HomeMy WebLinkAboutOrdinance #1053ORDINANCE No. 1053
AN ORDINANCE PROVIl~ING FOR `I'IIE PURCHASE OF CI`1'Y OF CAN'T'ON TAX
ANTICIPATION WARRANTS WITH Mdi'OR FUEL, TAX I'UNDS ON IIAND NOT
IN~7>~.7)IATELY NECESSARY FOR TILEIR INTENDED Pt1ItPOSES.
WHEREAS, the City of Canton has found it advisable, necessary and in the
best interest of the City of Canton that funds be borro;aed 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
t~~xes of said City for General Corporate Purposes 1_evied for the year 1984; and,
4JLiEI2FAS, the City of Canton has on hand the approximately sum of $330,000
in Motor Fuel Tax funds ~ai~ich are not i_nv1~c=~d:i.af-ely necessary for_ -their intended
purposes; and,
VJI-iFREAS, pursuant to law, the City of Canton may, by ord.i.nance, purchase
its own tax anticipation warrants uti_li_zing funds set aside for particular pur-
~~ses, but ~,1Zich are not immodi_ately necessary for those pur.~poses, at= interest
rates not to exceed to per annum; and,
V~I~ REAS, 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
Finds not i ~ru1x:,diately necessary for their intended pu.r_~~oses t:o purchase $330, 000
of City of Canton Tax Anticipation [^7arrants as afor_e:~aid, at :i_nter_est rates not
to exceed 1 o per annurn.
NOW, ~I'II~~RF~'ORE, BE IT ORDAIN.F.D BY Z~ CITY COUNCIL OF `T'IIE CITY OF CANTON,
I'ulton County, Ill..inois as fo)_l ows:
1. That the Canton City Cou~lcil hereby f_Inds the foregoing recitals to
be fact.
2. That it is hereby detc_nltined the $330,000 in Motor Fuel Tax Funds on
h~:+nd, or, any portion t.h.Ereof_, not irranediately needed for their intendod t~urpose,
be used to purch,~se City of Canf.on Tax 7ticpation Warrants in antici_pati._on of
thc~ taxes of said City for General Corporate Purposes ]_evied for the year 1984
at interest rates not to exceed 1 o per anntun.
3. That t}Ze Mayor, Ci_f_y Clerk ~3nd City Treasurer are hereby authorized and
directed to take such f_urthcr steps in tYie implementaion of this determination as
rik:iy be rea:~c~nably necessary to consw~ate the sale and purchase of the tax antici-
p,-~i~.i.c~n warrants as afor.E~r~~id. .
4. 111. in-Ler_~~:st 1_ipoil i_he aforesa:i_d w~i.rrants, and all ir~ney paid in redc.u~pi.i.on
of these ~~:~~:r.rant~s or rc.,ceiv~~d from the resale t}~ereof, shall at once be credited
to and placed i_n I_he t^otor Fuel Tax Funds used to purchase the aforesaid warrants.
5. ^;crie r>E i~he i.~~x ~:nti_r.~~Z~ation ~•,~~~rr~:uLs L~urc°h< sc~d wi_~h t]~c> ~_ifc~r~ ~~aid P'otc~r
fuel Tax Ftnlds shall be r_-edeer~~d nor any i_nt.rrest i1ic~.:r_~,~n s}gall bc~ pai_d, unless
~~nd until a]. ]_ warrmts and t:.he i_n{.crest therc~c~n, slued by the C .ty cif C~~nton
against and in anticipation of the same taxes ~~zd sold t:o olhcr_ t:urc~haser_s have
k~cn first paid or money sufficient for the payr~r,nt ih~~r~~-~~f h~~s }~c~cn ~~~ ~.~_~~_~ii_~~d in
the municipal treasury as a special fund to be used solely for the purpose of
t:~_~ying to the other purchasers the ~:~~~r.r-~:rnt:~ ~~izd the :i,.tores~t ~~1~c.-r~~on when
presented. Nothing contained herein ::hall 1'>e c:on t: n.x>d to prevent the resale
or reissue of ::any warrants as providc.~d by l~~w.
6. 'That ~;l.l ordinances or_ part, of_ c~rd_nar,ces in a iflict hei.. .~.th ):~ <=rid
i.lie came hereby are repealed.
7. 'I2,at phis O.rd.i_nance :hall }.-;:~ ~.i i~u1.1_ c»~r.r. ~a~.;d ~ i~c:ca :iu~~ ; ,:i_at f :?., , ~1>on
;.i.:a passage by the City Ccur~c:i_l of ~?.e City off: C3r~~ ~„z, l~ult.on Count-y, :Llli~~ois
and approval by t:he r4ayor t~her;_=of.
PI~~~SIsD by the C.~_ty Council of fhe City of 'C-~ntc.->.n, ~?c.~7_tcn Cc~anty, Il]_inois
<-,t a rc: c11J ~~ r: rc ~etu;g this 5th clay of March , 1'~++~ ~, u~x~n a roll
r~~1.1 ~~~/cx~e as ~;_o_.._ows:
~:Y~~.s: A1.dern~~. x~mond, savll, sarff, r~ron, cax1, May, Horn.
r~~YS: None.
z~~s~r: Alderman Kovachevich.
~~
./ ,. ,
_._. _. _ _
Donald E . Edw~.irds, P~~ayor
l~ l°ITi„~ r
~+~LG
__.
'`T 3 ~ . C ~yn ~ i t~ , , C Z ty C.1 Fork