HomeMy WebLinkAboutAuthorizing the Controller to Invest & Reinvest Idle Funds during Year 1985 RESOLUTION
NO. 1265-85
Passed by the Common Council of the City of South Bend, Indiana,
February 79, 19 85 •
Attest: e ' `°'` City Clerk
Attest: �� President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
February 26, 19 85 .
`4it, City Clerk
Approved and signed by me ‘ S..-A�.Ow... J.__k_6 -2-LD 19
7 Mayor
RESOLUTION NO . VI ,j-gs-
A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST
AND REINVEST CERTAIN IDLE FUNDS DURING THE YEAR
1985 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.
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 1985 , 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 documenta-
tion 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 .
FILED IN CLERK'S OFFICE
PRESENTED .7-.7S-eft FEB 2 0 1985 et, / - ' _I _
No APPROVED M=tuber of the Comm, ounci
ADOPTED OVER IRENE GAMMCN gP CITY CLERK, SO. BEND, IN