HomeMy WebLinkAboutAppropriating Interest Earned the Purchase of Certificates 1977 Park District bonds $17,000.00ORDINANCE No 6664 -79
Passed by the Common Council of the City of South Bend, Indiana_
October 22 19 79
IRENE K. GAMMON
Cam' �i
Presented by me to the Mayor of the City of South Bend, Indiana
October 23 19-192-
Clerk
Of Common Council
/ - City Clerk
IRENE K. GAMMON
Approved and signed by me (9 cx'6 - � a 3 �9 I'm
BILL NO.
ORDINANCE NO.
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 $17,000.00.
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 $17,000.00 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 1. That the amount of $17,000.00 be appropriated out
of the proceeds 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 1.
is required 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 concerning the foregoing appropriation.
This ordinance shall be in full force and effect from and after
its passage by the Common Council, its approval by the Mayor and the
fulfillment of all statutory requirements of emergency appropriations.
Vbaerolf the Common ouncil —
1st• READING /O — 9- -% / F1 ED 11 CIFIR;, T OFFICE
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APPROVED
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PASSED ®,• ,��
OCT ) Jq; Q
Irene CI,ITm ®n
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
October 1, 1979
Mr. Roger 0. Parent, President
South Bend Common Council
County -City Building
227 West Jefferson Boulevard
South Bend, Indiana
Dear Mr. Parent:
The Department of Public Parks is requesting the Common Council to
give favorable action on an ordinance appropriating $17,000.00 from
interest earned on Certificates of Deposit from the proceeds of the
1977 Park District Bond Issue ($2,170,000.00).
Because of higher than anticipated.bids received on the zoo projects,
some exhibits and other work had to be deleted to keep the cost below
the bond limit.
The park staff and controller's office worked out a cash flow plan and
invested idle funds in certificates of deposit thus earning approxi-
mately $153,000.00 in interest. The Council has already approved
appropriations of $136,000.00 in interest earnings to the Park District
Bond Construction Fund 50. Since the last appropriation, the Park De-
partment has earned an additional $17,000.00 and we are requesting the
Council to appropriate the $17,000.00 to the Park District Construction
Fund 50.
If the ordinance is approved, much of the funds would be used for paving
at Potawatomi, erection of a physical fitness course at Paul F. Boehm
Park and landscaping for Boehm Park.
The Park Board feels the approval of this ordinance is very important and
urges the Common Council to give their favorable approval.
Very truly yours,
DEPTMENT OF I PARKS
James R. Seitz
JRS . .kb S� ( perintendent,
(10mutMu�enr
On 14t ( 0mum (90undl of tot TUH of 001# joenk:
Your Committee OF THE WHOLE
to whom was referred
A BILL FOR 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 $17,000.00.
Respectfully report that they have examined the matter and that in their opinion THIS BILL SHOULD BE RECOMMENDED
TO THE COUNCIL FAVORABLE.
FRANK HORVATH
Chairman
FREE PRESS PUBLISHING CO.