HomeMy WebLinkAboutOrd 267 06/10/1947
FMO*AGH
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6/10/47
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AN ORDDANCE AUTHORIZING THE
INVESTMENT OF J.rolfICIP AI. BUILD-
ING FqJfDS.
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WHEREAS, the Village of Mount Prospect has heretofore is-
sued bonds in the sum ot $145,000 for the purpose of constructing
a Municipal Building; and because of the high cost of material
and labor it has been found necessary to defer construction of
said MuniCipal Building; and
WHEREAS, under Section 15.8 of ,Chapter 24 of the Illinois
Revised Statutes, the Village is empowered to invest funds which
are set aside for use for a particular purpose and not immediate-
ly necessary for those purposes;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF MOlliT PROSPECT, COOK COUNTY,
ILLINOIS:
Section l..t. That the funds now set aside for use for the
construction of the Municipal Building which are not immediately
necessary, be invested in short term bonds or other interest bear-
ing obligations of the United States of America.
Section 2~ That the President and the Finance Committee
be and they are hereby authorized to invest said tunds, or so
much thereof as in their jUdgment should be invested, in bonds or
other interest bearing obligations of the United States of
America, and the Treasurer is authorized and directed to execute
the necessary voucher tor the purchase ot:. such bonds or interest
bearing obligations of the United States of America; and hereby
ratifying the acts of ,said officers.
SectJ.01l' 3. Tha t this Ordinance shall be in full force
and effect trom and atter i tspassage and approval, according to
-2--
law.
PASSED: this lOth day of June, A.D. 1947.
APPROVED: this lOth day of June, A.D. 1947.
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Vil ge Clerk
President