HomeMy WebLinkAboutOrd 968 03/17/1964
~
ORDINANCE NO. 968
AN ORDINANCE PROVIDING FOR THE BORROWING OF MONEY AND
THE ISSUING OF BONDS BY THE VILLAGE OF MOUNT PROSPECT
IN THE AMOUNT OF $200,000 FOR THE PURPOSE OF CONSTRUCTING
AND EQUIPPING A FIRE STATION A~TD PROVIDING FOR THE LEVY
AND COLLECTION OF A DIRECT ANNUAL TAX FUR THE PAYMENT
OF PRINCIPAL AND INTEREST OF SAID BONDS.
WHEREAS, the Village of Mount Prospect, Cook County, Illinois~
did by an ordinance designated as No. 949, passed January 7, 196~ and
approved January 7, 1964, call a special election to be he:i..d in and
for said Village on February 8, 1964, for the purpose of sut~itting to
the electors of said Village, a number of questions, including the
following question:
"Shall bonds in the amount of $200,000 be issued by the Village
of Mount Prospect, Cook County, Illinois, for the purpose of
constructing and equipping a fire station building on proper~y
owned by the Village of Mount Prospect located on the south
side of Golf Road, 164 feet east of the intersection of Golf
and Busse Roads and 752 feet west of Robert Drive and Golf
Road, to mature serially $5,000 on December 1 of each of the
years 1965 to 1969, inclusive, $10,000 on December 1 of each
of the years 1970 to 1980, inclusive, $20,000 on December 1
of each of the years 1981 and 1982, and $25,000 on Dece~ber 1,
1983, bearing interest from date of issuance at a rate of
interest not to exceed five percent (5%) per annum payable
on June 1 and December 1 of each year until paid?"; and
WHEREAS, the President and Board of Trustees of the Village of
Mount Prospect, did cause to be given proper notice of said election
by publishing notice thereof once in the Mount Prospect Herald and the
Mount Prospect Independent, the same being newspapers published In and
of general circulation in said Village and by posting notices the~eof
in three of the most public places in each election precinct of the
Village and at each of the polling places designated for the election,
said publication and posting of said notices being made not more than
30 days nor less than 15 days prior to the date of said election, which
said notice as so published and posted did specify the places where
such election was to be held, the time of opening and closing the polls
and the questions to be voted upon, and
WHEREAS, the President and Board of Trustees of the Village of
Mount Prospect by proper proceedings adopted and spread upon its records,
found that all legal require~"'.mts in c.on:lection wi th said election were
duly complied with and t::lut tho majority of said electors of said Village
voting at said election C~ said question above referred to voted in
fa vor -:;hereof 0
NOW, THEREFORE BE IT ORDAINZD by the President and Board of
Trustees of the Village of Mount Prospect, Cook County, Illinois, as
follows:
.~_S.?!.~.5?n 1_~ That it bo :::md it is found and determined that the
President 2.nd Board of fII'u8 te83 have been &uthorized by the majority
of tho elector's of iJaid Village voting on the quest ion at the special
election duly called, noticed, held and canvassed for that purpose,
to issue bonds of said Village in the a::nount of $200,000.00 for the
purpose of constructing and equipping a fire station building on
property owned by the Village of Mount Prospect located on the south
side of Golf Road, 164 feet east of the intersection of Golf and Busse
Roads and 752 feet west of Robert Drive and Golf Road, the same being
necessary and essential to the efficient and proper administration of
the affairs of said Village.
Section 2. That in order to raise the sum of $200,000.00
needed for the purpose of constructing and equipping a fire station
building on property owned by said Village and first described above,
the same being essential to the efficient administration of said Village,
the:ro be borrowed by, for and. on b ohalf of the Village of Mount Prospect
of the Cou.'1.ty of Cook, Illinois, the s urn. of $200,000 and to evidence
said loan negotiable coupon bonds of said Village be issued, said bonds
to be designated as "Fire Station Bonds", to be dated April 1, 1964,
to be 40 in nTh~ber - to be numbered 1 through 40 inclusive, to be of
the denomination of $5,000 each and mab::ring serially $5,000 on
December 1st of e a c l'l of the years J.965 to 1969inc1usive, $10,000 on
December 1st of each of the year s 1970 to 1980 inclusive, $20,000 on
Decer.1ber 1st of each of the years 1981 and 1982 respectively, and
$25,000 on December 1st, 1983." BO:':lds 0:2' the following respective
.~.2~
/
maturities shall bear interest at the following rates of interest:
E~~~b~rs , Incl. !Lm oun t Maturities Interest Rate
------
1 -., 9 $45,000 1965 thru 1971 3 1/2%
10 "., 2? 90,000 1972 thru 1980 3 1/4.%
23 ~ ~.;O 65,000 1981 thru 1983 3030 %
Inte::,"est shall be payable on Decembel'" 1, 1964 and semi-annually there-
after on the first day of June and December of each year in which
interest is due; said interest payment to date of maturity of principal
shall be evidenced by interest coupons attached to each bond and
ml?tu-ring on the dates herein provided. Both principal and inte!'9st
sho.1.l be payable in lawful mone:,'" of the United States of A..'nerica at
the Exchange National Bank of Chicago, in the city of Chicago, Illinois.
The seal of said Village shall be affixed to each of said bonds ~r~
said bonds shall be signed by the President of the Village and attested
by the Village Clerk and said coupons shall be signed and attest8d by
said officials respectively, by their respective facsimile signaturo8,
and said officials by the execution of said bonds shall adopt as and
for their O'lJlJIl proper signatures their respective facsimile signatures
appearing on said coupons.
Section 3. That the Bonds hereby authorized shall be payable to
bearer, provided, however, that such bonds may be subject to registr2-
tion 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 upon the back of such bonds so registered, No bond
so registered shall be subject to transfer except upon such books a~d
similarly noted on the back thereof unless the last registration shaJ..l
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 4. That each of said bonds and the interest coupons to
be thereto attached shall be in substantially the following form:
.~3~~
.,.
(FORM 0 F BO~m)
UNITED STATES OF ANlERICA
STATE OF ILLINOIS
COUNTY OF COOK
VILLAGE OF MOUNT PROSPECT
"FIRE STATION BONDS"
NO.
$5,000.00
KNOW ALL MEN BY THESE PRESENTS that the Village of Mount Prospect,
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 THOUSA~TD DOLLARS ($5,000.00)
On the first day of December 19 together with interest on said sum
from the date hereof until paid-ar-the rate of % per annum,
payable on December 1, 1964 and semi-annually thereafter on the first
days of June and December in each year upon presentation and surrender
of the respective interest coupons hereto attached as they severally
become due and payable.
Both principal and interest are hereby made payable in lawful money of
the United States of America at the EXCHANGE NATIONAL BANK OF CHICAGO,
in the City of Chicago, Illinois.
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 are hereby irrevoc-
ably pledged.
This bond is issued by said Village for the purpose of constructing and
equipping a fire station necessary and es~ential to the efficient
administration of the affairs of said Village, pursuant to and in all
respects in compliance with the "Illinois Municipal Code", effective
July 1, 1961, and all acts amendatory thereof and supplementary thereto
and is authorized by a ma~ority of the electors of said Village voting
upon the question at an election duly called, noticed, held and
canvassed for that purpose in said Village and in compliance with an
ordinance duly passed by the President and the Board of trustees of
said Village, approved by the President thereof, and published in all
respects as by law required.
It is hereby certified and recited that all acts, conditions and things
required by the Constitution and laws of the State of Illinois 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
which it forms a part, and including all other indebtedness of said
Village, howsoever evidenced and incurred does not exceed any constitu-
tional 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 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 maturity.
This bond is subject to registration as to principal in 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
-4....,
such registration no transfer hereof, except upon such books and simi-
larly noted hereon, shall be valid unless the last registration shall
have been to bearer. Registration hereof shall not affect the nego-
tiability of the coupons hereto attached which shall continue negotiable
by delivery merely, notwithstanding registration thereof.
IN WITNESS WHEREOF, said Village of Mount Prospect, Cook County, Illinois,
by its President and Board of Trustees, has caused its cc--porate seal
to be hereunto affixed and this bond to be signed by its President 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 signa-
tures, appearing on said coupons, all as of the first day of April,
1964.
C. O. Schlaver
President
Attest:
Ruth C. tJilson
Village Clerk
(FORM OF COUPON)
NO.
d!>
if'
On the first day 0 f , 19 the Village of
Mount Prospect, Cook bounty, Illinois, will pay to bearer
doll ar s ($. ) in lawful money of the
United States of America, at the EXC~TGE NATIONAL BANK OF CHICAGO, in
the City of Chicago, Illinois, for interest due that day on its Fire
Station Bond, dated , 19
No. ----
Attest:
C. O. Schlaver
President
Ruth C. Wilson
Village Clerk
(70RM FOR REGISTRATION AS TO PRDTCIPAL)
Date of Re~istration Name of Registered Owner Signature of Vil. Treas.
-5-
Section 5. That 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 whithin
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 1964, a tax sufficient to produce the sum of $16,075.00
For the year 1965, a tax sufficient to produce the sum of $11,470.00
Far the year 1966, a tax sufficient to produce the sum of $11;295.00
For the year 1967; a tax sufficient to produce the sum of $11,120.00
For the year 1968, a tax sufficient to produce the sum of C10;94S.00
For the year 1969, a tax sufficient to produce the sum of $15,770.00
For the year 1970, a tax sufficient to produce the sum of $15,420.00
For the year 1971, a tax sufficient to~produce the sum of $15,070.00
For the year 1972, a tax sufficient to produce the sum of $14,745.00
For the year 1973, a tax sufficient to ppoduce the sum of $l4,420.00
For the year 1974, a tax sufficient to prOduce the sum of $14,095.00
For the year 1975, a tax sufficieht to produce the sum of $13,770.00
For the year 1976, a tax sufficient to produce the sum of $13,445.00
For the year 1977, a tax sufficient to produce the sum of t13,120.00
For the year 1978, a tax sufficient to produce the sum of $12,795.00
For the year 1979, a tax sufficient to produce the sum of $12,470.00
For the year 1980, a tax sufficient to produce the sum of t22,145.00
For the year 1981, a tax sufficient to produce the sum of $21,485.00
For the year 1982, a tax sufficient to produce the sum of $25,825.00
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 advancement of the collection of said
taxes herein levied and when said taxes shall have been collected,
...6.~
reimbursement shall be made to the said funds in the amounts thus
advancede
Section 6. That forthwith as soon as this ordinance becomes
effective, a copy hereof certified by the Village Clerk of said Village
which certificate shall recite that this ordinance has been passed and
approved 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 1964 to 1982, both years included,
ascertain the rate per cent required to produce the aggregate tax herein-
before provided to be levied in each of said years respectively, and
extend the same for collection on the tax books in connection with
other taxes 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 by said Village
in like manner as taxes for general corporate purposes for each of said
years are levied and collected and when collected, such taxes shall be
used solely for the purpose of paying principal and interest upon the
bonds herein authorized when same mature.
Section 7. That the funds derived from such levy be and the
same are hereby appropriated and set aside for the sole and only pur-
pose 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 8. That forthwith after this ordinance has become effec-
tive as provided by law, the bonds herein authorized shall be executed
and delivered to the Treasurer of said Village and be by him delivered
to SHEARSON, HA~ill~ILL AND COMPANY, 111 West Monroe Street, Chicago,
Illinois, the purchasers thereof, upon receipt of the purchase price
therefor, same to be not less than the par value of said bonds, and a
premium of $ 4.15, plus accrued interest to date of delivery, the
contract for the sale of said bonds to said purchasers, heretofore
~7-
entered into, shall be and the same is hereby in all respects ratified,
approved and confirmed.
Section 9. That all ordinances, resolutions and orders, or
parts thereof~ in conflict herewith, be and the same are hereby repealed,
and this Ordina::'"J.ce shall be in fulJ.. force and effect from and after its
pasS8.gc, approval and publication, as provided by law.
Passed by the Board o)~ Trustees of the Village of Mount Prospect,
Il.linois~ this 17th day of I[arch, A. D. 1964.
A~S: Bergen, Casterline, Bruhl, Ekren, Busse
Na:rs;
ABSENT: Phillips
Approved by me this 17th day of March, 1964.
c. O. Schlaver
President
ATTEST:
rLd ct,. U)d'4_.C-1'-;'
Ruth C. Wilson
Villag-o Clerk
Published this 26th day of March, 1964, in the t10unt Prospect Herald
and the Hount Prospect Independent.
- 8 -