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REGULAR MEETING JANUARY 14 1974
<br />GULAR MEETING - RECONVENED (CONTINUED)
<br />sales tax. She felt it was important that the funds be invested as long as possible because it was
<br />an investment of the taxpayer. Council President Nemeth asked about the interest that would have
<br />to be paid if loans were made for the payment of the various expenses, and Mr. Barcome indicated
<br />that the interest rate was 4 to 5% over a 30 -day period. Council President Nemeth wondered if it
<br />was not more profitable to borrow to pay off expenses for that short a period of time. Mr. Barcome
<br />felt that was a difficult thing to determine because the time element would not be definitely known
<br />Councilman Horvath stated that the investment had been accomplished in 1973 and no money had to be
<br />borrowed. Mr. Barcome stated that he might have to borrow from the individual funds. Councilman
<br />Miller complimented Mr. Barcome on the handling of the city's funds. He felt that, if it would be
<br />possible, a summary report of how the investment and transfer had worked in 1973 could be furnished
<br />the Council. Mr. Barcome stated that he had such a report available.
<br />Councilman Miller made a motion that the resolution authorizing the temporary transfer be adopted,
<br />seconded by Councilman Parent. The resolution passed by a roll call vote of nine ayes (Councilmen
<br />Serge, Szymkowiak, Miller, Parent, Taylor, Kopczynski, Horvath, Newburn and Nemeth).
<br />(RESOLUTION NO. 407 -74
<br />WHEREAS, there
<br />invested for periods
<br />of the city; and
<br />A RESOLUTION AUTHORIZING THE CONTROLLER
<br />OF THE CITY OF SOUTH BEND, INDIANA, TO
<br />INVEST CERTAIN IDLE FUNDS DURING THE
<br />YEAR 1974 IN ACCORDANCE WITH CHAPTER 9
<br />OF THE 1945 ACTS OF THE GENERAL ASSEMBLY
<br />OF THE STATE OF INDIANA, AS AMENDED.
<br />are certain idle funds of the Civil City of South Bend which may be
<br />of time without affecting the operations of the various departments
<br />WHEREAS, Chapter 9 of the 1945 Acts of the General Assembly of the State of Indiana
<br />enable the Controller to invest such idle funds with the approval of the Common Council:
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana:
<br />SECTION I. That during the calendar year 1974, the Controller invest certain
<br />idle funds of the Civil City of South Bend for such periods of time that he determines
<br />are not needed for the normal operations of the various departments of the civil city.
<br />SECTION II. This Resolution shall be in full force and effect from and after its
<br />passage by the Common Council and its approval by the Mayor.
<br />s/ Odell Newburn
<br />Member of the Common Council
<br />A public hearing on the resolution was held when the temporary transfers of idle funds was con-
<br />sidered (immediately preceding this resolution). Councilman Parent made a motion that the resolu-
<br />tion be adopted, seconded by Councilman Horvath. The resolution passed by a roll call vote of nin
<br />ayes (Councilmen Serge, Szymkowiak, Miller, Parent, Taylor, Kopczynski, Horvath, Newburn and Nemet
<br />ORDINANCES, FIRST READING
<br />ORDINANCE AN ORDINANCE APPROPRIATING $14,297.00
<br />FROM.THE FEDERAL ASSISTANCE GRANT,
<br />COMMONLY REFERRED TO AS GENERAL REVENUE
<br />SHARING, FOR VARIOUS LAW ENFORCEMENT
<br />PROGRAMS, TO BE ADMINISTERED BY THE
<br />CITY OF SOUTH BEND THROUGH ITS
<br />DEPARTMENT OF LAW.
<br />This ordinance had first reading. Councilman Horvath made a motion that the ordinance be set for
<br />public hearing and second reading on January 28, 1974, seconded by Councilman Taylor. The motion
<br />carried.
<br />ORDINANCE AN ORDINANCE APPROPRIATING $5,991.27
<br />FROM THE FEDERAL ASSISTANCE GRANT,
<br />COMMONLY REFERRED TO AS GENERAL REVENUE
<br />SHARING, FOR VARIOUS LAW ENFORCEMENT
<br />PROGRAMS, TO BE ADMINISTERED BY THE
<br />CITY OF SOUTH BEND THROUGH ITS
<br />DEPARTMENT OF LAW.
<br />This ordinance had first reading. Councilman Taylor made a motion that the ordinance be set for
<br />public hearing and second reading on January 28, 1974, seconded by Councilman Horvath. The motion
<br />carried.
<br />ORDINANCE AN ORDINANCE APPROPRIATING $13,116.00
<br />FROM THE FEDERAL ASSISTANCE GRANT,
<br />COMMONLY REFERRED TO AS GENERAL REVENUE
<br />SHARING, FOR VARIOUS PUBLIC SAFETY
<br />PROGRAMS, TO BE ADMINISTERED BY THE
<br />CITY OF SOUTH BEND THROUGH ITS
<br />DEPARTMENT OF PUBLIC SAFETY.
<br />This ordinance had first reading. Council President Nemeth announced that the Council was in the
<br />process of creating a joint crime commission. Councilman Kopczynski made a motion that the ordina
<br />be referred to the Public Safety Committee, seconded by Councilman Newburn. The motion carried.
<br />(In the unfinished business portion of the meeting, it was also moved, seconded and carried to set
<br />the ordinance for public hearing and second reading on January,28, 1974.)
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