HomeMy WebLinkAboutAppropriating Intrest Earned from the Purchase of Certificates $321,000.00ORDINANCE No 1219-83
Passed by the Common Council of the City of South Bend, Indiana_
November 14
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City Clerk
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend, Indiana
November 15
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ident of Common Council
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City Clerk
IRENE K. GAMMON
Approved and signed by me f ����t't / r ,3 3
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ORDINANCE NO. 74G
AN ORDINANCE APPROPRIATING INTEREST
EARNED FROM THE PURCHASE OF CERTIFICATES
OF DEPOSIT OUT OF THE PROCEEDS OF THE
1982 PARK DISTRICT BONDS TO THE PARK
DISTRICT BOND CONSTRUCTION FUND 50
IN THE AMOUNT OF $321,000.00.
STATEMENT OF PURPOSE AND INTENT:
The Board of Park Commissioners of the City of South Bend
sold bonds in the amount of $3,500,000.00, which were designated as
the Park District Bonds of 1982, to have sufficient funds to acquire
land and construct the East Race Project, the bridge underpass at the
west end of Jefferson Street Bridge and the lighting and construction
of walkways at Howard Park. The proceeds from the sale of the 1982
bonds were invested in certificates of deposit before the start of
construction and during the construction period, and interest in the
amount of $321,000.00 has been earned from those investments.
Additional funds are required to complete the East Race Project and
associated works due to higher than anticipated bids that were
received for the Raceway work.
NOW, THEREFORE, BE IT ORDAINED by the South Bend Common
Council, as follows:
SECTION I. $321,000.00 is appropriated out of the proceeds
of the interest earned from the invested funds from sale of Park
District Bonds of 1982 to the Park District Bond Construction Fund
50.
SECTION II. The appropriation of funds set forth above is
required for the proper and efficient operation and function of the
Department of Public Parks of South Bend and an extraordinary
emergency is declared to exist concerning the foregoing appropria-
tion.
SECTION III. This ordinance shall be in full force and
effect from and after its passage by the Common Council, its approval
by the Mayor and the fulfillment of approval by the State Board of
Tax Commissioners.
4 � MW
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Department of Public Parks
Administration Building
St. Louis Boulevard at Wayne Street
South Bend, Indiana 46617
PHONE: (219) 284 -9401
October 18, 1983
Ms. Beverlie Beck, President
South Bend Common Council
County -City Building
227 West Jefferson Boulevard
South Bend, Indiana
Dear Ms. Beck:
The Department of Public Parks is requesting the Common Council to
give favorable action on an ordinance appropriating $321,000.00 from
interest earned on Certificate of Deposits from the proceeds of the
1982 Park District Bond Issue ($3,500,000.00).
Because of higher than anticipated bids were received for the Race
Way Project, cost of land and the Howard Park Project items, funds
received from the sale of bonds will not cover the costs of the river
bank projects.
The park staff and controller's office worked out a cash flow plan and
invested idle funds in certificates of deposit thus earning $321,000.00.
The earned interest will be used for change orders, adding items back
into the contract that had to be deleted from the original bids and to
pay for the hydroelectric generator. The City received a $500,000.00
grant to install the hydro unit.
The Park Board feels the approval of this ordinance is very important
for the completion of the East Race Way and urges the Common Council to
give its favorable approval.
JRS:kb
Very truly yours,
DEP NT OF PUB 4C PARKS
F es R. Seitz,
erintendent
TarAndUrr Irpar#
Ma #4e enunnon Tounra of Or (Zug of OM04 stud:
Your Committee OF THE WHOLE
to whom was referred
121 -83 A BILL APPROPRIATING INTEREST EARNED FROM THE PURCHASE OF
CERTIFICATES OF DEPOSIT OUT OF THE PROCEEDS OF THE 1982 PARK
DISTRICT BOND CONSTRUCTION FUND 50 IN THE AMOUNT OF $321,000.00.
Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE
RECOMMENDED TO THE COUNCIL FAVORABLE.
RAYMOND ZIELINSKI
Chairman
FREE PRESS PUBLISHING CO.