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

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ORDINANCE NO, 4802 -65 AN ORDINANCE OF THE CITY OF SOUTH BEND INDIANA, AUTHORIZING THE MAKING OF A TEMPORARY LOAN FOR THE GENERAL FUND AND THE ISSUANCE AND SALE OF WARRANTS OF THE CITY FOR SUCH PURPOSE. WHEREAS, the Common Council now finds that a necessity exists to provide funds for the General Fund of the City of South Bend, prior to the receipt of taxes in the year 1965, in order (to meet the current running expenses of the City, provided for in the budget and appropriations adopted f6r, >year 1965; which expenses must be met prior to the receipt of taxes in the year 1965, and WHEREAS, the Common Council now finds that the net assessed valuation of taxable property in the City, as shown by the assessment made for the City and County taxes in the year 1964 is .in the amount of Two Hundred Thirty One Million, Eight Hundred Twenty Thousand .,;Three Hundred - Eighty .(231,820,380.00) Dollars; that the levy made for the,General Fund of this City for the collection in the -.year 1965'4,s in the amou6t.of $1.753 on each One Hundred ($100.00) Dollars of Taxable: valuation vhicfi'devy is estimated to produce the sum of Four Million, Sixty three Thousand, Eight Hundred Eleven and 26/100 (4,063,811.26) Dollars, 7 and the Controller has presented to the Council his recommendation that a temporary loan be made for the General Fund in the amount, and subject to the t arks `liereinafter set forth; now, therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA; Sec. 1. That a temporary loan in an amount not in excess of Seven Hundred Thousand (700,000.00) Dollars be made for and on behalf of the General Fund of the City of South Bend all of the proceeds of which loan shall be placed in the General Fund, and shall be used for the purpose of meeting the current expenses of the City included in the regular budget and appropriations adopted for the year 1965; which expenses must be made prior to the receipt of taxes in the year 1965. Said temporary loan shall be evidenced by warrants of this City dated as of the date of delivery thereof, in such denominations as shall be required by the purchaser, numbered consecutively from one up, bearing interest at a rate not to exceed 351 per annum, the exact rate to be determined by bidding, which interest shall be payable at the time of the payment of the principle of said warrants, and all of said warrants, together with interest thereon, shall mature and be payable on or before December 30, 1965. For the payment of said warrants and interest thereon, there is hereby appropriated and pledged a