Temporary Transfer of Idle Funds to Sewage Works

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RESOLUTION NO. � % A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER OF IDLE FUNDS OF THE CITY OF SOUTH BEND, INDIANA, FROM VARIOUS FUNDS TO THE VARIOUS FUNDS WITHIN THE CIVIL CITY OF SOUTH BEND, INDIANA STATEMENT OF PURPOSE AND INTENT: It is necessary to provide funds for the Sewage Works Insurance Fund and the Sewer Repair Fund in order to meet the current operating expenses of each respective insurance program. There are monies on deposit to the credit of the Sewage Works Operation and Maintenance Fund, which can be temporarily advanced or transferred to the aforementioned funds. 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 ORDAINED by the Common Council of the City of South Bend, Indiana as follows: Section I. The City Controller of the City of authorized to transfer an aggregate amount not to to various funds from the Sewage Works Operation Fund. Any such transfers made must be repaid by 1997. FROM: Sewage Works Operation and Maintenance Fund TOTAL $280,000.00 $280,000.00 TO: Sewage Works Insurance Fund South Bend is exceed $280,000 and Maintenance December 31, MAXIMUM $200,000.00"- Sewer Repair Fund $ 80,000.00 $280,000.00 Section II. Such transfer shall be made for a period of time not to extend beyond December 31, 1997, and any funds so transferred shall be returned and repaid to the Sewage Works Operation and Maintenance Fund.