HomeMy WebLinkAboutTrnsfer of $7,116.81 Municipal Bonds of 1962 General Sinking FundORDINANCE No. 5486 -73
Passed by the Common Council of the City of South Bend,
FEBRUARY 12._ 19 73
a
IRENE K. GAMMON
Presented by me to the Mayor of the City of South Bend,
Clerk
of Common Council
IRENE K. GAMMON
Approved and signed by me /_- (L 19 � 3
Clerk
ORDINANCE NO. 5-- y86-73
AN ORDINANCE AUTHORIZING THE TRANSFER OF
$7,116.81 FROM THE MUNICIPAL BONDS OF 1962
FUND TO THE GENERAL SINKING FUND OF THE
CITY OF SOUTH BEND, INDIANA
WHEREAS, the purpose for which the Municipal Bonds
of 1962 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. $7,116.81 from the Municipal Bonds of 1962 Fund.
SECTION II. This Ordinance shall be in full force
and effect from and after its passage by the Common Council
and its approval by the Mayor.
Isf READING / - a a- 3
PUBLIC NEARING ,) - / a - 73
2nd READING a- / a- 7 3
NOT APPROVED
REFERRED
PASSED �_ / a -'1 3
Men er of the Common Council
FILED IN CLERK'S OFFICE
Irene Gammon
CITY CLERK, SOUTH BEND, [NO.
"JAN 1 7 1973
MEMORANDUM:
FROM: James V. Barcome, Controller DATE: Feb. 2, 1973
TO: All Members of the Common Council
SUBJECT:
We have introduced an Ordinance requesting the transfer of $7,116.81 from
the Municipal Bonds of 1962 Fund to the General Sinking Fund.
The Municipal Bonds of 1962 were used for the construction of sewers
and streets in the early 1960's. The purpose for which the bond issue
was made had been fulfilled for several years now.
Indiana Statutes permit a City to transfer any remaining balances in a
bond issue to the City's General Sinking Fund. The General Sinking
Fund, as you know, was established for the purpose of paying off all the
General Obligation Bonds, therefore, the transfer of this particular
amount of Municipal Bonds of 1962 will provide us with that much more of
a reserve for meeting our general obligations.
We respectfully request your approvgl 'qf this Ordinance.
V. Barcome
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FILD IN CLERKS 0MCE
FEB 2 1973'
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Your Committee Of the Whole
to whom was referred
AN ORDINANCE AUTHORIZING THE TRANSFER OF $7,116.81
FROM THE MUNICIPAL BONDS OF 1962 FUND TO THE GENERAL
SINKING FUND OF THE CITY OF SOUTH BEND, INDIANA.
Respectfully report that they have examined the matter and that in their opinion the Ordinance should go to
the Council as favorable.
Odell Newburn
Chairman