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9846-08 Authorizing the Mayor and Controller to make temporary loans to meet current operating expensesof various funds
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9846-08 Authorizing the Mayor and Controller to make temporary loans to meet current operating expensesof various funds
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Last modified
9/24/2009 3:10:25 PM
Creation date
6/19/2008 4:10:30 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/9/2008
Ord-Res Number
9846-08
Bill Number
36-08
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for each Fund and to pay necessary costs incurred in connection with the issuance and sale of <br />temporary loan tax anticipation time warrants to evidence such temporary loans. <br />The City has not previously issued temporary loan tax anticipation time warrants <br />payable from 2008 tax revenues with respect to any of the Funds and the Common Council seeks <br />to authorize the issuance of such temporary loan tax anticipation time warrants with respect to <br />each Fund and the sale of such warrants pursuant to the provisions of Indiana Code 36-4-6, <br />subject to and dependent upon the terms and conditions hereinafter set forth. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF <br />THE CITY OF SOUTH BEND, INDIANA: <br />Section I. It is hereby found and declared that ari emergency exists for the <br />borrowing of money and therefore the City by its Mayor is hereby authorized to make temporary <br />loans to meet current running expenses pursuant to the provisions of Indiana Code 36-4-6 for the <br />use and benefit of each of the Funds of the City in anticipation of current tax revenues actually <br />levied and in the course of collection for the respective Funds for the year 2008, which loans <br />shall be evidenced by temporary loan tax anticipation time warrants of the City (the "Warrants"). <br />All Warrants shall be dated as of the date of delivery. A separate Warrant or Warrants shall be <br />issued with respect to each Fund for each maturity date. The City is authorized to issue Warrants <br />maturing and payable on December 30, 2008, in amounts not to exceed the following: <br />Principal Amount: $19,000,000 <br />Maturing December 30, 2008 <br />Fund: General <br />Principal Amount: $3,000,000 <br />Maturing December 30, 2008 <br />Fund: Parks and Recreation <br />Principal Amount: $1,400,000 <br />Maturing December 30, 2008 <br />Fund: Hall of Fame <br />The Warrants authorized herein shall bear interest prior to maturity at a rate or <br />rates per annum not to exceed a maximum of six percent (6.00%). The exact rate or rates of <br />interest are to be determined under the terms of a Warrant Purchase Agreement, as hereinafter <br />defined. Warrants not timely paid will bear interest at a rate or rates after maturity as set forth in <br />the Warrant Purchase Agreement. Interest shall be calculated on the basis of a 360-day year <br />comprised of twelve 30-day months. It is understood that principal shall not be payable and <br />interest shall not accrue on any Warrant or Warrants issued pursuant to this Ordinance until such <br />principal amount has been advanced pursuant to requests made by the City to the Purchaser. In <br />the event that the total principal amount of the Warrants is not advanced to the City, the principal <br />amount of such Warrant shall be reduced to effect such reduction. The maximum principal <br />amount of the Warrants as set forth herein shall be reduced as necessary to comply .with the <br />Internal Revenue Code of 1986, as amended (the "Code"). <br />BDDBOI 5241543v1 - 2 - <br />
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