HomeMy WebLinkAboutAuthorizing the City Controller to Invest & Reinvest Idle Funds in 1996 and to Conduct the City's Business with Fund Transfers & Cash Management ServicesAttest
RESOLUTION
NO. 2417 -96
Passed by the Common Council of the City of South Bend, Indiana
October 14, 19 96
Attest:
Presented by me to the Mayor of the City of South Bend, Indiana
October 15, 1996
Clerk
of Common Council.
City Clerk
Approved and signed by me 6 /6 19�_.
Mayor
RESOLUTION NO. X96
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA, AUTHORIZING THE CITY CONTROLLER
TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING
THE YEAR 1996 IN ACCORDANCE WITH I.C. 5 -13 -9
AND /OR I.C. 5- 13 -11, AND AUTHORIZING THE CITY
CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH
FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC
FUND TRANSFERS AND CASH MANAGEMENT SERVICES
AND REPURCHASE AGREEMENTS
STATEMENT OF PURPOSE AND INTENT
There are certain idle funds of the Civil City of South Bend
which may be invested for periods of time without affecting the
operating of the various departments of the City.
I.C. 5- 13 -9 -1 enables the Controller, or his designee, to
invest such idle funds with the approval of the Common Council.
I.C. 5- 13 -5 -5 authorizes the transaction of the City business
with financial institutions through the use of electronic funds
transfer upon proper resolution by the Common Council.
I.C. 5- 13 -11 -1 authorizes the Controller to contract with a
depository for the operation of a cash management system.
I.C. 5- 13 -9 -3 authorizes the Controller to enter into
repurchase agreements with depositories for state investments.
NOW, THEREFORE, BE IT ORDAINED by the South Bend Common
Council, as follows:
SECTION I. That during the calendar year 1997, the Controller
or his designee may invest and reinvest any idle funds of the
Civil City of South Bend, including, but not limited to money
raised by bonds issued for a future specific purpose, sinking
funds, depreciation reserve funds, gift, bequest, or endowment,
or any other funds available for investment, for such periods of
time that he determines are not needed for the normal operations
of the various departments of the Civil City, in the manner
permitted by I.C. 5 -13 -9 and /or I.C. 5- 13 -11, and hereby approves
the proposal for such services attached hereto and incorporated
herein.
SECTION II. The Controller of the City of South Bend, or his
designee, is hereby authorized to conduct the following business
transactions with financial institutions through the use of
electronic funds transfers;
a. Transfer of monies
depository of the
b. Transfer of monies
accounts.
C. Transfer of monies
various securities
on deposit from one approved public
"-ity to another.
into and between various payroll
for the purchase and redemption of
for investment purposes.
SECTION III. For purpose of this Resolution, "electronic funds
transfer" means any transfer of funds, other than a transaction
originated by check, draft, or similar paper instrument, that is
initiated through an electronic terminal, telephone, computer or
magnetic tape for the purpose of ordering, instructing, or
authorizing a financial institution to debit or credit an
account.
SECTION IV. The Controller of the City of South Bend, or his
designee, is hereby directed and required to maintain adequate
documentation of the transactions affected by electronic funds
transfer so that they may be audited as provided by law.
SECTION V. The City of South Bend, in accordance with I.C.
4- 8.1- 2 -7(c), elects to receive distributions from the State of
Indiana by means of electronic transfer of funds.
SECTION VI. The Controller of the City of South Bend is hereby
authorized to contract with a depository institution for the
operation of a cash management system.
SECTION VI.
from and after
the Mayor.
PRESENTED /J -ly - 96
NOT APPROVED
ADOPTED 10-111-q6
This Resolution shall be in full force and effect
its passage by the Common Council and approval by
7 �L
Member of the Common Council
Filed in Clerk's Office
iT - 8 1996
LORETTA J. DwA
CITY CLERK, 80. BEND, IN,