HomeMy WebLinkAboutAuthorizing the making of a Temporary Loan for the General Fund and the Issuance and Sale of WarrantsORDINANCE No. 48o2 -65
Passed by the Common Council of the City of South Bend,
3eotftber 27 zq 65
Presented by me to the Mayor of the City of South Bend,
Approved and signed by
tember 28 rq 65
Clerk
if Common Council
Clerk
IDEAL JjEWPREBB
ORDINANCE NO, 4802 -65
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 1965, in order (to meet the current running expenses of the City,
provided for in the budget and appropriations adopted f6r, >year 1965; which expenses
must be met prior to the receipt of
taxes in the year 1965, 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 1964 is .in the amount of Two Hundred Thirty One Million,
Eight Hundred Twenty Thousand
.,;Three Hundred - Eighty .(231,820,380.00) Dollars;
that the levy made for the,General Fund of this City for the collection in the
-.year 1965'4,s in the amou6t.of $1.753 on each One Hundred ($100.00) Dollars of
Taxable: valuation vhicfi'devy is estimated to produce the sum of Four Million,
Sixty three Thousand, Eight Hundred Eleven and 26/100 (4,063,811.26) Dollars,
7
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 t arks `liereinafter set forth; now, therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA;
Sec. 1. That a temporary loan in an amount not in excess of Seven Hundred
Thousand (700,000.00) 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 1965; which expenses must be made prior to the receipt of
taxes in the year 1965.
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 351 per annum, the exact rate to be determined by bidding,
which interest shall be payable at the time of the payment of the principle of
said warrants, and all of said warrants, together with interest thereon, shall
mature and be payable on or before December 30, 1965. For the payment of said
warrants and interest thereon, there is hereby appropriated and pledged a
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 were included in the regular budget and
appropriation adopted for the year 1965, which are required to be met prior
to the receipt of taxes in the year 1965. It will be necessary to authorize
and to make a temporary loan for the General Fund in the amount not exceeding
$700,000.00, and I recommend that a temporary loan be authorized for the
General Fund in the amount not to exceed $700,000.00, and that the warrants
evidencing said loan be made payable on or before December 30, 1965.
The net assessed valuation of taxable property in the City, as shown
by the assessment made for City and County taxes in the year 1964, is in
the amount of $231,820,380.00. The tax levy made for the General Fund
for the year 1965 was $1.753 on each $100.00 taxable valuation, and I
estimate that the total amount to be received from such tax levy will be
approximately $4,063,811.26.
Dated this 2/ day of ` 1965.
CONTROLLER
SEP 2 1 '65 AM
F I L E D
4WTY OF SOUTH BEND
MTHRYN L. BLOUGH, CL&W