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Home My WebLink AboutORDINANCES-1973-071-O-7371-0-73 AN ORDINANCE Providing for the issuance of Three Million Doalars (3,000,000) 1973 TAX ANTICIPATION WARRANTS of the City of Evanston, Cook County, Illinois • WHEREAS, this City Council of the City of Evanston, in Cook County, Illinois, finds that it does not have funds on hand with which to pay the ordinary and necessary operating expenses of the City; and WHEREAS, this City Council of the City of Evanston, in Cook County, Illinois, has heretofore adopted its annual appropriation ordinance for the current fiscal year, beginning January 1, 1973 and ending December 31, 1973, In manner, time and form required by law and has caused the same to be pub- lished, as required by law, in the Evanston Review, as evidenced by proper proofs of publication now a part of the official records of this'City Council, and has also adopted the annual tax levy ordinance levying taxes, pursuant to said appropriation ordinance; and WHEREAS, none of said taxes so levied have heretofore been ant.ici- pated by the issuance of•tax anticipation warrants otherwise: NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of • Evanston, in Cook County, Illinois: SECTION 1: That there be and there is hereby authorized to be executed and delivered the 1973 Tax Anticipation Warrants of the City of Evanston, in Cook County, Illinois, as follows: $1,760,000 - 1973 GENERAL CORPORATE FUND Tax Anticipation Warrants numbered I to 104 inclusive, to be.of the denomi- nations of $5,000 and $25,000; 580,000 - 1973 LIBRARY FUND Tax Anticipation Warrants numbered 1 to 56 inclusive, to be of the denominations of $5,000 and $25,000; 280,000 - 1973 RECREATION FUND Tax Anticipation Warrants numbered 1 to 36 inclusive, to be of the denomi- nations of $5,000 and $25,000; 230,000 - 1973 COMMUNITY BUILDINGS FUND Tax Anticipation Warrants numbered 1 to 30 inclusive, to be of the denomi- nations of $5,000 and $25,000; 150,000 - 1973 MENTAL HEALTH FUND Tax Anticipation Warrants numbered 1 to 22 inclusive, to be of the denomi- nations of $5;000 and $25,000. That all said warrants shall bear interest at the rate of U 31' 6.25 per cent per annum from date thereof until paid, and shall be dated as of the date of delivery thereof; said warrants against the respective funds shall be issued in anticipation of the collection of taxes heretofore levied for the year 1973, by this City Council, on all of the w taxable property within this city for the respective purposes referred to • above; said warrants shall be signed by the Mayor, be attested by the City Clerk, and be sealed with the corporate seal of this city, and be registered by the City Treasurer. SECTION 2: That said warrants be in substantially the following form: No : $ . CITY OF EVANSTON County of Cook, State of Illinois FUND TAX ANTICIPATION WARRANT 'To the City Treasurer of the City of Evanston in Cook County, Illinois Pursuant to proceedings adopted by the City Council of the City of Evanston, County of Cook and State of Illinois, you are hereby directed to pay to bearer out of taxes levied by said City Council in and for said City in the year 19 for • become available, the sum of purposes, as soon as.funds ($ ) together with interest thereon at the rate of per cent ( _ q) per annum from date hereof until paid, or until notice shall be given by publication in a newspaper or otherwise that the money for the payment hereof is available and that this warrant will be paid on presentation; providing, however, this warrant shall be received by any collector of taxes in payment of the taxes against which it is issued. This warrant i.s one of a series authorized, or to be autho- rized, to be issued to provide a fund to meet the ordinary and necessary expenses of the City for —_—purposes. You are required by statute to set such taxes apart and hold same for the payment of said series of warrants and to pay said warrants in the numerical order of their issuance solely from said taxes when collected and not otherwise. -2- Dated this day 033 of 19 Mayor City of Evanston in Cook County, Illinois • ATTEST: City Clerk City of Evanston in Cook County, Illinois Registered ; City Treasurer SECTION 3: That the aforesaid warrants in the aggregate principal amount of THREE MILLION DOLLARS ($3,060,000) shall be delivered to the purchasers thereof, namely, STATE ALkTIONAL BANK FIRST NATI)NAL BANK AND TRUST COMPANY BACON WHIPPLE & CO. In their numerical order, and upon receipt of the purchase price heretofore • agreed upon, being the par value thereof plus accrued interest, and a premium of $ 300.00 that all of the above described warrants in the aggregate principal amount of THREE MILLION DOLLARS ($3,000,000) shall be dated as of the date of delivery to said purchaser as follows: $1,760,000 - 1973 GENERAL CORPORATE FUND Tax Anticipation Warrants _numbered 1 to 104 inclusive, to be of the denomi- nations of $5,000 and $25,000; $ 580,000 - 1973 LIBRARY FUND Tax Anticipation Warrants numbered' 1 to 56 inclusive, to be of the denominations of $5,000 and $25,000; $ 280,000 - 1973 RECREATION FUND Tax Anticipation Warrants numbered 1 to 36 inclusive, to be of the denominations of $5,000 and $25,000; $ 230,000 - 1973 COMMUNITY BUILDINGS FUND Tax Anticipation Warrants numbered 1 to 30 inclusive, to be of the denomi- nations of $5,000 and $25,000; $ 150,000 - 1973 MENTAL HEALTH FUND Tax Antici-pation Warrants numbered 1 to 22 inclusive, to be of the denomi- nations of 55,000 and $25,000. The above warrants constitute the first warrants issued against said funds and being numbered consecutively beginning with Warrant No. 1 of each issue, and -3- • • are the only ones authorized to be sold and delivered at this time. No 0 J 4 additional warrants shall be sold or delivered until authorization for sale and delivery is made by the City Council of the City of Evanston. SECTION 4: It is a part of the contract for the sale of said warrants that the amount of warrants herein . - authorized does not exceed seventy-five per cent (75%) of taxes which will be extended for the respective purposes of the year 1973, as nearly as may be determined on the basis of the last available assessed valuation of taxable property. SECTION 5: That said tax levies heretofore made in the year 1973 for said purposes be.and the same are -hereby. appropriated to pay the respective warrants herein authorized to be issued against the respective levies. The City Treasurer of this city is directed to apply the first money received by him from said taxes for the seyeral purposes herein mentioned in the payment of the warrants herein authorized to be issued against the respective levies, and to pay the same in numerical order beginning with the lowest number (except insofar as said warrants shall have been used to pay said taxes) and to pay said warrants as fast as funds become available for that purpose; said Treasurer is hereby directed to notify - STATE NATIONAL BANK when funds are available to pay any of said warrants. SECTION 6: The City Treasurer of this City is hereby directed to use the proceeds of said warrants for the several purposes herein set out and not otherwise. - u SECTION 7: The City Clerk of this City is hereby directed to file a certified copy of this ordinance with the City Treasurer of this City. SECTION 8: That all ordinances or parts of ordinances in conflict herewith be and the same are hereby repealed and this ordinance shall be in full force and effect forthwith upon its adoption and approval. -4- INTRODUCED: JULY 23, PASSED: JULY 30, ATTEST: /s/ Maurice F, Brows} City Clerk Approved as to form: /s/ Jack M. Siegel Corporation Counsel ROLL CALL: R , 1973 035- 1973 APPROVED: JTTLY in, 1973 /s/ Edgar Vanneman Jr. Mayor