925 RES BEEN CALLED TO ATTENTION OF CITY COUNCIL THAT COP DOES NOT HAVE SUFFICIENT FUNDS TO MEET EXPENSES OF OPERATION• .
RESOLUTION NO, 925 .
WHEREAS, it has been called to the attention of the City Council
by the Acting City Ma.nager, H, C. Kennemer, and the Acti.ng City Clerk,
H. C. Greene, that the City of Paris does not have on hand sufficient
funds to meet the expenses of operation of the tax supported departments
of the City of Paris from now until the 5th day of November, A. D.,
1960, and it ha.s been pointed out to the City Council that it ha.s been
necessary to make more than a norma,l 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 1960-61 will not
begin to come in and be paid until on and after the 1 st day of Octobe.r,
1960; and,
WHEREAS, it is necessary to obtain 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 Charterof the City of Faris
provides for the issuance of negotiable notes of the City of Paris, the
same to be designated "tax anticipation note for the year 1960-6111, in
anticipation of the collection of the property tax for said year, which tax
ha.s heretofore been levied; and,
WHEREAS, the City Council has been advised that it will take
approxima,tely $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 Acting City Ma,nager, or the City Manager, be, and he
is hereby authorized to issue ten (lO) tax anticipation notes for the year
1960-61, in the principal sum of $5, 000. 00 each, all of said notes to be
due and payable not later than the 5th day of November, 1960. That said
notes sha.ll 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 (40/6) per annum,
and said notes to bear interest from the date of issuance and sale.
Passed and adopted this llth day of July, A. D., 1960.
lifa yo r
ATTEST•
Xkm*m:gxCity Clerk
7OVED AS TO FORM:
City Attorney.