HomeMy WebLinkAbout10063-10 Transfer- $440,000 from Rainy Day Fund (#102)ORDINANCE No. +o~~-+a
Passed by the Common Council of the City of South Bend, Indiana
December 13,
Attest:
Attest:
Presented by me to the Mayor of the City of Sout/z Bend, Indiana
December 14, 20 10
JOHN
Approved and signed by me ~~ ~ ~ 20 ~
20 10
City Clerk
President of Common Council
City Clerk
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JOHN
ORDINANCE NO. ~ ~ ~ O ~~ ~~~
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, TRANSFERRING $440,000 FROM THE RAINY DAY FUND NO. 102 TO
HALL OF FAME DEBT SERVICE FUND 313 WITHIN THE CITY OF SOUTH BEND
STATEMENT OF PURPOSE AND INTENT
Due to possible delays in receipt of certain property tax revenue, it has become
necessary to temporarily transfer monies from various funds within the City to depleted
funds to meet current operational expenses. All funds from which temporary transfers
are to be made have monies sufficient to accommodate these temporary transfers.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
South Bend, Indiana, as follows:
Section I. The aggregate sum of $440,000 shall be transferred from the following
fund as follows:
• $440,000 from Fund No.102 -Rainy Day Fund
Section II. The monies totaling an aggregate sum of $440,000 transferred per
Section I from Fund No.102 shall be deposited and loaned temporarily to the following
fund:
• $440,000 to Fund No. 313 -Hall of Fame Debt Service Fund
Section III. All monies transferred under Section I to the fund designated in
Section II shall be paid back to the originating fund no later than June 30, 2011.
Section IV. City staff will not implement this ordinance if sufficient property tax
revenue is received in Fund 313 -Hall of Fame Debt Service Fund by December 31,
2010 to cover the existing fund deficit.
Section V. This ordinance shall be in full force and effect from and after its
passage by the Common Council and approval of the Mayor.
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" "-~--'- er of the Common Council
Presented by me to the Mayor of the City of South Bend, Indiana, on the
day of ~.~~w~-~,..~ , 2010, at `L~ ~ ~ o'clock . m.
Deput "'ity Clerk
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Approved and signed by me on the /~)' day of eL ,
o'clock ~ . m.
Mayor, ity o th Bend, Indiana
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TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
80-10 A BILL OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, TRANSFERRING $440,000
FROM THE RAINY DAY FUND NO. 102 TO THE HALL OF
FAME DEBT SERVICE FUND 313 WITHIN THE CITY OF
SOUTH BEND
Respectfully report that they have examined the matter and that in their opinion,
this bill is being recommended to the full Council with a favorable
recommendation.
Ann Puzzello
Chairperson, Committee of the Whole
COUNTY-CITY BUILDING,
227 W.JEFFERSON BOULEVARD
SOUTH BEND,IN 46601
S U~
PEACE
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1865
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
OFFICE OF ADMINISTRATION & FINANCE
GREGG D. ZIENTARA, CITY CONTROLLER
November 17, 2010
Mr. Derek Dieter
President, South Bend Common Council
4~h Floor, County-City Building
South Bend, IN 46601
PHONE 574-235-9216
FAx 574-235-9928
Re: Ordinance of the Common Council Transferring Monies within Certain Property Tax Supported
Funds
Dear President Dieter:
Due to possible delays in receipt of certain property tax revenue, it has become necessary to temporarily
transfer monies from various funds within the City to depleted funds to meet current operational
expenses. All funds from which temporary transfers are to be made have sufficient monies to
accommodate the temporary transfers.
In the event that a tax distribution is received prior to December 31, 2010, and sufficient to negate the
deficit position, the temporary transfer of funds approved by this ordinance will be unnecessary and will
not be actioned.
I will present this Bill to the Common Council at the appropriate Council Committee meeting, public
hearing, and at the Council meeting. I am available to discuss any matters concerning this Bill at the
convenience of the Council.
Regards,
Gregg D i n ara
cc: Ste n J. Luecke, Mayor of the City of South Bend
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