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Authorizing Tax Anticipation Time Warrats for 1990
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Authorizing Tax Anticipation Time Warrats for 1990
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Last modified
11/9/2012 9:04:01 AM
Creation date
11/9/2012 9:04:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/26/1990
Ord-Res Number
8071-90
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SpUTN ��\�11 <br /> io4; ;rte\ <br /> f <br /> l �'- O <br /> / <br /> F ‘k"""— ,.Z / <br /> 1 City of South Bend <br /> Ijl1;\\1865' .x— Joseph E. Kernan, Mayor <br /> ', <br /> Department of Administration and Finance <br /> Katherine Humphreys, Director <br /> February 7, 1990 <br /> Thomas Zakrzewski <br /> President <br /> Common Council <br /> 400 County-City Bldg. <br /> South Bend, Indiana 46601 <br /> Re: Tax Anticipation Warrants <br /> Dear President Zakrzewski: <br /> Attached please find an Ordinance requesting authorization to <br /> borrow 5. 9 million dollars in Tax Anticipation Warrants. We will <br /> again be borrowing for the 1990 calendar year and will be repaying <br /> these loans with our December tax settlement. As you may recall from <br /> last year, we decided to borrow for the full year in order to fully <br /> realize the arbitrage profits as well as to reduce the administrative <br /> expenses associated with this borrowing. <br /> This is a critical year due to the reassessment and the <br /> possibility that the tax bills will go out later than is normally the <br /> case. We have factored this in with our cash flow projections and <br /> have applied the various tests required by law. <br /> I look forward to discussing this further with the Council. In <br /> the meantime, I will be happy to answer any questions you or any <br /> other Council members may have. <br /> Sincerely, <br /> _ ; , I <br /> atherine Hump reys <br /> Director of Administration <br /> and Finance <br /> KH: jb:c <br /> County-City Building • South Bend, Indiana 46601 • 219/284-9742 Fax 219/284-9892 <br /> Catherine A. Hubbard John D. Leisenring C. J. Cartwright <br /> Personnel Director Chief Deputy Controller Safety & Risk Manager <br /> 284-9124 284-9483 284-9482 <br />
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