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HomeMy WebLinkAboutOrd 515 09/25/1956 (...... >- ') 1 <- Ordinance No. . /-) AN ORDINANCE providing for the issue of Special Assessment bonds under Warrant No. 53 payable in numerical order. WHEREAS, a contract has been let for the construction of a local improvement known as Mount Prospect Special Assessment No. 53, Docket No. 53 in the County Court of Cook County for the improvement of a connected system of streets in part of Pine Street and other streets within said Village; vouchers have been issued to the contractor as the work progressed and the holder of all the vouchers issued in payment of all work has requested that bonds be issued payable in numerical order as provided by Section 84-86d of the Revised Cities and Villages Act. BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: Sec1ion 1. That the bonds heretofore authorized to be issued to anticipate the collection of Mount Prospect Special Assessment No. 53 be issued in the manner and form as provided by Section 84-86d of the Revised Citie s and Village s Act. Section 2. That said bonds shall be dated as of the date of the vouchers for which they are exchanged; shall be in the denomination of $1000 and $100 except for one bond for the balance due on said vouchers shall be due on or before December 31, 1966, bear interest, payable annually, at the rate of 6% per annum, shall be exchanged for vouchers at not less than their par value, shall be payable in numerical order and not be redeemable prior to their maturity in accordance with the provisions of said Section 84-86d. Section 3. That whenever there are sufficient funds in the hands of the Treasurer to pay the next interest that comes due and to pay one or more bonds, the Treasurer shall call such bonds by publishing the notice provided by statute not less than five nor more than thirty days prior to the date fixed for prepayment. The bonds will be payable in numerical order beginning with the lowest numbered outstanding bond. Section 4. That the President and Village Clerk be and they are authorized and directed to sign said bonds and seal the same with the corporate seal of the City. Section 5. That this Ordinance shall be in full force and effect upon its passage and approval according to law. ~ ~ this .2:.5 day of ;: % APPROVED: this "S day of ~ PASSED: , 1956. , 1956. ".,..-" .-\' \" , / ..-. (' ~ . t.. / I' , / j / ;' /J\..../. , i' I "'-"''Z . "/ ~. I't/ 1 .1-- ' /-' / r \.~. t t (I CA./ l../ . 'I (rrY1.r_L.r /-.... Pre sident r ~ ATT~ ~' -'l'<:"2- -y; ~ VH,~.a.g.~_.C Ie r k