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TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: <br />There are insufficient funds in the General Fund of the City to meet <br />operatin.- needs which are included in the regular budget and appropriation <br />adopted for the year 1966, which are required to be met prior to the receipt <br />of taxes in the year 1966. It will be necessary to authorize and to make a <br />temporary loan-for the General Fund in the amount not exceeding $700,000.00, <br />and I recommend that a temporary loan be authorized for the General Fund in <br />the amount not to exceed $700,000.00, and -that the warrants evidencing said <br />loan be made payable on or before June 30, 1966. <br />The net assessed valuation of taxable property in the City, as s;iown <br />_.y the assessment made for City and County taxes in the year 1965, is in <br />the amount of $231,356,500.00. The tax levy matte for the General Fund for <br />the year 1966 was $2.047 on each $100.00 taxable valuation, and I estimate <br />that the total amount to be received from such tax levy will be approximate- <br />ly $4,735,067.56. <br />Dated this Z001 day of February, 1966. <br />Citv %Controller <br />