HomeMy WebLinkAboutORDINANCES-1990-030-O-9030-0-90
AN ORDINANCE
Providing for the Transfer of $135,954.35
• of the Investment Earnings of the City of Evanston
Debt Service Fund to the City of Evanston General Fund
for the Fiscal Year Ending February 28, 1991
WHEREAS. the City of Evanston, Cook County,
Illinois, has a population in excess of 25,000 as determined by
the last official census and, accordingly, pursuant to the
provisions of 1970 Constitution of the State of Illinois and
particularly Article VII, Section 6(a) thereof, said City is a
home rule unit and as such may exercise any power or perform
any function pertaining to its government and affairs,
including, but not limited to, the power to tax and to incur
debt; and
WHEREAS, pursuant to the provisions of Sections
6(d) and 6(k) of said Article VII of said 1970 Constitution,
the City of Evanston has the power to incur debt payable from
ad valorem tax receipts maturing within forty (40) years from
the time it is incurred and without prior referendum approval;
and
WHEREAS, on the 17th day of August, 1973, the City
Council of said City did adopt Ordinance 78-0-73 establishing
the procedures to be followed in the borrowing of money for
public corporation purposes of said City and the issuing of
full faith and credit bonds of said City without referendum
approval, such ordinance being entitled;
"AN ORDINANCE ESTABLISHING PROCEDURES TO BE
FOLLOWED IN INCURRING INDEBTEDNESS FOR
CORPORATE PURPOSES, ISSUING NON -REFERENDUM
BONDS TO EVIDENCE SUCH INDEBTEDNESS AND
AUTHORIZING AND DIRECTING THE LEVYING OF
A TAX FOR THE PURPOSE OF PAYING PRINCIPAL
ON SUCH BONDS AND INTEREST THEREON AS THE
SAME BECOME DUE."
and which Ordinance No. 78-0-73 was amended by Ordinance No.
107-0-80 adopted by the City Council on November 10, 1980, and
which said procedural ordinance, as amended, is now in full
t
• force and effect; and
WHEREAS, sufficient funds have been provided in
the approved Debt Service Fund budget for the fiscal year
ending February 28, 1991 to pay the cost of all the 1990/91
contractural commitments of the Debt Service Fund of the City
and investment earnings from the Debt Service Fund are
available for other purposes;
E
•
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF EVANSTON. COOK COUNTY, ILLINOIS:
SECTION 1: That $135,954.35 of the excess
investment earnings are to be
transferred from the City's Debt Service Fund to the General
Fund and be utilized to pay the City of Evanston' 1990 equity
contribution due the Solid Waste Agency of Northern Cook County
in the amount of $135,954.35.
SECTION 2: This ordinance shall be in full force
and effect from and after its passage,
approval and publication in the manner provided by law.
SECTION 3: All ordinances or parts of ordinances
in conflict herewith are hereby
repealed.
Introduced:
�P� �3, 11F0
0
ATTEST:
r`
J City Clerk
App*owed as tD form:
Corporation Counsel
1990
Approved:
v
Mayor
, 1990