Authorizing the Controller of the City of South Bend to invest certain idle funds during the year 1980 in accordance with Indiana Code 5-13-1 and 5-13-2

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Joseph E. Kernan Director, Administration and Finance Michael L. Vance Chief Deputy Controller CITY of SOUTH BEND ROGER O. PARENT, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 January 3, 1980 Members of the Council South Bend Common Council City of South Bend, Indiana Dear Council Members: 219/284 -9483 I would like to present a resolution for your consideration at the 1 -7 -80 Council meeting, approving the investment of idle funds by the Department of Administration and Finance for the City of South Bend. In recent years, the investment of idle funds has become increasingly important as a source of additional revenue to enable the City to provide needed services and accom- plish special tasks. I see no change in this trend in coming years based on the frozen tax levey and the current rate of inflation. During the last fiscal year, the City made investments totaling $89,285,000.00 on which we earned a total of $888,035.00. That $89,285,000.00 was invested for terms varying from one day to six months and at interest rates which ranged from a low of 7.5% to a high of 14.42 %. We are hopeful that 1980 will be as productive investment wise as was 1979. If you have any questions, please feel free to contact my office. Very truly yours, Michael L. Vance Chief Deupty Controller