HomeMy WebLinkAboutResolution 11-04-1941 RESOLUTION
WHEREAS, the Central Illinois Public Service Company has secured
a certain judgment against the City of Canton; and whereas, the payment
of said judgment was not permitted under the Judgment Funding Bond Issue
Ordinance recently enacted by the City Council of the said City of Canton;
and whereas, all of said judgment except the sum of approximately twelve
hundred thirty-eight dollars ($128.00) has been paid from other funds of
said city; and whereas, said judgment bears interest as provided by law,
at the rate of five percent (5%) per annum; and whereas, the city has funds
in the Public Benefit Fund of said city, the immediate use of which is not
required; and whereas, it appears to the best interest of the said city,
that sufficient funds be borrowed from the said Public Benefit Fund to
pay the amount of the balance of said judgment for the purpose of saving
the city the payment of said interest;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON,
ILLINOIS:
That the said sum of one thousand tiro hundred and thirty-eight dollars,
or so much as may be required, shall be transferred and borrowed from the
Public Benefit Fund of said city to the General Fund of said city for the
purpose of making the above specified payment and for no other purpose;
that said sum shall be returned to the said Public Benefit Fund from the
General Fund of said city when funds are available and that said disburse-
ment, when made, shall be debited to the Street Lighting appropriation of
said city for the fiscal year of said city May, 1941-May, 1942.
Passed by the City Council and approved by the Mayor this 4th day
of November, A. D. 1941.
Approved: ( 4s
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Mayor
ES
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I it,Clerk
RESOLUTION
BE IT RESOLVED BY THE CITY COUTTCIL OF THE CITY OF CANTON :
That a rax Anticipation Warrant of said City executed by the
mayor, City Clerk, City Treasurer and chairman of the finance Committee ,
be issued against the tax levy of said City for the fiscal year of
City, May 1 , 1941 to May 1, 1942, in the principal sum of Yive Thousand
05000 .00) Dollars . Said Warrant to be numbered in its consecutive
order of issuance , to bear interest at the rate of 5% per annum.
That said warrant shall be issued to the National Bank of Canton, and
shall be sold , transfered and delivered to said Bank upon payment
of principal and accrued interest .
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' Mayor
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City Cler
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