HomeMy WebLinkAboutAuthorizing the Controller to Invest & Reinvest Idle Funds During Year 1991RESOLUTION
NO. 1836 -91
Passed by the Common Council of the City of South Bend, Indiana,
Attest
January 14,
19 91
City Clerk
Presented by me to the Mayor of the City of South Bend. Indiana
January
15,
t;
91
of Common Council.
Approved and signed by me _ January 16 19 91
Z/.
City Clerk
Mayor
RESOLUTION NO. j S'-;� („- Ol (
A RESOLUTION AUTHORIZING THE CONTROLLER TO
INVEST AND REINVEST CERTAIN IDLE FUNDS DURING
THE YEAR 1991 IN ACCORDANCE WITH I.C. 5- 13 -9 -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 her
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.
NOW THEREFORE, BE IT ORDAINED by the South Bend Common
Council, as follows:
SECTION I. That during the calendar year 1991, the
Controller or her designee may invest and reinvest any idle funds of
the Civil City of South Bend for such periods of time that she
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.
SECTION II. The Controller of the City of South Bend, or her
designee, is hereby authorized to conduct the following business
transactions with financial institutions through the use of
electronic funds transfers;
a. Transfer of monies on deposit from one approved public
depository of the City to another.
b. Transfer of monies into and between various payroll accounts.
C. Transfer of monies for the purchase and redemption of various
securities 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 her
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- 5.1 -2 -7 (c), elects to receive distributions from the State of
Indiana by means of electronic transfer of funds.
SECTION VI.
effect from and after
by the Mayor.
PRLUNTED I -1 q - 011
NOT APPROVED
ADOPTED I
This Resolution shall be in full force and
its passage by the Common Council and approval