HomeMy WebLinkAboutAuthorizing Loan for the General Fund and the Issuance and Sale of WarrantsORDINANCE No. 4892 -66
Passed by the Common Council of the City of South Bend,
September 26
Clerk
of Common Council
Presented by me to the Mayor of the City of South Bend,
Approved and signed by
September 27, in 66
Clerk
IDEAL PRESS
ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NO.
4880 -66 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 BY THE CITY FOR SUCH PURPOSE"
BY REVISING THE INTEREST RATE PROVIDED IN
SAID ORDINANCE FROM Yl TO 6 3%.
FILED IN CLERK'S OFFICE
SEP 221966
KATHRYN L. BLOUGH
CITY CLERK, SOUTH BEND, IND.
WHEREAS, the Common Council did on the 12th day of September, 1966
pass an Ordinance known and styled as Ordinance No. 4880 -66 and 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 ", and,
WHEREAS, said Ordinance limited the amount of interest to be paid
by the City to not more than 37 and,
WHEREAS, it is now desirable to amend said Ordinance to provide for
the payment of interest not to exceed 67 because of the inflationary
interest rimes now in existance.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY
OF SOUTH BEND, INDIANA:
SECTION 1. That Ordinance No. 4880 -66 being 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 PURPOSES ", is hereby amended so as to read
in Section 1 thereof "BEARING INTEREST AT A RATE NOT TO EXCEED 6% PER
ANNUM".
SECTION 2. Be it further ordained by the Common Council of the City
of South Bend, Indiana that the form of warrant set forth in said
Ordinance No. 4880 -66 is hereby amended so as to conform to the interest
rate set forth in SECTION 1 in this Ordinance.
SECTION 3. This Ordinance shall be in full force and effect from
and after its passage and signing by the Mayor.
Passe by the Common Council
day of 1966.
ATTEST:
4g- L4,�-
siding Officer of the CoKmon Council
Presented by me to the Mayor of the City of South Bend, on the Z 7
day of 1966 at the hour of o'clock / .M.
g2tY CLERK
This ordinance approved and signed by me on the -a�a"y of��
1966, at the hour of I10
` %s- O'cloc
Ist & 2nd READING - q
COMMITTEE OF THE WHOLE
PUBLIC HEARING � -YG (l�
3rd READING 9 -.;ta
NOT A: PROVED
REFERRED
PASSED