Authorizing Tax Anticipation Time Warrants for 1988 (2)

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WHEREAS, the levy proposed for collection in the year 1988 is estimated to produce at least $1, 600, 000 in the City's Park Main- tenance Fund on or before December 30, 1988, which amount will equal or exceed the principal and interest cost of making a temporary loan for the Park Maintenance Fund; and WHEREAS, a necessity exists for the making of temporary loans evidenced by tax anticipation time warrants for the City's General Fund and the City's Park Maintenance Fund, in anticipation of the receipt of current revenues for each such Fund actually levied and in the course of collection for the year 1988; and WHEREAS, the Common Council seeks to authorize the issuance of such tax anticipation time warrants with respect to each such Fund and the sale of such warrants pursuant to the provisions of Indiana Code 36-4-6, subject to and dependent upon the terms and conditions hereinafter set forth. NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL AS FOLLOWS: Section 1. The City is hereby authorized to make a temporary loan to meet current expenses pursuant to the provisions of Indiana Code 36-4-6 for the use and benefit of the General Fund of the City in an aggregate principal amount not to exceed Four Million Two Hun- dred Thousand Dollars ($4,200,000) , plus accrued interest as stated below, in anticipation of current tax revenues actually levied and in -3-