05-13-96 Council Meeting Minutes

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REGULAR MEETING MAY 13, 1996 SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on said declaration. SECTION VII. This resolution shall be in full force and effect from and after its adoption 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. Council Member Coleman reported that the Community and Economic Development Committee had met on this bill and recommended it to the Council favorable. Mike Wojysiak, CPA, made the presentation for the resolution. He indicated they planned to purchase machinery which will allow them to move into new markets. He reported that the estimated cost of the new machinery and equipment is $477,300. Council Member Zakrzewski made a motion to adopt this resolution, seconded by Council Member Coleman. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 2357 -96 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 1996 in order to meet the current operating expenses of the City, provided for in the budget adopted for the year 1996. 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, 1996. FROM: MAXIMUM TO: MAXIMUM Liability Insurance $1,000,000 General Fund $7,000,000