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WUNTY-CFTY BUILDING <br />227 ~ JEFFERSON BLVD. <br />Sovn-I BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-9216 <br />Fnx 574/235-9928 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LIJECKE, MAYOR <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />M. CATHERINE FANELLO <br />CONTROLLER <br />May 3, 2006 <br />Mr. Timothy Rouse <br />President, South Bend Common Council <br />4`" Floor, County-City Building <br />South Bend, IN 46601 <br />Re: Ordinance for Temporary Loans to Meet City Expenses and Issuance of Tax Anticipation <br />Time Warrants <br />Dear Mr. Rouse: <br />The City administration has learned that due to delays in billing, the 2005 tax revenues <br />usually payable by June 2006 will be delayed. Therefore, City accounts will be insufficient to meet <br />budgeted and necessary expenses. <br />Under these circumstances, which the City similarly experienced in the past three fiscal years, <br />Indiana Code Section 36-4-6-1 et sea. authorizes the City to borrow funds evidenced by temporary <br />tax anticipation time warrants to meet ongoing expenses. The attached ordinance seeks Common <br />Council approval of such a loan and the issuance of temporary tax anticipation time warrants. <br />I will present this Ordinance to the Common Council at its Personnel and Finance Committee <br />meeting and also at its public hearing. <br />Thank you for your consideration. <br />Sincerely, <br />Catherine Fanello <br />Controller <br />JANICE I.. HALL IdZ RavvE THOMAS $KARBEK SUSAN WALLACE ROBERT ALLEN <br />~, <br />DIRECTOR DIRECTOR DIRECTOR MANAGER ~ <br />DIRECTOR <br />HUMAN RESOURCES CITY FINANCE BUDGETING 8.' FINANCIAL REPORTING BENEFITS INFORMATION TECHNOLOG i <br />