Authorizing the Making of a Temporary Loan for the General Fund and the Issuance and Sale of Warrants (2)

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NO. L %3 :P- - -6 •,,5` AN ORDINANCE OF THE CITY OF SOUTH BEND INDIANA, AUTHORIZING THE MAILING -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 pro- vide 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 for the 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 is in the amount of $1,753 on each One Hundred ($100.00) Dollars of taxable valuation which levy is estimated to produce the sum of Four Million, Sixty three Thousand, Eight Hundred Eleven and 26/100 (4,063,811.26) Dollars, 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 terms herein- after 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.