HomeMy WebLinkAboutAuthorizing the Making of a Temporary Loan for the General Fund and the Issuance and Sale of Warrants (2)ORDINANCE No. 4732 - -65
Passed by the Common Council of the City of South Bend,
Presented by me to the Mayor of the City of South Bend,
Approved and signed by me
February 16-, 19 fis
Clerk
of Common Council
IDEAL t PRESS
Clerk
NO. L %3 :P- - -6 •,,5`
AN ORDINANCE OF THE CITY OF SOUTH BEND
INDIANA, AUTHORIZING THE MAILING -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 pro-
vide 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 for the 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 is in the amount of $1,753 on
each One Hundred ($100.00) Dollars of taxable valuation which levy is
estimated to produce the sum of Four Million, Sixty three Thousand,
Eight Hundred Eleven and 26/100 (4,063,811.26) 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.
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.
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 mace 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
June 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 day of February, 1965.
SMA
CITff CONTROLLER
f i�.E:SY 6 G�L' YS�� iiS'i'JE
F .- ,
KATHRYN L. PLOUGH
CITY CLERK, SOUTH BEND, IND.