HomeMy WebLinkAboutOrd 734 11/15/1960
ORDINANCE NO.
7,;f
o R DIN A N C E
AN ORDINANCE with reference to the payment of Special
Assessment bonds and vouchers issued to anticipate the collection
of MOUNT PROSPECT SPECIAL ASSESSMENT NUMBER 61, County Court of
Cook County, Illinois.
WHEREAS, the Village of MOUNT PROSPECT desires to relieve
itself of the necessity of the pro-ration offunds collected in
Mount Prospect Special Assessment Number 61, 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 Rossetti Contracting Company,
Inc. concerning the payment of special assessment bonds and vouchers
issued to anticipate the collection of special assessments in MOUNT
PROSPECT Assessment Number 61, 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 /Jr'~ day of tr~
, 1960.
AYES: NAYS: ABSENT:
APPROVED: This, the IS-Ii day of Itn~, 1960.
~Q~
PreSl en 0 ~e Bo;r 0 Trus ees
t~ (J. T~ E .r; r'l 'f:~ ;.~ 'I(
- - - - -- .- ~.,- -
WHEREAS, Rossettl Contractinc; Company, In(~. a corporation,
has 'been awarded a (::ontrflct for cOD3tructinJ; comb1.ncd sanitary and
storm Se\iel'S laterals in Dal(; P,venuo and other Streets in the viI 1 E'i.g::;:
of Mount Prospect.~ knOtlffi as Speed.al A~;;"8SS1nEmt Number G1, and that
Rossettl ContractinG Company, Ine. a::~ Duch Gontracto:t', \'i111 be en-
titled to receive special BSBcsament bonds and vouchern to be
issued to anticipate the collection of the installIJents of special
as sessment le'vied in the above-de::;.;:;ribed proceeding 1n payment for
the combin(~d sanitary and storm sewer laterals in Dale Avenue and
other streets in the VIllage of Mount Pr03pect; and
WH.E.'REAS, sald Hossett:l ContractinG Company, Inc. desires
:;;aid special assessment bonds or vouchers to be paid in their
numerical order as funds may be~ollected n.nd that; f\mds be not prQ-
rated for bonds or vouchers :tssued out of the various installments,
and that Voucher Number 1 l.ssucd to Rossett:1 Contracting Co. Inc.,
be paid out of the proceeds of Installments NUTImcr 2, or rol~ su~plus
:in Installment Number lj and
WHFREAS, the Village of Mount Prospect desires to be re-
lieved of necet!sity of proratinii5 funds collec:ted in i.nstallments
NU.mbcr 2 to 10, both incluslve, of said specia.l assessment proceed:ln)!,,,
and of the surplus in Installment Number 1 of the Dald proceeding.
NOlfl THEREFORE, For and I:n Consid!.::ration of the sum of One
Dollar ($,1.00) and other good and valuable consideratton paid to
each of' 'the partles hereto, the receipt 'VJ!lereof' is hereby aclmo1tJledged.
It if;. Agreed bJ!' and between the V::1..l1age of l'v'loun.t Pl"oBpect,
here:Ln called the Party i),f the First Part and [i()ssettt Contracting
(;"-i1r)any, Ine. a c:orpo!'(ltion, hereinaf'te:r- called the partJ ;;1.' the
Se-.;ond Dart:
1. r.I'ne Party or 'tho First Par't hereby agr'C:0G
to pay all bonds and vouchers issued to
wlticipate the collection of the second to
tenth installments of rJiount Prospect Special
Assessment Number 61, County Court 01" Cook
County, in numerical order out of funds
collected from said second to tenth install-
ments and from a.ny surplus in the first in-
sta.llment of said special assessment as runds
are collected on account of said special assecs-
ment 1nsta11ment.~). 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
on their face are payable and agrees that said
special assessment bonds in Mount Prospect Special
Assessment Number 61, 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 61 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 or the second part hereby releases
and discharges the party of the first part of
and from any and all claim Which it rray her'eafter
have by reason of the failure of the party of the
first part to pay said special assessment bondz
from the respective installments a.gainst whicn
said speCial assessment bonds were issued and by
reason of the pa.yment of the said special assessflKn1t
bonds in numerit:1al order as herein provided.
Thin agreement shall be in binding upon said party of
the second part, its successors or a.ssigns and upon the party o:t'"
the first part and its successors or assigns.
IN WITNESS i1/IiEREOF the Village of tlfOUNT PROSPECT ha~)
caused this agreen~nt to be executed by its President and attested
bJo" :lts Villa.ge Clerk and. :1.ts Cor>porate Seal be hereunto affixed,
and IiOSSE':['l}:I COWrRAC!rING COIV1PAhY, IHC., a corporation, has caused
this agr:t~em,(!lTt to be executed by its President and attested by its
Secretary and its Corp~)J;>ate Seal tc,pe hereunto af'tixed this
day of
_, A. D. 1960.
t""'"
-L..:-
VILLAGE OF MOUNT PROSPECT, ILLINOIS
~\~
' ,A . ~
By . t. :;;1l~
res en ~
ROSSETTI CONTRACTING COMPANY, INC.,
By
President
ATTEST:
Secretary
-3-