HomeMy WebLinkAboutRes 30-60 12/20/1960
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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 December 3
1960, 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 $195,000 for the purpose of paying the
cost of constructing an addition to the present municipal building
commonly known as the llI'-10unt Prospect Village Hall" in order to
house and protect the fire fighting equipment of said Village and
repairing and improving said ilMount Prospect Village Hallll so that
the same will more efficiently serve the requirements of the Police
and Administrative Departments of said Villagej and
WHEREAS it is the desire of the President and Board of
Trustees of said Village that said bonds so authorized be publicly
advertised for sale and sold for the best bid specifying the lowest
rate of interest not to exceed four and one-half per cent (4 1/2%)
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 $195,000 Municipal 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 December 3, 1960,
J 71J day of Ja.nuar
and
such bids shall be received on the
196<1, at t p.fYV'
o'clock __.M., on said day, and that the
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Clerk of the Village be and is hereby ordered and directed to mail
notices of such sale to those financial institutions and companies
engaged in the business of purchasing 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 compani s
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
$195,000 MUNICIPAL 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 e; k
!olC10CkR.M., on the 17ildaYOf ..j~nU1J.rY ,190/,
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i at the regular meeting place of said President and Board of Trustee ,
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:! namely, at
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I in the Village of Mount Prospect, Illinois, for the purchase of
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'I bonds of said Village described as follows:
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$195,000 Municipal Building Bonds, dated February 1,
1961, of the denomination of $1,000 each, numbered
consecutively from 1 to 195, inclusive, interest to
be payable on December 1, 1962 and semi-annually
thereafter, and said bonds to become due serially
$5,000 on December 1 of each of the years 1962 to
1966, inclusive, $10,000 on December 1 of each of
the years 1967 to 1974, inclusive, and $15,000 on
December 1 of each of the years 1975 to 1980,
inclusive, without option of prior payment.
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I Said bonds were authorized pursuant to an election held
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Ii in and for said Village on December 3, 1960 and are being issued
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II for the purpose of paying the cost of constructing an addition to
II the present municipal building commonly knovm as the tlMount Prospec-
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Village Hallll in order to house and protect the fire fighting
equipment of said Village and repairing and improving said HMount
Prospect Village Hallll so that the same will more efficiently serve
the requirements of the Police and Administrative Departments of
said Village.
Both principal and interest of said bonds, as above
described, will be payable at such place as may be mutually agreed
I 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
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:: bonds will be general obligations of said Village payable from
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ad valorem taxes levied upon all the taxable property within the
Village, without limitation as to rate or amount.
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i1 for the year 1959, as equalized and determined by The Department of
The assessed valuation of taxable property in said Villag
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II Revenue of the State of Illinois, is $57.11, 3 g L/ I. Ct). After the
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Ii issuance of the bonds above described, the total aggregate
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il indebtedness of the Village of every kind and character whatsoever
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$~9o. 30;2. . .3 '3
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Thepopulation of the Village is approxi-
will be
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Iii' mately
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I,ll the basis of the lowest interest cost to the Village, but no bid
,I will be considered for less than par or bearing an interest rate
II greater than four and one-half per cent (4 1/2%) per annum.
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I' Bidders shall specify the rate of interest in multiples of one-
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!I eighth of one per cent (1/8 of 1%) per annum. Not more than three
~ different interest rates for said entire issue of bonds will be
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II considered, the same rate shall apply to all bonds of the same
II maturity and interest maturing must be evidenced by only one
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9 interest coupon during the pertinent interest period. Any bid
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The bonds will be awarded to the responsible bidder on
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providing for the use of supplemental interest coupons will not be
I considered. In determining the best bid the interest cost to the
iVillage will be computed by determining the interest from date of
Ibonds to maturity at the rate or rates specified by the bidder afte~
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deducting therefrom any premium offered. Bids must be for all and
Inot a part of said bonds, and the net interest cost shall be stated
in each bid.
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Ilmarked on the outside lIproposal for Bonds" and addressed to
II ,;, /(nbe/fl ~ y 110 i. J c:; , Village Clerk of the Village of
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IIMount Prospect, Cook County, Illinois, at /12-- i. }/o&r-AuJesf I/wy
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II~reet, Mount Prospect, Illinois. As a guarantee of good faith, al
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!: bids must be accompanied by a certified check or cashier I s check in
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Ii the amount of $3,900, drawn upon an incorporated bank or trust
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I!company and made payable to the order of the Village Treasurer of
All proposals should be enclosed in a sealed envelope
lithe Village of Mount Prospect, Illinois, such amount to be retained
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IbY the Village pending full performance by the successful bidder
ito be forfeited to the Village of Mount Prospect, as agreed upon
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II liquidated damqges in the event of the failure of the successful
ii bidder to take up and pay for the bonds when ready. Checks of
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Ii unsuccessful bidders will oe returned to them immediately upon the
~rejection of their bids.
II Bids will be opened at a meeting of the President and
IBoard of Trustees of said Village to be
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I il 2.-- J;; , IV 0 R T h t-tJes f-
Iat f(: 00
11961, at which time
held at .A1u,v/ ~~; 1=>41- .0 L1
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ilL'S' w&y , Mount Prospect, Illinois, I
o'clock't' .M., on the /1' day of ~1'
and place the bids will be publicly read and I
I the award made to the successful bidder.
II The bonds will be delivered with the approving opinion of
!Chapman and Cutler, Attorneys, Chicago, Illinois, and said opinion
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.Iis to be paid for by the Village of Mount Prospect, Illinois,
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and th~
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I!Village will furnish the necessary printed bonds without cost to
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Ii purchaser) and all bids must be so conditioned.
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II right to reject any and all bids.
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Ii Village of Mount Prospect) Illinois.
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The Village of Mount Prospect) Illinois) reserves the
By order of the President and Board of Trustees of the
DATED this l~~~
day of
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Section 2. That this resolution shall be in full force
Passed
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effect immediately upon its passage.
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APPROVED:
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