04-13-98 Council Meeting minutes

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REGULAR MEETING <..:;; APRIL 13, 1998 A public hearing was held on the resolution at this time. Kathy Dempsey, director of Code Enforcement, made the presentation for the resolution. She indicated this was an annual resolution renewing the licenses for all of the junk yards in South Bend. Council Member Ujdak made a motion to adopt this resolution, seconded by Council Member Kelly. The resolution was adopted by a roll call vote of eight ayes. RESOLUTION NO. 2606 -98 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 It is necessary to provide funds for the General Fund, Park Maintenance Fund, and Cumulative Capital Improvement Fund prior to the receipt of taxes in the year 1997 in order to meet the current operating expenses of the City, provided for in the budget adopted for the year 1997. There are monies on deposit to the credit of various funds of the City, to -wit: The Liability Insurance Premium and Reserve Fund, the Sewage works Depreciation Fund, the Sewage Works Operation and Maintenance Reserve Fund, which can be temporarily advanced or transferred to the various funds already mentioned. 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 prescribed in the Resolution. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana as follows: Section I. The City Controller of the City of South Bend is authorized to transfer an aggregate amount not to exceed $8,200,000 to various funds from various funds as listed below. The aggregate amount of $8,200,000 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, 1997. FROM: MAXIMUM TO: MAXIMUM Liability Insurance $1,000,000 General Fund $7,000,000 Premium & Reserve Park Maintenance 1,000,000 Fund Sewage Works 41100,000 Cumulative Capital 200,000 Depreciation Improvement Fund Sewage Works 3,100,000 Operation and Main - tence Reserve TOTAL 8,200,000 8,200,000 Section II. Such transfer shall be made for a period of time not to extend beyond December 31, 1998, and such funds t o 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 passage by the Common Council and approval by the Mayor. /s/ Seam Coleman