HomeMy WebLinkAboutAuthorizing the Transfer of $950.77 Municipal Bonds to the General Sinking FundORDINANCE No. 5738 -74
Passed by the Common Council of the City of South Bend,
SEPTEMBER 23
/1.
�9 74
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
SEPTEMBER 24
74
Clerk
of Common Council
IRENE K. GAMMON
Clerk
IM %1
ORDINANCE NO, 523 ,q- /
AN ORDINANCE AUTHORIZING THE TRANSFER
OF $950.77 FROM THE MUNICIPAL BONDS OF
1965 FUND TO THE GENERAL SINKING FUND
OF THE CITY OF SOUTH BEND, INDIANA
WHEREAS, the purpose for which the Municipal Bonds of
1965 Fund was established has been completed; and
WHEREAS, there is a balance remaining in said fund which
is unencumbered and uncommitted; and
WHEREAS, Chapter 82 of the Acts of 1949 (Burns 61 -1205)
authorizes the transfer of such surplus funds to the General Sinking Fund to
be used for the payment of interest bearing indebtedness for which a
municipal corporation is liable.
NOW, THEREFORE, BE IT ORDAINED by the Common
Council of the City of South Bend, Indiana:
SECTION I. That the following sum of money be and is
hereby ordered transferred to the General Sinking Fund of the City of
South Bend, Indiana:
1. $950.77 from the Municipal Bonds of 1965 Fund.
SECTION II. This Ordinance shall be in full force and
effect from and after passage by the Common Council and its approval
by the Mayor.
FILED IN CLERK'S OFFICE
1st READING 9— 9 7 7 SEP 4 1974
PUBLIC HEARING 4 - -2 3 -'7 4
2nd READING 9
NOT APPROVED Irene Gammon
REFERRED CITY CLERK, SOUTH BEND, IND.
PASSED
(90mmittrr Almort
Xo the Tommon Tounril of thr ( ng of #md4 wrnk-
Your Committee Of the Whole
to whom was referred
AN ORDINANCE AUTHORIZING THE TRANSFER OF
$950.77 FROM THE MUNICIPAL BONDS OF 1965
FUND TO THE GENERAL SINKING FUND OF THE
CITY OF SOUTH BEND, INDIANA.
Respectfully report that they have emmined the matter and that in their opinion the Ordinance Should be
recommended favorably to the Common Council.
Odell Newburn
Chairman
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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 Common Council
FROM: James V. Barcome, Controller
Director - Administration and Finance
DATE: September 4, 1974
The attached Ordinance requests the transfer of the balance
remaining in the Municipal Bonds of 1965 Fund to the
General Sinking Bond Fund.
The bond payments for the two outstanding General Obligation
Bond Issues are disbursed from the latter fund. As you will
note, State law requires Council approval of such action.
If and when the transfer is effected, we will be able to close
out this exhausted Bond Fund from our records.
I hope that you will concur in our request. Thank you.
Y'
for Administration & Finance
JVB:md
Attachment: 1