Authorizing the Temporary Transfer of Idle Funds of the City of South Bend from Various Funds to Various Funds

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RESOLUTION NO. /'? &,Z - q 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 Improvement Fund, Park Maintenance Fund, Junk Vehicle Fund, Unsafe Building Fund to the receipt of taxes in the year 1990 operating expenses of the City, provided the year 1990. for the Cumulative Capital Morris Civic Auditorium Fund, and Discovery Hall Fund prior in order to meet the current for in the budget adopted for There are monies on deposit to the credit of various funds of the City, to wit: Liability Insurance Premium and Reserve Fund, Water Works General Fund, Local Roads and Streets Fund and Fire Pension 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 $1,100,000.00 to various funds from various funds as listed below. The aggregate amount of $1,100,000.00 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, 1990. FROM: MAXIMUM TO: MAXIMUM Liability Insurance Premium & Reserve Fund $ 500,000 Water Works General Fund 300,000 Local Roads & Streets Fund 200,000 Fire Pension Fund 100,000 TOTAL $ 1,100,000 Cumulative Capital Improvement Fund $ 160,000 Park Maintenance Fund 750,000 Morris Civic Auditorium Fund 85,000 Junk Vehicle Fund 14,000 Unsafe Building Fund 16,000 Discovery Hall Fund 75,000 TOTAL $ 1,100,000 SECTION II. Such transfer shall be made for a period of time not to extend beyond December 31, 1990 and such funds to be transferred shall be returned and repaid to the original funds from which they were transferred. SECTION III. This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. PRESENTED /- F.7® NOT APPROVED ADOPTED /_ F,9() Member of ror Council