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HomeMy WebLinkAbout02/20/1945 VB minutes 450 MINUTES OF AN ADJOURNED MEETING OF THE PRESIDENT AND BOARD OF TRUSTEES, HELD IN THE VILLAGE HALL, MOUNT PROSPECT, ILLINOIS, ON THE 20TH DAY OF FEBRUARY,1945A.D. The meeting was called to order at 8;15 P.M. by President Besander. The roll being called, the following Trustees responded: Greinke, Kirchhoff, Mott, Wax and Wills. Trustee Haas was absent. The following letter was then read: February 14, 1945 President and board of Trustees, Mount Prospect, Illinois Gentlemen: The undersigned represents the owners and holders ,,.m% of e substantial block of special assessment bonds issued by your Village. I am advised th-t there is some agitation in your Village to have the municipality foreclose the lien of the bonds by selling the real estate. Under the Statute your Village is trustee of the lien for the benefit of the bondholders. We would object to the sale of our lien unless there was a substantial sale price. We take the poaitibn that the Village should refuse to foreclose unless a bid was guaranteed of at least 40 of principal and interest. fo avoid any possible liability of the Village selling the liens for an inadequate consideration, I suggest that you consider the advisability of assigning the right to foreclose the liens to the bondholders. The Statute gives you this right. I would appreciate advice from the Village in these matters so thflt I may keep my clients advised. Very truly yours, LCM :14 (Signed L.C.Mead) Trustee Mott presented the following ttesolution to be read: WHEREAS, heretofore the Village of Mount Prospect adopted ordin- °""'"', ances for the construction of certain water, paving, sewer stub, curb and gutter, and water service pipe improvements covering in "r part Prospect Pcrk Country Club Subdivision in the Village of Mount Prospect, Cook County, Illinois; and WHEREAS, special assessments were levied to pay the cost of said work and pursuant to the statute applicable thereto said improvements were constructed and the report of cost and comple- tion was approved in manner and form provided by law; and WHEREAS, only some installments of Said special assessments levied against this property have been paid leaving other install- ments past due and delinquent; and WHEREAS, it is the opinion of the Board of Trustees of the Village of Mount Prospect that it is to the best interests of the special assessment bondholders to settle such delinquent special assessments; and 451 WHEREAS, the Village of Mount Prospect has the power to liquidate the said special assessments by foreclosure proceed- ings; and WHEREAS, it is essential to the suecessful carrying on of the functions of the Village of Mount Prospect, and also of other tax- ing bodies in the area that the said delinquent property be liquidated and placed on a current tax paying basis; now, there- . fo re; BE IT RESOLVED BY THE PRESIDENT AND THE BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION 1. That the recitals contained in the preamble hereof are true. SECTION 2. That the Village of Mount Prospect institute fore- closure proceedings against certain lots enumerated below in Prospect Park Country Club Subdivision: Lots Block 6 9 1 10 1- 2- 16- 17 -18 -19 13 6and 10 14 2 and 5 18 13 21 10 29 SECTION 3. That the Village Attorney be and he is hereby directed to prosecute said foreclosure suits immediately. SECTION 4. That all resolutions or parts of resolutions in conflict herewith be and the same are hereby repealed. SECTION 5. That this resolution shall be in full force and affect from and after its passage and approval. A motion was made by Trustee flax and seconded by Trustee Wille that the Board defer action on the resolution. Ayes: ureinke, Kirchhoff, Sfax and wills. Nayes: Mott. It was moved by Trustee Wax, seconded by Trustee Kirchhoff that the Village attorney be instructed to advise the knownbond holders that a guaranteed bid of 33 -1/3% of the principal was made as a prerequisite for the foreclosure of special assessment leans on approximately 20 lots in the Prospect Park Country Club Subdivision and that response as to the acceptance of the bid of the bondholders be mailed to the Village Treasurer on or before March 15, 1945. Ayes: Greinke, Kirchhoff, Mott, wax -nd Wille. No naves. A motion was made b7 Trustee Mott end seconded by Trustee Kirchhoff th_t the Chicago and Northwestern hallway depot be designated as a polling place for registered persons residing South of the Chicago and Northwestern Railroad, in the Village election to be held on April 17, 1945, Ayes: Greinke, Kirchhoff, Mott Wax and Wille. No nayes. There being no further business to come before this meeting, it was moved by Trustee Kirchhoff and seconded by Trustee Greinke that the meet- ing be adjourned. Motion carried.