04-28-99 Council Meeting Minutes

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REGULAR MEETING APRIL 28, 1999 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. s /Sean Coleman Member of the Common Council Council Member Aranowski reported that the Personnel & Finance Committee met on this bill and sends it to the Council with a favorable recommendation. Mr. Ronald M. O'Connor, Director of City Finance, Department of Administration and Finance, 12th Floor, County -City Building, South Bend, Indiana, made the presentation for this bill. Mr. O'Connor stated that this Resolution allows the transfer of funds between funds until distribution of the spring taxes from the auditor. He noted that this is a temporary transfer. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There being no one present wishing to speak to the Council either in favor of or in opposition to this bill, Councilmember Aranowski made a motion to adopt this Resolution. Councilmember Sniadecki seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. RESOLUTION NO. 2732 -99 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE CITY CONTROLLER TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1999 IN ACCORDANCE WITH I.C. 5 -13 -9 AND /OR I.C. 5- 13 -11, AND AUTHORIZING THE CITY CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS AND CASH MANAGEMENT SERVICES 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, I.C. 5- 13 -9 -1, et. seq., enables the Controller, or her designee, to invest such idle funds with the approval of the Common Council; and WHEREAS, I.C. 5- 13 -5 -5 et. seq., authorizes the transaction of the City business with financial institutions through the use of electronic funds transfer upon proper resolution by the Common Council; and WHEREAS, I.C. 5- 13 -11 -1 et. seq., authorizes the Controller to contract with a depository for the operation of a cash management system. NOW, THEREFORE, BE IT RESOLVED by the South Bend Common Council, as follows: SECTION I. That during the calendar year 1999, the Controller or her designee may invest and reinvest any idle funds of the Civil City of South Bend, including, but not limited to money raised by bonds issued for a future specific purpose, sinking funds, depreciation reserve funds, gift, bequest, or endowment, or any other funds available for investment, for such periods of time that she determines are not needed for the normal operations of the various departments of the Civil City, in the manner permitted by I.C. 5 -13 -9 and/or I.C. 5- 13 -11.