HomeMy Public PortalAbout045-1987- ORDINANCE DECLARING THAT THE REDEVELOPMETN DISTRICT BOND FUND IS A DORMANT FUNDORDINANCE NO. 45-1987
AN ORDINANCE DECLARING THAT THE THE REDEVELOPMENT DISTRICT BOND
FUND IS A DORMANT FUND, WITH NO USES TO BE MADE OF SAID FUND AND
TRANSFERING ALL FUNDS WITHIN THE REDEVELOPMENT ➢ISTRICT BOND
FUND TO THE ACCOUNT OF THE COMMUNITY AND ECONOMIC DEVELOPMENT
FUND.
WHEREAS, there are funds remaining in the Redevelopment District
Bond Fund received from the sale of real estate located
in Central Renewal Area No. 1, by the Richmond
Redevelopment Commission, after all bonds had been
retired and all interest on such bonds had been paid;
and,
WHEREAS, the Redevelopment District Bond Fund is a continuing
fund that does not revert to the General Fund at the
end of the calendar year; and,
WHEREAS, the Redevelopment District Bond Fund is a dormant fund
with no use to be made of such Fund; and,
WHEREAS, the Common Council of the City of Richmond has adopted
Ordinance No. 36-1985, which created a Community and
Economic Development Fund to provide a self-supporting
revolving loan fund for the purpose of assisting
community revitalization and rehabilitation projects as
well as economic development projects.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City
of Richmond, Indiana as follows:
SECTION 1. That the Redevelopment District Bond Fund is
declared to be a dormant fund with no use to be
made of said Fund.
SECTION 2. That all funds currently in the Redvelopment
District Bond Fund shall be transfered to the
Community and Economic Development Fund and shall
be used in accordance with the requirements and
standards established in Ordinance No. 36-1985.
SECTION 3. This Ordinance shall be in full force and effect
from and after its passage and approval as by law
required.
PASSED AND ADOPTED by the Common Coun i1 of the City of
Richmond, Indiana, this�day of , 1987.
•- of-C6mmon Council
ATTEST:1 � /21/irZ,2,,,Ti(
City C1 rk
Presented by me to the Mayor of the City of Richmond, Indiana,
this // day of , 1987.
APPROVED by me, Frank H. Waltermann, Mayor of the City of
Richmond, Indiana, this/,/Cl- day of , 1987.
ayor
ATTEST:J'jC
-tr-2rr
City Cl rk
NOTICE OF PUBLIC HEARING[
ON ORDINANCE NO. 45-1987[
Notice is hereby given that the Common Council of the City of Richmond, Wayne County,
Indiana will hold a public hearing on Monday September 8, 1987 at 7:30 P.M. in the
Council Chambers in the Richmond Municipal Building located at 50 North 5th Street, on
the following:[
ORDINANCE NO. 45-1987 - AN ORDINANCE DECLARING THAT THE REDEVELOPMENT
DISTRICT BOND FUND IS A DORMANT FUND, WITH NO USES TO BE MADE OF SAID FUND
AND TRANSFERRING ALL FUNDS WITHIN THE REDEVELOPMENT DISTRICT BOND FUND TO
THE ACCOUNT OF THE COMMUNITY AND ECONOMIC DEVELOPMENT FUND.[
All parties interested in or affected by this Ordinance are invited to attend the public
hearing to speak in favor of or in opposition to said Ordinance.[
Mary Merchanthouse[
City Clerk[
Publish Date: August 21, 1987[