Authorizing Tax Anticipation Time Warrants for 1991

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principal and iterest cost of making a temporary loan 'for ''for the General Fund; and WHEREAS, the Controller has represented and the Common Council. now finds that there will be insufficient funds in the Park Maintenance Fund to meet the current expenses of the. City payable. from such Fund prior to the distribution of taxes levied for such Fund on or before December 31, 1991, 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; and WHEREAS, the Common Council now finds that a temporary loan for the Park Maintenance Fund for such purposes should be made and that such tax anticipation time warrants should be issued and sold., subject to the terms and conditions set forth herein and all in accordance with the provisions of Indiana law; and WHEREAS, the levy proposed for collection in the year 1991. is estimated to produce at least $ 3,500,000 in the. City's Park Maintenance Fund on or before December 31, 1991, which amount will equal or exceed the principal and interest cost of making a temporary loan for the Park Maintenance Fund; and WHEREAS, a necessity exists for the making of temporary loans evidenced by tax anticipation time warrants for. the City' s General Fund and Park Maintenance. Fund in anticipation of the receipt of current revenues for such Fund actually levied and in the course of collection for the year 1991;. and WHEREAS, the Common Council seeks to authorize the issuance of such tax anticipation time warrants with respect to each such Fund and the sale of such warrants pursuant to the provisions of Indiana Code 36-4-6, subject to and dependent upon the terms and conditions hereinafter set forth. NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL OF THE CITY OF SOUTH RRNT1_ TWIT AMA ac rnrr_nwc.