Temporary Transfer of Idle Funds of the City of South Bend From Various Funds tp Various Funds within the Civil City

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RESOLUTION NO. 0211aQ - %* 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 OF PURPOSE AND INTENT: It is necessary to provide funds for the General Fund, Park Maintenance Fund, Cumulative Capital Improvement Fund, and Cumulative Capital Development Fund prior to the receipt of taxes in the year 1994 in order to meet the current operating expenses of the City, provided for in the. budget adopted for the year 1994. There are monies on deposit to the credit of various.funds of the City, to -wit: The Liability Insurance Premium and Reserve Fund, the Sewage Works Depreciation Fund, the Sewage Works Operation and Maintenance Reserve Fund, which can be temporarily advanced.or transferred to the various funds already mentioned. Indiana Code 36 -1 -8 -4 authorizes the Common Council of the Civil 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 South Bend is authorized to transfer an aggregate amount not to exceed $7,600,000.00 to various funds from various funds as listed below. The aggregate amount of $7,600,000.00 to be distributed so as not to exceed at any one time the maximum amounts as set forth below. Any such transfers.made must be repaid by December 31, 1994. FROM: MAXIMUM TO: MAXIMUM Liability Insurance $1,0.00,000.00 General Fund $7,000,000.00 Premium & Reserve Park Maintenance $1,500,000.00 Fund Sewage Works $4,500,000.00 Cumulative Capital $ 200,000.00 Depreciation Improvement Fund Cumulative Capital $ 300,000.00 Fund Sewage Works $3,500,000.00 Operation and Main- tenance Reserve TOTAL $9,000,000.00 $9,000,000.00 Section II. Such transfer shall be made for a period of time not to extend beyond December 31, 1994, and such funds to be transferred.shall be returned and repaid to the original funds from which they were transferred.