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Authorizing Tax Anticipation Time Warrants for 1991
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Authorizing Tax Anticipation Time Warrants for 1991
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Last modified
10/23/2012 12:25:32 PM
Creation date
10/23/2012 12:25:30 PM
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Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/11/1991
Ord-Res Number
8171-91
Bill Number
12-91
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• <br /> Code 36-4-6 for the use and benefit of the General Fund of the City <br /> in an aggregate principal amount not to exceed Six Million Two <br /> Hundred Forty Thousand Dollars ( $6,240,000) in anticipation of <br /> current tax revenues actually levied and in the course of collection <br /> for such Fund for the year 1991, 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 ( 80) , <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, 1991. 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 /> the current revenues to be received in the General Fund from the <br /> distribution of taxes to the General Fund on or before December 31, <br /> 1991, for the punctual payment of the principal of and interest on <br /> such warrants evidencing such temporary loan, together with such <br /> issuance costs, with the amount of interest on such warrants computed <br /> from the date or dates of such warrants to the date of maturity, at <br /> the interest rate or rates agreed to by the authorized purchaser or <br /> purchasers of such warrants. <br /> Section 2. The City is hereby authorized to make a temporary <br /> loan to meet current expenses pursuant to the provisions of Indiana <br /> Code 36-4-6 for the use and benefit of the Park Maintenance Fund of <br /> the City in an aggregate principal amount not to exceed Eight Hundred <br /> Ten Thousand Dollars, ($810,000) in anticipation of current tax <br /> revenues actually levied and in the course of collection for such <br /> Fund for the year 1991 . which loan shall hp Pvicicnr_PC1 by tax <br />
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