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SPECIAL MEETING DECEMBER 29, 2008
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<br />substantially greater debt. Therefore, due to emergency, the repayment of temporarily
<br />transferred funds must be delayed as authorized by Ind. Code 36-1-8-4; and
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<br /> WHEREAS, all Funds from which loans are to be made have sufficient monies on
<br />deposit to make the temporary loans specified in this Resolution.
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<br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
<br />South Bend, Indiana:
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<br /> Section I. The aggregate sum of Eight Million Eight Hundred Fifty One
<br />Thousand Dollars ($8,851,000) shall be temporarily borrowed from certain City funds
<br />and loaned to other City funds as follows:
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<br /> Borrowed From:
<br /> Health Insurance Fund (#711) $5,000,000
<br />Liability Self Insurance Fund (#226) $2,651,000
<br />Rainy Day Fund (#102) $1,200,000
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<br /> Total $8,851,000
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<br />Loaned To:
<br /> General Fund (#101) $6,103,000
<br /> Parks and Recreation Fund (#201) $2,035,000
<br /> Hall of Fame Bond Fund (#313) $ 713,000
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<br /> Total $8,851,000
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<br /> Section II. An emergency exists which necessitates the borrowing of monies
<br />from Funds 711, 226, and 102 and the loaning of those monies to Funds 101, 201, and
<br />313, so that, pursuant to I.C. 36-1-8-4(b), repayment of such loans by the borrowing Fund
<br />of these monies is extended until June 30, 2009.
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<br />Section III. This Resolution shall be in full force and effect as of December 30, 2008.
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<br />Timothy A. Rouse
<br /> s/
<br /> Member of the Common Council
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<br />Catherine Fanello, City Controller, 12 Floor County-City Building, 227 W. Jefferson
<br />Blvd., South Bend, Indiana, made the presentation for this bill.
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<br />Ms. Fanello advised that this bill temporarily loans Five Million Dollars ($5,000,000.00)
<br />from the Health Insurance Fund (No. 711), Two Million Six Hundred Eighty-One Dollars
<br />($2,681,000.00) from the Liability Self Insurance Fund (No. 226) and One Million Two
<br />Hundred Thousand Dollars ($1,200,000.00) from the Rainy Day Fund (No. 102) to repay
<br />the Tax Anticipation Time warrants due December 30, 2008 under Ordinance 9846-08
<br />from General Fund (No. 101), Parks and Recreation Fund (No. 201) and Hall of Fame
<br />Bond (No. 313). These temporary loans in the aggregate total Eight Million Eight
<br />Hundred Fifty-One Thousand Dollars ($8,851,000.)
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<br />A Public Hearing was held on the Resolution at this time.
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<br />There being no one present wishing to speak to the Council either in favor of or in
<br />opposition to this Resolution, Councilmember White made a motion to adopt this
<br />Resolution. Councilmember Dieter seconded the motion which carried and the
<br />Resolution was adopted by a roll call vote of seven (7) ayes.
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