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HomeMy WebLinkAboutOrd 318 12/06/1949 ORDINANCE No. 318 AN ORDINANCE providing for bor- rowing money and issuing LiBrary Bonds of the Village of Mount Prospect, Cook County, Illinois, in .the amount of $'55,000, and providing for the collection of a direct annual tax for the payment of the principal and interest of said bonds. ****** WHEREAS, the Board of Library Directors of the Village of Mount Prospect, Cook County, Illinois, has heretofore submitted to the President and Board of Trustees of the Village of Mount rospect, Cook County, Illinois, a record of the proceedings of ts Board in connection with the construction of a Library build- ing and providing furnishings and equipment therefor and has submitted plans; and WHEREAS, the ~resident and Board of Trustees of said Vil- lage, by resolution duly adopted and approved on July 19, 1949, approved said record of proceedings of the Board of Library irectors, including the plan, estimate of cost and the determin- , tion that the bonds to be issued in the sum of $35,000 with in- a rate not to exceed 4%, payable over a period not to xceed 20 years; and WHEREAS__ pursuant to the request of the Board of Library irectors, the President and Board of Trustees of said Village 1d on September 6, 1949 adopt an Ordinance calling a special lection to be held in said Village of Mount Prospect on September 7, 1949, for the purpose of submitting to the legal voters of Village the following proposition: ;1 II !I :1 :1 ,I 'I II ;11 I Shall bonds in the amount of Thirty_Five Thousand Dollars ($35,000) be issued by the Village of Mount Prospect, Cook County, Illinois, for the purpose of constructing a Library Building matur- ing $1,000.00 on December 1st of each of the years ..__.o0_0000____.1.0o ..2... 1952 through 1957; $2,000..00 om December 1st of each of the years 1958 through 1964; $3,000.00 on December 1st, 1965 and $4,000.00 on December 1st of each of the years 1966 through 1968, bearing intere~t at the rate of not to exceed four per cent l4%)?; : and I: II WHEREAS. said election was held and conducted in due I !I form and manner and time as provided by law and the resu1.t of I I said election has been properly canvassed by the said President I I and Board of Trustees, and it has heretofore and it is hereby i I I determined that all legal. requirements in connection with said I election were duly complied with and that a majority of the i I legal voters of this Village voting at said election voted in I I I favor of said proposition, that the President and Board of I Trustees have been authorized to borrow the sum of $35,000 upon i the credit of said Village and issue bonds therefor for the pur- I I pose of constructing a Library Building and providing furnishings I I and equipment therefor; and this Board has heretofore found it I I necessary for the purpose aforesaid to borrow said sum of $35,000 0 I and issue bonds therefor. : NOW. T~EFORE. Be it Ordained by the President and Board I of Trustees of the Village of Mount Prospect, Cook County, i Illinois: i SECTION 1. That it be and it is hereby found and deter- I jmined that the President and Board of Trustees have been , I authorized by a majority of all the votes cast on the proposition I I submitted at an election called and held for that purpose, and ~ to borrow the sum of $35,000 upon the credit of this Village and ! I as evidence of such indebtedness to issue bonds of this Village I 1 in that amount. I j II .1 ! II ~ SECTION 2. That there be borrowed by and for and on be- , -- -3- half of the Village of :Mount Prospect the sum of Thirty-five Thousand Dollars ($35,000) for the purpose of constructing a Library Building and to provide furnishings and equipment there- for. That to evidence said loan, negotiable coupo~bohds of said Village be issued. Said bonds shall be designated Library Building Bonds, be thirty-five (35) in number, numbered 1 to 35, inclusive, be of the denomination of One Thousand Dollars ($1,000) each, be dated October 1, 1949, and become due and pay- able as follows: $1,000 on December 1 of each of the years 1952 to 1957, incl.usivej $2,000 on December 1 of each of the years 1958 to 1964): inclusive; $3,000 on December 1, 1965; 14,000 on December 1 of each of the years 1966 to 1968, inclusive. Said bonds shall bear interest from date at 'the rate of two and three eighths per cent (2 5/8%) per annum, payable on the 1st day of December, 1950, and semi-annually thereafter, on the first days of June and December in each year, until paid, II which interest payments to date of maturity of principal shall I be evidenced by proper interewt coupons attached to each bond i I and maturing on the dates herein provided, and both principal I and interest shall be payable in lawful money of the United I I States of America, at The Northern Trust Company, in the City of i Chicago, Illinois. The seal of said Village shall be affixed to each of said bonds, and said bonds shall be signed by the Presi- dent and attested by the Clerk of said Village, and said coupons shall be signed and attested by said officials, respectively, by their facsimile signatures, and said officials, by the execu- ~ I~~~~-._.__._-_.~-~---~_.~._- -4- tion of said bonds, shall adopt as and for their respective pro- per signatures their respective facsimile signatures appearing on said coupons. SECTION 3. 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 registration to be evidenced by notation of said Village Treasurer upon the back of such bonds so registered. No bond so registered shall be sub- ject to transfer, except upon such books and similarly noted on the back of the bond as registered, unless the last registration shall have been to bearer. Such registration of any of said bonds shal1 not, however, effect the negotiability of the coupons at- tached to said bonds, but such coupons shall continue negotiable by delivery merely notwithstanding registration hereof. SECTION 4. That each of said bonds and each of the in- terest coupons to be thereto attached shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA Ii jl "I' i II II :1 I: :1 !I i I' STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF MOUNT PROSPECT LIBRARY BUILDING BOND No. $1,000 KNOW ALL MEN BY THESE PRESENTS, that the Village of Mount Prospect, in the County of Cook and State of Illinois, hereby acknowledges itself to owe, and for value received, hereby promises to pay to Bearer, or if this bond be registered, to the registered holder here- of, the sum of One Thousand Dollars ($1,000) lawful money I \ !I I I ~ ~_~ _ '~~_H...~~._. .__~ H"_~_' -5- of the United States of A$erica, on the first day of December, 19____ , together with interest on said sum from the date hereof until paid, at the rate of two and three-eighths per cent (2 3/8%) per annum, payable on the first day of December, 1950, and semi-annually thereafter on the first days of June and December in each year, upon presentation and surrender of the in- terest coupons hereto attached as they severally become due and payable. Both principal and interest are payable at The Northern Trust Company in the City of Chicago, Illinois. For the prompt payment of this bond, both principal and interest as aforesaid, at maturity, the full faith, credit and resources of said Village are hereby irrevocably pledged. This bond is one of an authorized issue of $35,000 numbered I to 35, inclusive, and is issued by said Vil- lage for the purpose of constructing a Library Building and providing furnishings and equipment therefor, pur- suant to and in all respects in compliance with the acts of the General Assembly of the State of Illinois, en- titled DAn Act to authorize cities, villages, incorporated tesns and townships to establish and maintain free pub- liCi libraries and reading rooms", approved March 7th, i I I II ! " ~ 1872 and all acts amendatory thereof and supplementary thereto, and uAn Act concerning cities, villages and incorporated towns, and to repeal certain acts herein namedfl, approved August 15, 1941, in force January 1, 1942, and all acts amendatory thereof and supplementary thereto, and an ordinance duly passed by the President and Board of Trustees of said Village and submitted to i I J II I ~-----" , -6- ~ ~ ~ I !il il II i j, !I II !i ij i I I 11 II II and approved by the voters of said Village at an elec- tion duly called and held for that purpose. And it is hereby certified and recited that a11 acts, conditions and things required by the Constitution and the laws of the State of Illinois to exist, or to be done, precedent to and in the issuance of this bond, have existed and have been properly done, happened and been performed in regular and due form and time as re- quired by law; and that the indebtedness of said Village, including this bond, does not exceed any constitutional or statutory limitation; and that provision has been made for the collection of a direct annual tax, in ad- dition to all other taxes, on all "the taxable property in said Village, to pay the interest hereon as the same falls due and also to pay and disCharge the principal hereof at maturity. This bond is subject to registration as to principal in the na~e of the holder, upon the books of the Village Treasurer of said Village, such registration being noted hereon by said Treasurer, after which no transfer here- of, except upon such books and similarly noted hereon, shall be valid, unless the last registration shall have been to Bearer. Registration of this bond will not affect the negotiability of the coupons hereto attached, which shall continue negotiable by delivery, merely, notwith- standing registration hereof. IN WITNESS WIiEREOF, the said Village of Mount Prospect, by its President and Board of Trustees, has caused its corporate seal to be hereto affixed and this bond to be I . -_...........~-,-, -7- signed by the President of the Board of Trustees and attested by the Village Clerk, and the coupons hereto attached to be signed and attested by said officials by their respective facsimile signatures, and said officials by the execution hereof, do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, all as of the 1st day of October, 1949. ATTEST: President Village <';lerk (Form of Coupon) No. $ On the , day of , 19 , the Village of Mount Prospect, in the County of Cook and State of Illinois, will pay to Bearer ($ Dollars ), at The Northern Trust Company, in the City of Chicago, Illinois, for interest due that day on its Library Building Bond, dated October 1, 1949, numbered . ATTEST: President Village <';lerk (Form for Registration as to Principal) Signature of Date Name of Registered Owner Village Treasurer 1\ II I -8- SECTION 5. 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 also to create a sinking fund to pay I I I and discharge the principal thereof at maturity, there be and , i I there is hereby levied upon all the taxable property within i I said Village, in each year while any of said bonds are outstand- I ing, a direct annual tax sufficient for that purpose, and there I I be and there is hereby levied on all of the taxable property in i I said Village, in addition to all other taxes, the following I I II direct aIIDual tax, to-wi t: II For.. the year 1949, a tax sufficient to produce the sum II of 11,385.43 for interest up to and including June 1, II 1951; II II ii Ii .1 II II I' II II !I I I I I I I I , I I I I i I I II II I I I II i i For the year 1950, a tax sufficient to produce the sum of $831.25 for interest; For the year 1951, a tax sufficient to produce the sum of $1,819.38 for interest and principal; For the year 1952, a tax sufficient to prOduce the sum of $1,795.63 for interest and principal; For,the year 1953, a tax sufficient to produce the sum of '1,771.75 for interest and principal; For the year 1954, a tax sufficient to produce the sum of $1,748.13 for interest and principal; For the year 1955, a tax sufficient to produce the sum of $1,724.38 for interest and principal; For the year 1956, a tax sufficient to produce the sum of $1,700.63 for interest and prinCipal; For the year 1957, a tax sufficient to produce the sum of $2,665.00 for interest and principal; For,the year 1958, a tax sufficient to produce the sum of $2,617.50 for interest and principal; For. the year 1959, a tax sufficient to produce the sum of $2,570.00 for interest and principal; For, the year 1960l a tax sufficient to produce the sum of $2,522.50 for lllterest and principal; For the year 1961, a tax sufficient to produce the sum of $2,471.00 for interest and principal; .' -9- For the year 1962, a tax sufficient to produce the sum of $2,423.50 for interest and principal; For the year 1963, a tax sufficient to produce the sum of $2,380.00 for interest and principal; For the year 1964, a tax sufficient to produce the sum of $3,520.63 for interest and principal; For the year 1965, a tax sufficient to produce the sum of $4,237.50 for interest and principal; For the year 1966, a tax sufficient to produce the sum of $4,142.50 for interest and principal; For the year 1967, a tax sufficient to produce the sum of $4,047.50 for interest and principal. That principa~ or interest falling due at any time when there are insuffici~ funds on hand to pay the same be paid promptly when due from current funds on hand, in advancement of the collection of 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, Illinois, and it shall be the duty of said County Clerk to annually in and for each of the years 1949 to 1967 inclusive, ascertain the rate necessary to produce the tax herein levied and extend the same for collection on the tax books against all of the taxable property situated within the Village in connection I with other taxes levied in each of said years, respectively, in I II and by said Village, for general corporate purposes of said ViI- i Ilage, and in each of said years such annual tax shall be levied I and collected by said Village in like manner as taxes for general purposes for each of said years are levied and collected, and when collected, such taxes shall be used for the purpose of paying I I I j I II t -10- principal and interest upon the bonds hereinbefore described, when the same mature. SECTION 6. That said bonds be executed as soon after this ordinance becomes effective as may be, and be delivered to the Treasurer of the Village of Mount Prospect, and said trea- surer .shall deliver said bonds to the purchaser thereof, namely, R. S. Dickson & Co. Inc., upon receipt of the purchase price therefor, the same being not less than par plus accrued interest to date of delivery thereof. SECTION 7. ~hat this Ordinance shall be in full force and effect immediately upon its passage, approval and publication according to law. PASSED: this 6th day of December, 1949. APPROVED: this 6th day or ~,cember, 194~,~,,-'-) L-:/ .'" .// ,ma<<iM ~rl}i;~n1~"U",Z;:~ I: :1 II ilA"PT1:i'CT. 1.;d~.7~ II . , 11 - i:;Jierk -- --- RECOPJ>ED: this 6th day of December, 1949. PUBLISHED in the MOUNT PROSPECT HERALD, the 9th day of December, 1949.