HomeMy Public PortalAbout109-2004 - Authorizing the Temporary transfer of Funds for cashORDINANCE NO. 109-2004
AN ORDINANCE AUTHORIZING THE TEMPORARY TRANSFER OF FUNDS
FOR CASH FLOW PURPOSES
WHEREAS, I.C. 36-1-8-4 permits the fiscal body of a political subdivision to transfer a
prescribed amount of funds, for a prescribed period of time, to a fund in need
of money for cash flow purposes from another fund of the political
subdivision under certain circumstances.
WHEREAS, a loan from the Rainy Day Fund to the General Fund is necessary to enhance
the General Fund for cash flow purposes;
WHEREAS, a loan from the Midwest Industrial Park Fund to the General Fund is
necessary to enhance the General Fund for cash flow purposes;
WHEREAS, a loan from the Midwest Industrial Park Fund to the Debt Service Fund is
necessary to enhance the Debt Service Fund for cash flow purposes;
WHEREAS, although the term of the loans would otherwise end prior to December 31,
2004, an emergency exists requiring the extension of the term for each loan to
June 30, 2005, due to unanticipated shortfalls in property tax collections for
those funds; and
WHEREAS, only revenues derived from: (i) the levying and collection of property taxes or
special taxes; or (ii) from operation of the City will be included in the
amounts to be loaned;
NOW, THEREFORE, be it ordained by the Common Council of the City of
Richmond, Indiana, as follows:
1. The following amounts should be transferred from the described funds:
a) The City Council hereby authorizes the transfer of $500,000 Dollars from
the Rainy Day Fund to the General Fund in order to enhance the cash flow
of the General Fund.
b) The City Council hereby authorizes the transfer of $400,000 Dollars from
the Midwest Industrial Park Fund to the General Fund in order to enhance
the cash flow of the General Fund.
c) The City Council hereby authorizes the transfer of $20,000 Dollars from
the Midwest Industrial Park Fund to the Debt Service Fund in order to
enhance the cash flow of the Debt Service Fund.
2. There are sufficient funds on deposit in the Rainy Day Fund and Midwest
Industrial Park Fund in order to make the transfers.
3. Because an emergency exists due to unanticipated shortfalls in property tax
collections, the prescribed period for the transfer shall begin from and after the
effective date of this ordinance and shall end no later than June 30, 2005.
4. The amounts transferred under Section l(a), (b), and (c) shall be returned to the
Rainy Day Fund and Midwest Industrial Park Fund no later than June 30, 2005.
5. Only revenues derived from: (i) the levying and collection of property taxes or
special taxes: (ii) or from operations of the City will be included in the amount
transferred.
6. This ordinance shall be in full force and effect from and after its adoption by the
City Council and signing by the Mayor.
7. This ordinance shall be immediately forwarded to the State Board of Accounts
and the Department of Local Government Finance.
Passed and adopted this 20th_ day of December 2004, by the Common Council of the
City of Richmond, Indiana.
S/S LagParker President
(Larry Parker)
ATTEST: S/S Karen Chasteen City Clerk
(Karen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 21st day of
December , 2004, 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 21st
day of December , 2004, at 9:05 a.m.
S/S Sarah L. Hutton Mayor
(Sarah L. Hutton)
ATTEST: S/S Karen Chasteen City Clerk
(Karen Chasteen)