HomeMy Public PortalAbout013-2010 - temp. transfer.docBOARD OF SANITARY COMMISSIONERS
OF THE RICHMOND SANITARY DISTRICT
RESOLUTION NO. 13-2010
A RESOLUTION AUTHORIZING A TEMPORARY LOAN FROM SEWER UTILITY AND/OR LANDFILL FUNDS TO THE GENERAL, MOTOR VEHICLE HIGHWAY, PARK AND RECREATION, DEBT SERVICE, AND THE POLICE AND FIRE PENSION
FUNDS OF THE CITY OF RICHMOND, INDIANA
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, Funds belonging to a sanitary district may be so transferred, as provided in Indiana Code 36-9-25-33(c); and
WHEREAS, It is necessary for the General, Motor Vehicle Highway, Park and Recreation, Debt Service, and Police and Fire Pension Funds of the City of Richmond to borrow an amount not
to exceed $3,615,000 from the Sewer Utility and/or Landfill Funds of the Richmond Sanitary District to enhance such funds for cash flow purposes, in the event of their depletion should
the 2010 Fall property tax settlement not be received for the City of Richmond by the end of 2010; and
WHEREAS, In the event such property tax settlement is not received by the end of the year, an emergency would exist in the cash flow of the borrowing funds; and
WHEREAS, Sufficient money exists on deposit to the credit of the Sewer Utility and/or Landfill Funds that can be temporarily transferred; and
WHEREAS, The temporary loan of such funds, if utilized because of the City’s non-receipt of the Fall property tax settlement during 2010, will be repaid without interest no later than
six (6) months after the end of the 2010 budget year.
NOW THEREFORE, BE IT RESOLVED by the Board of Sanitary Commissioners of the Sanitary District of Richmond, Indiana, that said Board authorizes a temporary loan in an
amount not to exceed $3,615,000.00 from the Sewer Utility and/or Landfill Funds to the City of Richmond General, Motor Vehicle Highway, Park and Recreation, Debt Service, and Police
and Fire Pension Funds; and the City Controller is authorized to temporarily transfer such funds no later than December 31, 2010 if the City has not received its fall property tax settlement
by that time.
BE IT FURTHER RESOLVED by the Board of Sanitary Commissioners of the Sanitary District of Richmond, Indiana, that the prescribed period for such emergency transfer be extended until
such time as the City of Richmond receives its fall 2010 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 _9th ___ day of November, 2010, by the Board of Sanitary Commissioners of the Richmond Sanitary District of the City of Richmond, Indiana.
BOARD OF SANITARY COMMISSIONERS,
RICHMOND SANITARY DISTRICT
S/S Richard Bodiker
Richard Bodiker, President
S/S Gil Klose
Gil Klose, Vice President
S/S Greg Stiens
Greg Stiens, Member
Attest:
S/S Denise Johnson
Denise Johnson, Recording Secretary