HomeMy WebLinkAboutCreating "Federal Revenue Sharing" FundORDINANCE No. 5474.77
Passed by the Common Council of the City of South Bend,
DECEMBER 18 1972
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
DECEMBER 19 z9 72
Approved and signed by e-
Clerk
Of Common Council
IRENE K. GAMMON
Clerk
ORDINANCE NO. 5474 -72
AN ORDINANCE CREATING THE FEDERAL
REVENUE SHARING" FUND, ACCEPTING
FUNDS FROM THE STATE AND LOCAL
ASSISTANCE ACT OF 1972 IN SAID FUND
AND APPROVING THE INVESTMENT OF
SUCH FUNDS.
WHEREAS, the City of South Bend, Indiana has been designated a participant
in the State and _Local Assistance Act of 1972, and will receive funds by the same
act; and
WHEREAS, it is anticipated that such funds will be received by the City of
South Bend on a continuing basis; and
WHEREAS, the State and Local Assistance Act of 1972 requires that a sepa-
rate trust fund be established for the deposit of the federal funds to be received by
the City of South Bend,
NOW, THEREFORE BE IT ORDAINED by the Common Council of the City
of South Bend, Indiana:
SECTION I. That there is hereby established within the accounts admini-
stered by the City Controller a new special fund to be known as the "Federal
Revenue Sharing Fund to be used for the receipt and deposit of any such funds
provided by the State and Local Assistance Act of 1972.
SECTION II. That said Federal Revenue Sharing Act Fund be a continuing
Fund and receipts deposited therein shall not revert to the General Fund; the City
Controller is hereby authorized to invest any monies on deposit in said Fund in
such manner as he may deem appropriate, consistent with the statutes of the State
of Indiana; any interest or other income earned from such investments shall remain
a part of such Fund.
SECTION III. This Ordinance shall be in full force and effect from and
after its adoption by the Common Council and its approval by the Mayor.
1st &2m1 READING 12 -18 -72
COMMITTEE OF THE WHO}E
PUBLIC HEARING 12 -18 -72
e�2 *0 READING 12 -18 -72
NOT APPROVER
REFERRER
PASSED 12 -18 -72 - Suspension of Rules
FILED IN CLER' "S `17
Irene Gary)— -
CITY CLERK. SOUTH i... .
DEC 1 3 1972