HomeMy WebLinkAboutAuthorizing the temporary transfer of idle funds of the City of South Bend RESOLUTION
No. 406-74
Passed by the Common Council of the City of South Bend, Indiana,
JANUARY 14 , 19 74
Attest: e— City Clerk
n -44—
Attest: li President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
JANUARY 15, 19 74
�`� — — /��—� 1��✓ City Clerk
Approved and signed by me 191 .
Mayor
RESOLUTION NO. -1-16
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, FIREMEN PENSION, REDEVELOPMENT, MOTOR
VEHICLE HIGHWAY, HUMAN RELATIONS AND FAIR EMPLOY-
MENT 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 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
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 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 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 21, 1974:
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 and Streets Police Pension Fund - - - 250,000.00
Fund - - - - - - - - - - - 500,000.00
Federal Assistance Grant Firemen Pension Fund - - - 250,000.00
Fund - - - - - - - - - - - 750,000.00
Redevelopment Fund - - - 25,000.00
FILED IN CLERIC'S OFFICE $23875,000.00 Motor Vehicle Highway
Fund - - - - - - - - - - - 2503000.00
1974 Human Relations and Fair
Employment Practices Comm.Fund 25,000.00
Irene Gammon -
CITY CLERK, SOUTH BEND, IND, $2,8753000.00
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
PRESENTED
NOT APPROVED Member f the-Common Council
ADOPTED
I
If
CITY OF SOUTH BEND Reply To:
South Bend, Indiana 46601
Jerry J. Miller
Mayor
James V. Barcome
Director, Administration and Finance
TO: Members of the South Bend Common Council
FROM: James V. Barcome, City Controller
DATED: January 8, 1974
SUBJECT: Resolution Allowing the Controller to Make Temporary
Transfers of Funds
This is a request for a resolution similar to those the Council
passed in 1972 and 1973. We are requesting the authority to make
temporary transfers of monies between the various funds listed in
the resolution so as to cover our normal operating expenses. All
of the funds are tax-supported; since property tax assessments will
not be mailed until March, revenues from the tax levy will not be
available until a much later date.
In prior years it was a custom to borrow from local banks and pay
interest on the loan to be repaid from 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 . Thank-you.
Siv
es V B rcome, Controller
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