HomeMy WebLinkAboutAuthorizing Issurance and Sale of Warrants $3,852,674.50ORDINANCE NO. 4692 - -64
Passed by the Common Council of the City of South Bend,
_ September 28, ig 64
Presented by me to the Mayor of the City of South Bend,
Igo
Clerk
Of Common Council
to
Clerk
IDEAL PRESS
ORDINANCE No. 'V2� 5a - -C
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 1964, in order to meet the current running expenses of the
City, provided for in the budget and appropriations adopted for the year 1964;
which expenses must be met prior to the receipt of taxes in the year 1964; 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 1963 is in the amount of Two Hundred Thirty Two Million,
Seven Hundred Eighty Nine Thousand, Five Hundred Sixty (232,789,560.00) Dollars;
that the levy made for the General Fund of this City for the collection in the
year 1964 is in the amount of $1.655 on each One Hundred ($100.00) Dollars of
taxable valuation which levy is estimated to produce the sum of Three Million,
Eight Hundred Fifty Two Thousand, Six Hundred Seventy Four and 50 /100 (3,852,674.50)
Dollars, and the Controller has presented t) the Council his recommendation that
a temporary loan be made for the General Fund in the amount, and subject to the
terms hereinafter 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 1964; which expenses must be made prior to the receipt of taxes in the
year 1964.
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 37 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
TO THE COMON 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 1964, which are required to be net prior to the receipt of
taxes in the year 1964. 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 31, 1964.
The net assessed valuation of taxable property in the City, as shown by
the assessment made for City and County taxes in the year 1963, is in the amount
of $232,789,560.00. The tax levy made for the General Fund for the year 1964 was
$1.655 on each $100.00 taxable valuation, and I estimate that the total amount to
be received from such tax levy will be approximately $3,852,674.50.
Dated this 23rd day of September, 1964.
7
City Controller
warrants, and all of said warrants, together with interest thereon, shall mature
and be payable on or before December 31, 1964. 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 collectible in the year 1964. 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.
Sec. 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,
Indicate 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: