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HomeMy WebLinkAboutOrd 202 01/04/1938 ~ N~/~O~ AN ORDINANCE PROVIDING FOR THE REFUNDING OF OUTSTANDING SECURITIES IN MOUNT PROSPECT SPECIAL ASSESSMENT NO. 37 WHEREAS, the President and Board of Trustees of the Village of Mount Prospeot did, on the 4th day of Septem- ber, A. D. 1928, pass an Ordinanoe providing for the making of a looal improvement as follows: "An Ordinanoe providing for the improvement of Shabonee Trail and other streets and avenues in the Village of Mount Prospeot, Illinois, by furnishing and oonstruoting therein a oonneoted system of street light- ing and appurtenanoes, in the Village of Mount Prospeot, County of Cook and State of Illinois; whioh Ordinance was on said date duly approved by the Presi- dent of the Board of Trustees of the Village of Mount pros- peot, and ~ WHEREAS, in and by said Ordinanoe it was provided that the oost of said improvement should be paid for by a special assessment, which assessment was divided into five (5) annual installments, and whioh Ordinance provided that bonds be issued to anticipate the collection of the second and succeeding installments, and WHEREAS, a Petition was filed in the County Court of Cook County, praying for the confirmation of the special assessment, which proceeding was known as Mount Prospect Special Assessment No. 37, and that thereafter on, to-witz September 11, 1928, an assessment roll was filed and upon due notice being given a hearing was held, and on to-wit: October 19, 1928, a Judgment order of confirmation of said assessment was duly entered by the Court, and -1- WHEREAS, a contract was entered into for the con- struction of said local improvement and upon the completion thereof, the Board of Local Improvements of the Village of Mount Prospect, in compliance with the requirements of Section 84 of "An Act Concerning Local Improvements" did make and file a Certificate of Cost and Completion in the County Court of Cook County, on, to-wit: the 3rd day of April, A. D. 1929, which certificate was, on, to-wit: the 25th day of April, A. D. 1929, duly approved by order of said Court, and WHEREAS, the Clerk of the County Court of Cook County certified the assessment roll to the Village Collector of the Village of Mount Prospect so that the first install- ment of said assessment became and was due and payable on, to-wit: the 2nd day of January, A. D. 1930, and the remaining installments were due and payable annually thereafter, and WHEREAS, bonds issued to anticipate the collection of the second and succeeding installments of Mount Prospect Special Assessment No.3? were duly issued to the contractor in payment for work done, and said constractor in due course sold and assigned said bonds so that more than seventy-five per cent (?5%) of the presently outs~anding bonds are now owned and held by the BANKERS LIFE COMPANY, a Corporation, of Des Moines, Iowa, and -2- WHEREAS, the BANKERS LIFE COMPANY, a Corporation, being the owner and holder of more than seventy-five per cent (75%) of all the presently outstanding securities is- sued in anticipation of the collection of said assessment, has this day filed a Petition requesting the passage of an ordinance and the taking of the necessary steps requisite to refunding said bonds, together with the unpaid interest thereon, as provided for in Section 86a of "An Act Concern- ing Local Improvements", approved June 14, 1897, and in force July 1, 1897, as amended: NOW. THEREFORE. BE IT ORDAINED BY THE PRESIDENT and BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT.COOK COUNTY. ILLINOIS: SECTION 1: That the Petition heretofore filed with the President and Board of Trustees of the Village of Mount Prospect, requesting the refunding of all the outstand- ing securities in Mount Prospect Special Assessment No. 37 levied for the Improvement of Shabonee Trail and other streets and avenues in the Village of Mount Prospect, Illinois, by furnishing and constructing therein a connected system of street lighting and appurtenances in the Village of Mount Prospect, County of Cook and State of Illinois and for the extension of the time of payment of all the unpaid assessments in Mount Prospect Special Assessment No. 37, is in all respects legal and sufficient and that the same is hereby approved and granted. -3- That all of the unpaid installments SECTION 2: and the interest thereon in Mount Prospect Special Assess- ment No. 37 levied for the Improvement of Shabonee Trail and other streets and avenues in the Village of Mount Prospect, Illinois, by furnishing and constructing therein a connected system of street lighting and appurten- ances, in the Village of Mount Prospect, County of Cook and state of Illinois, be funded and extend.ed by dividing the same into five (5) annual installments equal in amount, the first of which shall be due and payable on the 2nd day of January, A. D. 193', and the remaining installments due annually there- after on the 2nd day of January of each succeeding year. The installments herein provided for shall bear interest at the rate of six per centum (6%) per annum, which interest shall begin to run from ~~:}f.iA'{, 193~. SECTION 3: That in order to anticipate the col- lection of the first installment of said assessment a6 ex- tended, vouchers shall be issued payable out of said inst~ll- ment, and in order to anticipate the collection of the second and succeeding installments, bonds shall be issued payable out of said installments; said bonds and vouchers shall bear interest at the rate of six per centum (6%) per annum, payable annually, and shall be signed by the President, countersigned ~ by the C6Mptrolle~ and attested by the Village Clerk of the Village of Mount Prospect under the corporate seal of said Village. Vouchers issued in anticipation of the collection of the first installment shall mature December 1, 193', and the remaining installments of bonds shall mature annually thereafter. Said bonds shall have interest coupons attached -4- thereto, signed with the facsimile signatures of the Presi- dent and the Village Clerk of the Village of Mount Prospect. Said bonds and vouchers shall be issued in accordance with and shall in all respects conform to the provisions of an Act of the General Assembly of the State of Illinois, en- titled: "An Act Concerning Local Improvements", approved June 14, 1897, and in force July 1, l89?, as amended. SECTION 4: The outstanding securities issued against and in anticipation of the collection of Mount Prospect Special Assessment Docket No.3?, together with the unpaid interest coupons and together with accrued interest on &a said bonds computed to ~r 1, 1933, shall be sur- rendered and cancelled and the owners and holders shall re- ceive in exchange therefor, bonds or vouchers provided for by this Ordinance in an amount not exceeding the amount of securities so surrendered, being bon~ interest coupons and accrued interest on said bonds computed to~. 1, 1937. SECTION 5: The date of issue of the bonds and vouchers herein provided for is established as ~ 1, 193~, and the interest on said bonds and vouchers shall com- mence and continue to run from said date until paid. SECTION 6: That the Village Clerk of the Village of Mount Prospect be and he is hereby authorized and directed to file a Petition in the name of the Village of Mount Pros- pect, in the County Court of Cook County, in the proceeding -5- known as Mount Prospect Docket No. 37, praying that steps may be taken to extend the time of payment of the unpaid assessments and interest thereon computed to ~r 1, 193', in said Mount Prospect Special Assessment No. 37, a.nd to refund the securities and interest thereon computed to ~r 1, 193f, issued in anticipation of the collec- tion of Mount Prospect Special Assessment Docket No. 37, as heretofore provided, and accompanying said Petition, he shall file an Assessment Roll as by statute provided. SECTION 7: This Ordinance shall take effect and be in full foroe from and after its passage and ap- proval. PASSED by the BOARD OF TRUSTEES of the Village of Mount Prospect and approved by the President of the Vil- lage of Mount Prospect, this 1 ~'day of / t/lN\AA.f A. D. 193', filed in my office, of (/ ~~ and deposited and 1~ this day A. D. 193'h- b~f{~ Village Clerk APPROVED by me thi s i .k- day Of~~ ( U A. D. 193y,. ~ '2-,~Db~JOt1-r President AT'fESIJ.' : S~H~ Village Clerk