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HomeMy WebLinkAboutOrd 381 08/11/1953 s . '!, J " , Ordinance No. ~ 81 AN ORDINANCE authorizing and provid- ing for the issue of $140,000 Water Revenue Bonds of the Village of Mount Prospect, Cook County, Illinois, for the purpose of defraying the cost of lmproving and ext.ending the present waterworks system of said Village, prescribing all of the details of said bonds and providing for the collection, segregation and disposition of the revenues of the waterworks system of said Village for the purpose of paying the cost of operation and maintenance thereof, providing an adequate depre- ciation fund therefor, and paying the principal and interest of said Water ~venlle Bonds. ~~ 1* ?~ ~ ~ WHEREAS, the Village of Mount Prospect, Cook County, Illinois, is now and has for many years last past been operating and maintaining a municipal waterworks system in and fo'!' said IVillage; and WHEREA~, it is deemed advisable, necessary and for the best interest of said Village tlwt improvements and extensions be constructed to said existing municipal waterworks system, such improvement.s and ext.enst -~ns to consist of the construction of a reinforced concret.e ground level storage reservoir of a capacity of 810,000 gallons; a reinforced concrete and brick pumping sta- tion measuring approximately 19 feet by 27 feet containine three electric motor driven pumps of approximately 250, 350 and 600 ga,l- Ion per minute capacity respecti vel~'; chlorination equipment, pipe, valVE-s, electrical work, aeration equipment, and all needful ap- purtenances, all to be located on the east side of Waverl:>' Place tMmedia telJ' south of Prospect Avenue; also the construction of an altitude control valve and chamber on the supply line to the ex- isting elevated storage tank located at Evergreen Avenue and North- west Highway; also the constructlor:. of a ten inch TN8 ter- ma.in in WBver1J' Place from the aforesaid pumping station to Central Head and a twelve inch Viibter main across the right-of-way of the Chicago and Northwestern Railway, including ell needfu.l val yes, fit.tings land appurtenances, all in accordance with the detailed plans and I " ( . c' -t:,- specifications therefor heretofore approved by the President and Board of Trustees of the said Village of Mount Prospect and now on file in the office of the Villa.ge CIeri: for public inspection; and WHEREAS, the total estimated cost of such improvements and extensions as prepared by the Village Engineers is tbe sum of One IHundred Forty Thousand Dollars (~a4:0,ooo.OO); and VllHEREAS, in order to raise the funds required to construct SEid irlprovements and extensi')ns to s8-id munici.pal watervwrks system, it will be necessar~' that the Villa.ge borrow the SUIr of One Hundred Forty Thouscmd Dollars ($140,000.00) and in evtdence thereof issue its Water Revenue Bonds in the principal amount of One Hundred Forty Thousand Dollars ($140,000.00), said Water Re- venue Bonds to be payable solely and only out of the earnings to be derived from the operation of the municipal waterworks system; a__nd WHEREAp, under the provisions of Article 78 of "An Act concerning ci tie s, villG~ges and incorporated towns, and to repeal certain acts herein named", effective January 1, 1912, and all laws amendatory thereof and supplemental thereto, said Village is authorized to issue water revenue bonds for the purpose of paying the cost of such improvements and extensions; and WHEREAS, the Village of Mount Prospect has heretofore pur- suant to a.n ordinance duly adopted by the President and Board of of said Village on the firstday of November, 1944, issued it.s Water Revenue Bonds, dated August 1, 1944, in the ag- gregate amount of iij:,27,000.00, all of said Water Revenue Bonds betng resently outstanding; and WHEREAS, under the terms of said ordinance adopted Novem- ~er 1, 1944, hereinabove referred to, it was coven.anted that ad- ! i tional water revenue bonds would not be issued unless the reve- .ues derived from the waterworks system for the fiscal year then -3- next preceding were sufficient to pay all costs of operation and maintenance, provide an adequate depreciation fund and leave a balc"nce equal to at least one hundred five per cent (105%) of . ~A' the principal and interest requirements for such year on all bonds then outstanding, payable from the revenues of the water- works system, (B) one year's interest on the totol issue of such additional bonds then proposed to be issued, and (C) an amount of principal of such additional bonds computed by dividing the total amount of such issue by the number of years from date of issue to the final m.aturi ty date of such additional bond issue; and WHEREA2, the Village of Mount Prospect has heretofore, pursuant to an ordinance duly adopted by the President and Board of Trustees of said VillE.ge on the 8th day of February, 1949, issued and sold its additional Water ftevenue Bonds, dated January 1, 1949, in the aggregate amount of $50,000.00, of which said Water Revenue Bonds, $46,000.00 being presently outstanding; and WHEREAS, under the terms of said ordinance adopted February 8, 1949, hereinabove referred to, it was covenanted tr~t acditional water revenue bonds would not be issued unless the re- venues derlved from the waterworks system for the fiscal year then next preceding were sufficient to pay all costs of operation and maintenance, provide an a.dequate depreciation fund and leave a balance equal to at least one hundred ten per cent (110%,) of (A) the principal and interest requirements for such year on a.ll bonds then outstanding, payable from the revenues of the waterworks system, (B) one year's interest on the total issue of such addi- tional bonds then proposed to be issued, and (C) an alnount of principal of such additltional bonds computed by dividing the total amount of such issue by the number of years from the da.te of issue to the final maturity date of such addi tional bond issue; and WHEREAS, the earnings of the municipal waterworks system . . -4- of said Village of Mount prospect for the last fiscal year ending July 31, 1953 have been examined by the President and Board of Trustees and are now being audited and said President and Board of Trustees have heretofore found and do hereby find and determine that the revenues of said waterworks system for the fiscal year ending July 31, 1953 are of such an amount that additional water revenue bonds of the Village in the amount of $140,000.00 may be issued within the provisions of the restrictive covenants contained in said ordinances adopted November 1, 1944 and Februar~1 8, 1949 hereinabove referred to, such additional water revenue bonds to share ratably and equally in the revenues to be derived from the operation of said waterwcrks system with the revenue bonds of said i Village now outstanding which are payable both as to principal I thereof and interest thereon solely and only from the revenues of I I said waterworks system; II NQ!. THEREFOF~. Be It Ordained b.Y the President and Board of Trustees of the Village of Mount Prospect, C00k County, Illinois, as follows: Section 1. That the President and Board of Trustees have heretofore caused to be made an estimate of the cost of construct- I ing necessary improvements and extensions to the existing munict- pal waterworks system of said Village of Mount Prospect as describ- ed in the preamble of this Ordinance, and all in accordance with the plans and specifications therefor heretofore prepared and ap- proved by this President and Board of Trustees and now on file in e office of the Village Clerk for public inspection, and have here- tofore estimated and do hereby estimate that the total estimated cost of the construction of said improvements and extensions is the sum of $140,000.00. Section 2. That the President and Board of Trustees do hereby determine the period of usefulness of said waterworks system and the improvements and extensions to be made thereto to I -5- be forty years. Sectio~ 3. That to pay the cost of constructing such im- provements and extensions to the existing waterworks system it will require the issuance of $140,000.00 Water Revenue Bonds bearing in- terp.st at the rate of three and one-half per cent (3~%) per a.nnum. ....---1 . Section 4. That for the purpose of defraying the cost of I t I I I i I in the preamble of this ordinance, there be issued and sold water I revenue bonds of said Villcge,to be designated "Water Revenue BondS~, improving and ext.ending the present municipally owned waterworks system of said Village of MOl..Ult Prospect as hereinabove descrlbed in the principal amount of $140,000.00 which bonds shall bear date of August 1, 1953, be numbered consecutively from 1 to 140, in- clusive,be of the denomination of $1,000.00 each, bearing interest at the rate of three and one-half per cent (3i%), payable on February 1, 1954 and semi-annually thereafter on the first days of August and February in each year and become due serially, in nu- merical order $5,000.00 on August 1st of each of the years 1954 to 1965, inclusive, and $10,000.00 on August 1st of each of the years 1966 to 1973, inclusive; provided, however, that said bonds num- bered 26 to 140, inclusive, maturing August 1st of each of the years 1959 to 1973, inclusive, shall be subject to redemption prior to their maturity, at the option of the Village, at par and ac- crued interest on any interest payment date on or after August 1, 1958, in the inverse order in which they are numbered; that is to say, bond number 140 shall first be redeemed before bond numbered 139 is redeemed,and so on, continuing such priority of redemption as to all said bonds subject to redemption prior to maturity. Notice of its option to redeem any or all of said bonds shall be given by publication of such notice at least once in a newspaper published and of general circulation in the City of Chicago, Illinois, and the date of the publication of such notice shall be not less than thirt~ (30) days prior to such redemption date, said notice shall designate the seria.l number or numbers and the aggregate principal amount of the bonds to be redeemed, and shall indicate that on the d.esignated date of redemption said bonds -6- :will be redeemed by payment of the principal thereof and accrued interest thereon, and that from and after the designated redemp- ,tion date interest in respe~t of said bonds so called for redemp- ition shall cease. I I Section 5. Both principal and interest of said water re- Ivenue bonds' shall be payable in lawful money of the United States, of America}at the option of the holder thereof, at the office of the Village Treasurer or at the MOUNT PROSPECT STATE BANK, in the Village of Mount Prospect, Illinois. Sai bonds shall be signed by the President of the Village, sealed with the corporate seal of said Villa.ge, and attested by the Village Clerk, and the interest coupons attached to said bonds shall be executed by the facsimile signatures of said President and said Village Clerk, 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. Said bonds, together with interest thereon, shall Ibe payable solely from the revenues derived from the water works I system of sal d village and such bonds shall not in any event con- stitute an indebtedness of the Village of Mount Prospect within the I meaning of any constitutional or stattt. ory limitation. Any of said bonds may be registered as to prin- cipal at any time prior to maturity in the name of the holder cn the books of said Village in ttle office of the Village Treasurer, such registration to be noted on the reverse side of the bonds by the Village Treasurer, and thereafter the principal of such regi- stered bonds shall be payable only to the registered holder, his legal representatives or assigns. Such registered bonds shall be transferable to the registered holder or back to bearer only upon presentation to the Village Treasurer, with a legal assignment duly acknowledged or approved; Registration of any of such bonds shall not affect the negotiability of the coupons thereto attached,.but such coupons shall be transferable by delivery merely. Section 6. That said bonds and coupons shall be in sub- -7- stantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF MOUNT PROSPECT WATER REVF~UE BOND NUMBER____ $ KNO! ALL ~ ~ THESE ~RESENTS that the Village of Mount Prospect, Cook County, Illinois, for value received, hereby pro- mises to pay to Bearer, or if this bond be registered, as herein- after provided, then to the registered holder hereof, solely from the water fund of the Village of Mount Prospect, as hereinafter mentioned and not otherwise, the sum of Dollars ($ ______), in lawful money of the United States of America, on the first day of August, 19___, together with interest thereon from the date hereof until paid, at the rate of three and one-half per cent (3~%) per annum, payable on February 1, 1954 and semi-annually thereafter on the first days of August and February in each year upon presentation " Ii and surrender of the annexed interest courons as they severally i: become due. Both principal of and interest upon this bond are hereJ I . by made payable at the option of the holder hereof, at the office of the Village Treasurer or at the MOUNT PROSPECT STATE BANK, in the Village of Mount Prospect, Illinois. This bond is payable solely from revenues derived ~rom the operat ion of the waterworks. system of sai d Village and not otherwise, and is issued under authority of Article 78 of an Act of the General Assembly of the State of Illinois, entitled, "An Act Concerning Cities, Villages and Incorporated Towns, and to he- peal Certain Acts herein Named'l, effective January 1, 1942, and all laws amendatory thereof and supplemental thereto, for the pur- pose of paying the cost of constructing improvements and exten- -8- sions to the existing municipal waterworks system of the Villa.ge of Mount Prospect, and this bond does not constitute a.n indebtedness of said Vi] lage within any constitutional or statutor~' limi to-tion. S~id Vi'!age covenants th~ it will fix and maintain such rates for water service and collect and. account for revenues from said water- works system sufficient to promptly pay principal of and interest on this bond as the same becomes due. T~is bond is one of an authorized issue of One Hundred Forty Thousand Dollars ($140,000.00), numbered 1 to 140, inclu~ive, of the denomination of One Thousand Dollars ($1,000.00) each, all of like date, tenor and effect except as to number, maturity and redemption privilege. Bonds numbered 26 to 140 inclusive,maturing on August 1st of each of the years 1959 to 1973, inclusive, are redeemable at the option of the Village, prior to maturity, at par and accrued interest on August 1, 1958 or on any interest payment date thereafter in the inverse order in '!ihich the;y are numbered. That is to say, bond numbered 140 shall first be redeemed before bond numbered 139 is redeemed, and so on, continuing such priority of reden,ption as to a.ll bonds so redeemable. Notice to redeem any or all of said bonds numbered 26 to 140, incllisive, shall be given by the Village by publication of such notice at least once in a newspaper published and of general circula.tion in the City of Chicago, Illinois, the date of the publication of such notice to be not less than thirty (30) days pri:)r to such redemption date, and when any or all of said bonds shall have been called for re- demption, an d payment made or provided for, interest thereon shal cease from and after the date so specified. Under said. Act and the ordinance adopted pursuant thereto, the revenues from t.he operation of tr1e municipal waterworks system shall be deposited in a separate fund designated as the "Water Fund" of said. Village which shall be used only in paying the cost of operation and maintenance of such system, providing an adequate depreciation fund, and paying the principal of and in- terest 0n the bonds of such Village that are issued under authorit of said Act and are payable by their terms only from the revenue I - -9- of such waterworks system. It is hereby certified and recited that all acts, condi- tions and things required to be done precedent to and in the is- suance of this bond have been done and have happened and have been performed in regular and due form of law, and that provision has been made for depositing in said water fund sufficient revenues re~ ceived from the operation of said waterworks system to be applied in the manner as hereinabove set forth. This bond may be registered as to principal only in the name of the holder on the books of said Village in the office of the Village Treasurer, such registration to bE evidenced by nota- tlon of said Village Tres..surer on the back hereof, after v'ihich no transfer hereof shall be valid unless made on said books and simi- larly noted hereon, but it may be discharged from such registra- tion by being transferred to bearer, after which it shall be transferable by del~very, but it may be again registered as be- fore. The registration of this bond shall not restrict the nego- I tiability of the coupons ~y delivery merely. ~N WITNESS WHER~, said Village of Mount Prospect, Cook County, Illinois, bJ its President and BOc.rd of Trustees, has caused t~is bond to be signed by the President of said Village, it: corporate seal to be hereto affixed, and attested by the V~llage Clerk, and the coupons hereto a':tached to be signed by the facsi- mile signatures of s131.d ?resid':mt and said Village Clerk which officials, by tile execution of this bond, do adopt as and for t.heir own proper signatures their respectIve facsimile signatures appearing on said coupons, and this bond to be dated the first day o.f August, 1953. Presiden~ Village~of Mount---- Prospect, Cook County, Illi.nois. ATTEST: ------' Village Clerk, Village of Mount prospect, Cook Coun~, Illinois. -10- (!i'orm of Coupon) Number ,tl. 'lP___ On the first day of 19_ -, *(unless the bond t:> Hhic'h this coupon 15 attached has been called for payment I prior to said date as therein provided for and p~ment made or provided for), the Village of Moant Drospect, Cook County, Illinois will pay to bearer -----_._------------ - __Dollars \(~ ) in lawful ~Qnev of the United States of America out of .1_- ... tlle Water Fund of said Village, at the option of the holder here- of at the office of the Village Treasurer or at the MOUNT PROSPECT STATE BANK, in the Village of Mount Prospect, ILlinois, being in- tcrest then due on its Water Revenue Bond dated August 1, 1953, Number Attest: Pre'Sident~ -Vilraee'~ of Mo\1nt---- Prospect, Cook County, Illinois Village Clerk, village or Mount prospect, Cook County, Illinois (Form for Reglstr~tion as to principal) Date of Regis~ration In Whose Name Registered Signature of Village T::r~asu~er -------.- ------- * (The clause within the parenthesis appear- ing in the form of interest coupon shall be inserted!.:'l all coupons attached to bonds numbered 26 to 140, inclusive, representing interest maturing after the optional date of the bond to which it is attached.) Section 7. That upon the issuance of the water reveneu bonds herein provided for, the entire municipal waterworks system of saii Village of M01.m.t Prospect, for the purpose of this ordi- nance, shall be operated on a fiscal year basis corumencing the first day of August and ending the last day of July of each suc- -11- . ., ceeding year. From and after tne delivery of any bonds issued under the provisions of this ordinance, the revenues derived from the operation of the waterworks system of said Village of Mount addition to the amounts required to be set aside in said water fund for tIE purpose of paying the principal and interest re- quirements on these b(mds now outstandin g which by their terms are payable solely from the revenues to be derived from the opera- tion of the waterworks system of said Village, shall be as follows: i Period Year Ending Last D~ of JulX 1954 1955 1956 1957 1958 1959 1960 1961 1962 19f33 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 Principal and Intere~i $ 9',900.00 9,725.00 9,550.00 9,375.00 9,200.00 9,025.00 8,850.00 8,675.00 8,500.00 8,325.00 8,150.00 7,975.00 11:,800.00 12,450.00 12,10J.OO 11,750.00 11,400.00 11,050.00 10,700.00 10,350.00 , -12- , , Distribution of amounts in said water fund sufficient 'to cover the above required sums for princiJal and interest of water revenue bndds authorized by this ordinance, for principal and ,interest on all outstanding water revenue bonds, and also for the purpose of paying the cost of operation, maintenance, and an ade- quate depreciatbn fund, shall be made monthly on the first day of each month, except that when the first day of any month shall be ,!Sunday or a legal holiday, then such distri butlon shall be made on Ii lithe next succeeding secular day. Said water fund as hereinabove II Ilpro\Tided for shall be used solely and only, and is hereby pledged II 'I lifOI' the purpose of paying the principal of and interest upon the !! . Ilwater revenue bonds of said Village of Mount Prospect that are I, I[payable by thei l' terms only from such revenues of the waterworks Ilsystem, including the' principal of and interest upon the water re- I venue bonds herein authorized to be issued, to pay the cost of Iroperation, maintenance, and provide an adequate depreciation fund, IlwhiCh depreciation fund shall be accumulated at an annual rate of lat least one-half of one per cent ( 1/2 of 1%) of the value of the ,I " il waterworks sy stem, including the improvements and extensions II Ii herein provided for. Section 8. While the bonds authorized hereunder or any of I I them remain outstanding or unpaid, rates charged for water shall , 1 i I I . I Ii tenance, to provide a deprec~ation fund, and to pay the interest onl II and principal of the water revenue bonds issued herewlder and alII !outstanding bonds heretofore authorized which by their terms are payable from the revenues of said waterworks system. And there be sufficient at all times to pay the cost of operation and main- shall be charged'against all users of said water, including the ,IVillage of Mount Prospect, such rates and amount for water service I! as shall be adequate ~o meet the requirements of this section. III ,I Compensation for services rendered the Village shall be charged ,Ii against the Village and pay ment for the same from the corporate funds shall be made monthly into the "Water Fund" created by this I I ordinance as revenues deri-ved from the operation of the water- II ' -13- . works system in the same manner as other revenues are required to deposited. Section 9. Any surplus revenues derived from the operation of said waterworks system shall only be used in the purchase and retirement of bonds issued Qf said Village, which ~ their terms are payable solely from the revenues derived from the operation of the waterworks system of said Village, or invested in United States Government securities maturing not more than ten years from the date of such purchase. Section 10. Any holder of a bond or bonds or any of the coupons of any bond or bonds issued hereunder may either in law or in equity, by suit, action, mandamus or other proceedings, enforce or compel performance of all duties required by this Ordinance, in- cluding the making and collecting of sufficient water rates for that purpose and application of income and revenue thereof. Sectio~ 11. It is hereby covenanted and agreed that while any water revenue bonds issued hereunder are outstanding, no ad- ditional water revenue bonds shall be issued unless the revenues . preceding were sufficient to pay all costs of operation and main- I II I' I ,I tenance, provide an adequate depreciation fund and leave a balance I , equal to at least one hundred ten per cent (llO~) of the aggregate ~ II of (a) the principal and interest requirements for such year on alii the bonds then outstanding payable from the revenues of the water- I works system, (b) one yearts interest on the total issue of such derived from the waterworks system for the fiscal year then next additional bonds then proposed to be issued, and (c) an amount of principal of such additional bonds computed by dividing the total amount of such issue by the number of years from the date of issue to the final maturity date of such additional bond issue. Section 12. The Village of Mount Pro~pect hereby covenants and agrees with the holder or holders of the bonds herein proposed to be issued, or any of them, that it will punctually perform all duties with reference to said waterworks system required by the I. . -,14- jConsti tation and Laws of the State of Illinois, including the I imaking and collecting of sufficient rates for water, and segregat- :ing the revenues of said waterworks sy stem and the appl ica.tion Ilthereof to the respective funds created by this ordinanc e, and it IrerebY covenants and agrees not to sell, lease, loan, mortgage or . in any manner dispose of said waterworks system including any and 11 extensions and improvements that may be made thereto until all f the bonds herein authorized t:> be issued shall have been paid in ull, both principal and interest, or unless and until provision have been made for the payment of all bonds and inte~est full; and the Village further covenants and agrees with Jhe holders of said bonds to maintain in good condition and con- inuously operate said waterworks system. Section 13. Provisions of this ordinance shall constitute contract between the Village of Mount Prospect and the holders f the bonds herein authorized to be issued, and after the is- uance of the bonds, no changes, additions or alterations of any ind shall be made in any manner, except as herein provided, or ntil such time as all of said bonds issued hereunder and the in- verest thereon shall be paid in full, or unless and until provi- ion shall have been made for the payment of all bonds and nterest thereon in full. Section 14. That upon the execution of said $140,000.00 Revenue Bonds as herein provided,the same shall be delivered o the purchaser thereof,namely,NichQ1as Santucci, of Skokie, upon receipt of the pUI'cha:~e price therefor, the same eing the sum 6f par plus accrued interest fr:>m the date of said onds to the date of delivery thereof, plus a premium in a sum qual to one half of one per cent (1/2%) of the Principal amount of bonds issued, contract for the sale of said bonds, hereto- fore entered into be and the same is hereby ratified, approved and confirmed, and the proceeds of sale of said bonds shall be used for the purpose of constructing the improvements and extensions to the existing municipal waterworks system of -15- the Village of Mount Prospect in accordance with the plans and spe- cifications therefor, prepared for that purpose, heretofore approv- led by the President and Board of Trustees and now on file in the Iloffice of the Village Clerk and open to the inspection of the publi~. II il eection 15. If any section, paragraph, clause or provision of I!this ordinance shall be held inval id, the invalidity of such II Ilsection, paragraph, .clause or provision shall not affect any of the 'Iother provisions of this ordinance. Section 16. In the evel'ilt the.amount of bonds issued is less ! than the aggregate amount herein aut:lOrized, the amounts to be set i 'I !iaside in the Water Fund to be. used for the purpose of paying prin- II Ilcipal and interest of Water Revenue Bonds , as provided in Section Ii 117 hereof, shall be reduced proportionately. Any accrued interest or !surplus of proceeds received from the sale of said bonds after pay- I I Iment of the cost of such improvements and extensions shall be depo- Isited in the water fund and applied toward the payment of interest or principal next maturing. I I agrees, to carry insurance on the waterworks system of the kinds and Secti~ 17. That the Village of Mount Prospect hereby in the amounts which are usually carried by private parties operat- ing similar properties, including, without limiting the generality of the foregoing, fire, windstorm insurance, public liability, arid any additional insurance covering such risks as shall be recorrrrnend- ed by a competent independent engineer employed for the purpose of m~king such recqrnmendations, and all moneys received for losses under such insurance poliCies shall be deposited in the "Water Fund" and used in making good the loss or damage in respect of which they were paid either by repairing the property damaged or replacing the property destroyed, and. provision for making good such loss or do.mage shall be made within ninety days from the date of the loss. The p~ment of premiums for all insurance pelicies re- quired under the provisions of this section shall be considered a maintenance and operation expense. -16- The proceeds of any and all policies for public liability s1lall be paid into t~le Maintenance and Operation Fund and used in paying the claims on account of which they were received. Section 18. The Village of Mount Prospect covenants and agrees that so long as any of the bonds herein authorized remain i outstanding proper books and records cmd accounts will be kept by ! the Village of Mount Prospect separate and apart from all other re- i cords and accounts, showing correct and cOID)lete entries of all transnctions of the waterworks system, and that the holders of any of said bonds or any duly authorized agent or agents of such hold- ers shall have the right at any and all reasonable times to in- spect the records, accounts and audit relating thereto, and to in- I daysl spect the sJ stem and all property comprising the system. Said Vill.sge further covE'nant s and agrees that it will wi thin sixty following the close of eech fiscal year cause an audit of such bool-:s and accounts to be made by Em independent firm of certified public accountants, showing the receipts and disbursements for and on account of the system, and that such audit will be available for inspection by the holders of any of the bonds. Each such audit, in addi tion to whatever matters may be thought prolJer by the account- ~)nt to be included therein, shall without limiting the generality I of the foregoIng, include the following: (8) (b) (c) (d) (e) A statement in detail of the income and expendi- tures of the system for such fiscal year. A balance sheet as of the end of such fi seal year. The accountant's comment regarding the manner in w~ich the village has carried out the requirements of this ordimmce, and t.he accountant's reCOJffil1en- d,a tlons for any changes or improvements in the operation of the system. A list of all the insurance policies in force at the end of the fiscal year, setting out as to each policy the a mount of the policy, the risk s covered, the na;D.e of t.he insurer and the expira- tion date of the poltcy. The number of propert.ies cO!1.11ected with the '.fvCi.ter vmrks system at t.le end of the year, the number of meters in operation at the end of the year, ~nd the number of :..:mmetered water customers at the end ..)f the year. -17- (f) A sta tement showing the total number of gallons of water pumped and the total number of gallons of water sold to metered water users during such fiscal year. All expense incurred in the making of the audi t required by this sE~ction shall be regarded and paid as a maintenanc e and operation expense, and it is further covenanted and. a.greed that a COPJl of eac!:l such .smdi t s1'1a=-l be furnished to the holder of any of the bonds at hi;s request, and anJ7 holder of a bond or bonds authoried 1)nder this ordincmce shall hove the right to discuss witt the aCcouIltEmt making the 8uait t.he contents of the c.udit and to asl~ :for any additional inform&tion he Iney rea sona bly require. Sectj~ 19. All ordinances, resolutionE: or orders, or :;}art.s thereof, in conflict with the provisions of this ordinance, EIre to the extent of such conflict hereby repe;:led. Section fOe This ordinc,nc€' efter its pccss8ge bY the preside'nt and Board of TrustE~es Dnd approval by the President shall be published once in the Mount Prospeet IIereld, 8 newpE.per published in and havin:::: a general circu18tion in the Village of MOl1nt Prospect, end if within twenty-one days [,fter fuch publica- ti on no petition 1. s fi led wi th thE' Cl erk of s81 d ViII ge, s1 gner) bv twent'JT DeI' cent (201) of the number of voters voting for' tI .J.: ." Village President at t~e last preceding Village election asking that t~e question of constructing the improvements and extensions to tll€ presentlJT owned ml.:micipc,l waterworks system 2nd the. issuc"<nce of the bonds herein provided for be submitted to the legal voters of this Village, then this ordinanc r: sholl be in full force end effect. If within seta twenty-one dc:cYs a petition, signed by the requisite number of legF!l voters, is filed, then tttis ordin8n,~e shall not bec')TIJe effective unt:!.l the question of constructing such improvements and extensi~ns and the issurnce of such bonds .' . . -18- Ihas been submitted to and approved by the legal voters of said Village. INTRODUCED /JU911J/ ~, ~953. FILE FOR PUBLIC INSPECTIOV /J:Jl(JII- 4</fj.. , 1953 PASSED by the President and Board of Trustees this day of August, 1953. I/rt Ii i I I I Ii il '[I II Hi ~ I I ! At te s t : i I' VOTE: Ayes: ~~.r: QO(,l#~ M'!Jdc/IJ;___ -J!M1J:~ J.Q~9e. Cf-. V!;er Na?,: (\/(H1f1... , Absent: ~r~L1.6J..o.i'J'~ APPROVED: RECORDED: Approved this //5 day of August, 1953. PUBLISHED , 1953. ."