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9678-06 Authorizing the Mayor and Controller to make Temporary loans Levied in 2005 Collectable in 2006
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9678-06 Authorizing the Mayor and Controller to make Temporary loans Levied in 2005 Collectable in 2006
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Last modified
10/4/2010 4:04:20 PM
Creation date
10/26/2007 8:54:03 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/22/2006
Ord-Res Number
9678-06
Bill Number
31-06
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In addition, the City on the Due Date hereof shall pay to the bearer hereof interest at the rate of <br />per annum on the outstanding principal amount, with such interest to be calculated on the basis of a <br />360-day year comprised of twelve 30-day months. <br />Both principal of and interest of this Warrant are payable in lawful money of the United States of <br />America of the Office of the Controller of the City, as Paying Agent, or any appointed successor Paying Agent upon <br />presentation on or after their maturity date. <br />This Warrant evidences a temporary loan to provide funds to meet current expenses of the <br />Fund, and has been authorized by an ordinance passed and adopted by the Common Council of <br />the City of South Bend, Indiana, on 2006, in accordance with Indiana Code, Title 36, <br />Article 4, Chapter 6, and all other acts amendatory thereof or supplemental thereto. <br />This Warrant is issued in anticipation of the tax levy which has been made for the <br />Fund in the year 2005, which tax levy is now in the course of collection. There has been <br />irrevocably appropriated and pledged to the payment in full of the principal of and interest on this Warrant a <br />sufficient amount of the revenues to be derived from the Fund tax levy. <br />This Warrant is prepayable on any date at the option of the City, in whole or in part, upon seven <br />day's written notice to the holder hereof to be paid at a price equal to one hundred percent (100%) of the principal <br />amount to be prepaid plus accrued interest thereon to the date of prepayment, and without premium. <br />It is further hereby certified, recited, and declared that all acts, conditions, and things required by <br />law precedent to the issuance and execution of this Warrant have been properly done, have happened, and have been <br />performed in the manner required by the constitution and statutes of the State of Indiana relating thereto; that the <br />Fund tax levy from which (together with other amounts in the Fund) this <br />Warrant is payable, is a valid and legal levy; and that the City will reserve a sufficient amount of the proceeds of the <br />Fund tax levy currently in the course of collection for the timely payment of the principal of and <br />interest on this Warrant in accordance with its terms. <br />IN WITNESS WHEREOF, the City of South Bend, in the County of St. Joseph, State of Indiana, <br />has caused this Warrant to be executed in its corporate name by the Mayor of the City of South Bend, Indiana, <br />countersigned by the City Controller of the City of South Bend, Indiana, and its corporate seal to be hereunto affixed <br />and attested by the City Clerk of the City of South Bend, Indiana, all as of the day of , 2006. <br />CITY OF SOUTH BEND, INDIANA <br />By: <br />(SEAL) <br />ATTEST: <br />City Clerk <br />BDDBOI 4397054v1 <br />Mayor <br />COUNTERSIGNED: <br />City Controller <br />-5- <br />
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