HomeMy WebLinkAboutAmend Resolution No. 406-74 Authorizing the City Controller of South Bend to make temporary transfers of idle funds RESOLUTION
No. 424-74
Passed by the Common Council of the City of South Bend, Indiana,
MAY 28, 19 74
Attest: x— City Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
MAY 29 , 19 74
City Clerk
Approved and signed by me 19
Mayor
RESOLUTION NO.
A RESOLUTION TO AMEND RESOLUTION NO. 406-74
AUTHORIZING THE CITY CONTROLLER OF SOUTH BEND,
INDIANA TO MAKE TEMPORARY TRANSFERS OF IDLE
FUNDS.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of South Bend, Indiana:
SECTION I. That Section one of Resolution No. 406-74 be deleted
in its entirety and the following substituted in its place:
SECTION I. That the City Controller of the City of
South Bend is authorized to transfer the aggregate
amount of $4,995,000.00 to various funds from
various other funds as listed below. The aggregate
amount of $4,995,000.00 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, 1974;
From: MAXIMUM To: MAXIMUM
Cumulative Sewer Bldg. Corporation General
and Sinking Fund $1 ,500,000.00 Fund $2,745,000.00
Cumulative Capital Park Maintenance Fund 500,000.00
Improvement Fund 125,000.00
Police Pension Fund 250,000.00
Local Roads and
Street Fund 500,000.00 Firemen Pension Fund 250,000.00
Federal Assistance Redevelopment Fund 25,000.00
Grant Fund 1,750,000.00
Motor Vehicle Hwy. 250,000.00
Redevelopment District Fund
Capital - 1972 Fund 500,000.00
Human Rights Commission
Municipal Bonds of Fund 25,000.00
1971 Fund 220,000.00
Redevelopment Bond Fund 500,000.00
Sewage Works
Construction Fund 400,000.00 General Sinking Bond
Fund 450,000.00
Total: $4,995,000.00
Total: $4,995,000.00
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.
Me e of he Common Council
FILED IN CLERK'S OFFICE
PRESENTED
NOT APPROVED MAY 2 21974
ADOPTED S-- 'p 8
Irene Gammon
CITY CLERK, SOUTH BEND, IND.
Y A/
RESOLUTION N0. LI G 6 -
A RESOLUTION AUTHORIZING TIIE TE:a4'iTORIARY TRANSFER
OF IDLE FUNDS OF TIIE CI'T'Y OF SOUTH BEND, INDIANA,
FROM THE CU:IULATIVE SEWER BUILDING AND SINKING,
CU:;U .,kTIVE CAPITAL IMPROVE:u:Yr, LOCAL ROADS AND
STREETS, AND FEDEP%AL ASSISTANCE GRANT FUNDS, TO
T:::: COa"20RATION GENERAL, '%R-K KNINTLENANCE, POLICE
P'NSION, FIrE`L':N PI:NSIC)-, :DEVELOP: IvT, MOTOR
V::I:iC:.E IiIGIiWAY, IIUn N R::'•ATIONS .'.ND FAIR EMPLOY-
"':\T PRACTICES Co\z1ISSION FUNDS, ALL FUNDS BEING
WITHIN THE CIVIL Ci:Y OF SOUTH BZN-D, 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 :air Employment Practices Commission
Funds prior to the receipt of taxes in the year 1974, in order to meet the
current operating expenses of the City, provided for in the budget and appropriations
adopted for the year 1974, which expenses must be met prior to the receipt of taxes
in the year 1974, and
WHEREAS, there are money on deposit to the credit of various funds
o: the City, to-wit: Cumulative Sewer Building and Sinking, Cumulative Capital
1::?rovement, Local Roads and Streets, and Federal Assistance Grant Funds which
can be temporarily advanced or transferred to the various funds already mentioned,
a.nd
WHEREAS, Chapter 71 of the Acts of 1961 of the Indiana General
:.ssem5ly authorized the Con-c-non Council of tl:e Civil City of South Bend, by
resolution adopted by such Council, to advance and transfer to a depleted fund
f_om any other such fund, such amount and for such period of time as may be prescribed
in the resolution,
NOW, THEREFORE, BE 1T RESOLVED by the Common Council of the City
of South Bend, Indiana:
SECTION I. That the City Controller of the City of South Bend
is aut orized 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
anounts as set forth below. Any such transfers made must be repaid by
Decen,,per 21, 1974:
From: Maximums To: Maximum,
Cum lative Sewer Building Corporation General - - - - $1,575,000.00
and Sinking Fund - - - - - $1,500,000.00
Cumulative Capital Park Maintenance Fund - - - 500,000.00
_z,.)rova=eat :and - - - - - 125,000.00
:.oval Roads and Streets Police Pension Fund - - - 250,000.0''
;.:.d - - - - - - - - - - - 500,000.00
Feccral Assistance Grant Firemen Pension Fund - - - 250,000.G
:i:nd - - - - - - - - - - - 750,000.00
Redevelopment Fund - - - 25,000.00
$2,875,000.00 Motor Vehicle Highway
Fund - - - - - - - - - - - 250,000.00
„ J 1g74 Human Relations and Fair
"'" � Employment Practices Comm.Fund 25,000.00
~. Gammon
�i b1.0
C;;y CLERK, SOUTH BEND, IND. $2,875,000.00
SECTION II. Such transfer shall be made for a period not to
extend beyond December 31, 1974, and such funds so transferred shall be returned and
repaid to the original duns from which it was transfe�.
NO-, A?rROVED Member f the ommon Council
MDGrTED
i
6
CITY O F SOUTH B E N D Reply To:
South Bend, Indiana 46601
James V. Barcome
Jerry J. Miller
Mayor
May 22, 1974
James V. Barcome
Director, Administration and Finance
M E M O R A N D U M
To: Members of the Common Council
From: James V. Barcome, Controller
Director, Administration & Finance
Subject: Revision and Resolution Authorizing Temporary
Transfers of Funds
We are asking the Council to introduce and approve a
Resolution amending Resolution #k406-74, (copy of which is
attached herewith) . This Amendment is necessary in order
to provide continued operating revenues and funds for
up-coming bond payments.
At the time Resolution ##406-74 was introduced, we did not
know that these monies would not be available by this date.
Therefore, in order to meet our payroll and bond obligations,
we will have to increase the temporary transfer amounts.
As you know, these transfers must be and will be repaid by
December 31 , 1974 or sooner.
We hope the Council will concu on this Resolution.
S � ere yours,
am s V. Barcome, Controller
l Dir ctor, Administration & Finance
JVB:pbh
SCHEDULE OF TEMPORARY TRANSFERS MADE THROUGH MARCH 21, 1974 :
Corporation General Fund . . . . $1, 500, 000.00
Park Maintenance Fund . . . . . 300, 000.00
Fire Pension Fund . . . . . . . 100, 000.00
Police Pension Fund . . . . 100, 000.00
TOTAL: $2 , 000, 000.00