11-23-92 Council Meeting Minutes

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n REGULAR MEETING NOVEMBER 23, 1992 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 IX. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Stephen Luecke Member of the Common Council A public hearing was held on the resolution at this time. Council Member Kelly reported that the Human Resources Committee had met on this bill and recommended it to the Council favorable. Mel Hartz, owner of Mack Tool, made the presentation for the bill. He indicated they had started this business four and one -half years ago and they have continued to grow. He indicated with this expansion they would add three new jobs. Council Member Coleman made a motion to adopt this resolution, seconded by Council Member Duda. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1991 -92 A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1993 IN ACCORDANCE WITH I.C.5- 13 -9 -1, ET SEQ., AND /OR I.C. 5- 13 -11 -1 ET SEQ., AND ALSO AUTHORIZING THE CONTROLLER TO CONDUCT THE CITY'S BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS. 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 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 -1 -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 Common Council, as follows: SECTION I. That during the calendar year 1993, 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 purpose, sinking funds, depreciation reserve funds, gift, bequest, or endowment, or any other 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 -1, et seq., and /or I.C. 5- 13 -11 -1 et seq. 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.