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HomeMy WebLinkAboutAppropriating 1977 Park District Bonds $48,000.00ORDINANCE N®. 6579 -79 Passed by the Common Council of the City of South Bend, Indiana /�- 44 .... Attest: Mav 14 — 79 IRENE K. GAMMON Presented by me to the Mayor of the City of South Bend, Indiana May 15 19 79 Clerk of Common Council IRENE K. GAMMON Approved and signed by me 9'1 a/ �9� Clerk ORDINANCE NO. 6579 -79 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 $48,000.00. 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 $48,000.00 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 $48,000.00 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 1. 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. SOUTH BEND COMMON COUNCIL Member sr READING y- y - .7f P<vuLlC NEARING 5—/ 2nd READiNIG N'O'l APPROVER kEcERRED ��y! E{f �� E ar:4' 6J �0■ Y NF_j �� L AP R 419/9 WY CLERK SOUTH BFKDI ie *D.. Department of Public Parks Administration Building St. Louis Boulevard at Wayne Street South Bend, Indiana 46617 PHONE: (219) 284 -9401 April 3, 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's approval of the enclosed ordinance appropriating $48,000.00 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 over $136,000.00 in interest. Last year the Park Board appropriated $88,000.00 of interest to be used for change orders and other projects that had to be deleted from the original contract at Potawatomi Zoo. Since that date, the Park Department has earned an additional $48,000.00 and is requesting that the $48,000.00 be appropriated into the Bond Construction Fund so that it can be used for additional change orders for the projects at Potawatomi Zoo and the Paul F. Boehm Park. Your approval of this ordinance will be appreciated. Very truly yours, OF PJTaIC PARKS s R. Seitz, rintendent JRS :kb enclosure tgnntutttIrr Irvart (To tie tanmmnn (90umil of t4r THY of OwO JIML- Your Commi4e 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 $48,000.00. Respectfully report that the have exa ned the t and tha i their opinion This bill should b e recommended too the " ounci' avoratb e. Frank Horvath Chairman FREW PRESS PUBLISHING CO.