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86-06 APPROPRIATING FUNDS FOR PAYMENT OF INTEREST AND PRINCIPAL ON GENERAL OBLIGATION BONDS
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86-06 APPROPRIATING FUNDS FOR PAYMENT OF INTEREST AND PRINCIPAL ON GENERAL OBLIGATION BONDS
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Last modified
8/29/2016 11:23:57 AM
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8/29/2016 11:23:57 AM
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Resolution/Ordinance
Res Ord Num
86-06
Res Ord Title
APPROPRIATING FUNDS FOR PAYMENT OF INTEREST AND PRINCIPAL ON GENERAL OBLIGATION BONDS
Approved Date
1/21/1986
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f <br /> r • <br /> �11CR��tM� <br /> ORDINANCE N0 . � — 0 �p <br /> ORDINANCE APPROPRIATING FUNDS <br /> FOR PAYMENT OF INTEREST AND PRINCIPAL <br /> ON GENERAL OBLIGATION BONDS <br /> WHEREAS, on the date hereinafter set out , a general <br /> obligation bond ordinance was passed and adopted , and the bonds <br />' thereby authorized were sold and the proceeds collected therefrom <br /> were used to construct the various improvements respectively <br /> therein described in accordance with the requirements of <br /> concerned departments of the State of Illinois ; and , <br /> WHEREAS, by said ordinance a tax was levied for the purpose <br /> of paying the principal and interest on such bonds as the same <br /> became due as follows : <br /> STREET IMPOVEMENTS BONDS , May 5 , 1969 <br /> Interest , July 1 , 1986 $ 2 , 000 <br /> Interest , January 1 , 1987 2 , 000 <br /> Principal , January 1, 1987 80 , 000 <br /> TOTAL $ 84 , 000 <br /> and ; <br /> WHEREAS, a copy of such bond ordinance has heretofore been <br /> filed with the Department of Transportation of the State of <br /> Illinois ; and <br /> WHEREAS, the City has waived the levy of the taxes for the <br /> payment of such principal and interest for the year 1985 , and ; <br /> WHEREAS, pursuant to statute , said principal and interest <br /> may be paid with Motor Fuel Taxes allocated to the City. <br /> NOW, THEREFORE , BE IT ORDAINED BY THE COUNCIL OF THE CITY <br /> OF DECATUR, ILLINOIS : <br /> Section 1 . That there be , and there is hereby, <br /> appropriated from the allotment of Motor Fuel Tax Funds of the <br /> City, for the payment of principal and interest to become due on <br /> the bonds issued as aforesaid to pay for the street improvements <br /> described therein, all of which have been constructed in <br /> accordance with the requirements of the State of Illinois , the <br /> respective sums as follows : <br /> Street Improvement Bonds , May 5 , 1969 $ 84 , 000 . 00 <br />
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