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01-13-92 Council Meeting Minutes
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01-13-92 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
1/13/1992
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can be temporarily advanced or transferred to the various funds already mentioned. <br />Indiana Code 36 -1 -8 -4 authorizes the Common Council of the Civil City of South <br />Bend, by Resolution adopted by such Council to advance and transfer to a depleted <br />fund from any other such fund, such amount and for such a period of time as may be <br />prescribed in the Resolution. <br />SECTION I. The City Controller of the City of South Bend is authorized to <br />transfer an aggregate amount not to exceed $825,000 to various funds from various <br />funds as listed below. The aggregate amount of $825,000 to be distributed so as not <br />to exceed at any one time the maximum amounts as set forth below. Any such <br />transfers made must be repaid by December 31, 1992. <br />FROM: <br />MAXIMUM <br />TO: <br />MAXIMUM <br />Liability Insurance <br />$225,000 <br />Park Maintenance <br />$500,000 <br />Premium & Reserve <br />Fund <br />Fire Pension $300,000 Cumulative Capital $100,000 <br />Improvement Fund <br />Police Pension $300,000 Cumulative Capital $225,000 <br />Development Fund <br />TOTAL $825,000 $825,000 <br />SECTION II. Such transfer shall be made for a period of time not to exceed <br />beyond December 31, 1992 and such funds to be transferred shall be returned and <br />repaid to the original funds from which they were transferred. <br />SECTION III. This resolution shall be in full force and effect from and after <br />its passage by the Common Council and approval by the Mayor. <br />/s/ Stephen J. Luecke <br />Member of the Common Council <br />This being the time heretofore set for public hearing on the above bill, proponents <br />and opponents were given an opportunity to be heard. Jeff Rinard, City Auditor, <br />made the presentation for the bill. He indicated this resolution is adopted <br />annually and allows the City to meet operating expenses prior to the spring and fall <br />tax distribution. Council Member Kelly made a motion to adopt this resolution, <br />seconded by Council Member Puzzello. The resolution was adopted by a roll call vote <br />of nine ayes. <br />RESOLUTION NO. 1912 -92 A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND <br />REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1992 IN <br />ACCORDANCE WITH I.C. 5- 13 -9 -1, ET SEQ., AND ALSO AUTHORIZING <br />THE CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH FINANCIAL <br />INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS. <br />STATEMENT OF PURPOSE AND INTENT: <br />There are certain idle funds of the Civil City of South Bend which may be <br />invested for periods of time without affecting the operating of the various <br />departments of the City. <br />I.C. 5- 13 -9 -1, et seq., enables the Controller, or her designee, to invest such <br />idle funds with the approval of the Common Council. <br />I.C. 5- 13 -5 -5 et seq., authorizes the transaction of the City business with <br />financial institutions through the use of electronic funds transfer upon proper <br />resolution by the Common Council. <br />NOW, THEREFORE, BE IT ORDAINED by the South Bend Common Council, as follows: <br />SECTION I. That during the calendar year 1992, the Controller or her designee <br />may invest and reinvest any idle funds of the Civil City of South Bend for such <br />periods of time that she determines are not needed for the normal operations of the <br />various departments of the Civil City, in the manner permitted by I.C. 5- 13 -9 -1, et <br />seq. <br />SECTION II. The Controller of the City of South Bend, or her designee, is <br />hereby authorized to conduct the following business transactions with financial <br />institutions through the use of electronic funds transfers; <br />a. Transfer of monies on deposit from one approved public depository of the <br />City of 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 <br />for investment purposes. <br />SECTION III. For purpose of this Resolution, "electronic funds transfer" means <br />any transfer of funds, other than a transaction originated by check, draft, or <br />similar paper instrument, that is initiated through an electronic terminal, <br />
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