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HomeMy Public PortalAboutOrdinance 0918ie W CHAPTER 11 ARTICLE 5 Sec. 5-4: AN ORDINANCE AUTHORIZING THE ISSUANCE PATION WARRANTS IN ANTICIPATION OF THE LIBRARY TAXES LEVIED FOR THE YEAR 1977 LIBRAY PURPOSES. OF TAX ANTICI- COLLECTION OF FOR GENERAL WHEREAS, THE McCLESTER-NIMMONS VILLAGE OF PLAINFIELD FREE PUBLIC LIBRARY, Plainfield, Will County, Illinois (the Library) does not have sufficient money in its treasury to meet all necessary expenses and liabilities of the Library, and the Local Library Working Cash Fund is without funds; and WHEREAS, the Board of Library Directors of the Library deems it advisable, necessary, and for the best interests of the Library that funds be provided to meet the necessary expenses of the Library and for that purpose a warrant be issued in anticipation of the collection of the general library taxes heretofore levied by the Village of Plainfield, Will County, Illinois (the Village) and uncol- lected for the year 1977, for the payment of the necessary expenses of the Library for general corporate purposes; NOW, THEREFORE, BE IT AND IT IS HEREBY ORDAINED by the President and Board of Trustees of the VILLAGE OF PLAINFIELD, WILL COUNTY, ILLINOIS, as follows: Section 5-4-1: Twenty-one thousand ($21,000.00) dollars to be borrowed. That Twenty-one t ousand ($21,000.00) dollars be borrowed toto provide a fund to defray the necessary expenses of the Library incurred for general corporate purposes and in evidence thereof that there be issued a warrant of this Village against and in anticipation of the collection of the library taxes levied for the year 1977 and uncollected, for general corporate purposes, to bear interest at the rate of not to exceed eight (8%) percent per annum from their date until paid or until notice shall be given by publication in a news- paper published in the Village of Plainfield that the money for its payment is available and that it will be paid on presentation, and such warrant to show upon its face that it is payable in the numerical order of its issuance solely from such library taxes being anticipated when collected, and that such warrant shall be received by any col- lector of taxes in payment of the particular tax against which it is issued. Such warrant to be issued against said library tax levy shall not be issued in an amount in excess of seventy-five (75%) percent of the total amount of those library taxes so levied for said general corporate purposes which said library taxes so levied are hereby assigned and pledged to the payment of said warrant.so issued against said library taxes, and such library taxes so levied for said pur- poses when collected, shall be set apart and held for the payment of such warrant so issued in anticipation of the collection thereof. I Section 5-4-2: Form of Warrant. That said warrant shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF WILL VILLAGE OF PLAINFIELD McCLESTER-NIMMONS VILLAGE OF PLAINFIELD FREE PUBLIC LIBRARY GENERAL CORPORATE FUND TAX ANTICIPATION WARRANT N0. 1 $ 21 000.00 KNOW ALL MEN BY THESE PRESENTS, that THE VILLAGE OF PLAINFIELD, in the County of Will and State of Illinois, by its Treasurer herein -- below designated, will pay to bearer at the office of the Treasurer of said Village, the sum of Twenty --one thousand Dollars ($21,000.00) with interest thereon at the rate of five -_percent ( %), per annum from the date hereof until paid or until notice shall be given by publication in a newspaper published in the Village of Plainfield that money for its payment is available and that it will be paid on presentation. Principal hereof and interest thereon will be paid in lawful money of the United States of America from the proceeds of library taxes, when received, heretofore levied for general corporate,pur- poses of the McCLESTER-NIMMONS VILLAGE OF PLAINFIELD FREE PUBLIC LIBRARY, Plainfield, Will. County, Illinois, upon all the taxable property in said Village for the year 1977. This warrant is one of a series of warrants issued in antici- pation of library taxes so levied for the year 1977, to provide a fund to meet and defray the necessary expenses of said Library for -2- 5d A general corporate purposes and is payable, both principal and interest, in the numerical order of its issue, solely from said library taxes when collected, 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 war- rants so issued does not exceed seventy-five percent (75%) of the library tax levy made therefor and shall be received by any col- lector of taxes in payment of the library 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 provisions of Article 8 of the "Illinois Municipal Code", as amended, and by all other laws thereunto enabling. IN TESTIMONY WHEREOF, said THE VILLAGE OF PLAINFIELD, by its President and Board of Trustees, has caused this warrant to be signed by the Village President, attested by the. Village Clerk and registered, numbered and countersigned by the Village Treasurer, as of the 18th day of Attest: August Mage Clerk, Village of Plainfield, Will County, Illinois , 1978. 7 Pr ident,, 1 lag a n xeld Will County, Illinois REGISTERED. K MBE RED AICD COUNTERSIGNED Treasurer i Section 5-4--3: Officers Authorized to Sian. That the Village President and Village C3erk be and they are hereby authorized to execute, issue and dispose of said tax anticipation warrant to be. issued in anticipation of the library tax levy for general corporate purposes at a price of not less than par and accrued, interest as funds are needed to defray the necessary expenses of the Library for said purposes, and that said warrant bear -such rate of interest not to exceed eight percent (8%)per annum as is deemed advisable and necessary for the best interests of the Library. Section 5-4-4: Repealer. That all ordinances and resolutions in conflict herewith be and the same are hereby repealed to the extent of such conflict. This ordinance shall be numbered as. Ordinance No. " and shall take effect upon its passage, approval and recording in accordance with the provisions of the Statutes of the State of Illinois in such case made and provided. Passed by the President and Board of Trustees of THE.VILLAGE OF PLAINFIELD, WILL COUNTY, ILLINOIS, thi.sday 1978. ,., Approved this%j�day Attest: of C:.:._,. 1978. Village elide Village. Clerk [/