Establishing a Specail Grant Fund with the City

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ORDINANCE NO. 1 d~~" 1 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND ESTABLISHING A SPECIAL GRANT FUND WITHIN THE CITY OF SOUTH BEND STATEMENT OF PURPOSE AND INTENT This ordinance establishes one new special grant fund within the City of South Bend. Currently the City is the recipient of several miscellaneous grants and special funds from the federal and state governments, from private gifts, etc. To improve accounting efficiency and to avoid the commingling of funds from various grants, the new fund created by this ordinance will establish a single fund for the receipt of these various grant funds. Fund #250 will be the source to account for miscellaneous grants and special funds received by the City from the federal and state governments, or from private, non-tax revenue sources. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. One new fund is created within the budget of the City of South Bend, namely Fund #250 General Grant (Special Revenue Fund). Section II. All sums of money deposited in this fund as distributed to the City from federal, state and other grants or from private donations or other non-tax revenue sources shall be used solely for the purposes stated in the grant applications or as requested by the donor, but the City shall not otherwise be required to obtain Common Council approval to make specific disbursement from this Fund. Section III. Any and all interest earned on monies deposited into Fund #250 shall remain in the fund. Section IV. Monies remaining in this fund at the end of the year shall remain in this fund and not revert to any other 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, South Bend Common Council _~ p po.@..~.~...-~ 1 st READING ~ 11 ~~' ~ ~ ~ . , _ ~ . PUBLIC HEARING (I - LL g ~ ¢ ~~ 3rd READING I~-LL-q9 ~ '; I `; ~ ~ ~~~~ a NOT APPROVEDi ~ ~~ ~ ,,, .,. P.EFE?RED ~ ~ ~~ PASSED ~ ~ -L'L-`~ ~ ~__,....L ......,.~.~,e~..~_,......_,._..........1