HomeMy WebLinkAboutORDINANCES-1984-132-O-84132-0-84
AN ORDINANCE
Providing for the Transfer of $750,000 of the
Investment Earnings of the City of Evanston
Capital Improvement Fund to the City of Evanston
Firemen's Pension Fund and Police Pension Fund
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WHEREAS, the City of Evanston, Cook County, Illinois, has a population
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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
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!i particularly Article VII, Section 6 (a) thereof, said City is a home rule
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�i unit and as such may exercise any power or perform any function pertaining
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to its government and affairs, including, but not limited to, the power to
�I tax and to incur debt; and
WHEREAS, pursuant to the provisions of Sections 6 (d) and 6 (K) of said
j Article V11 of said 1970 Constitution, the City of Evanston has the power to
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i; incur debt payable from ad valorem tax receipts maturing within forty (40)
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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
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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:
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j "AN ORDINANCE ESTABLISHING PROCEDURES TO BE
FOLLOWED IN INCURRING INDEBTEDNESS FOR COR-
PORATE 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."
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and which Ordinance No. 78-0-73 was amended by Ordinance No. 107-0-80 adopted
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by the City Council on November 10, 1980, and which said procedural ordinance,
as amended, is now in full force and effect; and
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• WHEREAS, sufficient funds have been provided through the issuance of
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full faith and credit bonds of the City to pay the cost of all contractual
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commitments of the Capital Improvement Program of the City and investment
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earnings from the proceeds of the bonds are available for other purposes;
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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
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• EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That $348,750 of the investment earnings from the
i! proceeds of the full faith and credit bonds be
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�j transferred from the City's Capital Improvement Fund to the Firemen's
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Pension Fund and be utilized to pay for pension costs.
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SECTION 2: That $401,250 of the investment earnings from the proceeds
of the full faith and credit bonds be transferred from the City's Capital
Improvement Fund to the Police Pension Fund and be utilized to pay for pension
1' costs.
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SECTION 3: This ordinance shall be in full force and effect from and
after its passage, approval and publication in the manner provided by law.
SECTION 4: All ordinances or parts of ordinances in conflict herewith
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!1 are hereby repealed.
Introduced: 1984
Adopted: �� 1 y , 1984
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ATTEST:
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j' City Clerk
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l Approved as to form:
Corporation Counsel
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Approved- �•v�-L 1984
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