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ORDINANCE NO. ~ ~ ~ O ~~ ~~~ <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, TRANSFERRING $440,000 FROM THE RAINY DAY FUND NO. 102 TO <br />HALL OF FAME DEBT SERVICE FUND 313 WITHIN THE CITY OF SOUTH BEND <br />STATEMENT OF PURPOSE AND INTENT <br />Due to possible delays in receipt of certain property tax revenue, it has become <br />necessary to temporarily transfer monies from various funds within the City to depleted <br />funds to meet current operational expenses. All funds from which temporary transfers <br />are to be made have monies sufficient to accommodate these temporary transfers. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />Section I. The aggregate sum of $440,000 shall be transferred from the following <br />fund as follows: <br />• $440,000 from Fund No.102 -Rainy Day Fund <br />Section II. The monies totaling an aggregate sum of $440,000 transferred per <br />Section I from Fund No.102 shall be deposited and loaned temporarily to the following <br />fund: <br />• $440,000 to Fund No. 313 -Hall of Fame Debt Service Fund <br />Section III. All monies transferred under Section I to the fund designated in <br />Section II shall be paid back to the originating fund no later than June 30, 2011. <br />Section IV. City staff will not implement this ordinance if sufficient property tax <br />revenue is received in Fund 313 -Hall of Fame Debt Service Fund by December 31, <br />2010 to cover the existing fund deficit. <br />Section V. This ordinance shall be in full force and effect from and after its <br />passage by the Common Council and approval of the Mayor. <br />e <br />" "-~--'- er of the Common Council <br />