HomeMy WebLinkAboutOrd 256 05/07/1946
FMO*AGH
5/7/46
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~ ORDINANCE providing for borrow-
ing money and issuing Municipal
Building Bonds of the Village of
Mount Prospect, Cook County,Illinois,
in the amount of $145,000, and pro-
viding for the collection of a direct
annual tax' for the payment of the
principal and interest of said bonds.
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WHEREAS. it is deemed advisable, necessary and for
the best interests of the Village that a Municipal Building
be constructed to provide adequate facilities for the offices
and departments of the Village government; and
YmEREAS. the President and Board of Trustees have
caused estimates to be made of the cost of constructing such
a building and have found and do hereby determine the cost
thereof to be One Hundred Forty-five Thousand Dollars
($145,000) for which purpose it will be necessary to borrow
money and issue bonds;
NOW. THEREFORE. Be it Ordained by the President and
Board of Trustees of the Village of Mount Prospect, Cook
County, Illinois:
Section 1. That there be borrowed by and for and
on behalf of the Village of Mount Prospect the sum of One
Hundred Forty-five Thousand Dollars ($145,000) for the purpose
of constructing a Municipal Building to provide adequate
facilities for the offices and departments of the Village
government as aforesa~d. That to evidence said loan, nego-
tiable coupon bonds of said Village be issued. Said bonds
shall be designated Municipal Building Bonds, be one hundred
and forty-five (145) in number, numbered 1 to 145, inclusive,
be of the denomination of One Thousand Dollars ($1,000) each,
be dated July 1, 1946, and become due and payable as fol-
lows:
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$6,000 on January 1 of each of the years 1949 to
1953, inclusive;
$8,000 on January 1 of each of the years 1954 to
1958, inclusive;
$9,000 on January 1 of each of the years 1959 to
1963, inclusive;
$10,000 on January 1 of each of the years 1964 to
1966, inclusive.
Said bonds shall bear interest from date
at the rate of three per cent (3%) per annum, payable on
the 1st day of January, 1948, and semi-annually thereafter,
on the first days of July and January in each year, until
paid, which interest payments to date of maturity of princi-
pal shall be evidenced by proper interest coupons attached
to each bond and maturing on the dates herein provided, and
both principal and interest shall be payable in lawful money
of the United States of America, at the First National Bank
of Chicago in the City of Chicago, 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
Clerk of said Village, and said coupons shall be sighed and
attested by said officials, respectively, by their facsimile
signatures, and said officials, by the execution of said
bonds, shall adopt as and for their respective proper signa-
tures 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
registration 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
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books and similarly noted on the back of the bond as regis-
tered, 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 negotiable by
delivery merely notwithstanding registration hereof.
Section 3. That each of said bonds and each of the
interest coupons to be thereto attached shall be in substan-
tially the following forms:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF COOK
VILLAGE OF MOUNT PROSPECT
MUNICIPAL 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 hereof, the sum of One Thousand Dollars
($1,000) lawful money of the United 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 three per cent (3%) per annum, payable
on the first day of January, 1948, and semi-annually
thereafter on the first days of July and January in
each year, upon presentation and surrender of the in-
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terest coupons hereto attached as they severally be-
come due and payable.
Both principal and interest are payable at the
First National Bank of Chicago in the City of Chicago,
Illinois. For the prompt payment of this bond, both
principal and interest as aforesaid, at maturity, the
~ull faith, credit and resources of said Village are
hereby irrevocably pledged.
This bond is one of an authorized issue of $145,000
nmnbered 1 to 145, inclusive, and is issued by said
Village for the purpose of constructing a MUl1icipal
Building to provide adequate facilities for the offices
and departments of the Village government in and for
said Village, pursuant to and in all respects in com-
pliance with an act of the General Assembly of the
State of Illinois, entitled "An Act concerning cities,
villages, and incorporated towns, and to repeal certain
acts herein named", 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 and approved by the voters of said
Village at an election duly called and held for that
purpose.
And it is hereby certified and recited that all
acts, conditions and things required by the Constitu-
tion and 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 required by law; and that the indebtedness of said
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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 addition to all other taxes, on all
the taxable property in said Village, to pay the in-
terest 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 prin-
cipal in the name of the holder, upon the books of
the Village Treasurer of said Village, such registra-
tion being noted hereon by said Treasurer, after
which no transfer hereof, except upon such books and
similarly noted hereon, shall be valid, unless the
last registration shall have been to Bearer. Regis-
tration of this bond will not affect the negotiability
of the coupons hereto attached, which shall continue
negotiable by delivery, merely, notwithstanding re-
gistration hereof.
IN WITNESS WHEREOF, 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 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 the~r respective facsimile sig-
,
natures, 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 July, 1946.
ATTEST:
President.
Village Clerk
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(Form of Coupon)
No.
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$
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 First National Bank of
($
Chicago, in the City of Chicago, Illinois, for in-
terest due that day on its Municipal Building Bond,
dated July 1, 1946, numbered
.
President
ATTEST:
Village Clerk
(Form for Registration as to
. Principal)
Date
Name of Registered Owner
Signature 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 also .to create a sink-
ing fund to pay and discharge the principal thereof at
maturity, there be and there is hereby levied upon all the
taxable property within said Village, in each year while
any of said bonds are outstanding, a direct annual tax suf-
ficient for that purpose, and there be and there is hereby
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levied on all of the taxable property in said Village, in
addition to all other taxes, the following direct annual
tax, to-wit:
Year of
Levy
1946
Interest
$6,425.00 (up
to and includ-
ing January 1,
1948 .
'4,350~00
4,170.00
3,990.00
3,810.00
3,630.00
3,450.00
3,210.00
2,970.00
2,730.00
2,490.00
2,250.00
1,980.00
1,710.00
1,440.00
1,170.00
900.00
600.00
300.00
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
Sinking Fund
for Payment of
Principal
None
Total
$6,425.00
$ 6,000.00
6,000.00
6,000.00
6,000.00
6,000.00
8,000.00
8,000.00
8,000.00
8,000.00
8,000.00
9,000.00
9,000.00
9,000.00
9,000.00
9,000.00
10,000.00
10,000.00
10,000.00
10,350.00
10,170.00
9,990.00
9,810.00
9,630.00
11,450.00
11,210.00
10,970.00
10,730.00
10,490.00
11,250.00
10,980.00
10,710.00
10,440.00
10,170.00
10,900.00
10,600.00
10,300.00
That principal or interest falling due
at any time when there are insufficient 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 approval of this
ordinance by the voters of said Village, a copy hereof, cer-
tified by the Clerk of said Village, which certificate shall
recite that this ordinance has been passed by the President
and Board of Trustees of said Village, published and ap-
proved by a majority of the voters of said Village voting
at an election called for that purpose, shall be filed with
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the County Clerk of the County of Cook, who shall in and for
each of the years 1946 to 196!, both years included, ascer-
tain the rate per cent required to produce the aggregate tax
hereinbefore provided to be levied upon the property in said
Village for each of said years, respectively, and extend the
same for collection on the tax books, in connection with
other taxes levied in each of said years, respectively, in
and by said Village, for general corporate purposes of said
Village, and in each of said years such annual tax shall be
levied 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 principal and interest upon the bonds
hereinbefore described, when the same mature.
Section 5. 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
Treasurer shall deliver said bonds to the purchaser or pur-
chasers thereof, upon receipt of the purchase price therefor,
the same being not less than par plus accrued interest to
date of delivery thereof.
Section 6. That this ordinance shall be in full
force and effect immediately upon its passage, approval and
publication and its approval by a majority of the voters of
said Village voting on the question at an election at which
it shall
be submitted.
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Approved: ;??ay 1 . 1946.
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Recorded: ~ 7' 7" P~ei~~~nt
~Ue>\...lSHC.D MA'l' 10,) l<i4-G.
Passed:
, 1946
ATTEST:
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