HomeMy WebLinkAboutAuthorizing the Temporary Transfer of Idle Funds of City of South Bend from Various Funds to Various FundsRESOLUTION
NO. 1911 -92
Passed by the Common Council of the City of South Bend, Indiana
January 13, 19 92
Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend,
January 14, 92
19
Approved and signed by me_ January 14 19 92
t
City Clerk
Mayor
RESOLUTION NO. 1 R l \ - X 'o
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 Park Maintenance Fund,
Cumulative Capital Improvement Fund, and Cumulative Capital Development
Fund prior to the receipt of taxes in the year 1992 in order to meet
the current operating expenses of the City, provided for in the budget
adopted for the year 1992.
There are monies on deposit to the credit of various funds of
the City, to -wit: Liability Insurance Premium & Reserve Fund, and
Police and Fire Pension Funds, 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 $825,000
to various funds from various funds as listed below. The aggregate
amount of $ 825,000 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, 1992.
FROM: MAXIMUM
Liability Insurance $225,000
Premium & Reserve
Fire Pension $300,000
Police Pension $300,000
TOTAL $825,000
TO: MAXIMUM
Park Maintenance $500,000
Fund
Cumulative Capital $100,000
Improvement Fund
Cumulative Capital $225,000
Development Fund
$825,000
SECTION II. Such transfer shall be made for a period of time
not to extend beyond December 31, 1992 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.
C:Res -idle
PRESENTED A k3-
NOT APPROVED
ADOPTED
i � tCt e�e
Membef of tiae Common Council
Filed in Clerk's Office