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REGULAR MEETING JANUARY 14, 1974
<br />11REGULAR MEETING - RECONVENED (CONTINUED)
<br />IIRESOLUTIONS
<br />1IRESOLUTION NO. 406 -74
<br />I I <: -1, a --, i4 '2 <.
<br />A RESOLUTION AUTHORIZING THE TEMPORARY
<br />TRANSFER OF IDLE FUNDS OF THE CITY OF
<br />SOUTH BEND, INDIANA, FROM THE CUMULATIVE
<br />SEWER BUILDING AND SINKING, CUMULATIVE
<br />CAPITAL IMPROVEMENT, LOCAL ROADS AND
<br />STREETS AND FEDERAL ASSISTANCE GRANT
<br />FUNDS, TO THE CORPORATION GENERAL,
<br />PARK MAINTENANCE, POLICE PENSION,
<br />FIREMEN PENSION, REDEVELOPMENT, MOTOR
<br />VEHICLE HIGHWAY, HUMAN RELATIONS AND
<br />FAIR EMPLOYMENT PRACTICES COMMISSION
<br />FUNDS, ALL FUNDS BEING WITHIN THE
<br />CIVIL CITY OF SOUTH BEND, INDIANA.
<br />WHEREAS, a necessity exists to provide funds for the Corporation General, Park
<br />Maintenance, Police Pension, Firemen Pension, Redevelopment, Motor Vehicle Highway,
<br />Human Relations and Fair Employment Practices Commission Funds prior to the receipt of
<br />taxes in the year 1974, in order to meet the current operating expenses of the City,
<br />provided for in the budget and appropriations adopted for the year 1974, which expenses
<br />must be met prior to the receipt of taxes in the year 1974, and
<br />WHEREAS, there are moneys on deposit to the credit of various funds of the City,
<br />to -wit: Cumulative Sewer Building and Sinking, Cumulative Capital Improvement, Local
<br />Roads and Streets, and Federal Assistance Grant Funds which can be temporarily advanced
<br />or transferred to the various funds already mentioned, and
<br />WHEREAS, Chapter 71 of the Acts of 1961 of the Indiana General Assembly authorized
<br />the Common Council of the Civil City of South Bend, by Resolution adopted by such Council,
<br />to advance and transfer to a depleted fund from any other such fund, such amount and for
<br />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 $2,875,000.00 to various funds from various
<br />other funds as listed below. The aggregate amount of $2,875,000.00 to be distributed
<br />so as not to exceed at any one time the maximum amounts as set forth below. Any such
<br />transfers made must be repaid by December 21, 1974:
<br />From: Maximum To: Maximum
<br />Cumulative Sewer Building and Corporation General .......... $1,575,000.00
<br />Sinking Fund .............. $1,500,000.00
<br />Park Maintenance Fund ........ 500,000.00
<br />Cumulative Capital Improve-
<br />ment Fund ................. 125,000.00 Police Pension Fund .......... 250,000.00
<br />Local Roads and Streets Firemen Pension Fund ......... 250,000.00
<br />Fund ...................... 500,000.00
<br />Redevelopment Fund ........... 25,000.00
<br />Federal Assistance Grant
<br />Fund 750,000.00 Motor Vehicle Highway Fund ... 250,000.00
<br />$2,875,000.00
<br />Human Relations and Fair
<br />Employment Practices
<br />Commission Fund ............ 25,000.00
<br />$2,875,000.00
<br />SECTION II. Such transfer shall be made for a period not to extend beyond December 31,
<br />1974, and such funds so transferred shall be returned and repaid to the original fund from
<br />which it was transferred.
<br />s/ Odell Newburn
<br />Member of the Common Council
<br />A public hearing was held on the resolution at this time. Mr. James Barcome, City Controller,
<br />explained the reason for the requested transfer of the idle funds. He stated that the resolution
<br />was similar to the resolution adopted by the Council in 1973. The transfers would be made between
<br />the various funds in order to cover normal operating expenses. All of the funds are tax - supported
<br />and revenues from the tax levy will not be available until a later date because property tax
<br />assessments will not be mailed until March. Mr. Barcome indicated that, in prior years, money had
<br />been borrowed from the local banks and the city had to pay interest on the loan from the tax
<br />revenues. There would be no interest payment involved if the transfers were approved.
<br />Miss Virginia Guthrie, Executive. Secretary of the Civic Planning Association, wondered about the
<br />timing of transferring the funds. Mr. Barcome indicated that the funds would not be transferred
<br />unless necessary. Miss Guthrie referred to the next resolution on the agenda pertaining to the
<br />investment of idle funds. Council President Nemeth suggested that perhaps discussion of both
<br />resolutions could be had at the same time as the two resolutions were closely related. Mr. Barcome
<br />indicated that the resolution for the investment of funds was also similar to a resolution adopted
<br />by the Council in 1973. He stated that, from time to time, certain idle funds are available for
<br />periods of time, especially in construction projects, and because of these time schedules the money
<br />can be invested. He indicated that the investments would go down this year. He concluded that the
<br />,investment was only a temporary thing and the city was obligated to maintain certain funds. Miss
<br />Guthrie stated that, according to the State Board, it was likely that the tax rate would not be set
<br />prior to the middle of March. She mentioned that the legislature changed the distribution of the
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