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RESOLUTION NO. 503 -76
<br />A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER OF
<br />IDLE FUNDS OF THE CITY OF SOUTH BEND, INDIANA FROM
<br />THE CUMULATIVE SEWER BUILDING AND SINKING, CUMULATIVE
<br />CAPITAL IMPROVEMENT, LOCAL ROADS AND STREETS, AND
<br />FEDERAL ASSISTANCE GRANT FUNDS, TO THE CORPORATION
<br />GENERAL, PARK MAINTENANCE, POLICE PENSION, FIRE PEN-
<br />SION, REDEVELOPMENT, MOTOR VEHICLE HIGHWAY, HUMAN
<br />RELATIONS AND FAIR EMPLOYMENT PRACTICES COMMISSION
<br />FUNDS, ALL FUNDS BEING WITHIN THE CIVIL CITY OF
<br />SOUTH BEND, INDIANA.
<br />WHEREAS a necessity exists to provide funds for the Corporation
<br />General, Park Maintenance, Police Pension, Firemen Pension, Redevelopment,
<br />Motor Vehicle Highway, Human Relations and Fair Employment Practices Com-
<br />mission Funds prior to the receipts of taxes in the year 1976, in order to
<br />meet the current operating expenses of the City, provided for in the budget
<br />and appropriations adopted for the year 1976, which expenses must be met
<br />prior to the receipt of taxes in the year 1976, and
<br />WHEREAS, there are money on deposit to the credit of various
<br />funds of the City, to -wit: Cumulative Sewer Building and Sinking, Cumulative
<br />Capital Improvement, Local Roads and Streets, and Federal Assistance Grant
<br />Funds which can be temporarily advanced or transferred to the various funds
<br />already mentioned, and
<br />WHEREAS, Chapter 71 of the Acts of 1961 of the Indiana General
<br />Assembly authorized the Common Council of the Civil City of South Bend, by
<br />Resolution adopted by such Council, to advance and transfer to a depleted
<br />fund from any other such fund, such amount and for such period of time as may
<br />be prescribed in the Resolution,
<br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City
<br />of South Bend, Indiana:
<br />SECTION I. That the City Controller of the City of South Bend
<br />is authorized to transfer an aggregate amount not to exceed $2,875,000.00
<br />to various funds from various other funds as listed below. The aggregate
<br />amount of $2,875,000.00 to be distributed so as not to exceed at any one
<br />time the maximum amounts as set forth below. Any such transfers made must
<br />be repair by December 31, 1976:
<br />From: Maximum
<br />To: Maximum
<br />Cumulative Sewer Building
<br />Corporation General - - - - -- $1,600,000.00
<br />and Sinking Fund --- - - - - --
<br />$1,625,000.00
<br />Park Maintenance Fund - - --
<br />500,000.00
<br />Local Roads & Streets
<br />Fund --------------- - - - - --
<br />500,000.00
<br />Police Pension Fund - - - - --
<br />250,000.00
<br />Federal Assistance Grant
<br />Firemen Pension Fund - - - --
<br />250,000.00
<br />Fund---------------- - - - - --
<br />750,000.00
<br />Motor Vehicle Highway
<br />Fund--------------- - - - - --
<br />100,000.00
<br />$2,875,000.00
<br />Cumulative Capital
<br />Improvement Fund--- - - - - --
<br />150,000.00
<br />Human Relations and Fair
<br />Employment Practices Comm.
<br />Fund--------------- - - - - -- 25,000.00
<br />$2,875,000.00
<br />SECTION II. Such transfer shall be made for a period not to
<br />extend beyond December 31, 1976, and such funds so transferred shall be re-
<br />turned and repaid to the original funds from which it was transferred.
<br />Member of the Common Council
<br />Adopted January 5, 1976, as amended.
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