HomeMy WebLinkAboutOrd 2478 12/04/1973
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ORDINANCE NO.
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AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING
BalmS OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS, TO THE AMOUNT OF $2,000,000.00 FOR THE PURPOSE
OF PAYING THE COST OF ACQUIRING AND CONSTRUCTING EXTENSIONS
AND IMPROVEMEN'l'S TO THE STORf'1 AND SANITARY SEWER SYSTEI'1S
SERVING THE VILLAGE OF MOUNT PROSPECT AND PROVIDING FOR
THE LEVY AtJi) COLLECTION OF A DIRECT ANNuAL T}\X FOR THE
PAYMENT OF THE PRINCIPAL AND INTEREST MATURING ON
SAID BONDS.
WHEREAS, the Village of Mount Prospect, Cook County,
Illinois, owns and maintains a system of storm and sanitary
sewers, and annually taxes have been duly lsvied and extended
against all taxable property within the Village for the purpose
of maintaining said storm and sanitary sewers~ and
WHEREAS, the Board of Trustees of the Village of
Mount Prospect, Cook County, Illinois, by proper proceedings
has heretofore determined that it is ~ecessary to promote,
protect and safeguard the public health and safety of said
Village, that extensions and imp=ovements in and to said
storm and sanitary sewer system be acquired and constructed~ and
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WHERR~S, the President and Board of Trustees of said
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Village has heretofore approved and does now hereby approve the
said plans for the acquisition and construction of extensions
and improvements to said storm and sanitary sewer system and
the estimate of cost heretofore submitted to the said President
and Board of Trusteesi and
WHEP~S, it is deemed advisable and necessary and
for the best interest of the Village of Mount Prospect,that
such extensi6ns and improvements be acquired and constructed; and
WHEREAS, funds are not available for the purpose of
paying the cost of acquiring and constructing the said extensions
and improvements, as hereinabove referred to and described,
and it will therefore be necessary to borrow money and in
evidence thereof issue bonds of said Village for the purpose
of paying the cost there()f^,and
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WHEREAS, the President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois did by
Ordinance No. 2469 adopted on November 6, 1973, establish
procedures
to be followed in incurring indebtedness for
corporate purposes, issuing non-referendum bonds to evidence
such indebtedness and authorizing and directing the levying
of a tax for the purpose of paying the principal of such bonds
and the interest thereon as the same becomes due; and
WHEREAS, the President and Board of Trustees of said
Village do hereby find and determine that it is necessary for
the welfare of the government and affairs of the Village, is
for a proper public purpose or purposes, and is in the public
interest that the sum of $2,000,000.00 be borrowed by the
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said Village to acquire and construct extensions and improvements
in and to the storm and sanitary sewer system of the said
Village and in evidence thereof bonds in the principal amount
of $2,000,000.00 be issued,without submitting the question
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of their issuance to the electors of the Village for their
approval.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK
COUNTY, ILLINOIS, AS FOLLOWS:
SECTION ONE: That is is hereby found and determined
that all of the action referred to in the preamble of this,
ordinance has been properly taken as referred to and set forth
in said preamble and that the President and Board of Trustees
of the Village of Mount Prospect have been and are duly
authorized to issue bonds of said Village in the amount of
$2,000,000.00 for the purpose of paying the cost of acquiring
and constructing extensions and improvements in and to the
storm and sanitary sewer system in said Village.
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SECTION TWO: That it is hereby found and determined
that it is for the best interests of the Village of Mount Prospect
that money be borrowed by said Village for the purpose of paying
the cost of acquiring and constructing the aforesaid extensions
and improvements all as hereinabove referred to and described
in the preamble hereof and that to evidence said loan negotiable
coupon bonds of said Village in the principal amount of
$2,000,000.00 be issued.
SECTION THREE: That in order to raise the aforesaid
sum of $2,000,000.00 needed at this time for the purpose of
paying the cost of acquiring and constructing the aforesaid
extensions and improvements there be borrowed by, for and on
. behalf of the Village of Mount Prospect, Cook County, Illinois,
the sum of $2,000,000.00 and to evidence said loan negotiable
coupon bonds of said Village be issued. Said bonds shall be
designated "Corporate Purpose Bonds, Series of 1973", be
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dated December I, 1973, be four hundred (400) in number,
numbered consecutively from l'to 400, inclusive, be of the
denomination of $5,000 each and become due serially on
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January 1 of each of the years and in the amounts, and shall
bear interest from date until paid at the rates, shown in the
following columns:
Bond: Numbers Interest
Year Amount All Numbers Inclusive Rate
1976 $ 55,000 I through 11 6.00%
1977 60,000 12 through 23 6.00%
1978 65,000 24 through 36 6.00%
1979 65,000 37 through 49 6.00%
1980 70,000 50 through 63 6.00%
1981 75,000 64 through 78 6.00%
1982 80,000 79 through 94 5.75%
1983 85,000 95 through III 5.00%
1984 90,000 112 through 129 5.00%
1985 95,000 130 through l48 5.00%
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Bond Numbers Interest
year Amoun t All Numbers Inclusive Rate
1986 $100,000 149 through 168 5.00%
1987 105,000 169 through 189 5.00%
1988 110,000 190 through 211 5.00%
1989 115,000 212 through 234 5.00%
1990 120,000 235 through 258 5.00%
1991 130,OOO 259 through 284 5.00%
1992 135,000 285 throy:gh 311 5.00%
1993 145,000 312 through 340 5.00%
1994 150,000 341 through 370 5.00%
1995 150,000 371 through 400 4.00%
That the interest becoming due on said bonds shall
be payable on July 1, 1974 and semi-annually thereafter on the
first days of January and July in each year, which said interest
payments to date of maturity of principal 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 Northern Trust Co., 50 South LaSalle Street,
Chicago,
Illinois.
The seal of
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said Village shall be affixed to each of said bonds and said
bonds shall be signed by the President and be attested by the
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Clerk of said Village, and said coupons shall be signed and
attested by said officials, respectively, by their respective
facsimile signatures, and said officials, by the execution of
said bonds, shall adopt as~ and for their own proper signatures
their respective facsimile signatures appearing on said coupons.
SECTION FOUR: That the bonds hereby authorized shall
be payable to ~earer, provided, however, that such bonds may
be subject to registration as to principal in the name of the
holder on the books of the Finance Director of said Village,
such registration to be evidenced by notation of said Finance
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Director upon the back of such bonds so registered. No bond
so registered shall be subject to transfer except upon such
books and similarly noted on the back thereof 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 transferable by delivery merely,
SECTION FIVE: That each of said bonds and the
interest coupons to be thereto attached shall be in substantially
the following form:
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUN'rY OF COOK
VILLAGE OF MOUNT PROSPECT
CORPORATE PURPOSE BOND, SERIES OF 1973
Number
$5,000
KNOW ALL MEN BY THESE PRESENTS, that the Village of
Mount Prospect, in Cook County, Illinois, hereby acknowledges
itself to owe, and for value received promises to pay to
bearer, or if this bond be registered, then to the registered
holder hereof, the sum of FIVE THOUSAND DOLLARS ($5,000) on
the first day of January, I 9____, together with
interest on said sum fro~ the date hereof until paid at the
per cent (
per annum, payable on
rate of
July I, 1974 and semiannually thereafter on the first days
of Jamuary and July, in each year, upon presentation and
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surrender of the respective interest coupons hereto attached
as they severally become due and payable.
Both principal and interest are payable in
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lawful money of the united States of America at
, in the City of
For the prompt payment of this bond, both principal
and interest, as aforesaid, at maturity, and the levy of taxes
sufficient for that purpose, the full faith, credit and resources
of said Village ~re hereby irrevocably pledged.
This bond is one of a series of bonds issued by said
Village for the purpose of paying the cost of acquiring and
constructing extensions and improvements in and to the storm
and sanitary sewer sys tems in said Village, pur suant to and in
all respects in compliance with the provisions of the Illinois
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Constitution of 1970, Ordinance No. 2469 of the village of
Mount Prospect, passed and approved November 6, 1973, and
Ordinance No.
, passed and approved December 4, 1973,
published in all respects as required by law.
It is hereby certified and recited that all acts,
conditions and things required by the Constitution and Laws of
the State of Illinois, and the ordinances of this Village of
Mount Prospect, 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; that the indebtedness of said Village
of Mount Prospect, represented b~ this bond and the issue of
'which it forms a part, and including all other indebtedness
of said village, howsoever evidenced and incurred, 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 of the taxable
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property in said Village sufficient to pay the interest hereon
as the same falls due and also to pay and discharge the
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principal hereof at maturity.
This bond is subject to registration as to principal
in the name of the holder on the books of the Finance Director
of the Village, such registration to be evidenced by notation
of such Finance Director on the back hereof, and after such
registration no transfer hereof, except upon such books and
similarly noted hereon, shall be valid unless the last
registration shall have been to bearer. Registration hereof
shall not affect the negotiability of the coupons hereto
attached which shall continue negotiable by delivery merely,
notwithstanding registration hereof.
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IN WITNESS WHEREOF, said Village of Mount Prospect,
Cook County, Illinois, by its President and Board of Trustees,
has caused its corporate seal to be hereunto affixed and this
bond to be signed by the President of said Village and attested
by its Village Clerk and the coupons hereto attached to be
signed and attested by said officials, respectively, by
their facsimile signatures, and said officials do, by the
execution hereof, adopt as and for their own proper signatures
their respective facsimile signatures appearing on said coupons,
all as of the lst day of December, 1973.
Village President
Village of Mount Prospect
ATTEST:
Village Clerk
Number
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(Form of Coupon)
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On the first day of
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of Mount Prospect, Cook County, Illinois, will pay to bearer
Dollars ($
) in
lawful money of the United States of America, at
, in the City of
for interest due that day on its Corporate Purpose Bond, Series
of 1973, dated December I, 1973, No.
Village President
Village of Mount Prospect
Attest:
village Clerk
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(Form for Registration as to Principal)
Date of
Reqistration
Name of Registered Owner
Signature of Villag
Finance Director
SECTION SIX: rfhat for the purpose of providing the
funds required to pay the interest on said bonds promptly when
and as the same falls due and 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 sufficient
for that purpose, and that there be and there is hereby levied
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on all of the taxable property in said Village, in addition to
all other taxes, the following direct annual tax, to-wit:
For the year 1973, a tax sufficient to produce the
sum of $111,583.34 for interest maturing up to
and including January 1, 1975.
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For the year 1974, a tax sufficient to produce the
sum of $158,000.00 for interest and principal
maturing up to and including January I, 1976.
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For the year 1975, a tax sufficient to produce the
sum of $159,700.00 for interest and principal
maturing up to and including January 1, 1977.
For the year 1976, a tax sufficient to produce the
sum of $161,100.00 for interest and principal
maturing up to and including January 1, 1978.
For the year 1977, a tax sufficient to produce the
sum of $157,200.00 for interest and principal
maturing up to and including January 1, 1979.
For the year 1978, a tax sufficient to produce the
sum of $158,300.00 for interest and principal
maturing up to and including January 1, 1980.
For the year 1979, a tax sufficient to produce the
sum of $159~100.00 for interest and principal
maturing up to and including January 1, 1981.
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For the year 1980, a tax sufficient to produce the
sum of $159,600.00 _ for in teres t and principal
maturing up to and including January 1, 1982.
For the year 1981,
sum of $160,OOO.00
maturing up to and
a tax sufficient to produce the
for interest and principal
including January 1, 1983.
For the year 1982, a tax sufficient to produce the
sum of $160,750.00 for interest and principal
maturing up to and including January 1, 1984.
For the year 1983, a tax sufficient to produce the
sum of $161,250.00 for interest and principal
maturing up to and including January 1, 1985.
For the year 1984, a tax sufficient to produce the
sum of $161,500.00 for interest and principal
maturing up to and including January I, 1986.
For the year 1985, a tax sufficient to produce the
sum of $16I,500.00 for interest and principal
maturing up to and including January I, 1987.
For the year 1986, a tax sufficient to produce the
sum of $161,250.00 for interest and principal
maturing up to and including January 1, 1988.
For the year 1987, a tax sufficient to produce the
sum of $160,750.00 for interest and principal
maturing up to and including January 1, 1989.
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For the year 1988, a tax sufficient to produce the
sum of $160,000.00 for interest and principal
maturing up to and including January I, 1990.
For the year 1989, a tax sufficient to produce the
sum of $164,OOO.00 for interest and principal
maturing up to and including January 1, 1991.
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For the year 1990, a tax sufficient to produce the
sum of $162,500.00 for interest and principal
maturing up to and including January 1, 1992.
For the year 1991, a tax sufficient to produce the
sum of $165,750.00 for interest and principal
maturing up to and including January 1, 1993.
For the year 1992, a tax sufficient to produce the
sum of $163,500.00 for interest and principal
maturing up to and including January 1, 1994.
For the year 1993, a tax sufficient to produce the
sum of $156,000.00 for interest and principal
maturing up to and including January 1, 1995.
That interest or principal coming 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 advance of the
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collection of said taxes herein levied, and when said taxes
shall have been collected, reimbursement shall be made to the
said funds in the amounts thus advanced.
SECTION SEVEN: That forthwith as soon as this
ordinance becomes effective, a copy thereof certified 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 and published, shall be filed with
the County Clerk of Cook County, Illinois, who shall in and
for each of the years 1973 to 1993, both years included,
ascertain the rate per cent required to produce the aggregate
tax hereinbefore provided to be 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, such taxes shall
be used solely for the purpose of paying principal and interest
SECTION EIGHT: That the funds derived from such
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upon the bonds herein authorized when same mature.
levy be and the same are hereby appropriated and set aside
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for the sole and only purpose of paying principal of and
interest on said bonds when and as same become due. That the
funds derived from the sale of said bonds be and they are
hereby appropriated and set aside for the purpose hereinbefore
set out.
SECTION NINE: That forthwith after this ordinance has
become effective as provided by law, the bonds herein authorized
shall'be 'executed by the officers of the Village as herein
provided, and shall be then delivered to the Village Finance
Director who shall deliver said bonds to the purchasers thereof,
The Northern Trust Co., of Chicago, Illinois , upon receipt
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of the purchase price therefor, the same to be not less than
par and accrued interest on said bonds from the date thereof
up to and including the date of delivery thereof; that the
contract for the sale of the said bonds to said purchaser,
heretofore entered into, be and the same is hereby ratified,
approved and confirmed.
SECTION TEN: That the principal proceeds of the
sale of said bonds shall be devoted to and used with due
diligence for the completion of the project for which said
bonds are hereby authorized to be issued. The President and
Board of Trustees represent and certify that:
(l) the said Village expects, within six months
after the delivery of said bonds, to incur substantial
binding obligations equal to at least 2-1/2% of the
estimated total project cost to commence construction
of the said project;
(2) the Village expects that over 85% of the
spendable proceeds of said bonds, including investment
proceeds, will be expended on or before December I,
1976, for the purpose of paying the cost of said
project, said date being within three years following
the date of issue of said bonds;
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(3) work on the said project is expected to pro-
ceed with due diligence to completion;
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(4) said project has not been and is not
expected to be sold or otherwise disposed of in whole
or in part prior to the last maturity of said bondsi
(5) all of the principal proceeds of the bonds
are needed for the purpose stated in the form of bond
above set out, including expenses incidental to such
purpose and to the issuance of the bonds; and
(6) to the best of the knowledge and belief of
the Village Board of Trustees, there are no facts,
estimates or circumstances that would materially change
the conclusions and representations set out in this
Section.
Said Village Board also certifies and further covenants
with the purchasers and holders of said bonds from time
to time outstanding that so long as any of said bonds
remain outstanding, moneys on deposit in any fund or
account in connection with said bonds, whether or not
such moneys were derived from the proceeds of the sale
of said bonds or from any other sources, will not be
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used in a manner which will cause such bonds to be
"arbitrage bonds" within the meaning of Section
I03(d) of the Internal Revenue Code of 1954, as
amended, and any lawful regulations promulgated or
proposed thereunder, including Sections 1.103-13
and 1.103-14 of the Income Tax Regulations (26 CFR
Part 1), as the same presently exist, or may from
time to time hereafter be amended, supplemented or
revised. The Village Board reserves the right,
however, to make any investment of such moneys
permitted by state law if, when and to the extent
that said Section 103(d) or regulations promulgated
thereunder shall be repealed or relaxed or shall be
held void by final decision of a court of competent
jurisdiction, but only if any investment made by
virtue of such repeal, relaxation or decision would
not, in the opinion of counsel of recognized com-
petence in such matters, result in making the
interest on said bonds subject to federal income
taxation.
SECTION ELEVEN: That all ordinances, resolutions
and orders or parts thereof, in conflict herewith, be and
the same are hereby repealed and this ordinance shall be in
full force and effect upon its passage, approval and publica-
tion as provided by law.
ADOPTED THIS
4TH
DAY OF
(7) EfY- E/IJ PJ E1t 19 7 3 .
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ABSENT:
JJTH
APPROVED THIS ~
DAY OF ))ECJ,~M8E ~
, 1973.
d
President
Village of Mount Prospect
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/.3 ~ DAY OF [lE..(J.E.W'J8E ~ , 1973.
RECORDED THIS
DAY OF
, 1973.
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STATE OF ILLINOIS )
) SSe
COUNTY OF COOK )
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J)Ot4I1LO ~~! 6-~Cf)I'1/iIt/ DO HEREBY CERTIFY that
.
I am the duly qualified and acting Clerk of the Village of
Mount Prospect, in the County and State aforesaid, and as
such Clerk I am the keeper of the records and files of the
President and Board of Trustees of said Village.
I DO FURTHER CER'I'IFY tha t the foregoing is a full,
true and complete copy of Ordinance No. ::2 tf7tt2 entitled
AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING BONDS
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, TO
THE AMOUNT OF $2,000,000.00 FOR THE PURPOSE OF PAYING THE
COST OF ACQUIRING AND CONSTRUCTING EXTENSIONS AND IMPROVEMENTS
IN AND TO THE STORM AND SANITARY SEWER SYSTEMS SERVING THE
VILLAGE OF MOUNT PROSPECT, ILLINOIS AND PROVIDING FOR THE
LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT
OF THE PRINCIPAL AND INTEREST MATURING ON SAID BONDS, adopted
by the President and Board of Trustees of the Village of
Mount Prospect, Cook County, Illinois, at a Q IE4- () (~.A It..
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meeting held on DEe L/ , 1973 , all as appears
from the official records of said Village in my care and custody.
IN WITNESS WHEREOF, I have hereunto affixed my
official signature and the corporate seal of said Village
of Mount Prospect, Illinois, this 1/-01- day of j)EC'''''-~tJli7<
, 1973.
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Village Clerk of the Village of
~)'~9:q.P t "Prospect, Cook Coun':tr.:y.t1l1in:C5is
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