Authorizing the Temporary Transfer of Idle Funds form Water Work #620 to Water Works #644

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RESOLUTION NO. 2- co, A RESOLUTION OF THE SOUTH BEND COMMON COUNCIL AUTHORIZING THE TEMPORARY TRANSFER OF IDLE FUNDS FROM THE WATER WORKS GENERAL FUND ( #620) TO THE WATER WORKS LEAK INSURANCE FUND ( 9644) WITHIN THE CIVIL CITY OF SOUTH BEND, INDIANA WHEREAS, it is necessary to provide funds for the Water Works Leak Insurance Fund No. 644, in order to meet the current operating expenses; and WHEREAS, there are idle funds on deposit to the credit of the Water Works' General Fund No. 620, which can be temporarily advanced or transferred to the aforementioned fund; and WHEREAS, Indiana Code 36 -1 -8 -4 authorizes the Common Council of the City of South Bend, by Resolution adopted by such Council, to advance and transfer to a depleted fund from any other such fund, such amount and for such a period of time as may be prescribed in the Resolution. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The City Controller of the City of South Bend is authorized to transfer an aggregate amount not to exceed $200,000 from the Water Works General Fund No. 620 to the Water Works Leak Insurance Fund No. 644. Any such transfers must be repaid by December 31, 2003. FROM MAXIMUM TO Water Works General Fund No. 620 $200,000 Water Works Leak Insurance Fund No. 644 Section II. Such transfer shall be made for a period of time not to extend beyond December 31, 2003, and any funds so transferred shall be returned and repaid to the Water Works General Fund No.620. Section III. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Hod In Member of the Common Qouncil PRESENTED ' :DEC jk 20 62 f. NOT APPROVED LORMAJ. Dii6u.�� ADOPTED �Z -��OL CiTY CLERK, SO. 05ML.�::.