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REGULAR MEETING
<br />FEBRUARY 25, 1985
<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 $5,185,000.00 to various funds from
<br />various funds as listed below. The aggregate amount of $5,185,000.00 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, 1985.
<br />FROM; MAXIMUM
<br />Cumulative Sewer Building
<br />& Sinking Fund 1,000,000
<br />TO; MAXIMUM
<br />Corporation General 4,000,000
<br />Sewage Works Sinking Fund 850,000 Park Maintenance Fund 685,000
<br />Sewage Works Depreciation
<br />Fund 360,000 Police Pension Fund 100,000
<br />Sewage Works Operating
<br />Fund 1,200,000
<br />Sewage Works Insurance
<br />Fund 100,000
<br />Water Works Depreciation
<br />Fund 250,000 Fire Pension 200,000
<br />Cumulative Capital Improve-
<br />ment Fund 100,000
<br />Sewer Repair Fund 125,000 Century Center Board
<br />of Managers Operating
<br />Fund 200,000
<br />Liability Insurance
<br />Premium 1,200,000
<br />$5,185,000 $5,185,000
<br />SECTION II. Such transfer shall be made for a period of time not to extend
<br />beyond December 31, 1985 and such funds so transferred shall be returned and repaid
<br />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 adoption by the Common Council and approval by the Mayor.
<br />/s/ Beverlie J. Beck
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Michael Vance,
<br />Controller, indicated this resolution authorizes temporary transfer of idle funds
<br />between designated funds within the City of South Bend. He indicated this allows
<br />the City to internally fund its deficits and therefore not have to issue tax
<br />anticipation notes or borrow funds within the community. Council Member Serge made
<br />a motion to adopt this resolution, seconded by Council Member Taylor. The
<br />resolution was adopted by a roll call vote of nine ayes.
<br />RESOLUTION NO. 1265 -85
<br />A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND
<br />REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1985 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.
<br />WHEREAS, there are certain idle funds of the Civil City of South Bend which may
<br />be invested for periods of time without affecting the operating of the various
<br />departments of the City; and
<br />WHEREAS, IC 5- 13 -1 -1, et seq., enables the controller, or his designee, to
<br />invest such idle funds with the approval of the Common Council.
<br />WHEREAS, IC 5- 13 -1 -1, et seq., authorizes the transaction of City business with
<br />financial institutions through the use of electronic funds transfer upon proper
<br />resolution by the Common Council; and
<br />WHEREAS, the Council finds that the use of electronic funds transfers for the
<br />transactions of certain City business with financial institutions is in the best
<br />interest of the citizens of the Civil City of South Bend, Indiana.
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