HomeMy WebLinkAboutEstablishing College Football Hall of Fame Debt Service Fund ORDINANCE No. 8701-96
Passed by the Common Council of the City of South Bend, Indiana_
July 22, 19 96
Attest: , /1 G �. Cit y Clerk
LORETTA J. DUD'
t719 / President Attes Pres den of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana-
July 23, 96
Ig
,i�� %' • i Clerk
C ry C
LORETTA . DU 33
Approved and signed by me
6 - � Mayor
ORDINANCE NO. VD 1-96
AN ORDINANCE OF
THE COMMON COUNCIL OF THE CITY OF SOUTH BEND
ESTABLISHING THE COLLEGE FOOTBALL HALL OF FAME DEBT SERVICE FUND
APPROPRIATING $108, 122. 66 FROM FUND 270 TO THE
COLLEGE FOOTBALL HALL OF FAME DEBT SERVICE FUND
APPROPRIATING $524, 416. 00
FROM THE COLLEGE FOOTBALL HALL OF FAME DEBT SERVICE FUND
AND APPROPRIATING $597, 170. 00 FROM FUND 318
All RELATING TO LEASE PAYMENTS OBLIGATIONS OF THE
COLLEGE FOOTBALL HALL OF FAME AND CENTURY CENTER
STATEMENT OF PURPOSE AND INTENT
The City of South Bend, Indiana, through its Century
Center Board of Managers operates the College Football Hall of Fame
which shall, during calendar year 1996, realize revenues and incur
expenses in connection with the operation and maintenance of the
same. Among the obligations of the College Football Hall of Fame
is the payment of a lease payment to the South Bend Redevelopment
Commission, for use by the South Bend Redevelopment Commission in
the satisfaction of its lease rental obligations arising in
connection with the Hall of Fame Bonds.
In order to segregate funds of the Hall of Fame for use
in the satisfaction of lease obligations, the Common Council has
determined it in the best interest of the City that there be
established the College Football Hall of Fame Debt Service Fund.
Excess operating revenues of and certain donations to the Hall of
Fame shall be deposited into the College Football Hall of Fame Debt
Service Fund and used for this purpose.
The Common Council further determines that there is on
deposit in Fund 270, the total sum of $108, 122 . 66. This sum
represents the donation to the College Football Hall of Fame of
$100, 000 made by Mr. William Busse plus accumulated interest
thereon. The Common Council has determined that it is appropriate
that this sum be appropriated from Fund 270 to the College Football
Hall of Fame Debt Service Fund in order that it be made available
in connection with lease payment obligations of the Hall.
The Common Council has also been advised that the Office
of the South Bend City Controller has received funds in the amount
of $416, 293.34 from the Friends of the College Football Hall of
Fame for use in connection with lease payment obligations of the
Hall and that upon the passage of this ordinance, this sum will be
deposited into the College Football Hall of Fame Debt Service Fund.
•
The Common Council has determined that it is in the best
interest of the City that the sum of $524, 416. 00 be appropriated
from and set apart within the College Football Hall of Fame Debt
Service Fund in order to fund, by direct payment or reimbursement,
costs in connection with lease payment obligations of the Hall
incurred in 1996.
The City of South Bend, Indiana, through its Century
Center Board of Managers also operates the Century Center. Among
the obligations of the Century is the payment of a lease payment to
the South Bend Redevelopment Commission, for use by the South Bend
Redevelopment Commission in the satisfaction of its lease rental
obligations arising in connection with the Century Center Bonds.
In accordance with the 1996 City Budget approved by the Common
Council the Controller has transferred the sum of $294, 040 . 00 from
the Cummulative Capital Improvement Fund, Fund 407, to Fund 318 and
that the sum of $597, 170. 00 be appropriated and set apart within
the Fund 318, the Redevelopment/Century Center Bond Fund, which
fund includes receipts by the Century Center of lease payments from
the South Bend Community School Corporation in order to fund, by
direct payment or reimbursement, costs in connection with lease
payment obligations of the Hall incurred in 1996.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND AS FOLLOWS:
Section I. There is hereby created the College Football
Hall of Fame Debt Service Fund, Fund No. 377, for the purpose of
receiving excess operating revenues and certain private donations
to the College Football Hall of Fame for use in connection with
lease rental obligations arising in connection with the Hall of
Fame.
Section II . There is hereby appropriated from Fund 270
of the City of South Bend, the total sum of $108, 122 . 66 to the
College Football Hall of Fame Debt Service Fund.
Section III . There is hereby appropriated and ordered
set apart out the College Football Hall of Fame Debt Service Fund
for the purposes hereinabove specified, the sum of $524, 416. 00,
which amount is necessary in connection with lease payment
obligations in connection with the College Football Hall of Fame
in 1996.
Section IV. There is hereby appropriated and ordered set
apart out the Redevelopment/Century Center Bond Fund, Fund 318, for
the purposes hereinabove specified, the sum of $597, 170 . 00, which
amount is necessary in connection with lease payment obligations in
connection with the Century Center in 1996.
Section V If any one or more of the provisions contained
in this ordinance shall for any reason be held to be invalid,
illegal, or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision
hereof, and this ordinance shall be construed as if such invalid,
illegal or unenforceable provision was not contained therein.
Section VII This ordinance shall be in full force and
effect from and after its passage by the Common Council and
approval by the Mayor.
Member, Common Council
/ Filed in Clerk's Office
1st READING 7-8-96
PUB
3 rd- � ��Ib� —9� JUL - 3 1996
ggN�eT OREN% LORETTA J. DUDA
§%3 CITY CLERK,SO.SEND.IN.
COMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee
to whom was referred
BILL NO.
57-96 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND
ESTABLISHING THE COLLEGE FOOTBALL HALL OF FAME DEBT
SERVICE FUND APPROPRIATING $108, 122 . 66 FROM FUND 270 TO
THE COLLEGE FOOTBALL HALL OF FAME DEBT SERVICE FUND
APPROPRIATING $524, 416.00 FROM THE COLLEGE FOOTBALL HALL
OF FAME DEBT SERVICE FUND AND APPROPRIATING $597, 170.00
FROM FUND 318 ALL RELATING TO LEASE PAYMENT OBLIGATIONS OF
THE COLLEGE FOOTBALL HALL OF FAME AND CENTURY CENTER
Respectfully report that they have examined the matter and that in their opinion this bill
has been recommended to the Council favorably.
Cleo Washington
Chairman
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SOUTIi .0.4
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1, i, : , Joseph E. Kernan. Mayor
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Department of Administration and Finance
Kevin C. Horton
July 8, 1996
Mr. Roland Kelly, President
South Bend Common Council
4th Floor, County-City Building
South Bend, IN 46601
Re: An Ordinance of the Common Council of the City of
South Bend Establishing the College Football Hall
of Fame Debt Service Fund Appropriating $108, 122 . 66
From Fund 270 to the college Football Hall of Fame Debt
Service Fund Appropriating $524, 416 . 00 From the College
Football Hall of Fame Debt Service Fund And Appropriating
$597, 170 . 00 From Fund 318 All Relating to Lease Payments
Obligations of the College Football Hall of Fame and
Century Center
Dear Mr. Kelly:
The attached Ordinance establishes the mechanism by which the
City may receive monies on behalf of the College Football Hall of
Fame. Furthermore, it provides the legal mechanism to then
disburse said receipts to the Trustee for payment on the Hall of
Fame Bond. The amounts set forth in the Ordinance are those that
are anticipated to be received and disbursed in the current year.
Your favorable consideration is requested.
Sincerely,
Kevin C. Horton
City Controller
KCH/jl
Attachment
County-City Building • South Bend, Indiana 46601 • 219/235-9216 Fax 219/235-9928
Catherine A.Hubbard Jeffrey A.Rinard Isabel Gonzalez Ronalda Minnis Gatha Vaughn
Director Human Resources Finance Director Safety&Risk Manager Benefits Manager Barrett Law