HomeMy WebLinkAboutOrdinance #1353
ORDINANCE N0. 1353
AN ORDINANCE PROVIDING FOR THE PURCHASE OF CITY OF CANTON TAZ
ANTICIPATION WARRANTS WITH MOTOR FUEL TA% FDNDS ON HAND ROT
IMMEDIATELY NECESSARY FOR THEIR INTENDED PURPOSES.
WHEREAS, the City of Canton has found 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 1991; and,
WHEREAS, the City of Canton has on h and the approximate sum
of $525,000 in Motor 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 purposes, but which are not
immediately necessary for those purposes, at interest rates not to
exceed 1~ per annum; and,
WHEREAS, the Canton City Council has determined that it is
adviseable, necessary and in the best interest of the City of
Canton to use Motor Fuel Tax Funds not immediately necessary for
their intended purposes to purchase $200,000 of City of Canton Tax
Anticipation Warrants as aforesaid, at interest rates not to
exceed 1~ per annum.
NOW, THEREFORE, 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 $525,000 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 Warrnats in anticipation of the taxes of said City
for General Corporate Purposes levied for the year 1991 at
interest rates not to exceed 1~ 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
anticipation 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 purposes 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.
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
Jtme , 1992 upon a roll call vote as follows:
AYES• Alderc~en. May, Meade, Bohler, Steck, Sarff, Coay, Molleck,
NAYS: None,
ABSENT: Alderman Barnett resigned.
APPROVED:
f ~
onald E. Edwards, Mayor
ATTEST:
~~ .
Nancy Whites City Clerk.