HomeMy WebLinkAboutORDINANCES-1965-095-O-65•
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AN ORDINANCE
Providing for the issuance of
SEVEN HUNDRED AND FIFTY
THOUSAND ($750,000) DOLLARS
1965 TAX ANTICIPATION WARRANTS
of the City of Evanston, Cook
County, Illinois.
WHEREAS, this the 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, 1965 and ending December 31, 1965,
in manner, time and form required by law and has caused the same to be
published, 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
anticipated 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 1965 Tax
Anticipation Warrants of the City of Evanston, in Cook County, Illinois,
as follows:
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$475,000 - 1965 GENERAL CORPORATE Tax Anticipation Warrants numbered C-1 to
C-95, inclusive, to be of the denomination of $5,000 each;
$100,000 - 1965 GARBAGE COLLECTION AND DISPOSAL Tax Anticipation Warrants
numbered G-1 to G-20, inclusive, to be of the denomination
of $5,000 each;
$ 76,000 - 1965 LIBRARY Tax Anticipation Warrants, numbered L-1 to L-15,
inclusive, to be of the denomination of $51000 each;
$1001000 - 1965 PLAYGROUND AND RECREATION Tax Anticipation Warrants, numbered
PR-1 to PR-20, inclusive, to be of the denomination of $5.1000
each.
That all said warrants shall bear interest at the rate of (3 1/8%)
Three
and
one-eiehth
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 1965, 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 Mayors 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:
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No.
$50000.00
CITY OF EVANSTON
County of Cook State of Illinois
FUND TAX ANTICIPATION WARRANTS
ro 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
purposes, as soon as funds become available, the sum of
Five Thousand Dollars C$5,000.00) together with interest
thereon at the rate of Der cent
C %) 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 presen-
tation; 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
• authorized, 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 day
of , 19
Mayor
City of Evanston in Cook County,
Illinois.
Attest;
City Clerk +
City of Evanston in Cook County,
r•
.Illinois
• Registered:
City Treasurer
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SECTION 3; That the aforsaid warrants in the aggregate
principal amount of SEVEN HUNDRED AND FIFTY
THOUSAND DOLLARS ($750,000) shall be delivered to the purchasers thereof -
namely,
State Bank and Trust Company
Evanston, Illinois
in their numerical orders, and upon receipt of the purchase price heretofore
agreed upon, being the par value thereof plus accrued interest, and a premium
of $ �5_nn that all of the above described warrants in the aggregate
principal amount of SEVEN HUNDRED AND FIFTY THOUSAND DOLLARS (750,000) shall
be dated as of the date of delivery to said purchaser as follows:
$4752000 - 1965 GENERAL CORPORATE FUND Tax Anticipation Warrants numbered
C-1 to C-95, inclusive, to be of the denomination of
$5,1000.00 each;
$100#000 -- 1965 GARBAGE COLLECTION AND DISPOSAL FUND Tax Anticipation
Warrants numbered G-1 to G-20, inclusive., to be of the
denomination of $5,000.00 each;
$ 75.,000 - 1965 PUBLIC LIBRARY FUND Tax Anticipation Warrants,, numbered
L-1 to L-15, inclusive, to be of the denomination of
$5,000.00 each;
$100,000 - 1965 PLAYGROUND AND RECREATION FUND TAX Anticipation Warrants,
numbered PR-1 to PR-20,'inclusive9 to bet of the denomination
of $5,000.00 each.
The above warrants constitute the first warrants issued against said funds,
and being numbered consecutively beginning with Warrant No. 3, 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.
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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
i will be extended for the respective purposes of the year 19650 as nearly as
0
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 1965 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 Cexcept 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 purposep said Treasurer is hereby
directed to notify -
State Bank and Trust Company
Evanston, Illinois
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.
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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.
INTF,ODUCED 11965
PASSED 27 ,1965
APPROVED ,1965
ATTEST:
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City Clerk.
Approved as to form:
Corpoi-,rtion Coun�1
ROLL CALL:Voting Aye: Alderman McCourt, Kamen, Lyons, Jans, Nott, Cain, Wiscomb
Spencer, Beck, Hartman, Ward, Howell, Winfield, Trenbeth, Hoover and Emrich.
Voting Nay: None.` Motion carried. Absent: Alderman Boyer and Marshall.
Presiding: Mayor John D. Emery.
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