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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C:oUNTY-CI'CY BUILDING SOUTH BEND, INDIANA 46601-1830 CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR PHONE 574/ 235-9216 Fnx 574/235-9928 TDD 5741235-5567 DEPARTMENT OF ADMINISTRATION AND FINANCE FREDERICK B. OI.LETT, III CONTROi i Fu Apri123, 2003 Ms. Karen L. White, President South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 Re: Ordinance authorizing the City of South Bend to make temporary loans to meet current expenses in anticipation of current taxes collectable in 2003 authorizing issuance of tax anticipation time warrants Dear President White: I attach for the consideration and approval of the South Bend Common Council the ordinance that would authorize the City of South Bend to make temporary loans to meet current running 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. There will probably be insufficient amounts of moneys for the following funds of the City: General Fund (101), Parks & Recreation Fund (201-1100), Cumulative Capital Development Fund (406), Fire Pension Fund (701), Police Pension Fund (702), Studebaker Bond Fund (310), and the Hall of Fame Bond Fund (313) (collectively, the "Funds") to meet the current running expenses of the City payable from each of such Funds during the fiscal year ending December 31, 2003, and prior to the respective June and December settlement and distribution of taxes levied for each such Fund, in particular given that there will not be a full distribution of taxes in June. For that reason, the City Administration requests that temporary loans for the Funds for such purposes be made and that temporary loan tax anticipation time warrants evidencing such loans be issued and sold, subject to the terms and conditions set forth herein and in accordance with the provisions of Indiana law. The levy proposed for collection for each of the Funds in the year 2003 is estimated to produce in the aggregate, with respect to each such Fund, an amount equal to or in excess of the principal and interest cost of making temporary loans for such Fund. CATHERINE A. HUBBARD-BREAD LIZ ROWE THOMAS $KARBEK SUSAN WALLACE ROBERT ALLEN ~`{! DIRECTOR DIRECTOR DIRECTOR MANAGER DIRECTOR ~~;~` HUMAN RESOURCES CITY FINANCE BUDGETING SL FINANCIAL. REPORTING $ENEFITS INFORMATION TECHNOLOGY