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