HomeMy Public PortalAbout067-2013 - Emergency Financing Ordinance)ORDINANCE NO. 67-2013
AN EMERGENCY FINANCING ORDINANCE THAT WILL ALLOW A
TEMPORARY LOAN FROM THE GENERAL FUND TO THE
PARK AND RECREATION, 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; and
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, Some fiends will end the year with deficit cash due to property tax rates being
fixed at the 2012 amounts after the 2013 proposed budget failed to pass; and
WHEREAS, It is in the best interest of the City of Richmond that the prescribed amount of
$375,000.00 be transferred from General Fund to the Park and Recreation and the
Police and Fire Pension Funds; and
WHEREAS, Appropriations have been approved in the 2014 budget for the repayment to the
General Fund 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 2013 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 $375,000.00 from the General Fund to the Park and Recreation and the Police and
Fire Pension Funds no later than December 31 ", 2013.
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 to
no later than six (6) months beyond the end of the 2013 budget year.
Passed and adopted thiit,el day of 2013 by the Common Council of the City
of Richmond, Indiana.
P/,-
President
P ker)
ATT T:
(Karen Chasteen, IAMC, MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, thin day of
2013, at 9:00 a.m.
Fj�lerk
(Karen Chasteen, IAMC, MMC)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this 'day of
Da.(, , 2013, at 9:05 a.m.
Mayor
(Sarah L. Hutton)
A T T kST
(Karen Chasteen, IAMC, MMC)