Authorizing the Making of a Temporary Loan for the General Fund & Issuance and Sale of Warrants

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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 Five 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 in the General Fund, and shall be used for the purpose of meeting current expenses of the City included in the regular budget and appropriations adopted for the year 1962; which expenses must be made prior to the receipt of taxes in the year 1962. 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 re- quired by the purchaser, numbered consecutively from 1 up, bearing in- terest at a rate not to exceed three per cent per annum, the exact rate to be determined by bidding, which interest shall be payable at the time of the payment of the principal of said warrants, and all of said warrants, together with interest thereon, shall mature and be payable on Jude" 15, 1962. For the payment of said warrants and the interest thereon, there is hereby appropriated and pledged a suggested amount of the current revenues of the City to be de- rived from the General Fund, tax levy collectible in the year 1962. The Controller and Treasurer are hereby authorized and directed to pay said warrants out of said taxes upon the presentation thereof, at /or after maturity. Sec. 2. Said warrants shall be signed by the Mayor, countersigned by the Controller, and the seal of the City shall be affixed thereto and attested by the signature of the City Clerk, and the interest accruing on said warrants to -2-