HomeMy WebLinkAboutRESOLUTIONS-1983-071-R-83ll/l/83
11/2/83
•
71-R-83
A RESOLUTION
Authorizing the Borrowing
of $500,000 for Town Purposes
WHEREAS, the Town of the City of Evanston, pursuant to
the provisions of Article VI of Chapter 23 to the Illinois Revised
Statutes, is required to furnish general assistance to all persons
meeting eligibility requirements; and
I WHEREAS, the funds available to the Town of the City of
Evanston 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
I
Evanston has offered to lend to the Town of the City of Evanston
the sum of .$500,00 at a rate of 65% of the Prime Rate for the
purpose of meeting the Town's obligation to make general
-I assistance payments; and
WHEREAS, said loan is to be.evidenced by promissory
notes 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 credit of the Town in the instance where no funds are
on hand for the payment of required funds to relieve the residentsl,
of the Town eligible for general assistance; and
WHEREAS, pursuant to the provisions of Section 12-21.9
of Chapter 23 of the Illinois Revised Statutes, no indebtedness
• i shall be incurred by any Supervisor of general assistance in
excess of taxes levied for public aid purposes and uncollected or
71-R-83
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.
•
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 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 Council 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 not exceeding $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
securing 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, promissory
motes not exceeding $500,000 payable to the First National Bank &
,Trust Company of Evanston at the rate of 650 of. the Prime Rate.
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 property 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.
AYES: Trustees Raden, Korshak, Morton, Summers, Wold, Nelson
Bleveans, Collens, Rainey, Romain, Ream, Borah, Pabst,
Juliar, Barr, Heaston, and Davis.
(voice vote)
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71-R-83
i
i
NAYES : None
PASSED & APPROVED this day y of 1983.
1
i
i of_ the i of Evanston
a�yor
Chairman of the F3oard of
Trustees of the Town of the
fCity of Evanston, Cook County,
Illinois
ATTEST: Clerk as Clerk of the Town
;of the City of Evanston, Cook
iilCounty, Illinois
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