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HomeMy WebLinkAboutOrd 2393 11/21/1972 ORDINANCE NUMBER 2393 ORDINANCE providing for the issuance of $415,000 Corporate Purposes General Obligation Notes of the Village of Mount Prospect, Cook County, Illinois, and providing for levying and collect- ing a direct annual tax to pay the principal of said notes and the interest thereon. * * * * * * * * * * WHEREAS, the provisions of section 8-4-25 of Division 4 of the Illinois Municipal Code, approved May 29v 1961, as amended, authorize any municipality to issue from time to time general obligation notes in an amount not to exceed seventy- five per cent of the taxes levied for a specific purpose for the year during which said notes are issued, provided that there are no tax anticipation warrants outstanding against said specific taxes levied for such fiscal year; and . WHEREAS, it is necessary for the Village of Mount Prospect, Cook County, Illinois, to issue its notes in the amount of $415,000 to provide funds for corporate purposes, which said amount does not exceed seventy-five per cent of the taxes levied by said Village for corporate purposes for the year 1972 and no tax anticipation warrants have been issued against said taxes; NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1. That general obligation notes of said Village be issued in the principal amount of $415,000 to provide funds for corporate purposes, which said notes shall each be desig- nated "Corporate Purposes General Obligation Note," be dated as of date of delivery thereof, and shall be numbered, be of the denomination, become due and bear interest as follows: ,.,..._._.-..,-,-,----_..._-~~..."""",.,,~----~ .....-""';-""-"" Rate .of Number Denomination Maturity Interest 1 115,000 2.65% 2 100,000 2.65% 3 100,000 2.65% 4 100,000 2.65% Interest on said notes is payable on July 1, 1973t and at maturity, which interest payments shall be evidenced by proper interest coupons attached to each note, and said interest shall be payable only upon presentation and surrender of the interest coupons thereto attached as they severally become due. Both principal of, and interest on, said notes shall be payable in lawful money of the United States of America at Mount Prospect State Bank, Busse Avenue at Emerson Street, ~lount Prospect, Illinois 60056. The Seal of the'Village shall be affixed to each of said notes and said notes shall be signed by the President and be attested by the Clerk of this Village, and the interest coupons I shall be signed by the President and Clerk of this Village by their facsimile signatures, which officials, respectively, shall by the execution of said notes adopt as and for their respective proper signatures their respective facsimile signatures appear- ing on said coupons. Section 2. Said notes shall pass by delivery, unless registered, and any note may be registered as to principal in the name of the owner on the books of the Treasurer of said Village, such registration being noted on each note so regis- tered, after which registration only such registered owner, or the legal representative of such owner, shall be entitled to receive the principal thereof, and after such registration no transfer thereof shall be valid unless noted on such books and -2- _'.""'''''''''''~=_~', .". ,.,~,.._,.._...l="e'~.;"',,,,,,_y',,",~,",,"';,,,,,-,,,,,,,,,c.';;;;:~",,,_~,,,.,,,",=,,,,,,,,,,,,__,_____,__"""-'-""""'___"""'___________''"''''J',,",,,,"-."""',..,",,,,,',",,","'~",>~~--"-"-'~'- r-"""~. ~,....J,~. .' similarly noted on the note, unless the last registration is to bearer, after which it shall be transferable by delivery, but may again be registered as before. Such registration, however, shall not affect the negotiability of the interest coupons by delivery merelyo Section 3. That each of said notes and the interest coupons and form of registration shall be in substantially the following form: -3- ~_'~'___'.'__~_~_~""_~""'",.""""",~c.,,,,'~,,=-,,=,'-"'~,=~=_. "'. ,."<"""""","..,__><..~,,,," ''''''~'. -_~~~...;;...== ' /-".;:-""""~ ~<~""- (Form of Note) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF MOUNT'PROSPECT CORPORATE PURPOSES GENERAL OBLIGATION NOTE NUItlber $ KNOW ALL MEN BY THESE PRESENTS, that the Village of Mount Prospect, Cook County, Illinois, hereby acknowledges itself to owe and for value received hereby promises to pay to bearer, or if this note be registered as to principal, then to the regis- tered owner hereof, the sum of DOLLARS ($ ) on the day of , _, with interest thereon from the date hereof until paid at the rate of per cent ( %) per annum, pay- able " and at maturity. Interest due on or prior to maturity shall be payable only upon presenta- tion and surrender of the annexed interest coupons as they severally become due. Both principal hereof and interest hereon are hereby made payable in lawful money of the United States of America at For the punctual payment of this note, both principal and interest, as the same become due, and for the levy of taxes sufficient therefor, the full faith, credit and resources of said Village are hereby irrevocably pledged. This note is a direct general obligation of said Village and is one of a series in the principal amount of $ -4- ,.~_...... """""""""'-"'''''''''~''''~'-''''~'"'''"""""w",<,,,_''''=='''''''"="""""""'~'-''"''''=-'-'''''''''''''o'''''':r'~~="::;,,,.._~_...._...,"," . --..~^~----'-~ , --~--'''''----'''''''''=''''~'--'-=''-'-'.-"...:..,.,,,",,,,,,,,~,..,;,-,~;';''''~';:'',..~;,ofZ.,,,",-:~='':';'''''., -, ,,~-7:"!'~ DOLLARS ($ ) issued under the authority of the provisions of Section 8-4-25, Division 4 of the Illinois Municipal Code, approved May 29, 1961, as amended, and all laws amendatory thereof and supple- mentary thereto, to provide funds for corporate purposes, and is authorized by an ordinance adopted by the President and Board of Trustees of said Village and approved by the President thereof, on ____, 1972" This note is subject to registration as to principal in the name of the owner on the books of the Treasurer of said Village, such registration to be evidenced by notation of said 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 interest coupons hereto attached, which shall continue negotiable by delivery merely. It is hereby certified and recited that all conditions, acts and things required by law to exist or to be done precedent to and in the issuance of this note, did exist, have happened, been done and performed in regular and due form and time as required by law, that the total amount of the Corporate Purposes General Obligation Notes issued for the year 1972, including the issue of which this note is one, does not exceed seventy- five per cent (75) of the taxes levied for corporate purposes for the year 1972, that no tax anticipation warrants have been issued against said taxes levied for the year 1972; that the total indebtedness of said Village, including this note and the series of which it forms a part, does not exceed any constitutional or statutory limita- -5- - ._..._----------~- -....,.~""""""'sw.=~!,==~,=- .' .,'''''''V?ffl.~__,."_~______- /'~'~ ~" tion, and that provision has been made for the collection of a direct annual tax upon all of the taxable property in said Village sufficient to pay the interest hereon and the principal hereof when the same mature. IN WITNESS WHEREOF, the 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 note to be signed by the President of said Village and attested by its Village Clerk, and the interest coupons hereto attached to be signed and attested by said officials, respectively, by their facsimile signatures, which said officials, by the execution of this note, do adopt as and for their own proper signatures their facsimile signatures, appearing on said coupons,. all as of the first day of , 1972. President, Board of Trustees ATTEST: Village Clerk. -6- """""'"""'''''''"'''''''''''''''''''''''''''''''~''''''''"''''"""''''''''''''''''"'''='''''';C:"'I~"=,''.'''''''""""",'"",,,,,_,,,,,,,~~__,.___,,__.~___~_.,_~'--'-"~_~" _._"_.._'.____~,==_"'=""".."',.".._._~"_._'___~____ (Form of Coupon) Number $ On the ____ day of , 19__; the Village of Mount Prospect, Cook Countyu Illinois, promises to pay to bearer DOLLARS ($ ) in lawful money of the United States of America at for interest due that day on its Corporate Purposes General Obligation Note, dated , 1972, No. President, Board of Trustees ATTEST: Village Clerk (Form of Registration) Date of Registration Name of Registered Owner Signature of village Treasurer -7- _"~"___"'-""''"'"'''~'"__=~'''''=_=~'.=ot':"~,''=e",~=~4'""":;(;''~~',;,;';,=":=,,:,:,,,,,,-----,:,,:,,,===-~":':::==-==:':=_~=.:'-'" .- -~ -.-,-. -.., ---~-....-~_._-_.- ,/~. Section 4. For the purpose of providing the funds re- quired to pay the interest on said notes 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 of the taxable property in said Village and there shall be collected the following direct annual tax: For the year 1972u a tax to produce the sum of '$421,415.36 for in~erest and principal. Section 5. A copy of this Ordinance du certified by the Clerk of said Village shall be filed in the office of the County Clerk of Cook County, Illinois, and shall constitute authority for the extension and collection of such taxes in ad- dition to and in excess of all other taxes levied by said Village. Interest and principal upon said notes coming due at any time when there are insufficient funds from the proceeds of the taxes herein levied to pay the same shall be paid promptly when due from any available moneys of the Village in advancement of the taxes herein levied and when said taxes shall have been collected reimbursement shall be made in the amount so advanced. Prior to the delivery of the notes herein authorized, the President and Board of Trustees of the Village shall adopt an ordinance and file a certified copy thereof with the County Clerk of Cook County, Illinois, directing the said County Clerk in computing the tax rate for corporate purposes of said Village to reduce said rate for corporate purposes by the per cent necessary to produce an amount to pay the principal of and interest on the notes authorized by this Ordinance; provided the tax rate shall not be reduced beyond the amount necessary to reimburse any money borrowed from the working cash fund, and it shall be the duty of -8- ,...c"~"""c.,_~"..~..-,,,,,,,,,.,,,,,,,,,,,.,,,.=,",-,,,,..,,,.~~-~-~~.......--------~-~ ----- ~";'''~-.... /'<""""~ the Clerk of said Village, not less than thirty (30) days prior to the tax extension date for taxes levied for the year 1972, to certify to the County Clerk the amount of money borrowed from the working cash fund to be reimbursed from the taxes levied for corporate purposes. of said Village of Mount Prospect, Cook County, Illinoisy as Section 6. These notes shall be executed by the officials hereinabove ~ovided, as soon as may be after this Ordinance becomes effective, and .be deposited with the Treasurer of this Village and by said Treasurer shall be delivered to the purchaser thereof, namely, Mount Prospect State Bank,Mount Prospect,I11inois, upon receipt of the purchase price therefor, same being hot less than par and accrued interest to date of delivery, and that the contract for the sale of said notes heretofore entered into be and the same is hereby in all respects ratified and approved and confirmed. The proceeds of said notes shall be used to provide funds for corporate purposes, and said notes in the principal amount of $115,000.00, $100,000.00, $100,000.00, and $100,000.00, respectively, constitute the first series of notes issued for 1972 by said Village pursuant to the provisions of Section 8-4-25, Division 4, of the Illinois Municipal Code, approved May 29, 1961, as amended. Section 7. This Ordinance shall take effect and be in force from and after its passa~e and approval and publication in pamphlet form as provided by law. '-. PASSED IL6-,j-<!_/Jl/L-/~/ 0:2 / . APPROVED /h~-y~,..,/ 02 / , 1972. , 1972. PUBLISHED , 1972. ATTEST: President, Board of Trustees If)h<-t-d U./ ~~~ Village Clerk -9- -, ---'--'--'-~-~--""""""-"",,,,'''''''''''''---,_._-~- -- ----" __om _'_~__.....____.",_,,_,..,~____ ~""""', .' y Trustee ,,~~C>~ e /7 LLcf,--"",-,~~ moved and Trustee seconded the motion that said ordinance as presented and as read by the Village Clerk be adopted. After a full and complete discussion thereof, the President directed that the roll be called for a vote upon the motion to adopt the ordinance as read. Upon the roll being called the. follmving Trustees voted AYE: ~f:~~~ c;;;,J f~~ ~ YL0..~ . _~---k <" /-t~d~1~C-l!:<L-4--r-./<-~L~'----ez:'1_ "' / . The following Trustees voted NAY: ..----; /I~/f~- Whereupon the President declared the motion carried and the ordinance adopted and henceforth did approve and sign the same in open meeting and did direct the Clerk to record the same in full in the records of the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded the meeting was adjourned. f) h 4/1uj ~I 4~ 6L~ Village Cierk -.--.-----'--..--.~-.-"-......,.-""^.,,~,<~..,..,_"<,.,,._~=,=."""""~_c...'-""''''''"'''<~''''''''~''''='.~m._.~m__._____ "__~" M ------~..-.. .~--.-. /'''.'-.... STATE OF ILLINOIS) ) SSe COUNTY OF COOK ) I, EDWARD J. BARRETT, County Clerk of Cook County, Illinois, do hereby certify that on the day of , 1972, there was filed in my office a properly certified copy of an ordinance entitled !IAN ORDINANCE providing for the issuance of $415,000 Corporate Purposes Ceneral Obligation Notes of the Village of Mount Prospectg Cook County, Illinois, and providing for levying and collecting a direct annual tax to pay the principal of said notes and the interest thereonll, and that the same has been deposited in the official files and records of my office. GIVEN under my hand and the seal of said Cook County, Illinois, this day of , 1972. County Clerk of Cook County, Illinois (SEAL) .-'"-."'.~'.;'C-"'..."~_.~...c,,,,,..," ",'-C""'=:""",">"''->;>-''l!">',,,",,.,,=-,,",,..,.~~...,,.,,,,",,"~,,,;=~..,,,,.,.,,,,",,,,~=,,,,.,,,,,",""'c.,.'~.',~,::;:ry.=',="""""""''''':'''''-'''''''''-'''""'''-''''"'''=''''''''''"''"'''-''''''''''>~-------,..~------"-_..~--~."""'-~"""-~..............-"~---~ STATE OF ILLINOIS ) ) SSe COUNTY OF COOK ) I, ~th'-"-"<( /,) A~f~.../ ,do hereby certify that I am the duly qualified and acting Clerk of the Village of Mount Prospect, Cook County, Illinois, and as such officer I am the keeper of the records and files of the President and Board of Trustees of said Village. I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the legally convened meeting of the presiden~a d Board of Trustees of said Village held on the ~ day of _ ~<-<.-~J , 1972, insofar as same relates to the a option of an ordinance providing for the issuance of $415fOOO General Obligation Notes of said Village, a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Presi- dent and Board of Trustees on the adoption of said ordinance were taken openly; that the vote on the adoption of said ordinance was taken openly; that said meeting was held at a specified time and place convenient to the public; that notice of said meeting was duly given to all newspapers, radio or tele- vision stations and other news media requesting such notice; and that said meeting was called and held in strict accordance with the provisons of "AN ACT in relation to meetings" approved July 11, 1957, as amended, and that said President and Board of Trustees have complied with all of the applicable provisions of said Act and its procedural rules in the adoption of said ordinance. IN WITNESS WHEREOF; I have hereunto affixed my official signature this -:Jj ...a4-day of /?/~-p '--C.-r;~J-v/ , 1972. . (SEAL) . '~_O_"'_"'_~'_'_"__"_"~"""""_"~;"'''''=''''"'''''''''''''''''''''''''''''_''''''''~"'"