12-19-94 Council Meeting Minutes

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REGULAR MEETING DECEMBER 19, 1994 landscaping. Council Member Coleman made a motion to adopt this resolution, seconded by Council Member Luecke. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 2204 -94 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE CITY CONTROLLER TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1995 IN ACCORDANCE WITH I.C. 5 -13 -9 AND /OR I.C. 5- 13 -11, AND AUTHORIZING THE CITY CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS AND CASH MANAGEMENT SERVICES. There are certain idle funds of the Civil City of South Bend which may be invested for periods of time without affecting the operating of the various departments of the City. I.C. 5- 13 -9 -1, et seq., enables the Controller, or his designee, to invest such idle funds with the approval of the Common Council. I.C. 5- 13 -5 -5 et seq., authorizes the transaction of the City business with financial institutions through the use of electronic funds transfer upon proper resolution by the Common Council. I.C. 5- 13 -11 -1 et seq., authorizes the Controller to contract with a depository for the operation of a cash management system. NOW, THEREFORE, BE IT ORDAINED by the South Bend Common Council, as follows: SECTION I. That during the calendar year 1995, the Controller or his designee may invest and reinvest any idle funds of the Civil City of South Bend, including, but not limited to money raised by bonds issued for a future specific purpose, sinking funds, depreciation reserve funds, gift, bequest, or endowment, or any other funds available for investment for such periods of time that he determines are not needed for the normal operations of the various department of the Civil city, in the manner permitted by I.C. 5 -13 -9 and /or I.C. 5- 13 -11. SECTION II. The Controller of the City of South Bend, or his designee, is hereby authorized to conduct the following business transactions with financial institutions through the use of electronic funds transfers; a. Transfer of monies on deposit from one approved public depository of the City to another. b. Transfer of monies into and between various payroll accounts. C. Transfer of monies for the purchase and redemption of various securities for investment purposes. SECTION III. For purpose of this Resolution, s electronic funds transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephone, computer or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit an account. SECTION IV. The Controller of the City of South Bend, or his designee, is hereby directed and required to maintain adequate documentation of the transactions affected by electronic funds transfer so that they may be audited as provided by law. SECTION V. The City of South Bend, in accordance with I.C. 4- 8.1- 2 -7(c), elects to receive distributions from the State of Indiana by means of electronic transfer of funds. SECTION VI. The Controller of the City of South Bend is hereby authorized to contract with a depository institution for the operation of a cash management system. SECTION VII. This resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. /s/ Ann Puzzello Member of the Common Council A public hearing was held on the resolutions at this time. Tom Scarsbeck, City Auditor, made the presentation for the resolution. He indicated this was the annual resolution to allow electronic fund transfers. Council Member Coleman made a motion to adopt this resolution, seconded by Council Member Ladewski. The resolution was adopted by a roll call vote of nine ayes. BILLS. FIRST READING BILL NO. 123 -94 A BILL TO VACATE THE FOLLOWING DESCRIBED PROPERTY: A NORTH /SOUTH ALLEY BOUNDED BY WEST SOUTH STREET ON THE NORTH AND THE RAILROAD ON THE SOUTH. ALSO, AN EAST /WEST ALLEY BOUNDED BY MAIN STREET ON THE WEST AND MICHIGAN STREET ON THE EAST; PART SITUATED IN MARTIN AND TUTT ADDITION TO THE CITY OF SOUTH BEND, INDIANA This bill had first reading. Council Member Coleman made a motion to refer this bill to the Public Works and Property Vacation Committee, and set it for public hearing and third reading on January 9, seconded by Council Member Duda. The motion carried.