HomeMy WebLinkAboutOrd 764 06/06/1961
o R DIN A N C E
1 h If
AN ORDINANCE with reference to the payment of Special
Assessment bonds and vouchers issued to anticipate the collection
of MOUNT PROSPECT SPECIAL ASSESSMENT NUMBER 59, County Court of
Cook County, Illinois.
WHEREAS, the Village of Mount Prospect desires to relieve
itself of the necessity of the pro-ration of funds collected in
Mount Prospect Special Assessment Number 59, to pay bonds and
vouchers issued to anticipate the collection of funds in the in-
stallments of said special assessment.
NOW THEREFORE, BE IT AND IT IS HEREBY Ordained by the
President and Board of Trustees of the Village of Mount Prospect,
Cook County, Illinois:
SECTION 1:
That the Village of Mount Prospect, Cook County,
Illinois, enter into an Agreement with Val Poretta and Torti Co.,
concerning the payment of special assessment bonds and vouchers
issued to anticipate the collection of special assessments in MOUNT
PROSPECT SPECIAL ASSESSMENT NUMBER 59, Cook County, Illinois, copy of
which agreement is hereto attached and made part hereof.
SECTION 2:
That the President of the Board of Trustees
of the Village of Mount Prospect and the Village Clerk of the Village
of Mount Prospect be and they are hereby authorized to execute and
attest the original of said contract, copy of which is hereto attached.
SECTION 3:
This Ordinance will be in full force and effect
from and after its passage and approval.
PASSED: This, the' tf...day of ~.R-- , 19#.
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AYES: ~. ~'f'LJ!;;:;:: NAYS:'.~ ABSENT: lJ.,;c I
APPROVED: This, the6l(day of ~ , 19
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President of the Board of ~
ATTEST: ...--;;-=-
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Village Clerk
WHEREAS, Val
A G R E E MEN T
Poretta and Torti co~ a 1::;:'~:
has been
awarded a contract for constructing Portland Cement concrete sidewalks
and otherwise improving Foundry Road and other streets in the Village
of Mount Prospect, known as Special Assessment Number 59, and that
Val Poretta and Torti Co. as such Contractor, will be entitled to
receive special assessment bonds and vouchers to be issued to
anticipate the collection of the installments of special assessment
levied in the above-described proceeding in payment for the Portland
Cement concrete sidewalks and otherwise improving Foundry Road and other
streets in the Village of Mount Prospect; and
WHEREAS, said Val Poretta and Torti Co. desires said special
assessment bonds or vouchers to be paid in their numerical order as
funds may be collected and that funds be not pro-rated for bonds
or vouchers issued out of the various installments, and that Voucher
Number 1 issued to Val Poretta and Torti Co., be paid out of the proceeds
of Installments Number 2, or any surplus in Installment Number 1; and
WHEREAS, the Village of Mount Prospect desires to be re-
lieved of necessity of prorating funds collected in installments
Number 2 to 10, both inclusive, of said special assessment proceeding,
and of the surplus in Installment Number 1 of the said proceeding.
NOW THEREFORE, For and In Consideration of the sum of One
Dollar ($1.00) and other good and valuable consideration paid to
each of the parties hereto, the receipt whereof is hereby acknowledged;
It is Agreed by and between the Village of Mount Prospect,
herein called the Party of the First Part and Val Poretta and Torti Co.
a'~~~~\i~~ hereinafter called the Party of the Second Part;
1. The Party of the First Part hereby agrees
to pay all bonds and vouchers issued to
anticipate the collection of the second to the
tenth installments of Mount Prospect Special
Assessment Number 59, County Court of C00k
County, in numerical order out of funds
collected from said second to tenth install-
ments and from any surplus in the first in-
stallment of said special assessment as funds
are collected on account of said special assess-
ment installments. That voucher number 1 issued
to Party of the Second Part shall be paid out of
proceeds of second installment or surplus of first.
2. Said party of the second part does hereby
agree to waive any and all requirements of the
law of the State of Illinois making it necessary
for the party of the first part to pay such
special assessment bonds or vouchers from funds
collected in the installment from which said
respective special assessment bonds or vouchers
pm their face are payable and agrees that said
special assessment bonds in Mount Prospect Special
Assessment Number 59, County Court of Cook County,
be paid in numerical order out of any funds collected
from the second to tenth installments of said Special
Assessment Number 59 and from any surplus in the
first installment of said Special Assessment after
all vouchers and other obligations payable out of
said first installment have been paid.
3. The party of the second part hereby releases
and discharges the party of the first part of
and from any and all claim which it may hereafter
have by reason of the failure of the party of the
first part to pay said special assessment bonds
from the respective installments against which
said special assessment bonds were issued and by
reason of the payment of the said special assessment
bonds in numerical order as herein provided.
This agreement shall be in binding upon said party of the
second part, its successors or assigns and upon the party of the
first part and its successors or assigns.
IN WITNESS WHEREOF the Village of Mount Prospect has caused
this agreement to be executed by its President and attested by its
Village Clerk and its Corporate S~al be hereunto affixed, and
Val Poretta and Torti Co., a~:~1t~~i~~ has caused this agreement
to be executed by its President and attested by its Secretary and
its Corporate Seal to be hereunto affixed this (p ct... day off~ ,
A.D. 19R.
VILLAGE OF MOUNT PROSPECT, ILLINOIS
By
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Pre s i den t c-:':::::'-----
ATTEST:
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Village Cler
VAL PORETTA AND TORTI CO.
By X/
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PFCOl !t
Partner
ATTEST:
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.so0l?otary Partner