972 RES BEEN CALLED TO ATTENTION OF CITY COUNCIL AND CITY CLERK THAT COP DOES NOT HAVE SUFFICIENT FUNDS

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RESOLUTION NO. 972 . WHEREAS, it has been called to the attention of the City Gouncil by the City Manager, H. C. Kennemer, and the City Clerk, H. C. Greene, that the City of Paris does not have on hand sufficient funds to meet the expenses of operatic)n of the tax supported departments of the City of Paris from now until the 6th day of November, A. D., 1961, and it has been pointed out to the City Gouncil that it has been necessary to make more than a normal amount of expenditures in the Street Department, in particular during the working good weather of the present summer, and the ta,xes for the budget year 1961-62 will not begin to come in and be paid until on and after the 1 st day of October, 1961; and, WHER,EAS, it is necessary to obta,in sufficient funds upon which to operate said tax supported departments until the payment of the taxes for the aforesaid budget year; and, WHEREAS, Section No. 79 of the Charter of the City of Paris pro- vides for the issuance of negotiable notes of the City of Paris, the same to be designated "tax anticipation note for the year 1961-62", in anticipa-- tion of the collection of the property tax for said year, which tax has heretofore been levied; and, WHEREAS, the City Council has been advised that it will ta,ke approximately $50, 000. 00 to cover the operations of the tax supported departments of the City of Paris for the period aforesaid; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, That the City Manager be, and he is hereby authorized to i$sue ten (10) tax anticipation notes for the year 1961-62, in the principal sum of $5,000. 00 each, all of said notes to be due and payable not later than the 6th day of November, 1961. That said notes shall be issued and sold as required by the City of Paris and shall bear the lowest rate of interest possible to be negotiated in the sale thereof, said rate of interest not to exceed four per cent (4%) per annum, and said notes to bear interest from the date of issuance and sale. Passed and adopted this lOth day of July, A. D., 1961. Mayor ATTEST;, City Clerk APPROVED AS TO FORM: z5( City Attorney.