HomeMy WebLinkAboutOrd 155 11/01/1932
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ORDINANCE
PROVIDING FOR THE ISSUANCE OF
THREE THOUSAND DOLLARS ($3,OeO)-~-
TAX ANTICIPATION WARRANTS.
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I ~EERE~~, the President and Board of Trustees of the
!Village of Mount ~rospect, in Cook County, Illinois, heretofore
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!levied taxes in manner and form provided by law to pay the
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lcorporate expenses of this Village for the fiscal year 1931-1932.
iSaid taxes were levied pursuant to a proper appropriation ordinance
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land a certified copy of which said tax levy ordinance was filed
IWith the County Clerk of Cook County, Illinois, in ffi2nner and form
!proVided by law; and
WEEREAS, none of said taxes have heretofore been
anticipated; and
v\EEREAS, this Village does not have funds with which to
pay its ordinary and necessary expenses and it is for the best
interests of this Village that it issue tax 8.nticipation warrcmts
lin the aggregate amount of Three Thousand Dollars ($3,000) for
that purpose.
NOW, THEREFORE, Be It Ordained by the President and
Board of Trustees of the Village of Mount Prospect, in Cook County
Illinois:
Sectign l. That the President, Clerk and Treasurer of
this Village be and they are hereby authorized and directed to
execute and deliver the Tax Anticipation Warr;:mts of this Village
in the amount of Three Thousand Dollars ($~,OOO) dated November 1,
1932, bearing interest at the rate of Six Per Cent (6%) per annum,
of the denominations of $500.00 each, and numbered 1 to 6 inclusiv ,
to be issued against 2nd in anticipation of the collection of
taxes heretofore levied in the yeer 1931 by this Village upon all
of the taxable property within this Village for corporate expenses
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Section ~. That said warrants be in substantially the
following form:
(FORM OF TP~ ANTICIPATION WARRANT)
Number
$500.00
MOUNT PROSPECT, ILLINOIS
November 1, 1932.
To the Treasurer of the Village of
Mount Prospect, in Cook COtUlty,
Illinois:
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Ilof Trustees of the Village of Mount Prospect, in Cook County, Illi-
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Ilnois, authorizing the issuance of this warrant in anticipation of
lithe collection of taxes levied in the year 1931 upon all of the
Iltaxable property in said Village for corporate purposes to pay
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Ithe necessary expenses of said Village, you are hereby directed to
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ipay to bearer the sum of Five Hundred Dollars ($500.00), together
Pursuant to ordinance adopted by the President and Board
with interest hereon at the rate of Six Per Cent (6%) per annum
from date hereof until paid or until notice fixing the date for
the presentation for payment hereof shall be given by publication
in a newspaper or otherwise that money for the payment hereof is
available, provided however, this warrant shall be e.cceptable by
any collector in satisfaction of the tax Elgainst which it is issue ·
Such payment you will make solely from taxes levied in the yea"r 19<..-1
by said Village for the necessary expenses of said Village for
corporate purposes. Such taxes, when collected, shall be held
apart from other funds and this warrant and the other warrants of
this series aggregatir~ Three Thousand Dollars ($3,000) par amount
shall be paid in n~merical order as rapidly as funds are received
for that purpose.
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President, Board of Trustees of the
Village of Mount Prospect, in Cook
COtmty, Illinois.
iA ttest:
IClerk, Board of Trustees of the
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,Village of Mount Prospect, in
ICOOk County, Illinois.
IRegistered:
reasurer of said Village.
Section ~. That sale of said warrants made to Mount
Prospect State Bank, Mount Prospect, Illinois, at not less than the
par value thereof, be and the same is hereby confirmed and the said
officia.ls are hereby directed to execute and deliver said warrants
to said purchcser proID:/tly upon receipt of the purchase price there
for.
directed to apply the first moneys received from said taxes by him
in the payment of warrants hereby authorized against said levy and
to pay such warrants in numerical order as ftLst as funds are availabl
for that purpose.
Section i2,. The Treasurer is hereby directed to notify
the pUrCh1JSer of said warrcu1.ts or r:my k..Ylovm subsequent holder
ereof whenever funds are available to pay one or more of said
warrants.
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Section 2. 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.
Adopted November
, 1932.
Approved November____, 1932.
Recorded November____, 1932.
V ot e :
Ayes: Trustees
Nays: Trustees
~a-, ?~,.v
Presid
0~~,
Clerk
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Ib~TATE OF ILLINOIS ~ SS.
Ii OOK COUNTY ~
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I I, the undersigned, duly qualified and acting Clerk of
'the Village of Mount Prospect, in Cook County, Illinois, do hereby
certify that the attached is a true and correct copy of the ordinBn e
adopted by the Board of Trustees of the Village of Mount Prospect,
in Cook County, Illinois, pertinent to the issuance of Three
housand Dollars ($3,000) Tax Anticipation Warrants, dated November
1, 1932, together with the minutes pertinent thereto, and that said
ordinance is now a part of the records of said Village and same has
not in any manner been revoked or rescinded. That each cmd every
member had due and timely notice of said meeting.
Dated this
day of November, 1932.
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Clerk --..
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