HomeMy WebLinkAboutOrdinance #1103oRDn~NCE No . ~~ -
AN ORDIlJANCE AVI~iORIZING THE IC~~ OF TAX ANTICIPATION H~IRRANTS IN
ANTICIPATION OF TAXES LEVIID FOR THE YEAR 1985 OF THE CITY OF CANI.'ON,
FULTON COUNTY, ILLIlJOIS.
W'~~REAS, there is not sufficient money in the Treasury of the City of
Canton to meet and defray the necessary expenses of government; and,
WI~REAS, the Mayer and the City Council of the City of Canton, Fulton
County, Illinois, deegn it advisable, r~cessary and in the best interests of
the City of Canton that funds be borrowed for the purpose of meeting and
defraying the necessary expenses of the City of Canton and in evidence there-
of to issue its tax anticipation warrants in anticipation of the taxes of
said City for General Corporate Purposes levied for the year 1985.
NOW, TI~REF'ORE, SE IT ORDAIN BY THE MAYOR AND THE CITY OOUNCIL OF THE
CITY OF CANTON, Fulton County, Illinois, as follows:
Section 1: That money be borrowed from time to time, as needed, to
meet and defray the necessary expenses of the City against and in anticipation
of the collection of the tax levy, for the year 1985 for General Corporate
Purposes, said warrants to bear interest not to exceed eight per cent (8~) per
annum, from their date until paid or until notice shall be given by publication
in a newspaper or otherwise that the money for their payment is available and
will be paid on presentation, such warrants to show upon their face that they
are payable in numerical order of their issue and solely from such taxes in
payment of the tax against which they are issued. Said warrants shall not be
issued in excess of eighty-five percent (85~) of the total amount of tax. so
1CV1CU~ Vr, ~4UU,000, Wn1GCleVer is less, which said tax is hereby assigned
and pledged to the payment to said warrants, and such taxes when collected
shall be set apart and held for their payment.
Section 2: That said warrants shall be in substantially the following
form:
UNITID STATES OF AMERICA
STATE OF ILLIl~TOIS
COUNTY OF FULTON
TAX ANTICIPATION 6~RRAD]T
GIIJERAL CORPORATE PURPOSE
NO.
KDR7W ALL MEN BY THESE PRESENTS, that the City of Canton, in.the County of
Fulton and State of Illinois, will pay to bearer at the office of the City
Treasurer, in tt~e City of Canton, Illinois, the sum of
(Dollars) ($ )
with interest thereon at the rate of per cent ( ) per annum from
the date hereof until paid or until notice shall be given, by publication in a
newspaper or otherwise, that the money for its payment is available and that it
will be paid on presentation.
Principal hereof and interest hereon will be paid in lawful money of the
United States of America from the proceeds, when received, of taxes, hereto-
fore levied upon all the taxable property in the City of Canton, for the year
1985 for C-,eneral Corporate Pui~-poses.
This warrant is issued in anticipation of said taxes so levied for the year
1985 for General Corporate Purposes to provide a fund to meet and defray the
ordinary and necessary expenses of the City of Canton,. and both principal and
interest are payable solely from said taxes when collected, and not otherwise,
which taxes are hereby assigned and pledged to the payment of this warrant and
of all warrants issued against and in anticipation of such taxes, the total of
which warrants so issued does not exceed eighty-five percent (85~) of tax levy
made thereof, or, $400,000, whichever is less,. and shall be received by any
collector of taxes in payment of the tax against which it is issued.
This warrant and all other warrants issued in anticipation of the collection
of the 1985 General Corporate Purpose Tax are payable in the numerical order of
their issuance.
IT IS I~REBY CERTIFIID that all acts, conditions and things required by law
to be done precedent to and in the issuance hereof have been properly done, have
happerxd and have been performed as authorized by the Ordinances of said City
adopted pursuant to the ,~~pplic~ble provisions of "The Illinois Municipal Code"
and all laws amendatory thereof and supplemental thereto.
IN TESTIlKUNY Wf~REOF, the City of Canton, by its Mayor and City Council, has
caused its corporate seal to be hereto affixed and this warrant to be signed by
its Mayor, attested by its City Clerk and countersigned by its Treasurer, as of
the 18th day of F hr 1 rV , 1986.
.
~~ ~~~ ~~
nald E. ds, Mayor
ATTEST
Nancy Whites, City Clerk
Registered, numbered and countersigned:
Pat Wright, City Treasurer.
Section 3: That the Mayor, City Clerk and City Treasurer of the City be and
they are hereby authorized to execute, issue and dispose of said tax anticipation
warrants at not less than par and accrued interest, from time to time, as funds
are needed to defray the necessary expenses of this City, and that said warrants
be of such dates and in such denominations as they deem advisable and agreeable
to the purchaser thereof.
Section 4: 't'hat all ordinances or parts of ordinances in conflict herewith
be and the same are hereby repealed.
Section 5: That this Ordinance shall be in full force and effect immediately
upon its passage by the City Council of the City of Cannon, Fulton County, Illinois
and approval by the Mayor thereof.
PASSID by the City Council of the City of Canton, Fulton County, Illinois at
a regular meeting this 18th day of FPt,ry,ar~ , 1986, upon a roll call
vote as follows:
AyID; Aldermen Zi.lly, Steck, Sarff, Workman, Bohler, Ma.y, Chapman.
NAYS: None.
Alderman Kovachevich,
APPROVID:
Donald E. Edwards, Mayor
Passed and Filed in my office this
_ day of Falhrliarv 1986.
Nancy Whites, City Clerk
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