01-13-92 Council Meeting Minutes

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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. SECTION I. The City Controller of the City of South Bend is authorized to transfer an aggregate amount not to exceed $825,000 to various funds from various funds as listed below. The aggregate amount of $825,000 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, 1992. FROM: MAXIMUM TO: MAXIMUM Liability Insurance $225,000 Park Maintenance $500,000 Premium & Reserve Fund Fire Pension $300,000 Cumulative Capital $100,000 Improvement Fund Police Pension $300,000 Cumulative Capital $225,000 Development Fund TOTAL $825,000 $825,000 SECTION II. Such transfer shall be made for a period of time not to exceed beyond December 31, 1992 and such funds to 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/ Stephen J. Luecke Member of the Common Council This being the time heretofore set for public hearing on the above bill, proponents and opponents were given an opportunity to be heard. Jeff Rinard, City Auditor, made the presentation for the bill. He indicated this resolution is adopted annually and allows the City to meet operating expenses prior to the spring and fall tax distribution. Council Member Kelly made a motion to adopt this resolution, seconded by Council Member Puzzello. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1912 -92 A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1992 IN ACCORDANCE WITH I.C. 5- 13 -9 -1, ET SEQ., AND ALSO AUTHORIZING THE CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS. STATEMENT OF PURPOSE AND INTENT: 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 her 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. NOW, THEREFORE, BE IT ORDAINED by the South Bend Common Council, as follows: SECTION I. That during the calendar year 1992, the Controller or her designee may invest and reinvest any idle funds of the Civil City of South Bend 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 -1, et seq. SECTION II. The Controller of the City of South Bend, or her 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 of 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,