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HomeMy WebLinkAboutAuthorizing Temporary Loans for the General Fund the Issuance and Sale of WarrantsORDINANCE No. 5195 -70 Passed by the Common Council of the City of South Bend, May 25, zq 70 Clerk of Common Council Presented by me to the Mayor of the City of South Bend, Approved and signed by May 26, 70 �9 ORDINANCE N0. 5195 -70 AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE MAKING OF TEMPORARY LOANS 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 ap- propriations adopted for the year 1970, which expenses must be met prior to the receipt of taxes in the year 1970, and to retire certain temporary loans now outstanding and soon to fall due, and WHEREAS, the Common Council has been advised that the State Board of Tax Commissioners presently is review- ing 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 and has been further advised that such rate so certified will be in i:n- 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, and WHEREAS, 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 herein- after set forth; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That a temporary loan or loans in a total amount not in excess of Four Million ($4,000,000.00) Dollars be made for and on behalf of the General Fund of the City of South Bend all of the proceeds of which loan or loans shall be placed in the General Fund, and shall be used for the purpose of retiring existing loans and meeting the cur- rent 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 loans shall be evidenced by warrants of this City dated as of the date or dates of delivery there - 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 warrants 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 inter- est 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 following form, to delivery: NO. warrants shall be issued in substantially the all blanks to be properly filled in prior 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 , and in strict accord- ance with an act entitled "An Act Concerning Municipal Corp- orations", in force April 15, 1905, and all other acts amend- atory 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 suf- ficient 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 relating 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 . M ATTEST: City Clerk CITY OF SOUTH BEND or COUNTERSIGNED City Controller Section 3. The City Controller is hereby author- ized and directed to have said warrants prepared in the sums 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 or sales 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 deduct- ing 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 inter- est, 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 or times fixed in said notices, the sales may be continued from day to day thereafter fnr a neri nti nni- i-n PYnPP(il i-.hi »f .r (,?o) Section 4. This Ordinance s411 be in full force and effect from and after its passage d signing by the Mayor. A4'C4�" Member of the Common Council Passed�y the Common Council of City of South Bend on the �, day of 197, Presiding Officer of the Common Council ATTEST: Presented by me to the Mayor of the City of South Bend, on the 26th day of , 1970, at the hour of 11. 300' clock a.m . o� iM This Ordinance approved and signed by me on the _ day of May , 1970, at the hour of &L TAo'clock 1st & 2nd READING 5 -25 -70 COMMITTEE OF THE WHOLE PUBLIC HEARING 5 -25 -70 - 3rd READIi;G 5 -25 -70 NOT APPROVED REFERRED PASSED 5 -25 -70 Suspension of rules TINI 'ON39 H1nCG ')R131J A tf:) Honola '1 N kdHIVA OM 0-C AVV4