HomeMy WebLinkAboutRes 13-72 05/23/1972
RESOLUTION NO. 13 - 72
A RESOLUTION AUTHORIZING THE BORROWING OF FUNDS
SUFFICIENT FOR TIIE CONSTRUCTION OF l~'ELL NO. 16
l~REAS, the ~~yor and Board of Trustees of the Village of Mount Prospect
have detemined to expand the Water Works System of the Village of
Mount Prospect; and
WHEREAS, a certain acre of land has been donated to the Village of
Mount Prospect for purposes of a Village well and reservoir site; and
WBEREAS, the ~~yor and Board of Trustees of the Village of Mount Prospect
have authorized water rate increases to upgrade the present Water Works
System and to drill new wells and add additional storage capacity; and
WHEREAS, the Mayor and Board of Trustees have detennined that a new well
is needed and necessary at this time and that bonds shall not be issued
for the cost of same;
NOW, 1HEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF 1HE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOI:
SECTION ONE: That the Village Manager of the Village of Mount Prospect
be and lS hereby authorized to borrow funds not to exceed Two Hundred
and Fifty Thousand Dollars ($250,000) at the lowest interest rate
available, for the purpose of constructing a well, reservoir, and
appurtenances southeast of Busse and Algonquin Roads.
SECTION Tl'vO: That the tenns of the aforementioned loan shall not exceed
that period 'of time in which it is reasonably expected that these
additions to-the system can be paid for from the proceeds available from
the operation of the Water Works System itself.
SECTION 1BREE: That this Resolution shall be in full force and effect
from and after its passage, approval, and publication in the manner
provided by law.
AYES: 6
NAYS: 0
PASSED and APPROVED this 23rd day of May, 1972.
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Mayor
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ATTEST:
Village Clerk