10101-11 Transferring $2,931,000 Rainy Day Fund #102

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ORDINANCE NO. �C v� ��L_ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, TRANSFERRING $2,931,000 FROM THE RAINY DAY FLTND NO. 102 TO THE HALL OF FAME DEBT SERVICE FLJND 313 ($416,000), FIRE PENSION FLTND 701 ($1,200,000), POLICE PENSION FiJND 702 ($1,200,000)AND UNEMPLOYMENT COMPENSATION FUND 713 ($115,000)WITHIN THE CITY OF SOUTH BEND STATEMENT OF PURPOSE AND 1NTENT Due to possible delays in receipt of certain property taac and State of Indiana distributions of cigarette ta�c and pension relief payments, it has become necessary to temporarily transfer monies from various funds within the City to depleted funds to meet current operational expenses. All funds from which temporary transfers are to be made have monies sufficient to accommodate these temporary transfers. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The aggregate sum of$2,931,000 shall be transferred from the following fund as follows: � • $2,931,000 from Fund No.102 -Rainy Day Fund Section II. The monies totaling an aggregate sum of$3,068,000 transferred per Section I from Fund No.102 shall be deposited and loaned temporarily to the following fund: • $416,000 to Fund No. 313 -Hall of Fame Debt Service Fund • $1,200,000 to Fund 701 —Fire Pension Fund • $1,200,000 to Fund 702—Police Pension Fund • $115;000 to Fund 713 —Unemployrnent Compensation Fund Section III. All monies transferred under Section I to the funds designated in Section II shall be paid back to the originating fund no later than December 31, 2011. Section IV. City Administration anticipates that sufficient property tax and state revenue will be received prior to June 30,2011 to eliminate many of these fund deficits. To the extent that sufficient revenue is received, City Administration will not implement this ordinance or will partially implement this ordinance as necessary to ensure a positive cash balance in each of the funds designated in Section II at June 30,2011. Section V. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval of the Mayor.