HomeMy WebLinkAboutAuthorizing the Controller to Invest & Reinvest Idle Funds During the Year 1986 RESOLUTION
NO. 1405-86
Passed by the Common Council of the City of South Bend, Indiana,
March 10 , 19 86
Attest: r City Clerk
Attest: ye; AL./ . 1 air/_se President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
March 11 , 19 86
«e. (C-7so i
City Clerk
Approved and signed by me �l l.W�-�%4 U // 19B6.
( Mayor
•
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND
REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1986 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 invest 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 1986 , 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 departments 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 transac-
tions 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 institution 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.
PRESENTED 3-/O 6 n � 19 Member of the . mon Council
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NOT APPROVED y vt;
ADOPTED 3./D - t‘ .te />- pK