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HomeMy WebLinkAboutOrd 2478 12/04/1973 ~ " ORDINANCE NO. J-t1g 22 580 145 AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING BalmS OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, TO THE AMOUNT OF $2,000,000.00 FOR THE PURPOSE OF PAYING THE COST OF ACQUIRING AND CONSTRUCTING EXTENSIONS AND IMPROVEMEN'l'S TO THE STORf'1 AND SANITARY SEWER SYSTEI'1S SERVING THE VILLAGE OF MOUNT PROSPECT AND PROVIDING FOR THE LEVY AtJi) COLLECTION OF A DIRECT ANNuAL T}\X FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST MATURING ON SAID BONDS. WHEREAS, the Village of Mount Prospect, Cook County, Illinois, owns and maintains a system of storm and sanitary sewers, and annually taxes have been duly lsvied and extended against all taxable property within the Village for the purpose of maintaining said storm and sanitary sewers~ and WHEREAS, the Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, by proper proceedings has heretofore determined that it is ~ecessary to promote, protect and safeguard the public health and safety of said Village, that extensions and imp=ovements in and to said storm and sanitary sewer system be acquired and constructed~ and N f'J c.;- o::: c:. WHERR~S, the President and Board of Trustees of said ~ (Jl Village has heretofore approved and does now hereby approve the said plans for the acquisition and construction of extensions and improvements to said storm and sanitary sewer system and the estimate of cost heretofore submitted to the said President and Board of Trusteesi and WHEP~S, it is deemed advisable and necessary and for the best interest of the Village of Mount Prospect,that such extensi6ns and improvements be acquired and constructed; and WHEREAS, funds are not available for the purpose of paying the cost of acquiring and constructing the said extensions and improvements, as hereinabove referred to and described, and it will therefore be necessary to borrow money and in evidence thereof issue bonds of said Village for the purpose of paying the cost there()f^,and .~. .. " - 2 - WHEREAS, the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois did by Ordinance No. 2469 adopted on November 6, 1973, establish procedures to be followed in incurring indebtedness for corporate purposes, issuing non-referendum bonds to evidence such indebtedness and authorizing and directing the levying of a tax for the purpose of paying the principal of such bonds and the interest thereon as the same becomes due; and WHEREAS, the President and Board of Trustees of said Village do hereby find and determine that it is necessary for the welfare of the government and affairs of the Village, is for a proper public purpose or purposes, and is in the public interest that the sum of $2,000,000.00 be borrowed by the . said Village to acquire and construct extensions and improvements in and to the storm and sanitary sewer system of the said Village and in evidence thereof bonds in the principal amount of $2,000,000.00 be issued,without submitting the question r r ( ( c of their issuance to the electors of the 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: SECTION ONE: That is is hereby found and determined that all of the action referred to in the preamble of this, ordinance has been properly taken as referred to and set forth in said preamble and that the President and Board of Trustees of the Village of Mount Prospect have been and are duly authorized to issue bonds of said Village in the amount of $2,000,000.00 for the purpose of paying the cost of acquiring and constructing extensions and improvements in and to the storm and sanitary sewer system in said Village. b - 3 - SECTION TWO: That it is hereby found and determined that it is for the best interests of the Village of Mount Prospect that money be borrowed by said Village for the purpose of paying the cost of acquiring and constructing the aforesaid extensions and improvements all as hereinabove referred to and described in the preamble hereof and that to evidence said loan negotiable coupon bonds of said Village in the principal amount of $2,000,000.00 be issued. SECTION THREE: That in order to raise the aforesaid sum of $2,000,000.00 needed at this time for the purpose of paying the cost of acquiring and constructing the aforesaid extensions and improvements there be borrowed by, for and on . behalf of the Village of Mount Prospect, Cook County, Illinois, the sum of $2,000,000.00 and to evidence said loan negotiable coupon bonds of said Village be issued. Said bonds shall be designated "Corporate Purpose Bonds, Series of 1973", be ......... r'< (J ex c dated December I, 1973, be four hundred (400) in number, numbered consecutively from l'to 400, inclusive, be of the denomination of $5,000 each and become due serially on ..p (J' January 1 of each of the years and in the amounts, and shall bear interest from date until paid at the rates, shown in the following columns: Bond: Numbers Interest Year Amount All Numbers Inclusive Rate 1976 $ 55,000 I through 11 6.00% 1977 60,000 12 through 23 6.00% 1978 65,000 24 through 36 6.00% 1979 65,000 37 through 49 6.00% 1980 70,000 50 through 63 6.00% 1981 75,000 64 through 78 6.00% 1982 80,000 79 through 94 5.75% 1983 85,000 95 through III 5.00% 1984 90,000 112 through 129 5.00% 1985 95,000 130 through l48 5.00% --.----'"""~'-~'==<:~~""=='''''-~''''''''''''"''~..--~-''';.,.'''''''''''''"''-----__r_- -- - 4 - Bond Numbers Interest year Amoun t All Numbers Inclusive Rate 1986 $100,000 149 through 168 5.00% 1987 105,000 169 through 189 5.00% 1988 110,000 190 through 211 5.00% 1989 115,000 212 through 234 5.00% 1990 120,000 235 through 258 5.00% 1991 130,OOO 259 through 284 5.00% 1992 135,000 285 throy:gh 311 5.00% 1993 145,000 312 through 340 5.00% 1994 150,000 341 through 370 5.00% 1995 150,000 371 through 400 4.00% That the interest becoming due on said bonds shall be payable on July 1, 1974 and semi-annually thereafter on the first days of January and July in each year, which said interest payments to date of maturity of principal shall be evidenced by proper interest coupons attached to each bond and maturing on the dates herein provided, and both principal and interest shall be payable in lawful money of the United States of America at The Northern Trust Co., 50 South LaSalle Street, Chicago, Illinois. The seal of ~) f'j (J1 (Xl CJ said Village shall be affixed to each of said bonds and said bonds shall be signed by the President and be attested by the ..pi. c..n Clerk of said Village, and said coupons shall be signed and attested by said officials, respectively, by their respective facsimile signatures, and said officials, by the execution of said bonds, shall adopt as~ and for their own proper signatures their respective facsimile signatures appearing on said coupons. SECTION FOUR: That the bonds hereby authorized shall be payable to ~earer, provided, however, that such bonds may be subject to registration as to principal in the name of the holder on the books of the Finance Director of said Village, such registration to be evidenced by notation of said Finance I -,<<~=,,,,,-,",",,,.,,,,.,,.....,....,,~--.....,,..........~.... - 5 - Director upon the back of such bonds so registered. No bond so registered shall be subject to transfer except upon such books and similarly noted on the back thereof 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 coupons shall continue transferable by delivery merely, SECTION FIVE: That each of said bonds and the interest coupons to be thereto attached shall be in substantially the following form: ~ rv c..n CD C) ..p.... U1 - 6 - (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUN'rY OF COOK VILLAGE OF MOUNT PROSPECT CORPORATE PURPOSE BOND, SERIES OF 1973 Number $5,000 KNOW ALL MEN BY THESE PRESENTS, that the Village of Mount Prospect, in Cook County, Illinois, hereby acknowledges itself to owe, and for value received promises to pay to bearer, or if this bond be registered, then to the registered holder hereof, the sum of FIVE THOUSAND DOLLARS ($5,000) on the first day of January, I 9____, together with interest on said sum fro~ the date hereof until paid at the per cent ( per annum, payable on rate of July I, 1974 and semiannually thereafter on the first days of Jamuary and July, in each year, upon presentation and 1"'..) r'0 c.n en C) surrender of the respective interest coupons hereto attached as they severally become due and payable. Both principal and interest are payable in ..p... U1 lawful money of the united States of America at , in the City of For the prompt payment of this bond, both principal and interest, as aforesaid, at maturity, and the levy of taxes sufficient for that purpose, the full faith, credit and resources of said Village ~re hereby irrevocably pledged. This bond is one of a series of bonds issued by said Village for the purpose of paying the cost of acquiring and constructing extensions and improvements in and to the storm and sanitary sewer sys tems in said Village, pur suant to and in all respects in compliance with the provisions of the Illinois .. --_.~-,--~._---~._-_._~"---~-""--, I - 7 - Constitution of 1970, Ordinance No. 2469 of the village of Mount Prospect, passed and approved November 6, 1973, and Ordinance No. , passed and approved December 4, 1973, published in all respects as required by law. It is hereby certified and recited that all acts, conditions and things required by the Constitution and Laws of the State of Illinois, and the ordinances of this Village of Mount Prospect, 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 b~ this bond and the issue of 'which it forms a part, and including all other indebtedness of said village, howsoever evidenced and incurred, does not exceed any constitutional or statutory limitation, and that provision has been made for the collection of a direct annual tax, in addition to all other taxes, on all of the taxable f".) f".) CJ1 en C) property in said Village sufficient to pay the interest hereon as the same falls due and also to pay and discharge the ...pa.. (Jl principal hereof at maturity. This bond is subject to registration as to principal in the name of the holder on the books of the Finance Director of the Village, such registration to be evidenced by notation of such Finance Director 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 hereof. '~''i! -- - -- - ----.---..--.------.-..,...~,...,.~"........_~,..",."."....._=".'<"""""""".""_=.""'''"..~.'''''o;::",,~'~'''~;"'"..-.>'~<W"""-~"'im"'''',''''=~'''''',.,,.,.=''''''''''.''''______._....:..__..,._.,..----,---~.......,...,.""......,.,,~""""=~".~,,=""~;,"',."''','~~''''''''''''''',,_.~~-~#''-"""',""""'''''''"'''',__.-..-.-.--.__---r---___________.___ - 8 - IN WITNESS WHEREOF, said Village of Mount Prospect, 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 attested by its Village Clerk and the coupons hereto attached to be signed and attested by said officials, respectively, by their facsimile signatures, and said officials do, by the execution hereof, adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, all as of the lst day of December, 1973. Village President Village of Mount Prospect ATTEST: Village Clerk Number $ r,-> r-,J U1 CD o (Form of Coupon) ...0..-- On the first day of ..p.. , 19_, the Village CJ1 of Mount Prospect, Cook County, Illinois, will pay to bearer Dollars ($ ) in lawful money of the United States of America, at , in the City of for interest due that day on its Corporate Purpose Bond, Series of 1973, dated December I, 1973, No. Village President Village of Mount Prospect Attest: village Clerk - 9 - (Form for Registration as to Principal) Date of Reqistration Name of Registered Owner Signature of Villag Finance Director SECTION SIX: rfhat for the purpose of providing the funds required to pay the interest on said bonds promptly when and as the same falls due and to pay and discharge the principal thereof at maturity, there be and there is hereby levied upon all the taxable property within said Village, in each year while any of said bonds are outstanding, a direct annual tax sufficient for that purpose, and that there be and there is hereby levied . on all of the taxable property in said Village, in addition to all other taxes, the following direct annual tax, to-wit: For the year 1973, a tax sufficient to produce the sum of $111,583.34 for interest maturing up to and including January 1, 1975. r r ( c ( For the year 1974, a tax sufficient to produce the sum of $158,000.00 for interest and principal maturing up to and including January I, 1976. ( For the year 1975, a tax sufficient to produce the sum of $159,700.00 for interest and principal maturing up to and including January 1, 1977. For the year 1976, a tax sufficient to produce the sum of $161,100.00 for interest and principal maturing up to and including January 1, 1978. For the year 1977, a tax sufficient to produce the sum of $157,200.00 for interest and principal maturing up to and including January 1, 1979. For the year 1978, a tax sufficient to produce the sum of $158,300.00 for interest and principal maturing up to and including January 1, 1980. For the year 1979, a tax sufficient to produce the sum of $159~100.00 for interest and principal maturing up to and including January 1, 1981. - 10 - For the year 1980, a tax sufficient to produce the sum of $159,600.00 _ for in teres t and principal maturing up to and including January 1, 1982. For the year 1981, sum of $160,OOO.00 maturing up to and a tax sufficient to produce the for interest and principal including January 1, 1983. For the year 1982, a tax sufficient to produce the sum of $160,750.00 for interest and principal maturing up to and including January 1, 1984. For the year 1983, a tax sufficient to produce the sum of $161,250.00 for interest and principal maturing up to and including January 1, 1985. For the year 1984, a tax sufficient to produce the sum of $161,500.00 for interest and principal maturing up to and including January I, 1986. For the year 1985, a tax sufficient to produce the sum of $16I,500.00 for interest and principal maturing up to and including January I, 1987. For the year 1986, a tax sufficient to produce the sum of $161,250.00 for interest and principal maturing up to and including January 1, 1988. For the year 1987, a tax sufficient to produce the sum of $160,750.00 for interest and principal maturing up to and including January 1, 1989. ~) f'..) (J1 OJ G For the year 1988, a tax sufficient to produce the sum of $160,000.00 for interest and principal maturing up to and including January I, 1990. For the year 1989, a tax sufficient to produce the sum of $164,OOO.00 for interest and principal maturing up to and including January 1, 1991. ~ :J1 For the year 1990, a tax sufficient to produce the sum of $162,500.00 for interest and principal maturing up to and including January 1, 1992. For the year 1991, a tax sufficient to produce the sum of $165,750.00 for interest and principal maturing up to and including January 1, 1993. For the year 1992, a tax sufficient to produce the sum of $163,500.00 for interest and principal maturing up to and including January 1, 1994. For the year 1993, a tax sufficient to produce the sum of $156,000.00 for interest and principal maturing up to and including January 1, 1995. That interest or principal coming due at any time when there are insufficient funds on hand to pay the same be paid promptly when due from current funds on hand in advance of the - II - collection of said taxes herein levied, and when said taxes shall have been collected, reimbursement shall be made to the said funds in the amounts thus advanced. SECTION SEVEN: That forthwith as soon as this ordinance becomes effective, a copy thereof certified by the Clerk of said Village, which certificate shall recite that this ordinance has been passed by the President and Board of Trustees of said Village and published, shall be filed with the County Clerk of Cook County, Illinois, who shall in and for each of the years 1973 to 1993, both years included, ascertain the rate per cent required to produce the aggregate tax hereinbefore provided to be levied in each of said years, respectively, in and by said Village for general corporate purposes of said Village, and in each of said years such annual tax shall be levied and collected, such taxes shall be used solely for the purpose of paying principal and interest SECTION EIGHT: That the funds derived from such r-. r- c.. c c upon the bonds herein authorized when same mature. levy be and the same are hereby appropriated and set aside ~ c... for the sole and only purpose of paying principal of and interest on said bonds when and as same become due. That the funds derived from the sale of said bonds be and they are hereby appropriated and set aside for the purpose hereinbefore set out. SECTION NINE: That forthwith after this ordinance has become effective as provided by law, the bonds herein authorized shall'be 'executed by the officers of the Village as herein provided, and shall be then delivered to the Village Finance Director who shall deliver said bonds to the purchasers thereof, The Northern Trust Co., of Chicago, Illinois , upon receipt ~ i,~;;. ... - 12 - of the purchase price therefor, the same to be not less than par and accrued interest on said bonds from the date thereof up to and including the date of delivery thereof; that the contract for the sale of the said bonds to said purchaser, heretofore entered into, be and the same is hereby ratified, approved and confirmed. SECTION TEN: 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 authorized to be issued. The President and Board of Trustees represent and certify that: (l) the said Village expects, within six months after the delivery of said bonds, to incur substantial binding obligations equal to at least 2-1/2% of the estimated total project cost to commence construction of the said project; (2) the Village expects that over 85% of the spendable proceeds of said bonds, including investment proceeds, will be expended on or before December I, 1976, for the purpose of paying the cost of said project, said date being within three years following the date of issue of said bonds; r": r< CJ 0: C (3) work on the said project is expected to pro- ceed with due diligence to completion; ..p. (J1 (4) said project has not been and is not expected to be sold or otherwise disposed of in whole or in part prior to the last maturity of said bondsi (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 (6) to the best of the knowledge and belief of the Village Board of Trustees, there are no facts, estimates or circumstances that would materially change the conclusions and representations set out in this Section. Said Village Board also certifies and further covenants with the purchasers and holders of said bonds from time to time outstanding that so long as any of said bonds remain outstanding, moneys on deposit in any fund 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 - 13 - used in a manner which will cause such bonds to be "arbitrage bonds" within the meaning of Section I03(d) of the Internal Revenue Code of 1954, as amended, and any lawful regulations promulgated or proposed thereunder, 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. The Village Board reserves the right, however, to make any investment of such moneys permitted by state law if, when and to the extent that said Section 103(d) or regulations promulgated thereunder shall be repealed 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 such repeal, relaxation or decision would not, in the opinion of counsel of recognized com- petence in such matters, result in making the interest on said bonds subject to federal income taxation. SECTION ELEVEN: That all ordinances, resolutions and orders or parts thereof, in conflict herewith, be and the same are hereby repealed and this ordinance shall be in full force and effect upon its passage, approval and publica- tion as provided by law. ADOPTED THIS 4TH DAY OF (7) EfY- E/IJ PJ E1t 19 7 3 . , N N U1 CO C) AYES: to NA YS: 0 ..pa.. l,n ABSENT: JJTH APPROVED THIS ~ DAY OF ))ECJ,~M8E ~ , 1973. d President Village of Mount Prospect /' /.3 ~ DAY OF [lE..(J.E.W'J8E ~ , 1973. RECORDED THIS DAY OF , 1973. ~ _.,-~~,-"""~="""-..~"""""",~."""""",,,,.,--_..:---------,----~--_..'-"'-'-- STATE OF ILLINOIS ) ) SSe COUNTY OF COOK ) I, J)Ot4I1LO ~~! 6-~Cf)I'1/iIt/ DO HEREBY CERTIFY that . I am the duly qualified and acting Clerk of the Village of Mount Prospect, in the County and State aforesaid, and as such Clerk I am the keeper of the records and files of the President and Board of Trustees of said Village. I DO FURTHER CER'I'IFY tha t the foregoing is a full, true and complete copy of Ordinance No. ::2 tf7tt2 entitled AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING BONDS OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, TO THE AMOUNT OF $2,000,000.00 FOR THE PURPOSE OF PAYING THE COST OF ACQUIRING AND CONSTRUCTING EXTENSIONS AND IMPROVEMENTS IN AND TO THE STORM AND SANITARY SEWER SYSTEMS SERVING THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST MATURING ON SAID BONDS, adopted by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, at a Q IE4- () (~.A It.. , meeting held on DEe L/ , 1973 , all as appears from the official records of said Village in my care and custody. IN WITNESS WHEREOF, I have hereunto affixed my official signature and the corporate seal of said Village of Mount Prospect, Illinois, this 1/-01- day of j)EC'''''-~tJli7< , 1973. //dL:" ~~ Village Clerk of the Village of ~)'~9:q.P t "Prospect, Cook Coun':tr.:y.t1l1in:C5is "~I' '" +!>,,,, ~1(' ,. ,,' ;, ',' I , ,,"'" v",")""'" DEe 27 AM 10 20 '"'III, :/.iIlL !.1 5,:," l\ . DEC-tFf5 ''[:5 0 9 ri L; . '3: 0 ;, , ljA" I t~ 17.2 - 1 01'1 .1 'I I' U .4, ,0 '-' MAIL 2258C145