HomeMy WebLinkAboutRes 32-46 11/21/1946 3 _4(„
A RESOLUTION providing for the levy
of a direct annual tax sufficient to pay
principal of and interest on $145,000
Municipal Building Bonds of the Village
of Mount Prospect, Cook County, Illinois,
as it matures, and confirming sale of
said bonds to the purchaser thereof.
N o . 32 -46
WHEREAS the President and Board of Trustees of the Village
j of Mount Prospect, Cook County, Illinois, did on the 7th day of
May, 1946, adopt an ordinance providing for the issuance of $145,000
Municipal Building Bonds of said Village for the purpose of paying',
the cost of constructing a Municipal Building to provide adequate
1. facilities for the offices and departments of the Village govern-
;! merit in and for said Village, which said ordinance is now in full
force and effect, having been approved by a majority of the legal
voters of the Village voting thereon at a special election duly
called and held in and for said Village on July 10, 1946; and
WHEREAS by the terms of said ordinance hereinabove re-
ferred to said bonds were to be dated July 1, 1946, to bear interest
at the rate of three per cent (3 %) per annum, payable January 1,
fi 1948, and semi - annually thereafter, to be numbered from 1 to 145,
inclusive, to be of the denomination of $1,000 each, and to mature
serially $6,000 on January 1 of each of the years 1949 to 1953,
inclusive, $8,000 on January 1 of each of the years 1954 to 1958,
inclusive, $9,000 on January 1 of each of the years 1959 to 1963,
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inclusive, and $10,000 on January 1 of each of the years 1964 to
1966, inclusive; and
WHEREAS the President and Board of Trustees of the Village
of Mount Prospect have found it possible to sell said $145,000
l I Municipal Building Bonds at a lesser rate of interest than that
i I authorized in the bond ordinance, and it is hereby deemed advisable)
j and for the best interests of the inhabitants of the Village of
! Mount Prospect that the saving made by , p g possible b the issuance and
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sale of bonds bearing a lower rate of interest than that authorized
be availed of and that said $145,000 Municipal Building Bonds bear
'! interest at the rate of two and one -half per cent (2) per annum
rather than three per cent (3 %) per annum as originally authorized;
and
WHEREAS before the said bonds authorized to be issued
by said ordinance hereinabove referred to and approved by a majority
of the legal voters of the Village voting thereon at said special
I election held on July 10, 1946, be issued and delivered, it is
necessary that provision be made for the levy and collection of a
direct annual tax sufficient to pay the interest on said bonds as
it falls due and also to pay and discharge the principal thereof at
maturity:
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 $145,000 Municipal Building Bonds
to be issued by the ordinance hereinabove referred to in
ij the preamble of this resolution which said akinance was submitted
to the legal voters of said Village and approved by a majority of
said legal voters voting thereon at a special election duly called,
noticed and held for that purpose in said Village on July 10, 1946,
bear interest at the rate of two and one -half per cent (2) per
annum, and that said interest be payable on January 1, 1948, and
semi- annually thereafter.
Section 2. That in order to provide for the collection of
i s direct annual tax sufficient to pay the interest on Municipal
Building Bonds of the Village of Mount Prospect, Cook County,
Illinois, numbered 1 to 145, inclusive, in the aggregate amount of
$145,000, as it fall due, and also to create a sinking fund suf-
ficient to pay and discharge the principal thereof at maturity,
said bonds being authorized by an ordinance adopted on the 7th day
of May, 1946, by the President and Board of Trustees of said
Village and approved by a majority of the legal voters of the said
Village voting thereon at a special election held in and for said
Village on the 10th day of July, 1946, said bonds being dated July
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1, 1946, numbered from 1 to 145, inclusive, of the denomination of
$1,000 each, bearing interest at the rate of two and one -half per '
cent (2e) per annum, payable on January 1, 1948, and semi - annually'
I thereafter, and due serially $6,000 on January 1 of each of the
years 1949 to 1953, inclusive, $8,000 on January 1 of each of the
years 1954 to 1958, inclusive, $9,000 on January 1 of each of the
years 1959 to 1963, inclusive, and $10,000 on January 1 of each of
the years 1964 to 1966, inclusive, there be and there is hereby
' levied upon all the taxable property within said Village of Mount
' Prospect in each year while any of said bonds are outstanding a
direct annual tax sufficient for that purpose and there be and
there is hereby levied on all of the taxable property within said
; Village in addition to all other taxes the following direct annual
tax, to wit:
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For the year 1946, a tax sufficient to produce
the sum of $5,437.50 for interest up to and
including January axy 1, 1948;
For the year 1947, a tax sufficient to produce
the sum of $9,625 for interest and principal;
For the year 1948, a tax sufficient to produce
the sum of $9,475 for interest and principal;
For the year 1949, a tax sufficient to produce
the sum of $9,325 for interest and principal;
For the year 1950, a tax sufficient to produce
the sum of $9,175 for interest and ;
, principal,
For the year 1951, a tax sufficient produce
the sum of $9,025 for interest and principal;
For the year 1952, a tax sufficient to produce
the sum of $10,875 for interest and principal,•.,
For the year 1953, a tax sufficient to produce
the sum of $10,675 for interest and principal;
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For the year 1954, a tax sufficient to produce
the sum of $10,475 for interest and principal;
For the year 1955, a tax: sufficient to produce
the sum of $10,275 for interest and principal;
For the ear 1956, a tax s
y , efficient to produce
the sum of $10,075 for interest and principal;
For the year 1957, a tax sufficient to produce
the sum of $10,875 for interest and principal;
For the year 1958, a tax sufficient to produce
the sum of $10,650 for interest and principal;
For the year 1959, a tax sufficient to produce
the sum of $10,425 for interest and principal;
For the year 1960, a tax sufficient to produce
the sum of $10,200 for interest and principal;
For the year 1961, a tax sufficient to produce
the sum of $ 9,975 for interest and principal;
For the year 1962, a tax sufficient to produce
the sum of $10,750 for interest and principal;
For the year 1963, a tax sufficient to produce
the sum of $10,500 for interest and principal;
For the year 1964, a tax sufficient to produce
, the sum of $10,250 for interest and principal;
That principal or interest falling due at any time when
there are insufficient funds on hand to pay the same be paid promtly
when due from current funds on hand in advancement of the collection
of taxes herein levied and when said taxes shall have been collected.
reimbursement shall be made to the said funds in the amount thus
advanced.
Section 3. That forthwith upon the adoption of this
resolution and its approval by the President and its recordation in
' the records of the President and Board of Trustees of the Village of
Mount Prospect, it shall be the duty of the Village Clerk to file
Li a properly certified copy of this resolution with the County Clerk
of Cook County, Illinois, and said County Clerk shall in and for
each of the years 1946 to 1964, inclusive, ascertain therate per
! cent required to produce the aggregate tax hereinabove provided to
be levied in each of said years, respectively, and extend the same
for collection on the tax books in connection with other taxes
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levied in each of said years, respectively, in and by said Village
for general corporate purposes, and in each of said years such
annual tax shall be levied and collected by said Village in like
manner and with like effect as taxes for general corporate purposes
for each of said years are levied and collected, and when collected
such taxes shall be used solely and only for the purpose of paying
the principal of and interest on the bonds hereinabove described
when the same mature.
Section 4. That the President and the Clerk of the
Village of Mount rrospect be and they are hereby authorized and
directed to have said bonds hereinabove described, in the aggregate
amount of $145,000, printed and properly executed and delivered to
the. Village Treasurer, and said bonds shall be delivered by said
Village Treasurer to Harriman Ripley & Co., of the City of Chicago,
Illinois, the purchaser thereof, upon receipt of the purchase price
therefor, being not less than par plus accrued interest from the
date of said bonds up to and including the date of delivery. The
contract for the sale of said bonds heretofore entered into be and
the same is hereby in all respects ratified, approved and confirmed.
Section 5. That this resolution shall be in full force
and effect immediately upon its passage by the President and Board
of Trustees and its approval by the President.
Passed Novcnnac-re, 21 , 1946.
Vote, (Insert Names)
Ayes: HAR?WtC , 1 MoTT, WP AuD W eL_SH
A : LAM 5
Nays: ►J o ofc
Approved )40V i_ nn e;c r 2 t , 1946.
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