01-22-96 Council Meeting Minutes

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REGULAR MEETING JANUARY 22, 1996 BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS AND CASH MANAGEMENT SERVICES 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. I.C. 5- 13 -9 -1, et seq., enables the Controller, or his designee, to invest such idle funds with the approval of the Common Council. 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. 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 ORDAINED by the South Bend Council, as follows: SECTION I. That during the calendar year 1996, the Controller or his 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 purposes, sinking funds, depreciation reserve funds, gift, bequest, or endowment, or any funds available for investment, for such periods of time that he 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. SECTION II. The Controller of the City of South Bend, or his designee, is hereby authorized to conduct the following business transactions 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 purpose 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, 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 I.C. 4- 8.1-2-7(c), elects to receive distributions from the State of Indiana by means of electronic transfer 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. /s/ Roland Kelly Member of the Common Council A public hearing was held on the resolution at this time. Tom Scarbek, City Auditor, made the presentation for the resolution.