HomeMy WebLinkAbout8638-95 Increasing Appropriation within General Fund 1995 1 i
ORDINANCE No. 8638-95
Passed by the Common Council of the City of South Bend, Indiana
November 27, /9 95
Attest: /C 'n `'^" � City Clerk
IRENE K. GAMMON
Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana—
November 28, 19 95
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/6 City Clerk
IRENE K. GAMMON
Approved and signed by me N.e&' b ` 19 6)6-
o _ Mayor
ORDINANCE NO. g-6,38- 5
SUBSTITUTE ORDINANCE
AN ORDINANCE OF THE COMMON COUNCIL
OF THE CITY OF SOUTH BEND, INDIANA
INCREASING APPROPRIATIONS WITHIN THE GENERAL FUND
FOR THE YEAR 1995
STATEMENT OF PURPOSE AND INTENT
The Common Council of the City of South Bend, Indiana,
has determined that it is in the best interest of the City to fund
the City' s acquisition of certain local public improvements .
Pursuant to I .C. 36-7-14-39 (b) (2) (G) , the South Bend Redevelopment
Commission is authorized and empowered to reimburse the City for
expenditures made by it for certain local public improvements . It
is the understanding of the Common Council that the expenditure
hereby approved will be so reimbursed.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA AS FOLLOWS :
SECTION I . The following sum is hereby appropriated and
ordered set apart from and within the General Fund of the City of
South Bend:
ACCOUNT NO. DESCRIPTION AMOUNT
101 . 0401 .415 . 42 . 01 Land Improvements $600, 000
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.
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Memb- , S. h Bend Common Council
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''� - �;- City of South Bend•% x1,' Joseph E. Kcrnan. Mayor
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Department of Administration and Finance
Kevin C. Horton
November 22, 1995
Steve Luecke,President
Personnel&Finance Committee
South Bend Common Council
Dear Steve:
Over the past three years the City has been actively engaged in the development of the College
Football Hall of Fame. In the early stages of the project, the City incurred costs related to planning,
negotiating the agreements with the NFF,preliminary architectural work,feasibility studies,etc. These
"predevelopment costs”are typical of any project of this magnitude. It has always been anticipated that these
costs would be born by the Redevelopment Commission and the TIF District. The total amount of these
expenses were approximately$350,000.
I suggested that we pay for these costs initially from the bond proceeds even though they were not a
contemplated part of the issue,with the hope that excess interest earnings from bond proceed investments
would cover the costs. The interest earnings have not and in addition to these we have one overrun on the
project,the City's tunnel of about$160,000.
Had the City's TIF District not have taken a large downward hit as a result of tax appeals,they
would be picking up this difference as originally planned. However,they are not currently in that position.
Our proposed solution to this is to have the Civil City purchase the tunnel,which is a public
improvement from Redevelopment for an amount equal to our$550,000 shortfall. We will lease it back to
the commission for a maximum of three years,thereby repaying the General Fund in full with interest. This
internal fmancing is less expensive than external financing and therefore is good business.
I am more than happy to explain this in greater detail at your convenience.Of urgency,however,is
that there are contractors who are in need of payment and who are rightly due this payment as soon as
possible.
To repeat,this is a short-term loan and is another reason why General Fund balances are important to
the overall stability of the City.
Sincerely 14-en -&-v\
Kevin C.Horton \--?.-
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
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of the Whole
Your Committee
to whom was referred
BILL NO.
77-95 A BILL INCREASING APPROPRIATIONS AND DECREASING
APPROPRIATIONS WITHIN THE VARIOUS DEPARTMENTS WITHIN THE
VARIOUS FUNDS OF THE CITY OF SOUTH BEND, INDIANA FOR THE
YEAR 1995
Respectfully report that they have examined the matter and that in their opinion
This bill has been recommended to the Council favorable, as
amended by substitution.
Cleo Washington, Chairman
FREE PRESS GRIMIN PUBLISHING CO.
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_� City of South Bend
• -v, Joseph E. Kernan. Mayor
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Department of Administration and Finance
Kevin C. Horton
November 8, 1995
Steve Luecke,
President, Personnel and Finance Committee
Dear Steve:
Attached are the annual Transfer and Appropriation Ordinances. The 1995 projections are to be
finalized by the fiscal staff this week so I am filing by title only. The completed ordinances will
be filed early next week.
I look forward to presenting the projections to the council in the committee meeting in December.
I would like to ask for your favorable consideration on these bills. Thank you for your patience
while we are fmalizing the numbers.
Sincerely
Jeffrey A. Rinard C.P.A.
Deputy City Controller
Flied In Clerk's Office
NOV - 8 1995
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C$TYCtERK$O REND,IN.
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