HomeMy WebLinkAboutRESOLUTIONS-1984-056-R-84•
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7/3/84
56-R-84
A RESOLUTION
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Authorizing the Extension
of Borrowing by $200,000
I� to a Total of $700,000
(I
i` 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
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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
I' that it is necessary to borrow funds in order to permit the Township
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!� Supervisor to continue to make general assistance payments in the manner
I, required by law; and
;I WHEREAS, the First National Bank & Trust Company of Evanston has
i�offered to lend to the Town of the City of Evanston an additional $200,000
up to the total sum of $700,000 at a rate of 65% of the Prime Rate for the
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' purpose of meeting the Town's obligation to make general assistance
!' payments; and
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WHEREAS, said loan is to be evidenced by promissory notes to be
;i executed by the Township Supervisor in his official capacity and not
IIpersonally; and
j WHEREAS, the.Townl�hip Supervisor has the authority to pledge
fthe 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 assistance; and
1� WHEREAS, pursuant to the provisions of Section 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 forlthe payment of which funds
It are not currently available without the consent of the City Council or
�i Board of Trustees, Board of Town Auditors or County Board, as the case
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may be; and
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56-R-84
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 li ndebtedness 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 a total indebtedness by the Township,
Supervisor not exceeding $700,000 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 notes of an additional
amount of $200,000 for a total not exceeding $700,000 payable to the First
National Bank & Trust Company of Evanston at the rate of 65% 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:
NAYS:
PASSED AND APPROVED this - �/��1, day of Jv l C-/ 1984.
yor of tTie y Evanston as
Chairman of h oard of Trustees
of the Town of the City of Evanston,.
Cook County, Illinois .
• } ATTEST:'
City Clerk as Clerk of the Town
of the City of Evanston, Cook
County, Illinois