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ORDINANCE NO. � _i <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, TRANSFERRING $25,000 FROM THE RAINY DAY FUND NO. 102 TO <br />THE UNEMPLOYMENT COMPENSATION INSURANCE FUND 713 WITHIN THE <br />CITY OF SOUTH BEND <br />STATEMENT OF PURPOSE AND INTENT <br />Effective January 1, 2011, the City of South Bend established the Unemployment <br />Compensation Insurance Fund 713 for the payment of unemployment claims in a single <br />fund and to charge an allocation to user departments to cover estimated costs of claims <br />(Ordinance No. 10059 -10, 12/13/10). Due to high unemployment claims paid, as the <br />result of federal extensions of unemployment benefits and other factors, it has become <br />necessary to temporarily transfer monies from the Rainy Day Fund 102 to the <br />Unemployment Compensation Insurance Fund 713 to meet current operational expenses. <br />The Rainy Day Fund has sufficient monies to accommodate this temporary transfer. <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 $25,000 shall be transferred from the following <br />fund as follows: <br />$25,000 from Fund No. 102 - Rainy Day Fund <br />Section II. The monies totaling an aggregate sum of $25,000 transferred per <br />Section I from Fund No. 102 shall be deposited and loaned temporarily to the following <br />fund: <br />$25,000 to Fund No. 713 — Unemployment Compensation Insurance Fund <br />Section III. All monies transferred under Section I to the funds designated in <br />Section II shall be paid back to the originating fund no later than June 30, 2012. <br />Section IV. To the extent that sufficient revenue is received in the <br />Unemployment Compensation Insurance Fund, City Administration will not implement <br />this ordinance or will partially implement this ordinance as necessary to ensure a positive <br />cash balance in the fund designated in Section II at December 31, 2011. <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 t4e Mayor. <br />I "A� <br />Membe of the Common Counci <br />