11-24-08 Council Meeting Agenda & Packet

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ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING CHAPTER 2, ARTICLE 14 OF THE SOUTH BEND MUNICIPAL CODE TO ESTABLISH A NEW NONREVERTING LOSS RECOVERY FUND STATEMENT OF PURPOSE AND INTENT The City of South Bend has from time to time recovered monies on claims against third parties for losses which may or may not be tied to harm or damage to a specific City owned asset, and which may include intangible elements such as lost opportunity, loss of public confidence, increased susceptibility of City owned properly to deterioration, all caused by third party conduct. The City presently has no repository for such third party loss recovery, and this ordinance creates such a fund. NOW, THEREFORE, BE IT ORDAI'nTED by the Common Council of the City of South Bend, Indiana: Section I. Chapter 2, Article 14 of the South Bend Municipal Code shall be and hereby is amended to add a new Section 2-170.12 which establishes a Loss Recovery Fund to read as follows: Section 2-170.12 Nonreverting Loss Recovery Fund. (a) The Loss Recovery Fund is established within the City of South Bend to receive compensatory or exemplary damage payments from third parties arising from loss or damage to City tangible or intangible properly. (b) The Controller shall use all monies deposited into this Fund for reasonable costs arising from the covered loss including repair or replacement of tangible property, administrative costs of obtaining the loss recovery, enhancement or improvement of City services related to the loss, or for any other reasonable purpose. (c) The Controller shall deposit monies qualifying for this Fund in the manner prescribed by Ind. Code 5-13-6-1 et seQ., as if they were public funds, and may invest those monies as provided by the Ind. Code § 5-13-9-1 et seq., with any interest deposited into this fund. (d) Appropriation of monies in this fund, shall require approval by the Common Council.