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a� <br />A public hearing was held on the resolution at this time. Katherine Humphreys, <br />Controller, indicated this resolution is filed every year to transfer idle funds in <br />order to invest with local banks to earn interest. Council Member Puzzello made a <br />motion to adopt this resolution, seconded by Council Member Coleman. The resolution <br />was adopted by a roll call vote of 9 ayes. <br />RESOLUTION NO. 1586 -88 A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND <br />REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1988 IN <br />ACCORDANCE WITH I.C. 5- 13 -9 -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. <br />There are certain idle funds of the Civil City of South Bend which may be invested <br />for periods of time without affecting the operating of the various departments of <br />the City. <br />I.C. 5- 13 -9 -1, et seq., enables the Controller, or her designee, to invest such idle <br />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 1988, the Controller or her designee may <br />invest and reinvest any idle funds of the Civil City of South Bend for such periods <br />of time that she determines are not needed for the normal operations of the various <br />departments of the Civil City, in the manner permitted by I.C. 5- 13 -9 -1, et seq. <br />SECTION II. The Controller of the City of South Bend, or her designee, is hereby <br />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 <br />the City to another. <br />b. Transfer of monies into and between various payroll accounts. <br />c. Transfer of monies for the purchase and redemption of various <br />securities for investment purposes. <br />SECTION III. For purpose of this Resolution, "electronic funds transfer" means any <br />transfer of funds other than a transaction originated by check, draft, or similar <br />paper instrument, that is initiated through an electronic terminal, telephone, <br />computer or magnetic tape for the purpose of ordering, instructing, or authorizing a <br />financial institution to debit or credit an account. <br />SECTION IV. The Controller of the City of South Bend, or her designee, is hereby <br />directed and required to maintain adequate documentation of the transactions <br />affected by electronic funds transfer so that they may be audited as provided by <br />law. <br />SECTION V. The City of South Bend, in accordance with I.C. 4- 8.1 -2 -7 (c), elects to <br />receive distributions from the State of Indiana by means of electronic transfer of <br />funds. <br />SECTION VI. This Resolution shall be in full force and effect from and after its <br />passage by the Common Council and approval by the Mayor. <br />/s/ John Voorde <br />Member of the Common Council <br />Public hearing was held on the resolution at this time. Katherine Humphreys, <br />Controller, indicated this resolutions allows her to invest idle funds with local <br />banks. She indicated they were able to earn $181,603 in 1987 by investing these <br />funds. Council Member Zakrzewski made a motion to adopt this resolution, seconded <br />by Council Member Coleman. The resolution was adopted by a roll call vote of nine <br />ayes. <br />BILLS FIRST READING <br />BILL NO. 1 -88 A BILL AMENDING THE ZONING ORDINANCE FOR PROPERTY LOCATED AT 1305 <br />S. MARIETTA IN THE CITY OF SOUTH BEND, INDIANA. <br />This bill had first reading. Council Member Zakrzewski made a motion to refer this <br />bill to Area Plan, seconded by Council Member Puzzello. The motion carried. <br />BILL NO. 2 -88 A BILL AMENDING THE ZONING ORDINANCE FOR PROPERTY LOCATED <br />DIRECTLY EAST AND NORTHEAST OF THE JAMISON INN IN THE CITY OF <br />SOUTH BEND, INDIANA. <br />This bill had first reading. Council Member Puzzello made a motion to refer this <br />bill to Area Plan, seconded by Council Member Zakrzewski. The motion carried. <br />UNFINISHED BUSINESS <br />