HomeMy WebLinkAboutOrd 745 02/07/1961
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AN ORDIl'JANCE PROVIDING FOR BORROWING
MONEY AND ISSUING BONDS OF THE VILLAGE
OF MOtJ1JT PROSPECT, COOK COtJl"JTY, ILLIl'JOIS,
TO THE AMOUNT OF $195,000 FOR THE PURPOSE
OF PAYING THE COST OF CONSTRUCTING AN
ADDITIOI\) TO THE PRESENT MUNICIPAL BUILDING
COrtJ\10NL Y KNOWN AS THE II MOUNT PROSPECT
VILLAGE HALLII AND PROVIDING FOR THE LEVY
AND COLLECTION OF A DIRECT ANNUAL TAX. FOR
THE PAYMENT OF THE PRINCIPAL AND INTEREST
OF SAID BONDS.
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WHEREAS the President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, did by an
ordinance adopted on October 25, 1960, call a special election
to be held in and for said Village of Mount Prospect on Decem-
ber 3, 1960, for the purpose of submitting to the electors of
said Village for their approval the following question:
Shall bonds in the amount of $195,000 be issued
by the Village of Mount Prospect, Cook County,
Illinois, for the purpose of paying the cost of
constructing an addition to the present municipal
building commonly known as the "Mount Prospect
Village Hallll in order to house and protect the
fire fighting equipment of said Village and
repairing and improving said "Mount Prospect
Village Hallll so that the same will more
efficiently serve the requirements of the
Police and Administrative Departments of
said Village, said bonds to be of the denomina-
tion of $1,000 each, maturing $5,000 on December
1 of each of the years 1962 to 1966, inclusive,
$10,000 on December 1 of each of the years 1967
to 1974, inclusive, and $15,000 on December 1 of
each of the years 1975 to 1980, inclusive, and
bearing interest at the rate of not to exceed
four and one-half per cent (4-1/2~~) per annum?
and
WHEREAS the President and Board of Trustees of said
Village did cause to be given proper notice of said election by
publishing notice thereof once in theh1Pv~ ~A~J~ ~~~J~,
the same being a newspaper published in and having a general
circulation in said ViTIage, said publication of said notice
being made not more than thirty (30) days nor less than fifteen
(15) days prior to the date of said election, which said notice
as so published did specify the places where such election was
to be held, the time of opening and closing the polls and the
question to be voted upon; and
WHEREAS the President and Board of Trustees of said
Villag~ 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 a majority of the electors of said
Village voting at said election on said question above referred to
voted in favor thereof:
NOVJ, 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 hereby found and deter-
mined that the President and Board of Trustees of the Village of
Mount Prospect have been authorized by a majority of the electors
of said Village voting on the question at a special election duly
called, noticed, held and canvassed for that purpose to issue bonds
of said Village in the amount of $195,000 for the purpose of paying
the cost of constructing an addition to the present municipal
builiing commonly knovm as the "I\'10unt Prospect Village Hall" in
order to house and protect the fire fighting equipment of said
Village and repairing and improving said "Mount Prospect Village
Hall" so that the same will more efficiently serve the require-
ments of the Police and Administrative DepGrtments of said Village.
Section 2. That in order to raise the sum of $195,000
needed for the purpose of paying the cost of constructing an addi-
/repairing and improving
tion to, the present municipal building commonly known as the
"Ivlount Prospect Village Hall," there be borrovJed by, for and
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on behalf of the Village of Mount Prospect, Cook County, Illinois,
the sum of $195,000 and to evidence said loan negotiable coupon
bonds of said Village me issued. Said bonds shall be designated
"Municipal Building Bonds," be dated February 1" 1961, be one
hundred and ninety-five (195) in number, numbered from 1 to 195,
inclusive, be of the denomination of $1,000 each, and mature
serially $5,000 on December 1 of each of the years 1962 to 1966,
inclusive, $10,000 on December 1 of each of the years 1967 to
1974, inclusive, and $15,000 on December 1 of each of the years
1975 to 1980, inclusive, and that of said bonds bonds numbered 1
to 35, inclusive, in the aggregate amount of $35,000 and maturing
on December 1 of each of the years 1962 to 1967, inclusive, shall
bear interest from date until paid at the rate of three and one-
quarter per cent (3-~4%) per annum, bonds numbered 36 to 95,
inclusive, in the aggregate amount of $60,000 and maturing on
December 1 of each of the years 1968 to 1973, inclusive, shall
bear interest from date until paid at the rate of three and one-
half per cent (3-~2%) per annum and bonds numbered 96 to 195,
inclusive, in the aggregate amount of $100,000 and maturing on
December 1 of each of the years 1974 to 1980, inclusive, shall
bear interest from date until paid at the rate of three and three-
quarters per cent (3-3/4%) per annum, such interest to be payable
on December 1, 1962. and semiannually thereafter on the first
days of June and December in each year, which said interest pay-
ments 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 Company, in the City of Chicago, Illinois. The
seal of said Village shall be affixed to each of said bonds and
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said bonds shall be signed by the President and be attested by
the Clerk of said Village, and said coupons shall be signed and
attested by said officials, respectively, by their respective fac-
simile 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 3. That the bonds hereby authori~ed shall be
payable to bearer, provided, however, that such bonds may be sub-
ject to registration 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 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 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
ST ATE OF ILLINOIS COONfY OF COOK
VILLAGE OF MOONf PROSPEcr
MUNICIPAL BUILDING BOND
Number $1,000
mQ! ALL MEN !rL T HESE ~SENJS that the Vi llage 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 One Thousand Dollars ($1,000) on the first day of
, 19__, together with interest on said sum from the
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date hereof until paid at the rate of per cent (---%)
per annum, payable on December 1, 1962 and semiannually there-
after on the first daysd 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 hereof and interest hereon are hereby
made payable in lawful money of the United States of America at
The Northern Trust Company, 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 irrevocably pledged.
This bond is issued by said Village for the purpose of
paying the cost of constructing an addition to the present munici-
pal building commonly known as the "Mount Prospect Village Hall.,
in order to house and protect the fire fighting equipment of
said Village and repairing and improving said "Mount Prospect
Village Hall" so that the same will more efficiently serve the
requirements of the Police and Administrative Departments of said
Village, pursuant to and in all respects in compliance with the
"Revised Cities and Villages Act," effective January 1, 1942, and
all acts amendatory thereof and supplementary thereto and is
authorized by a majority 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 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, condi-
tions and things required by the Constitution and Laws of the state
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of Illinois, to exist or to be done precedent to and in the issu-
ance 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, how-
soever 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 property in said Village sufficient to pay
the interest hereon as the same falls due and also to pay and dis-
charge 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 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, not-
withstanding registration hereof.
1H W~~SS ~REOF, 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~ 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 first day of
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February, 1961.
President, Board of Trustees
Attest:
---Village Clerk
(Form of Coupon)
Number
$
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 Northern Trust Company, in the City of Chicago, Illinois
for interest due that day on its Municipal Building Bond, dated
February 1, 1961, No. .
""P'resident, Board of Trustees
Attest:
vmage Clerk
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, "
(Form for Registration
as to Principal)
Date of
Reaistration
N~me of Reqistered Q!n~
Signature of
VillaQe Treasure~
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 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 1961, a tax sufficient to produce the
sum of $21,224.92 for interest and principal maturing
up to and including June 1, 19Q3;
For the year 1962, a tax sufficient to produce the
sum of $11,743.75 for interest and principal;
For the year 1963, a tax sufficient_'produce the sum
of $11,581.25 for interest and principal;
For the year 1964, a tax sufficient to produce the
sum of $11,418.75 for interest and principal;
For the year 1965, a tax sufficient to produce the
sum of $11,256,25 for interest and principal;
For the year 1966, a tax sufficient to produce the
sum of $16,012.50 for interest and principal;
For the year 1967, a tax sufficient to produce the
sum of $15,675.00 for interest and principal;
For the year 1968, a tax sufficient to produce the
sum of $15,325.00 for interest and principal;
For the year 1969, a tax sufficient to produce the
sum of $14,975.00 for interest and principal;
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For the year 1970, a tax sufficient to produce the
sum of $14,625.00 for interest and principal;
For the year 1971, a tax sufficient to produce the
sum of $14,275.00 for interest and principal;
For the year 1972, a tax sufficient to produce the
sum of $13,925.00 for interest and principal;
For the year 1973, a tax sufficient to produce the
sum of $13,562.50 for interest and principal;
For the year 1974, a tax sufficient to produce the
sum of $18,093.75 for interest and principal;
For the year 1975, a tax sufficient to produce the
sum of $17,531.25 for interest and principal;
For the year 1976, a tax sufficient to produce the
sum of $16,968.75 for interest and principal;
For the year 1977, a tax sufficient to produce the
sum of $16,406.25 for interest and principal;
For the year 1978, a tax sufficient to produce the
sum of $15,843.75 for interest and principal; and
For the year 1979, a tax sufficient to produce the
sum of $15,281.25 for interest and principal.
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, reimbursement shall be made to the said funds
in the amounts thus advanced.
Section 6. That forthwith as soon as this ordinance
becomes effective, a copy hereof 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 1961 to 1979, both
jears included, ascertain the rate per cent required to produce the
aggregate tax hereinbefore provided to be levied in each of said
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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 fDr
the purpose of paying principal and interest upon the bonds herein
authori4ed 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 purpose of paying principal of and interest an 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.
~ection 8. That forthwith after this ordinance has be-
come effective as provided by law, the bonds herein authorized
shall be executed and delivered to the Treasurer of said Village
and be by him de livered to T he Northern T rust Company, of the City
of Chicago, Illinois, the purchaser thereof upon receipt of the
purchase price therefor, same to be not less than the par value of
said bonds, a premium of $151.00 plus accrued interest to date of
delivery, contract for the sale of said bonds, heretofore entered
into, be and the same is hereby in all respects ratified, approved
and confirmed.
~ction 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 upon
its passage and publication, as
Appr
Adopted ~aJuj. '7
At.~t. Jss;.?t. J. ~
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Village C] rk
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Sf ATE OF ILLINOIS
CCUNTY OF COO K
l
SSe
I, the undersigned, do hereby certify that I am the
duly qualified and acting Clerk of the Village of Mount Prospect,
Cook County, Illinois, 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 certify that the attached and foregoing is
a full, true and a correct copy of an ordinance providing for the
borrowing of money and the issuance of $195,000 Municipal Building
Bonds of the Village of Mount Prospect, Cook County, Illinois, and
providing for the levy and collection of a direct annual tax for
the payment of the principal and interest on the same as it
matures, as adopted by the President and Board of Trustees of said
Village of Mount Prospect, at its regularly convened meeting held
on ht-uu:u; 7 , 1961, and as approved by the
President of said Village, all as appears from the official records
of said Village, in my care and custody.
IN WITNESS WHEREOF, I have hereunto
signature
Illinois,
and the corporate seal of said Village
the /4.. day of 1zI'U<.M-j ,1961.
affixed my official
at!ff/ {{;r~-'
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Village erk
(VILLAGE SEAL)
RSB/me
1/31/61