HomeMy WebLinkAboutOrdinance #431 . .
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ORDINANCE N0. �-3/
AN ORDINANCE PROVIDING FOR THE RETIHEMENT OF GENERAL OBLIGATION BnNDS THROUGH
IMPOSITION OF A TAX ON THE USE OF FACILITIES NECESSITt�TING SUCH BONDS.
WHEREAS, the City of Canton, Illinois has launched a program to improve,
expand and modify its existing water and s�wer facility; and,
WHEREAS, said City, after referendum, has or is about to issue its
general obligation bonds in the amount of $600,000.00 in part payment thereof;
and,
WHEREAS, said bonds are to be repaid by the imposition of a tax on
realty within the said City; and�
WHER�AS, said bonds and interest thereon may be retired and paid
(altern�tively) by the imposition of a tax on the use of such facilities and
the increased operational and maintenance expenses thercof may likewise be
thereby a�ssimilated in whole or in part; and�
WHEREAS, increased operating and araintenance expenses are anticipated
by reason" of such improvement, expansion and modification; and,
WHEREA,S, said tax on said realty raay thereby be abated in whole or in
part,
NOw, THEREFORE, BE IT ORDAINED BY THr� CITY COUNCIL OF THE CITY OF
CANTON, ILLINOIS AS FOLLOWS:
1. That a tax (to be known and hereafter called a "facility tax") be
and the same hereby is imposed in the amount of 20,°6 of each water bill which
may hereafter become due and payable to the City of Canton, Illinois, said tax
to be paid by each �nd every user of water provided by this City.
2. That said facility tax be stated in specific amount and as a part
of each water bill s�atement which may hereafter be made by the City to users of
water provided by this City.
3. That said facility tax be paid and collected by the Water Department
of this City �t the same time and in the same manner as water bills have been or
may hereafter be routinely paid and collected.
4. That the facility tax so collected be paid over to and retained by
the Treasurer of this City in and as a separate fund, first for the defrayment
and retirement of bonds and in payment of int�rest thereon, and then, thereafter,
for the payment of increased operational and maintenance expenses (all as men-
tioned in the preamble hereof) , and in mitigation and abat�ment of taxes on
realty (as mentioned in the preamble hereof) , and then only at the tiare and in
the manner as may here after be from time to time determined in regular formal
meeting of bhe corporate authorities of this City.
5. �That this Ordinance be in full force and effect only after its
passage by the City Council of the City of Canton, Illinois, approval by the
Mayor thereof and publication according to law, and that the facility tax herein
provided be reflected for payment on all water bills which become due and payable
in the month of August, 1973 and each month thereafter until by this Council
otherwise provided.
PASSED by the City Council of the City of Canton, Illinois and approved
by the Mayor thereof this ��, day of July, A.D. 1973.
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APFROVED�. -r. �.,�,,- __ _;;
,�. �„�_,
Mayor �'
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ATTEST: �%..� .. G; � . ,
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City Clerk
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