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HomeMy WebLinkAboutAuthorizing the Temporary Transfer of Idle Funds of the City of South Bend from Various Funds to Various FundsAttest RESOLUTION NO. 2661 -98 Passed by the Common Council of the City of South Bend, July 27, 19 98 . Attest: sue" Pres Presented by me to the Mayor of the City of South Bend, Indiana July 28, 19 98 . Clerk of Common Council. City Clerk Approved and signed by me July 29 _ 19 -9$_• Mayor RESOLUTION NO. OZ6I' /(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 STATEMENT OF PURPOSE AND INTENT: It is necessary to provide funds for the Water Works Operating Fund No. 620, in order to meet the current operating expenses. There are monies on deposit to the credit of the Wastewater Fund No. 642, which can be temporarily advanced or transferred to the aforementioned fund. Indiana Code 36 -1 -8 -4 authorizes the Common Council of the 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 ORDAINED 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 $700,000.00 from the Wastewater Fund No. 642 to the Water Works Operating Fund No. 620. Any such transfers must be repaid by December 31, 1998. FROM: MAXIMUM M- Wastewater $700,000.00 Water Works Fund No. 642 Operating Fund No. 620 Section 11, Such transfer shall be made for a period of time not to extend beyond December 31, 1998, and any funds so transferred shall be returned and repaid to the Wastewater Fund No. 642. Section III, This Resolution shall be in full force and effect from and after its passage by the Common Council and approval by the Mayor. 11 PRESENTED 7-,2 7- / 9 NOT APPROVED Q �j ADOPTED-7 _ 27- / j( 0 Member of the Common Council Filed in Clerk's Off cc JUL 2 2 1998 �Ai. LORETfA J. DUDA WYCLEM SO. SEND, EN. 209 N. MAIN STREET SUITE 207 SOUTH BEND, INDIANA 46601 -1200 CrrY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR SOUTH BEND WATER WORKS JOHN F. STANCATI DIRECTOR July 22, 1998 Mr. Scan Coleman, President South Bend Common Council 4th Floor, County-City Building South Bend, Indiana 46601 RE: Resolution Authorizing Transfer of Funds Dear Mr. Coleman: PHONE 219 /235 -9322 FAX 219/235 -9728 TDD 219/235 -5567 The Water Works finds itself with a cash flow problem due to two consecutive years of below average pumpage. The water sales have not produced the necessary revenues to meet our operating expenses. To correct this situation, we feel that the necessary adjustments have been made to curb expenses without hampering the operation. This transfer of funds will give us the cash flow necessary to operate through to the year end, at which time the transfer will be returned to Wastewater. Sincerely, John F. Stancati Director Filed in Clerk's Office JUL 2 Z 1998 ton TTA J. DUDA CITY CLERK, 90. BEND, IN.