HomeMy WebLinkAboutAuthorizing the Temporary Transfer of Idle Funds of the City of South Bend to Various FundsAttest:
NRESoOL3UTION
Passed by the Common Council of the City of South Bend, Indiana
March 8, 93
Clerk
Presented by me to the Mayor of the City of South Bend,
March 9, 93
Approved and signed by me A � /0
of Common Council.
City Clerk
Mayor
RESOLUTION NO. ,,_21:9-2 2-72
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, Cumulative Capital Improvement Fund, and Cumulative
Capital Development Fund.prior to the receipt of taxes in the year
1993 in order to meet the current operating: expenses of the City,
provided for in the budget adopted for the year 1993.
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, the Police Pension Fund and the Fire
Pension 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
$7,600,000.00 to various funds from various funds as listed below.
The aggregate amount of $7,600,000.00 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, 1993.
FROM:
MAXIMUM TO:
Liability Insurance $1,000,000.00
Premium & Reserve
Sewage Works $3,000,000.00
Depreciation
Fire Pension $ 400,000.00
Sewage Works $3,000,000.00
Operation and Main-
tenance Reserve
Police Pension $ 200,000.00
Fire Pension $ 400,000.00
TOTAL $7,600,000.00
MAXTMtTM
General Fund $6,500,000.00
Park Maintenance $ 600,000.00
Fund
Cumulative Capital $ 200,000.00
Improvement Fund
Cumulative Capital $ 300,000.00
Fund
$7,600,000.00
Section II. Such transfer shall be made for a period of time not
to extend beyond December 31, 1993, and such funds to be transferred
shall be returned and repaid to the original funds from which they
were transferred.
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.
PPESIN' -D 3- 8-- ? q
NOT APPROVED
ADOPTFD
Mbmb6krzoof�CIVIle.
Common. Council
Filed in Clerk's Q t
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