HomeMy WebLinkAboutAuthorizing the Making of a Temporary Loan for the General Fund and the Issuance and Sale of WarrantsORDINANCE No. - 4595 - - -63
Passed by the Common Council of the City of South Bend,
SEPTEMBER 16, 63
Presented by me to the Mayor of the City of South Bend,
SEPTEMBER 16, 1� 63
Approved and signed by me SEPTEMBER 16,
Clerk
of Common Council
IDEAL PRESS
Clerk
ORDINANCE NO. 0/3
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 1963, in order to meet the current running expenses of the City, pro-
vided for in the budget and appropriations adopted for the year 1963; which expenses
must be met prior to the receipt of taxes in the year 1963; 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 City and County
taxes in the year 1962 is in the amount of Two Hundred Thirty -one Million, Six
Hundred Thirty -three Thousand Seven Hundred Ninety ($2,31, 633, 790. 00) Dollars;
that the levy made for the General Fund of this City for the collection in the year
1963 is in the amount of $1. 7925 on each One Hundred ($100.00) Dollars of taxable
valuation, which levy is estimated to produce the sum of Four Million One Hundred
Fifty -two Thousand Thirty -nine and 45/100 ($4, 152, 039.45) 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 hereinafter set forth; now,
therefore,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA:
SEA 13 363 AM
8 ,s.{
F I L E D
CITY OF SOUTH BEND
i -LA G. NOBLE, CLEAN
Sec. 1. That a temporary loan in an amount not in excess of Five Hundred
Thousand ($500, 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 1963;
which expenses must be made prior to the receipt of taxes in the year 1963.
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 pur-
chaser, numbered consecutively from 1 up, bearing interest at a rate not to exceed
three per cent 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 November 14, 1963. 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 1963.
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 warrants shall be signed by the Mayor, countersigned by the Con-
troller, 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 date of maturity
shall be added to 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 warrants shall be issued in substantially the following form, all blanks to
be properly filled in before delivery:
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