The URL can be used to link to this page

Home My WebLink AboutAuthorizing the temporary transfer of idle fundsAttest: RESOLUTION No. 503 -76 Passed by the Common Council of the City of South Bend, Indiana, January 5 19 76 ity Clerk Attest: �z Lzc/ 'd//i%z'I President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana January 6 19 76 /'� City Clerk Approved and signed by me 19 %(, Mayor RESOLUTION NO. 503 -76 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, AND FEDERAL ASSISTANCE GRANT FUNDS, TO THE CORPORATION GENERAL, PARK MAINTENANCE, POLICE PENSION, FIRE PEN- SION, REDEVELOPMENT, MOTOR VEHICLE HIGHWAY, HUMAN RELATIONS AND FAIR EMPLOYMENT PRACTICES COMMISSION 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, Motor Vehicle Highway, Human Relations and Fair Employment Practices Com- mission Funds prior to the receipts of taxes in the year 1976, in order to meet the current operating expenses of the City, provided for in the budget and appropriations adopted for the year 1976, which expenses must be met prior to the receipt of taxes in the year 1976, and WHEREAS, there are money 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 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 transfer 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 $2,875,000.00 to various funds from various other funds as listed below. The aggregate amount of $2,875,000.00 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 repair by December 31, 1976: From: Maximum To: Maximum Cumulative Sewer Building Corporation General - - - - -- $1,600,000.00 and Sinking Fund --- - - - - -- $1,625,000.00 Park Maintenance Fund - - -- 500,000.00 Local Roads & Streets Fund --------------- - - - - -- 500,000.00 Police Pension Fund - - - - -- 250,000.00 Federal Assistance Grant Firemen Pension Fund - - - -- 250,000.00 Fund---------------- - - - - -- 750,000.00 Motor Vehicle Highway Fund--------------- - - - - -- 100,000.00 $2,875,000.00 Cumulative Capital Improvement Fund--- - - - - -- 150,000.00 Human Relations and Fair Employment Practices Comm. Fund--------------- - - - - -- 25,000.00 $2,875,000.00 SECTION II. Such transfer shall be made for a period not to extend beyond December 31, 1976, and such funds so transferred shall be re- turned and repaid to the original funds from which it was transferred. Member of the Common Council Adopted January 5, 1976, as amended. RESOLUTION NO. 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, AND FEDERAL ASSISTANCE GRANT FUNDS, TO THE CORPORATION GENERAL, PARK MAINTENANCE, POLICE PENSION, FIRE PEN- SION, REDEVELOPMENT, MOTOR VEHICLE HIGHWAY, HUMAN RELATIONS AND FAIR EMPLOYMENT PRACTICES COMMISSION 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, Motor Vehicle Highway, Human Relations and Fair Employment Practices Com- mission Funds prior to the receipts of taxes in the year 1976, in order to meet the current operating expenses of the City, provided for in the budget and appropriations adopted for the year 1976, which expenses must be met prior to the receipt of taxes in the year 1976, and WHEREAS, there are money 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 Fereral Assistance Grant 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 transfer 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 $ 2,875,000.00 to various funds from various other funds as listed below. The aggregate amount of $ 2,875,000.00 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, 1976: From: Maximum To: Maximum Cumulative Sewer Building Corporation General - - - - -- $1,575,000.00 and Sinking Fund---- - - - - -- $1,500,000.00 Cumulative Capital Park Maintenance Fund - - -- 500,000.00 Improvement Fund---- - - - - -- 125,000.00 Local Roads & Streets Police Pension Fund - - - - -- 250,000.00 Fund---------------- - - - - -- 500,000.00 Federal Assistance Grant Firemen Pension Fund - - - -- 2503,000.00 Fund---------------- - - - - -- 750,000.00 Redevelopment Fund- - - - - -- 25,000.00 $2,875,000.00 Motor Vehicle Highway Fund--------------- - - - - -- 250,000.00 Human Relations and Fair Employment Practices Comm. Fund---------------- - - - - -- 25,000.00 $2,875,000.00 SECTION II. Such transfer shall be made for a period not to extend beyond December 31, 1976, and such funds so transferred shall be re- turned and repaid to the original funds from which it was transferred. HOW CLER ' FICE PRESENTED I - - 7 Mem er of the Co on Counc ^ rJ�I,j 1975 NOT APPROVED ADOPTED Irene Gammon CITY CLERK, SOUTH BEND, IND. CITY OF SOUTH BEND South Bend, Indiana 46601 Jerry J. Miller Mayor James V. Barcome Director, Administration and Finance Members.of the Common Council City of South Bend 4th Floor County -City Building Dear Councilmen, Reply To: December 31, 1975 We are submitting (2) two Resolutions for your consideration at the January 5, 1976 meeting. They are the Resolutions which authorize the City Controller to transfer idle funds to protect the cash position of the City and also, to invest other idle funds to gain full use of the monies. If there are any questions, feel free to contact us. Very truly yours, q�'�c oz'� Michael L. Vance Chief Deputy Controller