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HomeMy WebLinkAboutAuthorizing Temporary Transfer of Idle Funds of the City of South Bend from Various Funds to Various Funds within the City of South Bend RESOLUTION NO. 1466-87 Passed by the Common Council of the City of South Bend, Indiana, February 9 , 19 87 . Attest: L C �r`".--24-- "'"-e -' City Clerk Atte :i+ -,�I 't / 0 ' President of Common Council. Ii ,- - _ Presented by me to the Mayor of the City of South Bend, Indiana February 10, 19 87. •-(2 °-----= City Clerk Approved and signed by me FebeiV V 10 19 / . :141-A1 /� "" "`4 .r Mayor RESOLUTION NO. / `+(o(o-S" 7 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. WHEREAS, it is necessary to provide funds for the Corporation General, Park Maintenance, Police Pension and Fire Pension, and Century Center Board of Managers Ope- rating funds prior to the receipt of taxes in the year 1987 in order to meet the current operating expenses of the City, provided for in the budget adopted for the year 1987; and WHEREAS, 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 In- cremental Financing Bond Proceeds which can be temporarily advanced or transferred to the various funds already mentioned; and WHEREAS, 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 pre- scribed in the Resolution. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: SECTION I. That the City Controller of the City of South Bend is authorized to transfer an aggregate amount not to exceed $4,000,000.00 to various funds from various funds as listed below. The aggregate amount of $4,000,000.00 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, 1987. FROM: MAXIMUM TO: MAXIMUM Cumulative Sewer Building & Sinking Fund $ 850,000.00 Corporation General $3,000,000.00 Sewage Works Depreciations Fund 50,000.00 Police Pension Fund 200,000.00 Sewage Works Operating Fund 1,200,000.00 Sewage Works Insurance Fund 150,000,00 Water Works Operating Fund 750,000.00 Fire Pension 200,000.00 Sewer Repair Fund 100,000.00 Century Center 100,000.00 T.I.F. Bond Proceeds 900,000.00 Park Maintenance Fund 500,000.00 $4,000,000.00 $4,000,000.00 SECTION II. Such transfer shall be made for a period of time not to extend beyond December 31, 1987 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 adoption by the Common Council and approval by the Mayor. ember/.f the C mmon Co it Filed In Clerk's Office PRESENTEt 4)- 9- 8'2 NOT APPROVED FEB 4 198 ADOPTED 7_ 9 e 7 IRENE GAMMON CITY CLERK, SO. BEND, IN.