9417-03 Authorizing the Mayor / and or Controller to make Temporary loans to meet current operating expenses of various funds, levied in 2002 and payable in 2003.

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TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 32-03 AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE MAYOR AND/OR CONTROLLER OF THE CITY OF SOUTH BEND, INDIANA, TO MAKE TEMPORARY LOANS TO MEET CURRENT OPERATING EXPENSES OF VARIOUS FUNDS OF THE CITY IN ANTICIPATION OF AND NOT IN EXCESS OF CURRENT TAXES LEVIED IN THE YEAR 2002, AND COLLECTABLE IN THE YEAR 2003; AUTHORIZING THE ISSUANCE OF TEMPORARY LOAN TAX ANTICIPATION TIME WARRANTS TO EVIDENCE SUCH LOANS AND THE SALE OF SUCH WARRANTS; AND APPROPRIATING AND PLEDGING THE TAXES TO BE RECEIVED IN SUCH FUNDS TO THE PAYMENT OF SUCH WARRANTS INCLUDING THE INTEREST THEREON Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorable recommendation. Karl King Chairman