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RESOLUTION N0. 6j -7 7 <br />A RESOLUTION TO FREE A LIABILITY IN THE OFF - <br />STREET PARKING REVENUE BONDS FUND TO THE <br />GENERAL FUND OF THE CITY <br />WHEREAS, the Off - Street Parking Revenue Bond Fund, as of the <br />most recent auditing of its accounts, has been shown to be indebted <br />to the General Fund of the City of South Bend in the amount of <br />one hundred and fourteen thousand, two hundred and six dollars <br />($114,206.00) charged to the On- Street Parking Meter Fund for <br />services performed by the South Bend meter Maids in controlling <br />the use of metered parking spaces in the downtown area; and, <br />WHEREAS, the salaries of the meter maids are in actuality <br />paid from the funds budgeted for the South Bend Police Department <br />and are not appropriated out of the On- Street Parking Meter Fund; <br />and, <br />WHEREAS, the recording of <br />hundred and fourteen thousand, <br />($114,206.00) on the financial <br />Parking Revenue Bonds Fund has <br />the net worth of the Off -Stree <br />less than the actual net worth <br />Bonds Fund; and <br />this accounts payable of one <br />two hundred and six dollars <br />statement of the Off - Street <br />the tendency to represent that <br />t Parking Revenue Bonds Fund is <br />of the Off - Street Parking Revenue <br />WHEREAS, the present and potential holders of bonds backed <br />by the revenues of the Off - Street Parking Revenue Bonds Fund, <br />for whose benefit the audit report is prepared, could misin- <br />terpret the financial picture of the Off - Street Parking Revenue <br />Bonds Fund; and, <br />WHEREAS, the ability of the City to attract persons inter- <br />ested in purchasing bonds backed by the revenues of the Off - Street <br />Parking Revenue Bonds Fund may thereby be limited. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA, that: <br />SECTION I. The liability of one hundred and fourteen thousand, <br />two hundred _ and six dollars ($114,206.00), recorded in the financial <br />statement of the Off- Street Parking Revenue Bonds Fund as an <br />accounts payable charged to the On- Street Parking Meter Fund for <br />services of the meter maids, be freed to show no further liability <br />toward the General Fund of the City. <br />P?E5ENTED 5'-08-'2 7 <br />NOT APPROVED <br />ADOPTED S- -Q.3 - <br />r e of the Common Council <br />r� I signed only to provide fth <br />opportunity for public dl8cus316h <br />tion on ana cFILED ll�� ac <br />CIIrC� S OFFICE .tic <br />r .017 <br />Irene Gammon <br />cliff CIERK, SOUTji BEND, IND, <br />