HomeMy WebLinkAbout20-25 Creation of Fund 457 County City Building Phone 311 inside City limits
227 W Jefferson Blvd Suite,1200 N '' ca0'z0UTH
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South Bend,IN 46601 CSC \� Webs ite Southbendin.gov
James Mueller,Mayor �,�'
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Bianca Tirado
City of South Bend City Clerk, South Bend, IN
Department ofAdm inistration &Finance
Division ofHuman Resources
March 19th,2025
Canneth Lee,President
City of South Bend Common Council
227 W.Jefferson Boulevard,4th Floor
South Bend, Indiana 46601
RE:Creation of Fund 457 Ordinance
Dear President Lee,
During the past several years, it has been the practice of the Controller's Office to have the
Common-Council approve the creation of a new fund as required by our internal policies. Fund
457 is being created for the purpose of receiving and disbursing the bond proceeds of the 2024
South Bend Redevelopment Authority Lease Rental Revenue Bonds,Series B that were issued to
fund the Madison Lifestyle District project.
I will present this bill to the Common Council at the appropriate committee and Council meetings.
It is requested that this bill be filed for 1st reading on March 24th,2025,with 2nd reading,public
hearing and 3rd reading scheduled for April 14th,2025.
Thank you for your attention to this request. If you should have any questions,please feel to contact
me at 574-235-9822.
Regards,
Kyle Willis
City Controller
Filed in Clerk's Office
BILL NO. 20-25 MAR 1 9
Bianca Tirado
ORDINANCE NO. City Clerk, South Bend, IN
AN ORDINANCE OF THE SOUTH BEND COMMON COUNCIL
CREATING THE 2024 RDA TAXABLE LEASE
RENTAL REVENUE BOND CAPITAL FUND (#457)
STATEMENT OF PURPOSE AND INTENT
On February 6, 2023,the South Bend Common Council approved Resolution No. 4998-23
(the "Bond Resolution"), which approved the issuance of the South Bend Redevelopment
Authority Taxable Lease Rental Revenue Bonds 2024, Series B (the "Bond") and approved the
execution of a lease between the South Bend Redevelopment Authority and the South Bend
Redevelopment Commission in connection with the Bonds. On July 18,2024,the Redevelopment
Authority issued the Series B Bonds to finance the cost of the Madison Lifestyle District project
(as defined in the Bond Resolution).
It is in the best interests of the City to establish a new fund to account for the receipt and
disbursement of the proceeds of the Series B Bonds.
NOW,THEREFORE,BE IT ORDAINED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION I. The 2024 RDA Taxable Lease Rental Revenue Bond Capital Fund (#457)
is hereby established as a non-reverting fund for the purpose of accounting for the proceeds of the
Series B Bonds and any interest earnings thereon.
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.
Canneth Lee, Council President
South Bend Common Council
Attest:
Bianca L. Tirado, City Clerk
Office of the City Clerk
Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the
City of South Bend, Indiana on the day of , 2025, at o'clock p.m.
Bianca L. Tirado, City Clerk
Office of the City Clerk
Approved and signed by me on the day of , 2025, at o'clock
.m.
James Mueller, Mayor
City of South Bend, Indiana