HomeMy WebLinkAboutAuthorizing the Mayor & City Clerk of South Bend to Borrow from the State of Indiana Through State Board of Finance not to exceed $40,000.00ORDINANCE
Passed by the Common Council of the City of South Bend,
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Presented by me to the Mayor of the City of South Bend,
Approved and signed by
Clerk
of Common Council
Clerk
ORDINANCE NO. J.5 ^7z 2___
AN ORDINANCE AUTHORIZING THE MAYOR AND CITY CLERK OF
SOUTH BEND, INDIANA, TO BORROW FROM THE STATE OF
INDIANA THROUGH THE STATE BOARD OF FINANCE AN AMOUNT
NOT TO EXCEED 40,000,00, IN ACCORDANCE WITH THE
TERMS AND PROVISIONS OF CHAPTER 136 IN THE ACTS OF
945:OF THE GENERAL A.SSE?fiBLY OF THE STATE OF INDIANA;
AUTHORIZING AND DIRECTING SAID OFFICERS TO MAKE AND
EXECUTE APPROPRIATE DOCUMENTS EVIDENCING THE INDEBT-
EDNESS OF THE CITY FOR THE RE- PAYMENT OF THE AMOUNT
BORROWED IN NOT MORE THAN FIVE YEARS WITHOUT INTEREST
Be it ordained by the Common Council of the City of South Bend,
Indiana, that;
1. The Mayor and City Clerk of said City are hereby authorized
to borrow from the State of Indiana, through its State Board of Finance,
and in accordance' with the terms and provisions of Chapter 136 of the
Acts of 1945 of the General Assembly of the State of Indiana, an amount
not to exceed $40,000,00, and said fund when received by the City shall
be paid into its General Fund and used exclusively for the purposes .
allowed by the aforesaid Chapter 136 of the Acts of 1945 and Chapter 61
of the Acts of 1932. (Special Session) of the General Assembly of the State
of Indiana.
2. The said Mayor and said City Clerk are hereby authorized
and directed to execute documents properly evidencing the indebtedness
of the City of South Bend to the State of Indiana in the amount of any
such loan made under the aforesaid Chapter 136 of the Acts of 1945, and
binding the City to re-pay said amount in not more than five years
without interest.
30 This ordinance shall be in full force and effect from and
after its passage by the Common Council and its approval by the Mayor.
Of THE N'HHIct i1111
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\,,Zember of the Common ,Cq cil
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