Authorizing Tax Anticipation Time Warrents for 1992

Home Browse Search

ORDINANCE NO. J2a 3 -9a AN ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1992 STATEMENT OF PURPOSE AND INTENT The following is an ordinance approving temporary tax anticipation borrowing; authorizing the City of South. Bend, Indiana (the "City") to make a temporary loan to meet current expenses for the use of the City' s General Fund during the perod of. January 1, 1992 to December 31, 1992, in anticipation of and not in excess of current taxes levied in the year 1991 and collectible in the year 1992; authorizing the issuance of tax anticipation time warrants to evidence such loans; appropriating and pledging the taxes to be received in such Funds to the punctual payment of such tax anticipation time warrants including the interest thereon; and fixing a time when this Ordinance shall take effect. A necessity exists for the making of temporary loans evidenced by tax anticipation time warrants for the City' s General Fund in anticipation of the receipt of current revenues for such Fund. actually levied and in the course of collection for the year 1992. The Controller has represented and the Common Council now finds that there will be insufficient funds in the General Fund to meet the. current expenses of the City payable form such Fund prior to the. distribution of taxes levied for such Fund on or before December 31, 1992, and hereby authorizes the making of a temporary loan to procure the funds necessary, in combination with other available funds, to meet such current expenses for such Fund for such period and to pay the necessary costs in connection with the issuance and sale of tax anticipation time warrants to evidence such temporary loan. The Common Council now finds that a temporary loan for the General Fund for such purposes should be made and that such tax anticipation time warrants shnnlrl hP i ccnatl anr9 cnlri c„l,icn+