HomeMy WebLinkAboutAuthorizing the temporary transfer of idle fundsAttest:
RESOLUTION
NO. 599 -77
Passed by the Common Council of the City of South Bend, Indiana
December 19
M
Attest: /I// I-11—IF-1-11 � _
77
Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
Approved and signed by me
December 20 19 77
City Clerk
19 =.
114
Mayor
RESOLUTION NO. ,j Y5` -77
A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER
OF IDLE FUNDS OF THE CITY OF SOUTH BEND, INDIANA,
FROM THE CUMULATIVE SEWER BUILDING AND SINKING,
CUMULATIVE CAPITAL IMPROVEMENT, LOCAL ROADS AND
STREETS, FEDERAL ASSISTANCE GRANT FUNDS AND
WASTEWATER DEPRECIATION FUND, WATER WORKS DE-
PRECIATION FUND AND WASTEWATER GENERAL FUND,
TO THE CORPORATION GENERAL, PARK MAINTENANCE,
POLICE PENSION, FIRE PENSION, REDEVELOPMENT,
HUMAN RELATIONS AND FAIR EMPLOYMENT PRACTICES
COMMISSION FUNDS, MOTOR VEHICLE HIGHWAY FUNDS,
ALL FUNDS BEING WITHIN THE CIVIL CITY OF SOUTH
BEND, INDIANA.
WHEREAS, a necessity exists to provide funds for the
Corporation General, Park Maintenance, Police Pension, Firemen
Pension, Redevelopment, Human Relations and Fair Employment
Practices Commission, Motor Vehicle Highway Funds prior to the
receipts of taxes in the year 1978, in order to meet the current
operating expenses of the City, provided for in the budget and
appropriation adopted for the year 1978, which expenses must be
met prior to the receipt of taxes in the year 1978, and
WHEREAS, there are monies on deposit to the credit of
various funds of the City, to -wit: Cumulative Sewer Building
and Sinking, Cumulative Capital Improvement, Local Roads and
Streets and Federal Assistance Grant, Wastewater Depreciation,
and Water Works Depreciation Funds which can be temporarily
advanced or transferred to the various funds already mentioned,
and
WHEREAS, Chapter 71 of the Acts of 1961 of the Indiana
General Assembly authorized the Common Council of the Civil City
of South Bend, by Resolution adopted by such Council, to advance
and trasnfer to a depleted fund from any other such fund, such
amount and for such period of time as may be prescribed 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 $4,000,000.00 to various funds from various other funds
as listed below. The aggregate amount of $4,000,000.00 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, 1978.
FROM: MAXIMUM TO: MAXIMUM
Cumulative Sewer Corporate General
Building & Sinking
Fund $750,000.00 Park Maintenance Fund
Local Roads and Police Pension Fund
Street Fund $500,000.00
Firemen Pension Fund
Federal Assist-
ance Grant Fund $750,000.00
Wastewater Gen-
eral Fund
Wastewater
Depreciation Fund
$1,250,000.00
$500,000.00
Water Works
Depreciation Fund $250,000.00
$4,000,000.00
$2,325,000.00
$ 500,000.00
$ 250,000.00
$ 250,000.00
Cumulative Capital
Improvement Fund $ 150,000.00
Human Relations &
Fair Practices Comm.Fund $ 25,000.00
Motor Vehicle &
Highway Fund
$ 500,000.00
$4,000,000.00
SECTION II. Such transfer shall be made for a period
of time not to extend beyond December 31, 1978, 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.
r
Member off
t /he Common Council
® I signed only to provido 2?
= C:r r,�blio diRcussion
opportun -�� �
and council action on the issue.,
FILED IN CLERK'S OFFICE
.� F- C 14 1977
Irene Gammon
CITY CLERK, SOUTH BEND,; IND>
Peter H. Mullen
Director, Administration and
Finance
CITY of SOUTH BEND
PETER J. NEMETH, Mayor
COUNTY -CITY BUILDING SOUTH BEND. INDIANA 46601
Members of the Common Council
4th Floor Council Chambers
County City Building
South Bend, Indiana
Dear Council Members:
November 13, 1977
219/284 -9742
We are submitting a resolution for your consideration
at the December 19, 1977 Council Meeting. This resolution
authorizes my office to transfer idle funds for the year
of 1978. This transfer is to protect the cash position of
the City of South Bend so that we will not have to borrow
money to protect any fund.
Any transfers that will be made by my office during the
year of 1978 will be repaid no later than December 31.
Your approval of this resolution will be appreciated.
Sincerely
Pelt� ' I4. Mullen
Con