Regarding use of surplus bond proceeds and/or earninga form the city Park district Bonds of 1982

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ORDINANCE NO . ~~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND REGARDING USE OF SURPLUS BOND PROCEEDS AND/OR EARNINGS FROM THE CITY OF SOUTH BEND PARK DISTRICT BONDS OF 1982 STATEMENT OF PURPOSE AND INTENT The Common Council of the City of South Bend has made the following determinations: 1. The City of South Bend previously issued its Park District Bonds of 1982 (Bonds), the proceeds of which were used to fund various improvements; and 2. The purpose for which the Bonds were issued has been accomplished and completed; and 3. The Bonds have been paid in full; and 4. A surplus of $15,368.35 exists in the City bond trustee account and a surplus of approximately $3,871.54 exists in the Park District Bond (Fund 302)(collectively referred to as "the Funds") from the proceeds and/or investment earnings of the Bonds; and 5. I.C. 5-1-13 allows for the expenditure of surplus bond proceeds or investment earnings for the same purpose or type of project for which the bonds were originally issued upon: a. the certification of the fiscal officer before or at the time of that use that the surplus was not anticipated at the time of issuance of the bonds; and b. action of the legislative body responsible for issuing the bonds approving the use of surplus bond proceeds or investment earnings for the same purpose or type of project for which the bonds were originally issued; and; 6. The City Controller has made certifications regarding surplus monies in the Funds, a copy of which certification is attached hereto; and 7. The Common Council of the City of South Bend deems it advisable to use said surplus for park maintenance. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: Section 1. That the determinations set forth in the certifications of the Controller are hereby approved. Section 2. That the Common Council of the City of South Bend hereby approves the use of said surplus in the Funds for park maintenance, and hereby approves the deposit and/or transfer of the Funds to the_Park Maintenance Fund (Fund 201). Section 3. That the Park District Bond Fund (302) be closed. Section 4_. This Ordinance shall be in full force and effect from and upon its adoption by the Common Council and approval by the Mayor. 1st READING /r~~ ,. ~7 PU6LlC NEARING ~~ ,~,d /((( rd READING 7 7 Member, South Bend Common ouncil ~'OT APPROVED 'EFERRED t \SSED I~ .-~ .~ ~ '~