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Authorizing Tax Anticipation Time Warrents for 1992
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Authorizing Tax Anticipation Time Warrents for 1992
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Last modified
10/18/2012 8:57:05 AM
Creation date
10/18/2012 8:57:04 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
1/27/1992
Ord-Res Number
8238-92
Bill Number
6-92
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The levy proposed for collection in the year 1992 is estimated to <br /> produce at least $25,253 ,984.00 in the City' s General. Fund on or <br /> before. December 31, 1992, which amount will equal or exceed the <br /> principal and interest cost of making a temporary loan for the <br /> General Fund.. <br /> For the above-stated reasons, and subject to and dependent upon <br /> the terms and conditions hereinafter set forth, the Common Council. <br /> seeks to authorize the issuance of such tax anticipation time <br /> warrants. with respect to City's General Fund and the sale of such. <br /> warrants pursuant to the provisions of I .C. 36-4-6. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND, INDIANA AS FOLLOWS: <br /> Section 1. The City is hereby authorized, to make a temporary <br /> loan to meet current expenses pursuant to the provisions of I .C. <br /> 36-4-6 for the use and benefit of the General Fund of the City in an <br /> aggregate principal amount not to exceed Five Million Five Hundred. <br /> Thousand Dollars ( $5,500,000.00) in anticipation of current tax <br /> revenues actually levied. and in the course of collection for such <br /> Fund for the year 1992, which loan shall be evidenced by tax. <br /> anticipation time warrants of the City bearing interest at a rate or <br /> rates per annum not to exceed a maximum rate of eight percent ( 8%) , <br /> the exact rate or rates of interest to be determined by private sale <br /> as permitted. by law. Such warrants shall be dated as of the date or <br /> dates of delivery of such warrants. The warrants shall mature and be <br /> payable on December. 31, 1992. Warrants will bear interest at a rate <br /> or rates not to exceed eight percent ( 8%) per annum on any amounts <br /> not paid at maturity. Such warrants, including interest and all <br /> necessary costs incurred in connection with the issuance and sale of <br /> such warrants, shall be payable from the General Fund and there is <br /> hereby appropriated and pledged to the payment of such warrants, <br /> including interest and all necessary costs incurred in connection <br /> with the issuance and sale of such warrants, a sufficient amount of <br />
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