Authorizing the Making of a Temporary Loan and the Issuance and Sale of Warrants

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now, therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Sec. 1. That a temporary loan in the amount of Six Hundred Thousand ($600, 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 appropria- tions adopted for the year 1961; which expenses must be made prior to the receipt of taxes in the year 1961. 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 required by the purchaser, numbered consecutively from 1 up, bearing interest 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 the interest thereon, shall mature and be payable, Three Hundred Thousand ($300, 000. 00) Dollars on November 15, 1961, and Three Hundred Thousand ($300, 000. 00) Dollars on December 15, 1961, for the payment of said warrants and the interest thereon, there is hereby ap- propriated and pledged a suggested amount of the current revenues of the City to be derived from the General Fund, tax levy collectible in the year -2-