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HomeMy WebLinkAboutAuthorizing a Temporary Loan for the General Fund Sale of WarrantsORDINANCE No. 5148 -70 Passed by the Common Council of the City of South Bend, Indiana. February 9, 1970 Presented by me to the Mayor of the City of South Bend, February 11, 70 Clerk of Common Council Approved and signed by me ✓ xe I; igG Clerk IDEAL @IM PRESS ORDINANCE NO. 5148 -70 AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE MAKING OF A TEMPORARY LOAN FOR THE GENERAL FUND AND THE ISSUANCE AND SALE OF WARRANTS OF THE CITY FOR SUCH PURPOSES AS AMENDED. WHEREAS, The Common Council now provide funds for the General Fund of receipt of taxes in the year 1970, in expenses of the City, provided for in ed for the year 1970, which expenses i taxes in the year 1970, and finds that a necessity exists to the City of South Bend, prior to the order to meet the current running the budget and appropriations adopt - aust be met prior to the receipt of WHEREAS, The Common Council has been advised that the State Board of Tax Commissioners presently is reviewing and considering the budget, levy and rate of the Civil City of South Bend, St. Joseph County, for the General Fund for the year 1970, and that the final rate of taxation for said Fund for taxes in the year 1969 payable in 1970 will be certified in accordance with Law as soon as possible. This is to further advise you that such rate so certified will be in an amount which when applied to the net assessed valuation of taxable property in the Civil City for taxes for the year 1969 payable in 1970 will produce net tax revenues for said Fund, excluding possible delinquencies, in an amount not less than $4,000,000.00. The Controller has presented to the Council his recommendation that a temporary loan be made for the General Fund in the amount, and subject to the terms hereinafter set forth; now, therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That a temporary loan in an amount not in excess of Seven Hundred Thousand (700,000) 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 the current expenses of the City included in the regular budget and appro- priations adopted for the year 1970, which expenses must be made prior to the receipt of taxes in the year 1970. 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 one up, bearing interest at a rate not to exceed 6% 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 of all said warrants, together with interest thereon, shall mature and be payable on or before June 30, 1970. For the payment of said warrants and interest thereon, there is hereby appropriated and pledged a suggested amount of the current revenues of the City to be derived from the General Fund tax levy collectable in the year 1970. The Controller and Treasurer are hereby authorized and directed to pay said warrants out of said taxes upon the presentation thereof, at or after maturity. Section 2. Said warrant shall be signed by the Mayor, countersigned by and the Controller, and the Seal of the City shall be affixed thereto and on said interest warrants ito the day of maturity shall be added and included in the face value thereof,, and the fund on account of which said warrant is issued and indicate) out of whic said warrant is payable. Said warrant shall be issued in substantially the following form, all blanks to be properly filled in prior to delivery; Section 3. The City Controller is hereby authorized and directed to have said warrants prepared in the sum herein provided and to sell said warrants as a whole, or in parcels, to the highest bidder therefor, at not less than the face value thereof, plus accrued interest, if any, after the date thereof, after giving notice of said sale thereof, once each week, for two (2) weeks in the South Bend Tribune and in the Tri- County News. The highest bidder shall be the one who offers the lowest net interest cost to the City, to be determined by computing the total interest of all the war- deducting rants to their maturity or maturities and therefrom the premium bid, if any. The notice of the sale shall describe briefly the warrants, setting out the facts in regard to the amount, denomination, rate of interest, dates of issuance and maturity, and a fixed time and place for the receiving of bids therefor. The Controller shall be authorized to reserve the right to deliver all of said warrants at one time, or in parcels as stated in said Notice. The Controller shall have the right to reject any and all bids. In the event that no satisfactory bids for said warrants are received at the time fixed in said notice, the sale may be continued from day to day there- after for a period not to exceed thirty (30) days without readvertisement, but during the continuation of such sale no bid shall be accepted which is lower than the highest bid received at the time fixed for said sale in said notice. Section 4. This Ordinance shall be in f ll force and effect from and after its passage and signing by the Mayor. C/(JJy Member olf the Common Council Passed by the Common Council of the ty of South Bend on the 9th day of February , 1970. Presiding Officer of the Common Council ATTEST: J i Presented by me to the Mayor of the City of South Bend, on the loth day of February 1970, at the hour of 1,00 o'clock _4 _ M. City Clerk This Ordinance approved and signed by me on the / V day of Fehr„ar;+ , 1970, at the hour of �.'0 G o'clock �p _M^ 1st • 2sd Rl.!.M!G 2 -9 -70 rujxu WHOLE P" 2 -9 -70 - Suspension of Rules 3rd .._ ._... NOT k i ;OVZ.D REFERRED PASSED 2 -9 -70 by Suspension of Rules FLED IN CiLI TS OFFICF FEB 3 1970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND. STAT& INDIANA tutr EvaO of 0ttx Tommiooionrro Mr. James R. Borror Deputy Controller City of South Bend County -City Building Room 1430 South Bend, Indiana Dear Mr. Borror: y 43 INDIANAPOLIS, 46204 3AWM 201 - Mate Office Nuiibing January 22, 1970 Pursuant to your request, this is to advise you that the State Board of Tax Commissioners presently is reviewing and considering the budget, levy and rate of the Civil City of South Bend, St. Joseph County, for the General Fund for the year 1970, and that the final rate of taxation for said Fund for taxes in the year 1969 payable in 1970 will be certified in accordance with Law as soon as possible. This is to further advise you that such rate so certified will be in an amount which when applied to the net assessed valuation of taxable property in the Civil City for taxes for the year 1969 payable in 1970 will produce net tax rev- enues for said Fund, excluding possible delinquencies, in an amount not less than $4,000,000. Yours very truly, n J seph D. Geeslin, Jr. airman ATTEST: Fred C. Wissman Executive Secretary