Authorizing the City Controller to Invest & Reinvest Idle Funds in 1996 and to Conduct the City's Business with Fund Transfers & Cash Management Services

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RESOLUTION NO. X96 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 1996 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 AND REPURCHASE AGREEMENTS STATEMENT OF PURPOSE AND INTENT 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. I.C. 5- 13 -9 -1 enables the Controller, or his designee, to invest such idle funds with the approval of the Common Council. I.C. 5- 13 -5 -5 authorizes the transaction of the City business with financial institutions through the use of electronic funds transfer upon proper resolution by the Common Council. I.C. 5- 13 -11 -1 authorizes the Controller to contract with a depository for the operation of a cash management system. I.C. 5- 13 -9 -3 authorizes the Controller to enter into repurchase agreements with depositories for state investments. NOW, THEREFORE, BE IT ORDAINED by the South Bend Common Council, as follows: SECTION I. That during the calendar year 1997, the Controller or his 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 he 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, and hereby approves the proposal for such services attached hereto and incorporated herein. SECTION II. The Controller of the City of South Bend, or his designee, is hereby authorized to conduct the following business transactions with financial institutions through the use of electronic funds transfers; a. Transfer of monies depository of the b. Transfer of monies accounts. C. Transfer of monies various securities on deposit from one approved public "-ity to another. into and between various payroll for the purchase and redemption of for investment purposes. SECTION III. For purpose of this Resolution, "electronic funds transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephone, computer or magnetic tape for the purpose of ordering, instructing, or