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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 <br />meet operating needs which were included in the regular budget and <br />appropriation adopted for the year 1962 which are required to be met <br />prior to the receipt of taxes in the year 1962. It will be necessary to <br />authorize and make a temporary loan for the General Fund in the amount <br />of $750,000.00, and I recommend that a temporary loan be authorized <br />for the General Fund in the amount of $750�000.00v and that the warrants <br />evidencing said loan be made payable November 13v 1962. <br />The net assessed valuation of taxable property in the City, as <br />shown by the assessment made fox City and County taxes in the year <br />1961, is in the amount of $2269517410.00. The tax levy made for the <br />General Fund for the year 1962 was $2.803 on each $100.00 taxable <br />valuation, and I estimate that the total amount to be received from such <br />tax levy will be approximately $22265,174.00. <br />Dated this �D day of 1962 <br />