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• . <br />RESOLUTION NO, 925 . <br />WHEREAS, it has been called to the attention of the City Council <br />by the Acting City Ma.nager, H, C. Kennemer, and the Acti.ng City Clerk, <br />H. C. Greene, that the City of Paris does not have on hand sufficient <br />funds to meet the expenses of operation of the tax supported departments <br />of the City of Paris from now until the 5th day of November, A. D., <br />1960, and it ha.s been pointed out to the City Council that it ha.s been <br />necessary to make more than a norma,l amount of expenditures in the <br />Street Department, in particular during the working good weather of the <br />present summer, and the ta.xes for the budget year 1960-61 will not <br />begin to come in and be paid until on and after the 1 st day of Octobe.r, <br />1960; and, <br />WHEREAS, it is necessary to obtain sufficient funds upon which to <br />operate said tax supported departments until the payment of the taxes <br />for the aforesaid budget year; and, <br />WHEREAS, Section No. 79 of the Charterof the City of Faris <br />provides for the issuance of negotiable notes of the City of Paris, the <br />same to be designated "tax anticipation note for the year 1960-6111, in <br />anticipation of the collection of the property tax for said year, which tax <br />ha.s heretofore been levied; and, <br />WHEREAS, the City Council has been advised that it will take <br />approxima,tely $50, 000. 00 to cover the operations of the tax supported <br />departments of the City of Paris for the period aforesaid; NOW, <br />THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />PARIS, That the Acting City Ma,nager, or the City Manager, be, and he <br />is hereby authorized to issue ten (lO) tax anticipation notes for the year <br />1960-61, in the principal sum of $5, 000. 00 each, all of said notes to be <br />due and payable not later than the 5th day of November, 1960. That said <br />notes sha.ll be issued and sold as required by the City of Paris and shall <br />bear the lowest rate of interest possible to be negotiated in the sale <br />thereof, said rate of interest not to exceed four per cent (40/6) per annum, <br />and said notes to bear interest from the date of issuance and sale. <br />Passed and adopted this llth day of July, A. D., 1960. <br />lifa yo r <br />ATTEST• <br />Xkm*m:gxCity Clerk <br />7OVED AS TO FORM: <br />City Attorney. <br />