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HomeMy WebLinkAboutOrd 967 03/17/1964 ORDDTANCE NO. 967 AN ORDDTANCE PROVIDING FOR THE BORROWING OF MONEY AND THE ISSUDTG OF BONDS BY THE VILLAGE OF MOUNT PROSPECT, IN THE AMOUNT OF $130,000 FOR THE PURPOSE OF PUR CHASING FIRE EQUIPMENT FOR ITS FIRE DEPARTMENT AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT AN1-IDAL TAX FOR THE PAYMENT OF PRDTCIPAL 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, 1964 and approved January 7, 1964, call a special election to be held in and for said Village on February 8, 1964, for the purpose of submitting to the electors of said Village, a number of questions, including the following question: "Shall bonds in the amount of $130,000 be issued by the Village of Mount Prospect, Cook County, Illinois, for the purpose of purchasing equipment for its Fire Department, consisting of: a ladder truck, a pumper, a squad, and necessary appurtenances and equipment; to mature serially $5,000 on December 1 of each of the years 1965 to 1976 inclusive, $10,000 on December 1 of each of the years 1977 to 1983 inclusive, bearing interest from the date of issuance at a rate of interest not to exceed flye perc6l}t (5%) per annum payable on June 1 and December 1 of each ye4r 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 publishlng notice thereof once in the Mount Prospect Hera1d~ and the Mount Prospect Independent, the same being the newspapers publ~shed in and of general circulation in said Village and by posting notices thereof 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 requirements in connection with said election were duly complied with and that the maj ori ty 0 f said electors of said Village voting at said election on said question above referred to voted in favor thereof. 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 it be and it is found and determined that the President and Village Board of Trustees have been authorized by the majority of the electors of said Village voting on the question at the special election duly called, noticed, held and canvassed for that purpose, to issue bonds of said Village in the amount of $130,000.00 for the purpose of purchasing equipment for its Fire Department, con- sisting of a ladder truck, a pumper, a squad and necessary appurtenances and equipment, 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 $130,000.00 needed for the purpose of purchasing equipment for its Fire Department, the same being essential to the efficient administration of said Village, there be borrowed by, for and on behalf of the Village of Mount Prospect, of the County of Cook, Illinois, the sum of ~130,000.00, and to evidence said loan negotiable coupon bonds of said Village be issued, said bonds to be designated as "Fire Equipment Bonds", be dated April 1, 1964, to be 26 in number, numbered 1 through 26 inclusive, to be of the denomina- tion of $5,000 each and to mature serially $5,000 on December 1. of each of the years 1965 to 1976 inclusive, $10,000 on December 1 of each of the years 1977 to 1983 inclus ive. 'lI:l..."'1d3 cf the following respective maturities shall bear interest at the following rates of interest: Numbers , Incl. .Amount Maturities Interest Rate 1 - 7 $35,000 1965 thru 1971 3 1/2,& 8 - 20 65,000 1972 thru 1980 3 l/4~ 2l - 26 30,000 1981 thru 1983 3.30 % Interest shall be payable on December 1, 1964 and semi-annually ther e- r.2.., 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 maturing on the dates herein provided. Both principal and interest shall be payable in lawful money of the United States of America at the EXCHANGE NATIONAL B~TK OF CHICAGO, In'the City of Cb1oago, Illinois. The seal of said Village shall be affixed to each of said bands and said bonds shall be signed by the President of the Village and attested by the Village Clerk and said coupons shall be signed and attested by said officials respectively, by their respective facsimile signature, 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 3. That the bonds hereby authorized shall be payable to bearer, provided, however, that such bands may be subject to regis- tration as to principal in the name of the holder on the books of the Treasurer of said Village, such registration to be evidenced by nota- tion of said Treasurer 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 deli very merely. Section 4. That each of said bonds and the interest coupons to be thereto attached shall be in substantially the following form: (FORM OF BOND) UNITED STATES OF AMERICA STATE OF ILLDTO IS COUNTY OF COOK VILLAGE OF MOUNT PROSPECT "FIRE EQUIPMENT BONDS" NO. $5,000.00 -3- KNOW ALL r~N 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 THOUSAND DOLLARS (~5,OOO.OO) On the first day of December, 19, together with interest on said srnn from the date hereof until paid at the rate of % per annum, payable on December 1, 1964 and semi-annually there~fter 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~yable 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 inte~est, as aforesaid, at maturity, and the levy of taxes sufficient for that purpose, the full faith, credit and resources of said Village are hereby irrevocably pledged. This bond is issued by said Village for the purpose of purchasing equipment for its Fire Department, necessary and essential to the efficient administration of the affairs of said Village, pursuant to and in all respects in compliance with the "Illinois T1unicipal Code;' effective July 1, 1961, and all acts amendatory thereof and supplemen- tary thereto and is authorized by a majority of the electors of said' Village votlng 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 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 1a~1; 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 such registration no transfer hereof, except upon such bool::s and simi- larly noted hereon, shall be valid unless the last registration shall have been to bearer. Registration hereof shall not affect the negoti~- bility of the coupons hereto attached which shall continue negotiable- by delivery merely, notwithstanding registration thereof. IN vlITNESS tlHEREOF, 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 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 ,-)1.'.. hereof, adopt as and-for their own proper signatures their respective facsimile signatures, appearing on said coupons, all as of the first day of April, 1964. C. O. Schlaver President Attest: Ruth C. Wilson Village Clerk (FORM OF COUPON) NO. $ On the first day of , 19 , the Village of Mount Prospect, Cook County, Illinois, will pay to bearer dollars ($ ) in lawful money of the United states of America; at the EXCHANGE NATIONAL BANK OF CHICAGO, in the City of Chicago, Illinois, for interest due that day on its Fire Equipment Bond, dated , 1964, No. ATTEST: Ruth C. Wilson Village Clerk C. O. Schlaver President (FORM FOR REGISTRATION AS TO PRINCIPAL) Date of Registration Name of Registered Owner Signature of Vi1. Treas. Section 5. That for the purpose of providlng 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: -5- FOJ:.' the year 1964, a tax sufficient to prodt::.ce the sum of $12,212.50 1"02 the year 1965, a tax sufficient to p:>oduce the sum of $ 9,152.50 1"01' th,) year J.966, a tax sufficient to produce the sum of $ 8,977.50 F0r the year 1967, a tax sufficie~t ~o produce the Slli~ of $ 8,802.50 For the ~Tear 1968, a ta:{ sufficient to produce the sum of $ 8,627.50 For the year 1969, a tax sufficient to produce tho sum of $ 8,452.50 For the year 1970, a tax sufficient to produce the sum of $ 8,277.50 For the year 1971, a tax sufficient to prod'..1ce the sum of $ 8,102.50 For the year 1972., a tax sufficient to produce the sum of ~~ 7,940.00 For the J'ear 1973, a tax sufficient to produce the StL.'11 of $ 7,777.50 For the ysar 1974, a tax sufficient to produce the sum of $ 7,615.00 For the year 1975, a tax sufficient to produce the sum of $ 7,452.50 For the year 1976, a tax sufficient to produce the sum of $12,290.00 For tho year 1977, a tax sufficient to produce the sum of $11,965.00 For the year 1978, a tax sufficient to produce the sum of $11,640.00 For the year 1979, a tax sufficient to produce the sum of $11,315.00 For the year 1980, a tax sufficient to produce the sum of $10,990.00 For the year 1981, a tax sufficient to produce the sum of $10,660.00 For the year 1982:; a tax suffici8nt to produce the sum of $10,330.00 That interest on principal coming due at any time when there are lnsuf- ficient funds on hand to pay the same be paid promptly when due from current fu...'1.ds on hand in advanc8ment of the c ollec tion of said taxes herein levied, and when said taxes shall have been collected, reimburse- ment nhal1 be made to the said flli~ds in the amounts thus advanced. Section 6e That forthwith as soon as this ordlnance becomes effective, a copy hereof certified by the Village Clerk of said Village ~hich 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 witL the County Clerk of Cook County, Illinois, who shall in and~or 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 :['or collect ion on the tax books in connection with other .~6. 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 matureG 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 same be- come 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, HAM~.nLL AND COMPANY, III vv. Honroe 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 $2.70 plus accrued interest to date of delivery, the contract for the sale of said bonds to said Purchasers, heretofore 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 Ordinance shall be in full force and effect from and after its passage, approval and publication, as provided by 1aw& Passed by the Board of Trustees of the Village of Mount Prospect, Illinois, this 17th day of March, A& D. 1964. AYES: Bergen, Casterline, BrUhl, Ekren, Busse NAYS: ABSENT: Phillips Approved by me this 17th day of March, A& D. 1964~ A~test. . ' / /~Zt!/, uJ.lL:uv..-' Ruth C. 1:\Tilson Village Clerk' C. O. Schlaver President Published this 26th day of March, 196'-+, in tho f-lonnt Prospect Hera:,L' and tl,e !10l:n-:: Prcs~,ec: ,:::cle:[: :'c:c.ent.