HomeMy WebLinkAboutOrd 3059 10/07/1980 RDINANCE NO. 3059
9/26/80
AN ORDINANCE AUTHORIZING THE BORROWING OF
$165,000.00 IN CONNECTION WITH THE PURCHASE
OF CERTAIN REAL PROPERTY
HEREAS, it has been deemed advisable, necessary and in the
~ublic interest that the Village of Mount Propsect, Cook
lounty, Illinois (hereinafter referred to as the "Village"),
~cquire the real property legally described as follows:
That part of the Northwest 1/4 of Section 12,
Township 41 North, Range 11 East of the Third
Principal Meridian, described as follows:
Commencing at the Southeast corner of the North-
west 1/4 of said Section 12, running thence
Westerly along the South line of said Northwest
1/4, 754.84 feet; thence North parallel with the
East line of said Northwest 1/4, a distance of
638.78 feet to the point of beginning of the
tract of land being described herein; thence
continuing North along said parallel line a
distance of 318.45 feet to the Southerly line of
the right of way of the Wisconsin Division of
the Chicago and Northwestern Railway; thence
Southeasterly along said Southerly line of right
of way, a distance of 175.25 feet; thence South
parallel with the East line of said Northwest
1/4, a distance of 232.89 feet; thence Westerly
parallel with the South line of said Northwest
1/4, 150.0 feet to the point of beginning (ex-
cepting therefrom thai Westerly 33 feet and also
excepting the Northeasterly 66 feet thereof).
together with
Lot 1 in J. A. Weber's Addition to Mount Prospect,
being a Subdivision o~ part of the East 1/2 of
the Northwest 1/4 Section 12, Township 41 North,
Range. 11 East of the Third Principal Meridian,
in Cook County, Illinois,
,hich shall be referred to hereinafter as the "Subject Property;
~nd
¢HEREAS, the Village has contracted to purchase the Subject
Property for $165,000.00 pursuant to Ordinance No. 2049
~uthorizing the purchase of the Subject Property; and
¢HEREAS, the Subject Property will serve the public and
:orporate purposes for which the Village is organized; and
~HEREAS, the Village proposes to use the Subject Property as a
)arking lot in order to better meet the parking needs of the
~owntown area of the Village; and
~qEREAS, ~he use of the Subject Property for the purpose afore-
~aid is a proper public purpose; and
~HEREAS, the Village, pursuant to its home rule authority, has
~dopted Ordinance No. 3038 providing for the borrowing of funds
or the purchase of real property and executing promissory
notes in connection therewith.
~OW, THEREFORE, BE IT ORDAINED by the President and Board of
Trustees of the Village of Mount Prospect, Cook County, Illi-
nois as follows:
SECTION ONE: The foregoing recitals are incorporated herein as
findings by the President and Board of Trustees of the Village.
SECTION TWO: The President and Board of Trustees of the Village
find that the borrowing of money to allow the purchase of the
Subject Property is necessary for the welfare of the government
and affairs of the Village and is in t/le public interest.~
SECTION THREE: For the purpose of providing the funds to purchas
the Subject Property, the Village shall borrow $165,000.00 from
Mount Prospect State Bank at an interest rate of eight and one-qu
percent (8¼%) with the principal and interest on such debt to be
payable in installments for a period of five (5) years. Such deb
shall be payable quarterly commencing on-January 14, 1981 and
continuing thereafter on April 14, July 14, and October 14, 1981
and shall continue each and every year thereafter to and
including 1985. The total amounts to be paid for principal and
interest on such debt in each of the Village's fiscal years
commencing in 1981 and continuing each and every year thereafter
and including 1985 are set forth on Exhibit A which is attached
hereto and incorporated herein by this reference. The Village
shall execute any and all documents required in connection with
the Village incurring such~debt, including, but not limited.to,
a promissor~y note.
SECTION FOUR: The principal and interest on such indebtedness
shall be paid solely and only from the revenues derived from
the parking system revenue ~'fund of the Village. Such indebted-
ness shall be unsecured.
SECTION FIVE: The village~President and the Village Clerk of
the Village are hereby authOrized and directed to execute a
promissory note in substantially the same form as Exhibit B
attached hereto and incorpocated herein by this reference and
any and all other required documents with the Mount Prospect
State Bank for the funds to be borrowed pursuant to and in
accordance with this Ordinance No. 3059
SECTION SIX: This Ordinance shall be in full force and effect f~
and after its passage, approval and publication in the manner
provided by law.
Passed this 7th day of October , 1980.
AYES: Farley, Floros, Miller, Murauskis, Richardson, Wattenberg
NAYS: None
ABSENT: None
Approved this 7th day of
Attest:
Village Clerk
October , 1980.
Approved:
V llage Presiden~
CHEDULE OF DIRECT REDUCTIONS
VILLAGE OF MOUNT PROSPECT
DUE
DATE
1-1z~-81
4-14-81
7-14-81
10-14-81
1-14-82
4-14- 82
7-14-82
10-14- 82
1-14-83
4-14-83
7-14-83
10-14-83
1-14- 84
4-14-84
7-14-84
10-14-84
1-14-85
4-14- 85
7-14-85
10-14-85
PRINCIPAL
$ 8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8 250
8 250
8 250
8 250
INTEREST
$ 3,403.12
3 232,97
3 062.81
2 892.65
2 722.50
2 552.34
2,382.19
2,212.03
2,041.87
1,871.72
1,701.56
1,531.40
1,361.25
1,191.09
1,020.94
850.78
680.62
510.47
340.31
170.16
TOTAL PAYMENT
$ I1,653.12
11~482.97
11 312.81
11 142.65
10,972.50
10,802.34
10,632.19
10,462.03
10,291.87
10,121.72
9 951.56
9,781.40
9,611.25
9,441.09
9,270.94
9,100.78
8,930.62
8,760.47
8,590.31
8,420.16
LOAN:
$165:000.00
LOAN BALANCE
$ 156 750.00
148,500.00
140,250.00
132 000.00
123 750.00
115 500.00
107 250.00
99,000.00
90 750.00
82,500.00
74,250.00
66,000.00
57,750.O0
49,500.00
41,250.00
33,000.00
24,750.00
16,500.00
8,250.00