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REGULAR MEETING APRIL 28, 1999 <br />SECTION II. The Controller of the City of South Bend, or her designee, is hereby <br />authorized to conduct the following business transactions with financial institutions through the use <br />of electronic funds transfers; <br />a. Transfer of monies on deposit from one approved public depository of the City to <br />another. <br />b. Transfer of monies into and between various payroll accounts. <br />C. Transfer of monies for the purchase and redemption of various securities for <br />investment purposes. <br />SECTION III. For purpose ofthis Resolution, "electronic funds transfer" means any transfer <br />of funds, other than a transaction originated by check, draft, or similar paper instrument, that is <br />initiated through an electronic terminal, telephone, computer or magnetic tape for the purpose of <br />ordering, instructing, or authorizing a financial institution to debit or credit an account. <br />SECTION IV. The Controller of the City of South Bend, or her designee, is hereby directed <br />and required to maintain adequate documentation of the transactions affected by electronic funds <br />transfer so that they may be audited as provided by law. <br />SECTION V. The City of South Bend, in accordance with I.C. 4- 8.1- 2 -7(c), elects to receive <br />distributions from the State of Indiana by means of electronic transfer of funds. <br />SECTION VI. The Controller of the City of South Bend is hereby authorized to contract <br />with a depository institution for the operation of a cash management system. <br />SECTION VII. This Resolution shall be in full force and effect from and after its passage <br />by the Common Council and approval by the Mayor. <br />s /Sean Coleman <br />Member of the Common Council <br />Council Member Aranowski reported that the Personnel & Finance Committee met on this bill and <br />sends it to the Council with a favorable recommendation. <br />Mr. Ronald M. O'Connor, Director of City Finance, Department of Administration and Finance, <br />12th Floor, County -City Building, South Bend, Indiana, made the presentation for this bill. <br />Mr. O'Connor stated that this Resolution requests permission to invest idle funds from funds that <br />might have a surplus. This allows maximum return on the money for use for other City services. <br />This being the time heretofore set for the Public Hearing on the above bill, proponents and <br />opponents were given an opportunity to be heard. <br />There being no one present wishing to speak to the Council either in favor of or in opposition to this <br />bill, Councilmember Aranowski made a motion to adopt this Resolution. Councilmember Kelly <br />seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) <br />ayes. <br />BILLS - FIRST READING <br />BILL NO. 34-99 A BILL OF THE COMMON COUNCIL AMENDING THE <br />ZONING ORDINANCE FOR PROPERTY LOCATED ON <br />THE WEST SIDE OF FRANKLIN STREET BETWEEN <br />CALVERT STREET AND THE FIRST EAST -WEST <br />ALLEY NORTH OF EWING AVENUE AND ON THE <br />EAST SIDE OF FRANKLIN STREET BETWEEN EWING <br />AVENUE AND THE SECOND EAST -WEST ALLEY <br />NORTH OF EWING AVENUE IN THE CITY OF SOUTH <br />BEND, INDIANA <br />r <br />I <br />1 <br />J <br />