HomeMy WebLinkAboutAuthorizing the temporary transfer of idle funds of the City of South Bend to other temporarily depleted fundsAttest:
RESOLUTION
No. 468 -75
Passed by the Common Council of the City of South Bend, Indiana,
Attest:
JANUARY 13,
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19 75 .
ity Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
JANUARY 14
19 75 .
City Clerk
Approved and signed by me /S— 197-57
RESOLUTION NO. 96 g- ?S"
A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER OF
IDLE FUNDS OF TIE CITY OF SOUTH BEND, INDIANA TO
OTHER TEMPORARILY DEPLETED FUNDS OF THE CITY OF
SOUTH BEND, INDIANA.
WHEREAS, Chapter 71 of the Acts of 1961 of the General Assembly
of the State of Indiana authorized the Common Council of the Civil City of
South Bend, Indiana, by Resolution adopted by such Common Council, to ad-
vance 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 RESOLVED by the Common Council of the City
of South Bend, Indiana:
SECTION I. That the City Controller of the City of South Bend,
Indiana be, and her y is, authorized to transfer an aggregate amount not to
exceed $4,500,000.00 from various to various other funds as it becomes
necessary; this aggregate amount to be distributed so as not exceed at any one
time the maximum amounts as set forth below. Any such transfers so made
must be repaid by December 31, 1975:
FROM: Maximum
Cumulative Building and Sinking Fund .................... $ 2,000,000.00
Local Roads and Streets Fund ............................ 750,000.00
Federal Assistance Grant Fund ........................... 1,750,000.00
$ 4,500,000.00
TO: Maximum
Corporation General Fund . ............................... 2,650,000.00
Park Maintenance Fund ..... ............................... 4009000.00
Police Pension Fund ...... ............................... 250,000.00
Fire Pension Fund ........ ............................... 250,000.00
Human Rights Commission Fund ............................ 25,000.00
General Sinking Bond Fund ............................... 450,000.00
Redevelopment Bond Fund .. ............................... 450,000.00
Hospital Fund ............ ............................... 15,000.00
Art Association Fund ..... ............................... 10,000.00
$ 4,500,000.00
All such transfers to be made from funds on hand or to be received during
the Calendar Year 1975.
SECTION II. Such transfer shall be made for a period not to extend
beyond December 31, 1975, and such funds so transferred shall be returned and
repaid to the original fund from which it was 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
NOT APPROVED
/ -/3 --2
ADOPTED I - / 3 -- 7 S"
iJ
Member the Common Council
FILED IN CLERK'S OFFICE
JAN 8 1975
Irene Gammon
CITY CLERK, SOUTH BEND, IND.
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4 .f
oaf r
CITY OF SOUTH BEND
South Bend, Indiana 46601
Jerry J. Miller
Mayor
James V. Barcome
Director, Administration and Finance
TO: Members of the Common Council
Reply To:
James V. Barcome
FROM: James V. Barcome, Director - Administration & Finance
DATED: January 8, 1975
SUBJECT: Resolution allowing temporary transfers of funds
We are requesting the authority to make temporary transfers
of monies between various funds, so as to cover our normal
operating expenses in the year 1975. All of the funds are
tax - supported.
The alternative to making such temporary transfers would be
to negotiate bank loans at an interest rate of possibly
three per cent (30) or greater - - -to be repaid from our tax
revenues.
The temporary transfers between funds will involve no interest
charges and will be repaid from our normal tax revenues as
they are received.
We hope that this proposed resolution meets with the Council's
approval.
j mry si erely,
es V. Barcome
ntroller
Director - Administration & Finance
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