HomeMy WebLinkAboutAuthorizing the Controller of the City to invest certain idle funds during the year 1979RESOLUTION
NO. 671 -78
Passed by the Common Council of the City of South Bend, Indiana,
December 11 19 73
_e, � A -` -` `_�"", � City Clerk
Attest: + y
Attest:
0
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
December 12 19 78
City Clerk
Approved and signed by me 13 A 19 '7 ;1 .
Mayor
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CONTROLLER
OF THE CITY OF SOUTH BEND, INDIANA TO
INVEST CERTAIN IDLE FUNDS DURING THE
YEAR 1979 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 1979, the
Controller 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.
Memliee of the Common Council
® I signed only to provide an
opportunity for public discussion
and Council action on the issue.
FILED IN CLERK'S OFFICE
DEC 6 1978
Irene Gammon
CM CLERK, SOUTH BLNu, iND.
ADOPTID
Peter H. Mullen
Director, Administration and
Finance
Michael L. Vance
Chief Deputy Controller
December 6, 1978
CITY of SOUTH BEND
PETER J. NEMETH, Mayor.
COUNTY CITY BUILDING SOUTH BEND, INDIANA 46601
Members of the Council
4th floor Council Chambers
County -City Building
South Bend, IN 46601
Dear Council Members:
219/284 -9483
There will be presented for your approval at the December 11, 1978 meeting
a resolution authorizing the Controller of the City to invest idle funds.
As you may remember, this is a statutory step which must be taken every year
so that we may attempt to maximize our financial resources.
As recently printed in the South Bend Tribune, we have recently started a new
very agressive program where very short term investments allow us to maximize
our earnings and still meet our periodic financial obligations.
Your approval of the resolution is anticipated and appreciated.
Sincerely,
1VCLX Ue"
Michael L. Vance
Chief Deputy Controller