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HomeMy WebLinkAboutAuthorizing the Making of a Temporary Loan for the General Fund and the Issuance and Sale of WarrantsORDINANCE No. 5162 -70 Passed by the Common Council of the City of South Bend, Indiana March 9, 70 Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by March 16 r� Clerk of Common Council Clerk IDEAL .41DO,PREEB ORDINANCE NO. 5162 -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 PURPOSE, AS AMENDED WHEREAS, The Common Council now finds that a necessity exists to provide funds for the General Fund of the City of South Bend, prior to the receipt of taxes in the year 1970, in order to meet the current running expenses of the City, provided for in the budget and appropriations adopt- ed for the year 1970, which expenses must be met prior to the receipt of taxes in the year 1970, and 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 poss- ible 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 One Million ($1,000,000.00) 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 the current expenses of the City included in the regular budget and appropriations 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 July 31, 1970. For the payment of said war- rants 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 pre- sentation thereof, at or after maturity. Section 2. Said warrant shall be signed by the Mayor, countersigned by the Controller, and the Seal of the City shall be affixed thereto and on said warrants and interest to the day of maturity shall be added and included in the face value thereof, and indicate the fund on account of which said warrant is issued and out of which said warrant is payable. Said warrant shall be issued in substantially the following form, all blanks to be properly filled in prior to delivery; , STATE OF INDIANA COUNTY OF ST. JOSEPH NO. CITY OF SOUTH BEND, INDIANA Temporary Loan Warrant (General Fund) For value received, the City of South Bend, in St. Joseph County, Indiana, will pay to the bearer hereof, being , $ on or before , 19_, at the office of the City Treasurer in said City upon presentation and surrender of this warrant. This warrant evidences a temporary loan to the City together with interest on the principal amount of said loan not in excess of 6% per annum, computed from the date of issuance to the date of maturity thereof. This warrant is one of an issue in an aggregation of $ authorized by an ordinance entitled "An Ordinance of the City of South Bend, Indiana, authorizing the making of a temporary loan for the General Fund and j the issuance and sale of warrants of the City for such purpose," duly passed " and adopted by the Common Council of said City, on the day of 19_, and in strict accordance with an act entitled "An Act concerning Muni - cipal Corporations," in force April 15, 1905, and all other acts amendatory thereof or supplemental thereto, for the purpose of procuring a temporary loan for the General Fund of said City. This warrant is issued in anticipation of the tax levy made for said General Fund, collectable in the year 19_, which tax levy is now in the course of collection; and, to the payment of the warrant and the interest hereon, a sufficient amount of the revenues to be derived from said tax levy has been and is hereby appropriated and pledged. i It is hereby certified that in the issuance of this warrant all provisions of the Constitution and statutes of the State of Indiana re- lating thereto have been complied with, and that the tax levy from the proceeds of which this warrant and the interest hereon is payable, is a valid and legal levy, and that the City will reserve a sufficient amount of the proceeds thereof for the payment of this warrant and the interest hereon. IN WITNESS WHEREOF, The City of South Bend has caused this warrant to be signed in its corporate name by its Mayor, countersigned by its City _ Controller, and has caused its corporate seal to be hereunto affixed and attached by its City Clerk, as of the _day of , 19 CITY OF SOUR BEND By MAYOR COUNTERSIGNED: CITY CONTROLLER ATTEST: CITY CLERK FILED IN CLERK'S OFFICE MAR 4 1970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND. 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 warrants to their maturity or maturities and deducting 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 full rce and effect from and after its passage and signing by the Mayor. M ber of the Common Council Passed by the Common Council of the City, f South Bend on the 9th day of __ March _ _ _, 1970. Presiding Officer of the Common Council ATTEST: rk c. Y c Presented by me to the Mayor of the City of South Bend, on the 1 6thday of March 1970, at the hour of 9 o'clock a. m. L City Cl &k This Ordinance approved and signed by me on the d y of 1970, at the hour of o'clock lst & 2nd READING 3 -9 -70 COMI!ITTFE OF THE WHOLE PUBLIC HDIMNG 3 -9 -70 3rd REF.D!P °' 3 -9 -70 NOT 0PROVED REFERRED PASSED 3 -9 -70 - Suspension of the Rules FILED IN CLERK'S OFFICE MAR 4 1970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND. CONTROLLER'S CERTIFICATE STATE OF INDIANA ) ) SS: ST. JOSEPH COUNTY ) I, JAMES A. BICKEL, the duly appointed, qualified and acting Controller of the City of South Bend, Indiana, hereby certify that the tax levy made for the General Fund of said City, collectable in the year 1970, as finally fixed and determined by all bodies having jurisdiction thereof, except the State Board of Tax Commissioners, is 2.70 on each One Hundred ($100.00) Dollars of assessed valuation of taxable property in said City, and that, based on the past experience of the City and taking into consider- ation possible tax delinquencies, said levy will produce for the General Fund in excess of $4,000,000.00. I further certify that the City of South Bend, Indiana, does have outstanding at this time temporary loan warrants, in the amount of Seven Hundred Thousand ($700,000.00) Dollars, and that no other such warrants have been authorized to be issued other than temporary loan warrants to be issued under date of April 1, 1970, that there is not litigation now pend- ing or to my knowledge threatened in any way relating to or affecting said temporary loan warrants or the General Fund tax levy out of which same are payable. IN WITNESS WHEREOF, I have hereunto set my hand and official seal this day of el;4 L 1970. ity Control 3'-r —� FILED IN CLERK'S OFFICE MAR 4 1970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND. TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: There are insufficient funds in the General Fund of the City to meet operating needs which are included in the regular budget and appropriation adopted for the year 1970, which are required to be met prior to the receipt of taxes in the year 1970. It will be necessary to authorize and to make a temporary loan for the General Fund in the amount not exceeding $1,000,000.00 and I recommend that a temporary loan be authorized for the General Fund in the amount not to exceed $1,000,000.00, and that the warrants evidencing said loan be made payable on or before July 31, 1970. 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. Dated this -- day of 1970. der City Co troller FILED IN CLERK'S OFFICE MAR 41970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND. .01W 93 STATE ,c INDIANA INDIANAPOLIS, 46204 Otatr Vearb of ilttx Tommisfavur A mu 201- *tW OW Nuffbing January 22, 1970 Mr. James R. Borror Deputy Controller City of South Bend County -City Building Room 1430 South Bend, Indiana i Dear Mr. Borror: i - Pursuant to your request, this is to advise you that the r 'State Board of Tax Commissioners presently is reviewing and p considering the budget, levy and rate of the Civil City of t 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 w valuation of taxable property in the Civil City for taxes for the year 1969 payable in 1970 will produce t_ax rev - enues for said Fund, excluding possible deli nqu in an amount not less than $4,000,000. ATTEST: Fred C. Wissman Executive Secretary Yours very truly, 9 J sep % Geeslin, ` airman FILED IN CLERK'S OFFICE MAR 41970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND.