874 RES BEEN CALLED TO ATTENTION OF CITY COUNCIL THAT COP DOES NOT HAVE SUFFICIENT FUNDS TO MEET EXPENSE OF OPERATIONS

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• ~ RESOLUTIONI N0. 874 ~ WHEREAS, it has been called to the attention of the City Council by the Acting City Managerg H. C. Kennemerp and the City Clerk, H. C. Kennennerg that the City of Paris does not have on hands sufficient funds to meet the expense of operations of the tax supported departments of the City of Paris from now until the 5th day of Novemberg 1959, and it has been pointed oui: to the City Council that it has been necessary to make more than a normal amount of expenditures in the Street Departments in particularg during the good weather of the present summers and that taxes for the budget year 1959-60 will not begin to c(xme in and be paid until on and after the lst day of October, 1959; and, WHEREAS, it is necessary to obtain sufficient funds upon which tc, operate said tax supported departrnents until the payment of the taxes for, the aforesaid budget year; andl WHEREAS, Section No. 79 of the Charter of the City of Paris provides for the issuance of negotiable notes of the City of Paris, the same to be de- signated "tax anticipation note for the year 1959-60," in anticipation of the collection of the property tax for said year, which tax has heretofore been levied; andl WHEREAS, the City Council has been advised that it will take $65,000.00 to cover the operations of the tax supported departments of thle City of Paris for the period aforesaid; NOW, THEREFORE, BE IT RESGLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, That the Acting City Manager,or the City Manager,beg and he is hereby authorized ti) issue thirteen (13) tax anticipation notes for the year 1959-60 in the pr'inci- pal sum of $59000.00 eachs all of said notes to be due and payable not la-ter than the 5th day of November, 1959. That said notes shall be issued and sold as required by the City of Paris and shall bear the lowest rate of intereat possible to be negotiated in the sale thereofv said rate of interest not 1to exceed four per cent (4%) per annum, and said notes to bear interest from the date of issuance and sale. Passed and adopted this 13th day of July, A. D., 1959. Mayor ATTESTs . X ~ City Clerk APPAGVED AS -TQ FORM: ~ C' y A ttorn ey.