HomeMy WebLinkAbout18-18 Establishing new TIF Park Bond Debt, Capital Funds/Fire Station Debt Service and Capital Funds SOUTH R
120ON COUNTY-CITY BUILDING 04 �'1p PHONE 574/235-9822
227 W.JEFFERSON BLVD. .W%7,1 \�, FAX 574/235-9928
SOUTH BEND,INDIANA 46601-1830 U d'
W PEACE: a-
1865.
CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR
DEPARTMENT OF ADMINISTRATION AND FINANCE
March 5, 2018
Filed in Clerk's Office
Mr. Tim Scott MAR 0 7 2018
President, South Bend Common Council
41h Floor, County-City Building KAREEMAH FOWLER
227 W. Jefferson Blvd. CITY CLERK,SOUTH BEND,IN
South Bend, IN 46601
Re: Ordinance Establishing New TIF Park Bond Debt Service and Capital Funds and Fire
Station Debt Service and Capital Funds for the City of South Bend
Dear Council President Scott:
During the preparation and adoption of the 2018 City budget,the need has arisen to add four
additional funds to properly account for revenue and expenditures of the City of South
Bend's TIF Parks Bond Debt Service and Capital Funds as well as the Fire Station Capital and
Debt Service Funds. These funds will collect the bond proceeds to fund capital expenditures
and collect revenues to fund debt service payments.
I will present this bill to the Common Council at the appropriate committee and council
meetings. It is requested that this bill be filed for 1St reading on March 121h, and 2nd and 3rd
readings on March 26th, 2018.
Thank you for your attention to this request. If you should have any questions, please feel
to contact me at 574-235-9822.
Respectfully submitted,
-" (_
Jennifer C. Hockenhull
City Controller
Excellence I Accountability I Innovation I Inclusion I Empowerment �%�
Filed in Clerk's Office
BILL NO. 18-18 MAR 07 18
ORDINANCE NO. _
KARE ER
AN ORDINANCE OF THE COMMON COUNCIL OF THE CIT �4 DB END, IN
_. _
INDIANA,AMENDING CHAPTER 2,ARTICLE 14 OF THE SOUTH_BEND—
MUNICIPAL CODE TO ESTABLISH NEW FUNDS: FIRE STATION NO. 9 DEBT
SERVICE FUND (#350),FIRE STATION NO. 9 CAPITAL FUND (#451),2018 TIF
PARKS BOND DEBT SERVICE FUND (051),AND 2018 TIF PARKS BOND CAPITAL
FUND (#452)
STATEMENT OF PURPOSE AND INTENT
In connection with the issuance of certain debt obligations approved by the South Bend
Common Council related to the construction of certain public facilities and improvements, the
need has arisen to create four (4) funds to properly account for revenue and expenditures of the
City of South Bend.
NOW,THEREFORE,BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND,INDIANA, as follows:
SECTION I. Effective January 1, 2018,the following funds are established, and Chapter
2, Article 14, of the South Bend Municipal Code is hereby amended to add new sections, which
shall read in their entirety as follows:
Section 2-170.31. Fire Station No. 9 Debt Service Fund
The Fire Station No. 9 Debt Service Fund(No. 350) is established to account for revenues
to fund debt service payments related to the General Obligation Bonds Series 2018 (Fire Station
No. 9).
Section 2-170.32. Fire Station No. 9 Capital Fund
The Fire Station No. 9 Capital Fund(No. 451) is established to account for the proceeds of
the sale of the General Obligation Bonds, Series 2018 (Fire Station No. 9).
Section 2-170.33. 2018 TIF Parks Bond Debt Service Fund
The 2018 TIF Parks Bond Debt Service Fund (No. 351) is established to account for
revenues to fund debt service payments related to the Redevelopment District Bonds of 2018.
Section 2-170.34. 2018 TIF Parks Bond Capital Fund
1
The 2018 TIF Parks Bond Capital Fund(No.452)is established to account for the proceeds
of the sale of the Redevelopment District Bonds of 2018.
SECTION II. This ordinance shall be in full force and effect from and after its passage
by the Common Council and approval by the Mayor.
Tim Scott, Council President
South Bend Common Council
Attest:
Kareemah N. Fowler, City Clerk
Office of the City Clerk
Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the
City of South Bend, Indiana on the day of , 2018, at
o'clock m.
Kareemah N. Fowler, City Clerk
Office of the City Clerk
Approved and signed by me on the day of , 2018, at o'clock
.m.
Pete Buttigieg, Mayor
City of South Bend, Indiana
2