HomeMy WebLinkAboutEstablishing a cumculative Sinking Fund to be known as the Track Elevation Fund Under Chapter 192 of Acts of 1955 General AssemblyORDINANCE No. 4057 , as amended.
Passed by the Common Council of the City of South Bend,
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Presented by me to the Mayor of the City of South Bend,
AUGUST 9TH 195
Clerk
of Common Council
Clerk
Approved and signed by me AUGUST 9TH, �9j55
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ORDINANCE No. 4457
AN ORDINANCE ESTABLISHING A CUMULATIVE SINKING FOND TO
BE KNOWN AS THE TRACK ELEVATION FUND UNDER CHAPTER 192
OF THE ACTS OF 1955 GENERAL ASSEMBLY OF THE STATE OF
INDIANA. --
BE IT ORDAINED by the Common Council of the City of South Bend, Indiana:
SECTION I: In accordance with Chapter 192 of the Acts of the 1955
General Assembly of the State of Indiana, there is hereby established a
cumulative sinking fund to provide funds for the payment of the city's
portion of the cost of the separation and alteration of the grade levels
of any public highway, or highways, in said city and of any railroad, or
railroads, crossing the same or the city's portion of the cost or the
payment of bonds and interest thereon covering the city's portion of the
cost of the removal of railroad tracks, road beds, yards, stations, or
other facilities or the acquisition of land used for right -of -way or
other railroad purposes whether such costs are incurred by lease, con-
demnation or purchase, whenever such removal or such acquisition is
designed to alleviate motor vehicle traffic congestion or to provide
adequate parking facilities.
SECTION II: The sum of 2--O on,each $100.00 on all taxab} � r e levie in
real property within the City of South Bend, Indiana a e tt� ein
such tax, when collected, shall be held in a special fund to be knower as 1956,
the "Track Elevation Fund" and shall not be expended for any purpose other
than the purpose for which it was levied.
SECTION III: The City Clerk is hereby ordered to give notice of a public
hearing to.the tax payers of the City of South Bend in accordance with
Section II of said Act.
SECTION IV: This ordinance shall be in full force and effect from and
after its adoption, approval by the Mayor, and approval by the State Board
of Tax Commissionersd
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