Authorizing the Making of a Temporary Loan for the General Fund and the Issuance and Sale of Warrants

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TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: There are insufficient funds in the General Fund of the City to meet operating needs which are included in the regular budget and appropriation adopted for the year 1970, which are required to be met prior to the receipt of taxes in the year 1970. It will be necessary to authorize and to make a temporary loan for the General Fund in the amount not exceeding $1,000,000.00 and I recommend that a temporary loan be authorized for the General Fund in the amount not to exceed $1,000,000.00, and that the warrants evidencing said loan be made payable on or before July 31, 1970. The State Board of Tax Commissioners presently is reviewing and considering the budget, levy and rate of the Civil City of South Bend, St. Joseph County, for the General Fund for the year 1970, and that the final rate of taxation for said Fund for taxes in the year 1969 payable in 1970 will be certified in accordance with Law as soon as possible. This is to further advise you that such rate so certified will be in an amount which when applied to the net assessed valuation of taxable property in the Civil City for taxes for the year 1969 payable in 1970 will produce net tax revenues for said Fund, excluding possible delinquencies, in an amount not less than $4,000,000.00. Dated this -- day of 1970. der City Co troller FILED IN CLERK'S OFFICE MAR 41970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND.