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HomeMy WebLinkAboutAuthorizing Temporary Loan for General Fund the Issuance and Sale of WarrantsORDINANCE No. 4938-67 Passed by the Common Council of the City of South Bend, August 14 I96_ Clerk KATHRYNCV. BLOUGH of Common Council Presented by me to the Mayor of the City of South Bend, L. BLOUGH Approved and signed by me t Clerk T........... P..LIiNING ... FILED IN CLERK'S OFFICE AUG 9 19Z7 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND. ORDINANCE NO. 4938 -67 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 1967, in order to meet the current running ex- penses of the City, provided for in the budget and appropriations adopted for the year 1967, which expenses must be met prior to the receipt of taxes in the year 1967, and WHEREAS, The Common Council now finds that the net assessed valuation of taxable property in the City, as shown by the assessment made for the City and County taxes in the year 1966 is in the amount of Two Hundred Twenty -Eight Million, Two Hundred Thirty Thousand, Eight Hundred and Ninety (228,230,890) Dollars; that the levy made for the General Fund of this City for the collection in the year 1967 is in the amount of $2.008 on each One Hundred (100) Dollars of taxable valuation which levy is estimated to produce the sum of Four Million, Five Hundred Eighty -Two Thousand, Eight Hundred Seventy -Six and 271100 (4,582,876.27) 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 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 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 1967; which expenses must be made prior to the receipt of taxes in the year 1967. Said temporary loan shall be evidenced by warrants of this City dated as of the date of delivery therof, in such denominations as shall be re- quired 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 all of said warrants, together with interest thereon, shall mature and be payable on or before December 31, 1967. 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 1967. 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 the Controller, and the Seal of the City shall be affixed thereto and attested by the signature of the City Clerk, and the interest accruing 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: 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 67 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 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 this 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_ CITY OF SOUTH BEND BY MAYOR COUNTERSIGNED: CITY CONTROLLER ATTEST: CITY CLERK Section 3. The City Controller is hereby authorized and directed to have eaid 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 - 2 - 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 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 in- terest, 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 thereafter for a period not to exceed thirty (30) days with- out 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. / Ll e er of the Common Council Passed by the Common Council of the City of South Bend on the 14 day of Aumisr 1967. Z P e iding Officer of the Co on YnciI ATTEST: i Presented day of , by me to the Mayor of the 1967, City of South Bend, on at the hour of S o'clock the / S /�.M. This ordinance ap oved and sig. 1967, at the hour of 7O o'clock `� r Ist & 2nd READING -8-14-67 COMMITTEE OF THE WHOLE PUBLIC HEARING 8 -14 -67 3rd READING 8 -14 -67 NOT APPROVED REFERRED PASSED 8 -14 -67 Suspension of rules - 3 -