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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.
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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
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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 [/