HomeMy WebLinkAboutOrd 4043 04/18/1989ORDINANCE NO. 4043
AN ORDINANCE AUTHORIZING THE TRANSFER OF THE BALANCE
OF FUNDS IN THE COMMUNICATIONS EQUIPMENT BOND AND INTEREST FUND
TO THE PUBLIC WORKS FACILITY BOND AND INTEREST FUND
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 18th day of April ,1989
P~blished in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
19th day of April, 1989.
ORDINANCE NO. 4043
AN ORDINANCE AUTHORIZING THE TRANSFER OF THE BALANCE
OF FUNDS IN THE COMMUNICATIONS EQUIPMENT BOND AND INTEREST FUND
TO THE PUBLIC WORKS FACILITY BOND AND INTEREST FUND
WHEREAS, the corporate authorities of the Village of Mount Prospect
did adopted Ordinance No. 3418 entitled "An Ordinance Authorizing
the Purchase of the Village of Mount Prospects' Portion of Certain
Computerized Dispatch Communication Equipment For Use by the
Village Police Department, the Village Fire Department, and the
Northwest Central Dispatch System, and to Authorize the Borrowing
of Two Hundred Fifty Thousand Dollars to be Paid Over a Period of
Five Years, and Providing the Levy and Collection of a Direct
Annual Tax for the Payment of Principal and Interest Due of Said
Loan" on April 17, 1984; and
WHEREAS, Ordinance No. 3418 authorized the purchase of said
communications equipment with the financing of said purchase to be
through an Installment Obligation Note with the Mount Prospect
State Bank (lst Chicago Bank of Mount Prospect) in the amount of
Two Hundred Fifty Thousand Dollars ($250,000), which Installment
Obligations began May 1, 1984 and maturing April 30, 1989; and
WHEREAS, the payments on the principal and interest on the said
Installment Obligation Note were authorized through a tax levy
which funds were deposited in the Communications Equipment Bond
and Interest Fund; and
WHEREAS, the final installment payment has been made on said
Installment Obligation Note; and
WHEREAS, with the obligations of said Note having been met, a
balance of One Thousand Three Hundred Fourteen Dollars ($1,314)
remains in said Communications Equipment Bond and Interest Fund;
and
WHEREAS, it has been determined by the President and Board of
Trustees of the Village of Mount Prospect that the best interest
of the village would be served by transferring the balance of
$1,314 remaining in the Communications Equipment Bond and Interest
Fund into the Public Works Facility Bond and Interest Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the President and Board of Trustees of the
Village of Mount Prospect do hereby authorize the transfer of the
remaining balance of $1,314 in the Communications Equipment Bond
and Interest Fund into the Public Works Facility Bond and Interest
Fund.
SECTION TWO: That this Ordinance shall be in full force and effect
.W. Fund
Page 2 of 2
from and after its passage, approval
form in the manner provided by law.
AYES: ARTHUR, FARLEY,
NAYS: NONE
ABSENT: NONE
PASSED and APPROVED this
and publication in pamphlet
FLORES, MURAUSKIS, VAN GEEM, WATTENBEPG
18thday of April , 1989.
ATTEST:
Carol A. Fields
Village Clerk
Caroly~ H. Krause
Village President