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ORDINANCE N0. 5195 -70 <br />AN ORDINANCE OF THE CITY OF SOUTH BEND, <br />INDIANA, AUTHORIZING THE MAKING OF <br />TEMPORARY LOANS FOR THE GENERAL FUND AND <br />THE ISSUANCE AND SALE OF WARRANTS OF THE <br />CITY FOR SUCH PURPOSE, AS AMENDED <br />WHEREAS, the Common Council now finds that a <br />necessity exists to provide funds for the General Fund <br />of the City of South Bend, prior to the receipt of taxes <br />in the year 1970, in order to meet the current running <br />expenses of the City, provided for in the budget and ap- <br />propriations adopted for the year 1970, which expenses <br />must be met prior to the receipt of taxes in the year 1970, <br />and to retire certain temporary loans now outstanding and <br />soon to fall due, and <br />WHEREAS, the Common Council has been advised that <br />the State Board of Tax Commissioners presently is review- <br />ing and considering the budget, levy and rate of the Civil <br />City of South Bend, St. Joseph County, for the General Fund <br />for the year 1970, and that the final rate of taxation for <br />said Fund for taxes in the year 1969 payable in 1970 will <br />be certified in accordance with law as soon as possible and <br />has been further advised that such rate so certified will <br />be in i:n- an amount which when applied to the net assessed <br />valuation of taxable property in the Civil City for taxes <br />for the year 1969 payable in 1970 will produce net tax revenues <br />for said Fund, excluding possible delinquencies, in an <br />amount not less than $4,000,000.00, and <br />WHEREAS, the Controller has presented to the Council <br />his recommendation that a temporary loan be made for the <br />General Fund in the amount, and subject to the terms herein- <br />after set forth; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COMMON <br />COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: <br />Section 1. That a temporary loan or loans in a <br />total amount not in excess of Four Million ($4,000,000.00) <br />Dollars be made for and on behalf of the General Fund of the <br />City of South Bend all of the proceeds of which loan or loans <br />shall be placed in the General Fund, and shall be used for <br />the purpose of retiring existing loans and meeting the cur- <br />rent expenses of the City included in the regular budget and <br />appropriations adopted for the year 1970, which expenses <br />must be made prior to the receipt of taxes in the year 1970. <br />Said temporary loans shall be evidenced by warrants <br />of this City dated as of the date or dates of delivery there - <br />