HomeMy WebLinkAboutCreating a Civic Center Endowment FundORDINANCE No. 5505 -73
Passed by the Common Council of the City of South Bend,
APRIL 9
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
Approved and signed by
'ZI
ig 73
Clerk
Of Common Council
IRENE K. GAMMON
Clerk
NO. 5505 -73
AN ORDINANCE CREATING A CIVIC
CENTER ENDOWMENT FUND.
WHEREAS, the City of South Bend has embarked upon the
development of a Civic Center within the area bounded generally by
Wayne Street on the south, St. Joseph Street on the west, Colfax
Avenue on the north and the St. Joseph River on the east; and
WHEREAS, it is anticipated that the development and
operation of said Civic Center will be financed, in part, by private
donations; and
WHEREAS, a special fund should be established for receipt
and handling of any and all donations which may be made for such
purpose.
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 administered by the City Controller a new special fund to
be known as the "Civic Center Endowment Fund" to be used for the
receipt and deposit of donations for use in the development and
operation of the aforesaid Civic Center by the Civic Center Authority.
SECTION II. That said Civic Center Endowment Fund shall
be a continuing fund and donations deposited therein shall not
revert to the general fund; but rather all money received by said
fund shall be used to develop, operate, maintain or improve the
Civic Center. Said money may be invested by the Controller, with
the direction of the Authority, consistent with the statutes of the
State of Indiana. Any interest or other income earned from such
investments shall be added to principal and retained in said fund
for use in the same manner as other monies accumulated therein.
SECTION III. This ordinance shall be in full force and
effect from and after its passage by the Common Council and its
approval by the Mayor.
member of the ommo Qqncil
Passed April 9, 1973, as amended.
Tomudurr 11tvart
cso the Tomman Toum -d of the THY Vf 00uth i1ruh:
Your Committee of the Whole
to whom was referred
AN ORDINANCE CREATING A CIVIC CENTER
ENDOWMENT FUND.
Respectfully report that they have examined the matter and that in their opinion the ordinance should go to
the Council as favorable, as amended below:
In Section 1, insert the following at the end of the sentence:
"by the Civic Center Authority."
In Section 2, insert "with the direction of the Authority" in
the sixth line immediately following "by the Controller ".
Odell Newburn
Chairman
FREE PRESS PUBLISHING CO.