874 RES BEEN CALLED TO ATTENTION OF CITY COUNCIL THAT COP DOES NOT HAVE SUFFICIENT FUNDS TO MEET EXPENSE OF OPERATIONS• ~
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:
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C' y A ttorn ey.