HomeMy WebLinkAboutRes 13-61 05/23/1961
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RESOLUTION directing advertisement for
bids for the sale of bonds of the
Village of Mount Prospect, Cook County,
Illinois.
WHEREAS the President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, pursuant to an
election duly called and held in and for said Village on March 18,
1961, has been authorized by a majority of the voters voting on
the question voted upon at said election to issue bonds of said
Village in the aggregate amount of $198,000 for the purpose of
paying the cost of erecting additions to the existing library
building of said Village, remodelling, repairing and improving
said existing library building, purchasing and furnishing necessary
equipment for said existing library building and the additions to
be erected thereto and improving the existing library site; and
WHEREAS it is the desire of the President and Board of
Trustees of said Village that said bonds so authorized be publicly
adv~rtised for sale and sold for the best bid specifying the low-
est rate of interest not to exceed five per cent (5%) per annum:
NOW; THEREFORE;Be It Resolved by the President and Board
of Trustees of the Village of Mount Prospect, Cook County,
Illinois, as follows:
Section 1. That the President and Board of Trustees of
the Village of Mount Prospect, Cook County, Illinois, receive bids
for the sale of $198,000 Public ~ibrary Building Bonds of said
Village, said bonds having been authorized to be issued at an
election duly called and held in and for said Village on March 18,
1961, and such bids shall be received on the 20 ," day of
-
Ju Y1 E- , 1961, at f' (J7) 0' clock L.M.,
on said day, and that the Clerk of the Village be and is hereby
ordered and directed to mail notices of such sale to those finan-
cial institutions and companies engaged in the business of pur-
1:i-;-,
chasing securities who have evidenced an interest in the purchase
of bonds of this Village, and also to not less than an additional
ten companies engaged in the business of purchasing municipal
securities and having offices in the City of Chicago, Illinois,
and that such notice be deposited in the United States mails,
postage prepaid, and addressed to such companies not less than ten
days prior to the date set for such sale and that such notice shall
be in substantially the following form:
NOTICE OF SALE
OF
$198,000 PUBLIC LIBRARY BUILDING BONDS
OF
THE VILLAGE OF MOUNT PROSPECT
COOK COUNTY, ILLINOIS.
NOTICE IS HEREBY GIVEN that sealed bids will be received
by the President and Board of Trustees of the Village of Mount
Prospect, Cook County, Illinois, until the hour of
o I clock L.M., on the ;2or~ day of .::fL./L;< -P """7
f/OT}
, 1961,
at the regular meeting place of said President and Board of
Trustees, namely, at /1 J.... ~ ;/~ /1/91. Lu"Q J
I
in the Village of Mount Prospect, Illinois, for the purchase of
,
bonds of said Village described as follows:
$198,000 Public Library Building Bonds, dated
June 1, 1961, of the denomination of $1,000 each,
numbered consecutively from 1 to 198, inclusive,
interest to be payable on September 1, 1962 and
semi-annually thereafter, and said bonds to be-
come due serially $10,000 on March 1 of each of
the years 1963 to 1979, inclusive, and $14,000 on
March 1 of each of the years 1980 and 1981, with-
out option of prior payment.
Said bonds were authorized pursuant to an election held
in and for said Village on March 18, 1961 and are being issued for
the purpose of paying the cost of erecting additions to the exist-
ing library building of said Village, remodelling, repairing and
improving said existing library building, purchasing and furnish-
ing necessary equipment for said existing library building and the
additions to be erected thereto and improving the existing library
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site.
Both principal and interest of said bonds, as above
described, will be payable at such place as may be mutually
agreed upon between the purchaser and the President and Board of
Trustees of said Village.
Said bonds may be registered as to principal only in the
name of the holder upon the books of the Village Treasurer. Said
bonds will be general obligations of said Village payable from
ad valorem taxes levied upon all the taxable property within the
Village, without limitation as to rate or amount.
The assessed valuation of taxable property in said
Village for the year 1960, as equalized and determined by The
Department of Revenue of the State of Illinois, is $62,995,768.
After the issuance of the bonds above described, the total
aggregate indebtedness of the Village of every kind and character
whatsoever will be $ 577) 12 f. ~-.o . The population of the
Village is approximately I~. 90 (, .
,
The bonds will be awarded to the responsible bidder on
the basis of the lowest interest cost to the Village, but no bid
will be considered for less than par or bearing an interest rate
greater than five per cent (5%) per annum. Bidders shall specify
the rate of interest in multiples of one-eighth of one per cent
.
(1/8 of 1%) per annum. Any number of different interest rates for
said entire issue of bonds will be considered, however, the same
rate shall apply to all bonds of the same maturity and in-
terest maturing must be evidenced by only one interest coupon dur-
ing the pertinent interest period. Any bid providing for the use
of supplemental interest coupons will not be considered. In
determining the best bid the interest cost to the Village will be
computed by determining the interest from date of bonds to matur-
ity at the rate or rates specified by the bidder after deducting
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therefrom any premium offered. Bids must be for all and not a
part of said bonds,1 and the net interest cost shall be stated in
each bid.
All proposals should be enclosed in a sealed envelope
marked on the outside "Proposal for Bondslt and addressed to
'k-cl. w ~~
,1 Village Clerk of the Village of
Mount Prospect, Cook County,1 Illinois,1 at '(~ ~ ;J~~ nw~
Street, Mount Prospect,1 Illinois. As a guarantee of good faith,
all bids must be accompanied by a certified check or cashier's
check in the amount of $4,000, drawn upon an incorporated bank or
trust company and made payable td the order of the Village Treas-
~er of the Village of Mount Prospect,1 Illinois,1 such amount to be
retained by the Village pending full performance by the successful
bidder and to be forfeited to the Village of Mount Prospect,1 as
agreed upon liquidated damages in the event of the failure of the
successful bidder to take up and pay for the bonds when ready.
Checks of unsuccessful bidders will be returned to them immediate-
ly upon the rejection of their bids.
Bids will be opened at a meeting of the President and
Board of Trustees of said Village to be held at rf,r- AAUAliC:'?I'1L 8L;jr
If').. t. Ai 0 l~- ,I.. w ~ f>T /l,J'l W I} Y,1 Mount Prospect, Illinois, at
?: c) () 0' clock J!....M.,1 on the .26 r-~ day of JUNe
,
1961, at which time and place the bids will be publicly read and
the award made to the successful bidder.
The bonds will be delivered with the approving opinion of
Chapman and Cutler, Attorneys, Chicago,1 Illinois, and said opinion
is to be paid for by the Village of Mount Prospect, Illinois, and
the Village will furnish the necessary printed bonds without cost
to the purchaser,1 and all bids must be so conditioned.
The Village of Mount Prospect,1 Illinois reserves the
right to reject any and all bids.
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By order of the President and Board of Trustees of the
Village of Mount Prospect, Illinois.
DATED this .').. 3 day of
~~
, 1961.
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7""l-L':'At>~ tL....L-L.d..4.} ''---'
Village Clerk
Section 2. That this resolution shall be in full force
and effect immediately upon its passage.
Passed
It1~ Z3.~
, 1961.
APPROVED:
~&.~
President
ATTEST:
:I~( ii~;LcyJ
Village Clerk
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