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HomeMy WebLinkAboutAuthorizing the Making of a Temporary Loan for the General Fund Issuance and Sale of Warrants 1969ORDINANCE No. 5101 -69 Passed by the Common Council of the City of South Bend, 8, rg 69 Presented by me to the Mayor of the City of South Bend, Approved and signed by September 10, 1-69 Clerk )f Common Council Clerk IDEAL 0413010 PRESS ORDINANCE N0. 5101 -69 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. 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 1969, in order to meet the current running expenses of the City, provided for in the budget and appropriations adopt- ed for the year 1969, which expenses must be met prior to the receipt of taxes in the year 1969, and WHEREAS, The Common Council now finds that the new assessed valuation of taxable property in the City, as shown by the assessment made for the City and County taxes in the year 1969 is in the amount of Two Hundred Forty -One Million, Sixty Thousand, One Hundred and Ninety (241,060,190) Dollars; that the levy made for the General Fund of this City for the collection in the year 1969 is in the amount of 2.35 on each One Hundred (100) Dollars of taxable valuation which levy is estimated to produce the sum of Five Million, Six Hundred Sixty -Four Thousand, Nine Hundred Fourteen and 48/100 (5,664,914.48) Dollars, and 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 appropriations adopted for the year 1969; which expenses must be made prior to the receipt of taxes in the year 1969. 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 December 31, 1969. 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 1969. 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, coutersigned by the Controller, and the Seal of the City shall be affixed thereto and on said warrants to the day of maturity shall be added and included in the face value thereof, and indicated 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; -1- STATE OF INDIANA COUNTY OF ST, JOSEPH 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 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_1 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. 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 ATTEST: CITY CLERK CITY OF SOUTH BEND O.Visiq CITY CONTROLLER EP!: 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- rants to their maturity or maturities and deducing 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 force and effect from and after its passage and signing by the Mayor. C^'- �-� -- Member of the Common Council Passed by the Common Council of the City of ,S h Bend on the 8th day of September 1969. / ?� Presiding Officer of the Common Council ATTEST: t/ Presented by me to the Mayor of the City of South Bend, on the 10th day of September , 1969, at the hour of 1:00 o'clock P. M. City C1 rk This Ordinance approved and signed by me o / day 1969, at the hour of �, e o o' clock � n- 1st & 2nd READING 9 -8 -69 COMMITTEE OF THE WHOLE 9 -8 -69 PUBLIC HEARING 9 -8 -69 Suspension of Rules 3rd READING 9 -8 -69 NOT APPROVED REFERRED PASSED 9 -8 -69 -3- FILED IN CLERK'S OFFI,- SEP 4 1969 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND.