HomeMy WebLinkAboutTransferring $1,472.47 from the Redevelopment District Capital Fund 72ORDINANCE No. 7031 -82
Passed by the Common Council of the City of South Bend,
__February 22, 19 82
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
February 23, zg 82
/t'
Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me_ J[ (may 3 Ig 8 Z
Clerk
ORDINANCE NO. 703/ -84
AN ORDINANCE TRANSFERRING $1,472.47 FROM THE RE-
DEVELOPMENT DISTRICT CAPITAL FUND '72 TO THE URBAN
REDEVELOPMENT BOND REDEMPTION FUND FOR THE PURPOSE
OF MEETING RETIREMENT AND INTEREST OBLIGATIONS ON
THE DISTRICT CAPITAL BONDS OF '72.
STATEMENT OF PURPOSE AND INTENT
The retirement and interest obligations attached to the District Capital
Bonds of '72 were to be met by projected property tax revenues. These pro-
jected revenues have not been realized, thus other funding sources are re-
quired to meet these obligations.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
South Bend, as follows:
SECTION I. The sum of $1,472.47 is hereby transferred from the Re-
development District Capital Fund '72 to the Urban Redevelopment Bond re-
demption Fund, and is to be appropriated as follows:
Account No. Description Amount
381 Interest on Bonds $1,472.47
TOTAL $1,472.47
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.
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PUBLIC HEA:iPiG
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NOT APF'r'.Oti�:..
REFERRED
PASSED oV .tea _g 0
FILED IM CLEMPS OFFICI
FEB _ 1082
IreneGammon
CITY CLERK, Gammon
IND.
Patrick M. McMahon
Executive Director
Ann Kolata
Dep. Dir. Redev.
Kevin Horton
Dep. Dir. Ec. Dev.
CITY of SOUTH BEND
ROGER O. PARENT, Mayor
DEPARTMENT OF ECONOMIC DEVELOPMENT AND REDEVELOPMENT
1200 COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601
(219) 284 -9371
January 27, 1982
Members of the Common Council
441 County -City Building
South Bend, IN 46601
RE: Redevelopment Ordinance Transferring $1,472.47
to Meet Bond Retirement and Interest Obligations
Dear Council Members:
Redevelopment Commission
F. Jay Nimtz
President
Lloyd E. Robinson, Sr.
Vice President
A. Peter Donaldson
Secretary
Robert J. Clra
Assistant Secretary
Paula N. Auburn
Member
The attached ordinance addresses the needs of the Urban Redevelopment
Bond Redemption Fund as they relate to current interest obligations on
the District Capital Bonds of '72. The retirement and interest obliga-
tions on these bonds were to be met by projected property tax revenues.
These projected revenues have not been realized, thus other funding sources
are required. This ordinance proposes to transfer $1,472.47 from the Re-
development District Capital Fund '72 to the Urban Redevelopment Bond
Redemption Fund in order to meet the current interest obligations.
If you have any questions regarding this ordinance, please contact me at
your convenience.
Very truly yours,
Donald E. Inks
Fiscal Officer
DEI:amc
Attachment
Tammturt 14part
i1v tot (Qomum (IIouarit of 09 0tg of f►out# lrna:
Your Committee OF THE WHOLE
to whom was referred
BILL NO.
16 -82 A BILL TRANSFERRING $1,472.47 FROM THE REDEVELOPMENT DISTRICT
CAPITAL FUND '72 TO THE URBAN DEVELOPMENT BOND REDEMPTION FUND
FOR THE PURPOSE OF MEETING RETIREMENT AND INTEREST OBLIGATIONS
ON THE DISTRICT CAPITAL BONDS OF '72.
Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED
TO THE COUNCIL FAVORABLE.
JOHN VOORDE
Chairman
res� .n ss� o�, •uvu �e�ea co.