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RESOLUTION NO. 3 R 3 3 "~~ <br />A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, AUTHORIZING A TEMPORARY LOAN OF MONIES FROM THE RAINY <br />DAY FUND (#102), THE LOSS RECOVERY FUND (#227), THE COUNTY OPTION <br />INCOME TAX FUND (# 404), THE AIRPORT TIF FUND (# 324), AND THE HEALTH <br />INSURANCE FUND (#711) TO THE GENERAL FUND.(#101), THE PARKS AND <br />RECREATION FUND (#201), AND HALL OF FAME BOND FUND (# 313) FOR THE <br />PURPOSE OF MEETING OPERATIONAL NEEDS OF THE CITY <br />WHEREAS, the City expected that by December 30, 2008 it would have received property <br />tax revenues for 2008 levied in 2007; however, it is unlikely the City will receive sufficient <br />property tax revenues prior to December 30, 2008 to meet the current operating expenses of <br />various funds of the City; and <br />WHEREAS, because the City of South Bend has not yet received its 2008 distribution of <br />property tax revenue, an emergency exists requiring a loan from various funds within the City to <br />other funds in order to meet payroll and other regular operating expenses of the City; and <br />WHEREAS, this emergency justifies an extension of the deadline for repayment of the <br />interfund loans, that is, to June 30, 2009; and <br />WHEREAS, all Funds from which loans are to be made have sufficient monies on deposit <br />to make the temporary loans specified in this Resolution. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, as follows: <br />Section I. The aggregate sum of Fourteen Million Nine Hundred Fifty Thousand Dollars <br />($14,950,000) shall be temporarily borrowed from certain City funds and loaned to other City <br />funds as follows: <br />Borrowed From: <br />Rainy Day Fund (#102) $4,500,000 <br />Loss Recovery Fund (#227) $4,460,000 <br />County Option Income Tax Fund (#404) $2,480,000 <br />Airport TIF Fund (#324) $2,810,000 <br />Health Insurance Fund (#711) $700,000 <br />Total $14,950,000 <br />Loan To: <br />General Fund (#101) $12,000,000 <br />Parks and Recreation Fund (#201) $2,500,000 <br />Hall of Fame Bond Fund (#313) $450,000 <br />Total $14,950,000 <br />