HomeMy WebLinkAboutOrdinances - O-75-71 - 08/04/1975 - ISSUE TAX ANTICIPATION WARRANTS 1974-759- 7,-5-- V
AN ORDINANCE
AUTHORIZING THE ISSUANCE OF
TAX ANTICIPATION WA►ZKANTS
IN ANTICIPATION OF TAXES
LEVIED FOR THE FISCAL YEAR 1974 - 1975
OF THE CITY OF MCHENAY,
MCHENRY COUNTY, ILLINOIS
WHEREAS, there is not sufficient money in the Treasury
of this City to meet and defray the necessary expenses of
government; and
WHEREAS, the Mayor and City Council of the City of
McHenry, McHenry County, Illinois, deem it advisable,
necessary and for the best interest of this City that
funds be borrowed for the purpose of meeting and defraying
the necessary expenses of the City and in evidence thereof
to issue its tax anticipation warrants in anticipation of
the taxes of said City for General Corporate Purposes levied
for the fiscal year 1974 - 1975.
NOW, THEREFOK.E, be it ordained by the City Council of the
City of McHenry, McHenry County, Illinois, as follows:
Section 1: That the sum of $75,000.00 be borrowed, to
meet and defray the necessary expenses of this City against
and in anticipation of the collection of the tax levy, for
the fiscal year 1974-1975 for General Corporate Purposes,
said warrants to bear interest not to exceed seven per cent
(7%) per annum, from their date until paid or until notice
shall be given by publication in a newspaper or otherwise
that the money for their payment is available and will be
paid on presentation, such warrants to show upon their face
that they are payable in the numerical order of their issue
and solely from such taxes 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 in excess of seventy-five per cent (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 their payment.
Section 2: That the Mayor and City Clerk of the City be
and they are hereby authorized to execute and issue said
tax anticipation warrants at not less than par and accrued
interest, to defray the necessary expenses of this City, and
that said warrants be of such dates and in such denominations
as they deem advisable and agreeable to the purchaser thereof.
The Mayor is empowered to sell said warrants for the best price
and lowest interest obtainable, but not for less than par value.
Section 3: That all ordinances or parts of ordinances in
conflict herewith be and the same are hereby repealed.
Passed this 4th day of August, 1975.
Ayes: 7
Nays: p
Absent: 1
Approved this 4th day of August, 1975•
Mayor
ATTEST:
City Wlerk
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