HomeMy WebLinkAboutOrd 569 09/17/1957
Ordinance No.
',67
AN ORDINANCE providing for
the issuance of Special Assessment
bonds under Warrant No. 57,
payable in numerical order.
WHEREAS, a contract has been let for the construction of a local
improvement known as Mount Prospect Special Assessment No. 57,
Docket No. 57 in the County Court of Cook County for the improvement of
Elmhurst Road and other streets within the Village of Mount Prospect by
grading, curbing and paving including the cost of furnishing all labor ,
equipment and materials; vouchers have been issued to the contractor as
the work progressed and the holder of all the vouchers issued in payment
of all work has requested that bonds be issued payable in numerical order
as provided by Section 84-86d of the Revised Cities and Villages Act;
Now, Therefore,
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
Section 1. That the bonds heretofore authorized to be issued to
anticipate the collection of Mount Prospect Special Assessment No. 57 be
issued in the manner and form as provided by section 84-86d of the
Revised Cities and Villages Act.
Section 2. That said bonds shall be dated as of the date of the
voucher s for which they are exchanged; shall be in the denominations of
$1000 and $100 except for one bond which shall be for the balance due on
said voucher s; shall be due on or before December 31, 1968, bear interest
payable annually, at the rate of 6% per annum, shall be exchanged for
vouchers at not less than their par value, shall be payable in numerical
order and be redeemable in numerical order prior to their maturity in
accordance with the provisions of said Section 84-86d.
Section 3. That whenever there are sufficient funds in the hands
of the Treasurer to pay the next interest that comes due and to pay one
or more bonds, the Treasurer shall call such bonds by publishing the
notice provided by statute not less than five nor more than thirty days
prior to the date fixed for prepayment. The bonds will be payable in
numerical order beginning with the lowest numbered outstanding bond.
Section 4. That the President and Village Clerk be and they are
authorized and directed to sign said bonds and seal the same with the
corporate seal of the Village.
Section 5. That this ordinance shall be in full force and effect
upon its passage and approval according to law.
PASSED: this /7r/ day of SG)DTe-nd&7~ , 1957.
APPROVED: this /7 r/lday of S6PTE/'18LFIfC , 1957.
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President "
ATTEST:
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Village Clerk .