9550-04 Temporary loans to pay off previously issued temporary loans

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the borrowing of money and the City by its Mayor is hereby authorized to make temporary loans to pay off and retire the previously issued temporary loan tax anticipation time warrants which were authorized by prior Ordinance 9511-04 and which tax anticipation warrants expire December 31, 2004. The Mayor is further authorized to issue new temporary loan tax anticipation time warrants to evidence the loans required to redeem and retire the temporary loan tax anticipation time warrants issued pursuant to Ordinance No. 9511-04. The issuance of new temporary loan tax anticipation time warrants shall conform to the requirements of Indiana Code 36-4-6. Section II. All temporary loan tax anticipation time warrants issued pursuant to this Ordinance (" the new Warrants") shall be dated as of the date of delivery. For accounting purposes a separate new Warrant or Warrants shall be issued with respect to each prior warrant which is paid off with loan(s) authorized by this Ordinance. The amount of the new Warrant(s) shall correspond to the City operating funds for which the previously issued warrants were connected, and the new Warrants shall mature and be payable no later than March 31, 2005 in the following principal amounts: Principal Amount: $25,000,000 Principal Amount: $6,000,000 Maturing December 31, 2004 Maturing December 31, 2004 Fund: General Fund (#101) Fund: Parks 7 Recreation (#201-1100) Not to Exceed: $25,000,000 Not to Exceed: $6,000,000 Principal Amount: $1,000,000 Principal Amount: $300,000 Maturing December 31, 2004 Maturing December 31, 2004 Fund: Cumulative Capital Development (#406) Fund: Fire Pension (#701) Not to Exceed: $1,000,000 Not to Exceed: $300,000 Principal Amount:$600,000 Maturing December 31, 2004 Fund: Police Pension (#702) Not to Exceed: $600,000 Principal Amount: $300,000 Maturing December 31, 2004 Fund: Studebaker Bond (#310) Not to Exceed: $300,000 Principal Amount: $775,000 Maturing December 31, 2004 Fund: Hall of Fame Bond (#313) Not to Exceed: $775,000 The new Warrants authorized herein shall bear interest prior to maturity at a rate or rates per annum not to exceed a maximum of eight percent (8.00%). The exact rate or rates of interest are to be determined under the terms of a Warrant Purchase Agreement, as hereinafter defined. Warrants not timely paid will bear interest at a rate or rates after maturity as set forth in the Warrant Purchase Agreement. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. It is understood that principal shall not be payable and interest shall not accrue on any Warrant or Warrants issued pursuant to this Ordinance until such principal amount has been -2-