9678-06 Authorizing the Mayor and Controller to make Temporary loans Levied in 2005 Collectable in 2006

Home Browse Search

In addition, the City on the Due Date hereof shall pay to the bearer hereof interest at the rate of per annum on the outstanding principal amount, with such interest to be calculated on the basis of a 360-day year comprised of twelve 30-day months. Both principal of and interest of this Warrant are payable in lawful money of the United States of America of the Office of the Controller of the City, as Paying Agent, or any appointed successor Paying Agent upon presentation on or after their maturity date. This Warrant evidences a temporary loan to provide funds to meet current expenses of the Fund, and has been authorized by an ordinance passed and adopted by the Common Council of the City of South Bend, Indiana, on 2006, in accordance with Indiana Code, Title 36, Article 4, Chapter 6, and all other acts amendatory thereof or supplemental thereto. This Warrant is issued in anticipation of the tax levy which has been made for the Fund in the year 2005, which tax levy is now in the course of collection. There has been irrevocably appropriated and pledged to the payment in full of the principal of and interest on this Warrant a sufficient amount of the revenues to be derived from the Fund tax levy. This Warrant is prepayable on any date at the option of the City, in whole or in part, upon seven day's written notice to the holder hereof to be paid at a price equal to one hundred percent (100%) of the principal amount to be prepaid plus accrued interest thereon to the date of prepayment, and without premium. It is further hereby certified, recited, and declared that all acts, conditions, and things required by law precedent to the issuance and execution of this Warrant have been properly done, have happened, and have been performed in the manner required by the constitution and statutes of the State of Indiana relating thereto; that the Fund tax levy from which (together with other amounts in the Fund) this Warrant is payable, is a valid and legal levy; and that the City will reserve a sufficient amount of the proceeds of the Fund tax levy currently in the course of collection for the timely payment of the principal of and interest on this Warrant in accordance with its terms. IN WITNESS WHEREOF, the City of South Bend, in the County of St. Joseph, State of Indiana, has caused this Warrant to be executed in its corporate name by the Mayor of the City of South Bend, Indiana, countersigned by the City Controller of the City of South Bend, Indiana, and its corporate seal to be hereunto affixed and attested by the City Clerk of the City of South Bend, Indiana, all as of the day of , 2006. CITY OF SOUTH BEND, INDIANA By: (SEAL) ATTEST: City Clerk BDDBOI 4397054v1 Mayor COUNTERSIGNED: City Controller -5-