HomeMy WebLinkAboutOrdinance #1352
ORDINANCE N0. 1352
AN ORDINANCE AIITHORIZING THE ISSIIANCE OF TAg ANTICIPATION WARRANTS
IN ANTICIPATION OF TA%ES LEVIED FOR THE YEAR 1991 OF THE CITY OF
CANTON, FIILTON COIINTY, ILLINOIS.
WHEREAS, there is not sufficient money in the Treasurer of
the City of Canton to meet and defray -the necessary expenses of
government; and,
WHEREAS, the Mayor and the City Council of the City of
Canton, Fulton County, Illinois, deem i-t advisable, necessary and
in the best interests of the City of Canton that funds be borrowed
for the purposes 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 1991.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL
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 1991 for General Corporate Purposes, said warrants to
bear interest not to exceed eight per cent (89) 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 (859) of the
total amount of tax so levied, or, $300,000, whichever is less,
which said tax is hereby assigned and pledged to the payment to
said warrants, and such taxes when collected shall be set apart
and held for their payment.
Section 2: That said warrants shall be in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF FULTON
TAX ANTICIPATION WARRANT
GENERAL CORPORATE PURPOSE
N0.
KNOW ALL MEN BY THESE PRESENTS, that -the City of Canton, in
the County of Fulton and State of Illinois, will pay to bearer at
the office of the City Treasurer, in the City of Canton, Illinois,
the sum of
(Dollars) ($
with interest thereon at the
rate of per cent ( ) per annum from 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 will be paid in lawful money
of the United States of America from the proceeds, when received,
of taxes, heretofore levied upon all the taxable property in the
City of Canton, for the year 1991 for General Corporate Purposes.
This warrant is issued in anticipation of said taxes so
levied for the year 1991 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 c,rarrants so issued does not exceed
eighty-five percent (859) of tax levy made thereof, or $300,000,
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 1991 General Corporate Purpose Tax are
payable in the numerical order of -their issuance.
IT IS HEREBY CERTIFIED that all acts, conditions and things
required 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 provisions 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 2nd day
of Jtme , 1992.
~"',~
onald E. Edwards, Mayor
ATTEST:
` ~~ p ~~ ~
Nancy White , 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 !,: 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 regular meeting this 2nd day of
.Time , 1992, upon a roll call vote as follows:
AYES: Aldermen Molleck, Coay, Sarff, Steck, Bohlen, Meade, May.
NAYS: None.
ABSENT: Resignation of Alderman Barnett
APPROVED:
nald E. wards, Mayor
Passed and Filed in my office this
2nd day of J'tme , 1992.
Nanc White , City Clerk.