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CAUNTY--CITY BUILDING <br />227 W. JEFFERSON BLVD. <br />SOUTH BEND, INDIANA 46601-1830 <br />PHONE 574/ 235-9216 <br />FAx 574/235-9928 <br />TDD 574/ 235-5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />DEPARTMENT OF ADMINISTRATION AND FINANCE <br />M. CATHERINE FANELLO <br />CONTROLLER <br />November 19, 2008 ~7 <br />Mr. Timothy Rouse V ~, t \ ~) ~ ` ~"~; b~ <br />President, South Bend Common Council 4~ `~ I <br />4~' Floor, County-City Building <br />South Bend, IN 46601 <br />Re: Ordinance Authorizing Temporary Loans to Pay Off Previously Issued Warrants and Authority ~ to <br />Issue Temporary Tax Anticipation Time Warrants <br />Dear Mr. Rouse: <br />On June 9, 2008, due to property tax reassessment and anticipated delays in the timing of receipt of <br />tax revenues by.the City of South Bend, the Common Council adopted Ordinance 9846-08 which authorized <br />the Mayor and/or the Controller to make temporary loans to meet current operating expenses of various funds <br />in the City in anticipation and not in excess of current taxes levied in the year 2007 and payable in year 2008. <br />This Ordinance also authorized the issuance of temporary loan Tax Anticipation Time Warrants to evidence <br />such loans and the sale of such warrants. <br />It was hoped that by December 31, 2008 the City would have received property tax revenues. <br />However it appears unlikely that the City will receive sufficient property tax revenues prior to December 30, <br />2008 to pay off the previously issued Tax Anticipation Time Warrants and to meet the current operating <br />expenses of various funds of the City. <br />This Ordinance addresses the above mentioned issues by authorizing the Mayor and/or Controller to <br />make such temporary loans as may be necessary in order to pay off the outstanding Tax Anticipation Warrants <br />authorized by Ordinance No. 9846-08 and to issue and sell new temporary loan Tax Anticipation Warrants to <br />evidence the loans for payoff of prior Warrants and meet the current expenses for the Funds described in this <br />Bill. These sums shall not exceed the taxes levied in the year 2007 and payable in 2008. The new Tax <br />Warrants shall be subject to all terms and conditions set forth at Indiana Code § 36-4-6. <br />Thank you for your consideration of this Bill which I will present to the Council at its Personnel and <br />Finance Committee meeting and at its regular meeting. <br />F ~e z3 ~ <br />i°it.. . <br />r"~'-~' <br />I ,.~-r ~ ~OGB <br />..-._~ <br />•~cere <br />Cat Brine Fanello <br />City Controller <br />JAA`ICE L. HALL JOHN MURPHY ROBERT ALLEN yy''11 <br />DIRECTOR ASSISTANT CONTROLLER DIRECTOR U~' <br />HUMAN RESOURCES INFORIv4ATTONTECHNOLOGY~U- <br />