HomeMy WebLinkAboutOrd 659 03/17/1959
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AN ORDINANCE PROVIDING FOR BORROWING
MONEY AND ISSUING BONDS OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS,
TO THE AMOUNT OF $15,000 FOR THE PURPOSE
OF PAYING THE COST OF PURCHASING ADDITIONAL
FIRE FIGHTING EQUIPMENT IN AND FOR SAID
VILLAGE AND PROVIDING FOR THE LEVY AND
COLLECTION OF A DIRECT ANNUAL TAX FOR THE
PAYMENT OF THE PRINCIPAL AND INTEREST OF
SAID BONDS.
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WHEREAS the President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, did by an
ordinance adopted on January 6, 1959, call a special election to be
held in and for said Village of Mount Prospect on January 21, 1959,
for the purpose of submitting to the electors of said Village for
their approval the following question:
"Shall bonds in the amount of $15,000 be issued
by the Village of Mount Prospect, Cook County,
Illinois, for the purpose of paying the cost of
purchasing additional fire fighting equipment
in and for said Village, said bonds to be of
the denomination of $1,000 each, to be numbered
consecutively from 1 to 15, inclusive, and to
become due serially $5,000 on February 1 of
each of the years 1961 to 1915, inclusive;
prOVided, however, that of said bonds, bonds
numbered 21 to 15, inclusive, maturing on
February 1 of each of the years 1965 to 1915,
inclusive, and in the aggregate amount of
$55,000, shall be subject to redemption and
payment prior to their maturity, at the option
of the Village, at par and accrued interest to
date of redemption, in the inverse order of
their number, on any interest payment date on
or after February 1, 1964, and said bonds to
bear interest at the rate of not to exceed
four and one-half per cent (4 1/2%) per annum?"
; and
WHEREAS the President and Board of Trustees of said
Village did cause to be given proper notice of said election by
publishing notice thereof once in the
MO~rT PROSPECT HERALD
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,
the same being a newspaper pUblished in and of general circulation
in said Village, said publication of said notice being made not
more than thirty (30) days nor less than fifteen (15) days prior to
the date of said election, which said notice did specify the place
where such election was to be held, the time of opening and closing
the polls and the question to be voted upon; and
WHEREAS the President and Board of Trustees of said
Village 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 deter-
mined that the President and Board of Trustees of the Village of
Mount Prospect have 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 $15,000 for the purpose of paying
the cost of purchasing additional fire fighting equipment in and for
said Village.
Section 2. That in order to raise the sum of $15,000
needed for the purpose of paying the cost of purchasing additional
fire fighting equipment in and for said Village, there be borrowed
by, for and on behalf of the Village of Mount Prospect, Cook County,
Illinois, the sum of $75,000 and to evidence said loan negotiable
coupon bonds of said Village be issued. Said bonds shall be desig-
'nated IIFire Fighting Equipment Bonds, It be dated February 1, 1959, be
seventy-five (75) in number, numbered from 1 to 75, inclusive, be of
the denomination of $1,000 each, and mature serially $5,000 on
February 1 of each of the years 1961 to 1975, inclusive; provided,
however, that of said bonds, bonds numbered 21 to 75, inclusive, in
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the aggregate amount of $55,000 shall be subject to redemption and
payment prior to their maturity, at the option of the Village, at
par and accrued interest to date of redemption, in the inverse order
of their number beginning with bond number 75, on any interest pay-
ment date on or after February 1, 1964.
Notice of its option to redeem and pay any or all of said
bonds which by their terms are subject to redemption and payment
prior to their maturity shall be given by the Village by registered
mail to the holder thereof, if known, at least thirty (30) days
prior to such redemption date, and as many unknown holder, such
notice shall be given by one publication thereof in a newsppper
published in and of general circulation in the City of Chicago,
Illinois, the date of such publication of said notice to be not
less than thirty (30) days prior to such redemption date and any
such notice shall designate the date and place of redemption of
said bonds, which shall be at The Northern Trust Company, in the
City of Chicago, Illinois, shall designate the serial numbers and
the aggregate principal amount of bonds to De redeemed, and shall
indicate that on the designated date of redemption said bonds will
be redeemed by payment of the principal thereof and accrued interest
thereon up to and including the date of redemption and that from and
after the designated redemption date interest in respect of said
bonds so called for redemption and payment shall cease. When apyof
said bonds shall have been called tor redemption and payment, and
payment made or provided for, interest on said bonds so called for
redemption shall cease from and after the date so speCified.
That said bonds shall bear interest from date until paid,
or until called for redemption, and payment made or provided for,
at the rate of three and three-quarters per cent (3 3/4%) per annum,
payable on August 1, 1960 and semiannually thereafter on the first
days of February and August in each year, which said interest pay-
ments to date of maturity of principal shall be evidenced by proper
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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
Company, 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 Clerk of said Village, and
said coupons shall be signed and attested by said officials, respect-
ively, 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 l. That the bonds hereby authorized shall be
payable to bearer, prOVided, however, that such bonds may be subject
to registration 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 the back of such bonds
I 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
FIRE FIGHTING EQUIPMENT BOND
Number $1,000
KNOW ALL MEN BY THESE PRESENTS that the Village of Mount
Prospect, Cook County, Illinois, hereby acknowledges itself to owe
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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 February, 19____,
together with interest on said sum from the date hereof until paid
at the rate of three and three-quarters per cent (3 3/4%) per annum,
payable on August 1, 1960 and semiannually thereafter on the first
days of February and August in each year, upon presentation and
surrender of the respective interest coupons hereto attached as they
severally become due and payable.
Both principal hereof and interest hereon are hereby made
payable in lawfUl money of the United States of America at The
Northern Trust Company, 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 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 purchasing additional fire fighting equipment in
and for said Village, pursuant to and in all respects in compliance
with the "Revised Cities and Villages Act, II effective January 1,
1942, 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 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.
This bond is one of a series of bonds aggregating the
sum of Seventy-five Thousand Dollars ($75,000)# numbered from 1 to
75, inclusive, of the denomination of $1,000 each, which become due
serially $5,000 on February 1 of each of the years 1961 to 1915,
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inclusive, and of like date and tenor except as to privilege of
redemption, and of said bonds, bonds numberedato 75, inclusive, in
the aggregate amount of $55,000 being redeemable prior to their
maturity, at the option of the Village, at par and accrued interest
to date of redemption, in the inverse order of their number,
beginning with bond numbered seventy-five (75), on any interest
payment date on or "after February 1, 1964, upon notice speCifying
the number of the bond and the date of redemption to be given by
registered mail to the holder thereof, if known, at least thirty
(30) days prior to such redemption date, and as to any unknown
holder thereof, such notice shall be given by publication thereof
once in a newspaper published in and of general circulation in the
City of Chicago, Illinois, the date of such publication to be not
less than thirty (30) days prior to such redemption date, and when
any of said bonds which by their terms have become subject to
redemption and payment prior to their maturity shall have been called
for redemption and payment, and payment made or prOVided for,
interest thereon shall cease from and after the date so specified.
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 Prospect, represented
by 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
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.
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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. Registration here-
of shall not affect 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 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 first day of
February, 1959.
President, Board of Trustees
Attest:
Village Clerk
(Form of Coupon)
$
Number
On the first day of , 19---J *(unless the
bond to which this coupon is attached has been called for redemption
and payment prior to said date as therein provided and payment made
or provided for), the Village of Mount Prospect, Cook County,
Illinois, will pay to bearer
Dollars ($ ) in lawful money of the United States of
America, at The Northern Trust Company, in the City of Chicago,
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Illinois, for interest due that day on its Fire Fighting Equipment
Bond, dated February 1, 1959, No.
.
President, Board of Trustees
Attest:
Village Clerk
*(the clause within the parenthesis to appear in all coupons
-_attached to bonds numbered 21 to 15, inclusive, and
representing interest maturing on and after August 1, 1964.)
(Form for Registration as to Principal)
Date of
Registration
Name of Registered Owner
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Signature of
Village Treasurer
Section 2. 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, ~o-wit:
For the year 1959, a tax sufficient to produce the
sum of $10,625.00 for interest and principal maturing
up to and including February 1, 1961;
For the year 1960, a tax sufficient to produce the
sum of $7,625.00 tor interest and principal;
For the year 1961, a tax sufficient to produce the
sum of $7,437.50 for interest and principal;
For the year 1962, a tax sufficient to prodlce the
sum of $7,250.00 for interest and principal;
For the year 1963, a tax sufficient to produce the
sum of $7,062.50 for interest and principal;
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For the year 1964, a tax sufficient to produce the
sum of $6,875.00 for interest and principal;
For the year 1965, a tax sufficient to produce the
sum of $6,687.50 for interest and principal;
For the year 1966, a tax sufficient to produce the
sum ot $6,500.00 for interest and principal;
For the ~ear 1967, a tax sufficient to produce the
sum of $5,312.50 for interest and principal;
For the year 1968, a tax sufficient to produce the
sum of $6,125.00 for interest and principal;
For the year 1969, a tax sufficient to produce the
sum of $5,937.50 for interest and principal;
For the year 1970, a tax sufticient to produce the
sum of $5,750.00 for interest and principal;
For the year 1971, a tax sufficient to produce the
sum of $5,562.~0 for interest and principal;
For the year 1972, a tax sufficient to produce the
sum of $5,375.00 for interest and principal; and
For the year 1973, a tax sufficient to produce the
sum of $5,187.50 tor 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
colleition 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 6. That forthwith as soon as this ordinance
becomes effective, a copy hereof certified by the Clerk of said
Village, which certificate shall recite that this ordinance has
been passed by the President and Bo~d of Trustees of said Village
, and published shall be filed with the County Clerk of Cook,~ounty,
Illinois, who shall in and for each of the years 1959 to 1973,
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
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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 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 Cruttenden, Podesta and Company, of the City
of Chicago, Illinois, the purchaser thereof up~ 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 .
~R~DXl808lJ{ 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 are hereby
repealed and this ordinance shall be in fUll force and effect upon
its passage and publication, as provided by law.
Adopted ~ 11
Recorded
Published 'tU ~,(..,2.. b
A~
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, 1959.
, 1959.
, 1959.
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