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� 1 <br /> �,tT <br /> a Y <br /> t <br /> ORDINANCE NO. 7g56 "gg' <br /> AN ORDINANCE AUTHORIZING TAX ANTICIPATION <br /> TIME WARRANTS FOR 1988 <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, Park. District Bond <br /> Fund and Park Maintenance Fund during the period of January 1, 1988 <br /> to June 30, 1988, in anticipation of and not in excess of current <br /> taxes levied in the year 1987 and collectable in the year 1988; <br /> authorizing the issuance of tax anticipation time warrants to evi- <br /> dence such loans; appropriating and pledging the taxes to be received <br /> in such Funds to the punctual payment of such tax anticipation time <br /> warrants including the interest thereon; and fixing a time when this <br /> 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 final June 30, 1988, distribution of taxes levied for such <br /> Fund and hereby authorizes the making of a temporary loan to procure <br /> the funds necessary, in combination with other available funds, to <br /> meet such current expenses for such Fund for such period and to pay <br /> the necessary costs in connection with the issuance and sale of tax <br /> anticipation time warrants to evidence such temporary loan; and <br /> -1- <br />