HomeMy WebLinkAboutAuthorizing the Controller to Invest & Reinvest certain Idle Funds during Year 1993RESOLUTION
NO. 1991 -92
Passed by the Common Council of the City of South Bend, Indiana
November 23, 19 92
City Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
November 24, 92
19
City Clerk
Approved and signed by
G
Mayor
RESOLUTION NO. A97/ YR
A] RESOLUTION AUTHORIZING THE CONTROLLER TO
INVEST AND REINVEST CERTAIN IDLE FUNDS DURING
THE YEAR 1993 IN ACCORDANCE WITH I.C. 5- 13 -9 -1, et seq
AND /OR I.C. 5- 13 -11 -1 et seq., AND ALSO AUTHORIZING
THE CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH
FINANCIAL INSTITUTIONS THROUGH THE USE OF
ELECTRONIC FUND TRANSFERS
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, et seq., enables the Controller, or his designee,
to invest such idle funds with the approval of the Common Council.
I.C. 5- 13 -5 -5 et seq., 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 -1 -1 et seq., authorizes the Controller to contract with
a depository for the operation of a cash management system.
NOW, THEREFORE, BE IT ORDAINED by the South Bend Common Council,
as follows:
SECTION I. That during the calendar year 1993, 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 -1, et seq,
and /or I.C. 5- 13 -11 -1 et seq.
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. This Resolution shall be in full force and effect
from and after its passage by the Common Council and approval by the
Mayor.
Member of tto Common Council
Filed in Clof s Office
PRESENTED
NOT APPROVED
ADOPTED / /I��_d�