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ORDINANCE NO. 7 ,a.3L_,Y9
<br />AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA,
<br />APPROPRIATING THE SUM OF ONE HUNDRED FIFTY -FIVE
<br />THOUSAND DOLLARS ($155,000.00) FOR PAYMENT OF
<br />JUDGMENTS AGAINST THE CITY
<br />STATEMENT OF PURPOSE AND INTENT:
<br />WHEREAS, the Controller of the City of South Bend, Indiana
<br />(Controller), has determined that there has been judgments rendered
<br />against the City of South Bend, Indiana (City), in the case of
<br />Wilbur Smith and Associates v. City of South Bend, Cause No. K -3768,
<br />in the St. Joseph Superior Court, May 19, 1982, in the principal sum
<br />of $15,000.00, together with prejudgment interest in the sum of
<br />$7,242.92, and the cost of the action; and in the case of Dennis M.
<br />Swanson, et al., v. City of South Bend, et al., Cause No. K-4975, in
<br />the St. Joseph Circuit Court, on December 8, 982, in the amount of
<br />$112,806.00, together with the cost of the action, together with
<br />interest on those two money judgments from the date of each judgment
<br />until satisfaction of said judgment at an annual rate of 12 %; and
<br />WHEREAS, the
<br />has no funds available
<br />levy with which to pay
<br />together with interest
<br />Common Council of the
<br />authorize the issuance
<br />Controller has also determined that the City
<br />or provided for in the existing budget and tax
<br />those two money judgments entered against it,
<br />on those judgments, and has requested the
<br />City of South Bend (Common Council) to
<br />and sale of bonds of the City in order to
<br />procure the funds to pay the judgments rendered against the City;
<br />WHEREAS, the Common Council now finds that the City has no
<br />funds available or provided for in the existing budget and tax levy
<br />with which to pay those two money judgments entered against it, to-
<br />gether with interest on those judgments, making it necessary to
<br />authorize the issuance of bonds of the City in order to procure the
<br />required funds and the Common Council now determines that an
<br />extraordinary emergency exists for the expenditure of more money than
<br />was set out in the published budget and the making of the additional
<br />appropriation hereinafter set out;
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE
<br />CITY OF SOUTH BEND:
<br />SECTION 1. That the sum of One Hundred Fifty -five
<br />thousand Dollars 155,000.00) shall be appropriated out of the
<br />proceeds of the bonds authorized pursuant to Ordinance No.
<br />by the Common Council and designated as "Judgment Funding Bons of
<br />1983" for the use of the Common Council in paying the following:
<br />(a) in the case of Wilbur Smith and Associates v. City of
<br />South Bend, Cause No. K -3768, in the t. osep uperior Courtt, ju�Icg-
<br />ment entered May 19, 1982, the principal sum of $15,000.00, together
<br />with prejudgment interest in the sum of $7,245.92, the cost of the
<br />action, and interest since the date of judgment until satisfaction
<br />at an annual rate of 12 %.
<br />(b) in the case of Dennis M. Swanson et al., v. City of
<br />South Bend, et al., Cause No. K-4975, in the St. Joseph Circuit
<br />Court, judgment entered December 8, 1982, the principal sum of
<br />$112,806.00, the cost of the action, and interest since the date of
<br />judgment until satisfaction at an annual rate of 12 %.
<br />
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