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ORDINANCE NO. 79654.89 <br /> AN ORDINANCE AUTHORIZING TAX ANTICIPATION <br /> TIME WARRANTS FOR 1989 <br /> STATEMENT OF PURPOSE AND INTENT: An ordinance approving tem- <br /> porary tax anticipation borrowing; authorizing the City of South <br /> Bend, Indiana (the "City") to make a temporary loan to meet current <br /> expenses for the use of the City's General Fund during the period of <br /> January 1, 1989 to December 29, 1989, in anticipation of and not in <br /> excess of current taxes levied in the year 1988 and collectable in <br /> the year 1989 ; authorizing the issuance of tax anticipation time <br /> warrants to evidence such loans; appropriating and pledging the taxes <br /> to be received in such Funds to the punctual payment of such tax <br /> anticipation time warrants including the interest thereon; and fixing <br /> a time when this Ordinance shall take effect. <br /> WHEREAS, the Controller has represented and the Common Council <br /> now finds that there will be insufficient funds in the General Fund <br /> to meet the current expenses of the City payable from such Fund prior <br /> to the distribution of taxes levied for such Fund on or before Decem- <br /> ber 29, 1989, and hereby authorizes the making of a temporary loan to <br /> procure the funds necessary, in combination with other available <br /> funds, to meet such current expenses for such Fund for such period <br /> and to pay the necessary costs in connection with the issuance and <br /> sale of tax anticipation time warrants to evidence such temporary <br /> loan; and <br /> -1- <br />