HomeMy WebLinkAboutAuthorizing the temporary transfer of fundsRESOLUTION
NO. 674 -79
Passed by the Common Council of the City of South Bend, Indiana,
January 8 19 79
Attest: I1
ity Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
January 9 19 79
City Clerk
Approved and signed by me
Mayor
RESOLUTION NO. 4,'74/--7f
A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER
OF IDLE FUNDS OF THE CITY OF SOUTH BEND, INDIANA,
FROM THE CUMULATIVE SEWER BUILDING AND SINKING
FUND, LOCAL ROADS AND STREETS FUND, FEDERAL ASSISTANCE
GRANT FUND, WASTEWATER DEPRECIATION FUND, WATER
WORKS DEPRECIATION FUND AND WASTEWATER GENERAL FUND,
TO THE CORPORATION GENERAL, PARK MAINTENANCE, POLICE
PENSION, FIRE PENSION AND HUMAN RELATIONS AND FAIR
EMPLOYMENT PRACTICES COMMISSION FUNDS AND CENTURY
CENTER OPERATIONS FUND, ALL FUNDS BEING WITHIN THE
CIVIL CITY OF SOUTH BEND, INDIANA.
WHEREAS, a necessity exists to provide funds for the Corpora-
tion General, Park Maintenance, Police Pension, Firemen Pension, Human Relations
and Fair Employment Practices Commission and Century Center Operations Fund prior
to the receipts of taxes in the year 1979 in order to meet the current operating
expenses of the City, provided for in the budget and appropriation adopted for
the year 1979 which expenses must be met prior to the receipts of taxes and other
revenues in the year 1979 and
WHEREAS, there are monies on deposit to the credit of various
funds of the City, to wit: Cumulative Sewer Building and Sinking, Local Roads
and Streets and Federal Assistance Grant, Wastewater General, Wastewater De-
preciation, and Water Works Depreciation Funds which can be temporarily advanced
or transferred to the various funds already mentioned, and
WHEREAS, Indiana Code 19- 11 -2 -1 and 19- 11 -2 -2 authorize 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 period of time as may be prescibed in the Resolution,
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA:
SECTION I. That the City Controller of the City of South Bend is
authorized to transfer an aggregate amount not to exceed $4,700,000.00 to various
funds from various other funds as listed below. The aggregate amount of
$4,700,000.00 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, 1979.
FROM: MAXIMUM TO: MAXIMUM
Cumulative Sewer Corporate General
Building & Sinking Fund $1,000,000.00 Park Maintenance
Local Roads & Street
Fund 1,000,000.00
Federal Assistance Grant
Fund 750,000.00
Wastewater General Fund 500,000.00
Wastewater Depreciation
Fund 750,000.00
Water Works Depreciation Fund 700,000.00
Police Pension Fund
Firemen Pension Fund
Human Relations & Fair
Practices Comm. Fund
$3,680,000.00
500,000.00
/11 111 11
200,000.00
20,000.00
Century Center Operations
Fund 100,000.00
$4,700.000.00 $4,700,000.00
SECTION H. Such transfer shall be made for a period
of time not to extend beyond December 31, 1979, and such funds so 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 adoption by the Common Council and its approval by
the Mayor.
PRESENTEd ; 1� - V " % I
NOt APPP -aym
ADOPTED
Member of he Common Council
FIRED ENI rW'LFi`;'S OFFICE
Irene mammon
CITY CLERK, SOUTH BEND, IND.
Peter H. Mullen
Director, Administration and
Finance
January 3, 1979
CITY of SOUTH BEND
PETER J. NEMETH, Mayor
COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601
Members of the Common Council
City of South Bend
4th floor Council Chambers
South Bend, IN 46601
Dear Council Members:
219/284 -9742
I have attached a resolution authorizing temporary loans between funds for
the year 1979. Every year we find it necessary to make loans to certain
funds due to normal timing variances between expenditures and receipt of
revenues, especially property taxes.
I ask for your favorable consideration of this resolution and feel free to
call me if you have any questions.
Sincerely,