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<br />REGULAR MEETING
<br />FEBRUARY 9, 1987
<br />petitioner, indicated Valley Realty Trust has acquired this property and plans to
<br />spend approximately $6,000,000 redevelopment the building with the intention of
<br />reopening the hotel portion as a Holiday Inn. He indicated the project will create
<br />150 new permanent full -time jobs and maintain seven existing full -time jobs and 4
<br />existing part -time jobs. He indicated this project will attract more people to the
<br />downtown area and will enhance the viability of the Century Center as it will
<br />provide additional first class lodging space. Council Member Barcome made a motion
<br />to adopt this resolution, seconded by Council Member Puzzello. The resolution was
<br />adopted by a roll call vote of nine ayes.
<br />Council Member Beck made a motion to combine public hearing on the next two
<br />resolutions, seconded by Council Member Braboy. The motion carried.
<br />RESOLUTION NO. 1466 -87 A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER OF IDLE
<br />FUNDS OF THE CITY OF SOUTH BEND, INDIANA, FROM VARIOUS
<br />FUNDS TO THE VARIOUS FUNDS WITHIN THE CIVIL CITY OF
<br />SOUTH BEND, INDIANA.
<br />WHEREAS, it is necessary to provide funds for the Corporation General, Park
<br />Maintenance, Police Pension and Fire Pension, and Century Center Board of Managers
<br />Operating funds prior to the receipt of taxes in the year 1987 in order to meet
<br />current operating expenses of the City, provided for in the budget adopted for the
<br />year 1987; and
<br />WHEREAS, there are monies on deposit to the credit of various funds of the City,
<br />to wit: Cumulative Sewer Building and Sinking, Sewage Works Operating, Sewage Works
<br />Insurance Fund, Water Works Operating, Sewers Repair, and Tax Incremental Financing
<br />Bond Proceeds which can be temporarily advanced or transferred to the various funds
<br />already mentioned; and
<br />WHEREAS, Indiana Code 36 -1 -8 -4 authorizes the Common Council of the Civil City
<br />of South Bend, by Resolution adopted by such Council, to advance and transfer to a
<br />depleted fund from any other such fund, such amount and for such a period of time as
<br />may be prescribed in the Resolution.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
<br />INDIANA:
<br />SECTION I. That the City Controller of the City of South Bend is authorized to
<br />transfer an aggregate amount not to exceed $4,000,000.00 to various funds from
<br />various funds as listed below. The aggregate amount of 44,000,000.00 to be
<br />distributed so as not to exceed at any one time the maximum amounts as set forth
<br />below. Any such transfers made must be repaid by December 31, 1987.
<br />FROM;
<br />MAXIMUM
<br />TO:
<br />MAXIMUM
<br />Cumulative Sewer Building
<br />& Sinking Fund
<br />$ 850,000
<br />Corp. General
<br />$3,000,000
<br />Sewage Works Depreciation
<br />Fund
<br />50,000
<br />Police Pension
<br />200,000
<br />Sewage Works Operating
<br />Fund
<br />1,200,000
<br />Sewage works Insurance
<br />Fund
<br />150,000
<br />Water Works Operating Fund
<br />750,000
<br />Fire Pension
<br />100,000
<br />Sewage Repair Fund
<br />100,000
<br />Century Center
<br />100,000
<br />T.I.F. Bond Proceeds
<br />900,000
<br />Park Maintenance 500,000
<br />$4,000,000
<br />$4,000,000
<br />SECTION II. Such transfer shall be
<br />beyond December 31, 1987 and such funds
<br />repaid to the original funds from which
<br />made for a period of time not to extend
<br />to be transferred shall be returned and
<br />they were transferred.
<br />SECTION III. This Resolution shall be in full force and effect from and after
<br />its adoption by the Common Council and approval by the Mayor.
<br />/s/ Joseph T. Serge
<br />Member of the Common Council
<br />RESOLUTION NO. 1467 -87 A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND
<br />REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1987 IN
<br />ACCORDANCE WITH IC 5- 13 -1 -1, ET SEQ., AND ALSO
<br />AUTHORIZING THE CONTROLLER TO CONDUCT THE CITY'S
<br />BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF
<br />ELECTRONIC FUND TRANSFERS.
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