02-09-87 Council Meeting Minutes

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17 a= e WHEREAS, 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; and WHEREAS, IC 5- 13 -1 -1, et seq., enables the Controller, or his designee, to invest such idle funds with the approval of the Common Council; and WHEREAS, IC 5- 13 -1 -1 et seq., authorizes the transaction of City business with financial institutions through the use of electronic funds transfer upon proper resolution by the Common Council; and WHEREAS, the Council finds that the use of electronic funds transfers for the transactions of certain City Business with financial institutions is in the best interest of the citizens of the Civil City of South Bend, Indiana. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: SECTION I. That during the calendar year 1987, the Controller or his designee may invest and reinvest any idle funds of the Civil City of South Bend for such periods of time that he /she determines are not needed for the normal operations of the various departments of the Civil City, in the manner permitted by IC5- 13 -1 -1, et seq. 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 purposes of this 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, or 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 to that they may be audited as provided by law. SECTION V. The City of South Bend, in accordance with IC 4- 8 -1 -2 -7 (c), elects to receive distributions from the State of Indiana by means of electronic transfers 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/ Joseph T. Serge Member of the Common Council A public hearing was held on the resolutions at this time. Michael Vance, Controller, indicated these are the same two resolutions filed each year which allows his office to make temporary loans internally to the different funds of the City of South Bend and in addition, make interest earning investments in the local banks. Council Member Taylor made a motion to adopt Resolution No. 1466 -87, seconded by Council Member Beck. The resolution was adopted by a roll call vote of nine ayes. Council Member Taylor made a motion to adopt Resolution No. 1467 -87, seconded by Council Member Beck. The Resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1468 -87 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY COMMONLY KNOWN AS 2901 S. MAIN AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT. WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 2901 S. Main, South Bend, Indiana, and which is more particularly described by a line drawn as follows: Lots 84 through 96, both inclusive Oakside 3rd addition to the city of South Bend. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1, et seq.; and