Authorizing Issurance and Sale of Bonds for Payment of Judgements Aganist the City

Home Browse Search

ORDINANCE NO. 7,Jgg - ,F2� AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. 7230 -83 AUTHORIZING THE ISSUANCE AND SALE OF BONDS OF SAID CITY IN ORDER TO PROVIDE FUNDS FOR PAYMENT OF JUDGMENTS AGAINST THE CITY STATEMENT OF PURPOSE AND INTENT: WHEREAS, the Common Council of the City of South Bend, Indiana, on August 8, 1983 passed Ordinance No. 7230 -83 which authorized the issuance and sale of bonds in order to provide funds for payment of judgments against the City, WHEREAS, said Ordinance provided that the City shall make a loan in the amount of One Hundred Fifty -five Thousand Dollars ($155,000.00) for the purpose of providing funds with which to pay the judgments described in the ordinance and the incidental expenses necessary to be incurred in connection therewith, WHEREAS, the Common Council of the City of South Bend, Indiana, on August 8, 1983 passed Ordinance No. 7231 -83 which appropriated the sum of One Hundred Fifty -five Thousand Dollars ($155,000.00) to be applied to pay the judgments against the City together with the incidental expenses in connection therewith, WHEREAS, a petition for the approval of the issuance of bonds was filed with the State Board of Tax Commissioners on September 7, 1983 and a hearing was held on such petition before the Local Government Tax Control Board on September 23, 1983, WHEREAS, the State Board of Tax Commissioners on September 9, 1983 held a hearing on the matter of the additional appropriation as provided in Ordinance No. 7231 -83, WHEREAS, the State Board of Tax Commissioners approved the issuance of bonds by the City of South Bend in the amount of One Hundred Fifty -five Thousand Dollars ($155,000.00) on November 10, 1983 and approved the additional appropriation in the same amount on November 14, 1983, WHEREAS, the Common Council has determined that the issuance of bonds is still extremely necessary in order to pay the judgments against the City for the reasons stated in Ordinance No. 7230 -83 and hereby determines that the delay in getting approval of such bonds and of the additional appropriation in the same amount will require the increase of the principal amount of bonds which must be issued in order to provide funds for payment of the previous- ly referenced judgments against the City, together with incidental expenses necessary to be incurred in connection therewith, WHEREAS, it is necessary to amend Ordinance No. 7230 -83 authorizing the issuance of bonds of said City to increase the principal amount of such bonds to reflect the delay in their issuance, NOW, THEREFORE, BE IT ORDAINED, BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: SECTION I. Section 2 of Ordinance No. 7230 -83 is amended by additions and deletions and shall read in its entirety as follows: SECTION 2. For the purpose of providing funds with which to pay the costs of said money judgments plus all necessary expenses including the cost of the issuance and