HomeMy WebLinkAboutEstablishing non-reverting Century Center Preventive Maintenance & Improvement Fund ORDINANCE No. 8041 89
Passed by the Common Council of the City of South Bend, Indiana
—Nvve,nbei 27, �9 89
Attest: T K City Clerk
IRENE K. GAMMON
Attest:LA / I—A:asercit. / 0 President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
Navei11b..i 28, 19-89
City Clerk
IRENE K. GAMMON
Approved and signed by me December 1 1989
0(14 t.La's- Mayor
BILL NO.
ORDINANCE NO. (,p
o H I'
AN ORDINANCE OF THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA
ESTABLISHING A NON-REVERTING "CENTURY CENTER
PREVENTIVE MAINTENANCE AND IMPROVEMENT FUND"
STATEMENT OF PURPOSE AND INTENT:
The Common Council has determined that it would be in
City' s best interest to provide a means for allowing a fund to be
created and retained for the purpose of providing preventive
maintenance and improvement to the Century Center facility. The
Common Council has determined that it is in the best interest of
the City to allow a fund to be created for depositing monies,
including but not limited to license fees from the Century Center
catering contracts. Monies deposited in said fund shall be used
for the purpose of providing preventive maintenance and other
improvements to the facilities of the Century Center,
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND:
SECTION I . A "Century Center Preventive Maintenance and
Improvement Fund" is established as a separate dedicated fund to be '
used to receive monies including but not limited to license fees
from the Century Center catering contracts. All sums of money so
collected and deposited in said separate dedicated fund and any
interest thereon shall be used solely for the purpose of preventive
maintenance or other improvements to the physical facilities of
Century Center. Monies remaining in the fund at the end of the
fiscal year shall not revert to any other fund.
SECTION II . This Ordinance shall be in full force and
effect from and after its passage by the Common Council and the
approval by the Mayor.
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ME ' : TOF THE O OUNCIL
dccforms/centuryo
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Century
November 3, 1989
TO: Members of the South Bend Common Council
RE: Request for the Establishment of a Non-reverting
"Century Center Preventive Maintenance and
Improvement Fund"
On October 26, 1989, the Century Center Board of Managers, by motion,
approved the establishment of a non-reverting "Century Center Preventive
Maintenance and Improvement Fund" .
The principle, initial amount of this fund is three hundred thousand
dollars ( $300, 000 . 00 ) ; this amount is the license fee paid the Century
Center Board of Managers by the Service America Corporation with whom the
Century Center Board has renewed the contract for food and beverage
services at Century Center .
The principle is currently invested at a local financial institution to
yield high interest earnings; interest earnings will be deposited with
the principle amount. As the board determines the need to use these
funds earmarked for maintenance and improvements at Century Center,
request ordinances for appropriating funds will be brought to the
Council .
Therefore, it is respectfully requested that the Common Council approve
the proposed non-reverting "Century Center Preventive Maintenance and
Improvement Fund" .
Thank you for your consideration.
Brian R . Hedman
Executive Director
BRH:pp
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cc: George Murray, Acting President
Century Center Board of Managers
ill
Edwin Ehlers, Treasurer '
Century Center Board of Managers
Katie Humphreys, City Controller
120 South Saint Joseph Street South Bend, Indiana 46601 (219) 284-9711 •