HomeMy Public PortalAbout049-2010 - 2010 Budget Amendment - Emergency FORDINANCE NO. 49-2010
AN EMERGENCY FINANCING ORDINANCE THAT WILL ALLOW A
TEMPORARY LOAN FROM CERTAIN FUNDS TO THE GENERAL,
MOTOR VEHICLE HIGHWAY, PARK AND RECREATION, DEBT SERVICE,
AND THE POLICE AND FIRE PENSION FUNDS
WHEREAS, Indiana Code 36-1-8-4(a) states that a political subdivision may, by ordinance or
resolution, permit the transfer of a prescribed amount for a prescribed period, to a
depleted fund in need of money for cash flow purposes from another fund of the
political subdivision if certain conditions are met; and
WHEREAS, The amount transferred must be returned to the other fund at the end of the
prescribed period; and
WHEREAS, The prescribed period must end during the budget year of the year in which the
funds were transferred unless the fiscal body of a political subdivision determines
that an emergency exists that requires an extension of the prescribed period of the
transfer.
WHEREAS, In the event the fiscal body determines that such an emergency exists, the
prescribed period may be extended for not more than six (6) months beyond the
budget year of the year in which the transfer occurs; and
WHEREAS, Indiana Code 36-9-25-33 states that the Sanitation Board may make temporary
loans as provided by Indiana Code 36-1-8-4; and
WHEREAS, An emergency temporary loan would only be necessary if the fall property tax
settlement for the City is not received by the end of the year; and
WHEREAS, On November 9th, 2010 the Board of Sanitation Commissioners of the Richmond
Sanitary District adopted Resolution Number 13-2010, approving the temporary
transfer of an amount not to exceed $3,615,000.00 from the Sewer Utility and/or
Landfill Funds to the General, Motor Vehicle Highway, Park and Recreation,
Debt Service, and the Police and Fire Pension Funds, for the reasons set forth
herein, to be repaid in full no later than six (6) months beyond the end of the 2010
budget year, and recognizing the emergency nature of the temporary transfer; and
WHEREAS, It is in the best interest of the City of Richmond that the prescribed amount of
$3,615,000.00 be transferred from the Sewer Utility and/or the Landfill Funds to
the General, Motor Vehicle Highway, Park and Recreation, Debt Service, and the
Police and Fire Pension Funds; and
WHEREAS, It is in the best interest of the City of Richmond that the prescribed period for
such an emergency transfer be extended to no later than six (6) months beyond the
end of the 2010 budget year.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF
RICHMOND, INDIANA, that the City Controller may temporarily transfer funds in an amount
not to exceed $3,615,000.00 from the Sewer Utility and/or the Landfill Funds no later than
December 31st, 2010, if the City has not received its fall property tax settlement at that time.
NOW THEREFORE BE IT ALSO ORDAINED BY THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, that the prescribed period for such emergency transfer be
extended until such time as the City of Richmond receives its fall property tax settlement, or no
later than six (6) months beyond the end of the 2010 budget year, whichever shall occur first.
Passed and adopted this _15th day of _November_ 2010 by the Common Council of the City
of Richmond, Indiana.
S/S J. Clayton Miller President
Q. Clayton Miller)
ATTEST: _S/S Karen Chasteen City Clerk
(Karen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana, this _16th _ day of November
2010, at 9:00 a.m.
S/S Karen Chasteen City Clerk
(Karen Chasteen)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this _16th day
of November , 2010, at 9:05 a.m.
_S/S Sarah L. Hutton Mayor
(Sarah L. Hutton)
ATTEST: S/S Karen Chasteen City Clerk
(Karen Chasteen)