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HomeMy WebLinkAboutAmending Article14 Establish a Cumulative Capital Development FundORDINANCE No. _7 -84 Passed by the Common Council of the City of South Bend, Indiana -Augu.t 7, 19 84 IRENE K. GAMMON City Clerk Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by WAXWr ;, of Common Council IRENE K. GAMMON ig Clerk ORDINANCE NO. 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 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 amen e�y-- 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 anc 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 $.04 Second year of imposition of tax $.08 Third year of imposition of tax $.12 Michael L. Vance Director, Administration and Finance CITY of SOUTH BEND ROGER O. PARENT, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 48601 July 31, 1984 Ms. Beverlie Beck South Bend Common 4th Floor Council South Bend, IN President Council Chambers 46601 Dear President Beck: 219/284 -9483 Enclosed please find an ordinance which is filed for first reading of the August 13, 1984 Council meeting. This ordinance amends Article 14 of the South Bend Municipal Code therefore allowing the City to establish a Cumulative Capital Development Fund as is allowed under Public Law 44 -1984. This is the same Capital Development Fund that I had presented in our financial presentations to the Council. This fund would be established at four cents ($.04) the first year, eight cents ($.08) the second year and twelve cents ($.12) the third year. This is a levy on property and is a maximum that can be established for municipalities in counties that have not taken advantage of the local option income tax. The uses defined in the ordinance are in the broadest catagories allowable under State statutes. It was felt that this would give us the broadest capabilities to address our needs and any future problems that may occur. As you are aware, the City had laid out a program of how that money would be spent over the three (3) years covered by the tax. The categories listed in Section I (a) of this ordinance are not in conflict with the original program as it was laid out. Based on an assessed value of four hundred and seventeen million dollars ($417,000,000) it is anticipated that one hundred and sixty -six thousand eight hundred dollars ($166,800) would be available the first year, three hundred thirty -four thousand dollars ($334,000) the second year and five hundred thousand four hundred dollars ($500,400) the third year of the tax. Council President Beck July 31, 1984 Page -2- If you have any additional questions, please feel free to contact me. Sincerely, � r Michael L. Vance City Controller MLV /caw cc: South Bend Common Council Kathy Cekanski - Farrand Irene Gammon f�nmmit��e�e ��e�ur� c(To 144 Tommon Tounrd of #ter fii#y of 0OW41prnd: Your Committee OF THE WHOLE to whom was referred 91 -84 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: Section I, (b) after the word fund., add and files notice of such emergency declaration with the Board of Public Works. JOSEPH T. SERGE Chairman FREE PRESS PUBLISHING Co.