12-29-08 Common Council Mintues - Laserfiche WebLink

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SPECIAL MEETING DECEMBER 29, 2008 on December 30, 2008, and (ii) meet current operating expenses of various funds of the City. WHEREAS, this Resolution authorizes appropriation of monies from various Funds within the City to pay off interest due and payable December 30, 2008 on the Tax Anticipation Time Warrants issued pursuant to Ordinance 9846-08. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: Section I. The sum of One Hundred Three Thousand Dollars ($103,000) is set aside within and appropriated from General Fund (Fund No.101) to pay interest due and owing as of December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008 pursuant to Ordinance No. 9846-08. Section II. The sum of Thirty-Five Thousand Dollars ($35,000) is set aside within and appropriated from Parks and Recreation Fund (Fund No. 201) to pay interest due and owing as of December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008 pursuant to Ordinance No. 9846-08. Section III. The sum of Thirteen Thousand Dollars ($13,000) is set aside within and appropriated from Hall of Fame Bond Fund (Fund No. 313) to pay interest due and owing as of December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008 pursuant to Ordinance No. 9846-08. Section IV. This Resolution shall be in full force and effect on December 30, 2008. s/Timothy A. Rouse Member of the Common Council th Catherine Fanello, City Controller, 12 Floor County-City Building, 227 W. Jefferson Blvd., South Bend, Indiana, made the presentation for this bill. Ms. Fanello advised that this bill authorizes an aggregate temporary loan of Fourteen Million Nine Hundred Fifty Thousand Dollars ($14,950,000.00) in monies from the Rainy Day Fund (No. 102), the newly created Loss Recovery Fund (No. 227), the county Option Income Tax Fund (No. 404), the Airport TIF Fund (No. 324), and the Health Insurance Fund (#711) to the General Fund (No. 101), the Parks and Recreation Fund (No. 201), and Hall of Fame Bond Fund (No. 313). These loans from various Funds are for the purpose of meeting the City’s daily and ongoing expenses pending receipt of 2008 property tax revenues. This will eliminate the need and expense of issuing Temporary Tax Anticipation Time Warrants to cover the delay in receipt of tax revenues. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Dieter made a motion to adopt this Resolution. Councilmember Oliver Davis seconded the motion which carried and the Resolution was adopted by a roll call vote of seven (7) ayes. MISCELLANEOUS MATTERS CLARIFICATION ON UNRESERVED FUND BALANCES th Catherine Fanello, City Controller, 12 Floor County-City Building, 227 W. Jefferson Blvd., South Bend, Indiana, read into the record to clarify some confusion that was reported in the newspaper and on news broadcasts. 5