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Authorizing the Making of a Temporary Loan and the Issuance and Sale of Warrants
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Authorizing the Making of a Temporary Loan and the Issuance and Sale of Warrants
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5/22/2014 11:56:11 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/23/1961
Ord-Res Number
4391-61
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CITY OF SOUTH BEND <br />SOUTH BEND, INDIANA <br />FRANK J. BRUGGNER <br />ACTING MAYOR <br />DEPARTMENT OF FINANCE <br />EDWIN L. DAVIES <br />CONTROLLER August 23, 1961 <br />Common Council <br />Civil City of South Bend <br />City Hall <br />South Bend,Indiana <br />Gentlemen: <br />An examination of the records and monies available <br />for the operation of the City of South Bend has shown that <br />there is not sufficient cash to operate the city government <br />for the next three months. <br />The monies anticipated to be received from the St. Joseph <br />County Treasurer, which monies have been levied, are not available <br />at this time. These funds are in the process of collection for <br />the fiscal year of 1961, but will not be available in time to <br />pay claims, salaries and wages. <br />I have made a study of this matter and recommend to the <br />Council that an ordinance be introduced to authorize a temporary <br />loan of $600,000, payable $300,000 on or before the 15th day of <br />October 1961, and $300,000 due and payable on or before the 15th <br />day of December 1961. <br />I find it necessary that this action be taken immediately <br />for the proper operation of the South Bend civil city government. <br />Respectfully lll��/ submitted: <br />iv%YXJGi its' <br />EDWIN L. DAVIES <br />Controller <br />ELD:bb <br />cc: Mayor Frank J. Bruggner <br />Mr. Irving J. Smith <br />
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