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HomeMy WebLinkAboutOrd 249 09/04/1945 . . . ORDII'ANCE PROVIDING FOR THE ISSUANCE or 1945 TAX ANTICIPATION WARRANTS or THE VILLAGE or )lOUNT PROSPECT,IB COOK COUNT1, ;LLINpIS. 24't ~, the President and Board of Trustees ot the Village ot Mount Prospect, Oounty of Cook and State ot Illinois tind that there is no money in the treasury ot said Village with which to de tray the ordinary and necessary expenses for general corporate purposes, and that it is for the best inter- ests of the Village that it authorize' the issuance ot its 1945 Tax Anticipation Warrants to provide funds to meet such expenses; and' ~t this Village by an appropriation ordinanoe duly passed on the 15th day ot June, A.D. 1945, and published within the time required by the statute in suoh case made and provided, appropriated sums tor said purposes, and pursuant to such appropriation ordihance thereatter on the 3rd day ot July, A.D. 1945, duly passed its tax levy ordinance levying taxes for said purposes, a certitied copy ot said tax levy ordinance being duly tiled with the County Clerk ot Cook County, Illinois, as by law required; and lHE~, none ot said taxes has heretotore been anticipated; and ~, this Village does not have a working cash tund created by a speCial tax levy tor that purpose or by the issuance of bonds; IQ!,. THEREfORE, ~ II ORD!+NQ2, by the President and the Board of Trustees ot the Village ot Mount Prospect, County ot Cook and State of Illinois: Section l~ That there be and there is hereby author- ized to be issued, executed and delivered the 1945 Tax Antici- pation Warrants as tollows: $12.000, 1945 General Oorporate fund Tax Anticipation Warrants, numbered 0-1 to 0-24, inolusive, in denominations ot $500.00 each. That allot said. warrants bear interest at the rate ot not to exceed three per oen' (3~) per annum trom the date ot their issuance, and said warrants shall be issued trom time to time as tund& are needed. Allot said warrants shall be issued in anticipation ot the collection ot taxes heretotore levied tor the year 1945 by the President and Board ot Trustees ot this Village on allot the taxable property within this Village tor general corporate purposes; said warrants shall be signed by the President and. attested by the Olerk ot this Village, be sealed with the corporate seal at this Village, and registered by the Treasurer at this Village. That said warrants be substantially in the to11owing torm: (FORU OF TAX ANTI OIP ATI ON W.ARRANT) 1945 GENERAL OORPORATE FUID TAX AN!IOIPATIOlf WARRANT THE VILLAGE OF MOT.JWT PROSPEOT COUNTY OF OOOX STATE OF ILLIBOIS MOUNT PROSPEOT, ILLINOIS Bo. $500.00 To the Treasurer ot the Village ot Mount Prospect, Cook Oounty,Illinois: Pursuant to proceedings adopted by the President and Board at Trustees ot The Village ot Mount Prospect, Oounty ot Oook and State ot Illinois, you are hereby directed to pay to bearer out ot taxes levied by said Board at Trustees in and tor sald Village 1n the year 1945 tor general oorporate purposes as soon as tunds become available, the sum ot FIVE HUNDRED DOLLAU ($500.00) together with interest thereon at the rate ot per cent ( %) per annum trom date hereot until paid, or until notice shall be .iven by publieation in a newspaper or otherwise that the money tor the payment hereof is available and that this warrant will b~paid on presentation; provided, however, this -2- 1. . . warrant shall be recelved by any colleotor ot taxes in payment ot the taxes against whioh it is lssaed. !his warrant is one ot a series authorized to be is- sued to provide a tund to meet the ordinary and necessary ex- penses ot this Village tor general corporate purposes. You are required by statute to set such taxes apart and hold the same tor the payment of said series of warrants, and to pay sald warrants in the numerloal order ot their issuance SOlely trom said taxes when collected, and not otherwise. Dated this , day ot , 194_. President, The Village of Mount Prospect, in Cook County, Illinois Attest: Clerk Registered: Treasurer Sectlon 3. That said warrants authorized by this ordinance be delivered to the purchaser thereof upon oonfirma- tion of the sale to such purchaser by the Board of Trustees; that the sale of said warrants to sald purchaser shall be at not less than the par value thereot and accrued interest; that said officials are hereby directed to execute and deliver said warrants to said purchaser upon receipt ot the purchase price therefor as soon as pOSSible on or after the date thereof. Sectlon 4. That said tax levy heretofore made in the year 1945 tor general corporate purposes be and the same is hereby appropriated to pay the warrants herein authorized to be issued against said fund; that the Treasurer ot this Village is directed to apply the first moneys received by him from said taxes for said purpose herein-mentioned in the payment of the warrants herein authorized to be issued against said fund, and to pay the same in numerical order beginning with the lowest number (except in so tar as said warrants shall have been used -3- .... to pay said taxes) and to pay said warrants as tast as tunds become available for that purpose; that said Treasurer is hereby directed to notify said purchaser when funds are available to pay any ot said 'warrants sold to said purchasers. Section ~~ That the Treasurer ot this Village i8 hereby direoted to use the prooeeds ot said warrant. tor the purpose herein set out and not otherwise. Sect~on 6. It is hereby agreed as a part ot the aon- sideration for the sale of the warrants herein authorized that the said Village will not issue additional warrants in antici- pation of the colleotion ot taxes levied tor the year 19~5 tor general corporate purposes in excess of sixty-five per cent (65%) of the tax levy. Section 7. That the Clerk of this Village is hereby directed to file a certified oopy ot this ordinance with the Treasurer of said Village. Section 8. That all ordinanoes or parts of ordinanoes in conflict herewith be and the same are hereby repealed and this ordinance shall be in tull force and effect forthwith upon its adoption and approval. Passed, this Jftl day' of A~, A.D. 19~5. Recording Votes: Ayes: R.\Js~eLL..' HAR.'TW1G WAl-,E:R. Klt~CHHoPF ,l-\eot:>oRE LAM~ W"'\. T. Mo-rT JAME5 WAX FRED E.. WELSH Board of Trustees otVillage ot Kount Prospect. -4- . Nays: ~ 0 tJ e: Absent: tV 0 t-J E ApproTed, this J./-tl day otAf~, A.D. 1945. ~~~ of ~- resident ot Soard ot Trustees ot Village ot Mount Prospeet, Oook County, Illinois. Attest: ~1(~-:d~ -5-