Authorizing the City Controller to Invest & Reinvest Idle Funds during Year 1999

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RESOLUTION NO. 1 � 3 2 - � 1 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE CITY CONTROLLER TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1999 IN ACCORDANCE WITH I.C. 5 -13 -9 AND /OR I.C. 5- 13 -11, AND AUTHORIZING THE CITY CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS AND CASH MANAGEMENT SERVICES 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, 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; and WHEREAS, 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; and WHEREAS, I.C. 5- 13 -11 -1 et seq., authorizes the Controller to contract with a depository for the operation of a cash management system NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council, as follows: SECTION I. That during the calendar year 1999, the Controller or her designee may invest and reinvest any idle funds of the Civil City of South Bend, including, but not limited to money raised by bonds issued for a future specific purpose, sinking funds, depreciation reserve funds, gift, bequest, or endowment, or any other funds available for investment, 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 and/or I.C. 5- 13 -11. SECTION IL 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.