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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Karen L. White, President Apri123, 2003 Page Two The City Administration also believes that a necessity exists for the making of temporary loans evidenced by temporary loan tax anticipation time warrants for each of the Funds in anticipation of the receipt of current revenues for each such Fund levied and in the course of collection for the year 2003 and the Common Council hereby authorizes the making of temporary loans to procure the amounts necessary, in combination with other available amounts, to meet such current running expenses for each Fund and to pay necessary costs incurred in connection with the issuance and sale of temporary loan tax anticipation time warrants to evidence such temporary loans. The City has not previously issued temporary loan tax anticipation time warrants payable from 2003 tax revenues with respect to any of the Funds and the Common Council seeks to authorize the issuance of such temporary loan tax anticipation time warrants with respect to each 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. Please call me if you have any questions regarding the same. I plan to make a presentation on this request on May 12, 2003, if that meets with your approval, and I will probably be accompanied by lawyers from Baker & Daniels. Thank you for your favorable consideration of this ordinance. Sincerely, ~• Frederick B. Ollett, III City Controller Attachments ~il~C~ ~9i ~I~~'a ~ ~~~~~~ ~Pf~ ~ ~ ~O(l~ lOr~~(To,J. ~iur'J