HomeMy WebLinkAboutOrd 969 03/17/1964
ORDINANCE NO. 969
AN ORDINANCE PROVIDING FOR THE BORROWING OF MONEY AND THE
ISSUING OF BONDS BY THE VILLAGE OF MOUNT PROSPECT IN THE
AMOUNT OF $215,000.00 FOR THE PURPOSE OF CONSTRUCTING AND
EQUIPPING A PUBLIC WORKS BUILDING ON PROPERTY OWNED BY
SAID VILLAGE AND PROVIDING FOR THE LEVY AND COLLECTION OF
A DJRECT ANNUAL TAX FOR THE PAYMENT OF PRINCIPAL AND
INTEREST OF SAID BONDS~
~JHEREAS, the '11.J.1'"'..ge ')f }10l:.:nt Prospect!' Cook County, Illinois,
did by an Ordinance designated as No. 949, passed January 7, 1964 and
approved January 7, 1964, call a special election to be held in and for
said Village on February 8, 1964, ffur the purpose of submitting to the
electors of said Village a nmnber of questions, including the following
question:
"Shall bonds in the amount of $215,000 be'issued by the Village
of Mount Prospect, Cook County, I+linois, for the purpose of
constructing and equipping a public works building on property
owned by the Village of Mount Prospect, said property being
located on Pine Street between Northwest Highway (Route 14)
and Central Road, the same being 138 feet north of the inter-
section of Northwest Highway and Pine Street and 139 feet
soath of Central Road and Pine Street, to mature serially
$5,000 on December 1 of each of the yea~s 1965 to 1972, inc~
lusive, $10,000 on December 1 of each of the'years 1973 to
1979, inclusive, $15,000'on December 1, 1980, $20,000 on
December 1, 1981 and $35,000 on December 1 of each of the
years 1982 and 1983, bearing interest from the date of issuance
at a rate of interest not to exceed five percent (5~) per annum
payable on JUJle 1 and December 1 of each year until paid?"
and
\u~REAS, the President and Board of Trustees of the Village of
Mount Prospect, did cause to be given proper notice of said election by
publishing notice thereof once in the Mount Prospect Herald and the
Mount Prospect Independent, the same being the newspapers pUblished in
and of general circulation in said Village and by posting notices there-
of in three of the most public places in each election precinct of the
Village and at each of the polling places designated for the election,
said publication and posting of said notices being made not more than
30 days nor less than 15 days prior to the date of said election, which
said notice as so published and posted did specify the places where sudh
election was to be held, the time of opening and closing the polls and
the questions to be voted upon, and
,.,.1 1...
WHEREAS, the President and Board of Trustees of the Village of
Mount Prospect by proper proceedings adopted and spread upon its
records, fOtL1d that all legal requirements in connection with said
electio~ were duly complied with and that the majority of said electors
of said Village voting at said election on said question above referred
to voted in favor thereof~
NOW, THEREFORE, BE IT ORDAI1~D by the President and Board of
Trustees of the Village of Mount Prospect, Cook County, Illinois, as
follows:
Section In That it be and it is found and determined that the
President and Board of ~rustees have been authorized by the majority
of the electors of said Village voting on the question at the special
.
,
election duly called~ noticed: held and canvassed for that purpos~to
issue bonds of said Village in the amount of $215,000.00 for the
pm~pose of constructing and equipping a public works building on
property o\"JDed by the Village of Mount Prospect, the same being neces-
sary and eDsential to the efficient and proper administration of the
affairs of said Village~
Section 2~ That in order to raise the sum of $215,000.00 needed
for the purpose of constructing and equipping a public works building
the same being essential to the efficient administration of said Village,
there be borrowed by, for and on behalf of the Village of Mount Prospect
of the County of Coolr, Illinois, the SLun of $215,000.00, and to evidence
said loan negotiable coupon bonds of said Village be issued, said bonds
to be designated as "Public 1pJorks Building Bondsll to be dated April 1,
1964; to be It3 in number; numbered 1 through 43 inclusive, to be of the
denomination of $5,000 each and mature serially, $5,000 on December I
of each of the ye~rs 1965 to 1972 inclusive, $10,000 on December 1 of
each of the years 1973 to 1979 inclusive, $15,000.00 on December 1,
1980, $20~000 on December 1; 1981, $35,000 on December 1, 1982 and
1983 respectively~ Bonds of each respective maturities shall bear
interest at the following rates of interest:
')
> "l.._'"'
Numbers , Incl. A:rr..ount Hat uri tie s Interest Rate
--"-- -.-.------"-,.--
1 - 7 $.;35...000" 1965 thru 1971 3 1/2~
8 - 25 90:000.. J.972 thru 1980 3 l/4~
26 - 43 90:000. J981 thru 1983 3.30%
Interest shall be 9ayable on December 1, 1964 and semi-annually there-
after on the first day of June and December of each year in which
interest is due; said interest 'Qy~e:nt to date of maturity of principal
shall be evidenced by interest coupons attached to each bond and
maturing on the datec heroin provided. Both principal and interest
shall be payable in Im\T:~u1. mane:! of the United States of America at the
EXCHANGE NATIONAL BANK OF CHICAGO, In the City of Chicago, Illinois.
The seal of said Villnge shall be affixed to each of said bonds and
said bonds shall be signed by the President of the Village and attested
by the Village Clerk and said coupons shall be signed and attested by
said officials respectively, by their respective facsimile signatures,
and said officials, by thG execution of said bonds shall adopt as and
for their own proper signatures their respective facsimile signatures
appearing on said coupons~
Section 3" That the bonds hereby authorized shall be payable to
bearer, provided, howevAr, th3t such bonds may be subject to registra-
tion as to principal in the name of the holder on the books of the
Treasurer of said Village. such registration to be evidenced by notation
of said Treasurer upon tho bc.c:{ of such bonds so registered. No bond so
registered shall be subject to transfer except upon such books and simi-
larly noted on the bacl.: thereof LIDless the last registration shall have
been to bearer. Such registration of any of said bonds shall not,
however, affect the negoti.abillty of the coupons attached to said bonds,
but such coupons shall continuA transferable by delivery merely.
Section 4. That each of said bonds and the interest coupons to
be thereto attached shall be =".n substantially the following form:
"
.,.--. -<,,><,.
(FORH 0:::<' BOND)
m~ITED STATES OF A~mRICA
STATE OF ILLn~O:S
VILLAGE OF MOl~T PROSPECT
"PTJBLIC 'IvORKS BUILDING BONDS II
NO~
~!;5, 000.00
~~OW ALL MEN BY TRESE PRESENTS that the Village of Mount Prospect,
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 U:;5, 000.00)
on the first day of December 19 together with int~rest on said sum
from the date hereof until paid at the rate of % per annum,
payable on December 1, 1964 and semi-annually thereafter on the first
days of June and December in e~ch year upon presentation and surrender
of the respective interest coupons hereto attached as they severally
become due and payable.
Both principal and interest are hereby made payable in lawful mon~ of
the United States of America at the EXCHANGE NATIONAL BANK OF CHICAGO,
in the City of Chicago, Illinois.
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 fa~_th" credit and resources of said Village are
hereby irrevocably pledged.
This bond is issued by said Village for the purpose of constructing and
equipping a public works building on property mJned by the Village of
Mount Prospect, the same being necessary and essential to the efficient
administration of the affairs of said Village, pursuant to and in all
respects in compliance with the "Illinois Hunicipal Code~ effective
July 1, 1961, and all acts amendatory thereof and supplementary thereto
and is authorized by a majority of the electors of said Village voting
upon the question at all elGction duly called, noticed, held and
canvassed for that purpose in said Village and in compliance with an
ordinance duly passed by the President and the Board of Trustees of
said Village, approved by the President thereof, and published in all
respects as by Imv required.
It is hereby certified and recited that all acts, conditions and things
required by the Constitution and Laws of the State of Illinois, 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 tir:".€ as required by law; that the indebtedness
of said Village of MOLmt Prospect, represented by this bond and the
issue of which it forms a part, and including all other indebtedness
of said Village, howsoever evide::1ced 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 property in said Village sufficient to pay
the interest hereon as the same falls due and also to pay and discharge
the principal hereof at maturity.
Tllis bond is subject to registration as to principal in the name of
the holder on the books of the Village Treasurer, such registration to
be evidenced by notation of such Treasurer on the back hereof, and
,,1, ...
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 thereof.
IN '\JITNESS HlIEREOF, said Village of Mount Prospect, Cook County,
Illinois, by its President and Board of Trustees, has caused its corpo-
rate seal to be hereunto affixed and this bond to be signed by its
President 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 first
day of April, 1964~
C. O~ Schlaver
President
Attest:
Ruth C. Hilson
Village Clerk
(FORM OF COUPON)
NO.
&
'if
, 19 , the Villa ge of
will pay to bearer
) in lawful
EXCHANGE NATIONAL BANK
for interest due that
, 1964,
On the first day of
Mount Prospect, Cook County, Illinois~
Dollars (q;)
money of the United States of America, at the
OF CTIICAGO, in the City of Chicago, Illinois,
day on its Public Works Building Bonds, dated
No.
Attest:
C. O. Schlaver
President
Ruth C. lJilson
Village Clerk
(FORM FOR REGISTRATION AS TO PRINCIPAL)
Date of Registration Name of Registered Owner Signature of ViI. Treas_
Section 5. That 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
co r::~.
.-'
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 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 1964, a tax sufficient to produce the sum of 016,866~67
For the year 1965, a tax sufficient to produce the sum of ~11,945.00
For the year 1966, a tax sufficient to produce the sum of ~:11,770.00
For the year 1967, a tax sufficient to produce the sum of ~:)11,595. 00
For the year 1968, a tax sufficient to produce the sum of ~:,11,420nOO
For the year 1969, a tax n:.1fficient to produce the sum of ~;.--11,245.00
For the year 1970, a tax sufficient to produce the sum of $11,070.00
For the year 1971, a tax sufficient to produce the sum of ::.10,895..00
For the year 1972, a tax sufficient to produce the sum of ~,,15,732.50
For the year 1973, a tax sufficient to produce the sum of '::,15,407.50
For the year 1974, a tax sufficient to produce the sum of ~':)15,082.50
For the year 1975, a tax sufficient to produce the sum of ~~14,757o'50
For the year 1976, a tax suffic ient to produce the sum of ":-14,432.50
For the year 1977, a tax sufficient to produce the sum of :,.14,107.50
For the year 1978, a tax sufficient to produce the sum of ~::13,782.50
For the year 1979, a tax sufficient to produce the sum of ::18,457.50
For the year 1980, a tax sufficient to produce the sum of ~~;,22,970.00
For the year 1981, a tax sufficient to produce the sum of ,::37,310.00
For the year 1982, a tax sufficient to produce the sum of 036,155.00
That interest or principal coming due at any time when there are insuf-
ficient funds on hand to pay the same be paid promptly when due from
current funds on hand in advancement of the collection of said taxes
herein levied, and when said taxes shall have been collected, reimburse-
ment shall be made to the said funds in the amounts thus advanced.
Section 6. That forthwith as soon as this ordinance becomes
effective, a copy hereof certified by the Village Clerk of said Village
which certificate shall recite that this ordinance has been passed and
approved by the President and Board of Trustees of said Village and
~6-
published, shall be filed with the County Clerk of Cook County,
Illinois, who shall in and for each of the years 1964 to 1982 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, and extend the same for collection on the tax books in
connection with other taxes 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
by said Village in like manner as taxes for general corporate purposes
for each of said years are levied and collected and when collected,
such taxes shall be used solely for the purpose of paying principal
and interest upon the bonds herein authorized when same mature.
Section 7. That the funds derived from such levy be and the
same are hereby appropriated and set aside 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 here-
inbefore set out.
Section 8. That forthwith after this ordinance has become
effective as provided by lffiv, the bonds herein authorized shall be
executed and delivered to the Treasurer of said Village and be by him
delivered to SIIEARSON, HAMMILL AND COl1PANY, III vv. Monroe Street,
Chicago, Illinois, the purchasers thereof, upon receipt of the purchase
price therefor, same to be not less than the par value of said bonds
and a premium of (;,4.38 plus accrued interest to date of delivery, the
contract for the sale of said bonds to said purchasers, heretofore
entered into, shall be and the same is hereby in all respects ratified,
approved and confirmed.
Section 9. 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 from
-7-,
and after its passage, approval and publication, as provided by
law.
Passed by the Board of Trustees of the Village of Mount Prospect,
Illinois, this 17th day of March, A. D. 1964.
AYES: Bergen, Casterline, Brw~l, Ekren, Busse
NAYS:
ABSENT: Phillips
Approved by me this 17th day of March, 1964.
C. O. Schlaver
President
Attest:
~ ~,uJ~
Ruth C. lHlson
Village Clerk
PUBLISHED IN THE MOUNT PROSPECT HERALD AND THE 110UNT --PROSPECT. INDEPENDENT
THIS 26TH DAY OF MARCH, 1964.
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