HomeMy WebLinkAboutAuthorizing the Controller to Invest & Reinvest Certain Idle Funds During Year 1987 RESOLUTION
NO. 1467-87
Passed by the Common Council of the City of South Bend, Indiana,
February 9 , 19 87
Attest: City Clerk
Attest/ .%! t ��i��t President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
February 10 , 19 87
City Clerk
Approved and signed by me Fe&evm� v /0 19 Y7 .
`�% � Ma or
RESOLUTION NO. 04, -7 — g. 7
A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND REINVEST CERTAIN
IDLE FUNDS DURING THE YEAR 1987 IN ACCORDANCE WITH IC 5-13-1-1, et seq. ,
AND ALSO AUTHORIZING THE CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH
FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS.
WHEREAS, 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; and
WHEREAS, IC 5-13-1-1, et seq. , enables the Controller, or his designee, to in-
vest such idle funds with the approval of the Common Council; and
WHEREAS, IC 5-13-1-1 et seq. , authorizes the transaction of City business with
financial institutions through the use of electronic funds transfer upon proper resolution
by the Common Council; and
WHEREAS, The Council finds that the use of electronic funds transfers for the
transactions of certain City Business with financial institutions is in the best interest
of the citizens of the Civil City of South Bend, Indiana.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA:
SECTION I. That during the calendar year 1987, the Controller or his designee
may invest and reinvest any idle funds of the Civil City of South Bend for such periods of
time that he/she determines are not needed for the normal operations of the various depart-
ments of the Civil City, in the manner permitted by IC 5-13-1-1-, 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 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 purposes 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, or computer
or magnetic tape for the purpose of ordering, instructing, or authorizing a financial insti-
tution 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 IC 4-8-1-2-7 (c) ,
elects to receive distributions from the State of Indiana by means of electronic transfers
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.
0/1 i
' � / V�
emb j of the Common Co cil
Flied In Clerk's Office
PRESI N LO a- 9- 6= :
NOT APPROVED
FEB 4198$
ADOPTED co—4— S-'7 IRENE GAMMON
CITY CLERK, SO. BEND, IN.