Appropriating $170,000.00 Payment of Judgements Against the City

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ORDINANCE NO. 7,?e9 -4fy AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, AMENDING ORDINANCE NO. 7231 -83 AND APPROPRIATING THE SUM OF ONE HUNDRED SEVENTY THOUSAND DOLLARS ($170,000.00) 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 had 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, due to the delays in the issuance of the 1983 Bonds described in the preceding paragraphs, the Common Council now finds that the amount required to accomplish the purposes set forth hereinabove has increased by an estimated amount not to exceed $15,000.00 (the "Additional Costs "), WHEREAS, the Common Council now finds that the City has no funds available or provided for in the existing budget and tax levy with which to pay the Additional Costs and the Common Council now determines that an extraordinary emergency exists making it necessary to amend Ordinance No. 7231 -83 to increase the amount of the appro- priation therein by the amount of the Additional Costs and to issue $15,000.00 more in the principal amount of Bonds than was originally anticipated to procure the required sums; NOW, THEREFORE, BE IT ORDAINED, BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: - 1 -