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Home My WebLink AboutEstablishing- Cumulative Capital Development Fund . • • � • , ' ORDII�IAI�IG� I�Io. 8789-97 Passed by the Common Council of the City of South Bend,Indiana May 27, 97 19 Attest: �` � � �� City Clerk � L RETT J.D Attest: � � /�� President of Common Council Presented by me to the Mayor of the City of South Bend,Indiana May 28, 19 97 -- �� City Clerk LORET A J.D A Approved and signed by me May 30 19 97 '�`�'`� "�"��_------- Mayor ORD INANCE NO. 8 7g9-9_7 AN ORDINANCE OF THE CONIl�ION COIINCIL OF THE CITY OF SOIITH BEND, INDIANA, ESTABLISHING A CUMULATIVE CAPITAL DEVELOPMENT FUND STATEMENT OF PURPOSE AND INTENT I .C. 36-9-15.5 permits the City to establish a Cumulative Capital Development Fund for any purpose presently allowed for existing cumulative funds and to levy within certain limits to provide revenues for that fund. On July 8, 1985, the Common Council passed Ordinance No. 7486-85 establishing a Cumulative Capital Development Fund and levying taxes for said fund for the years of 1986, 1987 and 1988 . On May 23, 1988, the Common Council passed ordinance number 7676-88 re-establishing the Cumulative Capital Development Fund and levying taxes for said fund for the years of 1989, 1990, and 1991 . On June 24, 1991, the South Bend Common Council passed Ordinance No. 8195-91 re- establishing the Cumulative Capital Development Fund and levying taxes for said fund for the years of 1992, 1993, and 1994 . On May 23, 1994, the South Bend Common Council passed Ordinance No. 8505-94 reestablishing the Cumulative Capital Development Fund and levying taxes for said fund for the years 1995, 1996, and 1997 . The South Bend Common Council finds that it is necessary to reestablish such fund and levy taxes for said fund for the years of 1998, 1999, and 2000 in order to assure the financial well- being of the City of South Bend. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL AS FOLLOWS : Section I ta) . A Cumulative Capital Development Fund is established, to be used for any purposes permitted under I .C. 36- 9-16, for capital improvements; for any purposes permitted under I .C. 36-9-16 .5, for public ways and sidewalks; for any purposes permitted under I .C. 36-9-26, for sewers; for any purposes permitted under I .c. 36-9-17, for general improvements; for any purposes permitted under I .C. 36-8-14, for firefighting building and equipment and police radios; for any purposes permitted under I .C. 36-10-4-36, for parks; and for any purposes permitted under Y .C. 36-9-16-2 for public buildings and rights-of-way. (b> • Notwithstanding uses permitted under Subsection (a) , above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than those purposes stated in Section (a) provided that the purpose of the expenditure is to protect the public health, welfare, or safety in an emergency situation which demands immediate action. Funds may be spent under the authority of this section only after the Mayor issues a declaration that public health, welfare or safety is in immediate danger that requires the expenditure of money in the fund and files notice of such emergency declaration with the Board of Public Works . Section II . An ad valorem property tax levy shall be imposed and revenues from that levy shall be retained in the South Bend Cumulative Capital Development Fund. Section III . The maximum rate of the levy under Section II shall not exceed an amount to be determined by multiplying each One Hundred ($100 . 00) Dollars of assessed tax valuation of real property within the City and subject to taxation by the following specified tax rates : First year of imposition of tax (1998) $ . 15 Second year of imposition of tax (1999) $ . 15 Third year of imposition of tax (2000) $ . 15 Section IV. Proofs of publication and posting of notices of the public hearing held on this 27th day of May, 1997, shall be submitted to the State Board of Tax Commissioners of the State of Indiana, along with this Ordinance, as provided by law. Section V. Submission of this Ordinance to the State Board of Tax Commissioners shall be published in accordance with I .C. 5-3-1 . Section VI . This Ordinance shall be in full force and effect from and after its passage by the Common Council, approval by the Mayor, and approval by the State Board of Tax Commissioners . -- �/� , _� � Member of the Common Co cil Fited in Ci�r��'� O�fic� i st READING ��f�—g ��`�� ' 7 �s�7� PU3LIC HEARING�-�7- 7 3 rd READING 5-��7 I.OR�T'e13, t3U�Dd'a., .� � i;OT A�PROVED C17YCL�tt+b,::�.C�tt�,1;�, F:EFERRED PASSED �-2�_9 7 � COMMITTEE REPORT TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee to wh om was referred BILL NO. 42-97 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, ESTABLISHING A CUMULATIVE CAPITAL DEVELOPMENT FUND Respectfully report that they have examined the matter and that in their opinion, this bill has been recommend to the Council favorably. Sean Coleman Chairman 45pU TH B�� O �\�11��1��I�/i O � � �/ ,A COUNTY-CITY BUILD[NG "' �\� ��i p PHONe 219/235-5887 U �� \ ,i,. �i .. SOUTH BEND� IxD�nrrn 46601-1830 w ��E"�E/� � a Fnx 219/235-9892 �',� �� `�a� TDD 219/235-5567 1865 CITY OF SOUTH BEND STEPHEN,J.LUECKE, MAYOR DEPART�vtENT OF ADMINISTRATION AND FINA�TCE M. CATHERINE ROEMER CITY CQNTROLLER May 7, 1997 Mr. Roland Kelly, President South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 Re: An Ordinance Establishing a Cumulative Capital Development Fund Dear President Kelly: I am attaching for filing an ordinance establishing a cumulative capital development fund and establishing an ad valorem tax levy to fund the same at the rate of $ .15 per $100 assessed valuation. State law limits to three (3) year increments the life of any such fund and levy. The City first established a cumulative capital development fund in 1985 and has since then reestablished that fund every three (3) years. Current authority for the fund terminates this year. The attached ordinance would allow for the continuation of the fund and levy for an additional three (3) years. Monies raised by this levy and deposited into this fund may be used for a variety of capital projects, including streets, sidewalks, sewers, and park improvements. Your favorable consideration is requested. Sincerely, �'l � M. Cather n oemer City Cont 1 r MCR/jl , Filed ln Ct�rl�'� ��f+c� � z �•1AY - 7 19�7 � �,.�«�.4 • L03i�T7T4a J. :9?.+ta" a CITYCL�R:C.��.,�#E'�I:: , � � CATHERINE A. HUBBARD-SHEAD JEFFREY A. RINARD ISABEL GONZALEZ RONALDA MINNIS DIRECTOR, HUMAA'RESOURCFS FINAKCE DIRECTOR DIRECTOR� SAFETY ST RISK MANAGEMENT BENEF[TS MAl\AGER