Authorizing the making of a Temporary Loan for the General Fund and the Issuance and Sale of Warrants of the City for such purpose.

Home Browse Search

ORDINANCE NO. o 6 — 6 J 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 1963, in order to meet the current running expenses of the City, provided for in the budget and appropriations adopted for the year 1963, which expenses must be met prior to the receipt of taxes in the year 1963; and WHEREAS, the Common Council now finds that the net assessed valua- tion of taxable property in the City, as shown by the assessment made for City and County taxes in the year 1962 is in the amount of Two Hundred Thirty -one Million, Six Hundred Thirty -three Thousand Seven Hundred Ninety ($231, 633, 790. 00) Dollars; that the levy made for the General Fund of this City for the collection in the year 1963 is in the amount of $1. 7925 on each One Hundred ($100. 00) Dollars of taxable valuation, which levy is estimated to produce the sum of Four Million One Hundred Fifty -two Thousand Thirty -nine and 45/100 ($4, 152, 039. 45) 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 THE CITY OF SOUTH BEND, INDIANA: FILED IN CLERK'S OFFICE FEB J 1?63 F13EDA G. NOBLE CITY, CLERK -SOUTH BEND, IND,