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HomeMy WebLinkAbout10590-18 Ordinance Establishing New TIF Park Bond Debt, Capital Funds/Fire Station Debt Service and Capital Funds ORDINANCE No . 10590-18 Passed by the Common Council of the City of South Bend, Indiana March 26, 2018 Attest: City Clerk Aareemah N. Fowler Attest: President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana March 26, 18 20 City Clerk Kareemah N. Fowler Approved and signed by me I`�' 20 Mayor i BILL NO. 18-18 ORDINANCE NO. 10590-18 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 NEW FUNDS: FIRE STATION NO. 9 DEBT SERVICE FUND (#350), FIRE STATION NO. 9 CAPITAL FUND (#451),2018 TIF PARKS BOND DEBT SERVICE FUND (#351),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 I)cbt 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 Presi South Bend Common Council Attest: Kareem N. Fowler, Ci4 Cl rk 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 of , 2018, at 1- o'clock (,v. m. L K eemah N. FA le , City Clerk Office of the City Clerk �f Approved and signed by me on the day of I�IGITZ�Y► , 2018, at_7 o'clock .m. Pete Butti ' gy Ci ty of South diana ]st REAMING 3/ Zl 1B PUBLIC HEARI!,.C: 3 rd READING / v NOT APPROV;. REFERRED 2 PASSED S�u'rH e 120ON COUNTY-CITY BUILDING 04 �1p PHONE 574/235-9822 227 W.JEFFERSON BLVD. "2 FAX 574/235-9928 SOUTH BEND,INDIANA 46601-1830 U v PEACE M % 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 07 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 15t reading on March 12th, 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 '