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HomeMy WebLinkAboutOrd 767 07/18/1961 ORDINANCE NO. 7'7 AN ORDINANCE providing for borrowing money and issuing bonds of the Village of Mount Prospect, Cook County, Illinois, to the amount of $198,000 for the purpose of paying the cost of erecting additions to the existing library building of the Village, remodeling, repairing and improving said existing library building, purchasing and furnish- ing necessary equipment for said existing library building and the additions to be erected thereto and improving the existing library site and pro- viding for the levy and collection of a direct an- nual tax for the payment of the principal and in- terest of said bonds. * * * WHEREAS, the Board of Library Directors of the Village of Mount Prospect, Cook County, Illinois, heretofore in all re- spects as provided by law, adopted a resolution approving plans and estimate of cost for erecting additions to the existing lib- rary building of the Village, remodeling, repairing and improving said existing library building, purchasing and furnishing neces- sary equipment for said existing library building and the additions to be erected thereto and improving the existing library site, and a properly certified copy of such resolution as passed by the Board of Library Directors was properly filed with the Clerk of the Village of Mount Prospect, together with a request that the President and Board of Trustees of said Village make provision for the borrowing of money and in evidence thereof issue the bonds of said Village to pay the cost of erecting said additions to the existing library building, remodeling, repairing and improving said existing library building, purchasing and furnishing neces- sary equipment for said existing library building and the addi- tions to be erected thereto and improving the existing library site; and WHEREAS, the President and Board of Trustees has here- tofbre ratified and approved said resolution, and did in manner and form provided by law, find and determine that it was in the interests of said Village that said additions to the existing library building be erected, said existing library building be remodeled, repaired and improved and necessary equipment for said existing library building and said additions be purchased and furnished and that the existing library site be improved and that money be borrowed and bonds of the Village be issued in evidence thereof; and WHEREAS, the President and Board of Trustees did by an ordinance adopted February 28, 1961, provide for the calling of a special election to be held in and for said Village on March 18, 1961, at which election there was submitted to the voters of said Village for their approval the following question: nShall bonds in the amount of $198,000 be issued by the Village of Mount Prospect, Cook County, Illinois, for the purpose of paying the cost of erecting additions to the existing library build- ing of the Village, remodeling, repairing and improving said existing library building, pur- chasing and furnishing necessary equipment for said existing library building and the additions to be erected thereto and improving the existing library site, said bonds to mature serially $10,000 on March 1 of each of the years 1963 to 1979, in- clusive, and $14,000 on March 1 of each of the years 1980 and 1981, and to bear interest at the rate of not to exceed five per cent (5%) per annum?ll ; and WHEREAS, the President and Board of Trustees did cause to be given proper notice of said election by publishing notice thereof once in the MOUNT PROSPECT HERALD , the same being a newspaper published in and having a general circulation within said Village, the date of the publication of said notice being made not more than thirty days nor less than fifteen days prior to the date of said election, all as evidenced by an affi- davit made by the authorized agent of the publisher of said news- paper now on file with the Clerk of said Village and a part of the permanent records of this Board, which said notice as so pub- lished did specify the places where such election was to be held, the time of opening and closing the polls and the question to be - 2 - voted upon; and WHEREAS, the President and Board of Trustees by proper proceedings adopted and spread upon its records, found that all legal requirements in connection with said election were duly complied with and that a majority of the electors of said Village voting at said election on said question above referred to voted in favor thereof: NOW; THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1. That it be and it is hereby found and determined that this President and Board of Trustees has been authorized by a majority of the electors of said Village voting on the question at a special election duly called, noticed, held and canvassed for that purpose to issue bonds of said Village in the amount of $198,000, for the purpose of paying the cost of erecting additions to the existing library building of the Village, remodeling, repairing and improving said existing library build- ing, purchasing and furnishing necessary equipment for said existing library building and the additions to be erected thereto and improving the existing library site. Section 2. That in order to raise the sum of $198,000 needed for the purpose of paying the cost of erecting additions to the existing library building of the Village, remodeling, repair- ing and improving said existing library building, purchasing and furnishing necessary equipment for said existing library building and the additions to be erected thereto and improving the existing library site, there be borrowed by, for and on behalf of the Village of Mount Prospect, Cook County, Illinois, the sum of $198,000 and to evidence said loan negotiable coupon bonds of said Village be issued. Said bonds shall be designated "Public Library - 3 - Building Bondsu, be dated June 1, 1961, be numbered consecutively from 1 to 198, inclusive, be of the denomination of $1,000 each, and mature serially $10,000 on March 1 of each of the years 1963 to 1979, inclusive, and $14,000 on March 1 of each of the years 1980 and 1981. That of said bonds, bonds numbered 1 to 120, in- clusive, in the aggregate amount of $120,000 and maturing on March 1 of each of the years 1963 to 1974, inclusive, shall bear interest from date until paid at the rate of three and one-half per cent (3-1/2%) per annum and bonds numbered 121 to 198, in- clusive, in the aggregate amount of $78,000 and maturing on March 1 of each of the years 1975 to 1981, inclusive, shall bear interest from date until paid at the rate of three and three-quarters per cent (3-3/4%) per annum, such interest to be payable on September 1, 1962 and semi-annually thereafter on the first days of March and September in each year until paid, 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 First National Bank of Chicago, in the City of Chicago, Illinois. The seal of said Village shall be affixed to each of said bonds and said bonds shall be signed by the President and be 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 the execution of said bonds, shall adopt as and for their own proper signatures their respec- tive facsimile signatures appearing on said coupons. Section~. That the bonds hereby authorized shall be payable to bearer; provided, however, that such bonds may be sub- ject to registration as to principal in the name of the holder on the books of the Treasurer of said Village, such registration to - 4 - be evidenced by notation of said Treasurer 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 4. That each of said bonds and the interest coupons to be thereto attached shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF MOUNT PROSPECT PUBLIC LIBRARY BUILDING BOND Number $1,000 KNOW ALL MEN BY THESE 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 ONE THOUSAND DOLLARS ($1,000) on the first day of March, 19___, together with interest on said sum from the date hereof until paid at the rate of per cent ( %) per annum, payable on September 1, 1962 and semi-annually thereafter on the first days of March and September in each 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 money of the United States of America at The First National Bank of Chicago, in the City of Chicago, Illinois. - 5 - For the prompt payment of this bond, both principal and interest, as aforesaid, at maturity, and the levy of taxes suffi- cient for that purpose, the full faith, credit and resources of said Village are hereby irrevocably pledged. This bond is issued by said Village for the purpose of paying the cost of erecting additions to the existing library building of the Village, remodeling, repairing and improving said existing library building, purchasing and furnishing necessary equipment for said existing library building and the additions to be erected thereto and improving the existing library site, pursu- ant to and in all respects in compliance with the provisions of the Illinois Municipal Code, approved May 29, 1961, in force July 1, 1961, and all acts amendatory thereof and supplementary thereto, including the provisions of the Act of the General Assembly of the State of Illinois entitled "AN ACT to authorize cities, villages, incorporated towns and townships to establish and maintain free public libraries and reading rooms,ll approved March 7, 1872, title as amended by Act approved June 30, 1921, and all acts amendatory thereof and supplemental thereto, and is authorized by a majority of the electors of said Village voting upon the question at an election duly called, noticed, held and canvassed for that purpose in said Village, and in compliance with an ordinance duly passed by the President and Board of Trustees of said Village, approved by the President thereof, and published, in all respects as by law required. It is hereby certified and recited that all acts, condi- tions 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 time as required by law; that the indebtedness of said Village of Mount - 6 - Prospect, represented by this bond and the issue of which it forms a part, and including all other indebtedness of said Village, how- soever 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 property in said Village sufficient to pay the interest hereon as the same falls due and also to pay and dis- charge the principal hereof at maturity. This 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 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. Registra- tion hereof shall not effect the negotiability of the coupons hereto attached which shall continue negotiable by delivery merely, notwithstanding registration hereof. 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 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, by the execution hereof, do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, all as of the first day of June, 1961. C':.JJf) t~1'f ~ ~'~J'\ Qh.o,l(,) 1~ Village President ~ Attest: ~~. W~~ illage lerk - 7 - (Form of Coupon) Number $ On the first day of , 19_, the Village of Mount Prospect, Cook County, Illinois, will pay to bearer Dollars ) in lawful money of the United States of ($ America at The First National Bank of Chicago, in the City of Chicago, Illinois, for interest due that day on its Public Library Building Bond, dated June 1, 1961, Number . r ~~ (\ \ .' " 1\ "- x.....~.VL..QL':-..1.~. P'-;-'"-. t . .~ Village President .c= ...............---' ~Cu:d ~, U/JJ~ Village Clerk (Form for Registration as to Principal) Date of Registration Name of Registered Owner Signature of Village Treasurer 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 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 1961~ a tax sufficient to produce the sum of $22,46~.75 for interest and principal maturing up to and including March 1, 1963; For the year 1962, a tax sufficient to produce the sum of $16,770.00 for interest and principal; - 8 - For the year 1963, a tax sufficient to produce the sum of $16,420.00 for interest and principal; For the year 1964, a tax sufficient to produce the sum of $16,070.00 for interest and principal; For the year 1965, a tax sufficient to produce the sum of $15,720.00 for interest and principal; For the year 1966, a tax sufficient to produce the sum of $15,370.00 for interest and principal; For the year 1967, a tax sufficient to produce the sum of $15,020.00 for interest and principal; For the year 1968, a tax sufficient to produce the sum of $14,670.00 for interest and principal; For the year 1969, a tax sufficient to produce the sum of $14,320.00 for interest and principal; For the year 1970, a tax sufficient to produce the sum of $13,970.00 for interest and principal; For the year 1971, a tax sufficient to produce the sum of $13,620.00 for interest and principal; For the year 1972, a tax sufficient to produce the sum of $13,270.00 for interest and principal; For the year 1973, a tax sufficient to produce the sum of $12,925.00 for interest and principal; For the year 1974, a tax sufficient to produce the sum of $12,550.00 for interest and principal; For the year 1975, a tax sufficient to produce the sum of $12,175.00 for interest and principal; For the year 19~6, a tax sufficient to produce the sum of $11, 00.00 for interest and principal; For the year 1977, a tax sufficient to produce the sum of $11,425.00 for interest and principal; For the year 1978, a tax sufficient to produce the sum of $15,050.00 for interest and principal; and For the year 1979, a tax sufficient to produce the sum of $14,525.00 for interest and principal. 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 advancement of the collection of said taxes herein levied, and when said taxes shall have been collected reimbursement shall be made to said funds in the amounts thus advanced. Section 6. That forthwith as soon as this ordinance becomes effective, a copy hereof certified by the Clerk of said - 9 - Village, which certificate shall recite that this ordinance has been passed by the President and Board of Trustees of said Village and published as required by law, shall be filed with the County Clerk of Cook County, Illinois, who shall in and for each of the years 1961 to 1979, inclusive, ascertain the rate per cent re- quired 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 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 princi- pal and interest upon the bonds herein authorized when same mature. Section I. 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 hereinbefore set out. Section 8. That forthwith after this ordinance has become effective as provided by law, the bonds herein authorized shall be executed and delivered to the Treasurer of said Village and be by him delivered to The First National Bank of Chicago, of Chicago, Illinois, the purchaser thereof, upon receipt of the purchase price therefor, same to be not less than the par value of said bonds plus accrued interest to date of delivery, contract for the sale of said bonds to said purchaser, heretofore entered into, 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 - 10 - are hereby repealed and this ordinance shall be in full force and effect upon itspassage and publication ..<" -lu'-'I 1""(/ t- '"I I Approved: If I( as provided by law. , 1961. , 1961. Passed Recorded ~N'.J~ ~~~ ___ Village President Attest: -;I(::~d ~j. w /'_~~ Village Clerk Published -...(UL! ~7 , 1961. <-~, ~J ~~' ~/, t , ":: ',~: - < . .. ~ ;", ,. ,- ". (."- .., '/ ~' .,' ',J' . - ,; ,~ " '"., ; ~ .>.. .. - 4' ( j or ,.. '~? , 'j , "' " , .,\~"~~/ ~,; . " - 11 - STATE OF ILLINOIS l SS. COUNTY OF COO K I, the undersigned, do hereby certify that I am the duly qualified and acting Clerk of the Village of Mount Prospect, Cook County, Illinois, and as such Clerk I am the keeper of the records and files of the Council of said Village. I do further certify that the attached and foregoing is a full, true and a correct copy of an ordinance providing for the borrowing of money and the issuance of $198,000 Public Library Building Bonds of the Village of Mount Prospect, Cook County, Illinois, and providing for the levy and collection of a direct annual tax for the payment of the principal and interest on the same as it matures, as adopted by the President and Board of Trustees of said Village of Mount Prospect, at its legally con- vened meeting held on JuLy /r- , 1961, and as approved by the President of said Village in open meeting, 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 Illinois, the If74 day of of said Village - JvLv / at Mr: ~os pee /, I , 1961. ,~~ ~, U_/~'J:'1~ Village Clerk (VILLAGE SEAL)