HomeMy WebLinkAboutOrdinances - O-76-83 - 06/02/1976 - PERMIT BORROW FUNDS FOR LIBRARY EXPANSIONAN ORDINANCE L/ - r7 - X 3
WHEREAS, the Board of Library Directors of the City of
McHenry, Illinois has, pursuant to its authority, determined
to build and equip an addition to the existing library building,
and has deemed it best to borrow money and execute a mortgage on
the existing library building and site in order to provide and
secure the necessary money therefore; and,
WHEREAS, the said Board of Library Directors have requested
the approval of the corporate authorities to borrow said money
and to execute a mortgage on the existing library building and
site for an amount not exceeding one-half of the value thereof
as improved; and,
WHEREAS, the corporate authorities concur with the afore-
said determination made by the said Board of Library Directors.
N(719 THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF MCHENRY, ILLINOIS, as follows:
Section 1. That approval be and the same is hereby given
to the Board of Library Directors of the City of McHenry, Illi-
nois, to borrow money and execute a mortgage on the existing
library building and site for an amount not exceeding one-half
of the vaiuc trereo� as improved, said mortgage loan to be for
a term not to exceed a o years and with interest thereon
not to exceed the maximum amount permitted by law.
Section 2. This Ordinance shall be in full force and
effect from and after its passage and approval, as by law required.
PASSED this �_ .�1 of T,V d , 1975 y
Ayes: D
Nays: D
Absent: d
APPROVED this day of 1 75
/ Mayor
ATTEST:
Clerk