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HomeMy WebLinkAboutCC-02-04-02-01 Rainy Day FundSponsor: Councilor Koven RESOLUTION NO. CC-02-04-02-01 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, TRANSFERRING UNUSED AND UNENCUMBERED FUNDS TO THE RAINY DAY FUND WHEREAS, Indiana Code 36-1-8-5.1 allows political subdivisions to establish a Rainy Day Fund to receive transfers of unused and unencumbered funds; and, WHEREAS, the Common Council of the City of Carmel established a Rainy Day Fund for the City of Carmel pursuant to Ordinance No. D-1535-01; and, WHEREAS, Indiana Code 36-1~8-5 provides that whenever the purposes of a tax levy have been fulfilled and an unused and unencumbered balance remains in a fund, the fiscal body of the political subdivision shall order the balance of that fund to be transferred to the General Fund or Rainy Day Fund of the municipality; and, WHEREAS, the City of Carmel has determined that it has an unused and unencumbered balance of $2,495,237.21 in its 2001 budget; NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Carreel, Indiana, that: Section 1: As the fiscal body of the City of Carmel, the Common Council of the City of Carreel, hereby orders, pursuant to Indiana Code 36-1-8-5, the transfer of $500,000 of the unused and unencumbered balances of funds from the 2001 City of Carmel budget, to the Rainy Day Fund of the City of Carmel budget, for the Street Maintenance Facility, which was established pursuant to Ordinance No. D-1535-01. Section 2: As the fiscal body of the City of Carmel, the Common Council of the City of Cannel, hereby orders, pursuant to Indiana Code 36-1-8-5, all remaining unused and unencumbered balances of funds from the 2001 City of Carmel budget, other than the transfer referred to in Section lof this Resolution, to be transferred to or remain in the General Fund of the City of Carmel budget. Section 3: This Resolution shall be in full force and effect from the date of passage, and its publication, as provided by law. PASSEDbYtheCommonCounciloftheCityofCarmel, Indiana, this~4~ dayof February, 2002, by a vote of_A_~' ayes and f') nayes. Diana L. Cordray, IAMC, Clerk-Tre~rer Presented by me to the Mayor of the City of Carmel, Indiana this i~_ day of February, 2002, at ~; &~ P.M. Diana L. Cordray, IAMC, Clerk-Tre~rer Approved by me, Mayor of the City of Carmel, Indiana, this (P day of February, 2002, at "/:irCP.M. ~ 5 Je/sBr'~ainard ,rep edby: e 1100 Chamber of Commerce Bldg. 320 N. Meridian Street Indianapolis, IN 46204 272029