HomeMy WebLinkAboutOrdinance #1104ORDINANCE NO. iin4
AN ORDNANCE PROVIDING FOR THE PURCHASE OF CITY OF CANTON TAX ANTICIPATION
VifARRANTS WITH M7DDR FUEL TAX FUNDS ON HAND NOT Il~'MEDIATELY NECESSARY FOR
THEIR IlVTIIVDED PURPOSES.
WHEREAS, the City of Canton has found it advisable, r~cessary and in the
best interest 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 thereof to issue its tax anticipation warrants in anticipation of the
taxes of said City for General Corporate Purposes levied for the year 1985; and,
H~tEA.S, the City of Canton has on hand the approximate sum of $310,000 in
Nbtor Fuel Tax Funds which are not immediately necessary for their intended
Purposes; and,
WHEREAS, pursuant to law, the City of Canton may, by ordinance, purchase
its own tax anticipation warrants utilizing funds set aside for particular pur-
poses, but which are not immediately necessary for those purposes, at interest
rates not to exceed 1~ per annum; and,
WT~S, the Canton City Council has determined that it is adviseable,
necessary and in .the best interest of the City of Canton to use Nbtor Fuel Tax
Funds not immediately necessary for their intended purposes to purchase $310,000
of City of Canton 'Tax Anticipation Warrants as aforesaid, at interest rates not
to exceed 1~ per annum.
NOW, TF~RF~''ORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CANTON,
Fulton County, Illinois as follows:
1. That the Canton City Council hereby finds the foregoing recitals to
be fact.
2. That it is hereby determined the $310,000 in Motor Fuel Tax Funds on
hand, or, any portion thereof, not immediately needed for their intended purpose,
be used to purchase City of Canton Tax Anticipation Warrants in anticipation of
the taxes of said City for General Corporate Purposes levied for the year 1985
at interest rates not to exceed l$ per annum.
3. That the Mayor, City Clerk and City Treasurer are hereby authorized and
directed to take such further steps in the implementation of this determination as
may be reasonably necessary to consumate the sale and purchase of the tax anti-
cipation warrants as aforesaid.
4. All interest upon the aforesaid warrants, and all money paid in redemption
of these warrants or received from the resale thereof, shall at once be credited
to and placed in the Motor Fuel Tax Funds used to purchase the aforesaid warrants.
5. None of the tax anticipation warrants purchased with the aforesaid Motor
Fuel Tax Funds shall be redeemed nor any interest thereon shall be paid, unless
and until all warrants and the interest thereon, issued by the City of Canton
against and in anticipation of the same taxes and sold to other purchasers have
been first paid or money sufficient for the payment thereof has been deposited in
the municipal treasury as a special fund to be used solely for the purpose of
paying to the other purchasers the warrants and the interest thereon when
presented. Nothing contained herein shall be construed to prevent the resale
or reissue of any warrants as provided by law.
6. That all ordinances or parts of ordinances in conflict herewith be and
the same hereby are repealed.
7. That this Ordinance shall be in full force and effect imrediately upon
its passage by the City Council of the City of Canton, 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 day of Fcbrua~r.,-~ 1986 upon a roll call
vote as follows:
AYES: Aldermen Chapman, ~'tay, Bohlen, TTorkman, Sari;, Steck, Zaaly.
~yS; None .
ABSENT: Alderman Kovach.evich.
APPROVED:
~~
Donald E. Edwards, Mayor
ATTEST:
Nancy Whites, City Clerk
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