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HomeMy WebLinkAboutResolution #383•~- r'+"' RESOLUTION N0. 3~3 . WHEREAS, Revenue Bonds have been issued in the amount of approximately One Million Eight Hundred Thousand Dollars based on Revenue to be received out of the Water and Sewer Fund; AND, WHEREAS, these bonds have been sold and there is a considerable sum of money in the hands of the Treasurer of the City of Canton that will not be needed or used to carry on the Water and. Sewer project now under consideration for a period of several months; A~~, WHEREAS,it would be advantageous to have the City Treasurer invest a large proportion of this money in interest bearing bonds, notes, and other instruments for such periods of time as such money or portion t:nereof will not be needed to de- fray the expenses of the Water and Sewer project now being con- structed; AND, WHEREAS, the City Treasurer has asked permission to place such money in such amounts. and places as will bring intere returns on such money; BE IT THLREFCRE RESOLVED, that the City Treasurer of the City of Canton re and he is hereby authorized to take such por- tion or portions of the money received from said Revenue Bonds and invest the same in such a manner as to return interest on said money from time to time as shall not be immediately neces- sary for said construction work, but, available, nevertheless to be called at such time or times as such money is needed to finance said Water and Sewer Construction Project. PASSED by the City Council of the City of Canton, Illinm this 5th. day of May, 1964. APPROVED: ,~ ayor. ATT T: ity erk. ; I~ ,, ~s©zu~r~o~r ~aa. ,.~,.~~ • r I 5~1 WHF:~FAB, Revenue Honda have b~ext issued in the mount of ap~p~c©ximately Qne Million Fight Hundred Thousand Dollars based `on Revenue to be received out of the Water ®nd Sewer Fund; ANDw WH~.,~tj;.AS, these bonds hdv~a been sold and there is a oonsiderable sum of money in the heads of the Treasurer of the City of Canton that wi11 not be needed or used to carry on the Water anc~ Sewer project now under coa.sxueratiflII ~'or a period of several months# AFB, t~~~~RF~,s ~ it would be advantageous to have the City Treasurer invest a large proportion of this money in interest bearing bonds., Hates; and. other instrunsent:s fc~r such periods of time as suQh money or pox~tian thereof will not. be needed to de- fray the exgensea of the i~a~~er anc~. Sewe~c. pro~eat now being. con- structed; ANDS W~°~~~t~~+.1~5, the ~:~.;~ Tr~•~;surer has asked permissifln to plane such money in such emount;e and places as will bx•im~ interQ returns on such Money; BE ZT TH'~°;~~;FC;RF R..~"5t":I,V:i~;I,~, 'that the City Tr®asurer of the City of ©anton be and he is hereby suthori~ed to take such por- tion or portions of the money re~:~ived fra~n sa~.3 revenue Honda anc~ invest tYxe n&zne in such a manner a~~ tc> return interest on sa~.d mox~.®y from'. time to time as sha12 not b~ i~mec? lately neces- sary for said. coastruation wont, but, available= nc~verth~less t o be called at such time ar timers as such .money is needed to ,finance s~:id Mater and Sewer Construction Project. P.A-SS~U by the Gity Council ~of the City of Canton, Illin~ thi~t 5th. day of Mazy, 164. .~~'PRQY~D s c 7~~= ATT~~T s er .