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HomeMy WebLinkAboutOrd 350 10/09/1951 FMO*AGH 1&5c 10/8/51 ORDINANCE NO. 35a AN ORDINANCE PROVIDING FOR BORROW- ING MONEY AND ISSUING BONDS OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, IN THE PRINCIPAL AMOUNT OF $22 ~ 000.00 FOR THE PURPOSE OF ACQUIRING NECESSARY FIRE EQUIP- MENT IN AND FOR SAID VILLAGE AND PROVIDING FOR THE LEVY AND COLLEC- TION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL OF AND IN- TEREST ON SAID BONDS. * * * * * * WHEREAS~ the fire fighting facilities and equipment of this Village are inadequate and insufficient to meet the needs of said Village; and WHEREAS~ the Village Board has determined and does hereby determine and declare that it is necessary and for the : general welfare of the inhabitants of this Village that there be acquired fire fighting equipment including a fire truck and all needful aocessories; and WHEREAS~ the President and Board of Trustees of the Village of Mount Prospect by ordinance duly adopted and approved on February l3~ 1951~ submitting to the legal voters of said Village at the regular Municipal election to be held on April l7~ 1951~ the following proposition: Shall bonds in the amount of $22~OOO.OO be issued by the Village of Mount Prospect~ Cook County~ Illinois~ for the purpose of acquiring fire fighting equipment in said Vil1age~ maturing on January 1 of each of the years and in amounts as follows: $2~OOO.OO due 1953 thru 1960 inclusive~ $3~OOO.OO due 1961 thru 1962 inclusive~ and bearing inter- est at the rate of not to exceed two per cent (2%) per annum?J and WHEREAS~ said election was held and conducted in due form and manner and time as provided by law~ and the result of said ~j -2- election has been properly canvassed by the said President and Board of Trustees, and it has heretofore and it is hereby deter- mined that all legal requirements in connection with said elec- II tion were duly complied with and that a majority of the legal I voters of this Village voting at said election voted in favor of I I said proposition; that the President and Board of Trustees have been authorized to borrow the sum of $22,000.00 upon the credit of said Village and issue bonds therefor for the purpose of ac- I I quiring fire fighting equipment, including a fire truck and all I Ii needful accessories; and the President and this Board have here- II tofore found it necessary for the purpose aforesaid to borrow 'I II said sum of $22,000.00 and issue bonds therefor; and i WHEREAS, said Village has no funds on hand and available I ! i for the purpose of acquiring such fire equipment and it is deemed i \1 for the best interests of said Village that money be borrowed and II bonds of the Village be issued therefor. il II H NOW1 THEREFORE, Be it Ordained by the President and i' II Board of Trustees of the Village of Mount Prospect, Cook County, I Illinois, as follows: I ! SECTION 1. That there be borrowed by and for and on II I behalf of the Village of Mount Prospect the principal sum of Twenty-two Thousand Dollars ($22,000.00) for the purpose of pay- I ing the cost of acquiring necessary fire equipment in and for i I I said Village as hereinabove recited in the preamble of this I I I Ordinance. That to evidence said loan, negotiable interest OOU- I pon bonds of said Village be issued in the prinoipal amount I of $22,000.00. Said bonds shall be designated "Fire Equipment I I Bonds" and shall be dated November 1, 1951, be numbered 1 to 22 I inclusive, be of the denomination of $1,000.00 eaoh and mature I i serially on January 1 in eaoh of the years and in amounts as i I follows: $2,000.00 due 1953 thru 1960 inclusive and $3,000.00 , I \ I i i -3- due 1961 thru 1962 inclusive and bear interest, from date at the rate of two per cent (2%) per annum, payable on January 1, 1953 and semi-annually thereafter on the first days of January and JUly in each year until paid. Said interest payments to date of maturity of principal shall be evidenced by proper interest coupons attached to each bond and maturing on the dates herein provided, and both principal of and interest on said bonds shall be pay- able in lawful money of the United States of America at the office of the Village Treasurer, Mount Prospect, Illinois. The seal of said Village shall be affixed to each of said bonds, and said bonds shall be signed by the President and attested by the Village Clerk of said Village, and said coupons shall be signed and attested by said officials, respectively, by their facsimile signatures, and said officers by the execution of said bonds shall adopt as and for their respective proper signatures their respective facsimile signatures appearing on said coupons. SECTION 2. That the bonds hereby authorized shall be subject to registration as to principal in the name of the holder upon the books of the Village Treasurer; such registra- tion to be evidenced by notation of said Village Treasurer upon the back of such bonds so registered. No bond so registered shall be subject to transfer except upon such books and Similarly noted on the back of the bond so registered, unless the last registration shall have been to bearer. Such registration of any of said bonds shall not, however, affect the negotiability of the coupons attached to said bonds, but such coupons shall continue transferable by delivery merely. SECTION 3. That each of said bonds and each of the in- terest coupons to be thereto attached shall be in substantially the following form: -4- ii Ii Ii I, II No. I I II I (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF MOUNT PROSPECT FIRE EQUIPMENT BOND $ 1,000.00 KNOW ALL MEN BY THESE PRESENTS, that the Village of Mount Prospect, Cook County, Illinois, hereby acknowledges it- self to owe, and for value received hereby promises to pay to Bearer or, if registered, to the registered owner hereof, the I sum of One Thousand Dollars ($1,000) lawful money of the United 1 ,I II I I States of America, on the first day of January, 19 , together with interest on said sum from the date hereof until paid, at the rate of two per c~J~ (2%) per annum, payable January 1, 1953 and semi-annually thereafter on the first days of January and JUly in each year, which such interest until the maturity of this bond is payable upon presentation and surrender of the interest coupons hereto attached as they severally become due and payable. Both principal hereof and interest hereon are payable at the office of the Village Treasurer, Mount Prospect, Illinois. For the prompt payment of this bond, both principal and interest, as I aforesaid, at maturity, the full faith, credit and resources of i II 1\ I! II II I said Village are hereby irrevocably pledged. This bond is issued by said Village for the purpose of paying the cost of the acquisition of necessary fire fighting equipment, including a fire truck and all needful accessories, in and for said Village, pursuant to and in all respects in compliance with the Revised Cities and Villages Act, and all laws amendatory thereof and supplementary thereto, and pursuant II II I' .1 -5- to an eleotion duly called, notioed, held and oanvassed for II that purpose, and an ordil'iance duly passed by the Village Board Ii !i II ,! Ii II oonditions and things required by the Constitution and laws of I II Ii i of said Village and published, as by law required. And it is hereby oertified and recited that all acts, the state of Illinois to exist, or to be done, precedent to and in the issuance of this bond, have existed and have been pro- perly done, happened and been performed in regular and due form and time as required by law; that the indebtedness of said ,I Village, including this bond, does not exceed any constitutional ! i I or statutory limitation; and that provision has been made for the colleotion of a direct annual tax, in addition to all other taxes, on all the taxable property in said City to pay the in- terest hereon as the same falls due and also tp pay and discharge i the principal hereof at maturity. I' II ,I [I This bond is subjeot to registration as to principal in , I the name of the holder upon the books of the Treasurer of said II II Ii I i Village, such registration being noted hereon by said Treasurer, after whioh no transfer hereof, except upon suoh books and simi- larly noted hereon, shall be valid unless the last registration ,I shall have been to Bearer. Registration of this bond shall not I affect the negotiability of the interest coupons hereto attached, 'I i which coupons shall continue negotiable by delivery merely, not- I withstanding registration hereof. II IN WITNESS WHEREOF, the said Village of Mount Prospect, by its President and Board of Trustees have caused the corporate seal to be hereto affixed, and this bond to be signed by the President and attested by its Village Clerk, and the coupons II hereto attached to be signed and attested by said officials, re- spectively, by their facsimile signatures, and said officers do ! II I I -6- by the execution hereof adopt as and for their respective pro- per signatures their respective facsimile signatures appearing on said coupons, all as of this 1st day of November, 1951. VILLAGE OF MOUNT PROSPECT, a Municipal corporation i I ATTEST: I I I II I! il I! il I' I I I I 1 I President Yillage Clerk (Form 01' Coupon) $ Number On the 1st day of , 19 , the Village of Mount Prospect, Cook County, Illinois, will pay to Bearer Dollars ($ in lawful money of the United States 01' America at the ) , Mount prospect, Illinois, for I interest due that day on its Fire Equipment Bond dated , Numbered . i I ATTEST: I I I Village Clerk I I I i II II Date I I President (Form 01' Registration as to principal) Name of Registered OWner Signa ture of Village Treasurer SECTION 4. That for the purpose of providing the funds required to pay the interest on said bonds promptly when and as the same falls due and to pay and discharge the principal II thereat at maturity, there be and there is hereby levied upon all I iI Ii Ii 1\ -7- ~he taxable property within said Village in each year while any of said bonds are outstanding, a direct annual tax sufficient for that purpose without limitation as to rate or amount, and that there be and there is hereby levied on all of the taxable property in said Village, in addition to all other taxes, the following direct annual tax, to-wit: Year Sinking Fund for of Levy Interest Due payment of principal Total 1951 $ 513.34 Up to and in- $ 2,000.00 $2513.34 eluding 1/1/53 1952 400.00 1/1/:54 2,000.00 2400.00 1953 360.00 1/1/55 2,000.00 2360.00 1954 320.00 1/1/56 2,000.00 2320.00 1955 280.00 1/1/57 2,000.00 2280.00 1956 240.00 1/1/58 2,000.00 2240.00 I 1957 200.00 1/1/59 2,000.00 2200.00 1958 160.00 1/1/60 2,000.00 2160.00 'I 1959 120.00 1/1/61 3,000.00 3120.00 I, 1960 60.00 1/1/62 3,000.00 3060.00 11 II Ii That principal of or interest on said bonds falling due II II at any time when there are insufficient funds on hand to pay the same from the proceeds of the bond and interest taxes here- inabove levied be paid promptly when due from current funds on hand in advancement of the collection of said taxes, and when said taxes shall have been collected, reimbursement shall be made to the said funds in the amount thus advanced. That forthwith upon the passage, approval and publication of this Ordinance, the Village Clerk shall file a certified copy of this Ordinance with the County Clerk of Cook County, Illino~s, I and it shall be the duty of said County Clerk to annually in and for each of the years 1951 to 1960, both inclusive, ascertain the rate per cent required to produce the aggregate bond and in- I terest tax hereinbefore levied in each of said years, respective- ly, against the taxable property within said Village situated within said County, and extend the same for collection on the tax 11 It ,., I , I I -8- 'books, without limitation as to rate or amount, in eonneetion with other taxes levied in eaeh of said years, respeetive1y in and by said Village for general eorporate purposes of said Vil- lage, and in eaeh of said years sueh annual bond and interest 'tax shall be eo11eeted by said Village in like manner as taxes for general eorporate purposes for eaeh of said years are eo1- lected, and when eo11eeted sueh bond and interest taxes shall !be used solely for the purpose of paying the prineipa1 of, and I i ithe interest I i mature. i I upon, the bonds hereinbefore described when same I I I STATE BANK, Mount prospeet, Illinois, at a priee of par and I [aeerued interest is hereby eonfirmed and said bonds shall be de- I I livered to said purehaser against payment therefor in aeeordanee ! SECTION 5. That sale of said bonds to THE MOUNT PROSPECT i I herewi th · I I I SECTION 6. That all ordinanees, resolutions and orders, I lor parts thereof, in eonfliet with the provisions of this Ordi- inanee be and the same hereby are repealed. PASSED: t::!Ic 7'o/;er 9 /95/ / APPROVED: Qc -h:>b~ 9. 195'1 /' AYES: -';"'.f feE's: ~1t1~/ ~ (.( H1~ IfJr~lAIl1 I b 60 T5'on " ,,{cr7f:: qnq r;j~ r NAYS; ^,on~ -9- ABSENT : i, il I! !1 ): No n e.. Ii il I, Ii I' H II II ATTEST: i-2{Y ~. ! Village Clerk, I Village of Mount Prospect, I Cook County, Illinois. II Ii II I I I I II !i ii q [: Ii Ii II I! j: d " !I i: !i II I ii II II I i A~ 6. (~ President, Village of Mount prospect, Cook County, Illinois. PUBLISHED in the MOUNT PROSPECT HERALD the /Cf't$ day of ~~be.-, 1951. RECORDED: -;e~f7-~ Village Clerk, Village of Mount Prospect, Cook county, Illinois.