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HomeMy WebLinkAboutOrdinance #0981A + + L ORDINANCE N0. 981 AN ORDINANCE AUTHORIZING THE ISSUANCE OF TAX ANTICIPATION WARRANTS IN ANTICIPATION OF TAXES LEVIED FOR THE YEAR 1982 OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS. WHEREAS, there is not sufficient money in the Treasury of the City of Canton to meet and defray the necessary expenses. of govern- ment; and, WHEREAS, the Mayor and the City Council of the City of Canton, Fulton County, Illinois, deem it advisable, necessary 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 1982. NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF CANTON, Fulton County, Illinois, as follows: Section l: 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 1982 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 pay- able in the 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 levied, or, $400,000, whichever is less, which said tax is hereby assigned and pledged to the payment to said warrants, and such taxes when collected shall be set apart and held for their payment. Section 2: That said warrants shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF FULTON TAX ANTICIPATION WARRANT GENERAL CORPORATE PURPOSE No. KNOW ALL MEN BY THESE PRESENTS, that the City of Canton, in the County of Fulton and State of Illinois, will pay to bearer at the office of the City Treasurer, in the City of Canton, Illinois, the sum of (Dollars) ($ ) with interest thereon at the rate of per cent ( ) per annum from 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 re- ceived, of taxes, heretofore levied upon all the taxable property in the City of Canton, for the year 1982 for General Corporate Purposes. This warrant is issued in anticipation of said taxes so levied for the year 1982 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 assign- ed 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 per cent (85%) of tax levy made thereof, or, $400,000, whichever is less, and shall be re- ceived 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 1982 General Corporate Purpose Tax are payable in the numerical order of their issuance. IT IS HEREBY CERTIFIED that all acts, conditions and things requir- ed by law to be done precedent to and in the issuance hereof have been properly done, have happened and have been performed as authorized by the Ordinances of said City adopted pursuant to the applicable provisi- ons of "The Illinois Municipal Code" and all laws amendatory thereof and supplemental thereto. IN TESTIMONY WHEREOF, 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 ~~ day of June 1983. C ~' Donald Edwards, D4ayor ATTEST: Nancy W rtes, City Clerk Registered, numbered and countersigned: Pat Wrig , 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 accrn~ed interest, from time to time, as funds are needed to defray the necess- ary 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: That 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 Canton, Fulton County, Illinois and approval by the Mayor thereof. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a special meeting this ?Rth day of June , 1983, upon a roll call vote as follows: AYES: Aldermen Horr, Carl, Workman, Sarff, Savill, Hammond, Kovachevich. NAYS: None. ABSENT: 1 resigned ~~' ~ ~.~ Donald E. Edwards, Mayor Passed and Filed in my office this 28th day of June , 1983. ncy Wh' es, City Clerk