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RESOLUTION NO. 1 R l \ - X 'o <br />A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER <br />OF IDLE FUNDS OF THE CITY OF SOUTH BEND, INDIANA, <br />FROM VARIOUS FUNDS TO THE VARIOUS FUNDS WITHIN <br />THE CIVIL CITY OF SOUTH BEND, INDIANA. <br />STATEMENT OF PURPOSE AND INTENT: <br />It is necessary to provide funds for the Park Maintenance Fund, <br />Cumulative Capital Improvement Fund, and Cumulative Capital Development <br />Fund prior to the receipt of taxes in the year 1992 in order to meet <br />the current operating expenses of the City, provided for in the budget <br />adopted for the year 1992. <br />There are monies on deposit to the credit of various funds of <br />the City, to -wit: Liability Insurance Premium & Reserve Fund, and <br />Police and Fire Pension Funds, which can be temporarily advanced or <br />transferred to the various funds already mentioned. <br />Indiana Code 36 -1 -8 -4 authorizes the Common Council of the <br />Civil City of South Bend, by Resolution adopted by such Council, to <br />advance and transfer to a depleted fund from any other such fund, such <br />amount and for such a period of time as may be prescribed in the <br />Resolution. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the <br />City of South Bend, Indiana as follows: <br />SECTION I. The City Controller of the City of South Bend is <br />authorized to transfer an aggregate amount not to exceed $825,000 <br />to various funds from various funds as listed below. The aggregate <br />amount of $ 825,000 to be distributed so as not to exceed at any one <br />time the maximum amounts as set forth below. Any such transfers made <br />must be repaid by December 31, 1992. <br />FROM: MAXIMUM <br />Liability Insurance $225,000 <br />Premium & Reserve <br />Fire Pension $300,000 <br />Police Pension $300,000 <br />TOTAL $825,000 <br />TO: MAXIMUM <br />Park Maintenance $500,000 <br />Fund <br />Cumulative Capital $100,000 <br />Improvement Fund <br />Cumulative Capital $225,000 <br />Development Fund <br />$825,000 <br />SECTION II. Such transfer shall be made for a period of time <br />not to extend beyond December 31, 1992 and such funds to be transferred <br />shall be returned and repaid to the original funds from which they were <br />transferred. <br />SECTION III. This Resolution shall be in full force and effect <br />from and after its passage by the Common Council and approval by the <br />Mayor. <br />C:Res -idle <br />PRESENTED A k3- <br />NOT APPROVED <br />ADOPTED <br />i � tCt e�e <br />Membef of tiae Common Council <br />Filed in Clerk's Office <br />