1975-016ORDINANCE NO. 75-
AN ORDINANCE AUTHORIZING THE ISSUANCE OF TAX ANTICIPATION
WARRANT FOR THE FISCAL YEAR BEGINNING MAY 1, 1974, AND
ENDING APRIL 30, 1975, FOR THE VILLAGE OF BUFFALO GROVE,
COOK AND LAKE COUNTIES, ILLINOIS
WHEREAS, the funds in the Village treasury to meet current
ordinary and necessary expenses and obligations incurred by
the Village (all of which are or will be chargeable under the
law against the taxes levied for the fiscal year ending
April 30, 1975) have been depleted, and
WHEREAS, the President, Board of Trustees and fiscal
agent for the Village have reviewed the current status of the
cash in the Village treasury and they are of the opinion that
in the interest of paying necessary expenses,. including but
not limited to paying corporate bills, maintaining proper
operation of Village facilities and paying personnel, a tax
anticipation warrant should be issued in an amount not ex-
ceeding $140,000.00, and
WHEREAS, said sum is less than 75% of the total tax
levied and extended for such purposes for 1974.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES, ILLINOIS:
SECTION 1. That the Treasurer of the Village of Buffalo
Grove, Cook and Lake Counties, Illinois, is hereby authorized
to issue a warrant which warrant will be signed by the President
and Clerk, said warrant being in anticipation of the collection
of 1974 taxes levied by said Village for necessary expenses
as set forth in the appropriation and tax levy ordinances,
all of which are chargeable pursuant to law, to the extent
of $140,000.00 being less than 75% of the total of the tax
levy heretofore made by said Village for such purposes for
the fiscal year beginning May 1, 1974, and ending April 30,
1975; such warrant shall be payable only out of the 1974
taxes against which it is drawn, shall bear interest at the
rate of 6% annually from the date of issuance until paid or
until notice is given by publication in a newspaper or other-
wise that the money for payment is available and that it will
be paid on presentation.
SECTION 2. Said warrant is authorized
issued pursuant to paragraphs 8 -1 -1 through
24 Illinois Revised Statutes 1973.
and shall be
8 -1 -12 Chapter
s �
1
-2-
SECTION 3. This Ordinance shall be in full force and
effect from and after its passage and approval according to
law.
AYES:
4 NAYES: (ID ABSENT: it
Approved:
Village President
Attest:
Village Clerk
.................
Passed:(.
Approved: 7S
Filed:
TAX ANTICIPATION WARRANT NO. 1
KNOW ALL MEN BY THESE PRESENTS, that the Village of
Buffalo Grove, a Municipal Corporation, Cook and Lake Counties,
Illinois, will pay the bearer, at the office of the Treasurer
of the Village, in the Village of Buffalo Grove, Cook County,
Illinois, or at the Bank of Buffalo Grove, in the Village of
Buffalo Grove, Cook County, Illinois, at the option of the
holder, the sum of One Hundred Forty Thousand ($140,000.00)
Dollars, with interest thereon at the rate of Six Per Cent
(6 %) per annum from date hereof until paid or until notice is
given that money for payment is available and that it will be
paid on presentation.
Principal and interest will be paid in lawful money
of the United States of America from the proceeds of taxes when
received levied on all of the taxable property in the Village
of Buffalo Grove for the year 1974 for municipal purposes.
This warrant is issued in anticipation of said taxes
so levied for the year 1974 for municipal purposes, to provide
a fund to meet and defray ordinary and necessary expenses of
the Village of Buffalo Grove, and is payable, both principal
and interest, solely from said taxes when collected, and not
otherwise, which taxes are hereby assigned and pledged to the
payment of this warrant, and in anticipation of such taxes.
This warrant is the sole warrant issued against said taxes and
the same does not exceed seventy -five (75 %) per cent of the
tax levy made therefore, and shall be received by any Collector
of taxes in payment of the 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
been performed as authorized by the Statutes of the State of
Illinois.
IN WITNESS WHEREOF, this Warrant has been signed by
the Village of Buffalo Grove, Cook and Lake Counties, Illinois,
by its President and Village Clerk and sealed with the corporate
seal this day of , 1975.
VILLAGE OF BUFFALO GROVE,
a Municipal Corporation, Cook
and Lake Counties, Illinois
By 6e6&VCZ Q.
(Z
Village President
By
Issued by Treasurer:
Village Treasurer
Village Clerk
VILLAGE OF BUFFALO GROVE
ORDINANCE NO. 75-16
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE
V��y�',AGE OF BUFFALO GROVE
THIS LISt DAY OF JULY , 1975.
Published in pamphlet form by authority of the President
and Board of Trustees of the Village of Buffalo Grove,
Cook and Lake Counties, Illinois, this 28th day of
July , 1975.
C%
1a�e Clerk
n�
ORDINANCE NO. 75-
AN ORDINANCE AUTHORIZING THE ISSUANCE OF TAX ANTICIPATION
WARRANT FOR THE FISCAL YEAR BEGINNING MAY 1, 1974, AND
ENDING APRIL 30, 1975, FOR THE VILLAGE OF BUFFALO GROVE,
COOK AND LAKE COUNTIES, ILLINOIS
WHEREAS, the funds in the Village treasury to meet current
ordinary and necessary expenses and obligations incurred by
the Village (all of which are or will be chargeable under the
law against.the taxes levied for the fiscal year ending
April 30,-1975) have been depleted, and
WHEREAS, the President, Board of Trustees and fiscal
agent for the Village have reviewed the current status of the
cash in the Village treasury and they are of the opinion that ;
in the interest of paying necessary expenses, including but
not limited to paying corporate bills, maintaining proper
operation of Village facilities and paying personnel, a tax
anticipation warrant should be issued in an amount not ex-
ceeding $140,000.00, and
WHEREAS, said sum is less than 75% of the total tax
levied and extended for such purposes for 1974.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE. COOK AND
LAKE COUNTIES, ILLINOIS:
SECTION 1. That the Treasurer of the Village of Buffalo
Grove, Cook and Lake Counties, Illinois, is hereby authorized
to issue a warrant which warrant will be signed by the President
and Clerk, said warrant being in anticipation of the collection
of 1974 taxes levied by said Village for necessary expenses
as set forth in the appropriation and tax levy ordinances,
all of which are chargeable pursuant to law, to the extent
of $140,000.00 being less than 75% of the total of the tax
levy heretofore made by said Village for such purposes for
the fiscal year beginning May 1, 1974, and ending April 30,
1975; such warrant shall be payable only out of the 1974
taxes against which it is drawn, shall bear interest at the
rate of 6% annually from the date of issuance until paid or
.until notice is given by publication in a newspaper or other -
wise that the money for payment is available and that it will
be paid on presentation.
SECTION 2. Said warrant is authorized and shall be
issued pursuant to paragraphs 8 -1 -1 through 8 -1 -12 Chapter
24 Illinois Revised Statutes 1973.
-2-
SECTION 3. This Ordinance shall be in full force and
effect from and after its passage and approval according to
law.
AYES: G NAYES: ABSENT: it
Approved:
village President
Attest:
Village Clerk
Passed;
Approved: 7S
Filed;