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HomeMy WebLinkAboutOrd 229 07/07/1942 ....-.- If '-'~""""'..." ,I .. . , ORDINANCE PROVIDING FOR THE ISSUANCE OF 1942 TAX ANTICIPATION WARRANTS OF THE VILLAGE OF MOUNT PROSPECT, IN COOK COUNTY. ILLINOIS. r7 J,~~ .",.)2 .~ WHEREAS, the President and Board of Trustees of the Village of Mount Prospect, County of Cook and State of Illinois find that there is no money in the treasury of said Village with which to defray the ordinary and necessary ex- penses for general corporate purposes, and that it is for the best interests of the Village that it authorize the issu- ance of its 1942 Tax Anticipation Warrants to provide funds to meet such expenses; and provided, appropriated sums for said purposes, and pursuant to such appropriation ordinance thereafter on the 7th day of July, A.D. 1942, duly passed its tax levy ordinance levying taxes for said purposes, a certified copy of said tax levy ordinance being duly filed with the County Clerk of Cook County, Illinois, as by law required; and WHEREAS, none of said taxes has heretofore been anticipated; and WHEREAS, this Village does not have a working cash fund created by a special tax levy for that purpose or by the issuance of bonds; liQli, THEREFOF~, ~ l! ORDAINED, by the President and the Board of Trustees of the Village of Mount Prospect, County of Cook and State of Illinois: Section 1. That there be and there is hereby author- ized to be issued, executed and delivered the 1942 Tax Antici- ~ pation Warrants as follows: $3,500, 1942 General Corporate Fund Tax Anticipation Warrants, numbered E-l to 1-7, inclusive, in denominations of $500.00 each. That all of said warrants bear interest at the rate of not to exceed three per cent (3%) per annum ~nd be dated July 7, 1942. All of said warrants shall be issued in anticipation of the collection of taxes heretofore levied for the year 1942 by the President and Board of Trustees of this Village on all of the taxable property within this Village for general corporate pur- poses; said warrants shall be signed by the President and at- tested by the Clerk of this Village, be sealed with the corpOrate seal of this Village, and registered by the Treasurer of this Village. Section 2. That said warrants be substantially in the following form: (FORM OF TAX ANTICIPATION \lARRANT) 1942 GENEP~ CORPORATE FUND TAX ANTICIPATION WARRANT THE VILLAGE OF MOUNT PROSPECT COUNTY OF COOK STATE OF ILLINOIS MOUNT PROSPECT, ILLINOIS JULY 7, 1942 No: $500.00 To the Treasurer of The Village of Mount Prospect, Cook County, Illinois: Pursuant to proceedings adopted by the President and Board of Trustees of The Village of Mount Prospect, County of Cook and State of Illinois, you are hereby directed to pay to bearer out of taxes levied by said Board of Trustees in and for said Village in the year 1942 for general corporate purposes as soon as funds become available, the sum of FIVE HUNDRED DOLLARS ($500.00) to~ether with interest thereon at the rate of three per cent (3~) per annum from date hereof until paid, or until notice shall be given by publication in a newspaper or otherwise that the money for the payment hereof is available and that this warrant will be paid on presentation; provided, however, this warrant shall be received by any collector of taxes in payment -2- ------.+--------. of the taxes against which it is issued. This warrant is one of a series authorized to be is- sued to provide a fund to meet the ordinary and necessary ex- penses of this Village for general corporate purposes. You are required by statute to set such taxes apart and hold the same for the payment of said series of warrants, and to pay said war- rants in the numerical order of their issuance solely from said taxes when collected, and not otherwise. <j 1 ~.R..~'f,.l,. . J President, The illage of Mount Prospect, in Cook County, Illinois At t est ://~,6. /1/1 <<y~ b, ~ Clerk Registered: Treasurer Section 3. That said. warrants authorized by this ordinance be delivered to the purchaser thereof, the Mount Prospect State Bank, Mount Prospect, Illinois; that the sale of said warrants to said purchaser shall be at not less than the par value thereof and accrued interest; that said officials are hereby directed to execute and deliver said warrants to said purchaser upon receipt of the purchase price therefor as soon as possible on or after the date thereof. Section 4. That said tax levy heretofore made in the year 1942 for 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 of 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 far as said warrants shall have been used -3- to pay said taxes) and to pay said warrants as fast as funds become available for that purpose; that said Treasurer is hereby directed to notify said purchaser when funds are available to pay any of said warrants sold to said purchasers. Section 5. That the Treasurer of this Village is hereby directed to use the proceeds of said warrants for the purpose herein set out and not otherwise. Section 6. It is hereby agreed as a part of the con- sideration for the sale of the warrants herein authorized that the said Village will not issue additional warrants in antici- pation of the collection of taxes levied for the year 1942 for general corporate purposes in excess of sixty per cent (60%) of the tax levy. Section 7. That the Clerk of this Village is here- by directed to file a certified copy of this ordinance with the Treasurer of said Village. Section 8. That all ordinances or parts of ordinances in conflict herewith be and the same are hereby repealed and this ordinance shall be in full force and effect forthwith upon its adoption and approval. Passed, this 7th day of July, A. D. 1942. Recording Ayes: Board of Trustees of Village of Mount Prospect. -4- . Nay s : Absent: Approved, this '\ ~ day of July, A. D. 1942. / ~I Attest: / J;(/' · ~A Village Clerk presl~t ~ ~;'d~~tees of Village of Mount Prospect, Cook County, Illinois. -5-