HomeMy WebLinkAboutRes 23-63 06/25/1963
RESOLUTION NO. 2._3 ~
RESOLUTION PROVIDING FOR THE EXECutION, DELIVERY
AND EXCHANGE OF '322,000 Village of Mount Prospect,
Illinois, Waterworks and Sewerage Revenue Bonds,
Series 1963, and providing the interest rates there-
for and of establishing the place of payment of
principal and interest of said bonds.
WHEREAS the Village of Mount Prospect, Cook County, Illinois,
did on May 14, 1963 adopt an ordinance entitled "AN ORDINANCE
authorizing and providing for the issue of $1,450,000 Waterworks
and Sewerage Revenue Bond" Series 1963, of the Village of Mount
Prospect, Cook County, Illinois, and providing for paying the
principal and interest of said bonds and the operation and main-
tenance of the waterworks and sewerage system and providing reserves
therefor"; and
w~EREAS, on June 11, 1963, the President and Board of Trustees
of the Village of Mount Prospect did provide for the execution and
delivery of $1,128,000 of the bonds referred to in said ordinance;
and
WHEREAS, it is now necessary and desirable to provide for the
exchange and delivery of the remaining $322,000 of said bonds, and
WHEREAS, the owners of $322,000 par value Water Revenue Bonds
of the Village of Mount Prospect described in items 1-16, inclusive
of the attached letter dated June 17, 1963 and addressed to American
National Bank and Trust Company of Chicago have deposited their
bonds for exchange in accordance with the terms of such letter and
as approved by the President and Board of Trustees of the Village
of Mount Prospect on June ~, 1963.
NOW, THEREFORE, Be it and it is hereby Resolved by the President
and Board of Trustees of the Village of Mount Prospect, Cook County,
Illinois, as follows:
Section 1. That the terms of the attached letter dated June 17,
1963 addressed to the American National Bank and Trust Company of
Chicago, be and the same are hereby approved and ratified.
Section 2. That the President and Clerk of the Village of
Mount Prospect are hereby authorized and directed to execute the
Waterworks and Sewerage Revenue Bonds, Series 1963 of the numbers,
maturities and interest rates specified in items 1-16, inclusive
of said attached letter and to deposit same with the Treasurer of
the Village of Mount Prospect and be by him delivered to American
National Bank and Trust Company of Chicago in exchange for the
Water Revenue Bonds of the Village of Mount Prospect listed in
items 1-16, inclusive of said letter.
Section ~. That the Treasurer be authorized and directed to
pay from available Water Bonds of the Village the amounts set forth
as accrued interest on each of said items 1-16, inclusive of said
letter.
Section 4. That all of said Waterworks and Sewerage Revenue
Bonds Series 1963, listed in items 1-16, inclusive of said letter
shall be payable both principal and interest at the American
National Bank and Trust Company of Chicago, Chicago, Illinois
Section 5. That as soon as the exchanges provided for herein
have been completed all of the Water Revenue Bonds so exchanged
shall be cancelled.
Sect~on 6. That all resolution parts of resolution in conflict
herewith be and the same are hereby repealed.
Section 7. That this resolution shall be in full force and
effect after its passage and approval according to law.
PASSED AND APPHOVBD this o:L,~/ day of June, 1963
Vote:
Ayes: I3.,U..A_Lf? /I _ .;-;i,.<) '" L . ,,_ " ~ -J
, ~rrV!- I~ ~ c.,...r~i"-', '.rL~
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Nays: ,.--
Absent: ~~~('J'>
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Approved:
ATTEST:
rCiLLL ~,LU~
Village Clerk
,,[1 ~ l, >l> l
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President .~.-
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VILLAGE OF MOUNT PROSPECT
MOUNT PROSPECT, ILLINOIS
June 17, 1963
American National Bank and Trust Company of Chicago
33 North La Salle Street
Chicago 90, Illinois
Gent 1 emen:
The Village of Mount Prospect, III inois has authorized $1,450,000 Waterworks
and Sewerage Revenue Bonds, Series 1963, dated May I, 1963, numbered I to 1450, inclu-
sive, and due serially May I, 1964-1987, inclusive, which bonds are referred to in
this letter as "Series 1963 Bonds.11 $322,000 of the Series 1963 Bonds are to be ex-
changed for various Water Revenue Bonds of the Village more fully described hereinafter
and $178,000 are to be del ivered to Halsey, Stuart & Co., Inc.
, the purchaser thereof at par plus $ ~64.U
accrued interest, and the proceeds, together with other funds of the Village are to be
used to pay and redeem $178,000 of the various Water Revenue Bonds of the Village as
more fully set forth hereinafter. Immediately after the foregoing exchanges and pay-
ments, the balance of the Series 1963 Bonds are to be delivered to the above as pur-
chaser for $ g4S.lgl.14 plus accrued interest, said bonds numbered and maturing
as more fully set out hereinafter.
The various Water Revenue Bonds to be exchanged or paid may be presented by
others than the named owners and you are to so substitute, without further authority,
in each case of any such presentation by others. Copies of the approving legal opinion
of Chapman and Cutler will be delivered to you on or before the date set for completion
of this transaction and a copy shall be del ivered with each block of the Series 1963
Bonds. The Village will also furnish you prior to closing with sufficient funds to pay
all accrued interest on the various Water Revenue Bonds presented for exchange or pay-
ment. The Village further agrees to reimburse you for any additional interest caused
by miscalculation or otherwise and to pay yourcharges and costs, including shipping and
del ivering bonds, upon presentation of your statement.
The holders of the various Water Revenue Bonds have been requested to deposit
their bonds with you as soon as possible so that the closings and various deliveries
may be effected July I, 1963. You are requested to notify Paul D. Speer - telephone
FInancial 6-0858 - on June 27 of the amounts and numbers of bonds then on deposit with
you, and from time to time thereafter as he may re~uest. Paul D. Speer, as agent for
the Village, is fully authorized to make modifications in the exchange schedule for any
of the bonds whenever necessary to the orderly completion of this transaction. All
bond numbers listed are inclusive.
The Village reserves the right prior to any particular exchange or delivery to
reassign the maturities and face numbers of any of the Series 1963 Bonds or to author-
ize additional exchanges from among the 1955 Water Revenue Bonds, numbers 341-345 and
363-365, and to thereby reduce the amount of bonds to be delivered to the purchaser; or
to increase the amount of bonds to be delivered to the purchaser, thereby increasing
Item 17 and correspondingly reducing another item.
Item No. I. St. Paul Fire and Marine Insurance Company
Holds $30,000 3~% Water Revenue Bonds dated January I, 1949, numbers 21-50, due
January I, 1964-1978, July I, 1963 SCA.
Will receive Series 1963 Bonds, interest rate 3t%, numbers 1-5, 41-45, 81-85,
126-130, 171-175, 216-220, due $5,000 each year 1964-1969. Accrued interest $325.
Item No.2. Santucci
Holds $40,000 3t% Water Revenue Bonds dated August 1, 1953, numbers 46-85, due
August 1, 1963-1968, August I, 1963 SCA.
!LUl receive Series 1963 Bonds, interest rate 4~%, numbers 6-10, 46-50,86-90,
131-140, 176-185, 221-225, due $5,000 each year 1964, 1965, 1966, 1969 and $10,000
each year 1967 and 1968. Accrued interest $350.
Re: Village of Mount Prospect, Illinois
qutstanding and New 1963 Bonds
June 17, 1963
Item No.3. Santucci
Holds $100,000 4~% Water Revenue Bonds dated May 1, 1960, numbers 19-118, due May
1, 1964-1980, November 1, 1963 SCA.
Will receive Series 1963 Bonds, interest rate 4~%, numbers 26-30, 66-70, 106-110,
156-160, 201-205, 261-265, 296-300, 361-370, 471-480, 591-600, 661-665, 776-795,
856-865, due $5,000 each year 1964-1977 and $10,000 each year 1978-1980. No ac-
crued interest.
(Following are all Water Revenue Bonds dated April I, 1955)
Item No.4. American National Bank and Trust Company of Chicago
Holds $15,000 2t%, due October I, 1963, numbers 41-55, October 1, 1963 SCA.
Will receive Series 1963 Bonds, interest rate 3%, numbers 11-25, due 1964. Accrued
interest $34.38.
Item No.5. Marine Exchange National Bank, Milwaukee, Wisconsin
Holds $5,000 2~%, due October 1, 1964, numbers 56-60; $10,000 3% due October 1,
1967, numbers 101-110; $10,000 3% due October 1, 1969, numbers 141-150, October 1,
1963 SCA.
Will receive Series 1963 Bonds, $5,000 numbers 51-55, interest rate 3%, due 1965;
$10,000 numbers 186-195, interest rate 3~%, due 1968; $10,000 numbers 266-275,
interest rate 3~%, due 1970. Accrued interest $61.46.
Item No.6. - Geor~e P. Hollingbery Company
Holds $10,000 24%, due October I, 1964, numbers 61-70, October 1, 1963 SCA.
Will receive Series 1963 Bonds, $10,000 numbers 56-65, interest rate 3%, due May 1,
1965. Accrued interest $22.92.
Item No.7. First National Bank of Chicago (Attention Mr. DeVries 5!K)
Holds $5,000 3%, due October 1, 1965, numbers 71-75, October 1, 1963 seA.
Will receive Series 1963 Bonds, $5,000 numbers 91-95, interest rate 3~%, due May 1,
1966. Accrued interest $12.50.
Item No.8. Harris Trust and Savings Bank (c/o Hitchman 461-2517)
Holds $5,000 3%, due October 1, 1965, numbers 76-80, and $5,000, due October 1,
1966, numbers 96-100, October 1, 1963 SCA.
Wil I receive Series 1963 Bonds, $10,000 numbers 96-100, 151-155, interest rate 3~%,
due $5,000 each May 1, 1966 and 1967. Accrued interest $25.00.
Item No.9. American National Bank and Trust Company of Chicago, Trust Dept. 785900
Holds $5,000 3%, due October 1, 1965, numbers 81-85, October 1, 1963 SCA.
Will receive Series 1953 Bonds, $5,000 numbers 101-105, due May I, 1966, in-
terest rate 3~%. Accrued interest $12.50.
Item No. 10 First National Bank and Trust Company, Beloit (Spec. Servo First of Chgo)
Holds $10,000 3%, due October 1, 1966, numbers 86-95, October 1, 1963 SCA.
Will receive Series 1963 Bonds, $10,000 numbers 141-150, due May 1, 1967, interest
rate 3*%. Accrued interest $25.00.
Item No. 11 Mount Prospect State Bank (Townsend)
Holds $5,000 3%, numbers 111-115, due October I, 1967; and $5,000 3%, numbers 121-
125, due October 1, 1968; and $5,000 3%, numbers 336-340, due October 1, 1976,
October 1, 1963 SCA.
Will receive Series 1963 Bonds, $15,000 numbers 196-200, 226-230, 656-660, due
$5,000 each 1968, 1969 and 1977. interest rate 3*%.' Accrued interest $37.50.
Item No. 12 First National Bank of Chicago (Special Service - Himmelblau)
Holds $5.000 3%, due October 1, 1967, numbers 116-120, October 1, 1963 SCA.
Will receive Series 1963 Bonds, $5,000 numbers 206-210. due May 1, 1968, interest
~ 3*%. Accrued interest $12.50.
Item No. 13 Fi 1.iatrault
Holds $7,000 3%. due October 1, 1968. numbers 133-138, Ig0, October 1, 1963 SCA.
Will receive Series 1963 Bonds, $7,000 numbers 231-237, due May 1, 1969, interest
rate 3*%. Accrued interest $17.50.
Item No. 14 - Mount Prospect State Bank
Holds $35,000 3%, numbers 126-132, 139, 151-160, 331-335, 351-355, 361-362, 366-
370, due October 1, 1968, 1969, 1976, 1978, 1979, October 1, 1963 SCA.
Will receive Serie~ 1963 Bonds, $15,000 due May 1, 1969, numbers 238-252, $20,000
due May I, 1970, numbers 276-295, interest rate 3*%. Accrued interest $87.50.
Ke: Vi 11age of ~10unt Prosp ~, III inois
Outstanding and new 19~J Bonds
June 17, 1963
Item No. 15 Voss
Holds $5,000 3%, due October 1, 1978, numbers 356-360, October 1, 1963 SCA.
WTi""'lreceive Series 1963 Bonds, $5,000 numbers 796-800, due May 1,1979, interest
r;t; 3~%. Accrued interest $12.50.
Item No. 16 Goranson
Holds $5,000 3% due October 1, 1977, numbers 346-350, October 1, 1963 SCA.
Will receive Series 1963 Bonds, $5,000 numbers 771-775, due May J, 1978, interest
-1
rate 34%. Accrued interest $12.50
Item No. J7 Retirement Board of PoJ icemen's Annuity and Benefit Fund, Chicago
Holds $J70,000 due October J, 1970-1975, numbers J61-180 and 246-330, bear interest
at 3%, numbers 18J-245 bear interest at 2t%, October 1, 1963 SCA.
Wl receive cash $J70,000 plus accrued interest $ 1,234..38.
Item No. 18 American NationaJ Bank and Trust Company of Chicago - Trust Department
In trust to pay when presented at par and accrued interest $8,000 3%, numbers 341-
345, due October J, J977 and numbers 363-365, due October 1, 1979. Bonds have been
called for payment October 1, 1970 and no interest is payable thereafter.
1i.lll receive - To pay principal $8,000
To pay interest 1,800
Tota 1 $9,800
I tem No. J8 wi II a 1 so be cove red by speciaJ instructions to the Trus t Department
and the Vi l1age should be furnished \'\1 i th the i r rece ipt for the funds.
Item /to. J9
$178,000 Se r i es J 963 Bonds to be deJivered to purchaser at: $178,00o.~00
pJus accrued i nteres t: 964. 1 7
Amount due: $ 1 78 , 964. 1 7
Amount Maturity Numbers Interest Rate
$10,000 May J, 1964 31- 40 3* %
10,000 May J, 1965 71- 80 3* %
15,000 May I, J 966 J J 1-125 3* %
JO,OOO May 1, 1967 161-170 3* %
5,000 May J, 1968 21 J -215 3* %
8,000 May 1, 1969 253-260 3* %
J5,000 May ] 1970 30J-3J5 3* %
. ,
45,000 May J, 1971 3J6-360 3* %
50,000 May 1, 1972 371-420 3* %
10,000 May 1 1973 421-430 3* %
. ,
Pay $J 70,000 for I tem No. 17. Pay accrued interest to ViII age Treasurer.
Item No. 20 From VilJage of Mount Prospect
Cash to be appJied to interest in items 1-18, incJusive
41 J .46
- t36671.68 Pd. 617
$ , 1:$3. J4
As soon as the above exchangew and del iveries have been accompl ished as set
forth above or as they may be modified, you are requested to cancel all Water Revenue
Bonds of the ViJ lage received under items 1-18, inclusive, together with the attached
coupons and return same to the Village.
I tem No. 2 J
Del iver the bonds set forth below to the purchaser and del ivcr the proceeds to
James C. King, Treasurer of the Village of Mount Prospect.
$950,000 Series 1963 Bonds to be del ivered to purchaser at $ 945, J9J.34
plus accrued interest 5,3J4.59
Amount due $ 950.505.93
Amount Maturity Numbers Interest Rate
$40,000 May 1. 1973 431- lf70 3* %
55,000 May 1, J974 48J- 535 3* %
55,000 May 1. 1975 536- 590 3* %
55,000 May I, J 976 601- 655 3* %
55,000 May J, 1977 666- 720 3* %
50,000 May I, 1978 721- 770 3* %
55,000 May J, 1979 801- 855 3* %
60,000 May I, 1980 866- 925 3* %
75,000 May I, 1981 926-1000 3.40 %
75,000 May I, 1982 1001-1075 3 .40 %
75,000 May 1, 1983 1076- I J 50 3.40 %
75,000 May J, 1984 1151 - I 225 3.40 %
75,000 May i, 1985 1226-1300 3.50 %
75,000 May 1 1986 1301-1375 3.50 %
I.
75,000 t<i.- Y ] , : 98'7 i?7S-1L~5D 3 . 50 ~(