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HomeMy WebLinkAboutOrd 75 05/04/1926 ORDIlIJlNCE NO. 75 ~ ORDINANCE 'AUTHORIZING AND DIRECTING THE ISSUANCE OF BONDS OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, TO THE AGGREGATE AMOUNT OF $6500.00, FOR THE PURPOSE OF ACQUIRING A SITE FOR AN ADDITIONAL WELL, DRILLING AN ADDITIONAL WELL, THE PtffiCHASE OF A PUMP AND PUMPING EQUIPMENT, ERECTING A PUMP HOUSE, PlffiCHASING ALL APPURTE- NANCES AND OTHER NECESSARY EQUIPMENT AND PAYING THE EXPENSES OF INSTALLING SUCH PUMP AND EQUIPMENT Alill INLTHR EXTENSION AND IMPROV~MENT OF THE MUNICIPAL WATER WORKS SYSTEM OF SAID VILLAGE. " BE IT ORDAINED by the President and Board of Trustee. of the Village of Mount Prospect, Ootlilt,cofit'9oltliUidnState of Illinoi.: SECTION 1. That the purpose of obtaining funds for the acquiring of a site for an additional well, drilling an add1ttona1 well, purchasing an additional pump and equipment, erecting a pump house, and purchasing all other appurtenances a~d necessary equipment, all to be installed and used in con- nection with the improvement and extension of the municipal water works system of the Village of Mount Prospect, in the County of Cook and State of Illinois, and to pay the expenses of install- ing the same and the costs of this nroceeding, there shall be and is hereby ordered and directed to be issued Thirteen (13) Water Works Extension Bonds of the Village of Mount Prospect, Illinois, ag~r.gating the sum of' SIXTY FIVE HUNDRED DOLLARS (#6500.00), and numbered from one to thirteen, both inclllsive, of the denomination of $500.00 each, all to be dated June 1, A.D. 1926, and maturing according to the following schedule: Bond No.1 due and payable June 1, 1927, Bond No.2 due and payable June 1, 1928, Bond No.3 due and paybale June 1, 1929, Bond No. 4 due and payable June 1, 1930, Bond No. 5 due and payable June 1, 1931, Bond No. 6 due and payable June 1, 193~, Bond No. 7 due and payable June 1, 1933, Bond No. 8 due and nay.ble June 1, 1934, Bond No. 9 due and payable June 1, 1935, Bond No.10 due and payable June 1, 1936, Bond No.ll due and paya~~e~June 1, 193~, Bond No.12 due and payable June 1, 1938, Bond No.13 due and navable June 1, 1939, All of said bonds shall bear interest at the rate of five percent (5~) per annum, the first interest payment to be payable on the 1st day of December, A.D. 1926, and subsequent interest payments to be payable semi anmlally on the 1st day of June and December of each year until paid, and the several installments of interest shall be evidenced by coupons attached to said bonds, and both principal and interest of said bonds are hereby made payable at the office of the Village Treasurer of said Village of Mount Prospect. SECTION 2. Said Bonds shall be signed by the President of said Village, attested by the Village Clerk and counter- signed by the Village Teeasurer, and shall have the corporate seal of said Village attached thereto. The coupons shall be signed by the President and attested by the Village Clerk a.nd the Bonds and coupons when issued shall be SUbstantially in the following form, to-wit: 'J. - UNITED STATED OF AMERIGJ', w STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF MOUNT PROSPECT WATER WORKS EXTENSION BOND Wumber $500.00 KNOW ALL MEN BY'THESE PRESENTS: That the Village of Mount Prospect, in the County of Cook and State of Illinois, is justly indebted and for .alue received, hereby porolses to pay to the bearer on the 1st day of June A.D. 19 , the principal sum of FIVE HUNDRED DOLLARS ($500.00), lawful money of the United States of America, with interest thereon at the rate of five percent per annum, the first payment of interest to be due on the 1st day of A.D. 19 , the remain- ing paYments payable semi-annually on the first day of June and December of each year until paid on presentation and surrender of the annexed interest coupons as they severally become due. Both principal and interest of this bond are payable at the office of the Village Treasurer of said Village of Mount Prospect. This bond is issued for the purnose of obtaining money for the acquiring of a site for an additional well, drill- ing an additional well, purchasing an additional plunp and pump- ing equipment, erecting a pump house and purchasing all other necessary appurtenances and equipment, all to be installed and used in connection with the improvement and extension df the Municipal Water Works System of the Village of Mount Prosnect, in the C,ounty of Cook and State of Illinois, and to pay the expense of installing the same and the cost of thisprooeeding in accordance with an ordinance passed by the ,President and Board of Trustees of said Village on the 4th day of May, A.D. 1926, and approved by the voters of said Village at a special election held in said Village, pursuant to law and pursuant to and in full compliance with an act of the General Assembly of the State of Illinois, entt tIed, "An Av.t To Provide For The Incorporation of Cities and Villagesll, approved April 10,1872, in force July 1, 1872, and the acts amendatory thereto. And it is hereby certified and recited that all acts conditions and things required by law and the eonstitution of the State of Illinois, to be done precedent to and in the is- suance of this Bond, have been properly done, happened and have been performed in regular and due form as required by law, and that the Total indebtedness of said Village, including this issue of Bonds, does not exceed the constitutional or statutory limitation. In Witness Whereof, the said Village of Mount Prospect has caused this bond to be signed by its President, attested by its Village Clerk and countersigned by its Treasurer and its corporate seal to be hereunto affixed this 4th day of May A.D. 1926. VILLAGE OF MOUNT PROSPECT BY - PRESIDENT. ATTEST: VILLAGE CLERK. r- - COUNTERSIGNED: VILLAGE TREASURER. - COUPON - C;oupon No. $12.50 The Village of Mount Prospect in the County of Cook and State of Illinois, promises to 'Day to the bearer, TWELVE and 50/100 DOLLARS ($12.50), qn the first day of A.D. 19 for semi-annual~ interest on its Water Works Extension Bond Number , dated It'lllllll'' . Presi dent. ATTEST: Village Clerk. SECTION 3. Said bonds shall be sold by the Board of Trustees of said Village, provided, however, that no bond or bonds shall be delivered aforesaid, until a sum of money not less than the principal and the aocrued interest thereon shall have been actually paid therefor, and provided that the proceeds of said bonds shall be used for the purposes aforesaid. SECTION 4. For ,the purpose of providing for the payment of the principal and interest of said bonds at the maturity thereof, there shall be and hereby is levied a direct annual tax upon all the taxable property in said Village of Mount Prospect, in addition to all other taxes, for the following years and amounts, to-wit: In the year 1926, a tax of $975.00, being $500.00 for principal payable June 1, 1927, 162.50 for interest payable Dec. 1, 1926, $162.50 for interest payable June 1, 1927, and $150.00 for interest payable December 1, 1927. In the year 1927, a tax of 787.50, being $500.00 for prinoipal payable June 1, 1928, $150.00 for interest payable June 1, 1928, and $137.50 for interst payable Deoember 1, 1928; In the year 1928, a tax of $762.50, being $500.00 for principal payable June 1, 1929, $137.50 for interest payable June 1, 1929, and $125.00 for interest payable December 1, 1929; In the year 1929, a tax of $737.50, being $500.00 for principal payable June 1, 1930, $125.00 for interest payable June 1, 1930, and $112.50 for interest payable December 1, 1930; In the year 1930, a tax of $712.50, being $500.00 for Principal payable June 1, 1931, $112.50 for interest payable June 1, 1931, and $100.00 for interest payable December 1, 1931; In the year 1931, a tax of 687.50, being $500.00 for principal payable June 1, 1932, $100.00 for interest payable June 1, 1932, and $87.50 for interest payable December 1, 1932; In the year 1932, a tax of $662.50, being $500.00 for principal payable June 1, 1933, $87.50 for interest payable June 1, 1933, and $75.00 for interest payable Dec. 1, 1933; In the year 1933, a tax of $637.50, being $.500.00 for principal payable June 1, 1934, $?5.00 for interest payable June 1, 1934, and $62.50 for interest payable December 1, 1934; In the year 1934, a tax of $612.50, being $500.00 for princip~l payable June 1, 1935, $63.50 for interest payable . June 1, 1935, and $50.00 for interest payable December 1, 1935; In the year 1935, a tax of $587.50, being $500.00 for principal payable June 1, 1936, $50.00 for interest payable June 1, 1936, and $37.50 for interest payable December 1, 1936; In the year of 1936, a tax of $562.50, being $500.00 for principal payable June 1, 1937, $37.50 for interest PJYab1e June 1, 1937, and $25.00 for interest payable Decemberl, 1937; In the year 1937, a tax of $537.50, being $500.00 for principal payable June 1, 1938, $25.00 for interest payable June 1, 1938, and $.!2.50 for interest payable December 1, 1938; In the year 1938, a tax of $512.50, being '500.00 for principal payable June 1, 1939, and 12.60 for interest p~yable June 1, 1939. All of which taxes shall be collected in the same manner and in addition to all other taxes in and for said Village. That the semi annual interest payment of $162.50 which ahall fall due on December 1, 1926, shall be paid when due out --~the general funds of said Village, and that such general fund be reimbursed for said amo1mt when the tax levy made in the year 1926 shall have been collected. SECTION 5. That the credit and resources of the Village v/ of Mount Prospect be and the .,ame are hereby irrevocably p1edted to the payment of the bonds wnill shall be issued in pursuance hereof and the interest thereon as it shall mature. SECTION 6. All ordinances or parts of ordinanoes conflicting with the provisions of this ordinance are hereby repealed. SECTION 7. This ordinance shall take effect and be in full force from and after its passage, posting, publication and approval by the voters of said Village at the next succeeding special election to be held in said Village, as is by law in such case made and provided. Passed this 4th day of May, A.D. 1926. fo~~ Village Clerk. Approved this 4th day of May, A.D. 1926. () J .JI(j~~ ~ Presi ent (; Chairman Protempt Ayes 6 Nays none ~m~hed ,??J f + 1926. 1926.