Authorizing the Making of a Temporary Loan for the General Fund and the Issuance and Sale of Warrants of the City for Such Purpose

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ORDINANCE No. 4634 -- 64 0. Ali ORDINAiACE OF THE CITY OF SOUTH BEND INDIANA., AUTHORIZING THE MAKING OF A TEA'LPORARY LOAN FOR THE GENERAL FUND AND THE ISSUANCE AND SALE OF V,7ARRANTS 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 run- ning 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, Three Hundred Sixty Nine thousand, Three Hundred Fifty ($232,369,350.00) Dollars; that the levy made for the General Fund of this City for the collection in the year 1964 is in the amount of $1.715 on each One Hundred ($100.00) Dollars of taxable valuation which levy is estimated to produce the sum of Three Million, Nine Hundred Eighty Fiue Thousand, One Hundred Twenty right and 35 /100 ($3,985,128.35) 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 hereinafter set forth; now, therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF TIIE CITY OF SOUTH BEND, INDIANA: Sec. 1. That a temporary loan in an amount not in excess of Fiue hundred thousand ($500,000.00) 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