HomeMy WebLinkAboutRes 24-63 06/25/1963
RESOLUTION NO. c:2 ~. (~.3
Resolution providing for the call and redemption of
certain Water Revenue Bonds of the Village of Mount
Prospect, Cook County, Illinois, and providing for
establishment of a trust fund for the purpose of
paying principal and interest on said called bonds.
WHEREAS the Village of Mount Prospect, Cook County,
Illinois has heretofore authorized and sold $1,128,000 of its
$1,450,000 authorized Waterworks and Sewerage Revenue Bonds,
Series 1963, in part for the purpose of paying and redeeming
any of its Water Revenue Bonds dated April 1, 1955, not otherwise
exchanged or paid; and
WHEREAS the owners of $8,000 of said Water Revenue Bonds,
bearing interest at 3% per annum and being numbers 341-345,
inclusive, due October 1, 1977, and numbers 363-365, inclUSive,
due October 1, 1979, are unkno~~ and the Village of Mount Prospect
is desirous of providing for the payment of said bonds, both
principal and interest; and
~~EREAS said $8,000 Water Revenue Bonds are callable for
payment in advance of maturity on any interest paying date on or
after October 1, 1970.
NOW, TH.sF~EFOR}~, Be it and it is hereby Resolved by the
President and Board of T~~stees of the Village of Mount Prospect,
Cook County, Illinois, as follows:
Section 1. That the $8,000 outstanding Water Revenue Bonds
of the 'li1lage of IvIount Prospect dated April 1, 1955 described in
the preamble hereof are hereby called for payment at par and accrued
interest prior to the respective maturities on October 1, 1970.
Section 2~ That the Treasurer of the Village of Mount
Prospect is hereby directed to deposit in trust irrevocably with
the American National Bank and Trust Company of Chicago the sum
of $9,800, being $8,000 for principal and $1,800 for all interest
coupons attached to said bonds and maturing on and before October 1,
1970, to be held and used solely for the purpose of paying the
principal of said bonds and the interest coupons as they severally
mature, provided that if any holder of said bonds desires to
surrender same at par and accrued interest to date of presentation
and prior to October 1, 1970, the Bank shall so redeem said bonds
with all unmatured coupons attached.
Section 3. That the funds provided in Section 2 hereof
shall be $8,000 from the proceeds of the Waterworks and Sewerage
Revenue Bonds, Series 1963, and $1,800 from other Water Funds of
the Village of Mount Prospect.
Section 4. That the Village Clerk be and is hereby directed
to give notice of said redemption as provided by the terms of the
ordinance under which said bonds were issued, by publishing such
notice in the Wall Street Journal, being a newspaper of general
circulation in the City of Chicago, Illinois, and such notice shall
be in substantially the follovdng form:
NOTICE OF RED~~TION
VILLAGE OF MOUNT PROSPECT
COOK COUNTY, ILLINOIS
Water Revenue Bonds
NOTICE IS HEREBY GIVEN that all of the outstanding Water
Revenue Bonds of the Village of Mount Prospect, in the principal
amount of $8,000, have been called for redemption and will be paid
on October 1, 1970, said bonds being numbered 341-345, incluSive,
due October 1, 1977, and 363-365, incluSive, due October 1, 1979,
of the denomination of $1,000 each, dated April 1, 1955, and
bearing interest at the rate of three per cent (3%) per annum.
Payment of the principal amount of said bonds so called for
redemption, plus accrued interest to date of redemption, will be
made on October 1, 1970, on surrender of said bonds in negotiable
form accompanied by all unmatured coupons at the office of American
National Bank and Trust Company of Chicago in the City of Chicago,
Illinois. Any of said bonds may be presented on any interest date
prior to October 1, 1970 for payment at par and accrued interest
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to date of presentation. Coupons maturing October 1, 1963 and
on or prior to October 1, 1970 will be paid upon presentation and
surrender of said coupons as same mature, unless said bonds have
been presented and paid prior thereto.
Interest on said bonds hereby called for redemption shall
cease to accrue from and after October 1, 1970.
Ruth C. Wilson
Village Clerk
Village of Mount Prospect,
Cook County, Illinois
Section 5. The American National Bank and Trust Company
of Chicago shall evidence its acceptance of this trust by endorsing
on a certified copy of this resolution its acceptance thereof.
Section 6.
That this resolution shall be in full force
and effect immediately upon its passage, and approval according
to law.
Approved:
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Pr e sid en t ;.::::::-:;~~
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Attest:
~ e, i (AJ.J.:€~
~ age Clerk
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The terms and conditions of this resolution and the trust
hereby created are hereby accepted this
day of
, 1963.
AMERICAN NATIONAL BANK AND TRUST COMPANY
OF CHICAGO
By
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