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Home My WebLink About42-O-58643 42-0-58 AN ORDINANCE Providing for the issuance of • SIX HUNDRED TWENTY-FIVE TF OUSAND ($625,000) DOLLARS 1958 TAX ANTICIPATION? WARRANTS of the City of Evanston, Cook County, Illinois. WHEREAS, this the City Council of the City of 'i Evanston, in Cook County, Illinois, finds that it does not have funds on hand with which to pay the ordinary and neces- sary operating expenses of the city; and • WHEREAS, this City Council of the City of $vanston in Cook County, Illinois, has heretofore adopted its annual appropriation ordinance for the current fiscal year, beginning January 1, 1958 and ending December 31, 1958, 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 evi- denced 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 hereto- fore 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 1958 Tax Antici- pation Warrants of the City of Evanston, in Cook County, Illinois as follows: $450,000 - 1958 GENERAL CORPORATE FUND Tax Anticipation Warrants numbered C-1 to C-90, inclusive, to be of the denomination of $5,000.00 each; • $ 65,000 - 1958 LIBRARY FUND Tax Anticipation Warrants, numbered L-1 to L-13, inclusive, to be of the denomination of $5,000.00 each; $110,000 - 1958 PLAYGROUND AND RECREATION FUND Tax Antici- pation Warrants, numbered, PR-1 to PR-22, inclusive, to be of the denomination of $5,000.00 each. That all said warrants shall bear interest at the rate of two and one-half per cent per annum from date thereof until paid, and shall be dated December 29, 1958 ; said warrants against the respective funds shall be issued in anticipation of the collection of taxes heretofore levied for the year 19582 by this City Council, on all of the taxable property within this city for the respective funds; said warrants shall be signed by the Mayor, be attested by the City Clerk, and be sealed with the corporate seal of this city, and be registered by the City Treasurer. SECTION 2: That said warrants be in sub- stantially the following form: CITY OF EVANSTON County of Cook State of Illinois 1958 NO. To the City Treasurer City of Evanston Cook County, Illinois ATTEST: FUND TAX ANTICIPATION WARRANTS Pursuant to proceedings adopted by the City Council of the City of Evanston, County of Cook and State of Illinois, you are hereby directed to pay to bearer out of taxes levied by said City Council in and for said City in the year 1959 for purposes, as soon as funds become available, the sum of dollars$ tDgether.with interest thereon at the rate of (_%) 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; provided, 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 gaxes 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. Mayor City of Evanston, Cook County, Illinois • • Uity Clerk City of Evanston, Cook County, Illinois Registered: City Treasurer 645 SECTION 3: That the aforesaid warrants in the aggregate principal amount of SIX • HUNDRED TWENTY-FIVE THOUSAND ($6252000) DOLLARS shall be delivered to the purchasers thereof - State Bank and Trust Company 1603 Orrington Avenue Evanston, Illinois in their numerical order, and upon receipt of the purchase price theretofore agreed upon, being not less than the par value of said warrants; that all of the above described warrants in the aggregate principal amount of SIX HUNDRED TWENTY-FIVE THOUSAND ($625,000)DOLLARS shall be dated December 29, 1958 and shall be delivered to said purchaser on or about said date as follows: $450s000 - 1958 GENERAL CORPORATE FUND Tax Anticipation Warrants numbered C-1 to C-90 inclusive, to be of the denomination of 65,000.00 each; • $-65,000 - 1958 LIBRARY FUND Tax Anticipation Warrants, numbered L-1 to L-13 inclusive, to be of the denomination of 65,000.00 each; $110,000 - 1958 PLAYGROUND AND RECREATION FUND Tax Anti- cipation Warrants, numbered PR-1 to PR-22, inclusive; to be 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 Wafirant No. 1, 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 is the maximum amount to be issued • against the respective funds, and if such maximum amount exceeds seventy-five per cent (75%) of taxes which will be expended for the respective purposes of the year 1958, as nearly as may be determined on the basic of the last avail- `e s able assessed valuation of taxable property, then the maximum amount of warrants which shall be delivered shall not exceed said seventy-five per cent (75%). Contract to purchase heretofore referred to is hereby ratified and • confirmed. SECTION 5: That said tax levy heretofore made in the year 1958 for said purposes be and the same is hereby appropriated to pay the respective warrants herein authorized to be issued against the several funds. The City Treasurer of this city is directed to apply the first mpney 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 res- pective funds, and to pay the same in numerical order beginning 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. funds become available for that purpose; said Treasurer is hereby directed to notify - • State Bank and Trust Company 1603 Orrington Avenue 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. 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. • INTRODUCED December 1, 1958 PASSED December 22, 1958 APPROVED ATTEST: Maurice F. Brown City Clerk December 23, 1958 J. R. Kimbark Mayor Approved as to form: Rex A. Bullinger Corporation Counsel