Temporary Transfer of Idle Funds of City of South Bend to Various Funds

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RESOLUTION NO. � V9 - ce 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 for the Corporation General, Park Maintenance, Police Pension and Fire Pension, Discovery Hall and Cumulative Capital Improvement Fund prior to the receipt of taxes in the year 1989 in order to meet the current operating expenses of the City, provided for in the budget adopted for the year 1989. There are monies on deposit to the credit of various funds of the City, to wit: Cumulative Sewer Building and Sinking, Sewage Works Depreciation, Sewage Works Operating, Sewage Works Insurance Fund, Water Works Operating, Sewers Repair, and Tax Incremental Financing Bond Proceeds 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 $2,850,000.00 to various funds from various funds as listed below. The aggregate amount of $2,850,000.00 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, 1989. FROM: MAXIMUM TO: MAXIMUM Cumulative Sewer Building and Sinking Fund $ 200,000 Corporation General $2,000,000 S/B Clay Sewer Wks Fund 50,000 Police Pension Fund 200,000 Liability Insurance Cumulative Capital Premium & Reserve Fund 800,000 Improvement Fund 50,000 Local Roads and Streets 500,000 Discovery Hall 100,000 Water Works Meter Fund 400,000 Fire Pension 200,000 T.I.F. Bond Proceeds 900,000 Park Maintenance Fund 300,000 $2,850,000 $2,850,000 SECTION II. Such transfer shall be made for a period of time not to extend beyond December 31, 1989 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. Fel;� In Clerk's Office JAN 41989 Mem r of the Commo uncil NOT. APPROVED ADOPTED rIVRENE GAMMON n ?,.