HomeMy WebLinkAbout11194-25 Creation of Fund 457 ORDINANCE No .
11194-25
Passed by the Common Council of the City of South Bend, Indiana
April 14, 20 25
Attest: City Clerk
Bianca L. Tirado
Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
April 15, 20 25
eCIU41"--' •G• City Clerk
Bianca L. Tirado
Approved and signed by me 11,11 13) 20 25
Mayor
.r50uTx /
BILL NO. 20-25
ORDINANCE NO. 11194-25
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:
$44414
Bianca L. Tira , 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 15`h day of April , 2025, at 12 o'clock p.m.
itutgat-1
Bianca L. Tirado, City erk
Office of the City Clerk
Approved and signed by me on the 23 day of Nil I� , 2025, at o'clock
.m.
Ja Mueller, Mayor
Ci of South Bend, Indiana