HomeMy WebLinkAboutOrd 210 03/07/1939
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AN ORDINANCE providing for the issue of bonds
of The Village of Mount Prospect, Cook County,
Illinois, in the sum of $10,000, for the pur-
pose of constructing, altering, improving and
repairing of streets, and providing for the col-
lection of a direct annual tax for the payment
of principal of and interest on said bonds.
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WHEREAE, this, the President and Board of Trustees of The
Village of Mount Prospect, in Cook County, Illinois, find that it
VlTill be for the best interests of this Village and its inhabitants
that certain streets in said Village be constructed, altered, im-
proved and repaired, such work to consist of the construction of
curbs and gutters, street lights, street signs and other improvements;
and
Vv'HEREAS, this Village has certain funds available from its
allotment of the Motor Fuel Tax to pay a portion of the cost there-
of, but does not have sufficient funds with which to pay the entire
cost thereof, and it is necessary and for the best interests of the
Village and its inhabitants that it borrow the sum of Ten Thousand
Dollars ($10,000) for the purpose of paying a portion of the cost
of such constructing, altering, improving and repairing of streets.
NOW, THERE!t'ORE, Be It Ordained by the President and Board
of Trustees of The Village of Mount Prospect, in Cook County, Illi-
nois:
Section 1. That there be borrowed by and for and on be-
half of The Village of Mount Prospect, in Cook County, Illinois, the
Slli~ of Ten Thousand Dollars ($10,000) for the purpose of construct-
ing, altering, improving and repairing of streets in and for said
Village. That to evidence said loan negotiable coupon bonds of
said Village be issued, that said bonds be designated "General Ob-
ligation Street Improvement Bonds", be numbered 1 to 10 inclusive,
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be of the denomination of $1,000 each, be dated as of May 15, 1939,
and become due and payable in numerical order as follows:
$1,000 on January 1, in each of the years
1942 to 1951 inclusive;
bear interest at the rate of four and three-fourths per cent (4 3/4%)
per annum from date until paid, payable July 1, 1940, and semi-annu-
ally thereafter on the 1st day of January and July in each year,
which interest payments to the date of the maturity of the 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 City Netional Bank and Trust Company of Chicago, Chi-
cago, 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, and said coupons shall be signed by said
President and be attested by the Clerk by their facsimile signatures,
and said officials shall, by the execution of said bonds, adopt as
and for their own respective signatures their respective facsimile
signatures appearing on said coupons; that said bonds be payable to
bearer, provided, however, same shall 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
such Treasurer upon the back of bonds so registered, and after reg-
istration no bonds 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. Registration of any
bonds shall not affect the negotiability of the coupons thereto at-
tached which shall continue transferable by delivery.
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Sect~on 2. That said bonds and interest coupons, and form
for registration as to ownership shall be in substantially the fol-
lowing forms:
(FORM Oli' BOND)
UNITED STATES Olt' AMERICA
STATE OF' ILLINOIS COU1""rY OF COOK
THE VILLAGE OF MOUNT PROSPECT
GENERAL OBLIGATION STREET IMPROVK~ENT BOND
No.
$1,000.
KNOW ALL MEN BY THESE PRESENTS, That The Village of Mount
Prospect, in the County of Cook and State of Illinois, acknowledges
itself to owe and for value received, hereby promises to pay to bear-
er, or if this bond be registEred, then to the registered holder here-
of the sum of
ONE THOUSAND DOLLARS ($1,000.00)
on the 1st day of January, 19_, together with interest on said sum
from the date hereof until paid at the rate of four and three-fourths
per cent (4 3/4%) per annum, payable July 1, 1940, and semi-annually
thereafter on the 1st day of January and July in each year upon pre-
sentation and surrender of the 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 City
National Ba~~ and Trust Company of Chicago, Chicago, Illinois.
It'or the prompt payment of this bond, both principal and
interest as aforesaid, at maturity, the full faith, credit and re-
sources of said Village are hereby irrevocably pledged.
This bond is issued by said Village for the purpose of
constructing, altering, improving and repairing of streets in and
for said Village, pursuant to and in all respects in compliance with
an Act of the General Assembly of the State of Illinois, entitled:
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tlAn .Act to provide for the incorporation of Cities and V illages1!, ap-
proved April la, 1872, and all acts amendatory thereof and supplemen-
tary thereto, and an ordinance duly passed by the President and Board
of Trustees of said Village, approved and published as required by
law, and submitted to and approved by the voters of said Village at
an election duly called and held for that purpose.
And it is hereby certified and recited that all acts, con-
ditions 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, including this bond and the
issue of which it forms a part, 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,
r;~ all of the taxable property in said Village sufficient to pay the
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interest hereon as the same falls due, and also to pay and discharge
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 Treasurer of said Village,
such registration to be evidenced by notation of such Treasurer upon
the back hereof, and after registration no transfer hereof shall be
made except upon such books and similarly noted hereon, unless the
last registration shall have been to bearer. Registration hereof
shall not affect the negotiability of the coupons hereto attached
which shall continue transferable by delivery.
IN TESTIIv10NY vVHEREOF, said Village, by its President and
Board of Trustees, has caused its corporate seal to be hereto affix-
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ed, and this bond to be signed by its President and be attested by
its Clerk, and the coupons hereto attached to be signed and attested
by said President and Clerk respectively, by their respective facsim-
ile signatures, and said officers do, by the execution hereof, adopt
as and for their proper signatures their respective facsimile sig-
natures appearing on said coupons, all as of the 15th day of May, 1939.
Attest:
President of said Village
Clerk of said Village
(~'ORM OF' COUPON)
No_
$
On the
day of
, 19____, The Village of
Mount Prospect, in the County of Cook and State of Illinois, V'dll
pay to bearer______
Dollars ($
)
,
a t the City National Ba!1Jc and Trust Company of Chicago, Chicago, Illi-
nois, for interest due that day on its "General Obligation Street Im-
provement Bond", dated as of May 15, 1939, Number__
Attest:
President
Clerk
(!i'OEM FOR REGISTRATION AS TO OVmERSHIP)
Date of
Registrat~on
Name of
Registered Owner
Signature of Treasurer
of the VillaKe
.
.
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Section 3. That for the purpose of providing the funds re-
quired to pay the interest on said bonds promptly when Emd 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, 8. direct annual tax sufficient for that purpose, and
that there be and there is hereby levied on all of' the taxable prop-
erty in said Village in addition to all other taxes, the following
direct annual tax sufficient to produce the respective amounts in the
following years, collectible in the next respective succeeding year
as set out below:
For the year 1939
the sum of $780 to pay
January 1, 1941;
.fI'or the year
the sum of $1,475
For the year
the sum of $1,430
For the year
the sum of $1,380
For the year
the sum of $1,335
For the year
the sum of $1,285
J:t'or the year
the sum of $1,240
For the year
the sum of $1,190
For the year
the sum of $1,145
For the year
the sum of $1,095
l"or the year
the sum of $1,050
a tax sufficient to produce
interest to and including
1940 a
to pay
1941 a
to pay
1942 a
to pay
1943 a
to pay
1944 a
to pay
1945 a
to pay
1946 a
to pay
1947 o.
to pay
1948 a
to pay
1949 a
to pay
tax sufficient to produce
principal and interest;
tax sufficient to produce
principal and interest;
tax sufficient to nroduce
principal and interest;
tax sufficient to produce
principal and interest;
tax sufficient to produce
principal and interest;
tax sufficient to produce
principal and interest;
t<x sufficient to produce
principal and interest;
tax sufficient to produce
principal and interest;
tax sufficient to produce
principal and interest;
tax sufficient to produce
principal and interest.
Section.1. That interest and principal coming due at any
time when there are insufficient funds on hand from the foregoing
levy to pE'.y the same be paid promptly iJ,rhen due from current funds
on hand in advancement of the collection of taxes, and when said
taxes shall have been collected, reimbursement shall be made to the
said funds in the amounts thus advanced.
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Section 5. That forthwith upon approval of this ordinance
iby the voters of said Village, the Clerk of said Village shall file
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la duly certified copy thereof in the office of the County Clerk of
Ithe County of Cook. Said County Clerk shall in and for each of the
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I!years while any of said bonds are outstanding, a scertain the rate
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riper cent required to produce the aggregate tax hereinbefore levied
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I:for each of said years respectively, and extend the same for collec-!
i!tion on the books in connection with other taxes levied in each of
taid Years~res~ect~velY by said Village for its general corporate
I!purposes, and ln eoch of said yeors such annual tax hereby levied
[Ishall be extended and collected in like manner as taxes for general
I[purposes for each of said years are extended and collected, and when!
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!Icollected, such taxes shall be held in a special fund which is here- i
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I~y designated "General Obligation Street Improvement Bond Fund of
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1~939u, and Shall be used only for the purpose of paying the principai
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IOf and interest on said bonds herein authorized when same mature.
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i[t shall be the duty of the Treasurer to transmit such moneys to the I
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baying agent from time to time as they are received and within thirtt
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!K30) days after they are received.
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i E.ection Q. That the funds realized from the sale of said
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~onds shall be used only for the purpose hereinbefore set out and
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~one other.
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~een approved by the voters of said Village, shall be executed
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troper officials and i
jPY him delivered to the purchaser of said bonds as shall hereafter b~
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Wirected by this governing body.
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jDrdinance, same shall be published at least once in the Mount Prospecit
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~eview, a newspaper published in this Village, and posted in at least;
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delivered to the Treasurer of the Village and
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have I
by th ~
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Section 1. That said bonds, when this ordinance shall
Section 8. Within one (1) month after the passage of this
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Ithree (3) public places in this Village. It shall be the duty of
IClerk to cause the ordinance to be so posted and published.
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conflict
th~
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Section~. That all ordinances and parts of ordinances in
herewith be and the same are hereby repealed, and this ordil
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,hance shall take effect after passage, approval, publication and ap-!
rroval by the voters of this Village in the manner provided by law.
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!Attest:
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Approved: (...\ . ~j\ ') D ~ (~,,-1.:\ (, '\.. )
President of the Village
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~. ( ~~1../:::; ~.... .(..1... 1.. .J
Clerk of the Village
Presented: March 1939.
Passed: March 1939.
Approved: March , 1939.
Recorded: March .1 1939.
Published: March CO i-~ 1939.
Posted: March f{ 1939.
Vote: Ayes Trustee
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Nays Trustee
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li bsent Trustee
CJAP J~
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