Loading...
HomeMy WebLinkAboutAppropriating Interest Earned 1977 Park District Bonds Construction Fund 50 $2,636.25ORDINANCE No. 6764 -80 Passed by the Common Council of the City of South Bend, Indiana Attest: April 14, �9 80 Presented by me to the Mayor of the City of South Bend, Ind'ana Approved and signed by April 15 �9 80 Clerk Of Common Council ) Clerk IRENE K. GAMMON ORDINANCE NO. 6764 -80 AN ORDINANCE FOR APPROPRIATING INTEREST EARNED FROM THE PURCHASE OF CERTIFICATES OF DEPOSIT OUT OF THE PROCEEDS OF THE 1977 PARK DISTRICT BONDS TO THE PARK DIS- TRICT BOND CONSTRUCTION FUND 50 IN THE AMOUNT OF $2,636.25. STATEMENT OF PURPOSE AND INTENT: WHEREAS, the Park District of the City of South Bend sold bonds in the amount of $2,170,000.00, which were designated as the Park District Bonds of 1977, to have sufficient funds to renovate Potawatomi Zoo, replace irrigation system at Erskine Golf Course, light Belleville baseball field and Marshall Field tennis courts, construct tennis courts at Voorde and Riverside Manor Parks and to develop Paul F. Boehm Park, and WHEREAS, the proceeds from the sale of bonds were invested in Certificates of Deposit before the start of construction and during the construction period and WHEREAS, interest in the amount of $2,636.25 has been earned from said investments and WHEREAS, said Board now finds that the $2,170,000.00 from the sale of bonds has been expended or is under contract to be spent and that additional funds will be required due to change orders and to reinstate projects that had to be deleted from the zoo project due to higher than anticipated bids that were received for the zoo work and that an extraordinary emergency exists for the making of the additional appropriation hereinafter set out: NOW, THEREFORE, BE IT ORDAINED, by the Common Council of the City of South Bend, Indiana: Section I. That the amount of $2,636.25 be appropriated out of the pro- ceeds of the interest earned from the Certificates of Deposit to the Park District Bond Construction Fund 50. That the appropriation of funds that is set forth in Section I. is re- quired for the proper and efficient operation and function of the Department of Public Parks of South Bend and an extraordinary emergency is declared to exist con- cerning the foregoing appropriation. Section II. This ordinance shall be in full force and effect from and after its passage by the Common Council, its approval by the Mayor, legal publi- cation and the fulfillment of all statutory requirements of emergency appropriation. 1st READING 3 `c9 `/-O PUBLIC HEARING f l �✓_ �� 2nd READING >y -Y� NOT APPROVED REFERRED PASSED SO TH BEND COMMON COUNCIL A Me e F11 F0 111 CE T r�1C Irene Gammon CITY CLERK, SOUTH BEND, IND. Department of Public Parks Administration Building St. Louis Boulevard at Wayne Street South Bend, Indiana 46617 PHONE: (219) 284 -9401 March 11, 1980 Mr. Lewis Mc Gann, President South Bend Common Council County -City Building 227 West Jefferson Boulevard South Bend, Indiana Dear Mr. Mc Gann: The Department of Public Parks is requesting the Common Council's approval of the enclosed ordinance appropriating $2,636.25 of interest earned from the purchase of certificates of deposit out of the proceeds of the 1977 Park District Bond Issue. Since the Bond Issue was sold in 1977, the Park Board has invested all idle funds in certificates of deposit and has earned $152,911.08 in interest. The interest in this appropriation will be used to pay escrow pay- ments to contractor for change orders at the zoo and materials to construct a physical fitness course at Paul F. Boehm Park. Your approval of this ordinance will be appreciated. Very truly yours, DEPARTMENT OF PUBLIC ARKS ales R. Seitz, IS perintendent r i JRS : kb enclosure Tontuttttrt �e ort Ulu tot Tommon Mounril of top Mbj of Omd4 send: Your Committee of the Whole to whom was referred A BILL APPROPRIATING INTEREST EARNED FROM THE PURCHASE OF CERTIFICATES OF DEPOSIT OUT OF THE PROCEEDS OF THE 1977 PARK DISTRICT BONDS TO THE PARK DISTRICT BOND CONSTRUCTION FUND 50 IN THE AMOUNT OF $2,636.25. Respectfully report that they have examined the m¢tter and that in their opinion This bill should be recommended to the Council favorable. WALTER M. SZYMKOWIAK Chairman FREE PRESS PUBLISHING CO.