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Authorizing the City Controller to Invest & Reinvest Certain Idle Funds and Authorizing Conduct the City's Business Financial Institutions Through the use of Electric Fund Transfers
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Authorizing the City Controller to Invest & Reinvest Certain Idle Funds and Authorizing Conduct the City's Business Financial Institutions Through the use of Electric Fund Transfers
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
12/19/1994
Ord-Res Number
2204-94
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RESOLUTION NO. (�n�Dy.9y <br />A RESOLUTION OF THE COMMON COUNCIL OF THE CITY <br />OF SOUTH BEND, INDIANA, AUTHORIZING THE CITY CONTROLLER <br />TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING <br />THE YEAR 1995 IN ACCORDANCE WITH I.C. 5 -13 -9 <br />AND /OR I.C. 5- 13 -11, AND AUTHORIZING THE CITY <br />CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH <br />FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC <br />FUND TRANSFERS AND CASH MANAGEMENT SERVICES <br />STATEMENT OF PURPOSE AND INTENT <br />There are certain idle funds of the Civil City of South Bend <br />which may be invested for periods of time without affecting the <br />operating of the various departments of the City. <br />I.C. 5- 13 -9 -1, et seq., enables the Controller, or his <br />designee, to invest such idle funds with the approval of the <br />Common Council. <br />I.C. 5- 13 -5 -5 et seq., authorizes the transaction of the City <br />business with financial institutions through the use of <br />electronic funds transfer upon proper resolution by the Common <br />Council. <br />I.C. 5- 13 -11 -1 et seq., authorizes the Controller to contract <br />with a depository for the operation of a cash management system. <br />NOW, THEREFORE, BE IT ORDAINED by the South Bend Common <br />Council, as follows: <br />SECTION I. That during the calendar year 1995, the Controller <br />or his designee may invest and reinvest any idle funds of the <br />Civil City of South Bend, including, but not limited to money <br />raised by bonds issued for a future specific purpose, sinking <br />funds, depreciation reserve funds, gift, bequest, or endowment, <br />or any other funds available for investment, for such periods of <br />time that he determines are not needed for the normal operations <br />of the various departments of the Civil City, in the manner <br />permitted by I.C. 5 -13 -9 and /or I.C. 5- 13 -11. <br />SECTION II. The Controller of the City of South Bend, or his <br />designee, is hereby authorized to conduct the following business <br />transactions with financial institutions through the use of <br />electronic funds transfers; <br />a. Transfer of monies <br />depository of the <br />b. Transfer of monies <br />accounts. <br />C. Transfer of monies <br />various securities <br />on deposit from one approved public <br />"-ity to another. <br />into and between various payroll <br />for the purchase and redemption-of <br />for investment purposes. <br />SECTION III. For purpose of this Resolution, "electronic funds <br />transfer" means any transfer of funds, other than a transaction <br />originated by check, draft, or similar paper instrument, that is <br />initiated through an electronic terminal, telephone, computer or <br />magnetic tape for the purpose of ordering, instructing, or <br />authorizing a financial institution to debit or credit an <br />account. <br />SECTION IV. The Controller of the City of South Bend, or his <br />designee, is hereby directed and required to maintain adequate <br />
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