9470-03 Authorizing the Mayor and or Controller of South Bend to make temporary loans

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2003. The Mayor is further authorized to issue new temporary loan tax anticipation time warrants to evidence the loans required to redeem and retire the temporary loan tax anticipation time warrants issued pursuant to Ordinance No. 9417-03. The issuance of new temporary loan tax anticipation time warrants shall conform to the requirements of Indiana Code 36-4-6. Section II. All temporary loan tax anticipation time warrants issued pursuant to this Ordinance (" the new Warrants") shall be dated as of the date of delivery. For accounting purposes a separate new Warrant or Warrants shall be issued with respect to each prior warrant which is paid off with loan(s) authorized by this Ordinance. The amount of the new Warrant(s) shall correspond to the City operating funds for which the previously issued warrants were connected, and the new Warrants shall mature and be payable on February 27, 2004 in the following principal amounts: Principal Amount: $41,319,967 Maturing December 31, 2003 Fund: General Fund (# 101) Not to Exceed: $41,319,967 Principal Amount: $6,979,850 Maturing December 31, 2003 Fund: Parks 7 Recreation (#201-1100) Not to Exceed: $6,979,850 Principal Amount: $925,710 Principal Amount: $1,299,696 Maturing December 31, 2003 Maturing December 31, 2003 Fund: Cumulative Capital Development (#406} Fund: Fire Pension (#701) Not to Exceed: $925,710 Not to Exceed: $1,299,696 Principal Amount:$1,166,394 Principal Amount: $606096 Maturing December 31, 2003 Maturing December 31, 2003 Fund: Police Pension (#702) Fund: Studebaker Bond (#310) Not to Exceed: $1,166,394 Not to Exceed: $606,096 Principal Amount: $1,301,840 Maturing December 31, 2003 Fund: Hall of Fame Bond (#313) Not to Exceed: $1,301,840 The new Warrants authorized herein shall bear interest prior to maturity at a rate or rates per annum not to exceed a maximum of eight percent (8.00%). The exact rate or rates of interest are to be determined under the terms of a Warrant Purchase Agreement, as hereinafter defined. Warrants not timely paid will bear interest at a rate or rates after maturity asset forth in the Warrant Purchase Agreement. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. It is understood that principal shall not be payable and interest shall not accrue on any Warrant or Warrants issued pursuant to this Ordinance until such principal amount has been advanced pursuant to requests made by the City to the Purchaser. In the event that the total principal amount of the Warrants is not advanced to the City, the principal amount of such Warrant shall be reduced to effect such reduction. The maximum principal amount of the Warrants as set forth herein shall be reduced as necessary to comply with the Internal Revenue Code of 1986, as amended (the "Code"). -2-