HomeMy WebLinkAboutOrd 3185 02/02/1982 RDINAiqCE NO. 3185
AN ORDINANCE TO TERMINATE THE 1961 MUNICIPAL
BUILDING FUND AND TO TRANSFER THE CASH BALANCE
ON HAND TO THE GENERAL CORPORATE FUND OF THE
VILLAGE OF MOUNT PROSPECT, ILLINOIS
~EREAS, on February 7, 1961, by Ordinance No. 745, this
Board did issue bonds in the amount of $195,000 for the purpose
of constructing an addition to the Mount Prospect Village Hall;
said bonds to mature and become payable, in principal and
interest, ~during the years from 1962 through 1980; and
WHEREAS, there was established and maintained throughout
the bond maturity period a special fund designated as the
"1961 Municipal Building Fund" for the purpose of depositing
amounts collected from the levy of taxes to pay principal and
interest on said bonds, and to use said amounts to pay off
such bonds as they mature; and
WHEREAS, all of said bonds issued for the stated Municipal
Building purpose have matured and have been presented for
payment and have been paid in full and there are no outstanding
bonds therefor, nor any further taxes to be levied and collected
for the purpose of paying the same; and
WHEREAS, there is remaining in the 1961 Municipal Building
Fund a cash balance in the amount of $5,929, which amount is
no longer required or necessary for the purposes for which it
was obtained.
THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK CO~TY, ILLINOIS:
SECTION ONE: This ~oard does hereby declare that the 1961
Muncicipal Building Fund is no longer necessary and that the same
shall be herein terminated.
SECTION TWO: The Village Treasurer is hereby authorized
and directed to transfer the sum of $5,929 on hand in the 1961
Muncipal Building Fund to the General Corporate Fund of this
Village.
SECTION THREE: This Ordinance shall be in full force and
effect upon its passage and approval in accordance with. law.
PASSED A~D APPROVED this 2nd day of February
, 1982.
AYES: Arthur, Farley, Floros, Murauskis
NAYS: None
ABSENT:
ATTEST:
Miller, Wattenberg
VILLAGE CLERK