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Home My WebLink AboutORDINANCES-1961-077-O-6110 / ! -0-11 AN ORDINANCE ' Providing for the issuance of SEVEN HUNDRED AND SIXTY THOU. SEND (S760900 i) DOLLARS 1961 TAX ANTICIPATION .AARRA14TS of the City of Evanston, Cook County, Illinois. 411EREA S, 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 MEREAS, 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, 1961 and ending December 31, 19619 in manner, time and form required by law and has caused the same to be pub- liswhed, 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 'MEREAS, none of said taxes so levied have heretofore been antici- pated by the Issuance of tax anticipation warrants othervA se: NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Evanston, in Cook County, I1linoiss SECTION 1s That there be and there is hereby authorized to be executed and delivered the 1961 Tax An- ticipation larrants of the City of Evanston, in Cook County, Illinois, as foilows I 94 S500pO00 - 1961 GENERAL C ORPORATU FUND Tsx Anticipation .Arrants numbered C»1 to C-1001, inclusive, to be of the denomination of $5f0.O0 each; S1M$= -- 1961 GARBAGE COLLECTION AND DISPOSAL FUND Tax Anticipation },arrants numbered G-1 to G-20, inclusivea to be of the denomination of $5,000*00 eache ie $ 709000 - 1961 LIBRARY FUM Tax Anticipation y:arrants, numbered L-1 to L-14t inclusive, to be of the denomination of $5,O00.00 each; S 90*000 w 1961 PLAYGROUND AND RECREATION FUND Tax Anticipation ':arrants, numbered PR-1 to PR-18, inclusive, to be of the denomination of $50000.00 each. That *11 said warrants shall bear interest at the rater of Tip (2) � . per cent per aannum from data thereof until paid, and shall be dated D6cember J. , 1961; said warrants against the respective funds shall be issued in anticipation of the collection of taxes heretofore levied for the year 19610 by this City Council, on all of the taxable property r4thin this city for the respective funds; said warrants shall be signed by the M-ayor, be attested by the City Clerk, and be sealed with the corporate seal of this city, and be • registered by the City Treasurer. SECTION 2: That said warrants be in substantially thefol- lowing forms • • 0 CITY OF EVANS"ON County of Coots To the City Treasurer of the City of Evanston, in Cook$County, Illinois State of Illinois FUND TAX ANTICIPATION 4'tRl RUTS 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 M,OOO.00) together with interest thereon at the rate of per cent ( %) per annum from date hereof until paid, or until notice shall be given by publication in a newspapar or other- wise that the money for the payment hereof is available and that this warrant will be paid on presentation; provided, however, this warrant shall be received by any collector of taxes in payment of the taxes against which it is issued. This tirrant is one of a series autho3riz d# or to be author- ized, 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 tsrrants, and to pay said vrarrants in the numerical order of their issuance solely from said taxes then collected and not othorwis*. Dated this day of , lg,,,. Attest+ City Clerk City of Evanston,in Cook County, Illinoiso Registered: City Treasurer Mayor City of .Evanston in Cook County, Illinois, } SECTION 3: That the aforesaid grants in tho aggregate principal amount of SEUe1 MIMED t,&'M SIXTY THOUSAND DOLLARS ($760tOCO) shall be delivered to the purchasers thereof - The Illinois Company • 231 South LaSalle Street Chicago 4. Illinois in their numerical order, and upon receipt of the purchase price heretofore agreed upon, being not lase than the par value of said varrents; that all of the above described warrants in the aggregate principal amount of SEVEN HUNDRED AND SIXTY THOUSAND DOLLAR; ($7609000) shall be gated December 1. 1961 and shall be delivered to said purchaser on or about said bate as followsa $5009000 - 1961 GENERAL CORPORATE FUND Tax Anticipation .tarrants numbered C-1 to C-100, inclusive, to be of the denomination of $5#00O.00 each; $1000000 ;- 1961 GARBAGE COLLECTION AND DISPO&L PUFF Tax Anticipation V'4rrante numbered G-1 to G-200 inclusive, to be of the denomination of $5,000.00 each; $ 70,000 - 1961 LIBRARY FUND Tax Anticipation '.Arrants„ numbered L-1 to L.14, inclusive, to be of the denomination of $5#000.00 each; $ 90*000 - 1961 PLAYGROUND AND RECREATION FUND Tax Anticipation ',.arrants, • numbered PE-1 to PR-18, inclusive, to be of the denomination of $S,OOO,00 each. The above grants constitute the first warrants issued against said funds, and being numbered consecutively beginning with Vagrant No. 1, are the only ones authorized to be sold and delivered at this time* No additional to rrants 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 .;arrants herein authorized does not exceed seventy-five per cent (75%) of taxes rMch rill be extended for the respective purposes of the year 19611t as nearly ea May be do- termi.ned on the basis of the last available assessed valuation of taxable property. 0 • 0 SECTION 5: That said tax levy heretofore ride in the year 1961 for said purposes be and time same is here- by appropriated to pay the respective arrants heroin authorized to be issued against the several funds,* The City Treasurer of this city is directed to ap- ply the first money received by him from said takes for the several purposes herein mentioned in the payment of the grants herein authorized to be issued against the respective funds, and to pay the same in numerical order beginning with the lowest number (excerpt insofar as said tararents shall have bseen used to pay said taxes) and to pay said vaarrants as fast as funds become available for that purpose; saki Treasurer is hereby directed to notify - The Illinois Company 231 South LaSalle Street Chicago 4, Illinois %tern funds are available td'pay any of said raarrants. SECTION 6e The City Treasurer of this city is hereby di- rected to use they proceeds of said rarrants for the several purposes herein set out and not otherwise. SECTION 71 The City Clerk of this City is hereby directed to file a certified copy of this ordinances with the City Treasurer of this City. SECTION Ss That all ordinances or parts of ordinances in conflict herewith be and the ewe are hereby repealed and this ordinance shall be in full force and effect forthrAth upon Its adoption and. approval. • VITRODUCED November 27 1961 PASSED November 27 # 1961 Ai-PROVD November 2% .► 1962 /s/ J. R. Kimbark M.a9t''1or ATTE.Ur: yww City Clerk Approved as to forms Carporattt on Counsel • ROLL CALLS Ayasz A-Iderman Long, Trenbeth, Ward, Boyer, Hoover, Trahan, McCourt, Rubin, Beck, Nott, Hills, Corcoran, Vanneman, Kamen, Marshall, Harbaugh, Gorby. Nayst None (ABSENT: Mayor Kimbark and Alderman Nichols) • • 0 STATE OF ILLINOIS) COUNTY OF COOK ) I, the undersigned, duly qualified and acting City Clerk of the City of Evanston, in said County and State, do hereby certify that the attached is a true and correct copy of an Ordinance providing for the issuance of SEVEN HUNiFLM QMD.,.,SIM JLUJ 56tM QQLAR5 ($7 ) in 1961 Tax Anticipation rwarrants, which has been adopted by a motion duly made and seconded and carried by the affirmative vote of a majority of the elected members of the City Council of said municipality, voting at a duly convened meeting and has been signets and 4jproved by the Mayorz that said ordinance is now a part of the official records of said municipality and same has not in any manner been revoked or rescinded; that said copy shows the vote for and against the adoption of said ordinance as recorded; and that the Mayor and each and every member of said City Council had due and timely notice of the meeting at which said ordinance was adopted; all as appears from the official record of the proceedings of said City Council. .,TTNESS my hand and seal of said City this day of November , 1961. futo ' wut� City Glerk 29th J