HomeMy WebLinkAboutORDINANCES-1983-026-O-83v
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26-0-83
AN ORDINANCE
• Providing for the Transfer of $1,200,000
of the Investment Earnings of the City of Evanston
Capital Improvement Fund to the City of Evanston General Fund
for the Fiscal Year Ending February 28, 1983
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WHEREAS, the City of Evanston, Cook County, Illinois, has a
population in excessof 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,
ry' as amended, is now in full force and effect; and
WHEREAS, sufficient funds have been provided through the
issuance of full faith and credit bonds of the City to pay the cost of all
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2/11/83 '
contractual commitments of the Capital Improvement Program of the City and
investment earnings from the proceeds of the bonds are available for other
• purposes;
z� NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That $1,200,000 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 General Fund and
be utilized to pay for capital outlay and other non -recurring expenditures in
the General Fund .for the fiscal year ending February 28, 1983.
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: __WO 1983
Adopted:1983
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Approved: 1983
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ATTEST. -
City Clerk/
Approved 'as to form:
O � J
Corp ation Counsel
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