R2012-85 EXTENDING THE INTERFUND TRANSFERS BETWEEN VARIOUS CITY FUNDS

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RESOLUTION NO. R2012-85 RESOLUTION EXTENDING THE INTERFUND TRANSFERS BETWEEN VARIOUS CITY FUNDS BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That the City Council authorize the City Manager to make transfers between various funds of the City of Decatur to avoid negative fund balances. Section 2. That the amount of these Interf ind transfers not exceed $1,000,000 in total, and must be repaid by the end of the fiscal year ending April 30, 2013. Section 3. That the State of Illinois is currently four months behind in their income tax payments and currently owes the City of Decatur more than $2,000,000, and because the State of Illinois continues to be slow sending grant funds for operations of Mass Transit. Section 4. This resolution shall be in full force and effect from and after its approval by the City Council and remain in effect until April 30, 2013. PRESENTED and ADOPTED this 16th day of April, 2012. LN4O 'M CHA `I`. NicftROY t ATT T: CITY CLER