HomeMy WebLinkAboutOrd 2541 11/19/1974
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MUNLCnidlAL' BU-ILrJiNG
MlOUlNT PROSPECT. iLL
AN Q~f~NQ2 providing for borrowing money
and 1.ssuJ..ng bonds of the Village of Mount
Prospect" Cook County, Illinois, to the
amount of $LJ. ,,000 ,000 for the purpose of pay-
ing the cost of acquiring land and construct-
ing and equipping a new public library build-
ing thereon and purchasing an existing build-
ing for use as the Villagefs administrative
offices" and providtng for the levy and
collection of a direct annual tax for the
payment of the principal and interest of said
bondso
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WHEREAS, the ViJ.lage of Mount Prospect" Cook County, Illinois)
has a population in excess of 25,000 as determined by the last official
census,. and accordingly pursuant to the provisj.ons of the 1970 Constitu-
tion of the State of 1111n018, and particularly Article VII" Section
6(a) thereof, said Village is a home rule unit and as such may exercise
any power or perform any function pertaining to its government and
affairs, including, but not limited to, the power to tax and to incnr
debt; and
WHEREAS, pursuant to the provisions of Section 6(d) and
6(k) of said Article VII of said 1970 Constitution, the Village of
Mount Prospect has the power to incur debt payable from ad valorem
tax receipts maturing within forty (40) years from the time it is
incurred and without prior referendum approval; and
WHEREAS, on the 15th day of October, 1974, the President
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and Board of Trustees of said Village did adopt an ordinance determining
,.the. prqcedures to be followed in the borrowing of money for public
. purpo.ses of said Village and in evidence of such borrowing the issuing
of full faith and credit bonds of said Village without referendum
approval, such ordinance being entitled:
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ORDINANCE.NO~ 2531
AN ORDINANCE ESTABLISHING PROCEDURES TO BE
FOLLOWED IN INCURRING INDEBTEDNESS FOR COR-
PORATE PURPOSES, ISSUING NON-REFEREND~1
BONDS TO EVIDENCE SUCH INDEBTEDN}JSS AND
AUTHORIZING AND DIRECTING THE LEVYING OF
A TAX, '\ilITHOUT LD1IT AS TO RATE OR AMOUNT,
FOR THE PURPOSE OF PAYING PRINCIPAL AND
INTEREST ON SUCH BONDS AS THE SAME BECOME
DUE
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(referred to hereinafter as the "Enabling Ordinance"); and
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WHEREAS, it is deemed to be necessary, essential and in the
best interests of the inhabitants of the Village of Mount Prospect, that
land be acquired and a new public library building be constructed and
equipped thereon, and existing buildings be purchased~ furnished, and
improved for use as administrative offices for the Village of Mount Prospect
(all of which is hereinafter referred tc as the "Pr9jectrl) in accordance
with engineering reports and plans now on file in the office of the Village
Clerk for that purpose, the estimated cost of which will be not less
than $ 3,150,000 for the new public library building and not less than
$ 850,000 for the building to be used as administrative offices for the
Village of Mount Prospect; and
WclEREAS, the Village of Mount Prospect, Cook County,
Illinois, is authorized by the provisions of the Constitution of
the State of Illinois, above referred to, and pursuant to the pro-
cedures set forth in the Enabling Ordinance~ to incur indebtedness
payable from ad valorem property tax receipts maturing within forty
(40) years from the time of incurring the same without prior refer-
~ ..!~ ,eqdup1, ~pproval; and
miEREAS, it is necessary that the Project be constructed
in order to meet the needs of the inhabitants of the Village, and
it is necessary for that purpose that the sum of $4,000,000 be bor-
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rowed at this time and in evidence of such indebtedness full faith
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and credit bonds of the Village be issued in the principal amount
of $1+,000,000 and that such indebtedness be incurred without submit-
ting the question of incurring such indebtednesss to the electors
of said Village for their approval;
NOW, THEREFORE, Be It Ordained by the President and Board
of Trustees of the Village of Mount Prospect, Cook County"Illinois,
as follows:
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Section 1. Th~t tnefresident and Board of Trustees of said
Village hereby finds and det~rm1nes that the borrowing of $4,000,000
for the purpose of constructing the Project is necessary for the wel-
fare of the government and affairs of the Village and that such bor-
rOi^iing is for a proper public purpose and is in the public interest..
Se~tion g~ That in order to raise the sum of $4,000,000
needed for the purpose of constructing the Project~ there be borrowed
by, for and on behalf of the Village of Mount Prospect~ Cook Count~r~
Illinois, the sum of $h"ooo;JOOO ~md to evidence said loan negotiable
coupon bonds of said Village be issuede Each of sa~d bonds shall
each be designated IlCorporate purpose Bond" Series 197L.l.rt" be'dated
December 1, 1974, be numbered ponsecutively from 1 to 800" inClusive,
be of the denomination of $5~OOO each and become due serially on
January 1 of each of the ye~r~ and in the amounts and bear interest
annually at the rates as fol~owa:
Principal Year of Rate of
Amount J4a t,ur.it y Interest
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$200,000 1977 6.50%
200,000 1978 6.50%
200,000 1979 6.50%
200,000 1980 6.50%
200,,000 1981 6.50%
200,,000 1982 6.50%
200,,000 1983 6.10%
200,,000 1984 5.90%
200,,000 1985 5.90%
200,,000 1986 5.90%
200,000 1987 5.90%
200,,000 1988 5.90%
200,000 1989 5.90%
200,000 1990 6.10%
200,000 1991 6.10%
200,000 1992 6.30%
200,000 1993 6.30%
200,000 1994 6.30%
200,000 1995 5.00%
200,000 1996 5.00%
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Interest on said bonds shall pe payable on July 1, 1975, and semiannually
thereafter on the first days of January and July in each year" which
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said interest payments to date of maturity of principal shall be
evidenced by proper interest coupons attached to each bond and matur-
ing on the dates herein provided.. Both pr:i.ncipal and interest shall
be payable in lawful money of the United States of America at First
National Bank of Mount Prospect ~ Mount Prospect
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Illinois. The seal of said Village shall be affixed to each of said
bonds and said bonds shall be signed by the President and by the
Clerk of said Village, and said coupons shall be signed by said offi-
cials, respectively, by their respective facsimile signatures, and
said officials, by the execution of said bonds> shall adopt as and
fcrtheir own proper signatu.res their respective facsimile signatures
app~aring on said coupons.
Section 3. That the bonds hereby authorized shall be
payable to bearer, provided, however, that such bonds may be sub-
ject to registration as to principal in the name of the holder on
the books of the Treasurer of said Village, such registration to
be evidenced by notation of said Treasurer on the back of such
bonds so registeredo No bond so registered shall be subject to
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~ransfer exce_pt upon such books and similarJ~r noted on the back
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; " j tpereof" unless the last registration shall have been to bearer..
Such registration of any of said bonds shall not~ however, affect
the negotiability of the coupons attached to said bonds, but such
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coupons shall continue transferable by delivery merely.
Section 4. That each of said bonds and the interest cou-
,pons to be thereto attached shall be in substant~lly the fOllowing
fo.rm:
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(Form of Bond)
UNITED STATES OF fu~~RICA
STATE OF ILLINOIS
COUNTY OF COOK
VILLAGE OF MOUI\1T PROSPECT
CORPORATE PURPOSE BOND, SERIES 1974
NUInber
$5,000
KNOT;J ALL MEN BY THESE PRESEN'rS, that the Village of Mount
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Prospect, Cook Count,J"" Illinois, hereby acknowledges itself to owe
a.~d for valw2 received promises to pay to bearer or, if this bond be
registered, to the registered holder hereof, the sum of FIVE THOUSAND
DOLLj\RS ($5,,000) on the fi.rst day of January., 19.__, together "lith
interest on said sum from the date hereof until paid at the rate of
per cent (_
7';) per annum" payable
on .July 1, 1975" and semiannually thereafter on January 1 and July 1,
on presentation and surrender of the respective interest coupons
hereto attached as they severally become due and payable. Both prin-
cipal and interest are hereby made payable in lawful money of the
United States of America at
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...' Illinois $
For the prompt payment of this bond, both
prin'cipal and interest, as aforesaid, at maturity, and the levy of
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taxes sufficient for that purpose, the full faith, credit and
of said Village are hereby irrevocably pledged.
for
the purpose of paying the cost of acquiring land and constructing
This bond is one of a series of bonds issued by said Village cr
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and equipping a new publiC library building thereon and purchasi.n.g
an existing building for use as the Village's administrative offices,
pursuant to and in a11 respects in comp1iance with the applicable
provisions of Section 6 of Article VII of the Constitution of the
State of Illinois, and ;in compliance with the provisions of an or-
dinance adopted by the President and Board of Trustees of said Village
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establishing the procedures for issuing full faith and credit non-
referendum bonds, and an ordinance authorj.zing the issnance of this
bonp and the series of which it forms a part, dul~r published and now
in full force and effecte
It is hereby certified and recited that all acts~ conditions
and things required by the Constitution and laws of the state of
Illinois, and including the procedures established by the Village
ordinance tor the exercise of its home rQLe powers cOIlferred by
Section 6 of Article VII of said Constitution of t~e state of Illinois
in issuing its full faith and credit bonds payable from ad 'valorem
property tax receipts ~dthout prior referendum approval; to exist or
to be done precedent to and in the issuance of this bond, have existed
and have been properly done, happened and been performed in regular
and due form and time as required by law; that the indebtedness of said
Village of Mount Prospect, represented by this bond and the issue of 't'1hich
it forms a part, and including all other indebtedness of said Village,
ho~rsoever evidenced and incurred, does not exceed any constitutional
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or statutory limitation, and that provision ha.s been made for the '
collection of a direct annual tax, in addition to all other taxes, on
aif of the taxable property in said Village sufficient to pay the
interest hereon as the same falls due and also to pay and discharge
the principal hereof at maturityo
This bond is subject to registration as to principal in
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the name of the holder on the books of the Village Treasurer, such
registration to be evidenced by notation of such Treasurer on the
back hereof, and after such registration no transfer hereof, except
upon such books and similarly noted hereon~ shall be valid unless
the last registration shall have been to bearer& Registration hereof
shall not affect the negotiability of the coupons hereto attached,
which shall continue negotiable by delivery merely, notwithstanding
registration hereofe
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IN WI~ WgEREOF, said Village of Mount Prospects Cook
County, Illinois" by its President and Board of Trustees, has caused
its corporate seal to be hereunto affixed, and this bond to be signed
by the President of said Village and by its Village Clerk, and the
coupons hereto attached to be signed by said off~ials, respectively,
by their facsimile signatures3 and said officials by the execution
hereof, do adopt as and for their own proper signatures their re-
spective facsimile signatures appearing on said coupons, all as of
the first day of December, 1974..
. preSlaent, Board of Trustees"
Village of Mount Prospect" Cook
County, Illinois
-Village Clerk, Village of Mount
Prospect~ Cook County, Illinois
(SEAL)
(Form of Coupon)
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On the first day of
, 19___, the Village
JI1,0unt Prospect, Cook County.'l Illinois, 1,'1111 pay to bearer
Dollars ($~
_) in lawful money of the unitec!:b
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States of America at
,
, Illinois, for interest due that day
on its Corporate Purpose Bond, Series 1974, dated December 1, 1974,
Number
"
presiaent, Board of Trustees,
Village of Mount Prospect, Cook
County, Illinois
---Village lITerK, Village of Mount
Prospect, Cook COuntY3 Illinois
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(Form for Registration as to PrL~cipal)
Date of
Registra,tion
~ame of Registered Qwner
Sig.Y1ature of
~illage Treaspre~
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Section 5" That for the purpose of providing funds re-
quired to paY' the interest on said bonds promptly 1\Then aYld as the
same falls due and t8 pay and discharge the princiI?al thereof a.t
maturity, there be and there is hereby levied upon all the taxable
property vJithin said Village, in the year for "J'hich said bonds are
outstanding~ a direct annual tax sufficient for that purpose, and
that there be and there is hereby levied on all the taxable property
in said Village, in addition to all other taxes" the following direct
annual tax, to-wit:
For the Year
A Tax Sufficient to Produce the Sum of:
197 L~
$ 263.467 for interest up
---------- January 1, 1976
t 443,200 ~ . for interest and
i' 430,20'0 for interest and
. 41 ~ ,200 for interest and
.404,200 for interest and
~ :isl,20u for interest and
t~o-- for interest and
f ~65 ,zOO for interest and
,<j)__ 353,000 for interest and
f '341,200 for interest and
I,' 329,400 for interest and
317 ,600 for interest and
) 305,BOa for interest and
f 294,000 for interest and
f 282,200 for interest and
i 270,000 for interest and
25'7,800 for interest and
245,200 for interest and
~ 232,600 for interest and
~ 220,000 for interest and
$-m,ono for interest and
to and including
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1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
principal
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That interest or principal coming due at a time when
there are insufficient funds on hand to pay th€ same be paid promptly
when due from current funds on hand in advance of'the collection of
said taxes herein levied.., and when said taxes shall have been col-
lected" reimbursement shall be made to the said ftmds in the amounts
thus advanced 0
Section 6a That forthwith as soon as this ordinance be-
comes effective, a copy hereof certified by the Clerk of said
Village, shall be fLl.ed lIJith the County Clerk. of Cook County,
Illinois, and said County Clerk shall, in and for each of the
years- 1974 to 1994, inclusive, ascertain the rate per cent required
to produce the aggregate tax hereinbefore provided to be levied
in said years, and said County Clerk shall extend the same for col-
lection on the tax books in connection with other taxes levied in
said years, in and by said Village for general corporate purposes
of said Village, and in said years such annual tax shall be levied
and collected by said Village in like manner as taxes for general
corporate purposes for said years are levied and collected, and in
addition to and in excess of all other taxes, and when collected
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.. 'f . such t~xes shall be used solely for the purpose of paying principal
and interest upon the bonds herein authorized when same mature~
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Section 7~ That the funds derived from such levy be and
the same are hereby appropriated and set aside for the sole and
only purpose of paying principal of and interest on said bonds when
and as the same become due. That the funds derived from the sale
of said bonds be and they are he~eby appropriated and set aside for
the purpose hereinbefore set out..
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That forthlidth after this ordinance has
become effective as provided by la~j\!$ the bonds herei.nauthorized
shall be executed and delivered to the Treasurer of said Village
d b b h. d l' d t Continental Illinois National Bank
an e y :un e_lvere 0 .,.......li3rus.t Company~ Chic~___~_
the purchilser thereof, upon receipt of the pu. rchase price there,=
for, ~~r'Hr.ce
be not less than the par value of said bonds plus
acc~cued interest to date of delivery and a premiu.m of $3~~~_~"
and that the contract for the sale of said bonds to said purchaseT~
heretofore entered into, be and the same is hereby in all respects
ratified, approved and confirmedo
SE~cti.~ 9~ That the principal proceeds of the sale of
said bonds shall be devoted to and used with due diligence for the
completion of the Project for which said bonds are hereby Buthor-
ized to be issued~ The President and Board of Trustees represents
and certifies that:
(1) the said Village expects within six months after
the delivery of said bonds, to incur substantial binding
tions equal to at least 2-1/2% of the estimated total Project
cost to commence construction of the sai.d Project;
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(2) the President and Bc~rd of Trustees expects th&t
over 85% of the spendable proceeds of said bonds;7 includil'1g iniles
ment proceeds, '\'1111 be expended on or before _12ec:s~rnbe.!:....}_;J 197o<~=.~!
for the purpose of paying the cost of said Proj~ct, said da~e .~
being wi thin th:ree years following date of J.ssue of said bondEf')v
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(3) work on the said Project is expected to proceed
with due diligence to completion~
(4) said Project has not been and is not expected to
be sold or otherwise disposed of.' in\vhole or in part prior to
the last maturity of said bonds;
(5) all of the principal proceeds of the bonds are
needed for the purpose stated in the form of bond above set out"
including expenses incidental to such purpose and to the issuance
of the bonds; and
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(6) to the best of the knowledge and belief of the
President and Board of Trustees~ there are no facts~ estimates
or circumstances that would materially change the conclusions and
representations set out in this Sectiono
Said President and Board of Trustees also cert1~ies and further cove-
nants with the purchaser and holders of said bonds from time to time
outstanding3 that so long as any of said bonds remain outstand~ng$
moneys on deposit in any flmd or account in connection with said
bonds, whether or not such moneys were derived from the proceeds of
the sale of said bonds or from any other sources, will not be used in
a manner which will cause such bonds to be flarbltrage bends" within
the meaning of Section l03(d) of the Internal Revenue Code of 1954,
as amended, and any lawful regulations promulgated or proposed there-
under, including Sections 1.103-13 and 1.103-14 of the Income Tax
Regulations (26 CFR Part 1)~ as the same presently exist, or may from
time to time hereafter be amended$ supplemented or revised. ThePreside
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and Board of Trustees reserves the right, however, to make any investmer
o,f such moneys permitted by state law if" when and to the extent that
said Section 103(d) or regulations promulgated thereunder shall be r~-
pealed or relaxed or shall be held void by final decision of a court of
competent jurisdiction, but only if any investment made by virtue of
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such repeal, relaxation or decision would not, in the opinion of
Section 10.
That a full, true and complete copy of this
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counsel of recognized competence in such matters, resv~t in making
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the interest on said bonds SUbject to federal income taxation..
ordinance be published lid thin ten days after passage in
Prospect Herald
, being a newspaper published and of general circulation
~ ., , .. i'iithin said Village e
Section 11. That all ordinances, resolutions and orders, or
parts thereof, in conflict herewith, are to the extent of such conflict,
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hereby repealed and thif3 ordinance shall be in full fo:r":::e and effect
upon its passage, approval and publication thereof as provided by
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ApprC'"'tled. :
AYES: 5
NAYS: 1
ROBERT D. TEICHERT
~--''Fi1''e Ci' iA p ~rl 'l"f'o~,$"'-o--:,"r-1'f\':,;;7:;<s-;t~P,-e s~-,._"'--_.
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Ville.ge of Mount Prospect,
Cook County, Illinois
Adopted:
November 19,
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1971-1-..
DONALD W. GOODMAN
vTlYage--'ClerK, ViIlage orMount
Prospect, Cook County~ Illinois
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slA1E OF ILLINOIS
COUNTY OF COOK
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I, Marie T. Hard, do hereby certify that I am the duly
,
qualified and acting Deputy Clerk of the Village of Mount Prospect
in the County and State aforesaid, and as such Deputy Clerk I am
the keeper of the records and files of the Board of irustees of
said Village.
I do further certify that attached hereto is a fui'. true
and correct copy of ORDINANCE NO.25a~
duly adopted by the Board of Trusteed of the Vii1age of Mount
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Prospect, Cook County, Illinois, at its iegaily convened meeting
held on the 19)th' day of November, 1974 ., and that a,t the
time of adoption of said ORDINANCE NO. 25::4)1
the Goard of Trustees voted as follows:
AYES; 6
NAYS: 0
ABSENT: I 0
an as appears in'the. officiai
and custody.
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records of ,said Village in my care
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Dated at Mount Prospect. Illinois. this 22nd day
of November, 1974.
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Deputy Clcrl<;'Ti 'liafJo or:-MO~ j
CooK County. Ill' n0-15&:.,
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