HomeMy WebLinkAboutAppropriating monies from the General fund (No. 101), the Parks and Recreation fund (No. 201), the Hall of Fame Bond (No 313) in the aggregate sum of one hundred fifty one thousand dollars ($151,000) to pay off due and owing on the tax anticipation time wRESOLUTION
3934-08
Passed by the Common Council of the City of South Bend, Indiana
December 29, 08
20
Attest:
e
City Clerk
President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
December 29,
20 08
Approved and signed by me ~~~''`~~' Z`~ 20 ~~
City Clerk
RESOLUTION NO. 3 i 3`~ og
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,
APPROPRIATING MONIES FROM THE GENERAL FUND (No. 101), THE PARKS AND
RECREATION FUND (No. 201), THE HALL OF FAME BOND FUND (No. 313) IN THE
AGGREGATE SUM OF ONE HUNDRED FIFTY ONE THOUSAND DOLLARS ($151,000) TO
PAY OFF INTEREST DUE AND OWING ON THE TAX ANTICIPATION TIME WARRANTS
ISSUED PURSUANT TO ORDINANCE N0.9846-08
WHEREAS, on June 9, 2008 due to property tax reassessment and anticipated delays in
the timing of receipt of tax revenues by the City of South Bend, the Common Council enacted
Ordinance No. 9846-08 authorizing the Mayor and/or the Controller to make temporary loans to
meet certain current operating expenses out of various funds of the City in anticipation of and not
in excess of current taxes levied in the year 2007 and collectible in the year 2008. Ordinance No.
9846-08 further authorized the issuance of temporary loan Tax Anticipation Time Warrants to
evidence such loans and the sale of such warrants.
WHEREAS, the City expected that by December 30, 2008 it would have received
property tax revenues; however, it is unlikely the City will receive sufficient property tax
revenues prior to December 30, 2008 to (i) pay off the Tax Anticipation Time Warrants issued
pursuant to Ordinance 9846-08 which mature and are payable in full with interest on December
30, 2008, and (ii) meet current operating expenses of various funds of the City.
WHEREAS, this Resolution authorizes appropriation of monies from various Funds
within the City to pay off interest due and payable December 30, 2008 on the Tax Anticipation
Time Warrants issued pursuant to Ordinance 9846-08.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA, as follows:
Section I. The sum of One Hundred Three Thousand Dollars ($103,000) is set aside
within and appropriated from General Fund (Fund No.101) to pay interest due and owing as of
December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008
pursuant to Ordinance No. 9846-08.
Section II. The sum of Thirty-Five Thousand Dollars ($35,000) is set aside within and
appropriated from Parks and Recreation Fund (Fund No. 201) to pay interest due and owing as of
December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008
pursuant to Ordinance No. 9846-08.
Section III. The sum of Thirteen Thousand Dollars ($13,000) is set aside within and
appropriated from Hall of Fame Bond Fund (Fund No. 313) to pay interest due and owing as of
December 30, 2008 on Tax Anticipation Time Warrants issued previously in calendar year 2008
pursuant to Ordinance No. 9846-08.
Section IV. This Resolution shall be in full force and effect on December 30, 2008.
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Member, South e d Common Council
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COUNTY-CITY BUILDING
227 W. JEFFERSON BLVD.
SOUTH BEND, INDIANA 46601-1830
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
PHONE 574/235-9216
Fax 574/235-9928
TDD 574/ 235-5567
DEPARTMENT OF .ADMINISTRATION AND FINANCE
M. CATHERINE FANELLO
CONTROLLER
December 16, 2008
Mr. Timothy Rouse
President, South Bend Common Council
4`" Floor, County-City Building
South Bend, IN 46601
Re: Resolution Appropriating a Total of One Hundred Fifty-One Thousand
Dollars ($151,000.00) Within Various Funds to Pay Interest on Temporary
Tax Anticipation Time Warrants
Dear President Rouse:
Attached for filing with the Common Council is a Resolution along with two related
Resolutions which address the unusual current financial circumstances of the City. These
circumstances were caused by non-receipt as yet of City tax revenues levied in 2007, payable in
2008.
The captioned Resolution appropriates an aggregate total of One Hundred Fifty-One
Thousand Dollars ($151,000.00) out of the General Fund (No. 101), Parks and Recreation Fund
(No. 201), and Hall of Fame Bond Fund (No. 313), to repay interest on the Tax Anticipation
Time Warrants which come due December 30, 2008.
I will present this and the related Resolutions to the Council at its special meeting
scheduled for December 29, 2008. Thank you for considering this Resolution, and a special
thanks to the Council for making time to schedule this special meeting during the holiday season.
Sincerely,
Fi~~~ !n ~t€rk's Qi~~ca
D EC l 6 2008
J~~f?J YC~On~lE
CtTYC~.EiK, ~~?. S~h~D, l1}.
M. Catherine Fanello
Controller
JANICE L. HALL JoxN M~IRPI-IY RosERTALLEx
DIRECTOR ASSISTANT CONTROLLER DIRECTOR
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