HomeMy WebLinkAboutORDINANCE - 203 - 10/23/1961 - LIBRARY TAX ANTICIPATION WARRANTScam/ . *- yah
AN ORDINANCE providing for the isuance
of 1961 Library Tax Anticipation arrants
of the VILLAGE OF ELK GROVE VILLAGE, in
Cook County, Illinois
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WHEREAS, the President and Board of Trustees of the VILLAGE
OF ELK GROVE VILLAGE, County of Cook and State of Illinois, pursuant
to Resolution of the Board of Library Directors of the VILLAGE OF
ELK GROVE VILLAGE, find that there is insufficient money in the
treasury of the Village with which to defray the ordinary and
necessary expenses for Library purposes, and that it is for the
best interest of the Village that it authorize the issuance of its
1961 Library Tax Anticipation Warrants to provide funds to meet
such expenses; and
WHEREAS, this Village, by an Appropriation Ordinance duly
adopted on the 10th day of July, 1961, and published according to
law on the 20th day of July, 1961, appropriated sums for said pur-
poses, and pursuant to such Appropriation Ordinance thereafter on
the 28th day of August, 1961, adopted its Tax Levy Ordinance,
levying taxes for said purposes, and a certified copy of said Tax
Levy Ordinance has been filed with the County Clerk of Cook County,
Illinois;
NOW THEREFORE, BE IT ORDAINED by the President and Board of
Trustees of the VILLAGE OF ELK GROVE VILLAGE, Cook County, Illinois:
SECTION 1: That there be and there is hereby authorized to
be executed and delivered the 1961 Library Tax Anticipation Warrants
in the amount of FIFTEEN THOUSAND ($15,000.00) DOLLARS. That said
Warrants shall be numbered L-1 to L-3, both inclusive, and be of.the
rate of three and one-half per cent (3j%) per annum from date
until paid, and be dated when issued. Said Warrants against the
Library Fund shall be issued in anticipation of the collection of
taxes heretofore levied in the year 1961 by the President and Board
of Trustees of the VILLAGE OF ELK GROVE VILLAGE on all of the tax-
able property within this Village for said Fund. Said Warrants
shall be signed by the President and attested by the Clerk of this
Village, be sealed with the corporate seal of said Village and be
registered by the Treasurer of this Village.
SECTION 2: That said Warrants shall be in substantially the
following form:
(form of Tax Anticipation Warrant)
LIBRARY FUND TAX ANTICIPATION WARRANT
VILLAGE OF ELK GROVE VILLAGE
COUNTY OF COOK STATE OF ILLINOIS
ELK GROVE VILLAGE, ILLINOIS
NO. L- , 1961 $5,000.00
To the Treasurer of the
Village of Elk Grove Village
Cook County, Illinois
Pursuant to proceeding adopted by the President and Board of
Trustees of the VILLAGE OF ELK GROVE VILLAGE, County of Cook and
State of Illinois, you are hereby directed to pay to bearer out of
taxes levied by said President and Board of Trustees in and for said
Village in the year 1961 for Library purposes as soon as funds be-
come available the sum of FIVE THOUSAND ($5,000.00) DOLLARS, to-
gether with interest thereon at the rate of three and one-half
per cent (3j%) 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 of
the taxes against which it is issued.
This Warrant is authorized to be issued to provide for a
fund to meet the ordinary and necessary expenses of this Village
for Library purposes. You are required by statute to set such
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taxes apart and hold some for the payment of said Warrant solely
from said taxes when collected and not otherwise.
President - VILLAGE OF ELK GROVE VILLAZT,-
Cook County, Illinois.
ATTEST:
Clerk
REGISTERED:
Treasurer
SECTION 3: That said Warrants authorized by this Ordinance
be delivered to the purchaser thereof, the FIRST NATIONAL BANK OF
DES PLAINES, Des Plaines, Illinois. Sale of said Warrants to said
purchaser at not less than par value and accrued interest thereon be
and the same is hereby confirmed and 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
after the adoption of this Ordinance.
SECTION -4: That said tax levy heretofore made in the year
1961, for said purposes be and the same is hereby appropriated to
pay the Warrants herein authorized to be issued against the Library
Fund. The Treasurer of this Village is directed to apply the
first monies received by him from said taxes for the general pur-
poses herein mentioned in the payment of the Warrants herein
authorized to be issued against the said funds, and (except insofar
as said Warrants shall have been used to pay said taxes) to pay
said Warrants as fast as funds become available for that purpose.
Said Treasurer is hereby directed to notify said purchaser when
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funds are available to pay said Warrants sold to said purchaser.
SECTION 5: That it is a part of the consideration for the
sale of the Warrants hereby authorized that this Village will not
in anywise pledge or encumber said levy for the said purpose other
than as herein pledged for the payment of said Tax Anticipation
Warrants until such time as said Warrants against the Library Fund
shall have been fully paid, both as to principal and interest.
SECTION 6: The Treasurer of the Village is hereby directed
to use the proceeds of said Warrants for the purposes herein set
out and not otherwise.
SECTION 7: That the Clerk of this Village is hereby directed
to file a copy of this Ordinance with the Treasurer of said Village.
r e s i d e n t
ATTEST:
Clerk
PASSED: _ , 1961
APPROVED: 1961
RECORDED: 1961
AYES:
NAYS:
ABSENT:
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