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HomeMy WebLinkAboutOrd 524 11/06/1956 ~ v '"""" "'-' . . . . . ~ ..).1 Ordinance No. _5;.21- AN ORDINANCE AUTHORIZiNG THE .ISSUE OF $lO~ 000. 00 PARKING REVENUE BONDS; SERIES 1956, OF THE VILLAGE OF MOUNT PROSPECT tr COUNTY OF COOK AND STATE OF ILLINOIS, TO DEFRAY THE COST OF IMPROVING AND EXTEND.. iNG THE PARKiNG FACILITIES OF SAID VILLAGE~ PRESCRIBiNG ALL DETAIlS OF SAID BONDS; AND PROVIDING FOR CHARCING RATES AND FEES FOR THE USE OF SUCH PARKING FACILITIES AND THE COLLECTION. SEGREdATION AND D!STRIBUTtON OF THE REVENUES RECEiVED THEREFROM. :~>l~*** WHEREASt th.e VILLAdE OF MOUNT PROSPECT t in the County of Cool( and State of IllinoiBt has the general power and authority to regulate the use of the streets in said Village and to regulate the tra.ffic thereon in the intel'est of public health. safety ~md welfare ot the inhabitants of said Village. and purs7.1.ant thereto has heretofore by ordina.nce provided for the installation of parking meters in certain congested areas in. said Village~ and h~_s established regulations for their use and operation and WfIEltEAS, the President and Boa.rd of Trustees of this Village recognize that e:deting traffic conditions upon the streets of the Villa.ge ot MO\LTlt Prospect are crea.ting additional congestion and disruption of the genera.l use and enjoyment of such Ett"eets, and the se conditions necessitate and require that additionCl.l parking facilities be acquired v and ther.eafter be mainta.ined and operated by said Village in order that motor vehcile congestion upon the streets of said Village be remedied and effectively controlled for the public health, safety., we12re, con- venience and necessity of said Village and ita inhabitants; and WHEREASt the President and Board of Trustees of this Village have hel"etofore determined and do hereby detel'mine and declare that in addition to the establishment of the parldng r.neter zones and the regulation and control of traffic upon the streets of said VHlage, as provided hy ordina.nce knoWn as: ,,-.. \....... . o "AN ORDINANCE PROVIDING FOR THE INSTALL- ATION, REGULATION AND CONTROL OF THE USE OF PARKING METER SIGNS: DEFINING PARK- ING METER ZONES Ai'ID PROVIDING FOR THE ENFORCEMENT AND PENALTY FOR 1lIOU...TION THEREOF'! pa.ssed and app70ved on the lad day of October p 1956, it is neCe8&al"Y for the public benefit, public healthD sa!etYI) welfare, convenience and necessity of said Villag~ that said Village purcha.se or otherwise acquire the followmg real estate to provide additional parking facilities for off- street parking" namely: Parking Lot No. .!.. Between Northwest High"W-a.y and the Chicago &t. North- western Railroad. right....of.way 'between Emezson Street and a point 490 feet East thereof; And Between Northwest Highway and. the Chicago It North- western Railroad right-of-way betl,.'1een Emerson and Main Street.; And Between Northwest Highway and the Chicago &: North- westent Railroad :dght-of-way between Main Street and a point approximately 640 feat west of Main Street and improve said tra.ctll by the removal of tl.eeB thereon:; gradingv drainingo and surfacing such tracts; providing and improving proper ingress and ep'eS8 thereto; mstaJ.l.ing lighting equipment" whee! stcp~p making provilliOll for metersD fencing and a.U other work,ry including landscapingp to make said tracts available for oft-street parking for motor vehicles to relieve con.gestion upon the street.s of :!laid Village in. a.nd adjacent to the centra.l businesfl district tnereQf; and -2- o o WHEREAS9 the President and BoaI'd of Tru.stees ha.,,-e c:a.t1sed to be prepared aU needful surveys, pla.ns, mapH~ sped.f1.caUons and an estiJ.nate of the coatt of acquiring!> improving and eq,\upping tbe above described areas for off-street pal'kingo all of which hafll ooen Ilub:m.itt;,p,d to a.nd heretofore approved by the Pl.an Conu"UI.!I sion. of sa;.d Village ,) and are now em file for public inspection. i!l the of'fit:e of tbe ViUa.ge Clerk. 01 said VillAge; and WHEREAS~ the total estimated cost of acquirillgf, improving;, equippmg such additional parking fadlitiesu as pl'epared for the President and Board of Trusteeso is the sum of $160000000; a.nd WHEREAS!! pursuant to t.he provbiollr!il of Article 52.. 1 of the Revised Cities a.nd ViLlages Actp a.s atl'len.ded:1 and all other laws there- unto eftab1iag~ said Village ie a,uthorized to issue P~.rldng Revenue Bon.ds for the purpose of payi..ng the cost of a,(,:q,ui:d.Y.lg,; improving and equipping such parldDg facilities; a.nd WHER EAS v the Preflident ~..nd Board of TruBltees of tbia Village do hereby deterlnine that it is advisable and ne(~fHI8ary that revenue bonds in the principal Bum of $lO~ 000. 00 be issued to pay part of the ~ost of acquiring!, improving and equipping ouch parking faC.':i1itie8!) the oo.1a.nce to be paid from fundS! on hand ava.lIable for aaid purpoze; and WHEREAS the income and revenue derived irom the operation of the parking facilities of this Village has not been and is not now pledged or hypo.. theca-ted for any purposeD except for the payroentto the Chicago &: Northweste:n Railway Company of thirty-three and one-third (33 1/30/0) per cent of the gr.CH;i,; revenue a.s provided in the agreement and lease wit.h the Chica.go &: Northwest.. Railwa.y Company consentin.g to the installation of meters; a.nd the payrnent to Magee-Hale Company of thirty-three a.n.d one-tbil"d (33 1/3'0) per cent of the gross revenues to be applied to the cost 01. a(:qtliaition and installation of said meters until the same are paid in full and the payment of the bonds to be iasue-o pursuant to this Ordinance) and there are no outsta.nding bondsD certifkates nr or other forms of indebtedness payable from or Becu:!"ed by or con.stituting .-in:! charge or lien upon the revenue derived froln the operrition of said par.king :facilities of said Village. I" \v ,~ '-' NOW, THERJ1::FORE, BE IT ORDAINED BY THE P.RESlDENT AND BOARD OF TRUSTEES OF T:fIE VILLAGE OF MOUNT PROSPECT COUNTY OF COOK AND STATE OF ILLINOIS: SECTlO~ 10 Ti:>..at the words Hmo"tor vehicle parking system" or "motor vehicle parking fac::ilitiea"v or lfparking system"!) or "par-king !a.cilitieav" or "sYQtemTl 01: facilitiesllt> whenever used in this Ordinan.ce shall be unde?stood to mean a.nd shall include all motor vehicle parking facilities of the Village of Mount Prospecte 1m ludil'lg specificallyv but not limiting the generality of the foregoing/) the following: 10 All parking meters orother eql.upment, machinery or deVices for obtaining revenue from street parr-ang or {rom oif str~et parkingo 20 All Villa.ge owned or leased or operated pazoking lotsc garages~ buildings and other facilities) equipment and accessories used or useful in connection therewith which provide public parkingo 3. All real esta.te ~md rights in real estate owned or leased by the Village and used or useful in the operation of the motor vehicle parking facilities of said Village. 4. All extensions 0 improve:m.e:nts~ enl~,rg0ments and addition. to motor vehicle parking facilities of said Village which may be acquired by said Village while any of the bonds herein a.uthorized remain outstanding. 5. All intangible property of every r.a.ture acquired or usedill cOIlDection with the operation of the motor 'vehicle parking facilities, including all f~anchi6eso termso licenses, leases I) contracts and agree mente. SECTiON 2. That it is hereby detel4Jnined and declared Dece"sary .fo'l'" the public benefit, safety and welfare of the Village of Mount Prospectv Cook Count1~ Illinoiso that ita motor vehicle pa.~king facilities 'be extended by the acquisition of real estate to provide off-streat parking facilities for "motor vehi(;lesg by the inlprovement thexeofc a.nd by the purchase of all necelHfary equipment therefor ~ together with all necessary legal, financial and engineering expenses necessary and incident thereto, a.ll a:a provided by and described in the preambles of this ordinance. -l/- o o SECTION 3. ThAt the Prehlidf,:mt and Board of Trustees of tlU.Gl Village heretofore have had pl"epared an estimate of the coat of such improvements and extensions to the motor ...rebicle parking f..dUties of said Vi1lage~ including the cost of the aeqvisition of t1.1e necessa.?y land to be a.cquiredQ and do hereby determine the estimated cost thel'eof to be the Bum of $16v 0000 00f) and do hereby determine that t~moior vehicle parki.ag system of said Village be improved and extended as des- cribed in the preambles of tbis Ordinance ~ and that all of said motor vehicle parking facilities be establishedp :zr..a.intainedv regula.ted a.nd (:ontrolled in accordance ylith the provisions and terms of this Ordinance. SECTION 40 That folt' the purpol'le of paying the cost of acquiring a.nd improving such ~,dditional park!l'1g fat,;ilit;iem au hel':einbeiore provided. there shall be and there hereby is authorized a.nd directed to be issued revenue bonds of said Village m the principal sum of $lOv 000. 00 which bonds llIlal1 be designated nparking Revenue Bonds;, Series 1956", Said bonds shall bear date or Decemberl r. 19.56 D sball be numbered from 1 through 10, sball be of the denomiXtation of $1000.00 each, .hall bear interest at the rate of five pel'(~ent (5'0 ) per annumv Baid interest to be payable May 1" 1957" a.nd semi-annually thereafter on the first i I I I daye of November ~nd May of eaeh year I' a.nd until the principal thereof shall have been paidli and sa.id bonds shall mature on Ma.y 1 in. ea.ch of the years and in the amounts a8 folhnrs: Bonds Numbered Date of Maturity AmoUDt 1 and Z May 1,9 1958 $2.000.\J0 3 and 4 May 111 1959 $ZOOO.OO 506 and 7 May II) 1960 $3000.00 8099 and 10 May l~ 1961 $3000.00 - 5"- Cl /''''"' ....., providedp however~ that bonds numbered 5 through 10 shall be redeemable at the option of the Village as a whole or in part in the /' inverse order in which they are numbered, prior to their maturity, on any interest payment date on and after May 1, 1959. at a price of par and accrued interest. Notice of redemption of any or all of said bonds shall be given by publication at least once not less than thirty days prior to the date of redemption, such publication to be made once in THE MOUNT PROSPECT HERALD, a newspaper published and of general circulation in the Village of Mount Prospect. Illinois, and such notice of redemption shall (a) designate the date and place of redemption, such place to be at THE MOUNT PROSPECT STATE BANK, in the Village of Mount Prospect, Illinois and (b) designate the numbers and the aggregate principal amount of the bonds called for red-amption (c) the redemption price. and (d) state that on the designated date of redemption said bonds will be redeemed by payment of the principal thereof and accrued interest thereon to date of redemption, and that from and after the designated date of redemption interest on the bonds so called for redemption shall cease, unless funds are not available for such redemption upon presentation of the bonds. SECTION 5. Both principal of and intere at on said bonds shall be payable in lawful money of the United States of America at THE MOUNT PROSPECT STATE BANK. in the Village of Mount Prospect, Illinois. Said bonds shall be signed by the President and attested by the Village Clerk and the seal of said Village affixed thereto, and the interest coupons a.ttached to said bonds shall be executed by the facsimile signatures of said President and said Village Clerk, and said officials, by the -~- ,....... , '-' o execution of said bonds v shall adopt as and fox their own proper signatures their respective facabrJle oignatu:res a.ppearing on said eouponso Sa.id bonds" together with interest the:<..eon~ B~..all be pa}t-able solely from the revenues derived from the motor vehicle parking system faeilities of said Village IJ and such bends shall nl:>t in any e"'l'ent constitute an indebtedness of the Village of .MotUl'\: Pt~o\)pact within the r.re aning of any c'Ol'lstih.,ticnal or statutory limitation,. Any of said bonds ma.y be regiatel'ed as to principal at any tiuiev prior to matudtY/Jm.the name of the holder on the books of said Village in the Office of the Village Treasurer J smell regil'rtration to be noted on the reverse side of the bonds by the said Treasul'el" of said V!Uageti and thereafter the principal of stich reglst<ered bonds sha.ll be pa.yable solely to the registered holder, his leg~.l 3."ep!'esentativea 01' assliuiJo Such registered bonds s}-l.all be triU'lsfel'able to allothel" registered hold.er or back to the bearer only upon presentatiO!l to the Treaeruerc with. a legal assignment duly ac1,nowledged 01' apPl'oved. Registration of any of such bonds ehall not affect the negoHabiHty of the coupons thereto attached, but such coupons shall he tranl';:,fe:rahle by delivery ulE'l3:'ely. ~E!fON 6. Tha.t aaid bonds a.nd {;Cfl'tpons shall be in. substantially the follo\wing form: -7- r \u/ """" -.....I (FORM 01<'" BOND) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF MOUNT PROSPECT PARKING REVENUE BOND, SERIES 1956 Number $1000.00 KNOW ALL MEN BY THESE PRESENTSo that the Village of Mount Proepect~ Cook CountyI' Illinois!, 101' value receivedg hereby pro:n.'liaes to pay to th.e bearerv or if this bond be registered, aa herein.. after provided. then to the registered holder hereof. solely from the Parmg System Revenue Fund of said Village as hereinafter mentionedo and not otherwise, the Bum of ONE THOUSAND DOLLARS ($1000.00) on May 1D 19 0 tcgether with interest on said sum from the date hereof - until paid at the rate of . five ~r cent << _ ,S% ) per annumo pa.yable l\.4"...ay 11) 19570 and semi..".nnually thereafter on the first day. of NO'\l'ember and :'r-Aayin each yea:.r upon presentation and surrender of the al.nnexed interest couponeae they severally become due. Both prmcipal of and interest on this bond a.re hereby made payable in lawful n'1.0ney of the United. Siafes of America at THE MOUNT PROSPECT STATE BANKo in the Village of Mount Proapeeto I11inoieo This boni:. is payable Illolely from tbe revenues derived and to be derived from the motor vehicle pl'_~king facllitieg of sD.id ViUa.ge and not othel'wiaep and ill ielS'lted under authol'ityof Article 5Z., 1 of "The Revised Cities and Villages Act"D effective January 1~ 19420 a.s a.mendedo an.d a..111aw!J amendatory thereof and En.lpplementa.l tbe:retoo for the purpose of defraying p;:n~t of the cost hi improvi..ng and extending the motor vehicle parking facilities in and for aaid Villa-gel> a.nd thb bond does not constitute an indebteclnelJl!J of said Village within aJ2.y COD.8titutional or statutQry limitationa ...g.- c o This bond is one of an authorized issue of $10,000,00 numbered 1 through 10, of the denomination of $1,000,00 each, all of like date, tenor and effect, except as to number, maturity and redemp- tion privilege, and bonds numbered 5 through 10 are subject to redemp- tion at the option of the Village as a whole or in part in the inverse order in which they are num1!ered, prior to their maturity, on any interest payment date on and after May 1, 1959, at a price of par and accrued interest. Notice of redemption of any or all of sa.id bonds shall be given by publication at least o:r..ce not less than thirty days prior to the date of redemption, such publication to be made once in THE MOUNT PROSPECT HERALD, a newspaper published and of general circulation in the Village of Mount Prospect, Illinois and such notice of redemption shall (a) designate the date and place of redemption, such pla.ce to be at THE MOUNT PROSPECT STATE BANK, in the Village of Mount Prospect, Illinois and (b) designate the numbers and the aggregate principal amount of the bonds called fo<<, redemption (c) the redemption price and (d) state that on the designated date of redemption said bonds will be redeemed by payment of the principal thereof and accrued interest thereon to date of redemption, and that from and after the designated da.te of redemption interest on the bonds 80 called for redemption shall cease, unless funds are not avai1abl~ for such redemption upon pre sentation of the bonds. Under said Act and the ordinance adopted pursuant thereto the l'evenues derived and to be derived from the operation of the motor vehicle parking facilities of said Village shall be deposited in a separate fund designated as "Parking System Revenue Fund of the Village of Mount Prospect", which shall be used only in paying the cost of equipment, acquisition, operation and rnaintenance of the parking facilities -1- o o of said Village, payin.g the principal Of and inte:r>l"lst on the bmuls of said Villageo that are issued undex th:~ authority of said Act,!land are i payable by their terms only from the :revenues of the motor vehicle parking facilities of said Village and creating end mainta.ining the several accounts established by the ol'dmance authorizing the :!0sue of bonds of which this bond is one c It is hereby certified and recited that all acts, conditioms and things required to be done pl"ecedent to and inth~;i9sua.nce of tbis bondp ; have been done and have happened and have been performed in regular and due form of law~ and that provimion is made for depositing !n said Parking Sy$tem Revenue Fund the entb:e 4:evenuea received from the operation of the motOl" vehicle parking facilities of said Village to be applied in the manner a.s set for thin the ordinance p1.\rBv.ant to which this: bond is issued, and it is hereby covenanted and agreed that charges and rates will be charged tor the use of fJaid motor "vehicle parking laciUties sufficient at all time S. to pay the princip~J. o! and intereat upon all bonds issued by !laid Village which are payable solely {loom the revenue. of said motor vehicle parld.ng facilities and to create and maintain the oever.al account., establisMd by the ordinance authorizing the issue of bondo of which this bond is one. This bond may be register.edas to p:d.ncipal in the na.me of the holder on the books of said Village: in the Office of the Treaame1" of zaid Village", s'tlch registration to be evid.enced by notation of said Treasurer em the back hereofo after which no txansrer hereof shall b~ valid unless made on sa.i~ books and simila,lo1y 110ted hel"eOD9 but it ma.y be discha.3."ged from ouch registration by being transferred to bearer) alter which itshall be transferable by d.elivery~ but it may be again loegistered. as before. The registration of tIns bond shall not :restrict the negotiability of the coupons by deiivel'Y merely. I "".~ o o IN WITNESS WHEREOF (> said Village of Mount Prospect/] Cook Count Yo Illinois:) by its President and Boa.rd of TrusteelB9 has caused this bond to be signed by its President end attested by the Village Clerk and its corporate seal to be hereto afIixed8 and the COUP0118 hereto attached to be signed by the facsimile signE'.tul"es or said President and said Village Clerk;, which officials by the exectttion of said bond do a.dopt as and fOl- t their own proper signatures their l"espective facsimile aignatt'tres appeal"- int on said coupons v and this bond to be dated the o ---President Attest: Village Clerk (Form of Coupon) Number $ On the lust day of ~ 19 * (unless the bond to which this C:OUP011 is attached has t.h~:rtofol"e b~en called for prior payment and payment made 01> provided for)t' tr..e Village of Mount Prospect/] Cook Count Yo l11inoist> will pay to bearer out of the Parking System Re-tfenue Fund of said Village __~ Dolla.rs ($_r, ) in layaful money of the United States of. America at THE MOUNT PROSPECT STATE BANK in the Village of MOl.mt Pl'cu~pectg I1linois~ being interest then due on its Parking Revenue Bondo Series of 1956~ dQ.ted N'l'm'lber .-.............-. "q" Pre sident -~1I:fag~ Clerk *(Th.e clause within the parenthef3~a shall be inserted in all coupons attached to bonds numbered 5 through 10 after the callable dates of the bonds to which they us a.ttal.chedo) (Form of Registration Certifica.te) Date ~ Whos~ Na.:ne Regi~t~~~ Signat.!,re ~ Village TreasUl"el' --~--'- /"'......, '-' ---- li """"" SECTION 7. From an.d afte? the date tha.t this ordinance becomes effective" all motor vehicle parking facilities of said Village of Mount Prosped" foy the purpose of this ordina.nce" shall be operated on a, fiscal year basis~ commencing the first dayof' May and ending on the last day of April of each year 0 and the entire revenues derived fl'Cni:1 the operation of said motor vehicle pa.rking facilities of said Villa.ge shall be set aside as collected and be depoeited in a separate fund which is here by created to be designated 8.S the "Parking System Re~."ellUe Fund of the Village of Mount Prospect"o which shall be used only in paying the reasonable costs of the equiping9 ac:quisitiono maintenance and operation of said facilities ~ cU'1d paying the p:dndpal of a.nd interest upon the bonds of said Village authorized under the terms of this ordinance a,nd which by their terms are ~ya.ble from said revenuesr and for the creation and maintenan:ce of the severa.l accounts specified in Sectio:l S hereofD and such Parklrsg System Revenue Fund shall be used for such purposes and is hereby pledged therefor 0 SECTION 8. That there shall bf; established nix (6) liepa-rate accounts in sa.id Parking System Revenue Fund! to be designated severally the ''Land Acquisition Account"v the "Meter Acquisition Ac;count"p the 'Ope ration and Maintenance Accouuttl" the Bond and Interest Account"r the "Replacement Account" [' and the Surplus At~count!l D in which there shall be deposited on the first business day of each month all mon~ys held in the Parking System Revenue Fundo in accordance with the following provisionsL' and in the order the a.ccounts referred to a.re hereinafter inentioned~ I (a) There first shall be credited in, the La.nd Acquisition Account \ I beginning on the first day of ~J:ilnuarYA 1',.1 " 1957 and on the first day /.; of each and eve 1'y month thereafter an am'6tm.t equal to thirty-three and ore- !;, third (33 1/30/0) per cent of thegross l'even;~s of the ope'ra.tion of the Parking t., \\ System which amount shall ~ tranBmitted/t.~ the :re<:eiving agent for the ) \. . , ,ii.. r\\ -/~~-' r-\ '-" ,.- .....} Chicago &: Northwestern Raihvay Compa,ny on o!' before the fifteenth business day of each month as and t(n- the ground rental :for Parking Lot Number One (1) as provided in the ag:ree:rnent. and leai~e "vith the said Chica.go an,d Northwestern Railwa.y Company (;onsenting to installation of meters in s<aid Parking Lot Number One (1), (b) There shall be (~redited in the Iv1etel" Acquisition Account beginning an the first day of _}anua.ry_ ,1 ~ 1957. a,ud on the fh"st business day of each n10nth thereafter an amount equl<ll to thirty-three 4lnd one ".third (33 1/3%)pe? cent of the 2;;:083 revenue,s of the operation of the Parking System which amount shall be tl'ansnritted to the :Magee -Hale Company on ot: before the fifteenth business day of ea.ch month to the applied to acquisition &nd installation of parking l'netf~r8 in Lot Number One (1) as provided in the agreem.ent with the sa.id M(:\gee~Hale Compa.ny. When the f1:l11 contract price has been. pa.id to the M,j.gee-Hale Company then the Meter Acquisition Fund shall be (<::}osed 1'>ud the re'iren'Lles theretofore credited tC) the said fund shall no longer be so (:!'t;:dited but shall be credited to the Surplus Account" te) Th.ere first shall be credited in the Operation and Maintenance Account such 2. sum of money as is neceSSal"Y to pay the reasonab~e cost of opel'ating and mainta.ining said lnotor vehit~le parking syst.em ~der an .. effici-lnt and economica.l management [oJ,' the period of one. month; :Which shall include" without limiting the generaJity of the foregoingo salaries; wages,. cost of materials a,nd supplies" pUl'chase of pov'fel" for Hghti:..'1g" msuranc:e a.nd all other i1xpenaes incidenta.l to the operation and maintenance thereof, The Village covenants(; however" that there will be charged to the lvf..ain- tenance and Operation Account for police protection. enforc.em~nt and supervision of the motor vehieie parking facilities only thoBe salaries an.d I '7 ~) ~..."", - ...~ ,r- v o expenses of the Police Department nece3.sadly required for enforcement" super'l',,,ision and protec.tioTl of said fa~~ilitieso {d) 'There shall be cl'edit:.:~d in the Bon.d and Interest Account) beginning ~Ja.nuary 1 19 51 ;, and 011. the first busine l'j ~~ ~_.....'-"- day 0 f each month tht.H:f'J\ftel'? a.n an1.0unt equal to one-fifth (1/5 j of the interest becoming due on May 1" 1957? and therea.fter one-sixth (1/ is} of the interest becoming due on all cn:'.t3tan:fing parking revenue bonds on the next succeeding interest pa.ynlent date; an.d beginning May 1" 1957 and on the first business day of each month thereafter 9 an amount, equal to at least cm.e-twelfth (1/12.) of th.e princip&.l becoming a.ue on its outsta.nding par'king revenue bonds on the n.ext s'l.u~{;eeding pl'indpal paynlcnt da.te c Funds to pay said principal and interest as pr'm,~.ded by this; ()rdir~.)'1.t'e together vfith. aUlns sufficient to pay the fee3 and expense~ of the paying a;;enJ herein deaignated" or its Ou{:{',essors" shaH be transmitted to such pa.ying ;\i.gent trom time to time and. at least fifteen (IS) d..'!.ys prior t(\. the expressed maturity of any principal or due d~te of b1~ei:e8tn (e) The;:-e next shaH be ere dited. t." the Replacement Ac(;o'U'nt beginnh:I,U _ Ja~~.~rYH!" .__~ 19 57 the Bum of $100" 00 each. munth ~~lftt -_.-.- -- ..._---~ said Ac:c;ou..~t ,,~,ggregatt~s the sun1 of $14 000.00" ,uld the:reafter no furth€'! 2l.mo\.mts shaH be c:redited to s~,id A{C",(i'l.ll1.t exc-:ept that" whene'Ve:r a.ny :r.n{\:1'i,t 18 pa1,d out. of e~id Accounts., c;r~,dits t$.) B~.id AC('{Hmt shaU be l'eeum,,*il'~H ,;ontinued until such tj,}':ae >:'..8 the A,~!;Q1.rn.t h;;:"s f"g6~i~ be'en restored tlJi tha ."'g.gT"g.'...... '..m"'.....{. ,..C $l'f filOJ'\ f) 'I''' Th'" .:>'1,...~1.., ...f ,"""'d () ""onn?- ","l.,.~1'. b- .' .' ~"~. '_ ~_ t>..,l,~ t,:-, -V" ",--a.f.l-. vJ.. ~,;" V t. '.$ t'; . ........... .~"-',.:..l..,,""'.~ v.., ;';"e:.:;,z....,.,. 4o'..'fc.!>If.-.' u...._,"~ oU,1'M,a,.3. l.'l;:; t..J.~':o\-' and he Id lOJ: use and sh~~U be '".jHhdl'd\\Vll frorn /Jaid A{:f;ou.nt, il'om tinH. t, hi'!'-::' a$ ordered by resolution of the P!'es:!dent and lkr.t~d of T:rU!'jtf:;e'~" fo1' the purpose of replJi1,(;ing p2,rklng f~c;iHtias or p:~rking met.e!'f~ U~..!l;t b<.?f'ome obsolet:3" outW01:'I1 O~ un'l.~,:IMrJ}le, eX:4:e-pt th~,t the fU1).ds held in BdJ{' t. ,f)~ t'ii.,,'I' , -'~ ; . r\ "-" o Account to the extent necessary to prevent or l'emedya default in the payment of the inte:l."est on or principal of the bonds herein authorized shall be tra.nsferred to the Bond Account" and whenever such a transfer is made, the amount so transferred shall be added to the next credit herein required until lull reimbursement to said Replacement Account has been made. FundI! held in such Account may be invested from time to time by said Village in interest bearing bonds or other direct and genera.l obliga- tions of the United States Government having maturities within the time such !unda shall be needed, and such securities may be so14 from time to time pursuant to resolution of the president and Boa.rd of Trustees as funds may be needed for the purpose for which said account was created~ and the proceeds derived from the sale of any such securities, and all interest accrued on said securitiesa shall be credited to said Replacement Account. (f) All moneys remaining in the motor vehicle parking system fund of said Village at the end of a.ny fiscal year, as established by this Ordinance after crediting the required amounts in the accounts (a) to (e)~ inclusive as hereinabove set forth, shall be credited to the Surplus Account. Th~ funds of said Surplus Account shall be used at any time to make up any deficiencies in credits to any of the accounts (a) to ~el . f,;'ldusive. hereinabove provided foro and if all credits have been made to said accounts (a) to (e), inclusive as provided for by this Ordinance and there re.main funds to the credit 01 oaid Surplus Account at any time i! sa.id funds may be used up to and including _lv.tay 1 D 1959, to pay the cost of improvernents, enlaI"g~ment8 01' extensions of 'the parking facilities of said Villa.gea or in lieu thereof may be used for the purchase in the open market of any of the outstanding Parking Revenue Bonds of ~ t:~~ ~ J,.j~ c. ".,., v said Village which by their terms are payable from the revenues derived from the operation of the parking facilities of said Village at a. price of not to exceed the maximum redemption pl."ice thereoig plus accrued interest to date of payment. and any such bonds eo purc.hased shall be ca,ncel1ed and not reissued. On and after May 1 f 1959~ the funds of said ---.-- Surplus Account shall be used only in redeerrdng any outetandi13.g Pa.rking Revenue Bonds of said Village which by the!!' terms are paya.bIe iron.i the parking facilities of. said Village as said bonds bee'orne redeemable, at a price not to exceed the maximum I"ademption price thereof" Funds in the Surplus Account x.nCl.y be invested from time to tin"..e by said VHla.ge in interest bear:in.g bon.ds 01' other dir.ect al1d general obligations of the United St~,tes Govern.ment. ha.~..ing mattu"itieeJ within the time such funds shall be Ileeded.; and r.n.td-: fJecurities may be sold from time to time pursuant to resolution of the President and Board of Trustees as funds may be needed for the PUXP050 for which said account 'WaS created. The proc.:eeds derived iron"} the Balr~ of such sot:u:rities and any interest accl"ued from such securities shall b3 c:recl5.ted to said Surplus Account" SECTION 9. If within a.ny rrAonth the revenues 01 said motor vehicle parking facilities are in~".fii4~ient to credit the required amounts in any of said Accou-'1.tsJ the deficiency shall be made up the ne~;:,t following month or months after all credits into an .At:;counte enjoying a priolo claim of tOevenues have been made in full. When and so long ae the amount held in the Bond and Interest Ac(;;ount from whatever Bou:rt"e receiverl she.ll be equal to the aggrega.te principal amou.nt of all said bonds ii.'erna.ining outstandingo together with interest thereon to matul"ity., no further payments sha.ll be m,a,de into the Bond A(~(;f,)unt. .....' If.>- r ~. ~'\~ '-' SECTION 10. That the Village 'Of }.1oi.mt Prospect covenants and afll'ees with the holders of said bonds e.nd c.ou'Oons hereh',! authorized tr...at o ~ so long as the bonds or any of them l'en1ain outstal1c1ing and unpaid, either as to principal 01' interest: (a) The Village \~/ill rnaintahl the syatem in good repair a.nd working order and will operate it efficiently and will faithfully and pUllctually per- form all duties with reference to the system required by the Constitution and Laws of the State of Illinoisp including the making and collection of su.fficient 1"c.tes and charges {Ol' the use of the system9 and the segrega.tion and a\IJplication of the revenues of the systelr." in the manner provided in this ordinance. (b) That the Village will establish and maintain at all times reasonable fees, charges and rates f.Ol' the use of all parking facilities sufficient to pay the reasonable costs of operation and maintenance, to pay interest on and principal of all revenue bonds of said Village which by their terms are payable from the revenues of said [aci1ities~ and to provide for the crea.tion of the respective accounts as provided in Section e of this Ordinance and wUl provide for the collection and deposit thereofp and the segregation and application of the revenues of said system and fa.cilities in the manner provided by this ordinance; and th~J: the Village will from time to time nlake all needful arId pl"Oper l'epai:i:s, l'eplacements, additions and betterments to the equipn"lent and facilities of said system eo that it may at all times be opel'ated properly and. adva.ntageouslyc and when any parking meter or other equipment of fc.cilitiea of said system shall have been worn out!' destroyed or otherwise unfit fo!' proper use,~ it shall be promptly replaced or repail'ed so that the value aud efficiency of the facilities shall be at all times fully rnaintainedp and its revenues unencum- bared by reason thereof; p~ovided, how0ver~ said Village shall at its /....,.".- ..-l ..,I' - '. : . 1"""-. , . . ~ \ , " ..,. d"'cret' b ,., . ~t. .~. ...... .c.'!'... I~- i<) ....101), 'a .~l.1.'Iol'1Ql':\Zel'.:~ !=J p:;,.Q..J'l....~ :':a':a..l~.1.;')O .~or "l'ee-o.t~-S~l'e~i1; pa.r~g., not to exceed 10';} of the !':quare ioo!: t".rea of all of .said Qff.street parking -. facilities. (c) The Vil1ag~ will1':.Ot peri:"'.nit frae pal"king, exc'apt as in (b) above, o-r: ae~Vic'e to be supplied by the ayttte1'o to th.9 Village or 'any depa.rtment " . thereof or to any person, fh'm or COl.'po::c.ti"n, public or private, 01" to any p~b1iC'a.gency or i~Stl.\lmenta1ity, and all ~:r:sons oomg any part of the s:y:o.t.em fo;.' t~e parldng of. vehicles. shall pa.y for such aai-vices the established' rate 01' cherge; (en That the Village will eBtablish 6uch rules and regula.tio~s for the cmltrol and operation of said facilities nec~ssa.l"Y for the efficient and . economical opel"ationthel'~\Of and r~teo and charges aha!! be fixeel and , . . ~.. ". l'Errise~ from time to time a:~ may:be 1'13c'3ssary to prod'l!~e funds sufij.c.ient ~ '. for 'aU.the purposes herein p~~vide'd; . . . (e) That th::t Vjllage will establish much rules and regulations as '" to.the'.ute o{any such ~ar~.ing facilities to aSSl.'1re th~ ma:::dlnum :use or .' . -'. '... . cccupanc'y thereof; . . (f) Th~t s'o long as any of the bonds authorized. herein are outatanding the Village will ma~t.ain all.d ca.rry adequate public lia.bility ins.ura.:n.ce . . against c!aim~ aris~'g out of the' o~ration of the parking facUities. .Said ..:. insl;trai'ice shall be. carried in a respoll!>ible inGurance' company O~ companies . . . authorized to do busiitese in t~e State of rHLT),ois, and.the cost thereof s~l1 be deemed to be a Dtaintenance and opel'i.ition cost; (g) That ~h~ Village will main.tain pal"Icing met.a!'s and c'ol1ect tatee 1.;hel'efl"om in the' ma~nel' requil'ed by thb orcl.i:i.lance o~ 2.11 p".1bl1cnt:a:eets where such pa;;'.ldllg' meters are pl'ecently hGted a.a of "the date of the passage of this Ordinal'lCe~ a.n.d on such stl'oSets and in off..stl"eet llal'Y..ing lO~B where pal'lting i't1ete:t"s shall hal'eaftel' b!3 located. until all of the bonds authorized by ~hia ordinal'lC~ have been pa.id. il'l. ft'!.ll~ bot~ as to principal .... /tg - ~ .~ ~ . - ~ .....,-' - , and. inte:;'43st; pl:ovi,!\:;d1 hO\!/eV'~l'; ':;lli;:; covena.nt shall not b!3 construed to .. ... 't " .' , . -: . I ' ,. .. .. . de P':Ol"LlI::ll ll~-:;aSBa:...y c.L1~:ng'3S llt '\:.L18 ~OC2.':lon 0:': C't.~Cll ~:a:'..'.~"'11g met3~B rtJa ",. D,l'.!\CeSsa:l.'Y by Stl''3'~'~ -'iiidGt'l111g Ol' Gt::"3\3t cloGings 01' rn.~1)f.:tii:t1:~ic}1.l or changes , ., 1 I.- " .. . It' ~, .J' 1 --:J' . 111 Cil'3, _ocalolon m: pa:~'l:l!lg :n:~r3'CS..'S 'CO p..'OVlf..l3 eCa~ll&:la'!' elh.. 7.l.ecesaary tl'afiic l.'.egulation an.d CO:i.ltl>ol, In'oY'id-3d. such change 'l.vill1.'1ot lessen the th~n CU.l:l'0n:t income a.n.d 1.'eVentl~ to b'3 ~bl'iv3d i;$'Ol'n :3t~ch n~0tel'S or, impair th~ payzne::'1t of the pl'incipa.1.e.l~d int31'es'c 01 th.3 bonds Clt'!.thorised; , . ,{h} 'j~h~t ths Villaga ~....vil1 "'!"iEiintain ~l.1ld k'3ep pl'OpCl' 'Oool,s of l'ecol'ds and a.ccounts (sepa,3:ate fl'om all O'i:i;1.3.~.' l"3CO:;;'ds and ac'countz 01 said Villag3) in ~.vhich c o:':"~plet~ ~l'ltl'ieG shall be :n:a.de of all tl'~ne3.cHonEl ~..el~~ting to the "d ~~-' ~"1'" '1 d' "'I b" oL' , , sal pa.!'t'tlng .:.aC1 It:le5, mc..U"lng ",~l:) l'l..u::n ex 01: !'.(Le~Gl'f;, :an o-r.:;l;"Vlce' on I'.n;reet .kid Qfi"$t2'~et a.t yacU."IS end, .?l'1d g,dd -:,Tillage herehy CtWCD.ants that it will c::t\'tse the 'b.-ooks al'lcl c'l.?CcuntIl of sai.l'pa ?!dng fllcHitie!S to l:ro';; f,l.t\dited ih"mually , , by certified pt'l.blit aCCOullt1:l'hta and withi....'l n~t more tbc;J.n thi/:ty claya af.ter the close of ~2!,ch :fia'c~l yeal' will fi~e w:ltl~ THE LIONS CLUB OF :MOUNT P!lOSPEC'l"' a~d THE ,:MOUNT PROGPECT STATE BAN1{. .thID o~dlinal p-I.ll'chasera of EiE\.id bOi'lds, comple'~e ope~1atil1i illCOn".lEl mtatexnenta of said facilities in rec;taonable detail covering such fiscG.l year and will furnish upon written request not mar e t.han thirty day~ after the CltHle of ea.ch fiscal' year copies of such. operations and incom3 st~tementt.f ro any holder of any' 8aid bonds an.} willpsl'mit THE llIOHS CLUB OF MOUNT PROSPECT and rrI.:rf.C . MOUN'r PIlOSPECT STATB B.ANK. c:&.O any holder OJ' hoIdel's. to in13psct at ;!:l.ll r-ea,5tmable tin.es said i~:Z!.:d:hlg :i:aiCUiti~!~ ~.nc1. .1:111 recol.ds and aCCouIltB ~.nd elate, l'elating ther.eto, .anct 'co f'lil'tlish to '1'B"E I.IONS CLUB OF :MO!JH'X' ::?ROS~'?EC"r t~nd ~!'I.U~ ,MOlH('l' ,F''T.tGSl-'EC1' S:rl~.'r~ :6Jl.HK, 01' any ho::'dt;; l' or neldel-s of sa.id bOil-da th0tl outstanding all data a.nd info1":t.nation :-..cl;~tinf~ to said fa.cilities which nl.n.y be reasonably requested; . jq- _, I c\ o (i) That so long as any of the bOi'4ds a.uthorized hereunder are outstanding the Village will not sell, lease, loan, mortgage or ill any manner dispose of or encumber said park1.ng facilities until all of said bonds hereby authorized shall be paid in full, both principal and interest, or unless and until provision shall have been :made for the payment thereof, and that said Villa.ge wUl take no action in rehtion to said facilities which would unfavorably affect th~ security of the bonds or the prompt payment of principal and interest thereon; (j) Any holder of a bond or bonds 01' any of the coupons of any bond or bonds issued hereunder may either.in law or in equity, by suit, action, mandamus or other proceedil'lg enfoxce 01' c:olnpel performance of all duties required by this ordinance: including the making and collection of sufficient chargee and rates for the use of said motor vehicle parking facilities, and the application of the income and revenue therefrom. SECTION 11. That is is hereby covenanted and agreed that while any of such bonds herein authorized to be issued are outstanding, no prior lien bonds or other obligations payable from the income and revenue derived from and to be derived from the opel"ation of the motor vehicle parking facilities as herein defined shall be issued; equal lien bonds may not be issued unless (1) average annual net revenues derived from th.e motor vehicle parking system for the t\"ro pl"eccding fiscal years were sufficient to pay aU costs of opera.tion and rr~aintenance and leave a balance equal to one and one-half times the average armnal xcquirements. for principal of and int erest on all bonds then outstanrHng payable frOIl'1 the xev'"'enues of the said fa.cilities and on such additional bends or ot}-l..er obligations proposed to be issued, and (2) 2'.11 mcmthly credits to the Replacement Account have been rt"..ade du:dng said f'iH:a.l year as specified in Section 8 above. <:..- c;< Q ~..... . , ,-\ ~ . - . . o Notwithstanding the restrictions upon the issue of bonds or other obligations as hereinabove provided, said. Village shall have the power and reserves the right to issue bonds to refund part of the bonds hereby a.uthorized with the consent of the holdel's thereof, and such refunding bonds shall share ratably and equally in the revenues derived and to be derived from said motor vehicle parking facilities and in the pledge the:reof ma.de under this ordinance with the bonds hereby authorized that are not refunded, provided that if less than all of said bonds then outstanding are refunded in such Inanner that the interest rate is increased or the refunding bonds mature at a tlate earlier than the n12.turity of the bonds refunded thereby, then such refunding bonds shall not share ratably and equally in said revenues of such motor vehicle parking facilities with the unrefunded bonds remaining outstandingy but in such case the pledge of revenues to the payment of such refunding bonds shall be junior a..-.,.d subordinate to the pledge of the revenues for the payntent of the unrefunded bonds herein authorized, unless the holders of such unl'efunded bonds consent in writing to the maturities and to the interest rate or rates of such proposed refunding bonds. SECTION lZ. The provisions of this ordinance shall constitute a contract between the Village of Mount Prospect and 1he holders of the bonds herein authorized to be issuedJ and after the issuance of the bonds no changes, additions or alterations of any kind shall be made to this ordinance in any manner except in accord".nce with the provisions of this ordinance!) or \.mtil such time as all of said bonds isSl..1ed hereunder and the interest thereon shall be paid in full, or unless and until provision shall have been made for the payment of all of said bonds and interest thereon in full. SECTION 13. That aa soon as ma.y be after this ordinance becomes effective, sa~d bonds shall be executed and be by the Treasurer of said Village sold and delivel"ed to the purchasers thereof, na.mely~ "_.t:LJ - ~. ,....\ ow' ,'II ... f.. ~ :...; THE LIONS CLUB OF MOUNT PROSPECT and THE MOUNT PROSPECT STATE BANKv at par and accrued interest from the date thereof to date of delivery, all in accordance with the proposal of said purchasers for the purchase thereof: which has been accepted and approved. SECTION 14. That the proceeds de:l'ived from the sale of bonds authorized hereby shall be used solely for the acquisition and improvement of the motor vehicle parking facilities herein described, all in accordance with plans and specifications therefor, heretofore approved by the Plan Commission and the President and Board of Trustees, and now on file in the Office of the Village Clerk for public inspection. Any surplus bond proceeds remaining after completion of said improvement shall be tra.ns- ferred to the Bond and Interest Account and applied only towards the payment of principal and interest on the bonds hereby authorized to be issued. SECTION 15. If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of such section~ paragraph, clause or provision shall 'not affect any of the other provisions of this ol'dinance. SECTION 16. That this ordinance after its passage and approval by the President shall be published in THE MOUNT PROSPECT HERALD, a newspaper published and of general cil'culatim in said Village and shall be in full force and ell'ect as provided by law. PASSED: This 6~ day of 6~ 1956. APPROVED: This ATTEST: ---??~~ . ~age 'Cle PUBLISHED: My-: /$ Itj50 )I -- c2;{ .....