01-08-90 Council Meeting Minutes

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rJ REGULAR MEETING JANUARY 8, 1990 This bill had second reading. Council Member Slavinskas made a motion to pass this bill, seconded by Council Member Luecke. The bill passed by a roll call vote of eight ayes. ORDINANCE NO. 8057 -90 AN ORDINANCE TO VACATE THE FOLLOWING DESCRIBED PROPERTY: 1ST EAST -WEST ALLEY SOUTH OF JEFFERSON BLVD. AND BETWEEN ST. LOUIS BLVD. AND THE 1ST NORTH -SOUTH ALLEY EAST OF ST. LOUIS BLVD. This bill had second reading. Council Member Niezgodski made a motion to pass this bill, seconded by Council Member Duda. The bill passed by a roll call vote of eight ayes. ORDINANCE NO. 8058 -90 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA APPROVING A LEASE FOR CERTAIN LAND AND PUBLIC IMPROVEMENTS BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY AND THE SOUTH BEND REDEVELOPMENT COMMISSION. This bill had second reading. Council Member Luecke made a motion to pass this bill, seconded by Council Member Coleman. The bill passed by a roll call vote of seven ayes and one nay (Council Member Soderberg.) RESOLUTIONS RESOLUTION 1761 -90A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1990 IN ACCORDANCE WITH I.C. 5- 13 -9 -1, ET SEQ., AND ALSO AUTHORIZING THE CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS. STATEMENT OF PURPOSE AND INTENT: 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 her 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. NOW, THEREFORE, BE IT ORDAINED by the South Bend Common Council, as follows: SECTION I. That during the calendar year 1990, the Controller or her designee may invest and reinvest any idle funds of the Civil City of South Bend for such periods of time that she determines are not needed for the normal operations of the various departments of the Civil City, in the manner permitted by I.C. 5- 13 -9 -1, et seq. SECTION II. The Controller of the City of South Bend, or her 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 the Resolution, "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 her 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. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. /s /Thomas Zakrzewski