9509-04 Amend Chapter 2, Article 14 - Entitled Rainy Day Fund (#102)

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ORDINANCE NO. ~ 5 ~ 1 -~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING CHAPTER 2, ARTICLE 14 OF THE SOUTH BEND MUNICIPAL CODE BY THE INCLUSION OF NEW SECTION 2-170.7 ENTITLED RAINY DAY FUND (#102) STATEMENT OF PURPOSE AND INTENT Indiana Code § 36-1-8-5.1 as amended by P.L. 269-2003 authorizes the South Bend Common Council as the fiscal body for the City of South Bend, Indiana, to enact an ordinance establishing a rainy day fund. Such rainy day fund is the repository for the transfer of various unused and unencumbered funds raised by general or special tax levy which remain at the end of any budget year and which may be distributed to the City of South Bend in January of the following year. It is in the best interests of the citizens of South Bend that a rainy day fund be established into which any unused, unencumbered funds may be transferred, as provided by law. NOW, THEREFORE, BE IT ORDAIlVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: Section I. Chapter 2, Article 14 of the South Bend Municipal Code is hereby amended by the inclusion of new section 2-170.7 which shall read in its entirety as follows: Sec. 2-170.7 Rainy Day Fund #102. (a) Establishment of Fund. Anew fund is established within the Civil City of South Bend to be known as the Rainy Day Fund, designated as Fund #102. ' (b) Purpose of Fund. The Rainy Day Fund is established in order to set aside monies which can be used to meet unanticipated expenses that cannot be funded from existing appropriations, to meet cash flow needs between biannual distribution of property tax receipts and other periodic revenue distributions, for bridging a gap caused by an unexpected revenue shortfall or significant delay in receiving revenue, and for any other City purpose or need consistent with or permitted by state law. (c) Sources of Revenues. The Rainy Day Fund #102 shall be used exclusively as the repository of unused and unencumbered funds which may be distributed to the City of South Bend under Indiana Code § 6-3.5-6-17.3, which addresses the distribution of excess county option income l Indiana Code § 36-1-8-5.1, as amended by P.L. 267-2003 authorizes the establishment of a rainy day fund by the fiscal body of the city.