03-10-86 Council Meeting Minutes

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REGULAR MEE'ING _ MASK$' 10-; 1986 - ----- - - FROM; MAXIMUM TO: MAXIMUM s Cumulative Sewer Building & Sinking Fund $1,000,000.00 Corporation General $3,000,000.00 Park Main. Fund 500,000.00 Sewage Works Operating Fund 300,000.00 Sewage Works Operating Fund 1,500,000.00 Sewage Works Insurance Fund 150,000.00 Water Works Operating Fund 750,000.00 Cumulative Capital Improvement Fund 100,000.00 Sewer Repair Fund 100,000.00 $3,900,000.00 Police Pension Fund 100,000.00 Fire Pension 200,000.00 Century Center 100,000.00 $3,900,000.00 SECTION II. Such transfer shall be made for a period of time not to extend beyond December 31, 1986 and such funds to be transferred shall be returned and repaid to the original funds from which they were transferred. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. RESOLUTION NO. 1405 -86 Beverlie J. Beck Member of the Common Council A RESOLUTION AUTHORIZING THE CONTROLLER TO INVEST AND REINVEST CERTAIN IDLE FUNDS DURING THE YEAR 1986 IN ACCORDANCE WITH I.C. 5- 13 -1 -1, ET SEQ., AND ALSO AUTHORIZING THE CONTROLLER TO CONDUCE THE CITY'S BUSINESS WITH FINANCIAL INSTITUTIONS THROUGH THE USE OF ELECTRONIC FUND TRANSFERS. WHEREAS, 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 the various departments of the City; and WHEREAS, IC 5- 13 -1 -1 et seq., enables the Controller, or his designee, to invest such idle funds with the approval of the Common Council; and WHEEAS, IC 5- 13 -1 -1 et seq., authorizes the transaction of City of business with financial institutions through the use of electronic funds transfer upon proper resolution by the Common Council; and WHEREAS, the Council finds that the use of electronic funds transfers for the transaction of certain City Business with financial institutions is in the best interest of the citizens of the Civil City of South Bend, Indiana. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: SECTION I. That during the calendar year 1986, the Controller or his designee may invest and reinvest any idle funds of the Civil City of South Bend for such periods of time that he /she determines are not needed for the normal operations of the various departments of the Civil City, in the manner permitted by IC 5- 13 -1 -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 of 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 purposes 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, or computer or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit an account.