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HomeMy WebLinkAboutAmending Article 14 Establish a Cumulative Capital Development Fund • ORDINANCE No. 7486-85 Passed by the Common Council of the City of South Bend, Indiana July 8, 19 85 Attest: � -_ City Clerk IRENE K. GAMMON /11 Attest: President of Common Council Presented by me to the Mayor of the City of South Bend, Indiana July 9, 19 85 7� -o City Clerk IRENE K. GAMMON Approved and signed by me cvz Mayor SUBSTITUTE BILL NO. 70-85 ORDINANCE NO. 7 11S4_gT AN ORDINANCE AMENDING ARTICLE 14 OF THE SOUTH BEND MUNICIPAL CODE TO ESTABLISH A CUMULATIVE CAPITAL DEVELOPMENT FUND STATEMENT OF PURPOSE AND INTENT: Public Law 44-1984, 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 taxes within certain limits to provide revenues for that fund. The South Bend Common Council finds that such fund is necessary and prudent for the financial well-being of the City of South Bend . NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL, AS FOLLOWS : SECTION I. That Article 14 of the South Bend Municipal Code be amended by adding a new section 2-167, to read in its entirety as follows : Section 2-167. Cumulative Capital Development Fund. (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 improvement; 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 subsection (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 subsection only after the Mayor issues a declaration that the 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 Dollars ($100.00) of assessed valuation of real property within the City and subject to taxation by the following specified tax rates : (a) First year of imposition of tax ( 1986) $.04 Second year of imposition of tax (1987) $.08 Third year of imposition of tax ( 1988) $.12 SECTION IV. 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 . CITY of SOUTH CEND 9:5w1 '�d®0/ ROGER O. PARENT, Mayor \verse jl� d a• COUNTY-CITY BUILDING SOUTH BEND, INDIANA 46601 01 0.4 eye® 4i.:. /••4 ®® 3at8 si7 f 7® Michael L. Vance 219/284-9742 Director, Administration and Finance June 18, 1985 Mrs . Beverlie Beck, President South Bend Common Council 4th Floor County-City Bldg. South Bend, IN 46601 Dear President Beck: The enclosed ordinance is being filed for 1st reading of the June 24, 1985 Council meeting and would by its passage establish the Cumulative Capital Development Fund. The Cumulative Capital Development Fund is being proposed at the level of $. 04 per hundred dollars assessed valuation in 1986, $. 08 per hundred dollars of assessed valuation in 1987 and $. 12 per hundred dollars of assessed valuation in 1988 . These are the maximums that may be established by a city in a county that has chosen not to adopt the County Optional Income Tax. This will mean approximately $163, 000 in additional revenue in 1986, $326, 000 in 1987 and $488 , 000 in 1988 . Per the terms of the establishing ordinance monies raised through the Cumulative Capital Development Fund may be used for capital improvements pertaining to public ways (streets) sidewalks, sewers and general improvements including firefighting building and equipment and police equipment. Additionally, the funds may be used for parks and other public structures. Although the proposed ordinance establishes the fund, expenditures from the fund would still be authorized through appropriation for specific projects by the Common Council unless the need pertains to an immediate danger in the area of public health, welfare or safety. Beverlie Beck, President South Bend Common Council June 18, 1985 Page -2- If you have further questions, please feel free to contact my office. Sincerely, -We Michael L. Vance, Director Administration & Finance MLV/caw Q nmmtttn Email au the Qinmuwn Qlounril of tide Q1itt of*nutty Ernd: Your Committee of the Whole to whom was referred BILL NO. 70-85 A BILL AMENDING ARTICLE 14 OF THE SOUTH BEND MUNICIPAL CODE TO ESTABLISH A CUMULATIVE CAPITAL DEVELOPMENT FUND. Respectfully report that they have examined the matter and that in their opinion This bill should be recommended to the Council favorable, as amended, by substitution. Joseph T. SergeChairman FREE PRESS PUBLISHING CO.