquisition of land used for right -of -way or other railroad purposes whether such costs are incurred by lease, con- demnation or purchase, whenever such removal or such acquisition is designed to alleviate motor vehicle traffic congestion or to provide adequate parking facilities. SECTION II: The sum of 2--O on,each $100.00 on all taxab} � r e levie in real property within the City of South Bend, Indiana a e tt� ein such tax, when collected, shall be held in a special fund to be knower as 1956, the "Track Elevation Fund" and shall not be expended for any purpose other than the purpose for which it was levied. SECTION III: The City Clerk is hereby ordered to give notice of a public hearing to.the tax payers of the City of South Bend in accordance with Section II of said Act. SECTION IV: This ordinance shall be in full force and effect from and after its adoption, approval by the Mayor, and approval by the State Board of Tax Commissionersd r' sc F ►'r -� �.` — S` S uqr�