Authorizing Tax Anticipation Time Warrants for 1988 (2)

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ORDINANCE NO. 2 99 S'b AN ORDINANCE AUTHORIZING TAX ANTICIPATION TIME WARRANTS FOR 1988 (Second Series 1988) STATEMENT OF PURPOSE AND INTENT: An ordinance approving tem- porary tax anticipation borrowing; authorizing the City of South Bend, Indiana (the "City") to make a temporary loan to meet current expenses for the use of the City's General Fund and Park Maintenance Fund during the period of July 1, 1988 to December 30, 1988, in anticipation of and not in excess of current taxes levied in the year 1987 and collectable in the year 1988; authorizing the issuance of tax anticipation time warrants to evidence such loans; appropriating and pledging the taxes to be received in such Funds to the punctual payment of such tax anticipation time warrants including the interest thereon; and fixing a time when this Ordinance shall take effect. WHEREAS, the Controller has represented and the Common Council now finds that there will be insufficient funds in the General Fund to meet the current expenses of the City payable from such Fund prior to the distribution of taxes levied for such Fund on or before Decem- ber 30, 1988, and hereby authorizes the making of a temporary loan to procure the funds necessary, in combination with other available funds, to meet such current expenses for such Fund for such period and to pay the necessary costs in connection with the issuance and sale of tax anticipation time warrants to evidence such temporary loan; and -1-