HomeMy WebLinkAboutRes 20-67 03/28/1967
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PESOLUTION NO. 20-67
A PESOLtJTION EXPPESSING TEF~ LEGISLJ\TIVE INTENTION
PEGAPDING UTILI'l'Y SI1,'EP AND Fl\~:EP COPPOPPTION PUPCEASE
OPTIONS
VHlEPEPS, on December 11, 1962, the President and Board of
Trustees of the VHlage of fifount Prospect adopted Ordinance No. 88Ll
granting a franchise from the date thereof untH January 1, 1987, to the
UtilHy Sevier and I'Tater Corporation, an Ill:lnois corporation, p:rantinr:
the said corporation the franchise, right and privilege of owning,
operating and maintaining a ","ateI' It,orks and water distribution system in
8 porUon of the Village of Fount Prospect described in a certain
ExhibH 1', attached to the said Ordinance No. 88Ll; and
FHEPEAS, under and 'by virtue of Section 16 of the sala
Ordinance No. 884, the Villcwe of f'~ount Prospect vms given the right cmd
option to purchase the said water ':lOrks Emd ':rater distribution system for
the price of $350 per metered single-f3Jl1ily residence customer and S100
for each apartment unlt customer, and for industrial and comnercial
customers in accordance wHr. a fOl'f'1ula set forth therein; and
VHEPEJlS, on December 14, 1962, the President end Poard of
Trustees of the VHlage of f~ount Prospect adopted Ordinance No. 885
granting a franchise fron: the date thereof until <Tanuary 1, 1987, to the
UtHlty Sewer and I'Jater Corporation, an Illinois corporation, uanting
the said corporat ion the frenchise, ri[ht and privHep;e of ov,]lling, operati np;
and maJntai ning a sanHary sev!8r;e disposal system i n 2~ portion of the
Village of f.~ount Prospect described i.n [; certain F.xh5bit {, attached to
the sEdd Ordinance Fo. 885; and
1,!HEPEJI.S, under and by virtue of Section 13 of the said (~rdinance
No. 885, the Village of Fount Prospect was given the rir;ht and opUon to
purchase the said sanHary se1:J8['"e di.sposal system for the pri.ce of $250
per si.np;le-fmnJly unJt and per jndustri.al and comrrercial customer and
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$100 for each apartment unit; and
l:TEPFM~, the President and Poard nf r:':r'ustees of the VillaGe
of Hount Pr02.pect in the consideretion of the exercising- of the above-
mentioned options have determined thcit said options can only be exercjsed
in the best inter'est::; of the Village of T'lTount Prospect if the
indebtedness in aCQujring the above s~:stel'ls con be Hnuidated from the
revenues derived from those systems; and
F!!EREJlS, Charter 2LI, Section 11-139-8 elTpO'iJers the murdciI'81ity
with the rifht to est2J)1:i sh varied rates for the charp:e of v:ater and
seVIer services in a particular area so as to produce sufficient funds
to satisfy the indebtedness of the extemdon or iT'1provement of its
combined i'rater works and se':rage s,ystem or any part thereof servinr a
particular area; and
PllEPEJlS, the Presj.clent end Foard of Trustees of the ~Iillage
of r~ount Prospect are of the opinion that the publjc health and general
welfare of the resider:ts of the 'lillace of Fount Prospect v!Jll best be
served by the 2.ccu:tstion of these p.,ysteT"'s herej.na.bove referred to;
N0H, TIJEPEPOPE, Fl'~ IT PESIlVIED BY THE FRESIDFN'l' PND BOPPD OF
TUHS'I'EES OF' THE VILLAGE OF f"OmJT PPOE;PFC'l':
SEC'I'ION ONE: That should the V:i.llage of f'''ount Prospect
exercise 1ts rip:ht and opUon to purchase the satd sewage disposal system
ofUtili ty SeT'ler and \.rater Corporation and the vmtervlorks and water
di stributi on system of Utility ;'e'ller and Fater Corporation under the
terms of Ordinance no. 8811 and No. 885, It is the :i.ntention of the
President and Board of Trustees to estab~ish rates for the users of
the nevl1y acquired systems sufficient in nature to Jicuidate the
jndebtedness so that the sat:tsfaction of the bond retirement necessary
to accompHsh the purchase of these systems is achieved solely from the
revenues derived from said systems.
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SECTION ':['\1[0:
This resolution shall be 1n full force CJnd effect
from and after Us passap:e and approval in the manner prov1ded by
law.
AYES:
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NAYS:
PJlSSFD THIS 28th day of JViarch, 1967.
jlPPPOVFD TITIS 28th day of f'Tarch, 1967.
ATI'EST:
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