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HomeMy WebLinkAboutOrd 3858 10/20/1987ORDINANCE NO. 3858 AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING A NOTE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS FOR PROVIDING MONIES TO FUND THE FLOOD LOAN PROGRAM OF THE VILLAGE OF MOUNT PROSPECT · PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 20th DAY OF October , 1987. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 21st day of October , 1987. ORDINANCE NO. 3858 AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING A NOTE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS FOR PROVIDING MONIES TO FUND THE FLOOD LOAN PROGRAM OF THE VILLAGE OF MOUNT PROSPECT. WHEREAS, the Village of Mount Prospect is s home rule municipality as defined and set forth in the Constitution of the State of Illinois and by the provisions thereof is empowered to enact such legislation pertaining to its local governmental affairs as is deemed necessary in the best interest of the Village; end WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have determined that monies should be made available to residents, having been duly qualified, who experienced losses to property due to the devasting flood which occurred in August, 1987~ WHEREAS, the President and Board of Trustees of the Village of Mount Prospect, in the exercise of the Village of Mount Rrospeet's Home Rule powers, have determined that it is in the best interests of the Village of Mount Prospect to borrow monies to fund the Flood Loan Program of the Village of Mount Prospect and to issue the Village's Note as evidence of said indebtedness. NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the President and Board of Trustees of the Village of Mount Prospect have determined that the best interests of the Village of Mount Prospect would be served through the issuance of a Note of said Village in the amount of $175,000 for the purpose of providing monies to fund the Flood Loan Program for the Village of Mount Prospect. SECTION TWO: That in order to obtain the sum of $175,000 presently necessary to fund the Flood Loan Program, as stated hereinabove, funds shall be borrowed by, for on behalf of the Village of Mount Prospect, in the amount of $175,000, and to evidence said loan the Note of said Village be issued in substantially the sams form as attached hereto and hereby made a part here of as Exhibit "A". Said Note shall be designated "Installment Promissory Note", dated November 1, 1987, and shall mature on November 1, 1992. Interest on the Note will be charged on unpaid principal until the full amount of the principal is paid. The interest rate will be a yearly rate of 9.0% with a total of 60 payments of $3,643.73 each. Payments will be due on the 1st day of each momth beginning on December 1, 1987. On November 1, 1992, the maturity date, any remaining amount of principal, interest and charges will be paid in full. SECTION THREE: That the Note hereby authorized shall be payable to The First Chicago Bank of Mount Prospect and shall be registered ss to principal in the name of said bank on the books of the Treasurer of said Village. No Note so registered shall be subject to transfer except upon such books and similarly noted on the back thereof unless the last registration shall have been to bearer. ECTION FOUR: That for the purpose of providing the funds required to pay the interest and principal on said Note promptly when and as the same fall due and to pay and discharge any remaining amount thereof at maturity, the Village of Mount Prospect hereby pledges receipts of interest and principal from the Flood Loan Program of the Village of Mount Prospect. Interest or principal coming due at any time when there are insufficient funds on hand to pay the same shall be paid promptly when due from current funds on hand in advancement of the collection of said Flood Loan receipts, and when said receipts shall have been collected, reimbursement shall be made to said funds in the amounts thus advanced. SECTION FIVE: That the proceeds of the Note will be used and devoted with due diligence for the purposes as provided herein. SECTION SIX: That if any part or parts of this Ordinance shall be held to be unconstitutional, such unconstitutionality shall not affect the validity of the remaining parts of this Ordinance. The 8card of Trustees of the Village of Mount Prospect hereby declares that it would have passed the remaining parts of this Ordinance if it had known that such part or parts thereof would be declared unconstitutional. SECTION SEVEN: That this Ordinance shall be in full force and effect from and after its passage, approval and publication in the manner provided by law. AYES: Arthur, Farley, Floros, Murauskis, ~an Geem, Wattenberg NAYS: None ABSENT: None PASSED and APPROVED this 20th day of October , 1987. ATTEST: CarOlyn H. Krause Village President Carol A. Fields Village Clerk ROMISSORY NOTE Inltlal~ References in tho shaded erea above are for Lenders use onl~ and do not limit the ~pplicablli~ of this document to an)' particular loan or item. Borrower: VILLAGE OF MOUNT PROSPECT Lender: The Flrat Chicago Bank of Mt. F~ 111 East Bueee Avenue 100 S. EMERSON MOUNT PROSPECT, IIIInefe ~0056 Mount Prospect, Iliinole 60056 Principal Amount: $175,000.00 Interest Rate: 9.980% Date of Note: 11-01-1987 PROMISE TO PAY. Borrower promises to pay Lender, or order, the principal amount of O~e Hundred Seventy Five Thousand & 00/t00 Dollara ($t7S,000.00) together with Interest at the rate of 9.000% per annum on the unpaid prlnolpal balance from 11-01-1987 until paid In full. PAYMENT. Borrower will pay this loan In 60 payments of $3,643.73 each. Borrower's first payment Is due t 2-01-1987, and all subsequent payments are due on the same day of each month after that. Borrower's final payment due 11-01-1992 will be for all pdnolpal and Interest not yet paid. Payments Include principal and Interest. Interest will be calculated under this Note on a 365/360 basis, that is by applying tho ratio of tho sctuai days outstanding over a year of 360 days, times tho annual interest rate, itmes tho outstanding principal balance. Borrower will pay Lender at tho address shown above or such other place es Lender may designate in writing. Unless othe~vlse agreed er required by applicable law, payments will bo applied first to accrued unpaid interest, then to principal, and any remaining amount to any unpaid collee~on costs and late charges. PREPAYMENT. Borrower may pay all or a portion of tho amount owing earlier than It is due without penalty. E~ly payments will not, unless agreed in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment schodule; rathor, they will reduce tho principal balance due, and may result in Borrower's making fewer payments. LATE CHARGE. Borrower's payment will be late It it is not received by Lender within 10 days of the due date. DEFAULT. If Borrower does not pay this Note as agreed, or if Borrower breeshes any other agreement with Lender, Borrower will he in default. LENDER'S RIGHTS. Upon default, or if Lender in good faith deems itself insecure, Lender may declare tho entire unpaid principal balance and accrued interest immediately due, without not!ce, and Borrower will then pay that amount, Upon default, including failure to pay upon maturity, Lender, at its op~on, may increase the interest rate on this Note 2.000 percentage points, The interest rate shall not exceed tho maximum rate permuted by applicable law. Lender may pay someone else to holp collect this Note if Borrower does not pay. Borrower also will pay Lender that amount. This includes, subject to any limits under applicable law, Lender's attorneys' fees and legal expenses whether or not there is a lawsuIt, including attorneys' fees and legal expanses for bankruptcy proceedings {including efforts to modify er vacate any automatic stay or Injunction), appeals, and any anticipated post-Judgment collection services, It not prohibited by applicable law, Borrower also will pay any court costs, in addition to ell other sun~ provided by law. ff there is a lawsuIt, Borrower agrees fo submit to the jurisdiction of tho courts in Cook County, State of Illicois. This Note shall bo governed by and construed in accordance with the laws of the State of Illinois, RIGHT OF SETOFF. Borrower grants Lender a contractual security interest, and hereby assigns, conveys, delivers, pledges, and transters NI Borrower's right, ~ and interest in and to Borrower's accounts with Lender (whothor checking, savings, or some othor account), including all accounts ho~d jointly with someone else and ell accounts Borrower may open in the future, excluding however all IRA, Keogh, and lmst accounts. Borrower authorizes Lender, to tho extent parrnitted by applicable law, to charge or setoff all sums owing on this Note against any and all such accounts, GENERAL PROVISIONS. Lender may delay or forego enfoming any of its rights or remedies under this Note without icaieg them. Borrower and any other person who signs or endomee this Note waives presentmeet, demand for payment, pretest, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expre~ stated in writing, nc party who signs this Note, whether as maker, accommodation maker, or endorser shall ho released from liability, All such parties agree that Lender may renew, extend (repeatedly and for any length of time) or modify this loan, release any party or guarantor;, impair, fall to realize upon or padect Lender's security interest in collateral; and take any other action deemed necessary by Lender witho~]t the consent of or notice to anyone. The obligaitons under this Note are joint and several. Prior to signing this Note, Borrower reed and undaratood all of the provisions nt this Note. Borrower agrees te the terms of the Note and acknowledgee receipt of a ~m~lnted copy of the Note. Carolyn H. Krause, Mayor Carol A. Fields, Village Clerk FixedRate. Instalment. CLportlolio. ~.ASERPRO(tm)Ver2.15(c)1987CFIBanker$$erviceGroup, lnc. Allrightsreserved.