HomeMy WebLinkAboutRes 16-76 04/20/1976
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RESOLUTION NO. 16-76
A RESOLUTION AUTHORIZING THE BUDGET OFFICER TO
ESTABLISH A LINE OF CREDIT WITH A DEPOSITORY BANK
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',WHEREAS, the Mayor and Board of Trustees of the Village of Mount
" Prospect have heretofore passed and approved Ordinance No. 2620;
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II WHEREAS, the aforesaid Ordinance No. 2620 sets forth procedures
II for the estab lishment of a Line of Credi t with a depository bank
Ii in order to provide for the payment of necessary expenses debts
II and liabilities of the Village of Mount Prospect; and ' ,
II WHEREAS, the Mayor and Board of the Village of Mount Prospect
II have heretofore passed and approved Resolution No. 15-76 adopting
II the Municipal Budget for the Village of Mount Prospect fiscal
111976 - 77, which Budget appropriates Five Thousand Dollars ($5,00 )
II for the payment of interest falling due on any forthcoming loan
I made by the Village of Mount Prospect, and
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II WHEREAS, the Mayor and Board of Trustees of the Village of Mount
'I Prospect believe that the passage of this Resolution is in the
Ii best interests of the Village of Mount Prospect.
II NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES
II OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
I SECTION ONE: That pursuant to that power and authority given
i home rule units under the terms of Article VII of the 1970
Constitution of the State of Illinois as well as Ordinance No. 262
passed and approved by the Mayor and Board of Trustees of the
Village of Mount Prospect on April 20, 1976, the Budget Officer
be and he is hereby directed and authorized to establish a Line
of Credit with the Mount Prospect State Bank, which Bank is
currently the depository of the General and Related Fund of the
Village of Mount Prospect, so that whenever the Village of Mount
I Prospect does not have sufficient money in this General Fund to
meet necessary expenses, debts, and liabilities of the Village of
Mount Prospect, any and all overdrafts drawn upon said General
and Related Fund shall be honored by the said depository bank,
provided:
1. The aggregate of such overdrafts drawn upon such
depository bank shall not exceed $350,000; and
2. The interest paid by the Village of Mount Prospect
shall not exceed 4.25% per annum and shall be
compounded daily against the outstanding sum total
of such overdrafts on any given day.
SECTION TWO: That the Mayor be and he is hereby authorized to
sign, and the Village Clerk is hereby authorized to attest his
signature on the demand note payable to the order of the Mount
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II Prospect State Bank, a copy of which note 1s attached hereto
I and hereby made a part hereof as Exhibit 1.
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SECTION THREE: That, in passing and approving this Resolution,
the Mayor and Board of Trustees of the Village of Mount Prospect
hereby acknowledge that the Village of Mount Prospect will, at
the time of the passage of any and all tax levy ordinances
during the time this Resolution is in full force and effect, levy
a direct annual tax sufficient to pay the interest on any such
debt created by any such overdraft as such interest thereon falls
due.
I SECTION FOUR: That this Resolution shall be in full force and
i effect from and after its passage, approval, and publication in
II the manner provided by law.
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AYES:
5
NAYS:
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PASSED this
20th day of
April
, 1976.
APPROVED this
20th day of
April
, 1976.
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APPROVED:
<~~d~
ayor
ATTEST:
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A/I~Jv, .-~
ViI age Clerk
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