HomeMy WebLinkAboutTransferring $4,693.30 Park District Construction Park District Bond Redemption FundORDINANCE No. 7026 -82
Passed by the Common Council of the City of South Bend,
ebruary 8, R) 82
Clerk
IRENE K. GAMMON
of Common Council
Presented by me to the Mayor of the City of South Bend,
Approved and signed by
February 9, — 82
City Clerk
IRENE K. GAMMON
BILL NO.
ORDINANCE NO. 7C ° 4 -ffd
AN ORDINANCE TRANSFERRING $4,693.30 FROM THE
PARK DISTRICT CONSTRUCTION FUND TO THE PARK
DISTRICT BOND REDEMPTION FUND TO BE ADMINI-
STERED BY THE DEPARTMENT OF PUBLIC PARKS.
STATEMENT OF PURPOSE AND INTENT:
WHEREAS, the Department of Public Parks has completed
all the projects in the $2,170,000.00 1977 Park Bond Issue and a
surplus of $4,693.30 now exists in the Park District Construction
Fund and such funds are now needed in the Bond Redemption Fund.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of
the City of South Bend, Indiana, as follows:
Section I. The sum of $4,693.30 is hereby transferred
from the Park District Construction Fund to help pay for the interest
and principal costs of park bond issues. This transfer . is to
be administered by the Department of Public Parks as set forth
below:
Account Description Amount
65 Park District Bond Redemption Fund $4,693.30
Total $4,693.30
Section II. This ordinance shall be in full force and effect
from and after its passage by the Common Council and approval by the
Mayor.
2nd av,DfV a
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REF[RRED
PASSES
SOUT BEND COMMO
Me e
N COUNCIL
FILED IN CLERK'S OFFICE
JAN 2;d' 1982
Irene Gammon
CITY CLERK, SOUTH BEND, IND.
Department of Public Parks
Administration Building
St. Louis Boulevard at Wayne Street
South Bend, Indiana 46617
PHONE: (219) 284 -9401
January 12, 1982
Mr. Lewis Mc Gann
County -City Building
227 West Jefferson Boulevard
South Bend, Indiana
Dear Mr. Mc Gann:
The Department of Public Parks is requesting the Common Council
to approve the enclosed ordinance transferring $4,693.30 from
the Park District Construction Fund to the Park District Bond
Redemption Fund. Such funds are the remaining funds left in the
1977 $2,170,000.00 Park Bond Issue.
The Park Department had the balance in the bond construction
fund because we made over $155,000.00 by investing idle bond
funds in interest bearing notes. We spent most of the interest
earned money for change orders on the numerous bond issue projects.
The $4,693.30 will be used to pay off principal and interest on
park bond issues.
The Council's approval of this ordinance will be appreciated.
Very truly yours,
DEP�2TMENT OF RUBLIC PARKS
i �/
James R. Se t ,
Superintendent
JRS:kb
enclosure
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Your Committee OF THE WHOLE
to whom was referred
RTT.T. NO-
10-82 A BILL TRANSFERRING $4,693.30 FROM THE PARK DISTRICT
CONSTRUCTION FUND TO THE PARK DISTRICT BOND REDEMPTION FUND TO
BE ADMINISTERED BY THE DEPARTMENT OF PUBLIC PARKS.
Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE
TO THE COUNCIL FAVORABLE.
JOHN VOORDE
Chairman
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