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HomeMy WebLinkAboutAuthorizing the making of a Temporary Loan for the General Fund Issuance and Sale of WarrantsORDINANCE No. 4495 - - -62 Passed by the Common Council of the City of South Bend, AUGUST 30, �9 62 wW. of Common Council Presented by me to the Mayor of the City of South Bend, AUGUST 30, 1962 Approved and signed by me AUGUST 30. 19 62 Clerk IDEAL QQeW PRESS ORDINANCE NO. 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 19629 in order to meet the current running expenses of the City, provided for in the budget and appropriations adopted for the year 19629 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, .JJL BE IT ORDAINED BY THE C014MON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Sec. 1. That a temporary loan in an amount not in excess of Seven Hundred Fifty Thousand ($7509000.00) Dollars be made for and on behalf of the General Fund of the City of South Bend, all of the proceeds of which loan shall be placed in the General Fund, and shall be used for the purpose of meeting current expenses of the City included in the regular budget and appropriations adopted for the year 1962; which expenses must be made prior to the receipt of taxes in the year 1962. Said temporary loan shall be evidenced by warrants of this City dated as of the date of delivery thereof, in such denominations as shall be re- quired by the purchaser, numbered consecutively from 1 up, bearing in- terest at a rate not to exceed three per cent per annum, the exact rate to be determined by bidding, which interest shall be payable at the time of the payment of the principal of said warrants, and all of said warrants, together with interest thereon, shall mature and be payable on November 13, 1962. For the paynent of said warrants and the interest thereon, there is hereby appropriated and pledged a suggested amount of the current revenues of the City to be derived from the General Fund, tax levy collectible in the year 1962. The Controller and Treasurer are hereby authorized and directed to pay said warrants out of said taxes upon the presentation thereof, at /or after maturity. Sec. 2. Said warrants shall be signed by the Mayor, countersigned by the Controller, and the seal of the City shall be affixed thereto and attested by the signature of the City Cler$, 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 OOUNTY OF Sr. 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 or before November 13, 1962 at the office of the City Treasurer in said City upon presentation and surrender 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 legal levy, 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. CITY OF SOUTH BEND BY-. Mayor Countersigned: ATTEST: City Controller City Clerk 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 -4- 9 continued from day to day thereafter for a period of not to exceed thirty (30) days without readvertisements 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. er o the Common Council W& 2nd READING �/3 66 �, OOMWME OF THE MIHGLH PUBUO HEARING 3rd READING NOT APPROVED REFERRED PASSED �r U (] ') " - ' 9 ✓ ,v OV 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 1962 which are required to be met prior to the receipt of taxes in the year 1962. It will be necessary to authorize and make a temporary loan for the General Fund in the amount of $750,000.00, and I recommend that a temporary loan be authorized for the General Fund in the amount of $750�000.00v and that the warrants evidencing said loan be made payable November 13v 1962. The net assessed valuation of taxable property in the City, as shown by the assessment made fox City and County taxes in the year 1961, is in the amount of $2269517410.00. The tax levy made for the General Fund for the year 1962 was $2.803 on each $100.00 taxable valuation, and I estimate that the total amount to be received from such tax levy will be approximately $22265,174.00. Dated this �D day of 1962 CONTROLLER'S CERTIFICATE STATE OF INDIANA ) ) SS: ST. JOSEPH COUNTY ) I, EDWIN L. DAVIES, the duly appointed, qualified and acting Controller of the City of South Bend, Indiana, hereby certify that the tax levy made for the General Fund of said City, collectible in the year 1962, as finally fixed and determined by all bodies having jurisdiction thereof, is $2.803 on each One Hundred ($100.00) Dollars of assessed valuation of taxable property in said City, and that, based on the past experience of the City and taking into consideration possible tax delin- quencies, said levy will produce for the General Fund the approximate amount of $2,2659174.00. I further certify that the City of South Bend, Indiana, does not have outstanding at this time any temporary loan or time warrants, and that no such warrants have been authorized to be issued other than temporary loan warrants to be issued under date of�r /!3 that there is no litigation now pending or to my knowledge threatened in any way relating to or affecting said temporary loan warrants or the general fund tax levy out of which same are payable. IN WITNESS WHEREOF, I have hereunto set my hand official seal this ay of 1962. AUDITOR'S CERTIFICATE STATE OF INDIANA ) ) SS: Sr. JOSEPH COWN ) I, EMERY L. MOLNAR, the duly elected, qualified and acting Auditor of St. Joseph County, Indiana, hereby certify that the net assessed valuation of taxable property in the City of South Bend, exclusive of all exemption allowed, 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. I further certify that according to the records in my office the tax levy for the General Fund of the City of South Bend now in course of collection for the year 1962 is in the amount of $2.803 on each One Hundred ($100.00) Dollars of assessed valuation of taxable property in said City. I further certify that there is no litigation now pending or to my knowledge threatened in any way affecting or questioning the validity of said general fund tax levy. WITNESS my hand the official seal of the Board of Commissioners of the County of St. Joseph, on this 1--7 day of 1962.