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REGULAR MEETING MARCH 12, 1973
<br />REGULAR MEETING - RECONVENED (CONTINUED)
<br />RESOLUTIONS
<br />RESOLUTION NO. 353 -73 A RESOLUTION AUTHORIZING THE TEMPORARY TRANSFER
<br />OF IDLE FUNDS TO THE CORPORATION GENERAL, PARK
<br />MAINTENANCE, POLICE PENSION, AND MOTOR VEHICLE
<br />HIGHWAY FUNDS OF THE CIVIL CITY OF SOUTH BEND,
<br />FROM THE CUMULATIVE SEWER BUILDING AND SINKING,
<br />CUMULATIVE CAPITAL IMPROVEMENT, LOCAL ROADS AND
<br />STREETS, FIREMEN'S PENSION, AND SEWAGE WORKS
<br />CONSTRUCTION FUNDS, ALL FUNDS BEING WITHIN THE
<br />CIVIL CITY OF SOUTH BEND, INDIANA.
<br />WHEREAS, a necessity
<br />Park Maintenance, Police Pen .
<br />receipt of taxes in the year
<br />of the city, provided for in
<br />1973, which expenses must be
<br />and
<br />exists to provide funds for the Corporation General,
<br />lion and Motor Vehicle Highway Funds, prior to the
<br />1973, in order to meet the current running expenses
<br />the budget and appropriations adopted for the year
<br />met prior to the receipt of taxes in the year 1973,
<br />WHEREAS, there are moneys on deposit to the credit of various funds of
<br />the city,to -wit: Cumulative Sewer Building and Sinking, Capital Improvement,
<br />Local Roads and Streets, Firemen's Pension and Sewage Works Construction Funds,
<br />which can be temporarily advanced or transferred to such Corporation General,
<br />Park Maintenance, Police Pension and Motor Vehicle Highway Funds, and
<br />WHEREAS, Chapter 71 of the Acts of 1961 of the Indiana General Assembly
<br />authorized the Common Council of the Civil City of South Bend, by Resolution adopted
<br />by such Council, to advance and transfer to a depleted fund from any other such fund,
<br />such amount and for such period of time as 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 $2,250,000.00 to the Corporation General,
<br />Park Maintenance, Police Pension and Motor Vehicle Highway Funds of the City of South
<br />Bend, from various funds of the city, to -wit: Cumulative Sewer Building and Sinking,
<br />Cumulative Capital Improvement, Local Roads and Streets, Firemen's Pension, and Sewage
<br />Works Construction Funds. The aggregate amount of $2,250,000.00 to be distributed so
<br />as not to exceed the maximum amount set forth below:
<br />FROM: MAXIMUM
<br />Cumulative Sewer Building
<br />and Sinking Fund
<br />Cumulative Capital
<br />Improvement Fund
<br />Local Roads and Streets
<br />Fund
<br />Firemen's Pension Fund
<br />Sewage Works Construction
<br />Fund
<br />$1,000,000.00
<br />125,000.00
<br />250,000.00
<br />125,000.00
<br />750,000.00
<br />$2,250,000.00
<br />TO: MAXIMUM
<br />Corporation General
<br />Park Maintenance Fund
<br />Police Pension Fund
<br />Motor Vehicle Highway
<br />Fund
<br />$1,250,000.00
<br />500,000.00
<br />250,000.00
<br />250,000.00
<br />$2,250,000.00
<br />SECTION II. Such transfer shall be made for a period not to extend beyond
<br />December 31, 1973, and such funds so transferred shall be returned and repaid to the
<br />original fund from which it was transferred.
<br />s/ Roger 0. Parent
<br />Member of Common Council
<br />A public hearing was held on the resolution at this time. Mr. James Barcome, City Controller,
<br />explained that this request for transfer of idle funds was similar to the request he had made last
<br />year in order for him not to have to go to the bank and borrow funds. He indicated that this was
<br />only a temporary transfer and any funds used would be reimbursed. Miss Virginia Guthrie, Executive
<br />Secretary of the Civic Planning Association, asked if Mr. Barcome was sure this money was free over
<br />and above what he was proposing. She asked how much money was in the Local Roads Account, and Mr.
<br />Barcome indicated that the money in the Local Roads Account was revolving and was now invested and
<br />that it would be taken out accordingly. Miss Guthrie asked if this money would be paid back before
<br />December, and Mr. Barcome answered by saying that he might not have to use the money; however, if
<br />some of the money was used, it would have to be put back into the funds before December 31. Miss
<br />Guthrie questioned the amount of money in the accounts. Mr. Barcome indicated that the city had a
<br />number of projects that were peogrammed, and Mr. William Richardson, Director of the Department of
<br />Public Works, indicated that, as far as too much money being in the account, the money will be
<br />needed over the next two to three years for the sewer construction. Miss Guthrie asked how much
<br />money was committed for the projects, and Council President Nemeth asked if the money had already
<br />been appropriated. Mr. Richardson informed the Council that the city has not received spring dis-
<br />tribution of taxes as yet. Councilman Miller wondered if the money could be used for other pur-
<br />poses even though it was appropriated, and Mr. Barcome indicated that the State Board of Tax
<br />Commissioners would have to approve this.
<br />Councilman Parent made a motion that the resolution be adopted, seconded by Councilman
<br />Councilman Miller asked if the Council could possibly delete one item without affecting
<br />jects, and Mr. Barcome indicated that the whole amount was needed. Councilman Newburn
<br />the money would be there just in case it was needed. Mr. Barcome indicated that, once
<br />bills go out, some people pay immediately. Council President Nemeth asked if it would
<br />Szymkowiak.
<br />the pro -
<br />stated that
<br />the tax
<br />be possible
<br />
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