HomeMy WebLinkAboutTemporary Transfer of Idle Funds 1998RESOLUTION
NO. 2606 -98
Passed by the Common Council of the City of South Bend. Indiana,
April 13,
.;
Presented by me to the Mayor of the City of South Bend, Indiana
April 14,
Clerk
ident of Common Council.
City Clerk
Approved and signed by me April 15, 19_98 _.
Mayor
RESOLUTION NO. ��Jllb
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 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 1998.
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.
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 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
$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, 1998.
ZR ul u
Liability Insurance $1,000,000
Premium 6 Reserve
Sewage Works $4,100,000
Depreciation
Sewage Works $3,100,000
Operation and Main-
tenance Reserve
TOTAL $8,200,000
General Fund
Park Maintenance
Fund
Cumulative Capital
Improvement Fund
$7,000,000
$1,000,000
$ 200,000
$8,200,000
Section II. Such transfer shall be made for a period of time
not to extend beyond December 31, 1998, and such funds to be
transferred shall be returned and repaid to the original funds
from which they were transferred.
Section TTT_
from and after
the Mayor.
This Resolution shall be in full force and effect
its passage by the Common Council and approval by
PRESENTED _�
�/ Filed in Clerk's Office
i -l3�
NOT APPROVED 2 Q Q APR - $ 199$
ADOPTED q- 13 - ( 0 LCRET7AJ. DUDA
CRYCLERV,SO. BEND, IN.
Member of the mmon Council