HomeMy WebLinkAboutORDINANCE - 215 - 1/8/1962 - TAX ANTICIPATION WARRANTSORDINANCE NO. 215
AN ORDINANCE AUTHORIZING THE ISSUA14CE OF TAX ANTICIPATION vJJiRA;JTS IN ANTICIPATION
OF TAXES LEVIED FOR THE YEAR 1961 FOR GENERAL CORPORATE PURP06hS OF THE VILIAGE
OF ELK GROVE VILLAGE, COOK COUNTY, ILLINOIS.
WHEREAS, there is not sufficient money in the treasury of this Village to meet and
defray the necessary expenses of government arising under and charged to General
Corporate Purposes, and
WHEREAS, the President and Board of Trustees of the Village of Elk Grove Village, Cook
County, Illinois, deems it advisable, necessary and for the best interests of this Village
that funds be borrowed for the purpose of providing moneys to meet the necessary
expenses and liabilities of the Village incurred for general corporate purposes of
said Village and in evidence thereof Tax Anticipation Warrants be issued in anticipation
of the collection of taxes of said Village levied for the year 1961 for General Cor-
porate Purposes:
NOW, TBEREFORE: Be It Ordained by the President and Board of Trustees of the Village
of Elk Grove Village, Cook County, Illinois, as follows:
Section 1. That money be borrowed to meet and defray the necessary expenses and
liabilities of this Village arising from and chargeable to General Corporate Purposes
of said Village and in evidence thereof there be issued warrants of this Village
against and in anticipation of the collection of the taxes levied for the year 1961
for General Corporate Purposes, said warrants to bear interest at the rate of not
to exceed six per cent (6%) per annum from their date until paid or until notice be
given by publication in a newspaper or otherwise that the money for its payment is
available and that it will be paid upon presentation, such warrants to show upon
their face that they are payable, both principal and interest, in the numerical
order of their issue, solely from such general corporate pur,,ose taxes so levied for
the year 1961, when collected, and shall be received by any collector of taxes in
payment of the tax against which they are issued. Said warrants shall not be issued
to an amount in excess of 75% of the total amount of the tax so levied, which said
tax is hereby assigned and pledged to the payment of said warrants., and such taxes
when collected shall be set apart and held for the payment of such warrants so issued
in anticipation of the collection thereof.
Section 2. That said warrants shall be in substantially the following form:
(Form of Warrant)
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTY OF COOK
VILLAGE OF EL4 GROVE VILLAGE
TAX ANTICIPATION WARRANT
GhAERAL CORPORATE PURPOSE FUND
No.
KNOW ALL MEN BY THESE PRESENTS, that the Village of Elk Grove Village, in the County
of Cook and State of Illinois, will pay to the bearer at the office of the Village
Treasurer, in the Village of Elk Grove Village, Illinois, the sum of
Dollars
with interest thereon at the rate of per cent k�)
per annum from date hereof until paid, or until notice shall be given by publication
in a of wspaper or otherwise that money for its payment is availaule and that it will
be paid on presentation.
Principal hereof and interest hereon will be paid in lawful money of the United States
of America from the proceeds of taxes when received, heretofore levied upon all the
taxable property in said Village of Elk Grove Village for the year 1961 for General
Corporate Purposes.
—1- Ord. #,215
This Warrant and all other warrants issued by said Village in anticipation of the
collection of the 1961 General Corporate tax of said Village are payable in the
numerical order of their issuance.
This Warrant is issued in anticipation of taxes so levied for the year 1961 to
provide a fund to meet and defray the necessary expenses and liabilities of said
Village for General Corporate Purposes and is payable, both principal and interest,
solely from said taxes when collected, and not otherwise, which taxes are hereby
assigned and pledged to the payment of this warrant and of all warrants issued
against and in anticipation of such taxes, the total of which warrants so issued
does not exceed seventy-five per cent (75%) of the tax levy made therefor, and shall
be received by any collector of taxes in payment of the taxes against which it is
issued.
It is hereby certified that all acts, conditions and things required by law to be
done precedent to and in the issuance hereof have been properly done, have happened
and have been performed as authorized by the applicable provisions of the Illinois
Municipal Code, effective July 1, 1961, as amended, and by all other laws thereunto
enabling.
IN TPSTIMONY WHEREOF, the Village of Elk Grove Village, by its President and Board of
Trustees, has caused its corporate seal to be hereto affixed and this Warrant to be
signed by its President, attested by its Village Clerk, and countersigned by its
Treasurer, as of this day of , 1962.
Attest:
Village Clerk
Countersigned:
Village Treasurer
President
Section 3. That the President and Village Clerk of this Village be and they are hereby
authorized and instructed to execute, issue and dispose of said Tax Anticipation
Warrants at not less than par and accrued interest, from time to time as funds are
needed to defray the necessary expenses of this Village, and that said warrants be of
such dates and in such denominations and bear such rate of interest (not to exceed 6%
per annum) as said officials deem advisable, necessary and forthe best interests of the
Village.
Section 4. That all ordinances or parts of ordinances in conflict herewith be and the
same are hereby repealed.
Signed and Approved this 8th day of January , 1962.
Passed: January 8th, 1962.
Recorded: ,1962
s/ Eleanor G. Turner
Village Clerk
s/ Jamideas
R. Gibson
resnt
-2- Ord. 5215