HomeMy WebLinkAboutOrd 732 10/25/1960
ORDINANCE?32-
AN ORDINANCE with reference to the payment of Special
Assessment bonds and vouchers issued to anticipate the collection
of MOUNT PROSPECT SPECIAL ASSESSMENT NUMBER 60, 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 60, to pay bonds and vouchers
issued to anticipate the collection of funds in the installments
of said special assessment.
NOvJ 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 ALLIED ASPHALT PAVING COMPANY,
concerning the payment of special assessment bonds and vouchers issued
to anticipate the collection of special assessments in MOUNT PROSPECT
Assessment Number 60, 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 r\~OUNT PROSPECT and the Village Clerl{ of the Village
of ~,~OUNT 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 a~d ~~provalf. ~)~4 I
PASSED: Thi s, the "VJ; A day 0 C;l[T.~
, 1960.
APPROVED: This, the
NAYS: 1T-dI-- J
J{i{ day of ~
P~'d~
ABSENT:
AYES:
, 1960.
A~~~
/ l a er
!GR~E!1EN!
WHEREAS.. ALLIED ASPHALT PAVING Cm~PANY /I a corporation,
bas been awardecia contract for curbing, t.;rad1ng.. paving and
othend.se improving r'1aple ;1treet and other st:r-eets in the
Village of MOUNT PROSPECT, known as Special Assessment Number 60,
and that ALLIED ASPHALT PAV!NG COMPANY, as such Contractor, will be
entitled to receive speoial assessment bonds and voucbers to be
issued to antioipate the colleotion of the installments of special
assessment levied in the above...described px'oceedlng in payment tor
the curbing, grading" paving and other'\iise impl"'ov1ng f.1aple
street and other streets in the Village or !~OUNT PROSPECT; and
WHEREAS.. said ALLIED ASPHALT PAVING COMPANY desires said
special aSf:HltSsment bonds 01'" vouch.ers to be lJaid 1n their numerlal
order as .funds may be oollected and that funds be not prorated reI'
bonds or vouQhars issued out of the various installments" and that
Voucher Number 1 issued to ALLIED ASPHALT PAVING COPJIPANY be paid
out of the proceeds at: Installments Number 2)' or any surplus 1n
Installment Number 1; and
WHEREAS, the Village of it'10UNT PROSPECT desires to be relieved
of neoesalty ot prorating fU..4ds collected in installments Number 2 to
10" both inclusive f} of ::,w,t.~t special 3.SSeSSl'llent fJ:r'oaeeding, and of' the
surplus in Installment Nurribor 1 0:1:" the said proc'~eding..
NO~! THEREFORE" For and. In Consideration of' the sum of One
Dollar ($1.00) and other good and valuable consideration paid to
eaoh ot the pa~t1es hereto, the reoeipt whereof is hereby acknowledged,
It 1s Agreed by and between the Village of ~DUUNT PROSPECT,
herein called the Party of the First P.:~rt a.'1d ALLIED ASPHALT PAVING
COr1WANY, a corporation.1 herolnattel" oalled the Party ot the Second
Part:
1. The Party of the First Part hereby agrees
to pay all bonds and vouohers issued to
antioipate the colleotion ot the second to the
tenth installments of Mount prospect Speoial
Assessment Number 60, County Court ot Cook
County, in numerical order out of funds
oollected from said second to tenth install-
ments and from any surplus in the first in-
stallment of said special assessment as funds
are oolieoted on aocount of said speCial assess-
ment installments. That voucher number 1 issued
to Part! of the Second Part shall be paid out of
prooeeds of second installment or surPtus of first.
2. Said party' of the second part do€~ hereby
agree to waive any and all requirements ot the
law of the State of Illinois making it neoessary
for the party of the first part to pay such
special assessment bonds or vouohers from funds
oollected in the installment from which said
respective special assessment bonds or vouchers
on their faoe are payable and agrees that said
special assessment bonds in Mount Prospect Speoial
Assessment Number 60, County Court of Cook County,
be paid 1n numerical order out ot any tunds colleoted
trom the seoond to tenth installments ot said Special
Assessment Number 60 and trom any surplus 1n tbe
first installment of said Special Assessment atter
all vouohers and other obligations payable out of
said first installment have been paid.
3. The party ot the second part hereby releases
and discharges the party of tbe first part of
and trom any and all claim whioh it may hereafter
have by reason of the failure of the party ot the
first part to pay said special assessment bonds
trom the respeotive installments against whioh
said speoial assessment bonds were issued and by
reason ot, the payment ot the said special assessment
bonds in numerical order as herein provided.
This agreement shall be binding upon said party of the second
part, its successors or assigns and upon the party of the first part
and its suooessors or assigns.
IN WITNESS WHEREOF the Village of MOUNT RROSPECT has caused
this agreement to be executed by its President and attested by its
Village Clerk and its Corporate Seal be hereunto affixed, and
ALLIED ASPHALT PAVING COMPANY, a corporation, has caused this agreement
to be exeouted by its President and attested by its Secretary and
J,;f"/Lt day of
1tB~rp.orate Seal to be hereunto affixed this
~~~~ .. A.D., 1960.
VIIJ.AGE OJ' MOUW!' PROSPECT 11 ILLINOIS
f& ~~
!3y..' ',~ .
..~ Pres e
A~STI I. 11
-~t4
ATTEST:
--SiCre~a'rY
A!.LIED ASPHALT PAVING COMPANY
BY
.., J~ III
Pres1den~ r