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HomeMy WebLinkAboutRes 14-51 09/11/1951 FMO*AGH 1 &6c 8/21/5' RESOLUTION CONCERNING AGREEMENT BETWEEN MILBURN BROTHERS, INC. M. /4- - 5/ AND THE VILLAGE OF MOUNT PROS- PECT IN THE MATTER OF THE ISSU- ANCE OF SPECIAL ASSESSMENT BONDS ON ACCOUNT OF SPECIAL ASSESSMENT NO. 52. * * * * * * WHEREAS, Milburn Brothers, Inc., has heretofore agreed to construct an improvement in the Village of Mount prospect for the paving and otherwise improving Elmhurst Road, Russell Street and other streets, known as Special Assessment No. 52; and ij WHEREAS, it is deemed for the best interests of this Village, the Contractor, and the taxpayers whose property is assessed to pay the cost of said improvement, that a contract be executed, a copy of which is hereto attached and made a part hereof. NOW, THEREFORE, Be It Resolved by the President and Board of Trustees of the Village of Mount Prospect, in Cook Ij County, Illinois. SECTION 1. That the facts recited above are true and correct. SECTION 2. That the President and Village Clerk of this iE Village are hereby directed to execute and deliver said con- e tract . SECTION 3. That a certified copy of this Resolution, i including said contract, be filed with the Village Treasurer of this Village, and a like certified copy be delivered to the con- tractor, Milburn Brothers, Inc. li SECTION 4. That all resolutions or parts of resolutions in conflict herewith be and the same are hereby repealed, and -2- this resolution shall be in full force and effect upon its i h adoption and approval. I i I. 1 '; Presented: -54a...e: //, /9s1 1 1 Passed: 44K /0 /?..57 Approved: J� // /9s Recorded: vi.Dt' / / /V- 1i ' Vote: AYES: Trustees: g� h € g ro roc-till ill � . p f.ro h A Q Allj Xcir7 e Q01 "� er 1' 1 NAYS: Trustees ABSENT: Trustees JVa il li il '' il i ;I 1 1 Pi 1 11 FRANK M. OPEKA ATTORNEY AT LAW 10 SOUTH LA SALLE STREET CHICAGO 3, ILLINOIS TELEPHONE CENTRAL 6 - 1877 September 20, 1951. Mr. Robert F. Milligan, Village Clerk, Mount Prospect, Illinois. Dear Bob: Re: Special Assessment No. 52 In proof reading the bonds in the above matter, Mr. Bryant and I, after checking the certified copy of the Agreement between the Village and Milburn, discovered that the dates of the Agreement should have been August 21, 1951 instead of September 11, 1951. Inasmuch as the bonds are already printed and ton- g$ taining that date, will you kindly change the original agreement to read as being entered on the 21st day of ` 't August, 1951. Make the change in Milburnis agreement and change the certified copy which is now in the hands of the Village Collector. The certified copy submitted to Mr. Bryant is being corrected by him, as being the correct date. You will note that the resolution provides the execu- tion of the contract as per copy attached and the differ- ence in dates with reference to passage and date in the agreement makes no difference. 1 FMO *AGH -3- A G R E E M E N T i THIS AGREEMENT, Made and Entered into as of the 21st day of August, 1951, by and between MILBURN BROTHERS, INC., j a corporation, of the Village of Mount Prospect, Cook County, , Illinois, hereinafter sometimes called the "Contractor ", and the VILLAGE OF MOUNT PROSPECT, a Municipal corporation, in Cook County, Illinois, hereinafter sometimes called the "Village ", W I T N E S S E T H: WHEREAS, the VILLAGE OF MOUNT PROSPECT has awarded a contract to MILBURN BROTHERS, INC., for paving and otherwise II improving Elmhurst Road, Russell Street and other streets, known as Special Assessment No. 52, in the Village of Mount Prospect, Cook County, Illinois, and said Contractor is obligated to com- plete the construction of said improvement at an approximate cost of $153,944.30; and WHEREAS, vouchers will be issued to the Contractor, pay- , able out of the second and succeeding installments of the assessment levied to pay the cost of constructing said improve- ment, and bonds payable from said assessments will be issued to !i take up said vouchers; the remainder of said vouchers not so j taken up will be paid for by vouchers issued to anticipate the collection of the first installment and the public benefits assessments in all installments; and ii WHEREAS, the owners of property assessed to pay the cost of said improvement may pay their assessments in full at any time; and WHEREAS, there is conflict of opinion relative to the 4 manner in which funds realized from the collection of said assess- ments'should be applied in the payment of bonds principal and interest; and it i i -4- WHEREAS, the holding of large sums of money applicable to the payment of said bonds in the hands of the Village Trea- aurer creates a deficiency in interest and detracts from the ;! security of the holders of bonds issued to anticipate the collection of said assessments, and also detracts from the pro- bable amount which may be made available for rebate to property owners after all of said bonds, principal and interest shall have been fully paid; and WHEREAS, it is the desire of all parties to this agree- , h ment to procure the application of all moneys received by the ' iVillage Treasurer on account of the second and succeeding in- d atallments of said special assessments to the payment of said bonds, as rapidly as such funds become available. NOW, THEREFORE, for and in consideration of the forego- ing premises and the mutual advantages, undertakings and covenants 1 'hereinafter agreed to be performed, the parties hereto agree as follows: 1. That the Contractor has sold said bonds and vouchers to Frank S. Kelly, investment banker, Chicago, Illinois, and he is authorised to accept in payment of vouchers issued to the ,Contractor, bonds issued to take up said vouchers, which said bonds shall be subject to the terms and conditions of this agree - ment. 2. That there be issued One Hundred Thirty -six Thousand Dollars ($136,000.o0) bonds, and that said bonds be dated as of the date of the vouchers to be taken up, be numbered 1 to 136 inclusive, all to be of the denomination of $1,000.00 each, and that said bonds numbered 1 to 136 inclusive be of the following form: -5- UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF MOUNT PROSPECT IMPROVEMENT BOND I No. $ 1,000.00 KNOW ALL MEN BY THESE PRESENTS, That the Village of Mount Prospect, in the County of Cook and State of Illinois, hereby acknowledges itself to owe, and for value received pro- . mises to pay to Bearer, or if this bond be registered, then to the registered owner hereof, the sum of ONE THOUSAND DOLLARS ($1,000.00) ,on the 1st day of December, 1961, but subject to pre - payment at the par value hereof at any time as hereinafter provided, to- gether with interest thereon at the rate of five per cent (5%) per annum, from date hereof until paid, payable December 1, 1952, and annually thereafter on the lst day of December in each year on presentation and surrender of the interest coupons , hereto attached representing interest to maturity, as they severally become due and until payment of said principal sum. Both principal hereof and interest hereon are hereby made payable in lawful money of the United States of America at the office of the Village Treasurer of said Village, or at the 'Harris Trust and Ssvings Chicago, Illinois. This bond is issued to anticipate the collection of a part of the second to the tenth installments, inclusive, of Special Assessment No. 52, levied for the purpose of paying the cost of paving and otherwise improving Elmhurst Road, Russell Street and other streets within said Village, which said in- stallments bear interest from the _._ day of , 1951, ii it li rl -6- and this bond and the interest thereon are payable solely out l of said assessment when collected. This bond is one of a series aggregating $136,000.00, numbered 1 to 136 inclusive, all of the denomination of $1,000.00 reach and all of said bonds are callable in numerical order whenever funds are available for that purpose pursuant to the provisions of contract dated August 21, 1951, entered into be- tween said Village of Mount Prospect and Milburn Brothers, Inc., the Contractor who constructed said improvement. It is provid- I ed in said contract that the payment of this bond, both as to 1 principal and interest, shall be subject to and in accordance ! with said agreement, a copy of which is now on file in the I I office of the Village Treasurer of said Village, and which eon- tract prescribes the method of payment hereof and waives any Mother method of payment now or hereafter prescribed by law. By the terms of said contract, whenever the Village Treasurer shall have on hand sufficient money available to call this bond for prepayment, then it will be the duty of such ,Treasurer to cause notice of such call for prepayment to be mailed to the registered owner, if this bond is registered, at I least ten (10) days prior to the date so fixed for prepayment la this bond. If this bond is not presented pursuant to such call, it will eease to bear interest on and after the date so fixed for prepayment. If this bond is not registered as to ownership, then such notice shall be published at least once in some newspaper of general circulation in the Village of Mount 'Prospect, Illinois, at least ten (10) days prior to the date so ' 9 fixed for prepayment. This bond will cease to bear interest on and after the date so fixed for prepayment. The presentation of the bond will waive the necessity of giving notice of its kl PI -7- call for pa$aent. IN TESTIMONY WHEREOF, said Village, by its President and Board of Trustees, has caused its corporate seal to be I hereto affixed, and this bond to be signed by its President and Village Clerk, and the coupons hereto attached to be signed by I said officials by their respective facsimile signatures, which said officials, by the execution hereof, do adopt as and for their proper signatures their respective facsimile signatures appearing on said coupons, all as of the day of - ii 1951. President 1 village Clerk (FORM OF COUPON) No. $ I On the day of , 19 , unless the bond to which this coupon is attached shall have theretofore been called for payment on an earlier date and payment made or provided for, the Village of Mount Prospect, in the County of Cook and State of Illinois, will pay to Bearer 1 Dollars ($ - -), out of funds realized from the collec- f - j tion of installments numbers 2 to 10 inclusive of Special !Assessment No. 52, of said Village, at the office of the Village Treasurer of said Village, for interest due that day on its Im- provement Bond, dated as of ,1951, No. . President Village Clerk 1 1 ii -8- r (FORM OR REGISTRATION AS TO OWNERSHIP) Date of NAME of Signature of Registration Registered Owner Village Treasurer i I , 3. It is specifically understood and agreed that the ;;payment of said bonds shall be in all respects subject to the terms of this Agreement and according to the form of bonds 1 above set out. 4. That all collections made on account of the second and succeeding installments of the assessments against the pro - perty assessed, whether principal or interest, shall be kept in one fund to be disbursed as follows: 1 (a) Interest accruing and due on December 1st of 1 the respective years shall be paid regardless of whether the amount of interest collected on account of said assessments is equal to the amount of interest due. Funds will not be j set aside for payment on account of coupons except from jl year to year, and the Treasurer shall set aside funds for that purpose immediately after April 30th of each particular current year. (b) Bonds shall be paid in numerical order beginning with the lowest numbered outstanding bond. At any time when sufficient funds are on hand and available for that the e next bond to be paid pursuant to the plan adopted by this agreement shall be paid by the Village Trea- ? surer on presentation. Such .payments shall be made at par I � l l ' - 9 - and accrued interest to date of actual payment if presen- tation is made prior to the date fixed for payment by a call. (c) On or before the 10th day of each month the Village Treasurer shall ascertain the amount of funds on hand and available for the payment of bonds as of the end of the preceding month, and shall call bonds in such an amount as can be paid, principal and interest, out of cash which is available for that purpose. He shall publish no- tice of call in a newspaper having a general circulation in the Village of Mount Prospect, Illinois, and shall mail a copy of such notice to Frank S. Kelly, Chicago, Illinois. A copy of such notice shall also be mailed to any purchaser or holder of any of such bonds who shall have requested the Treasurer in writing to mail the same to said party at the address furnished. Such notice (to be so mailed and pub- ,; lished) shall set forth a description of the bonds so called I for payment and that they will cease to bear interest on the Pi first day of the next month. Notice of call shall be mailed and published at least ten (10) days prior to the date the bonds so called shall cease to bear interest. Any bonds so called for a nt shall be paid at p 3� p any time on presentation, but if presented after the date so fixed, then principal and interest shall be computed to the date fixed for payment, and bonds so called shall cease to bear interest on the date so fixed for payment or on the date so presented for pay - ment, whichever be earlier. Nothing contained in this para- graph shall be construed to prevent or prohibit the Village Treasurer from paying bonds on presentation at any time when funds are available for that purpose as contemplated by this agreement, without the necessity for mailing or publishing -10- notice of intention so to do. 5. The original and any subsequent purchaser or holder I of any of the foregoing beadle by accepting the same shall be be deemed to have knowledge of this agreement and to release the Village Treasurer of the Village of Mount Prospect, Illinois, and his successor or successors, and the Village of Mount Pros- peat, Illinois, from any and all liability of any kind or 1 character whatsoever by reason of or growing out of the disburse- 1 i went of funds received by said Village or its Village Treasurer ' on account of said special assessment in the manner provided by ! this agreement, and to waive any right to payment in accordance ! with any existing or future law insofar as same may be in con - flict herewith. 6. This agreement shall extend to and be binding upon the Original purchaser and any subsequent holders of any of said bonds and the heirs, executors, administrators, personal repre- sentatives, assignees and successors in interest of the parties hereto. IN TESTIMONY WHEREOF, MILBURN BROTHERS, INC., executes this Agreement by causing its corporate y g rporate seal to be hereto affixed and its President and Secretary to sign the same, and the VILLAGE OF MOUNT PROSPECT executes this agreement by causing its e©rpor- �' ate seal to be affixed hereto and its President an Village Clerk ; to sign the same. • `� :/ I , li