Rescinding Resolution No. 3534-05 Partial Repayment of Loan by Transfer of Funds Fund #644 to Fund #620

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RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, RESCINDING RESOLUTION NO. 3534-05 AND PROVIDING FOR PARTIAL REPAYMENT OF LOAN BY TRANSFER OF FUNDS FROM WATER WORKS LEAK INSURANCE FUND ( #644) TO WATER WORKS GENERAL FUND ( #620) WHEREAS, on November 14, 2005 Resolution No. 3534 -05 was adopted by this Council authorizing a loan from Water Works General Fund ( #620) to Water Works Leak Insurance Fund ( #644); and WHEREAS, it appears that Water Works General Fund will not need to loan funds to Water Works Leak Insurance Fund but rather Water Works Leak Insurance Fund is actually repaying $130,000 of a prior $260,000 loan from Water Works General Fund approved by this Council in Ordinance 9481-03; and WHEREAS, this Resolution is necessary to correct the record of the underlying transaction. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: Section I. Resolution No. 3534 -05 is hereby rescinded and retracted in full and is of no further force or effect. Section II. The Water Works Leak Insurance Fund ( #644) is hereby authorized to transfer the sum of $130,000 to Water Works General Fund ( #620) in partial repayment of a prior loan of $260,000 from the Water Works General Fund previously authorized in Ordinance No. 9481 -03. Section III. Repayment by Water Works Leak Insurance Fund ( #644) to Water Works General Fund ( #620) of the balance ($130,000) of the original loan approved in Ordinance No. 9481- 03 is deferred until December 31, 2006. Section IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED IL'IL -�� Member, South Bend Common ouncil FitOd t t =1 °k'S Office DEC - 7 5 (i�DE NOT APPROVED dD` "f CITY IN ADOPTED