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

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COUNTY-CITY BUILDING SOUTH BEND, INDIANA 46601-1830 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR PHONE 574/235-9216 Fnx 574/235-9928 TDD 574/ 235-5567 DEPARTMENT OF ADMINISTRATION AND FINANCE FREDERICK B. OLLETT, III CONTROLLER October 6, 2004 Ms. Karen White, President South Bend Common Council 4th Floor County-City Building South Bend, IN 46601 RE: Ordinance for Temporary Loans to Meet City Expenses and Issuance of Tax Anticipation Time Warrants Dear President White: Due to property tax reassessment and the anticipated delays in the timing of the City of South Bend's receipt of tax revenues for the fiscal year ending December 31, 2004 the possibility exists that the City will not receive its 2004 property tax revenues by December 31, 2004. If this occurs, City accounts will be insufficient to pay off the tax anticipation time warrants authorized by the Common Council on May 24, 2004, (Ordinance No. 9511-04) and issued in June to meet budgeted and necessary expenses. Under these circumstances, which the City similarly experienced in fiscal year 2003, Indiana Code § 36-4-6-1 et seq. authorizes the City to borrow funds evidenced by temporary tax anticipation time warrants to meet ongoing expenses. The attached ordinance seeks Common Council approval of such a loan and the issuance of temporary tax anticipation time warrants. I will present this Ordinance to the Common Council at its Personnel and Finance Committee meeting and also at its public hearing. Thank you for your consideration. Sincerel , r i Frederick B. Oll City Controller Filed in Cierk's OfflCB FBO/sra OCT ~' ~ 2004 ~HN YOOflDE CITY CIEAK. S0. BEND, IN. CATHERINEA. HUBBARD-SHERD 1.,IZ IZOWE THOMAS $KARBEK SUSAN WALLACE IZOBERTI~LLEN DIRECTOR DIRECTOR DIRECTOR MANAGER DIRECTOR HUMAN RESOURCES CITY FINANCE BUDGETING 8C FINANCIAL REPORTING BENEFITS INFORMATION TECHNOLOGY