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SPECIAL MEETING DECEMBER 29, 2008
<br />
<br />
<br />
<br />RESOLUTION NO. 3933-08 A RESOLUTION OF THE COMMON
<br /> COUNCIL OF THE CITY OF SOUTH
<br /> BEND, INDIANA, AUTHORIZING A
<br /> TEMPORARY LOAN OF MONIES FROM
<br /> THE RAINY DAY FUND (#102), THE
<br /> LOSS RECOVERY FUND (#227), THE
<br /> COUNTY OPTION INCOME TAX FUND
<br /> (#404), THE AIRPORT TIF FUND (#324),
<br /> AND THE HEALTH INSURANCE FUND
<br /> (#711) TO THE GENERAL FUND (#101),
<br /> THE PARKS AND RECREATION FUND
<br /> (#201), AND HALL OF FAME BOND
<br /> FUND (#313) FOR THE PURPOSE OF
<br /> MEETING OPERATIONAL NEEDS OF
<br /> THE CITY
<br />
<br />
<br /> WHEREAS, the City expected that by December 30, 2008 it would have received
<br />property tax revenues for 2008 levied in 2007; however, it is unlikely the City will
<br />receive sufficient property tax revenues prior to December 30, 2008 to meet the current
<br />operating expenses of various funds of the City; and
<br />
<br /> WHEREAS, because the City of South Bend has not yet received its 2008
<br />distribution of property tax revenue, an emergency exists requiring a loan from various
<br />funds within the City to other funds in order to meet payroll and other regular operating
<br />expenses of the City; and
<br />
<br /> WHEREAS, this emergency justifies an extension of the deadline for repayment
<br />of the interfund loans, that is, to June 30, 2009; and
<br />
<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.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF
<br />THE CITY OF SOUTH BEND, INDIANA, as follows:
<br />
<br /> Section I. The aggregate sum of Fourteen Million Nine Hundred Fifty Thousand
<br />Dollars ($14,950,000) shall be temporarily borrowed from certain City funds and loaned
<br />to other City funds as follows:
<br />
<br />Borrowed From:
<br />Rainy Day Fund (#102) $4,500,000
<br />Loss Recovery Fund (#227) $4,460,000
<br />County Option Income Tax Fund (#404) $2,480,000
<br />Airport TIF Fund (#324) $2,810,000
<br /> Health Insurance Fund (#711) $700,000
<br />
<br /> Total $14,950,000
<br />
<br />Loan To:
<br />General Fund (#101) $12,000,000
<br />Parks and Recreation Fund (#201) $2,500,000
<br />Hall of Fame Bond Fund (#313) $450,000
<br />
<br /> Total $14,950,000
<br />
<br /> Section II. Because an emergency exists due to the City’s non-receipt of its 2008
<br />distribution of property taxes, the above listed loans shall be repaid from the borrowing
<br />Fund to the lending Fund promptly upon and from the City’s receipt of tax revenues
<br />levied in 2007 payable in 2008, or by June 30, 2009, whichever is earlier, pursuant to I.C.
<br />36-1-8-4 (b).
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