12-30-1959 VCM Extract - Laserfiche WebLink

Home Browse Search

revenues of said dispensary, for the purpose of providing moneys for construction and improvement of buildings and other capital items, and provision of merchandise, equipment, furnishings and working capital necessary for said dispensary, upon such terms as the Council may deem necessary and expedient, and may pledge net revenues of said dispensary, after payment of reasonable and current costs of operation and maintenance and a reasonable stock of merchandise for resale, to the payment of such certificated or bonds and interest thereon; and provided further, that the Village Council may make or continue any pledge of not revenues of said dispensary contained in a resolution or resolutions of the Council heretofore or hereafter adopted, to the payment of bonds of the Village issued for any purpose authorized by law, for the payment of which the Village is authorized to pledge such revenues; and provided further, that the Council may in and by such resolution or resolutions make on behalf of the Village all such covenants as may be reasonably required for the security of the holders of such certificates or bonds, and no moneys in the Dispensary Fund shall be transferred or expended except as provided in such resolutions, while any of said certificates or bonds shall be outstanding and unpaid. “(b) The procedure prescribed by law shall be followed in the handling of municipal liquor dispensary funds as for receipts and disbursements of Village funds generally. “(c) The Council shall provide annual operating statements to be prepared and an independent audit of bonds of the dispensary to be made by a competent public accountant within ninety (90) days after the close of each fiscal year.” Section 2. Thie ordinance shall take effect and be in force from and after its passage and publication in accordance with law. th Passed by the Village Council this 30 day of December, 1959. /s/ H.L. Johnson Mayor Attest: /s/ H.A. Briggs Village Clerk The motion for the adoption of Ordinance No. 57 was duly seconded by Member Meyer, and upon vote being taken thereon, the following voted in favor thereof: R.G. Kemper, H.A. Briggs, August Meyer And the following voted against the same: None Whereupon said ordinance was declared duly passed and adopted, and was signed by the Mayor, which was attested by the Clerk, and the Clerk was authorized and directed to cause said ordinance to be published forthwith in the official newspaper. Member Kemper then introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING ISSUANCE OF REVENUE BONDS TO PROVIDE BIULDING FOR MUNICIPAL LIQUOR DISPENSARY