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HomeMy WebLinkAboutOrd 223 08/05/1941 -- ,.-..' ORDINANCE PROVIDING FOR THE ISSUANCE OF 1941 ;rAX AWI1ICIPATION WARRANTS OF THE VILLAGE OF MOUNT PROSPECT, IN COOK COUNTY. ILLINOIS. WHEREAS, the President and Board ot Trustees ot the Villa,ge ot Mount Prospeot, County of Cook and State of Illinois find that there is no money in the treasury ot said Village with whioh to defray the ordinary and neoessary ex- penses for general oorporate purposes, and that it is for the best interests of the Village that it authorize the issuanoe ot its 1941 Tax Antioipation Warrants to provide funds to meet suoh expenses; and WHEREAS, this Village by an appropriation ordinanoe duly passed on the 1st day of July, A.D. 1941, and published within the time required by the statute in suoh oase made and provided, appropriated sums for said purposes, and pursuant to suoh appropriation ordinanoe thereafter on the 5th day ot August, A.D. 1941, duly passed its tax levy ordinanoe levying taxes for said purposes, a oertified oopy of said tax levy ordinanoe being duly filed with the County Clerk of Cook County, Illinois, as by law required; and WHEREAS, none of said taxes has heretofore been antioipated; and WH1~REAS, this Village does not have a working oash fund oreated by a speoial tax levy for that purpose or by the issuanoe of bonds; g, TH'~REFORE, ~ II ORDAINED, by the President and the Board of Trustees of the Village of Mount Prospeot, County of Cook and State of Illinois: Seotion 1- That there be and there is hereby author- ized to be issued, exeouted and delivered the 1941 Tax Anti- oipation Warrants as follows: -2- ~3,500, 1941 General Corporate Fund Tax Anticipation Warrants, numbered D-l to D-?, inclusive, in denominations of $500. each. That all of said warrants bear interest at the rate of not to exceed four per cent (4%) per annum and be dated August 8, 1941. All of said warrants shall be issued in anticipation of the col- lection of taxes heretofore levied for the year 1941 by the President and Board of Trustees of this Village on all of the taxable property within trus Village for general corporate pur- poses; said warrants shall be signed by the President and attested 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 WARRANT) 1941 GENERAL COF20RATE FUND TAX ANTICIPATION WARRANT THE VILLAGE OF MOUNT PROSPECT COUNTY OF COOK STATE OF ILLINOIS MOUNT PROSPECT, ILLINOIS August 8, 1941 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 Boa.rd of Trustees in and for said Village in the year 1941 for general corporate purposes as soon as funds become available, the sum of FIVE HUNDRED DOLLARS ($500.00) together with interest thereon at the rate of per cent (~%) per annum from date hereof until paid, or until notice s 11 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 1n payment of the taxes against which 1t 1s issued. -3- This warre.nt 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. . (~. ~. EL~~r,_L. J President, The illage of Mount Prospect, in Cook County, Illinois Registered: cY~~ Treasurer Section 3. That said warrants authorized by this - ordinance be delivered to the purchasers thereof; that the sale of said warrants to said purchasers 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 purchasers 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 1941 for general corporate purposes be and the same is here- by appropriated to pay the warrants herein authorized to be is- sued against said fund; that the Treasurer of this Village 1s 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 to pay said taxes) and to pay said warrants as fast as funds become available for that purpose; that seid Treasurer is hereby directed to notify said purchasers when funds are available to -4- pay any of said warrants sold to said purchasers. Section 2- 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 2. 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 1. 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..6 day of August, A.D. 1941. Recording Votes: Ayes:,~ ~o '~~- 2nd~ y~ Board of Trustees of Village of Mount Prospect. Nays: )f~ of August, A.D. 1941. C\ · 'L r;;:~ "'~4' .J President of Board of rustees of Village of Mount Prospect, Cook County, Illinois.