Estabishing Procedures for Transfer Funds Old Barrett Law Account

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Michael L. Vance Director, Administration and Finance CITY ®f SOUTH BEND ROGER O. PARENT, Mayor COUNTY-CITY BUILDING SOUTH BEND, INDIANA 46601 Mrs. Beverlie Beck, President South Bend Common Council 4th Floor Council Chambers South Bend, Indiana 46601 Dear President Beck: October 31, 1984 2191284.9483 I have filed for first reading of the November 5th Council meeting, three (3) ordinances pertaining to Barrett Law Funds and their ultimate transfer.to the General Fund as was originally budgeted for 1984. The first ordinance lays out the procedure for transferring monies from the Old Barrett Law Account to the Surplus Barrett Law Account of the Barrett Law Fund. As you will recall, these are funds that were left after the City's attempt to call all outstanding Barrett Law Coupons and Bonds. In addition to those funds, there is interest earned over the years and funds left over from the sale of a General Obligation Judgment Bond after the judgment was satisfied. All the aforementioned monies were associated with the outstanding Old Barrett Law Account and balances that had been accumulating since the 1940s. The second ordinance being filed is an ordinance which transfers $421,001.17 from the Old Barrett Law Account to Surplus Barrett Law per the procedures outlined in the previous ordinance. The $421,001.17 is the amount remaining after all obligations on outstanding bonds and coupons which have been presented have been settled. As an extra added precaution, I have taken the liberty of leaving approximately $40,000 in interest which has been earned since May of 1984 in the Old Barrett Law Account to handle any further claims that may come forth. The third ordinance is one actually transferring $211,675.20 from the Surplus Barrett Law Account to the General Fund of the City of South Bend. This previous amount plus $188,324.80 in