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WHEREAS, the Common Council now finds that a temporary loan for <br /> the General Fund for such purposes should be made and that such tax <br /> anticipation time warrants should be issued and sold, subject to the <br /> terms and conditions set forth herein and all in accordance with the <br /> provisions of Indiana law; and <br /> WHEREAS, the levy proposed for collection in the year 1990 is <br /> estimated to produce at least $21,590,061 in the City's General Fund <br /> on or before December 31, 1990, which amount will equal or exceed the <br /> principal and interest cost of making a temporary loan for the <br /> General Fund; and <br /> WHEREAS, a necessity exists for the making of temporary loans <br /> evidenced by tax anticipation time warrants for the City's General <br /> Fund in anticipation of the receipt of current revenues for such Fund <br /> actually levied and in the course of collection for the year 1990 and <br /> WHEREAS, the Common Council seeks to authorize the issuance of <br /> such tax anticipation time warrants with respect to such Fund and the <br /> sale of such warrants pursuant to the provisions of Indiana Code <br /> 36-4-6, subject to and dependent upon the terms and conditions <br /> hereinafter set forth. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL <br /> 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 Indiana <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 $5,900,000, plus <br /> -2- <br />