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Home My WebLink AboutEstablishing Three additional funds in the Sewage works areaORDINANCE No. 9162-00 Passed by the Common Council of the Ciry of South Bend, Indiana November 13, Attest: Attest: 20 00 Presented by me to the Mayor of the City of South Bend, Indiana NwPm6Pr 14, 20 00 Ciry Clerk President of Common Council Ciry Clerk Approved mzd signed by me November 14, 20 00 ~/•- . - ~ • Mayor ORDINANCE NO. ~ ~ ~ ~• '~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND ESTABLISHING THREE ADDITIONAL FUNDS IN THE SOUTH BEND SEWAGE WORKS AREA Statement of Purpose and Intent This ordinance establishes three new "Reserve Funds " in the South Bend Sewage Works Area. Currently all rate revenues are received in Fund #641, the "Sewage Works Operations and Maintenance Fund" and flow through Fund #642, the "Sewage Works Depreciation Fund" and Fund #649, the "Sewage Works 1993 Bond Sinking Fund". To improve accounting efficiency and timely utilization of Reserve funds, the new funds created by this ordinance will establish three new reserve areas. Fund #646, the "1993 Sewage Works Revenue Bonds Reserve Fund"- represents the maximum annual debt service required for the 1993 Sewage Works Bonds. Fund #656, the "1998 Sewage Works State Revolving Loan Fund (SRLF) Revenue Bonds Reserve Fund"-represents the maximum annual debt service required (to be adjusted once final borrowing has been determined) to repay the 1998 Sate Revolving Loan, and Fund #657, the "Sewage Works SRLF Equipment Replacement Cost Reserve Fund"-represents a reserve for the collection system and plant equipment replacement cost required by the SRLF. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. Three new funds are hereby created within the budget for the City of South Bend, namely Fund #646, the "1993 Sewage Works Revenue Bonds Reserve Fund", Fund #656, the "1998 Sewage Works SRLF Revenue Bonds Reserve Fund", and Fund #657,the "Sewage Works SRLF Equipment Replacement Cost Reserve Fund". Section II. All sums of money collected and deposited in Fund #646, the "1993 Sewage Works Revenue Bonds Reserve Fund" and Fund #656, the "1998 Sewage Works SRLF Revenue Bonds Reserve Fund" will be by the issuance of a transfer of funds from Fund #641, the "Sewage Works Operations and Maintenance Fund". Monies collected and deposited in Fund #657, "Sewage Works SRLF Equipment Replacement Cost Reserve Fund" will be by the issuance of a transfer of funds from Fund #641, the "Sewage Works Operations and Maintenance Fund". This revenue shall be used solely for the purposes of safety, as a protection against default in the payment of principal and interest on the bonds for Funds #646 and #656. For Fund #657 the revenue shall be used for the purpose of replacement of the collection system and plant equipment of the South Bend Sewage Works. Section III. Any and all interest earned on monies deposited in Fund #646, the "1993 Sewage Works Revenue Bonds Reserve Fund", Fund #656, the "1998 Sewage Works SRLF Revenue Bonds Reserve Fund", and Fund #657 the "Sewage Works SRLF Equipment Replacement Cost Reserve Fund" may be moved to Fund #641, the "Sewage Works Operations and Maintenance Fund" or may remain in the fund. Section IV. Monies remaining in each respective fund at the end of the fiscal year shall not revert to Fund #641, the "Sewage Works Operations and Maintenance Fund" or Fund #642, the "Sewage Works Depreciation Fund.. Each fund shall stay in operation until terminated by Council. When any fund has been terminated, all the fund balance shall be moved to Fund #641, the "Sewage Works Operations and Maintenance Fund". Section V. This Ordinance shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. Q~` Member of the Common Cou it 1st READING ~ V-L3-~~ PUBLIC HEARING ~ ~_ \ 3-(~ 3rd READING l1-~3-p~ NOT APPROVED,. REFERRED PASSED ~~"~3-c~a COMMITTEE REPORT TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 104-00 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND ESTABLISHING THREE ADDITIONAL FUNDS IN THE SOUTH BEND SEWAGE WORKS AREA 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. Andrew Udj ak Chairman _ 1316 COUNTY-CITY BUILDING 227 W. JEFFERSON BOULEVARD SOUTH BEND, INDIANA 46601-1830 PHONE 219/235-9251 Fax 219/235-9171 TDD 219/235-5567 CITY OF SOUTH BEND STEPHEN J. LUECKE~ MAYOR DEPARTMENT OF PUBLIC WORKS GARY A. GILOT~ P.E. DIRECTOR OF PUBLIC WORKS October 16, 2000 South Bend Common Council Fourth Floor Council Chambers 400 County-City Building South Bend, IN 46601 Dear Council Member: The attached bill for your consideration and approval will establish three distinct "Reserve Funds" in the South Bend Sewage Works area. These reserves are required by ordinances authorizing the 1993 Sewage Works Revenue Bonds and the 1998 Sewage Works State Revolving Loan. If you have any questions, please call me at 277-8515. Sincerely, hn J. ' on cc: Gary Gilot ENGINEERING ENVIRONMENTAL SERVICES CENTRAL SERVICES CARL LITTRELL, P.E. JOHN J. D[LLON, PH.D. MATT CHLEBOWSKI 219/235-9251 219/277-8515 219/235-9316 Fax 219/235-9171 FAx 219/277-8980 FAx 219/235-9007 STREETS SAM HENSLEY 219/235-9244 FAx 219/235-9272 WATER WORKS JOHN F. STANCATI 219/235-9322 Fax 219/235-9728