HomeMy WebLinkAboutOrd 4354 10/01/1991 ORDINANCE NO. 4354
AN ORDINANCE to close out the Insurance Reserve
Bond and Interest Fund Account maintained
by the Village of Mount Prospect, Cook County,
Illinois, and to authorize the transfer of
funds on hand in said Account
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE lst DAY OF Q~tobe~ , 1991
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois the
day of , 1991.
ORDINANCE NO. 4354
AN ORDINANCE to close out the Insurance Reserve
Bond and Interest Fund Account maintained
by the Village of Mount Prospect, Cook County,
Illinois, and to authorize the transfer of
funds on hand in said Account
WHEREAS, in 1986, this Village issued its Installment Note in
the amount of $500,000 for payment of said sum to the Risk
Management Fund for insurance purposes; and
WHEREAS, there was established by this Village a separate
Insurance Reserve Bond and Interest Fund Account for the purpose of
paying principal and.interest payments on said Installment Note;
and
WHEREAS, the said Installment Note has been repaid in full and
there is currently on hand in the Insurance Reserve .Bond and
Interest Fund Account the sum of $38,143.02 derived from interest
earned by the Village on said Account; and
WHEREAS, it is in the best interest of this community that the
said Insurance Reserve Bond and Interest Fund Account be closed and
that the funds on hand be transferred as hereinafter provided.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS,
AS FOLLOWS:
Section 1: This Board hereby finds that there are no
outstanding costs, expenses or other amounts due and owing
with respect to funds on hand in the Insurance Reserve Bond
and Interest Fund Account for Risk Management Insurance
purposes and that the Installment Note issued by this Village
for such purposes has been repaid in full.
Section 2: The Finance Director of this Village is
hereby authorized and directed to close out the Insurance
Reserve Bond and Interest Fund Account, and to transfer the
balance of said Account in the amount of $38,143.02 to the
Police and Fire Building Bond and Interest Fund Account.
Section 3: This Ordinance shall be in full force and
effect upon its passage, approval and publication, as provided
by law.
PASSED: this 1st day of Ootnhmr , 1991.
AYES: Busse, Corcoran, Clowes, Hoefert, Wilks
NAYS: None
ABSENT: None
APPROVED: this 1%t day of ~rtnh~r , 1991.
PUBLISHED: this ?nd day of ~rtnh~r , 1991,
in pamphlet form.
VlLI~kGE PRESIDENT PRO
ATTEST:
VILLAGE CLERK