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

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ORDINANCE NO. 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 19629 in order to meet the current running expenses of the City, provided for in the budget and appropriations adopted for the year 19629 which expenses must be met prior to the receipt of taxes in the year 1962; 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 City and County taxes in the year 1961 is in the amount of Two Hundred Twenty -six Million, Five Hundred Seventeen Thousand Four Hundred Ten ($226,517,410.00) Dollars; that the levy made for the General Fund of this City for the collection in the year 1962 is in the amount of $2.803 on each One Hundred ($100.00) Dollars of taxable valuation, which levy is estimated to produce the sum of Two Million, Two Hundred Sixty -five Thousand, One Hundred Seventy -four ($2,265,174.00) Dollars, and the Controller has pre- sented 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, .JJL