Authorizing Issurance and Sale of Warrants $3,852,674.50

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ORDINANCE No. 'V2� 5a - -C 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 1964, in order to meet the current running expenses of the City, provided for in the budget and appropriations adopted for the year 1964; which expenses must be met prior to the receipt of taxes in the year 1964; 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 1963 is in the amount of Two Hundred Thirty Two Million, Seven Hundred Eighty Nine Thousand, Five Hundred Sixty (232,789,560.00) Dollars; that the levy made for the General Fund of this City for the collection in the year 1964 is in the amount of $1.655 on each One Hundred ($100.00) Dollars of taxable valuation which levy is estimated to produce the sum of Three Million, Eight Hundred Fifty Two Thousand, Six Hundred Seventy Four and 50 /100 (3,852,674.50) Dollars, and the Controller has presented t) the Council his recommendation that a temporary loan be made for the General Fund in the amount, and subject to the terms hereinafter 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 1964; which expenses must be made prior to the receipt of taxes in the year 1964. 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 37 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