HomeMy WebLinkAbout21-25 Creation of Fund 458 County-City Building Phone 311 inside City limits
227 W Jefferson Blvd Suite,1200 N 4)1)TH 84 Em ail 311@southbendin.gov
South Bend,IN 46601 �� Website Southbendin.gov
James Mueller,Mayor : ::''•
fi Filed in Clerk's Office
PEACE
1865
Bianca Tirado
City Clerk, South Beni.', IN
City of South Bend
Department ofAdm inistration &Finance
Division ofHuman Resources
March 10,2025
Canneth Lee,President
City of South Bend Common Council
227 W.Jefferson Boulevard,4th Floor
South Bend,Indiana 46601
RE: Creation of Fund 458 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
458 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 renovation and construction projects at Four Winds Field.
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. 21-25
Bianca Tirado
City Clerk, South Bend, IN
ORDINANCE NO.
AN ORDINANCE OF THE SOUTH BEND COMMON COUNCIL
CREATING THE 2024 RDA LEASE RENTAL
REVENUE BOND CAPITAL FUND (#458)
STATEMENT OF PURPOSE AND INTENT
On April 8,2024,the South Bend Common Council approved Resolution No. 5073-24(the
"Bond Resolution"), which approved the issuance of the South Bend Redevelopment Authority
Lease Rental Revenue Bonds of 2024(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 12, 2024, the Redevelopment Authority issued the Bonds to
finance the cost of renovations and improvements to Four Winds Field at Coveleski Stadium (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 Bonds.
NOW,THEREFORE,BE IT ORDAINED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION I. The 2024 RDA Lease Rental Revenue Bond Capital Fund (#458) is hereby
established as a non-reverting fund for the purpose of accounting for the proceeds of the 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