HomeMy WebLinkAboutOrd 379 07/28/1953
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Ordltlance No.3..7.fj
AN ORDINANCE authorizing and provid-
ing for the issue of $140,,000 "ater
ReTenue Bonds ot the Village of Mount
Prospect, Cook County" Illinois, for
the purpose of defraying the cost of
improving and extending 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 ot
said Village for the purpose ot paying
the cost of operatlonand maintenance
thereot, providing an adequate depre-
ciation fund therefor, and paying the
principal and interest of said Water
Reve ue Bo s
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WH~I. the Vl11age ot Mount Prospect, Cook County,
Illinol., is now and has for _any yearl last past been 0
anti maintainlng e. municipal waterwopks system in
i.prove.ents and extensions
reinforced
of the construction of a
V111ag.; and
1HlR~. it tsdee-'a adv!.able,
best intefe.t of said ViiI.g.. that
constrbcted to said existlnc muni
ot 910,000
storage reservoir of a capacity
concrete and brick puaping sta-
tioD ..asuri
electric mot approximately 250, 350 and 600 gal-
lon per a1nu respectively; chlorination equipaent, pipe,
val-yes, elee rical ork, aeration equipment, attd all needful ap-
purten.nees, all to be located. on,the east side of Waverly Place
1D1J8e<,1ately 8 uth of pr.ospect Avenue; also the construction of an
altitude control yalva and ehaaber on the supply line to the ex-
isting elevated storage tank located at :Evergreen Avenue and North...
west Highway) also the construction of a ten inch wate~ main in
.Wa.verl)' Place from the afore..id pumping station to Central Road
and a twelve inch ..ate!' main across the right-of-way of the Chicago
and ffo:rth.este~ Railway, InCltlding all needtul val ves, ti ttings
and appurtenance., all in accordance with the detailed plans and
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specifications therefor heretofore approved by the President and
Board of Trustees of the sa.id Village of Mount Prospect and now
on file in the office of the Village Clerk for public inspection;
and
WHEREAS, the total estimated cost of such improvements and
extensions as prepared by the Village Engineers is the sum of One
Hundred Forty Thousand Dollars ($140,000.00); and
WHEREAS, 1n order to raise the funds required to construct
said improvements and extensions to said municipal waterworks
system, it will be neees8a~y that the Village borrow the sum of
One Hundred Forty Thousand Dollars ($140,000.00) and in evidence
thereot issue its Water Revenue Bonds 1n the principal amount of
One Hundred Forty Thousand Dollars ($140,000.00), said Water Re-
venue Bonds to be payable .olely and only out of the earnings to
be derived from the operation of the municipal waterworks system;
and
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WHEREAS, under the provisions of Article 78 of "An Act
concerning cities, .illages and incorporated towns, and to repeal
certain acts herein ~amed", effective January 1, 19a2, and all
laws amendatory thereof and supple.ental thereto, said Village is
authorized to issue water revenue bonda for the purpose of paying
the cost of such imnrovements and extensions; and
WHEREAS, the Village of Mount Prospect has heretofore pur-
suant to an ordinance duly adopted by the President and Board of
Trustees of said Village on the, firstday of November, 1944, issued
and sold its Water Revenue Bonds, dated August 1, 1944, in the Eig-
gregate amount of $27,000.00, all of said Water Revenue Bonds being
presently outstanding; and
WHEREA?, under the teras of said ordinance adopted Novem-
ber 1, 1944, hereinabove referred to, it was covenanted that ad-
di tional water revenue bonds would not be issued unless the reve- .
nues derived from the waterworks system for the fiscal year then
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WHER~S, the earnings of the municipal waterworks system
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of sald Vl11age of Mount prospect for the 1ast rlscal year ending
Jllly 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 fOIJ.nd and do here by flnd and determine
.
that the revenues of said waterworks system for thE fiscal year
ending July 31, 1953 are of such an amount that a::di tional water
revenue bonds of the Village in the amount of $140,000.80 may be
issued within the provisions of the 'restrictive covenants contained
in said ordinances adopted November 1, 1944 and February 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 waterworks system with the revenue bonds of said
Village now outstanding which are payable both as to principal
thereof and interest thereon 801ely and only trom the revenues of
said waterworks syste.;
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IQ!, THER!FOR~, Be It Ordained b,y the President and Board
of Trustees of the Village of Mount Prospect, Cook 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-
,
ing necessary improvements and extensions to the existing munici-
pal waterworks system of said Village ot 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 the
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~. That the President and Board of Trustees do
hereby determine th~ perioe of usefulness of seld waterworks
system an~ the illl;)rOVement s a.nd extensions to be made thereto to
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be forty years.
Section 3. That to pay the cost of constructulg such iw-
[)roveaents and ?xtens1ons to the existing waterworks system it will
require the issuance .')f $140,O(}).OO Water Revenue Bonds bearing in-
terest at the rate of three and one-half per cent (3~~) per annum.
Section 4. That for the purpose of defraying the cost of
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imrroving r,~ld e:xtending the present municlpa l~.. ovmed v>[;;terworlts
system of said Village of Mount Prospect as hereim..bove described
in the pre6mble of this ordinb.nce, there be issued o:;nd sold w",ter
revenue bonds of said Village, to be deslgn&ted "Weter Hevenue Bonds.,
in the principal amount of i140,000.00, which bonds shall Dear date
of August 1, 1953, be numbered consecutively from 1 to 140, in-
clusive, be of the deno_ination of '1,000.00 each, bearing interest
at the rate of three and one-half per cent (3~%), payable on
February 1, 1954 and semi-annually there~lfter on the first da.ys of
August and February in each year and become due seriaLly, in nu-
me~ical order '5,000.00 on August 1st of each of the years 1954 to
1985,incluslve, and tlO,OOO.OO on Al,lgust 1st of each of the years
19~8 to 1973, inclusive; provided, however, that said bonds num-
bered ~8 to 140, inclusive, shall be subject to redemption prtor
to their maturity, at the option of the Village, at par and ac-
crued interest on any interest payment date on or ~fter August 1,
1958, in the inverse order in which they are numbered; that is to
say, bond nu.ber 140 shall first be redeemed before bond ntrmbered
1~9 is redeemed, and so on, continuing such priority of redemption
as toal1 aaid bonds subject to redemption prior to maturity.
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at the MOUNT PROSPECT STATE BANK, Mount Prospect, Illinois, shall
designl.\te the serial number and the aggregate principal amount of
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the bonds to be redeemed, and shell ind1e&te that on the deslgn~t...
e~ date ')f redemption said bonds will be redeemed by payment of
the 1')rincipal thereof and accrued interest thereon, and that fro.
and after the designated redemption date interest in respect of
said bonds so cal.led for redemption shall cease.
Section 5. Both principal and interest of said water re-
venue bonds shall be payable in law:ul money of the United ~tates
of America at the Office of the Village Treasurer or at the MOUNT
PROSPEC! STATE BANK, in the Village of Hount Prospect, Illinois.
Said bonds shall be signed h! the President of the Village, sealed
with the co~?orate seal of said Village, ~nd attested by the
Village Clerk, and the interest cou;)ons attached to si:lid bonds
shall be executed by the facsimile signatures of sB.id President
and said Village Clerk, and said offici&ls, by ~~e 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 be payable solely from the revenues derlv E:'d fro:n tbe water
works system of said Village end such bonds shall not in Rny event
constitute an inde:btedness of the Village or Mount Prospect within
the lIIean1.~ of any constitutional or statutory limitation.
Any of said bonds may be registered hS to E1rin-
c1pal e,t any time Drior tG> maturity in the name of the holder on
thl? books of said Village in the office of the Vtllage Treasurer,
such registration to be noted em the reverse side of the bonds by
the Village Trepsurer, and theras ft€r the princi-,',al of such regi-
holder
stered bonds ~hall c~'e p!:.yable only to t1.1.e reglstered.f,hls legal
re:n'esentatives or essigns. buch regif,tered b'Jnds 8;-.,s11 t'A t.l'ans-
ferable to the registered holder or buck tc) bearer :)nly u:m pre-
Sfm',atton to tooVillage Treo..:urer, with ,;;, leg;;:l assignment duly ctC-
kn<)wledged or anpr09'ed. RegistratLm of any of such rnnis shaLl
not affect the negotiability of the cou~ons thereto attached, but
such cJup~)ns shall be transfereble by delivery merely.
~ctlon 6. That said bonds and COUDons sh~.ll be in sub-
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Iltant1allYl.lhe following tormt
(F"Jrm of Bond)
UNITED STATES OF AMERIC~
STATE OF ILLINOIS
COUNTY OF COOK
VILLAGE OFkOUNT PROSPECT
WATER P.EVF~UE BOND
NUltBEJ{
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!Qill! AL~ MEN ~ THESE PRESENTp that the Village of Mount
Prospect, Cook County, Illinois, for value received, hereb,y 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 .ount Prospect, as hereinafter men-
tioned and not otherwise, the sum of ______________________--
______________Dollars <$ _____~->, in lawful money
of the United States ot 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 cen t <3~~) per annum, payable
on February 1, 1954 and seai-annually thereafter on the first days
of August and February in each year upon presentation and surrender
of the annexed interest coupons' as they severally become due. Both
principal of and interest upon this bond are hereOf made payable
at the oftice or the Village Treasurer or at the MOUNT PROSPECT
STATE BANK, in the Village or .ount Prospect, Illinois.
This bond is payable solel;v from revenues derived from the
waterworks system of said Village and not otherwise, and is issued
under liuthoritv of Article 78 of an Act of the General ~ssembly of
the State of Illinois, entitled, "An Act Concerning Cities,
Villages and Incorporo.ted ~o"ns, and to Repeal Certain ll.cts herein
Named", efft=ctive Januar\ 1, 1942, and all laws aaendatory thereof
and supplemental thereto, for the purpose of :]aying the cost of
c'Jnstructing improvements and. extensions to the eXisting municipal
waterworks system of the Village of Mount Prospect, and this bond
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does not constitute an indebtedness of said Village within any
constitutional or statutory lImitation; Said VIllage covenants
that it wI1~ fix and maintain such rates for water service and
collect and account for revenues from said waterworks system suf-
ficient to prom?tly pay prinCipal of and interest on this bond
as the same becomes due.
This bond is one of an authorized issue of One Hundred
Forty Thousand Dollars ($140,000.00), numbered 1 to 140, inclusive,
of the denomination ot One Thousand Dollars ($1,000.00) each, all
of like date, tenor and effect except as to number, maturity and
redemption privilege. Bons numbered 26 to 140, inclusive, are re-
deemable 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 i"1 which they are numbered.
That is to say, bond numbered 140 shall first be redeemed before
bond ~Wlbered 139 is redeemed, and so on, continuing such)riority
of redemption as to all bonds so redeemable. Notice to redeem any
or all of s~id bonds numbered 26 to 140, inclusive, shall be given
b.Y the Village by publication of such notice at leas' once in a
newspaper published and of general circulation in the City of
Chicago, Illin01s, the date or the publication of such notice to
be not less than thirty (30) days prior to such redemptLm date,
and when any or all of said bonds shall have been called for re-
demption, and payaent aade or proYided for, interest thereon shall
cease from and after the date so specified.
Under said Act and the ordinance adopted pursuant thereto,
sufficient revenues from the operation ot the municipal water-
work. system shall be deposited in a separate fund designated as
the "Water FundW of said Village which shall be used only in paying
the cost of opea*ion and .-intenance of such system, providing an
adequate depreciation fund, and paying the principal of and 1n-
terest on the bonds of such Village thht are issued under authority
of s~id Act and are payable by their terms only from the revenue
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of such waterworks 8YSt...
It is hereby certified and recited that all acts, c:mdl-
tion. and things required to be done precedent toan4 ~n the is-
suance of this bond have been done and have happened and have been
nerformed in regular and due for. 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 let for~h.
This bond aay be registered as to principal only in the
name of the holder on the books of said Village In the office of
the V1l1age Treasurer, such registration to be evidenced by nota-
tion of sai4 Village Treasurer on the back hereof, after hlch no
transfer hereof shall be Yalid unless llade on said books and si.i-
larly noted hereon, but it may be discharged from such registra-
tion by being transferred to bearer, arter which it shall be
transferable by delivery, but it may be again registered as be-
fore. The registration of this bond shall not restrict the nego-
tiability of the coupons Y,"I delivery merely.
+N~l1TNES8WB'R19F, said Village of Mount Prospect, Cook
County, Illinois, Qr ita ~r..ldent and Board of Trustees, has
caused this bond to be signed by the President of said Village, its
corporate seal to be hereto affixed, and attested by the Village
Clerk, and the coupons hereto a~tach.4 to be signed by the facsi-
mile signatures of said President and said Village Clerk which
officIals, by the execution ott,his bond, do adopt as and for
their own proper signatureu thet. respectiY8 facsimile signatures
appearing on said coupons, and this bond to be dated the first
day of August, 1953.
Pre.Ident, Viliage ot Mount----
Prospect, Cook County, Illinois.
ATTEST:
II 1
Village Clerk, Village ot Mount
prospect, Cook Count,r, Illinois.
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(Form of Coupon)
Number
$
On the first day of _
~_19,
.' ~1-(unless the
bond to which this coupon is attached has been co.lledforpaYJient
prior to said date as therein provided for and payment made or
provided ror), the Village of Mount prospect, Cook County, Illinois,
will Pt(f to bearer
i17
Dollars
($ ) in lawful money' of the Oni ted ~tates of America out of
the Water Fund of said Village at the office of the ViLlage
Treasurer or at the MOUNT PROSPECT STATE BANK, in the Village of
Mount Pros;:>eet, Illinois, being interest then due on its Water
Revenue Bond dated August 1, 1953, Number
president;-Villageof Kount---
prospect, Cook County, illinois
Attest:
Village Clerk, Village of Mount
Prospect, Cook County, lllinois
(Fora for Registration as to Principal)
Date of
Reiistration ...
In 'lUose lame
Registered
Signature of
Village Treasurer
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* (The clause wi thin the parenthesis appear-
tng in the form of interest coupon shall
be inserted in all coupons attached to bonds
numbered 26 to ~40, in elusive, representing
interest maturing after the optional date
of the bond to which it is attached.)
Section 7. !hat upon the issuance of the water revenue
bonds herein provided for, the entire municipal waterworks system
of said Villag. of Mount prospect, for the purpose of this ordi-
nance, shall be operated on a fiscal year basis commencir.g the
first day of August and ending the last day of July of each suc-
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ceeding year. From and arter the delivery or any bonds issued
under the provisions of this ordinance, surflci~nt revenues from
the operation. of the waterworks system of said Village of Mount
Prospect shall be set aside as collected and be deposlted in a
separate fund which i~ hereby created, to be designated as the'
l! Water Ft.m.dw of the Villa.ge of Mount Prospect, which shall be.
used only in paying the cost ot operation and maintenance of said
system, providing an adequate depreciation fund, and paying the
principal of and interest upon the water revenue bonds of said
Vi1la.ge of Mount Prospect that are payable by their terms only
fro. the revenues ot said waterworks system, and such water fund
t,
shall be used only for such purposes.
It 1s hereby deter.ined that the amounts to be set aside
1n said water fund to be used for the purpose of paying interest
upon and principal of said Water Revenue. Bonds issued under the
provisions of this ordinance, as the same bee,.).e due, and in
aiditlon to the amounts required to be set aside in said water
fund for the purpose ot paying the principal and interest re-
qulr,ments on these bonds now outstanding which by their terms
are paya'le solely from the revenues to be derived frow the opera-
tion of the waterworks system of said Village, shall be as follows:
Period Year Ending
~ill Day of /u!.I
1954
1955
1956
1957
1958
1959
1960
1961
~962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
PRincipal and
. Int!U:est
$ 9,900.00
9,725.00
9,550.00
9,675.00
9,200.00
9,025.00
8,e50.00
8,675.00
8,500.00
8,325.00
3,150.00
7,975.00
12,800.00
12,450.00
If:, 100. ,)0
11,75;).00
11,400.00
11,050.00
10,700.00
10,350.00
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Distribution or amounts in said water ~und su~r1cient
to cover the above required sums fOI' ;)rinci :!al and 1nterestof
water revenue bodd. authori zed by this ordinance, for principal and
interest on all outstanding water revenue bonds, and also for the
purpose of paying the cost of operct1on, iLIaintenance, and an ade-
quate depreclatbn fund, sr.i&ll 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, tl1en such distribution shall be made on
the next succeeding secular day. Said water fund 2S hereinabove
provided for shall be used solely and only, and Is hereby pledged
for the Durpose of paying t'ne principal of and interest upon the
water revenUE; bonds of sai:l Village of Mount Prospect that are
payable b) thei r t erllS only from such revenues of the waterworks
system, including the principal of and interest upon the water re-
venue bonds he~ein authorized to be issued, to pay the cost of
opera.tion, m.aintenance, and provide an adequate depreciation. fund,
which depreciation fund srJ.all be accumulated at an annual rate of
at least ?ne-h~lr of one per cent' ( 1/2 of 1%) of the value of the
waterworks ~stem, including the improvements and extensions
herein provided for.
Section 8. While the bonds authorized hereunder or any of
them remain outstanding or UDiJaid, rates charged for water shall
be sufficient at all times to pay the cost of operation and main-
tenance, to provide a depreciation fund, and to pay the interest on
and principal of the water revenue bonds issu'2'd hereunder 2nd all
outstanding bonds heretofore authorized which by their terms are
payable from the revenues of said waterworks sv stem. imd there
shall be charged against all users of said water, including the
Village ot Mount Prospect, such rates and amJunt for v~ater service
as shall be adequate to meet the requirements of this section.
Compensation for services rendered the Village shall be charged
against the Village and p~rment for the same from the corpor~te
funds shall be marie monthly into the "Water Fund" created by this
ordinance as revenues derived from the operation of thel..ater-
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work~ sys'tem 1n 'the sa,me manner as other revenues are required. to
'be deposl tad.
Section, 9. Any sur)lus revenues deriVEd from the operation
of ~atd watE'rwor1tts system shall only be user} in the 'urc:1Ci.Se and
retirement of bonds issued o.} sa id Village,,, which by their terms
are payable solely from the revenues derived frol:i 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 Ui.' sach purchase.
~ctiqn 10. Any holder of a bond or bonds or any of the
coupons of any bond or bonds issued hereunder may eli-her in law or
in equity, b? suit, act 1::m, m<and1.rrlus or other proceedings, enforce
or comnel :')erforBw,nc€')f aLL d1.ltif~S r(')quired by this Ordinance, in-
clndtng the lllaklng and collecting of sufficient w&ter Totes for
that purnose arid a:lplicatlon of inco:e and revenue thereof.
Section 11. It is hereby covenanted and agreed that while
any water revenue bonds issued hereunder are outstanding, no ad-
dt tional water revenue bonds shall be issued unless tt19 revenues
rlerive'1 from the water\'Jorks system for the fiscal year then next
preceding were sufriet ent to pay all costs of o;?eration ilnd main-
tenance, provide an [:dequate depreciation fund cmd leave a balance
equal to at least one hundred ten per cent (llO() of the aggregate
of (a) the princi<,a.l and interest requirements for 'such year on all
the bonds \otten outstanding payable from the revenues of the wcter-
works system, (b) one yearts interest on the total issue of such
addi tional bonds then proi1osed to be issued, and (c) an amount of
principal of such additional bonds computed by dividing the total
aeount of such issue by the number of years from the date of issue
to the final maturity date of such additional bond issue.
~e~tlon lE. The Village of Mount Prospect hereby covenants
and agrees with the holder or holder. of the bonds herein propo~ed
to be issued, or any of them, that it will punctually perforJn all
duties with reference to said waterworks system required. by the
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Consti tution and Lf,WS of the state of Illinois, including the
malcing and col.lect~ ng of sufficient rates for w,-ter, end segregat-
ing the revenues of said w2terwork. system and the application
thereof to the respective funds created by this ordinance, and it
'''1ereby covenants c.nd agrees not to sell, lea se, loan, mortgcge or
in any nts,u.uer dispose of s,dd wcterworks sy'stem including any and
all extensions and improvement~ tiwt may be made t:-lereto until all
of the bonds herein authorized to be issued s:'\0.11 have been lJLid in
full, both principal ;;md interest, or llnlesscnd until "jrovl sion
shall have been Msde for the payment of all bonds and interest
thereon in full; and the Village further covenants and eJ.grees lIrith
the bo1ders of said, bonds t~ maintain in g30d Cillldition ar~ con-
tinuously o,}erate said waterworks system.
Section 13. Provt::lons of t'tis ordincnce shall cmsti tute
a' c;'}ntract between th<; Village of tLo'~mt prOSi~ect 2nd the holders
of t'1€> bonds ~'1erel1:l c ut~l:>ri ze.j to be issued, and after the 155-
uance of t~e bands, no changes, addttions or alterations of any
k~nd shall be made in any manner, eXc€)t as hFrelnJrovided, or
until SllCh time 8.S all of said b:1nds issued he:reunder end the tn-
terest thereon s'';.81l be paid in full, or unless cnd until provi-
sion shali .r1c::ve been made for the pc;yment of all bonds &rld interest
therecm 1n full.
Sec:!:lon 14. Tha.t upon the execution of said $140,~)OO.OO
Weter Revl!nue Bonds as her'ein provided, the same .shF",11 be delivered
to the purcl1as~r thereof, namely, Nicho1bs &entllcci, of Sk:.)k1.e,
Illinois, upon receipt of t~te )uc'chaselrlce there~6J:, the so.me
being the sum of par ~lus ~.ccrued intet~st from the d~~e of S~ ld
b011ds t-:J t}-lE' db.te of deliv.erJ~ t~hereofl f}.lus 9~~remilll11 irl c.:. -s:..m~
eC..lal to l/rct of the &mo~mt of 'bonds. issued, ccmtract for thes;,;,le
of s~id h:mds, heretofore ent-ered into he b.nd t:-:e f:.C.;L') is hereby
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retified, &'lproved and. c~mfirme.j, and t~'le i,roceeds of si::.le of 2i:,id
bcmds she.ll be used f,?r t;:e ,ur 'OSt' of c:mstruc t Lng the im,)l"Jve-
ments and extensi JrlS to "tne exist ;ng L;unici;)c.l W2. terw'Jrks s:lstern of
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the VillaGe of: j\'.ount Prospect in accordb.nce with the ;)lans and spe_
cific:::ttons trl€ref,)r, ;1re)&red for t'.&1 purpose, her'et)forE &)prov-
Ed by the Dresident 5nd Bc&rd of Trustees and now on file in t~e
office of t~lC Village Clerk and o)en to the i;u;;JectL:.)1 of t~:e;'ubllC~
~~ctioIl 15. If <iny secti0n,pa ragrur'h, cl", use or provt sL)n of
this 0 >d111&nce shall be held invr..1 id.~ t:l€ invalldi ty of SUC~,1
section, p<:.regraDh, clause or )roYision shall lOt 8ff'ect cmy of the
other provisions of t':is ordinance.
Section 16. In the event the a~olmt of bonds issued is less
-
than the &ggl'ega te ar.:nunt hf.'rein &l.lt',orized, t'le ,!'ounts to be Det
aside in the Water Fund to be used for the ~jurpose of p,,-ying )rirt...
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cipal t;.nd ~.nterest of Ws;ter Revenue Eond::;, hS provided in Section
7 hereof, shall be reduced )roportionately. Any &ccrued interest or
surplus of proceeds received from t!e sale of stid b:mds i.~fter PBY-
mentof the cost of such imprO\rec.ents and eXffmsL)ns shall be dcpo-
s1 ted in the water fund and applied towc:.rd the pay mellt of interest
or princi pal next mEturing.
.e~cti:.illl 17. Tnat the Village of rV.Dunt ?ros pect herEby
c.grees to carry insurE"nee on the w2terr-vrks s}'stem of the k~nds c:nd
in the amounts wl1:i ch are llsually carried by priv"te(l0rties op~rat-
'Lng siriilar properti es, including, w L thou t lim~_ t.ng the icne!'<:,li ty
of the foregoing, fire, windstorn inSUI'EnCe, 1ublic liEbility, ~nd
cmy uddi tional insu.rance covering such risks c:.s ;;;;la11 he reco-:mend..
ed by a com:Jetent, inde:,endent enginEer e!l1)loyed for ti~(> ;>ur ;~O Sf' of
mc:k:ng such rec01!1,men5f;t ims, [jnd all m'Jneys recel ved for l::)sses
under such insllrance ;:-'011 cies shall bl=' de ;Josi ted in tte nViC~ ter
Fund'! ,:end used in I:laking g.:;od the loss or der.1C;:&,:e 1.r1 I'Fspect of
which they were paid eLther by rep~iring the prJ~erty d~mEged or
replacing the property destroyed, End provision for making good
such loss or d["m~', ge Sl:lB 1.1 be lib-de wi th in ninety day s frorn the cc,te
of the los~. The p~ment of premiums for all insQrance polici€s re-
quired under the provtsions of this section sfudl be considered &
r!E intenEtnc~ and OpcI'[,tt:)r. expense.
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The 'proceeds o~ any and all poltcies 1"or publiC l1ab111t~y
s' all be paid :.nto t e Mainterw.nce and O;-ieration ~11J.no. t',nd used in
[16.y"trtg t'1.e C1131.t:1Sm ~~;cc~,:mnt of whlc 1"1 the~' 1'Jere received.
gQQtion lR. The Village of Mount Prospect covenants 2nd
egress that so long as any of tLe b:mds herein authorized rematn
out3t.c,nding pro~)er books hnd records Emd <iccounts will be kept by
tl::e Villc:.',ge of fu.:)~nt Prospect 5e~)Circte andapc.rt from (:.11 other re-
cords ,?'nd e.ccounts, s'l-!owi ng correct and com~'lete entr1 es of all
tr&nsFctlol1S of the wtJt.erworl{s system, and that the holders of any
or said bonds or anJ' dul)' authoriz~;d c.gent .or agents of such hold-
ers shall hElve the right at an)' !.no. all re~s,mable times to in-
spect the record.s, accounts ,mcl a.udit relating thereto, end to in-
spect the zystem Emd ell i:'roperty comprising the f;y;:;tem. Said
'Ville;ge further covcnE,.nts emd C.!gre€s that it will/d. thin. sixty days
following the close 0" EOe'er: fifc;~l yee::r c~;use en t..udit of such
boo1Q; end Eccount $ to be made by c.n inde;;endent firm of certi fied
,ublt c c ccountant s, showing the receipts and dis'bursement s for and
on account of' the s)'stem, and that such. audit will be av(':il~ble for
inspection. by the bolder! of' eny of the bonds. EE..ch such audit, in
addi tion to whatever matters lnf.r..Y be thought proi.\er by the accoUllt-
c.:nt to t.lA 'included thE:!ein, ShE'.1l without limitlng tr.,c generalit.y
of t'"'J.e foregotng, include th.efollowing:
(a)
(b)
(c)
(d)
(e)
A staterr:E'llt in det.e.11 of the income and expendi-
tures of the isyste fol' such fiscEl year. .
A balance sheet as of the end of such fiscal year.
The accOl.mtent' s comment regarding the me:.nner in
which the village hes c~rried out the requirements
of this ordln&nce, and the accountsntts recommen-
dations for Emy changes or improvements in the
operation of the system. .
A list of all the insurance policies in force at
the end of the ~iscal year, setting out as to
each policy the amount of the policy, the risks
cover-fOld, +,he ns~;e of the insurEr end the expira-
tion date cf the policy.
The nllmber of properties connected with the 'hater
works system at the end of the year, the number of
meters in operation at the end of tela year, i:ind
the number of unmetered water customers at the end
vf the year.
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(r) A state~~nt showing the total number of gallons
of water pumped and the total ililmber of gallons
of water sole; to mpterE~d water users during such
fiscal year.
. All ex)ense incurred in tbe making of the
2ud! t required by this section shall be regvI'ded end ~-;aid as a
tnPintenance and operation expense, and it is further covenEoted
Bnd Egreed that 8, COf'Y of each suer' E,udi t sha.l he furnished to
the holder of any of the bonds at his request, and any hold.er of
a bond or honds authorl ed under this ord; ncSnce sh;;'tll hcve the
right to discuss with the accountant mrJ<:ing the cudit the contents
or the audit and to ask for any &dditional information he may
reasonably require.
Section 19. All ordinances, resolutions or orders, or
parts thereof, in conflict with the provisions of this ordin&nce,
ere to the extent of such conflict hereby .repe~led.
Section ~~O. This ordio;;.nce ~ fter its passagE: by the
President ~md Board 0 f Trustees and approval by the President
shall be publ i shed once in the Mount Prospect Herbld, ~. newpaper
published in &nd having a general circulation in the Villcge of
Mount Prospect, and if vfi thin twenty-one d~.ys Cort.er such publica-
tiOD no pet! t10n is filed vd th the Clerk of' said Vill ge, signed
hy twenty per cent (201.) of the number of voters voting for
Village President at the last preceding Village ~lection ~sking
t ~,,:i t t1-:,e qt..'l..€stion of const.ructing the Improvaments E'nd extensL)ns
to the 1)resently aimed municipl-...l waterworks system c:nd the iSSUance
of the bonds herein provided for be submitted to the legal vot~rs
of this. Village, then this ordinanc(o $hBll be in full force end
.
effe.zt. If within s('iid twenty-one days a petition, signed by the
requisite number of legal voters, 1s filed, then this ordinance
shall not bec',)me effective until the question of constructing
such improvements and extensims and the issuance of such bonds
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has been submitted to and ap~roved by the leg21 voters of said
Village.
.PASSED b
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p~e.ldent and Board of Trustees this ~~
__, 1953..
day of
VOTE:
Aye: ~/~('~e.( t
_c,(~tt~ .~l-inLtchf.~l1bot:rrn-v
,<e; n j ~ Ih) ~ W,'r.re>)....;
Hay: __-#-(h...~ .:..._--_-----------
Absen t: dv'..e>.:z~___________~-___________
APPROVED: --~f -~-, "-953.
RECORDED: ____ ____________, 195Z.
Anproved this
-- ~~~a
President of the Vl~ a
Prospect, Cook County,
, 1953..
Attest: