HomeMy WebLinkAboutAuthorizing the Temporary Transfer of Idle Funds from Various Funds to Various Funds within City of South BendAttest
RESOLUTION
NO. 2731 -99
Passed by the Common Council of the City of South Bend, Indiana
April 28, l9 99
Clerk
Attest: s �di ` —� �O —{ i� President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
April 29, 19--.q9.
City Clerk
Approved and signed by me April 29 _ 1999 _.
Mayor
RESOLUTION NO. 3 1
A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER
OF IDLE FUNDS OF THE CITY OF SOUTH BEND, INDIANA,
FROM VARIOUS FUNDS TO THE VARIOUS FUNDS WITHIN
THE CIVIL CITY OF SOUTH BEND, INDIANA
WHEREAS, it is necessary to provide funds for the General Fund,
Park Maintenance Fund, and Cumulative Capital Improvement Fund
prior to the receipt of taxes in the year 1998 in order to meet
the current operating expenses of the City, provided for in the
budget adopted for the year 1999; and
WHEREAS, there are monies on deposit to the credit of various
funds of the City, to -wit: The Liability Insurance Premium and
Reserve Fund, the Sewage Works Depreciation Fund, the Sewage
Works Operation and Maintenance Reserve Fund, which can be
temporarily advanced or transferred to the various funds already
mentioned; and
WHEREAS, Indiana Code 36 -1 -8 -4 authorizes the Common Council of
the Civil City of South Bend, by Resolution adopted by such
Council, to advance and transfer to a depleted fund from any
other such fund, such amount and for such a period of time as
may be prescribed in the Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of South Bend, Indiana as follows:
Section I. The City ConTroller of the City of South Bend is
authorized to transfer an aggregate amount not to exceed
$8,200,000 to various funds from various funds as listed below.
The aggregate amount of $8,200,000 to be distributed so as not to
exceed at any one time the maximum amounts as set forth below.
Any such transfers made must be repaid by December 31, 1999.
T4:
Liability Insurance $1,000,000 General Fund $7,000,000
Premium & Reserve
Park Maintenance $1,000,000
Fund
Sewage Works $4,100,000 Cumulative Capital $ 200,000
Depreciation Improvement Fund
Sewage Works $3,100,000
Operation and Main-
tenance Reserve
TOTAL $8,200,000
Section TT. Such transfer shall be made for a
not to extend beyond December 31, 1999, and such
transferred shall be returned and repaid to the
from which they were transferred.
$8,200,000
period of time
funds to be
original funds
Section ITT. This Resolution shall be in full force and effect
from and after its passage by the Common Council and approval by
the Mayor.
PRESENTED q 19' `
NOT APPROVED
ADOPTED -\— LY-0to\
Member of the Common Council
Filed In Clerk's Office i
APR 2 � 1999
LORETTdJ. DUOA
CRY CLERK, SO. SEND, PC