HomeMy WebLinkAboutRescinding Resolution No. 3534-05 Partial Repayment of Loan by Transfer of Funds Fund #644 to Fund #620Attest:
RESOLUTION
3547 -05
Passed by the Common Council of the City of South Bend, Indiana
December 12,
05
20_.
City Clerk
President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
December= 13, 05
20
Approved and signed by me
December 13
20-0.5—
City Clerk
0
RESOLUTION NO.
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, RESCINDING RESOLUTION NO. 3534-05 AND PROVIDING FOR
PARTIAL REPAYMENT OF LOAN BY TRANSFER OF FUNDS FROM
WATER WORKS LEAK INSURANCE FUND ( #644) TO
WATER WORKS GENERAL FUND ( #620)
WHEREAS, on November 14, 2005 Resolution No. 3534 -05 was adopted by this Council
authorizing a loan from Water Works General Fund ( #620) to Water Works Leak Insurance Fund
( #644); and
WHEREAS, it appears that Water Works General Fund will not need to loan funds to Water
Works Leak Insurance Fund but rather Water Works Leak Insurance Fund is actually repaying
$130,000 of a prior $260,000 loan from Water Works General Fund approved by this Council in
Ordinance 9481-03; and
WHEREAS, this Resolution is necessary to correct the record of the underlying transaction.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA as follows:
Section I. Resolution No. 3534 -05 is hereby rescinded and retracted in full and is of no
further force or effect.
Section II. The Water Works Leak Insurance Fund ( #644) is hereby authorized to transfer
the sum of $130,000 to Water Works General Fund ( #620) in partial repayment of a prior loan of
$260,000 from the Water Works General Fund previously authorized in Ordinance No. 9481 -03.
Section III. Repayment by Water Works Leak Insurance Fund ( #644) to Water Works
General Fund ( #620) of the balance ($130,000) of the original loan approved in Ordinance No. 9481-
03 is deferred until December 31, 2006.
Section IV. This Resolution shall be in full force and effect from and after its adoption by
the Common Council and approval by the Mayor.
PRESENTED IL'IL -��
Member, South Bend Common ouncil
FitOd t t =1 °k'S Office
DEC - 7 5
(i�DE
NOT APPROVED dD` "f
CITY IN
ADOPTED
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
05 -145 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND, INDIANA, RESCINDING RESOLUTION NO. 3534-05 AND PROVIDING
FOR PARTIAL REPAYMENT OF LOAN BY TRANSFER OF FUNDS FROM
WATER WORKS LEAK INSURANCE FUND ( #644) TO WATER WORKS
GENERAL FUND ( #620)
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.
Roland Kelly
Chairman
1400 CouNT -CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, INDIANA 46601 -1830
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
DEPARTMENT OF LAW
PHONE 574 1235 -9241
FAX 5741235 -9892
TDD 574/ 235 -5567
CHARLES S. LEONE ALADEAN M. DEROSE
QwATIORNEY December 7, 2005 CHIEF AssIsrANT CIrYATTDRNEY
Ms. Charlotte Pfeifer
President, South Bend Common Council
4 °i Floor, County -City Building
South Bend, IN 46601
Re: Resolution to Rescind Resolution No. 3534-05 and Providing For Loan Repayment by Water
Works Leak Insurance Fund ( #644) to Water Works General Fund ( #620)
Dear Ms. Pfeifer:
We have discovered that Resolution No. 3534 -05 passed by the Common Council on
November 14, 2005 incorrectly describes the nature of the desired budget and accounting transaction.
This Resolution rescinds Resolution No. 3534 -05 and provides for the actual transaction which is
repayment by Water Works Leak Insurance Fund #644 to Water Works General Fund #620 of half
($130,000) of a prior $260,000 loan from Water Works General Fund to Water Works Leak
Insurance Fund. The underlying original loan was authorized by the Council in Ordinance No. 9481-
03.
We truly apologize to Council members for any inconvenience caused by this error. John
Stancati will make the presentation of this Resolution at the Council's Committee meeting and at
public hearing.
Thank you for your understanding.
Sincerely,
Aladean M. DeRose
Chief Assistant CitK
AMD /cw
"fir I
DFC - 7
CITY
THOMAS L. BODNAR CHERYL A. GREENE ANN -CAROL NASH
JEFFREY M. JANKOWSKI JOHN R. LNINGSTON JEFFREY L. SANFORD JOHN E. BRODEN