HomeMy WebLinkAboutRESOLUTIONS-1983-045-R-835/20/83
45-R-83
A RESOLUTION
Resolution Authorizing the Borrowing of
$500,000 for Town Purposes
WHEREAS, the Town of th'e City of Evanston, pursuant to the
provisions of Article VI of Chapter 23 of the Illinois Revised States, is
required to furnish general assistance -to all persons meeting eligibility
requirements; and
WHEREAS, the funds available to the Town of the City of Evanston
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to provide such general assistance have been exhausted; and
WHEREAS, the City Council of the City of Evanston, acting as the
Board of Trustees of the Town of the City of Evanston, have determined that
it is necessary to borrow funds in order to permit the Township Supervisor
to continue to make general assistance payments in the manner required by
law; and
WHEREAS, the First National Bank & Trust Company of Evanston has
offered to lend to the Town of the City of Evanston the sum of $500,000 a�_a
• rate of 5,% for the purpose of meeting the Town's obligation to make general
assistance payments; and
WHEREAS, said loan is to be evidenced by a promissory note to be
executed by the Township Supervisor in his official capacity and not personally;
and
WHEREAS, the Township Supervisor has the authority to pledge the
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credit of the Town in the instance where no funds are on hand for the payment
of required funds to relieve the residents of the Town eligible for general
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assistance; and
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WHEREAS, pursuant to the provisions of §12-21.9 of Chapter 23 of
the Illinois Revised Statutes, no indebtedness shall be incurred by any
Supervisor of general assistance in excess of taxes levied for public aid
purposes and uncollected or for the payment of which funds are not currently
available without the consent of the City Council or Board of Trustees,
• Board of Town Auditors or County Board, as the case may be; and
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5/20/83
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WHEREAS, the City Council of the City of Evanston, acting as the
Board of Trustees of the Town of the City of Evanston, by the adoption of
this resolution, do hereby consent to the incurring of indebtedness in the
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;,manner herein set forth.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF THE CITY OF EVANSTON , COOK COUNTY, ILLINOIS:
SECTION 1: That the City Ca^uncil of the City of Evanston as
Board of Trustees of the Town of the City of Evanston
'.,do hereby consent to the incurring of indebtedness by the Township Supervisor
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of the sum of $500,000 to be loaned to the Town of the.City of Evanston by
the First National Bank & Trust Company of Evanston for the purpose of
isecuring funds to be utilized for general assistance in the manner required
by law.
SECTION 2: That the Township Supervisor be and he is hereby
authorized to execute on behalf of the Town of the
City of Evanston and not personally, a promissory note in the amount of
$500,000 payable to the First National Bank & Trust Company of Evanston a.t..,
the rate of 512A.
SECTION 3: That the obligation here incurred by the Township
Supervisor as Supervisor of general assistance, shall
be repaid at the earliest feasible time following the collection of taxes
due to the Township.
SECTION 4: This resolution shall be in full force and effect
from and after its passage and approval in the manner
provided by law.
Alderman Barr, Heaston, Neems, Davis, Korshak, Morton,
AYES: Summers, Wold, Nelson, Bleveans, Collens, Rainey, Romain,
Ream, Borah, Pabst; and Juliar
NAYES: NONE
PASSED & APPROVED this 23rd day of May, 1983.
Ma` r of the Cit,Krrd
anston as
airman of the"Bo f Trustees
• of the Town of the City of Evanston,
Cook County, Illinois
ATTE f :
`City Clerk as Clerk of the Town of
the City of Evanston, Cook County,
Illinois