HomeMy WebLinkAboutEstablishing Three additional funds in the Water works areaORDINANCE No.
9163-00
Passed by the Common Council of the City of South Bend, Indiana
November 13,
Attest:
Attest:
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00
20
Presented by me to the Mayor of the City of South Bend, Indiana
November 14, 20
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Ciry Clerk
President of Common Coccncil
Ciry Clerk
Approved and signed by me Navember ~ << 20 ~_
Mayor
ORDINANCE NO. ~ ~ ~ ~ -
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND ESTABLISHING THREE ADDITIONAL FUNDS IN THE
SOUTH BEND WATER WORKS AREA
Statement of Purpose and Intent
This ordinance establishes three new "Reserve Funds " in the South Bend Water Works
Area. Currently all operations flow through Fund 620 and 622. To improve accounting
efficiency and timely utilization of Reserve Funds, the new funds created by this ordinance will
establish three new reserve areas. Fund 621, Water Works SRLF Equipment Replacement Cost
Reserve Fund - represents a reserve for the replacement cost of GAC Equipment and Media as
required by the SRLF. Fund 628, Water Works Debt Service Reserve Fund -represents the
maximum annual debt service required (to be adjusted once final borrowing has been
determined) and Fund 629, Water Works Debt Reserve Operational & Maintenance Fund -
represents two months (1/6 of year) of the 2001 Operating Budget (excluding debt service and
capital).
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 #621 Water Works SRLF Equipment Replacement Cost Reserve, Fund #628
Water Works Debt Service Reserve and Fund #629 Water Works Debt Reserve Operational &
Maintenance.
Section II. All sums of money collected and deposited in Fund 628 Water Works Debt
Service Reserve and Fund 629 Water Works Debt Reserve Operational & Maintenance, will be
by the issuance of.a transfer of funds. Monies collected and deposited in Fund 621 Water Works
SRLF Equipment Replacement Cost Reserve will be from transfer of funds and water rate
payers. This revenue shall be used solely for the purposes of safety as a protection against default
in the payment of principal of and interest on the bond for Fund 628. For Fund 621 the revenue
shall be used for the purpose of replacement of the GAC Equipment and Media of the South
Bend Water Works Area.
Section III. Any and all interest earned on monies deposited in Fund #628 Water Works
Debt Service Reserve Fund, Fund #629 Water Works Debt Reserve Operational and
Maintenance Fund and Fund #621 Water Works SRLF Equipment Replacement Cost Reserve
maybe moved to the Water Works Operating and Maintenance fiord or may remain in the fund.
Section IV. Monies remaining in each respective fiend at the end of the fiscal year shall
not revert to the South Bend Water Works Operating and Maintenance or Capital Funds. Each
fund shall stay in operation until terminated by Council. When any fund has been terminated all
the fund balance shall be moved to the Water Works Operating 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 Counci
~ sr READING l o -L 3'a~
PUBLIC HEARING ~ ~-\3'~~
3rd READING ~~~\'j-flb
NOT APPROVED
REFERRED
PASSED ~,_1 3 -OQ
Filed in Clerk's Office
~a~ ~ ~ zoo
LORETTA J. DUDS
CITYCLERX, v0. DEtdD, Effd.
COMMITTEE REPORT
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
105-00 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND .ESTABLISHING THREE ADDITIONAL FUNDS IN THE
SOUTH BEND WATER 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 as substituted.
Andrew Udj ak
Chairman
1400 Courrrr-Cm BuILDINc
$O171'H BEND, INDIANA 46601-1830
PHONE 219/ 235-9241
FAx 219/235-9892
TDD 219/ 235-5567
CITY OF SOUTI-I BEND STEPHEN J. LLJECKE, MAYOR
DEPARTMENT OF I.AW
JOHN E. BRODEN
CITYATTORNEY November 13, 2000
Ms. Charlotte Pfeifer
President, South Bend Common Council
4`'' Floor County-City Building
South Bend, IN 46601
Re: Ordinance Number 105-00
Dear Ms. Pfeifer:
ALADEAN M. DERosE
CHIEF ASSISTANT CITY ATTORNEY
It has been brought to my attention that Bill 105-00 establishing three additional funds in
the City Water Works area contains an error. Specifically, what is identified as Fund #628 in the
present version should be titled the Water Works Debt Service Reserve Fund, not the 2000 Water
Works SRLF Revenue Bonds Reserve Fund. The change has been made on the attached bill
which we ask the Council to approve as a Substitute Bill.
Thank you and sorry for any inconvenience.
Sincerely, ~
j ,, _
~. ~~ : ~,.
Aladean M. DeRose
Chief Assistant City Attorney
AMD/cw
c: John Stancati
F11ed in Cleri: s ®ffice
Pd O1l 1 ~ 2QQ(i
LOF.~TTA J. O1117A
CITY CLERY, L0. AEN9~ t?!.
THOMAS L. BODNAR CHERYLA. GREENE FRANK E. $CHAFFER
JEFFREY IVI. JANKOWSKI ROBERT C. ROSINFELD ANN-CAROL HASH