HomeMy WebLinkAboutOrdinance #1052olzD rNANCE No . 1052
AN 0i2DI?~I~~'~CE AU`1'IIORIZING THE ISSUANCE OF TAX ANTICIPATION PTARR7INTS :HV
Ai'~7TICIPATI0N OF TAXES LEVIED FOR TIC YEAR 1984 OF TIIE CITY OF CA,'~`1r~N,
F[JI,`PON COUNTY, ILLINOIS .
[~~I~:RF,AS, there is not sufficient money in the Trc+asury of t.}:;~ Ci.ty of
Canton to meet and defray the necessary expenses of governn~~~nt; acrid,
PdIIF'REAS, the rlayor and the City Council of the City of_ Canton, I'ulton
County, Illinois, deem it advisable, neces~~ary and in the }xst intc~.r_ests of
the City of Carlton that funds be borrowed for the purpose of meeting and
defraying the necessary expenses of the City of C~rnton and in evidenr_e there-
of to issue i._ts tax anticipation warrants in ant:i.c.ip~~ti.on of the taxes of
said City for General Corporate Purposes lcvic~d or the year ]_984.
NGP~, THEREFORE, BE IT ORDAI=NED BY THE D9AYOR AND THE CI`T'Y COUNCIL OF
rL'IIF CITY OF (~NI'ON, Fulton County, 111_inoi.s, as follows:
Section l: That money be borrowed from time to timo, as r,cr•c]c~d, Lo
meet and defray the .necessary expenses of the City against ~~nd in ~3~11:-.icipation
of the collection of the tax levy, for the year 1984 for General Corporate
Purposes, said warrants to bear interest not to exceed eight per cent (80) per
arlrltun, frc~;n their date until paid or until notice shall_ }x~ ~~ivc~n by pubJ_i_cation
in a newspaper or oi-herwi~_~e that the rnon~y for th, ~.i r p~~yrnc~nt is ~_:~ <~ilable and
wi_J_1 be paid on presentation, such war_rani-s to show upon their face that they
are pay~Y~le in nunrer:ical ~i:dc~r of their i~>sue and :~01 ~~ly from :such taxes in
pr~ynent of the t~~_~ a~j,~3_ir~st s~~h ir~la thc`y ar_e issued. S~~a.d ~:-~.irr~~nl-., shall not be
issu~a 1r1 excess of r_..Zghty--t i ve percent (85 ~) of t-11c~ i-ot. 31 ai`no~~nt bt tax so ~ --
levied;, or, $400,000, whichever is less, which said tax is hereby assi~~ied
and pledged to the payir~nt to said warrants, and such taxes u,~zen collected
shall be set apa:r.t <~ild hc~l_d fo.r_ 1_hcir_ ~iyi«crit.
~:>ct.ion ?.: 'p'rat ;raid vr-~.r~~i_anLs shall be in substantially t~z~~ 10].low~ng
form:
lai~Ja'J_'_I?l~ ;~'i'h.l'i~;S 01' Z!1'~9:~',iZTCA
i ~l~':I'1 ~~L' f T,I~ I NnTS
C,O~;v'I`Y OF FUL'i'~N
TAX 1llV'I'IC1P~'I'IO'N WARl~'~I'i'
G~h;~?T?I=l~L CO"i:'OI2h'1'I PURl?OSF
\1p ,
J ~, ~ :~J ~,~,' ~ , ~ ~i; _ ~ `, ~ ~;, :~i_i~ i ' , _ (' i l ~ ~,i: (', ~ ~ ~ r1, .' Z ~ i~r~ r' .~~.:~_C-y of
I'i~l_i_,,;t1 ,_ li~j `:i,.i_i'. ~>f ia.l itt;is, ';~ill_ ty _<~ ~ r~::r .L i ~ ~~i'1 ,_ ~-C 1 ~~ (:i_ty
'.t ~-~casu rer_ , i n tl le C i.t_y of Gent ~~n, 7.1.1 i r,o_s, i:,hc~ aum of
,f-i ~~~,r_~ ~~ ;1~ i.~~c?_con at ~ ~~~~ _,;~,~ c,: _ ~;cr c~;>»t L„>r ~~,~~~~~. ~~:r~~n
I 7
tl~e date 'r= roof until paid or until notice shall be given, by public~~tion :in
a ne~~~spaper or otherwise, that the money f_or its ~x-ryment is available and, that
it will be paid on presentation.
Principal hereof and interest hereon will be paid in ]-awful money of the
United States of America from the proceeds, ~~rhen received, of taxes, herc.Lo-
fore ]_evied upon all the taxable property in the City of Canton, for the year
1984 for General Corporate Purposes.
`.Phis warrant is issued in anticipation of said taxes so levied for the
year 1984 for General Corporate Pur_1x;ses to prc;vi_de a fund to meet and defray
the ordinary and nece.~sary expenses of the C:i_ty of Canton, and both principal
and interest are payable so]_e]_y a r.crn sa:i.d t<-~;~cs ~<,hcn collected, and not other-
wise, which taxes are icereby assigned and pledged to the paylr~ent of this
warrant and of all warrants issued against and i_n antici.pat_c;n of such t<. ces,
t_he tota]_ of which warr_ant~s so issued. does not exceed eighty--five ~x~r r_.ent
(85%) of_ t=ax levy made thereof, or, $400,000, whichever i_s loss, and :.,hall be
received by any collector of taxes in payment of the tax against ~ti]~ich it is
issued.
Th:i_s warrant and all other warrants issuect in anticipation of the collec-
t:ion of the 1984 General Corporate Purpose Tax are payable in the numerical
order of their issuance.
1'P IS HI~,RE13Y C>;i~l'I)'lED that all acts, conditions and things reciui red by
law to I_;e i';c_,.i1~ pr~:<:c~<?cnt too ~.,~~ad in i:.he i:~~:r,~~nce hereof have been pro~~~-r_ly done,
have ha}~L~~cr~ed and have boon ~~.rf~~r;~~d as aut~i~or_i_~,ed l~~y the Ordinances of said
City adopted pur_:~uant to the appl_.cab_Le provis~.ons of "'1'ne lllinols r~naniclpal
Code" and all 1,.~ws an~azdator_y thex ~ of and supplEaric~ntal thereto.
1N `.('1~.~~1'IA'~NY 60It}'~,P.F:OF, %he C~.~ of Ca~r~.ton, by its Mayor and City Council,
has c'+_a i_~:~c>d it=s corporate sc-~a7. t,o 1:., }le:~~c~to ~~Lf i xE,cl rind this warrant to be
sign~>d uy its I~t~_~yor.., attested by -i_t:,s City Clerk and countersigned by its
Tr~asurer_, as of the day of __ - , 1985.
4 - -:-- ~-.-~ --___- _____
Donald E. Edwards, r4ayor
~.`L'C'I' ~'[':
~7,-~z~c y ~.1~~1 Le~~, C~ ~(-Y Cl.c~rk
1 77
i~('~~.L ;;t~('.I :C1d., a i~~J~_,L((_1 ,'-L~1(~ ~.~~'1 ,Iil ~'1:~, i ~~ J_~<.~
• i
Section 3: That the P~3ayor, City Clerk and City Tre~3surer_ of the City
l.e 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 denominatic ~+~ as trey
de-errt adv.i,sable and agreeable to the purchaser thereof.
Seci~i.on 4: 'T'hat all ordinances or parts of ordinances in conflict here-
with he and the same ar_e hereby reZ~a].ed.
Sect_i_on 5: 'T`hat this O:cdi.nance :>hal]_ be in f ul.l force and effect
iarn~di_ately upon i.ts bass ge by the Ci_i~y Counc_1 of the City of Canton,
Fu]_ton County, Illinois and app:royal by the rlayor l:t;c_rc,of_.
PASSED by .the City Council of the Ci-ty of Canton, Fulton County, Illinois
at a regular meeting this 5~h day of TTarch ]_°85, upon a
:col_1 cal_1- vote as follows:
AYES: Aldermen Harr, Nfay, Carl, WorIanan, Sarff, ~avill, Hairtt~.Zd.
NAYS: ~e•
ABSF~]'I': Alderman ~Va.C}leV1,CIZ.
Dona l d E, ~ dv,~~3r d , Mayor
P.~ssxl and Filed in my off_i_ce this
.. _ _.6th.-. ~y °f ~. ~.___.'NlarCh.____._____-' 19 8 5 .
t~?<, r-~cy ';~Jh~es, City Clerk