Appropriating monies from the General fund (No. 101), the Parks and Recreation fund (No. 201), the Hall of Fame Bond (No 313) in the aggregate sum of one hundred fifty one thousand dollars ($151,000) to pay off due and owing on the tax anticipation time w

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RESOLUTION NO. 3 i 3`~ og A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROPRIATING MONIES FROM THE GENERAL FUND (No. 101), THE PARKS AND RECREATION FUND (No. 201), THE HALL OF FAME BOND FUND (No. 313) IN THE AGGREGATE SUM OF ONE HUNDRED FIFTY ONE THOUSAND DOLLARS ($151,000) TO PAY OFF INTEREST DUE AND OWING ON THE TAX ANTICIPATION TIME WARRANTS ISSUED PURSUANT TO ORDINANCE N0.9846-08 WHEREAS, on June 9, 2008 due to property tax reassessment and anticipated delays in the timing of receipt of tax revenues by the City of South Bend, the Common Council enacted Ordinance No. 9846-08 authorizing the Mayor and/or the Controller to make temporary loans to meet certain current operating expenses out of various funds of the City in anticipation of and not in excess of current taxes levied in the year 2007 and collectible in the year 2008. Ordinance No. 9846-08 further authorized the issuance of temporary loan Tax Anticipation Time Warrants to evidence such loans and the sale of such warrants. WHEREAS, the City expected that by December 30, 2008 it would have received property tax revenues; however, it is unlikely the City will receive sufficient property tax revenues prior to December 30, 2008 to (i) pay off the Tax Anticipation Time Warrants issued pursuant to Ordinance 9846-08 which mature and are payable in full with interest on December 30, 2008, and (ii) meet current operating expenses of various funds of the City. WHEREAS, this Resolution authorizes appropriation of monies from various Funds within the City to pay off interest due and payable December 30, 2008 on the Tax Anticipation Time Warrants issued pursuant to Ordinance 9846-08. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: Section I. The sum of One Hundred Three Thousand Dollars ($103,000) is set aside within and appropriated from General Fund (Fund No.101) to pay interest due and owing as of December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008 pursuant to Ordinance No. 9846-08. Section II. The sum of Thirty-Five Thousand Dollars ($35,000) is set aside within and appropriated from Parks and Recreation Fund (Fund No. 201) to pay interest due and owing as of December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008 pursuant to Ordinance No. 9846-08. Section III. The sum of Thirteen Thousand Dollars ($13,000) is set aside within and appropriated from Hall of Fame Bond Fund (Fund No. 313) to pay interest due and owing as of December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008 pursuant to Ordinance No. 9846-08.