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Home My WebLink AboutORDINANCES-1972-040-O-72f 40-0-72 1, 6,$ AN ORDINANCE Providing for the issuance of • Two Million Five Hundred Thirty Thousand Dollars (2,530,000) 1972 TAX ANTICIPATION 14ARRANTS 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 adoped its annual appropriation ordinance for the current fiscal year, beginning January 1, 1972 and ending December 31, 1972, 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 Coun- cil., 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 antici- 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 1972 Tax Anticipation Warrants of the City of Evanston, in Cook County, Illinois, as follows: $6552000 - 1972 GENERAL CORPORATE FUND Tax Anticipation Warrants numbered 1 to 63 inclusive, to be of the denom- inations of $5,000 and $25,000; $ 759000 - 1972 PARKS FUND Tax Anticipation Warrants numbered 1 to 15 inclusive, to be of the denominations of $5,000 and $25,000; • B $185,000 - 1972 POLICE PROTECTION FUND Tax Anticipation Warrants numbered 1 to 29 inclusive, to be of the denom- inations of $5,000 and $25,000; $185,000 - 1972 FIRE PROTECTION FUND Tax Anticipation Warrants numbered 1 to 29 inclusive, to be of the denom- inations of $5,000 and $25,000; $250,000 - 1972 STREET AND BRIDGE FUND Tax Anticipation Warrants numbered 1 to 42 inclusive, to be of the denom- inations of $5,000 and $25,000; .$2502000 - 1972. GARBAGE FUND Tax Anticipation Warrants numbered 1 to 42 inclusive, to be of the denominations of $5,000 and $25,000; $390p000 - 1972 LIBRARY FUND Tax Anticipation Warrants numbered' 1 to-58 inclusive, to be of the denominations of $5,000 and $25,000; $230,000 - 1972 RECREATION FUND Tax Anticipation Warrants num- bered 1 to 38 inclusive, to be of the denominations of $5,000 and $25,000; $190,000 - 1972 COMMUNITY BUILDINGS FUND Tax Anticipation War- rants numbered 1 to 30 inclusive, to be of the denominations of $5,000 and $25,000; $120,000 - 1972 MENTAL HEALTH FUND Tax Anticipation Warrants numbered 1 to 20 inclusive, to be of the denom- inations of $5,000 and $25,000. That all said warrants shall bear interest at the rate of 3.30 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 col- lection of taxes heretofore levied for the year 1972, by this City Council, on all of the 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 - 2 - • • • 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 Illi- nois, 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 purposes, as soon as funds become available, the sum of ($ ) together with inter- est thereon at the rate of per cent ( %) 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 is one of a series authorized, or to be auth- orized, 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. Dated -this of ATTEST: day , 19 . City Clerk City of Evanston in Cook County, Illinois Registered City Treasurer 160 Mayor City of Evanston in Cook County, Illinois SECTION 3: That the aforesaid warrants in the aggregate -principal mount of TWO MILLION FIVE HUNDRED THIRTY THOUSAND DOLLARS ($2,530,000) shall be delivered to the purchasers thereof, namely, STATE NATIONAL BANK FIRST NATIONAL RAW & TRUST COMPANY BACON WHIPPLE & CO. in their numerical order, and upon receipt of the purchase price - 3 - heretofore agreed upon, being the par value thereof plus accrued interest, and a premium of $ 200 ; that all of the above described warrants in the aggregate principal amount of TWO MILLION FIVE HUNDRED THIRTY THOUSAND DOLLARS ($2,530,000) shall be dated as of the date of delivery to said purchaser as follows: $655,000 - 1972 GENERAL CORPORATE FUND Tax Anticipation Warrants numbered 1 to 63 inclusive, to be of the denom- inations of $5,000 and $25,000; $ 75,000 - 1972 PARKS FUND Tax Anticipation Warrants numbered 1 to 15 inclusive, to be of the denominations of $5,000 and $25,000; $185,000 - 1972 POLICE PROTECTION FUND Tax Anticipation Warrants numbered 1 to 29 inclusive, to be of the denom- inations'of $5,000 and $25,000; $185,000 - 1972 FIRE PROTECTION FUND Tax Anticipation Warrants numbered 1 to 29 inclusive, to be of the denom- inations of $5,000 and $25,000; $2502000 - 1972 STREET AND BRIDGE FUND Tax Anticipation Warrants numbered 1 to 42 inclusive; to be of the denom- inations of $5,000 and $25;000; $2509000 - 1972 GARBAGE FUND Tax Anticipation Warrants numbered 1 to 42 inclusive, to be of the denominations of $5,000 and $25,000; $390,000 - 1972 LIBRARY FUND Tax Anticipation Warrants numbered 1 to 58 inclusive, to be of the denominations of $5,000 and $25,000; $230,000 - 1972 RECREATION FUND Tax Anticipation Warrants num- bered 1 to 38 inclusive, to be of the denomina- tions of $5,000 and $25,000; $190,000 - 1972 COMMUNITY BUILDINGS FUND Tax Anticipation liar - rants numbered 1 to 30 inclusive, to be of.the denominations of $5,000 and $25,000; $120,000 - 1972 MENTAL HEALTH FUND Tax Anticipation Warrants numbered 1 to 20 inclusive, to be of the denom- inations of $5,000 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 is- sue, and are the only ones authorized to be sold and delivered at this time. No additional warrants shall be sold or delivered until authori- zation for sale and delivery is made by the City Council of the City of Evanston. - 4 - d 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 1972, 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 1972 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 several 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 in- sofar 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 war- rants for the several purposes herein set out and not otherwise. SECTION 7: The City Clerk of this City is hereby di- rected 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. -5- L • I G 3 INTRODUCED: June 5 , 1972 PASSED• June 12 , 1972 APPROVED: j,,rA i� 1972 /s/cE Vann man, Jr. . ! Mayor ATTEST: /s/ Maurice F. Brown City Clerk Approved as to form: • /s/ Jack M. Siegel Corporation Counsel • ROLL CALL: Voting Aye: Alderman Lange, Schiltz, Kneafsey, Jans, Staples, Cain, Wyandt, Summers, Alexander, Harper, Ward, Moran, Connor, Brinkmann, Winfield, Pittsford, and Hoover. Voting Nay: None. MRtion carried. -6- -- r