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C.OUNI'Y-CPIY BUILDING <br />227 W JEFFERSON BLVD. <br />$OVI'H BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-9216 <br />FAx 574!235-9928 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECI{E, MAYOR <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />M. CATHERINE FANELLO <br />CONTROLLER <br />May 23, 2007 <br />Mr. Timothy Rouse <br />President, South Bend Common Council <br />4`'' Floor, County-City Building <br />South Bend, IN 46601 <br />Re: Ordinance for Temporary Loans to Meet City Expenses and Issuance of Tax Anticipation <br />Time Warrants <br />Dear Mr. Rouse: <br />The City administration has learned that due to delays in billing, the 2006 tax revenues <br />usually payable by June 2007 will be delayed. Therefore, City accounts will be insufficient to meet <br />budgeted and necessary expenses. <br />Under these circumstances, which the City similarly experienced in the past four fiscal years, <br />Indiana Code Section 36-4-6-1 et seQ. authorizes the City to borrow funds evidenced by temporary <br />tax anticipation time warrants to meet ongoing expenses. The attached ordinance seeks Common <br />Council approval of such a loan and the issuance of temporary tax anticipation time warrants. <br />I will present this Ordinance to the Common Council at its Personnel and Finance Committee <br />meeting and also at its public hearing. <br />Thank you for your consideration. <br />y <br />Catherine Fanello <br />~,,.,.,.,,t I o.. ~- <br />JANICE 1.. HALL L.IZ ROVVE THOMAS SKARBEK SUSAN WALLACE <br />DIRECTOR DIRECTOR DIRECTOR MANAGER <br />HUMAN RESOURCES CITY FINANCE BUDGETING & FINANCIAL REPORTING BENEFITS <br />Filw~ ~~ ~:~~~;E~~v'~ C~~~i~~ <br />t.1AY 2 3 2007 <br />J0;'.P~ VOOrI~E <br />CITY CLFFY., S0. GE?1D, !N. <br />Amy C~ <br />ROBERT ALLEN <br />DIRECTOR <br />INFORMATION TECHNOLOGY <br />