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REGULAR MEETING
<br />RESOLUTIONS
<br />JANUARY 23, 1984
<br />RESOLUTION NO. 1113 -84 A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER OF IDLE
<br />FUNDS OF THE CITY OF SOUTH BEND, INDIANA, FROM VARIOUS FUNDS
<br />TO VARIOUS FUNDS WITHIN THE CIVIL CITY OF SOUTH BEND, INDIANA.
<br />WHEREAS, it is necessary to provide funds for the Corporation General, Park
<br />Maintenance, Police Pension, Fire Pension, and Century Center Board of Managers Operating
<br />funds prior to the receipt of taxes in the year 1984 in order to meet the current
<br />operating expenses of the City, provided for in the budget adopted for the year 1984;
<br />and
<br />WHEREAS, there are monies on deposit to the credit of various funds of the City,
<br />to wit: Cumulative Sewer Building and Sinking, Sewage Works Sinking, Sewage Works
<br />Depreciation, Sewage Works Operating, Sewage Works Depreciation, Cumulative Capital
<br />Improvement, Sewers Repair, and Liability Insurance and Premium Reserve Funds which
<br />can be'temporarily advanced or transferred to the various funds already mentioned;
<br />and
<br />WHEREAS, Indiana Code 36 -1 -8 -4 authorizes the Common Council of the Civil City
<br />of South Bend, by Resolution adopted by such Council, to advance and transfer to a
<br />depleted fund from any other such fund, such amount and for such a period of time as
<br />may be prescribed in the Resolution.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
<br />INDIANA:
<br />SECTION I. That the City Controller of the City of South Bend is authorized to
<br />transfer an aggregate amount not to exceed $5,085,000.00 to various funds from various
<br />funds as listed below. The aggregate amount of$5,085,000.00 to be distributed so as
<br />not to exceed at any one time the maximum amounts as set forth below. Any such transfers
<br />made must be repaid by December 31, 1984.
<br />FROM: MAXIMUM TO: MAXIMUM
<br />Cumulative Sewer Building Corporation General $4,000,000
<br />& Sinking Fund $1,000,000
<br />Sewage Works Sinking Fund 850,000
<br />Sewage Works Dep. Fund 360,000
<br />Sewage Works Operating Fund 1,200,000
<br />Water works Dep. Fund 250,000
<br />Cum. Capital Improvement
<br />Fund 100,000
<br />Sewer Repair Fund 125,000
<br />Lia. Insurance Prem &
<br />Reserve 1,200,000
<br />$5,085,000
<br />Park Maintenance Fund
<br />Police Pension Fund
<br />Fire Pension
<br />685,000
<br />100,000
<br />200,000
<br />Century Center Board
<br />of Managers Oper. Fund 100,000
<br />$5,085,000
<br />SECTION II. Such transfer shall be made for a period of time not to extend
<br />beyond December 31, 1984, and such funds so transferred shall be returned and repaid
<br />to the original funds from which they were transferred.
<br />SECTION III. This resolution shall be in full force and effect from and after
<br />its adoption by the Common Council and its approval by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Council Member Taylor made
<br />a motion to amend the resolution in Section II, by changing 1983 to 1984, seconded by
<br />Council Member Zakrzewski. The motion carried. Sherrie Petz, Deputy Controller,
<br />indicated this resolution is passed annually to permit temporary borrowing of monies
<br />from various funds to various tax supported funds. She indicated this internal borrowing
<br />is necessary to cover operating expenses in these funds prior to the final spring and
<br />fall tax distributions. Council Member Serge made a motion to adopt this resolution,
<br />as amended, seconded by Council Member Taylor. The resolution was adopted by a roll
<br />call vote of nine ayes.
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