HomeMy WebLinkAboutAuthorizing the Controller of the City of South Bend to invest certain idle funds during the year 1980 in accordance with Indiana Code 5-13-1 and 5-13-2RESOLUTION
Passed by the Common Council of the City of South Bend, Indiana-
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Attest:
January 7,
GQ
Presented by me to the Mayor of the City of South Bend, I
Approved and signed by
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City Clerk
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City Clerk
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RESOLUTION NO.d
A RESOLUTION AUTHORIZING THE CONTROLLER OF
THE CITY OF SOUTH BEND, INDIANA TO INVEST
CERTAIN IDLE FUNDS DURING THE YEAR 1980 IN
ACCORDANCE WITH INDIANA CODE 5 -13 -1 AND
5 -13 -2.
WHEREAS, there are certain idle funds of the Civil
City of South Bend which may be invested for periods of time
without affecting the operations of the various departments
of the City and;
WHEREAS, Indiana Code 5 -13 -1 and 5 -13 -2 enables the
Controller to invest such idle funds with the approval of
the Common Council.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL
OF THE CITY OF SOUTH BEND, INDIANA:
SECTION I. That during the calendar year 1980, the
Controller or his representative, invest certain idle funds
of the Civil City of South Bend for such periods of time that
he determines are not needed for the normal operations of the
various departments of Civil City.
SECTION II. This Resolution shall be in full force
and effect from and after its passage by the Common Council and
its approval by the Mayor.
Member of th C on Counci
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PRESENTED
NOT APPROVED G on
ADOPTED � - / ' � o-o �.a, c�G_ CITY CLUK, SOUTH BEND, IND.
Joseph E. Kernan
Director, Administration and
Finance
Michael L. Vance
Chief Deputy Controller
CITY of SOUTH BEND
ROGER O. PARENT, Mayor
COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601
January 3, 1980
Members of the Council
South Bend Common Council
City of South Bend, Indiana
Dear Council Members:
219/284 -9483
I would like to present a resolution for your consideration
at the 1 -7 -80 Council meeting, approving the investment of
idle funds by the Department of Administration and Finance
for the City of South Bend.
In recent years, the investment of idle funds has become
increasingly important as a source of additional revenue
to enable the City to provide needed services and accom-
plish special tasks. I see no change in this trend in
coming years based on the frozen tax levey and the current
rate of inflation.
During the last fiscal year, the City made investments
totaling $89,285,000.00 on which we earned a total of
$888,035.00. That $89,285,000.00 was invested for terms
varying from one day to six months and at interest rates
which ranged from a low of 7.5% to a high of 14.42 %.
We are hopeful that 1980 will be as productive investment
wise as was 1979. If you have any questions, please feel
free to contact my office.
Very truly yours,
Michael L. Vance
Chief Deupty Controller