HomeMy WebLinkAboutOrd 550 04/23/1957
Ordinance No. 5- '5 ()
AN ORDINANCE providing for the
issue of Special Assessment bonds
under Warrant No. 56 payable in
numerical order.
WHEREAS, a contract has been let for the construction of a local
improvement known as Mount Prospect Special Assessment No. 56,
Docket No. 56 in the County Court of Cook County for the improvement
of parts of Mount Prospect Road by constructing a sanitary sewer within
said Village; 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. 56 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
vouchers for which they are exchanged; shall be in the denominations of
$1000 and $100 except for one bond for the balance due on said vouchers
shall be due on or before December 31, 1967, 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 2'7,';~ay of
APPROVED: this~'~r~day of
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, 1957.
, 1957.
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