HomeMy WebLinkAboutORDINANCES-1971-039-O-7111;\
39-0-71
I AN ORDINANCE
Providing for the issuance of
Two Million Fifty Thousand Dollars
($2,050,000)
1971 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
is
current fiscal year, beginning January 1, 1971 and ending December 31, 1971,
•
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 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 1971 Tax
Anticipation Warrants of the City of Evanston, in Cook County, Illinois,
as follows:
$520,000 - 1971 GEIKERAL CORPORATE FUND Tax Anticipation Warrants
numbered 1 to 32 inclusive, to be of the
denominations of $5,000 and $25,000;
$ 60,000 - 1971 PARKS FUND Tax Anticipation warrants numbered
1 to 4 inclusive, to be of the denomina-
tions of $5,000 and $25,000;
•
•
•
11-4
$155,000 - 1971 POLICE PROTECTION FUND Tax Anticipation Warrants
numbered 1 to 11 inclusive, to be of the
denominations of $5,000 and $25,000;
$155,000 - 1971 FIRE PROTECTION FUND Tax Anticipation Warrants
numbered 1 to 11 inclusive, to be of the
denominations of $5,000 and $25,000;
$210,000 - 1971 STREET AND BRIDGE FUND Tax Anticipation Warrants
numbered 1 to 14 inclusive, to be of the de-
nominations of $5,000 and $25,000;
$210,000 - 1971 GARBAGE FUND Tax Anticipation Warrants numbered
1 to 14 inclusive, to be of the denomina-
tions of $5,000 and $25,000;
$310,000 - 1971 LIBRARY FUND Tax Anticipation Warrants numbered
1 to 18 inclusive, to be of the denomina-
tions of $5,000 and $25,000;
$185,000 - 1971 RECREATION FUND Tax Anticipation Warrants num-
bered 1 to 13 inclusive, to be of the de-
nominations of $5,000 and $25,000;
$155,000 - 1971 COMMUNITY BUILDINGS FUND Tax Anticipation War-
rants numbered 1 to 11 inclusive, to be
of the denominations of $5,000 and $25,000;
$ 90,000 - 1971 MENTAL HEALTH FUND Tax Anticipation Warrants
numbered 1 to 6 inclusive, to be of the
denominations of $5,000 and $25,000.
That all said warrants shall bear interest at the rate of
Three and 98/100 (3.98%) 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 1971, 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 fol-
lowing form:
No. $
CITY OF EVANSTON
County of Cook, State of Illinois
FUND'TAX ANTICIPATION WARRANT
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• 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 ( o)
per annum from date hereof until paid, or until notice
shall be given by publication in a newspaper or otter
wise that the money for the payment hereof is available
and that this warrant will be paid on presentation;
providing, however, this warrant shall be receives by
any collector of taxes in payment of the taxes ag-ainst
which it is issued.
This warrant is one of a series authorized, or to be
authorized, to be issued to provide a fund to meet the
ordinary and necessary expenses of the City for
pur-poses.
You are required by statute to set such taxes apa-rt 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:
, 19
City Clerk
City of Evanston in
Cook County, Illinois
Registered:
City Treasurer
day
Ma,. -or
City 'of Evanston in Cook County, Illinois
SECTION 3: That the aforesaid warrants ;a the agcrelate
principal amount of TWO �:ILLI _°v = _= I i =7_OUC,AND
DOLLARS ($2,050,000) shall be delivered to the purchasers t_`_erecf, r �::elv,
THE EVANSTON BANK
5919
1 1. V
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 $ 0.00 that -all of the above described warrants in the ag-
gregate principal amount of TWO MILLION FIFTY THOUSAND DOLLARS ($2,050,000)
shall be dated as of the date of delivery to said purchaser as follows: ,
$520,000 - 1971 GENERAL CORPORATE FUND Tax Anticipation Warrants
numbered 1 to 32 inclusive, to be of the
denominations of $5,000 and $25,000;
$ 60,000 - 1971 PARKS FUND Tax Anticipation Warrants numbered
1 to 4 inclusive, to be of the denomina-
tions of $5,000 and $25,000;
$155,000 - 1971 POLICE PROTECTION FUND Tax Anticipation Warrants
numbered 1 to 11 inclusive; to be of the
denominations of $5,000 and $25,000;
$155,000 - 1971 FIRE PROTECTION FUND Tax Anticipation Warrants
numbered l to 11 inclusive, to be of the
• denominations of $5,000 and $25,000;
$210,000 - 1971 STREET AND BRIDGE FUND Tax Anticipation Warrants.
numbered 1 to 14 inclusive, to be of the
denominations of $5,000 and $25,000;
$210,000 - 1971 GARBAGE FUND Tax Anticipation Warrants numbered
1 to 14 inclusive, to be of the denomina-
tions of $5,000 and $25,000;
$310,000 - 1971 LIBRARY FUND Tax Anticipation Warrants numbered
1 to 18 inclusive, to be of the denom-
inations of $5,000 and $25,000;
$185,000 - 1971 RECREATION FUND Tax Anticipation Warrants num-
bered 1 to 13 inclusive, to be of the
denominations of $5,000 and $25,000;
$155,000 - 1971 COMMUNITY BUILDINGS FUND Tax Anticipation War-
rants numbered 1 to 11 inclusive, to be
of the denominations of $5,000 and $25,000;
$ 90,000 - 1971 PIENTAL HEALTR FUND Tax Anticipation Warrants
numbered 1 to 6 inclusive, to be of
the denominations 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 issue,
and are the only ones authorized to be sold and delivered at this time. No
additional warrants shall be sold or delivered until authorization for sale
and delivery is made by the City Council of the City of Evanston.
wj,
SECTION 4: It is a part of the contract for the sale of
• said warrants that the amount of war -ants
herein authorized does not exceed seventy-five per cent (75%) of tars which
will be extended for the respective purposes of the year 1971, 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 1971 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 au-
thorized to be issued against the respective levies, and to pay the same in
numerical order beginning with the lowest number (except insofar as said war-
rants 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- The Evanston Bank
603 Main Street
Evanston, Illinois 60202
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.
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: The City Treasurer of this City is hereby
authorized to determine the denominations of
the various warrants which are to be delivered.
• SECTION 9: 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.
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• INTRODUCED May 3 , 1971
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PASSED May 3 , 1971
APPROVED May 3 , 1971
/s/ Edgar Vanneman, Jr.
Mayor
ATTEST:
/s/ Maurice F. Brown
City Clerk
Approved as to form:
/s/ Jack M. Siegel
• Corporation Counsel
•
ROLL CALL: Voting Aye: Aldermen Alexander, Brinkmann, Cain, Connor,
Harper, Hoover, Jans, Kneafsey, Lange, McCourt,
Moran, Pittsford, Schiltz, Staples, Summers,
Ward, Winfield, and Wyandt.
Voting Nay: None.
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