HomeMy WebLinkAboutTemporary Transfer of Idle Funds of City of South Bend to Various FundsRESOLIgTION
NO. 16 9 -89
Passed by the Common Council of the City of South Bend, Indiana
January 9, 19 89
Attest:--.-- " `" City Clerk
Presented by me to the Mayor of the City of South Bend,
January 10, 89
I9
President of Common Council.
Approved and signed by me _ CJ�V\ Ct..P 19
Clerk
Mayor
RESOLUTION NO. � V9 - ce q
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 Corporation General,
Park Maintenance, Police Pension and Fire Pension, Discovery Hall and
Cumulative Capital Improvement Fund prior to the receipt of taxes in
the year 1989 in order to meet the current operating expenses of the
City, provided for in the budget adopted for the year 1989.
There are monies on deposit to the credit of various funds of
the City, to wit: Cumulative Sewer Building and Sinking, Sewage Works
Depreciation, Sewage Works Operating, Sewage Works Insurance Fund,
Water Works Operating, Sewers Repair, and Tax Incremental Financing
Bond Proceeds 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 $2,850,000.00
to various funds from various funds as listed below. The aggregate
amount of $2,850,000.00 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, 1989.
FROM:
MAXIMUM
TO:
MAXIMUM
Cumulative Sewer Building
and Sinking Fund $
200,000
Corporation General
$2,000,000
S/B Clay Sewer Wks Fund
50,000
Police Pension Fund
200,000
Liability Insurance
Cumulative Capital
Premium & Reserve Fund
800,000
Improvement Fund
50,000
Local Roads and Streets
500,000
Discovery Hall
100,000
Water Works Meter Fund
400,000
Fire Pension
200,000
T.I.F. Bond Proceeds
900,000
Park Maintenance Fund
300,000
$2,850,000
$2,850,000
SECTION II. Such transfer shall be made for a period of time
not to extend beyond December 31, 1989 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.
Fel;� In Clerk's Office
JAN 41989 Mem r of the Commo uncil
NOT. APPROVED
ADOPTED rIVRENE GAMMON
n ?,.