HomeMy WebLinkAbout11195-25 Creation of Fund 458 ORDINANCE No .
11195-25
Passed by the Common Council of the City of South Bend, Indiana
April 14, 20 25
Attest: 42City Clerk
Bianca L. Tirado
4 Attest: President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
April 15, 20 25
i,a4fra.. d . 61____Adit------- City Clerk
Bianca L. Tirado
Approved and signed by me Ill'Ps I 23 3r 20 25
A7\
t Mayor
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BILL NO. 21-25
ORDINANCE NO. 11195-25
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.
. 2------
Canneth Lee, ouncil President
South Bend Common Council
Attest:
Bianca L. Tirado, City erk
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 15th day of April , 2025, at 12 o'clock p.m.
Sau1
Bianca L. Tirado, City lerk
Office of the City Clerk
fj
Approved and signed by me on the Z3 day of itt i. I , 2025, at ( o'clock
f .m.
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Jame ueller, Mayor,Cit of South Bend Indiana