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Home My WebLink AboutORDINANCES-1970-058-O-7058-0-70 AN ORDINANCE Providing for the issuance of ONE M LLION EIGHT HUNDRED TWOTT-FIVE THOUSAND DOLLARS ($1,825,000) 1970 TAX ANTICI- PATION WARRANTS of the City of Evanston, Cook County, Illinois WHERFAS, this City Council of the City of Evanston, in Cook County, Illinois, finds that it does not have funds on hard.with which.to pay the or- dinary 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, 1970 and ending Deember 31, 1970, in manner, time and Form required by law and has caused the game to be pub- lished, as required by law,,in the Evanston'Revieyw, as evidenced by proper proofs of publication now a pare 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 antiei- pated.by the issuance of tax anticipation varrants otherwise: NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Evanston, in Cook County, Illinois; SECTION 1s That there be and there is hereby authorized to be executed and delivered the 1970 Tax An- ticipation Warrants of the City of Evanston, in Cook County, Illi:ziois, as follows: • $535,000 .. 1970 GENERAL CORPORATE FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $ 60,000 - 1970 PARKS FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,OOO each; $1.05,000 - 1970 POLICE PROTECTION FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $105,OOO » 1970 FIRE PROTECTION FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $2150000 - 1970 STRUT AND BRIDGE FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $215,000 - 1970 GARBAGE FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $275,000 - 1970 LIBRARY FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $175,000 - 1970 PLAYGROUND'AND RECREATION FUND Tax Anticipation Warrants numbered incluaive, to be of the denomination of $5,000 each; $140,OOO - 1970 . COMMUNITY BUILDINGS FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5:000 each. That all said warrants shall bear interest at the rate of 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 collec- tion of taxes heretofore levied for the year 1970.. 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 2s That said warrants be in substantially the following fozYms -2- CITY OF EVANSTON County of Cook, State of Illinois FUND TAX ANTICIPATION 'WARRANT To the City Treasurer -of the City of avanston in Cook County, Illinois Pursuant to proceedings adopted by the City Council of the City of Evanston, County of Cook and State of Il1- inois, you area 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 Five Thousand Dollars ($5,000.00) together with in- terest thereon at the rate of per -cent i %) per annun from date hereof until paid, or un- til 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 pres- entation; providing, however, this warrant shall be received by any collector of taxers in payment of the • taxes against which it is issued. This warrant is one of a series authorized., or to be authorised, 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 tars apart and hold same for the payment of said series of war- rants and to pay said warrants in the xmmerical order of their issuance solely from said taxes when collec- ted and not otherwise. Dated this day .P111D. ATTEST: • City Clerk City of Evanston in Cook County, Illinois Registered: J 3 ,# $5,000.00 Mayor City of Evanston in Cook County, Illinois City Treasurer w� • 3;j SECTION 3: That the aforesaid warrants in the aggregate principal amount of ON3 MLLION EIGHT HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($10825,000) shall be delivered to.the purchasers thereof, namely,, 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 $ y73,-v� f that all of the above described warrants in the ag- gregate principal amount of ONE BILLION EIGHT HUNDRM TWENTY-FIVE THOUSAND DOLLARS ($1,825,000) shall be dated as of the date of delivery to said pur- chaser as follows: $535,000 _ i970 GENERAL CORPORATE FUND Tax Anticipation Warrants numbered inclusive, to be of the denami.nation,of $5,000 each; $ 60,000 - 1970 PARKS FUND Tax Anticipation Warrants numbered inclusive' to ba of the denomination of $5,000 each; $105,,000 - 1970 POLICE PROTECTION FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $105,000 1970 FIRE PROTECTION FUND Tax Anticipation Warrants numbered inclusive, to to of the denomination of $5,000 each; $215,000 - 197C STREET AND BRIDGE FUND Tax Amicipation Warrants numbered inclusive, to be of the denomination of $5,000 each-, $215,9000 - 1970 GARBAGE FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $275*000 » 1970 LIBRARX FUND Tat Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $175,v00 - 1970 PLAYGROUND AND RECREATION FUND Tax'Anticipation Warrants numbered inclusive, to be of the denomination of $5,000 each; $140,000 - 1970 COMMUNITY BUILDINGS FUND Tax Anticipation Warrants numbered inclusive, to be of the denomination of $5jOOO each. -4- The above warrants constitute the First warrants issued against said fonds, • 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. 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 1970, as nearly as may be determined on the basis of the last available assessed valuation of taxable property. ' SECTION 51 That said tax Levies heretofore made in the year 1970 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 begin 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 ruzds become available for that purpose; said Treasurer is hereby directed to notify- 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 heroin set out and not otherwise. SECTION 7: The City Cleric of this City is hereby di - rooted to file a certified copy of this ordinance with the City Treasurer of this City. �5- f L • • W] SECTION 8t 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. INTRODUCED Tul.v 2n PASS8D Tulv 2Q ATTFM t /,Aj Maim rP F PjX_Qyn City Clerk Approved as to form: /sl Jack N. Siegel Corporation Counsel ROLL Ct1LL t 1970 1970 APPFDVED T„ ty_.p , 1970 ct"ing Mayor -6- • • W] SECTION 8t 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. INTRODUCED Tul.v 2n PASS8D Tulv 2Q ATTFM t /,Aj Maim rP F PjX_Qyn City Clerk Approved as to form: /sl Jack N. Siegel Corporation Counsel ROLL Ct1LL t 1970 1970 APPFDVED T„ ty_.p , 1970 ct"ing Mayor -6- U] C 1 V 7 1 or Oauso to be filed for record in the offloo of the Recorder of Deeds of Cook County* 111inoia„ a certified copy of this ordinance togother with the Plat made a part thereof* Introduced 1970 Adopted 1970 Approved 1970 Acting Attaatz Approved' a e to f orra t ors on unse2 Recorded 1970 +)ocUment Ito« �,� 1970 P�e��^+��71,.:.�.o,:di. Z2� OF VA CA Tl ON of that portion of L yons Street being the North tbh-t y thvee (,5 3) feet of the S E. Yf of the ,S YV. Y4 of tree M.E. Y4 of Section / 3, Township -¢/ Al, Rarye )3 E. of the J"- /'M, lying w&eYt of the wosi-er/y /ine . of the fi'i9irt- of -Way of the Mayfair DiYision of the Chicago and Nor /2 W--stern Railway Company and ,East of the East Li17e o;` Public 41le y /y/r?g East of ,Darroyv Avenae', all in the City of EV671752LOn� C04117fy o/Cooky Statue of Illinois. Q /3 I'v h /69. B' A/,/1i7Zo 7eS.E .W,/41N.� 39.3 .0' 30' 70' N YES Q / 2 3 en • O SLAB. v . v 4 / findvo deferred installmo,?t 6, outstanding unpaid special assessrae/7ts eUe against the /and inclaa'ea' /n th- ,0/at hereon drawl?, Evanston, I//inois, City Collector, E anston� II/. 7-0 : 70