9987-09 Transfer Monies from Various Funds to Depleted Property Tax Funds

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BILL N0.93-09 SUBSTITUTE VERSION ORDINANCE NO. ~ C( ~ ~ ~~~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, TRANSFERRING MONIES FROM VARIOUS FUNDS TO DEPLETED PROPERTY TAX FUNDS WITHIN THE CITY STATEMENT OF PURPOSE AND INTENT The due date for current property tax payments (2008 pay 2009) is December 11, 2009. St. Joseph County is planning a distribution of property tax collections during December 2009 to local units of government. The exact amount of tax collections to be distributed to the City of South Bend during December is not known at this time. It may become necessary to temporarily transfer monies from various funds within the City to depleted property tax funds to meet current operational expenses. All funds from which temporary transfers are to be made have monies sufficient to accommodate these temporary transfers. The amount of transfers listed below are maximum amounts. The actual amounts transferred may be less depending on the property tax distributions received during December. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The aggregate sum of $7,700,000 shall be transferred from the following Funds as follows: A. $1,200,000 from Fund No. 711 Health Insurance Fund; and B. $6,500,000 from Fund No. 102 Rainy Day Fund; and C. $ -0- from Fund No. 227 Loss Recovery Fund Section II. The monies totaling an aggregate sum of $7,700,000 transferred per Section I from Fund Numbers 711, 102, and 227 shall be deposited and loaned temporarily to the following Funds: A. $5,000,000 to Fund 101 General Fund; and B. $2,000,000 to Fund 201 Parks & Recreation Fund; and C. $700,000 to Fund 313 Hall of Fame Debt Service Fund Section III. All monies transferred under Section I to the Funds designated in Section II shall be paid back to the originating Fund by June 30, 2010.