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REGULAR MEETING MAY 22, 2006 <br />Councilmember Puzzello made a motion that this bill will be set for Public Hearing and Third <br />Reading at the next meeting of the Council. Councilmember Varner seconded the motion which <br />carried by a voice vote of eight (8) ayes. <br />BILL NO. 31-06 PUBLIC HEARING ON A BILL OF THE <br /> COMMON COUNCIL OF THE CITY OF SOUTH <br /> BEND, INDIANA, AUTHORIZING THE <br /> MAYOR AND/OR CONTROLLER OF THE CITY <br /> OF SOUTH BEND, INDIANA, TO MAKE <br /> TEMPORARY LOANS TO MEET CURRENT <br /> OPERATING EXPENSES OF VARIOUS FUNDS <br /> OF THE CITY IN ANTICIPATION OF AND NOT <br /> IN EXCESS OF CURRENT TAXES LEVIED IN <br /> THE YEAR 2005, AND COLLECTABLE IN THE <br /> YEAR 2006, AUTHORIZING THE ISSUANCE <br /> OF TEMPORARY LOAN TAX ANTICIPATION <br /> TIME WARRANTS TO EVIDENCE SUCH <br /> LOANS AND THE SALE OF SUCH <br /> WARRANTS AND APPROPRIATING AND <br /> PLEDGING THE TAXES TO BE RECEIVED IN <br /> SUCH FUNDS TO THE PAYMENT OF SUCH <br /> WARRANTS INCLUDING THE INTEREST <br /> THEREON <br />Councilmember Pfeifer, Chairperson, Personnel & Finance Committee, reported that this <br />committee met on this bill this afternoon and voted to send it to the full Council with a favorable <br />recommendation. <br />th <br />Ms. Catherine Fanello, City Controller, 14 Floor County-City Building, South Bend, Indiana, <br />made the presentation for this bill. <br />Ms. Fanello advised that the City Administration has learned that due to delays in billing, the <br />2005 tax revenues usually payable by June 2006 will be delayed. Therefore, City accounts will <br />be insufficient to meet budgeted and necessary expenses. Under these circumstances, which the <br />City similarly experienced in the pas three fiscal years, Indiana Code Section 36-4-6-1 et seq. <br />authorizes the City to borrow funds evidenced by temporary tax anticipation time warrants to <br />meet ongoing expenses. The attached ordinance seeks Common Council approval of such a loan <br />and the issuance of temporary tax anticipation time warrants. <br />This being the time heretofore set for the Public Hearing on the above bill, proponents and <br />opponents were given an opportunity to be heard. <br />There being no one present wishing to speak to the Council either in favor of or in opposition to <br />this bill, Councilmember Kelly made a motion for favorable recommendation to full Council <br />concerning this bill as substituted. Councilmember Dieter seconded the motion which carried by <br />a voice vote of eight (8) ayes. <br />RISE AND REPORT <br />Councilmember Dieter made a motion to rise and report to the full Council. Councilmember <br />Kelly seconded the motion which carried by voice vote of eight (8) ayes. <br />3 <br /> <br />