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Home My WebLink About8505-94 Establishing a Cumulative Capital Development Fund • V . ORDINANCE No. 8505-94 Passed by the Common Council of the City of South Bend, Indiana_ May 23, Yq 94 Attest: City Clerk IRENE K. GAMMON //. Attest: JA LLL —i /` President of Common Council // Presented by me to the Mayor of the City of South Bend, Indiana— May 24, 94 19 City Clerk IRENE K. GAMMON Approved and sired by me S/a 4 i9 9 o -G Mayor ORDINANCE NO. 2 5■0 5-V� AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH 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 . The South Bend Common Council finds that it is necessary to reestablish such fund and levy taxes for said fund for the years of 1995, 1996, and 1997 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 (a) . 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 I .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 : • 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 . e k- of the Co". ' Council Qimamtttrr &port Mu the emu= Moulted of the CV of fondly Mend: of the Whole Your Committee to whom was referred BILL NO. 48-94 SECOND READING ON 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 recommended to the Council favorable. Roland Kelly Chairman o' sail, 4,0 4 1,c4 �� r`; a- City of South Bend , ,'y.rr:,.3)))' Joseph E. Kernan, Mayor 1865 ;(0v Department of Administration and Finance Kevin C. Horton April 27, 1994 Mrs . Ann Puzzello, President South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 Re: An Ordinance Establishing a Cumulative Capital Development Fund Dear Mrs . Puzzello: 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 $ . 12 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, Kevin C. Horton City Controller KCH/jl County-City Building • South Bend, Indiana 46601 • 219/235-9216 Fax 219/235-9928 Catherine A. Hubbard Jeffrey A. Rinard Isabel Gonzalez Ronalda Minnis Director Human Resources Finance Director Safety & Risk Manager Benefits Manager