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HomeMy WebLinkAboutAuthorizing the Making of a Temporary Loan for the General Fund & Issuance and Sale of WarrantsORDINANCE No. 4442 - - -62 Passed by the Common Council of the City of South Bend, Indiana FEBRUARY 26, 19 62 d� Clerk of Common Council Presented by me to the Mayor of the City of South Bend, Indiana FEBRUARY 27, __ 62 Clerk Approved and signed by me FEBRUARY 27, -1962 IDEAL 40 PRESS ORDINANCE NO. 4'+ 4 o —' , 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 1962, in order to meet the current running expenses of the City, provided for in the budget and appropriations adopted for the year 1962, which expenses must be met prior to the receipt of taxes in the year 1962; 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 1961 is in the amount of Two Hundred Twenty -six Million, Five Hundred Seventeen Thousand Four Hundred Ten ($226, 517. 410. 00) Dollars; that the levy made for the General Fund of this City for the collection in the year 1962 is in the amount of $2. 803 on each One Hundred ($100. 00) Dollars of taxable valuation, which levy is estimated to produce the sum of Two Million, Two Hundred Sixty -five Thousand, One Hundred Seventy -four ($2, 265, 174. 00) Dollars, and the Controller has pre- sented 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: 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 current expenses of the City included in the regular budget and appropriations adopted for the year 1962; which expenses must be made prior to the receipt of taxes in the year 1962. 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 re- quired by the purchaser, numbered consecutively from 1 up, bearing in- terest 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 Jude" 15, 1962. For the payment of said warrants and the interest thereon, there is hereby appropriated and pledged a suggested amount of the current revenues of the City to be de- rived from the General Fund, tax levy collectible in the year 1962. 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 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 -2- 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 NO. STATE OF INDIANA COUNTY OF ST. JOSEPH CITY OF SOUTH BEND, INDIANA TEMPORARY LOAN WARRANT (GENERAL FUND) For Value Received, the City of South Bend, in St. Joseph County, Indiana, will pay to the bearer hereof, $ on_.Juge15, 1962 at the office of the City Treasurer in said City upon presentation and sur- render of this warrant. This warrant evidences a temporary loan to the City, together with interest on the principal amount of said loan not in excess of three per cent per annum, computed from the date of issuance to the date of maturity thereof. This warrant is one of an issue aggregation of $ author- ized by 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 purpose ", duly passed and adopted by the Common Council of said City, on the day of , 1962, and in strict accordance with an act entitled 'An Act concerning Municipal Corporations, " in force April 15, 1905, and all other acts amendatory thereof or supplemental thereto, for the purpose of procuring a temporary loan for the General Fund of said City. This warrant is issued in anticipation of the tax levy made for said General Fund, collectible in the year 1962, which tax levy is now in course of collection and to the payment of this warrant, and the interest hereon a sufficient amount of the revenues to be derived from said tax levy has been and is hereby appropriated and pledged. It is hereby certified that in the issuance of this warrant all provisions of the constitution and statutes of the State of Indiana relating thereto have been complied with, and that the tax levy from the proceeds of which this warrant and the interest hereon is payable, is a valid and legallevy, and that the City will reserve a sufficient amount of the proceeds thereof for the payment of this warrant and the interest hereon. -3- IN WITNESS WHEREOF, the City of South Bend has caused this warrant to be signed in its corporate name by its Mayor, countersigned by its City Controller, and its corporate seal to be hereunto affixed and attached by its City Clerk, as of the day of 1962. ATTEST: City Clerk CITY OF SOUTH BEND MX Countersigned: Mayor City Controller Sec. 3. The City Controller is hereby authorized and directed to have said warrants prepared in the sum herein provided and to sell said warrants as a whole, or in parcels, to the highest bidder therefor, at not less than the face value thereof, plus accrued interest, if any, after the date thereof, after giving notice of said sale thereof, once each week, for two (2) weeks in the South Bend Tribune and The Record. The highest bidder shall be the one who offers the lowest net interest cost to the City, to be determined by computing the total interest on all of the warrants to their maturity or maturities and deducting therefrom the premium bid, if any. The notice of sale shall describe briefly the warrants, setting out the facts in regard to the amount, denomination, rate of interest, dates of issu- ance and maturity, and a fixed time and place for the receiving of bids there- for. The Controller shall be authorized to reserve the right to deliver all of said warrants at one time, or in parcels as stated in said notice. The Controller shall have the right to reject any and all bids. In the event no satisfactory bids for said warrants are received at the time fixed in said notice, the sale may be \\ o, continued from day to day thereafter for a period of not to exceed thirty (30) days without readvertisement, but during the continuation of such sale no bid shall be accepted which is lower than the highest bid received at the time fixed for said sale in said notice. Sec. 4. This Ordinance shall be in full force and effect from and after its passage and signing by the Mayor. jpolnber o the Common Council Passed by the Common Council of the City of South Bend, on the Q(„ day of 1962. Presiding Officer ATTEST: City Clerk Presented by me to the Mayor of the City of South Bend, on the_a_7 day of 1962, at the hour of a ; B e o'clock t°. M. City Clerk This Ordinance approved and signed by me on the % day of 1962, at the hour of . / 5� o'clock to . M. le&2nd Ps,1 111 CA, AL dd $OAi' MEE OF ?- fE VJ40LZ PU ^atf�' F1ELR�Y "u / 3rd W.01 NOT y- ��,.r,,f!E0 Mayor .3.Ai �J ei Fib FEB 23 1962 a r:; i3 l a Ib L -5- =DA O. NOGLE 'ITY C_CRK . SOUTH8ENID.:":D.