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ORDINANCE NO.� <br />AN ORDINANCE OF THE CITY OF SOUTH BEND, <br />INDIANA, AUTHORIZING THE MAKING OF A <br />TEMPORARY LOAN FOR THE GENERAL FUND <br />AND THE ISSUANCE AND SALE OF WARRANTS <br />OF THE CITY FOR SUCH PURPOSE. <br />WHEREAS, the Common Council now finds that a necessity exists <br />to provide funds for the General Fund of the City of South Bend, prior to the <br />receipt of taxes in the year 1961, in order to meet the current running expenses <br />of the City, provided for in the budget and appropriations adopted for the year <br />1961, which expenses must be met prior to the receipt of taxes in the year 1961; and <br />WHEREAS, the Common Council now finds that the net assessed valuation <br />of taxable property in the City, as shown by the assessment made for City and <br />County taxes in the year 1960 is in the amount of Two Hundred Eighteen Million, <br />Three Hundred Thirty -five Thousand, One Hundred Eighty ($218, 335, 180.00) <br />Dollars; that the levy made for the General Fund of this City for the collection in <br />the year 1961 is in the amount of $2. 813 on each One Hundred ($100.00) Dollars <br />of taxable valuation, which levy is estimated to produce the sum of Two Million, <br />Two Hundred Twenty -four Thousand, Five Hundred Forty ($2, 224, 540.00) Dollars, <br />and the Controller haspresented to the Council his recommendation that a temporary <br />loan be made for the General Fund in the amount and subject to the terms hereinafter <br />set forth. now, therefore, <br />BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA: <br />Sec. 1. That a temporary loan in an amount not in excess of Three <br />Hundred Thousand ($300, 000.00) Dollars be made for and on behalf of the General <br />Fund of the City of South Bend, all of the proceeds of which loan shall be placed in <br />the General Fund, and shall be used for the purpose of meeting current expenses of <br />the City included in the regular budget and appropriations adopted for the year 1961; <br />which expenses must be made prior to the receipt of taxes in the year 1961. <br />Said temporary loan shall be evidenced by warrants of this City dated as <br />of the date of delivery thereof, in such denominations as shall be required by the <br />