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5503 PROVIDING FOR BORROWING MONEY AND ISSUING BONDS OF THE CITY OF DECATUR, MACON COUNTY, ILLINOIS TO THE AMOUNT OF $795,000 FOR PUBLIC LIBRARY PURPOSES
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5503 PROVIDING FOR BORROWING MONEY AND ISSUING BONDS OF THE CITY OF DECATUR, MACON COUNTY, ILLINOIS TO THE AMOUNT OF $795,000 FOR PUBLIC LIBRARY PURPOSES
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Resolution/Ordinance
Res Ord Num
5503
Res Ord Title
PROVIDING FOR BORROWING MONEY AND ISSUING BONDS OF THE CITY OF DECATUR, MACON COUNTY, ILLINOIS TO THE AMOUNT OF $795,000 FOR PUBLIC LIBRARY PURPOSES
Approved Date
6/14/1971
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. - - � <br /> That interest or principal coming due at any time when <br /> there are insufficient funds on hand to pay the same be paid promptly <br /> when due from current funds on hand in advance of the collection of <br /> said taxes herein levied, and when said taxes shall have been col- <br /> lected, reimbursement shall be made to the said funds in the amounts <br /> thus advanced. <br /> Section 7. That forthwith as soon as this ordinance <br /> becomes effective, a copy hereof certified to by the Clerk of said <br /> City, which certificate shall recite that this ordinance has been <br /> passed by the Council of said City, signed and published, shall be <br /> filed with the County Clerk of Macon County, Illinois, and said <br /> County Clerk shall in and for each of the years 1971 to 1980, both <br /> years included, ascertain the rate per cent required tv produce the <br /> a�gregate tax hereinbefore provided to be levied in each of said <br /> years, respectively, and said County Clerk shall extend the same for <br /> collection on the tax books in connection with other taxes levied in <br /> each of said years, respectively, in and by said City for general <br /> corporate purposes of said City, and in each of said years such annual <br /> tax shall be levied and colleeted by said City in like manner as taxes <br /> for general corporate purposes for each of said years are levied and <br /> collected and when collected, such taxes shall be used solely for the <br /> purpose of paying principal and interest upon the bonds herein auth- <br /> orized when same mature. <br /> Section 8. That the funds derived from such levy be and <br /> the same are hereby appropriated and set aside for the sole and only <br /> purpose of paying principal of and interest on said bonds when and as <br /> same become due. That the funds derived from the sale of said bonds <br /> be and they are hereby appropriated and set aside for the purpose <br /> hereinbefore set out. <br /> -10- <br />
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