HomeMy WebLinkAboutEstablishing a Nonreverting Fredrickson Park Property FundORDINANCE No. 7356 -84
Passed by the Common Council of the City of South Bend, Indiana
July 23, 19 84
Attest: �� �'-� .��``E�-� --,--
City Clerk
IRENE K. GAMMON
Attest:
of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
July 24, 19 84
City Clerk
IRENE K. GAMMON
I
i
Approved and signed by me
ORDINANCE NO. ?-TS -4 -S-�l
AN ORDINANCE OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA, ESTABLISHING
A NONREVERTING "FREDRICKSON PARK PROPERTY
FUND."
STATEMENT OF PURPOSE AND INTENT:
The Common Council has determined that it would be in the
City "s best interest to provide a means for allowing a fund
to be created and retained for the purpose of purchasing and
developing the Fredrickson Park Property.
The Common Council has determined that the well -being
of the surrounding neighborhood would be enhanced by the creation
of a fund for depositing the proceeds of the Fredrickson
Estate, said proceeds to be used for the purpose of acquiring
and improving the'Fredrickson Park Property.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND:
SECTION I. A "FREDRICKSON PARK PROPERTY FUND" is established
as a separate dedicated fund to receive proceeds from the
Fredrickson estate. All sums of money so collected and deposited
in said separate dedicated fund shall be used solely for the
purpose of acquiring property for the Fredrickson Park and
improving said property. Monies remaining in the fund at the
end of the fiscal year shall not revert to the general fund.
SECTION 1. Any and all interest earned on the monies
deposited in said dedicated fund shall remain in the fund.
'SECTIQN III. This ordinance shall be in full force and
effect.from. and after its passage by the Common Council.and
approval by the Mayor.
ember o the Co an ouncil
Department of Public Parks
Administration Building
St. Louis Boulevard at Wayne Street
South Bend, Indiana 46617
PHONE: (219) 284 -9401
July 3, 1984
South Bend Common Council
4th F1., County --City Building
South Bend, IN 46601
Dear Council Members:
As you know, the Board of Park Commissioners has determined
to utilize proceeds of the Estate of Mr. Fredrickson for the
creation of Fredrickson Park in the Northeast Neighborhood. The
offer to purchase land for the creation of the park has been
accepted by the owners and we will be proceeding with the
acquisition of that property.
To comply with the terms of Mr. Fredrickson's will and state
law, it is required that a non reverting fund be established to
receive estate proceeds. These funds will then be appropriated
on the approval of the Common Council for creation of Fredrickson
Park.
Your favorable consideration is requested.
Sincerely,
James R. Seitz
Superintendent
JRS /ld
TommUttr Irpnrt
Mn t4c Tgu mm Toundt of tot Tug of 00u14 stub:
Your Committee OF THE WHOLE
to whom was referred
73 -84 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ESTABLISHING A NONREVERTING "FREDRICKSON PARK
PROPERTY FUND."
Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE
RECOMMENDED TO THE COUNCIL FAVORABLE.
JOSEPH T. SERGE
Chairman
FREE PRESS PUBLISHING CO.