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ORDINANCE NO. <br />AN ORDINANCE OF TIIE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, TRANSFERRING MONIES FROM VARIOUS FUNDS TO DEPLETED <br />PROPERTY TAB FUNDS WITHIN THE CITY <br />STATEMENT OF PURPOSE AND INTENT <br />Due to the circumstance that St. 3oseph County will not be able to send out 2008 pay <br />2009 property tax bills on time in order to provide a property tax settlement with the City of <br />South Bend in June of 2009, it has become necessary to temporarily transfer monies from <br />various Funds within the City to depleted Property Tax Funds to meet current operational <br />expenses. All Funds from which temporary transfers are to be made have monies sufficient to <br />accommodate these temporary transfers. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND as follows: <br />SECTION I. The aggregate sum of $ 17,700,000 shall be transferred from the following <br />Funds as follows: <br />A. $7,500,000 from Fund No. 711 Health Insurance Fund; and <br />B. $6,500,000 from Fund No. 102 Rainy Day Fund; and <br />C. $3,700,000 from Fund No. 227 Loss Recovery Fund <br />SECTION II. The monies totaling an aggregate sum of $17,700,000 transferred per <br />Section I from Fund Numbers 711,102, and 227 shall be deposited and loaned temporarily to the <br />following Funds: <br />A. $10,500,000 to Fund 101 General Fund; and <br />B. $3,500,000 to Fund 201 Park General Fund; and <br />C. $1,400,000 to Fund 701 Fire Pension Fund; and <br />D. $1,500,000 to Fund 702 Police Pension Fund; and <br />E. $800,000 to Fund 313 Hall of Fame Debt Service <br />SECTION III. All monies transferred under Section I to the Funds designated in Section <br />II shall be paid back to the originating Fund by December 31, 2009 <br />