9589-05 Authorizing Controller and Mayor to make temporary loans to meet current running expenses of various funds of current taxes levied in 2004, collectable in 2005

Home Browse Search

thereto, and attested by the manual or facsimile signature of the Clerk of the City (the "Clerk"), provided, however, that at least one such signature on the Warrants shall be manual. All Warrants shall be payable in lawful money of the United States of America at the office of the City Controller as Paying Agent. Section VI. The Warrants with respect to each Fund shall be issued in substantially the following form (all blanks, including the appropriate amounts, dates, and other information to be properly completed prior to the execution and delivery thereof: [Form of Warrant} UNITED STATES OF AMERICA STATE OF INDIANA Due Date: December 31, 2005 COUNTY OF ST. JOSEPH CITY OF SOUTH BEND, INDIANA TEMPORARY LOAN TAX ANTICIPATION TIME WARRANT ( FUND) FOR VALUE RECEIVED, on or before December 31, 2005, the City of South Bend, Indiana (the "City). shall pay to the amount of $ (or so much thereof as may be advanced from time to time and be outstanding as evidenced by the records of the registered owner making payment for this Warrant, or its assigns) pursuant to a certain Warrant Purchase Agreement between the Bond Bank and the City, dated as of (the "Agreement") In addition, the City of 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 , 2005 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. It is further hereby certified, recited, and declared that all acts, conditions, and things required bylaw 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 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.