Loading...
HomeMy WebLinkAboutOrd 3587 12/03/1985 RDINANCE NO. 3587 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,700,000 GENERAL OBLIGATION BONDS, SERIES 1985, OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 3~ day of December ,1985. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illlinois, the 4th day of December , 1985. TATE OF ILLINOIS COUNTY OF COOK SS. CERTIFICATE I, Carol A. Fields , do hereby certify that I am the duly qualified and acting Clerk of the Village of Mount Prospect, in the County of Cook and State of Illinois, and as such Clerk, I am the keeper of the records and files of the Board of Trustees of said Village. I do further certify that the attached ordinance is a full, true and correct copy of an ordinance duly adopted by the President and Board of Trustees Prospect, Cook County, Illinois, at on the 3rd day of December as the same appears in the official records custody. of the Village of Mount its regular meeting held , A.D., 1985, in my care and IN WITNESS WHEREOF, I have hereunto affixed my official signature and the Corporate Seal of said Village this 4th day of December , 1985, (SEAL)/ Village Clerk RDINANCE NO. 3587 ORDINANCE AUTHORIZING T~ ISSUANCE OF OBLIGATION BONDS, SERIES 1985, OF THE PROSPECT, ILLINOIS $1,700,000 GENERAL VILLAGE OF MOUNT BE IT ORDAINED BY THE PRESIDES~T AND BOARD OF TRUSTEES OF TEE VILLAGE OF MOUNT PROSPECT, ILLINOIS, AS FOLLOWS: Section 1. Authority and Purpose. This ordinance is adopted pursuant to Section 6 of Article VII'of the Illinois Constitution of 1970 for the purpose of financing land acquisition and redevelopment project costs included in the Downtown No. 1 Tax Increment Redevelopment Project and Plan of the Village, including the costs of issuance Of the bonds herein authorized. The foregoing improvements or purposes are each hereby authorized to be made or undertaken by the Village of Mount Prospect, Illinois. Section 2. Authorization and Terms of Bonds. To meet part of the estimated cost of the improvements or purposes des- cribed in Section 1 of this ordinance, there is hereby appropri- ated the sum of $1,700,000. For the purpose of financing said appropriation, general obligation bonds~of the Village shall be issued and sold in an aggregate principal amount of $1,700,000, shall be designated "General Obligation Bonds, Series 1985", and shall be issuable in the denominations of $5,000 or any integral multiple thereof. Bonds shall be numbered consecutively from 1 upwards in order of their issuance and may bear such identifying numbers or letters as shall be useful to facilitate the registra- tion, transfer and exchange of bonds. Each bond shall be dated as of the interest payment date next preceding the date of issuance thereof, except that (a) if such date of issuance shall be prior to the first interest payment ~af~, ~aid bond shall be dated as of December 1, 1985, (b) if such date of issuance shall be an interest payment date, said bond shall be dated as of such interest payment date, or (c) if interest due on said bond shall not have been paid in full, then notwithstanding any of the foregoing provisions, said bond shall be dated as of the date to which interest has been paid in full on said bond. The bonds shall mature on December 1 in each year shown in the following table in the respective principal amount set forth opposite each such year and the bonds maturing in each such year shall bear interest at the respective rate per annum set forth opposite each such year: Year Principal Amount Rate of Interest 1986 1987 1988 1989 · 1990 1991 1992 1993 1994 1995 $130000 135 000 140 000 150 000 160 000 170 000 185 000 195 000 210 000 225 000 5.25% 5.75 6.25 6.50 6.75' 7.00 7.20 7.40 7.60 7.75 Each bond shall bear interest from its date payable in lawful money of the United States of America on June 1, 1986 and semiannually thereafter on each June 1 and December 1 at the rates per annum herein determined. The principal of and premium, if any, on the bonds shall be payable in lawful money of the United States of America upon presentation and surrender thereof at the principal corporate trust office of First National Bank of Mount Prospect, in the Village of Mount Prospect, Illinois, which is hereby appointed as bond registrar and paying agent for the bonds. Interest on the bonds shall be payable on each interest -2- payment date to the registered ~§ of record thereof appearing on the registration books maintained by the Village for such ~purpose at the principal corporate trust office of the bond registrar, as of the close of business on the 15th day of the calendar month next preceding the applicable interest payment date. Interest on the bonds shall be paid by check or draft mailed to such registered owners at their addresses appearing on the registration books. The bonds maturing on or after December 1, 1988 shall be subject to redemption prior to maturity at the option of the Village and upon notice as herein provided, in inverse order of maturity and by lot within a single maturity, on December 1, 1987 a~d on any interest payment date thereafter, at a redemption price equal to the principal amount thereof to be redeemed. 'In the event of the redemption of less than all th~ bonds of like maturity the aggregate principal amount thereof to be redeemed shall be $5,000 or an integral multiple thereof and the bond registrar shall assign to each bond of such maturity a distinctive number for each $5,000 principal amount of such bond and shall select by lot from the numbers so assigned as many n~mhers as, at $5,000 for each number, shall equal the principal amount of such bonds to be redeemed. The bonds to be redeemed shall be the bonds to which were assigned numbers so selected; provided that only so much of the principal amount of each bond shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. Notice of the redemption of bonds shall be mailed not !es~i than 30 days nor more than 60 days prior to the date fixed --3-- for such redemption to th~ ~IS~f~d owners of bo~ds t© be redeemed at their last addresses appearing on said registration books~ The bonds or portions thereof specified in said notice shall become due and payable at the applicable redemption price on the redemption date therein designated, and if, on the redemp- tion date, moneys for payment of the redemption price of all the bonds or portions thereof to be redeemed, together with interest to the redemption date, shall be available for such payment on said date, and if notice of redemption shall have been mailed as aforesaid (and notwithstanding any defect therein or the lack of actual receipt thereof by any registered owner) then from and af{er the redemption date interest on such bonds or portions thereof shall cease to accrue and become payable. If there shall be drawn for redemption less than all of a bond, the Village shall execute and the bond registrar shall authenticate and deliver, upon the surrender of such bond, without charge to the owner thereof, for the unredeemed balance of the bond so surren- dered, bonds of like maturity and of the denomination of $5,000 or any integral multiple thereof. The bond registrar shall not be required to transfer or exchange any bond after notice of the redemption of all or a portion thereof has been mailed. The bond registrar sba!l not be required to transfer or exchange any bond during a period of 15 days next preceding the mailing of a notice of redemption which could designate for redemption all or a portion of such bond. Section 3. Execution and Authentication of Bonds. The bonds shall be executed in the name of the Village by the manual or facsimile signature of its~Village President and the corporate --4-- seal of the Village, or a fac~mile thereof, shall be thereunto affixed or otherwise reproduced thereon and attested by the manual or facsimile signature of its Village Clerk. In case any officer whose signature, or a facsimile of whose signature, shall appear on any bond shall cease to hold .such office before the issuance of the bond, such bond shall nevertheless be valid and sufficient for all purposes, the same as if the person whose signature, or a facsimile thereof, appears on such bond had not ceased to hold such office. Any bond may be signed, sealed or attested on behalf of t~e Village by any person who, on the date of such act, shall hold the proper office, notwithstanding that at the date of such bond such person may not have held such office. No recourse shall be had for the payment of any bonds against any officer who executes the bonds. The bonds shall bear thereon a certificate of authenti- cation executed manually by thebond registrar. No bond shall be entitled to any right or benefit under this ordinance or shall be valid or obligatory of any purpose until such certificate of authentication shall have been duly executed by the bond registrar. Section 4. General Obligations. The full faith and credit of the Village are hereby irrevocably pledged to the punctual payment of the principal of and interest on the bonds. The bonds shall be direct and general obligations of the Village, and, unless paid from other sources, the Village shall be obligated to levy ad valorem taxes upon all the taxable property in the Village for the payment of the bonds and the interest thereon, without limitation as to rate or amount. -5- Section 5. Form of B~hds. The bonds shall be issued as fully registered bonds and shall be in substantially the following form, the blanks to b~ appropriately completed when the bonds are printed: ' (Form of Bond) United States of America State of Illinois County of Cook VILLAGE OF MOUNT PROSPECT GENERAL OBLIGATION BOND, SERIES 1985 INTEREST RAT~ MATURITY DATE The VILLAGE OF MOUNT PROSPECT, a municipal corporation and a home rule unit of the State of Illinois situate in the County of Cook, acknowledges itself indebted and for value received hereby promises to pay to or registered assigns, the principal sum of Dollars on the maturity date specified above,'and to pay interest on such principal sum from the date hereof at the interest rate per annum specified above, payable in lawful money of the United States of America on June 1, 1986 and semiannually thereafter on the first days of June and December in each year until the principal sum shall have been paid, by check or draft mailed to the registered owner of record hereof as of the 15th day of the calendar month next preceding such interest payment date, at the address of such owner appearing on the registration books maintained by the -6- Village for such purpose at the principal corporate trust office of First National Bank of Mount Prospect, in the Village of Mount Prospect, Illinois, as bond registrar or its successor (the "Bond Registrar"). This bond, as to principal and premium, if any, when due, will be payable in lawful money of the United States of America upon presentation and surrender of this bond at the principal corporate trust office of the Bond Registrar. The full faith and credit of the Village are irrevocably pledged for the punctual payment of the principal of and interest on this bond according to its terms. This bond is one of a series of bonds issued in the aggregate principal amount of $1,700,000, which are all of like tenor except as to date, ~aturity, option of redemption and'rate of interest and which are authorized and issued under and pursuant to Section 6 of Article VII of the Illinois Constitution of 1970 and under and in accordance with an ordinance adopted by the President and Board of Trustees of the Village on December 3, 1985 and entitled: "Ordinance Authorizing the Issuance of $1,700,000 ~eneral Obligation Bonds, Series 1985, of the Village of Mount Prospect, Illinois." The bonds of such series maturing on or after December 1, 1988 are subject to redemption prior to maturity at the option of the Village and upon notice as herein provided, in inverse order of maturity and by lot within a single maturity, on December 1, 1987 and on any interest payment date thereafter, at a redemp- tion price equal to the principal amount thereof to be redeemed. Notice of the redemption of bonds will be mailed not less than 30 -7- days nor more than 60 days ~±dr to the date fixed for such re- demption to the registered owners of bonds to be redeemed at their last addresses appearing dn such registration books. The bonds or portions thereof specified in said notice shall become due and payable at the applicable redemption price on the redemp- tion date therein designated, and if, on the redemption date, moneys for payment of the redemption price of all the bonds or portions thereof to be redeemed, together with interest to the redemption date, shall be available for such pa!a~ent on said date, and if notice of redemption shall have been mailed as aforesaid (and notwithstanding any defect therein or the lack of actual receipt thereof by any registered owner) then from and after the redemption date interest on such bonds or portions thereof shall cease to accru~ and become payable. This bond is transferable only upon such registration books by the registered owner hereof in person, or by his attorney duly authorized in writing, upon s~rrender hereof at the principal corporate trust office of the Bond Registrar together with a written instrument of transfer satisfactory ~o the Bond Registrar duly executed by the registered owner or by his duly authorized attorney, and thereupon a new registered bond or bonds, in the authorized denominations of $5,000-or any integral multiple thereof and of the same aggregate principal amount, maturity and interest rate as this bond shall be issued to the transferee in exchange therefor. In like manner, this bond'may be exchanged for an equal aggregate principal amount of bonds of the same maturity and interest rate and of any of such authorized denomina- -8- tions. The Village or the B0nd Registrar may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to the transfer or exchange of this bond. No other charge shall be made for the privilege of making such transfer or exchange. The Village and the Bond Registrar may treat and consider the person in whose name this bond is registered as the absolute owner hereof for. the purpose of receiving payment of, or on account of, the principal, premium, if any, and interest due hereon and for all other purposes whatso- ever. This bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been duly executed by the Bond Registrar. It is hereby certified, recited and declared that all acts, conditions and things required to be done, exist and be performed precedent to and .in the issuance of this bond in order to make it a legal, valid and binding obligation of the Village have been done, exist and have been performed in regular and due time, form and manner as required by law, and that the series of bonds of which this bond is one, t~gether with all other indebted- ness of the Village, is within every debt or other limit prescribed by law. -9- IN WITNESS WHEREOF, the Village of Mount Prospect has caused this bond to be executed in its name and on its behalf by the manual or facsimile signature of its Village President, and its corporate seal, or a facsimile thereof, to be hereunto affixed or otherwise reproduced hereon and attested by the manual or facsimile Dated: signature of its.Village Clerk. VILLAGE OF MOUNT PROSPECT Village President Attest: CERTIFICATE OF AUTM~NTICATION This bond is one of the General Obligation Bonds, Series 1985, described in the within mentioned Ordinance. FIRST NATIONAL BANK OF MOUNT PROSPECT, as Bond Registrar By Authorized Officer Village Clerk -10- For value received the undersigned sells, assigns and transfers unto the within bond and hereby irrevocably constitutes and appoints .attorney to transfer the said bond on the books kept for registration thereof, with full power of substitution in the premises. Dated Signature Guarantee: -11- Section 6. Sale and Delivery. The sale of the bonds to' First National Bank of Mount Prospect, as purchaser, at a price of $1,700,000 and accrued interest from their date to the date of delivery and payment therefor, is hereby ratified and confirmed. The official statement prepared with respect to the bonds is hereby approved. The Village President, Village Clerk and other officials of the Village are hereby authorized and directed to do and perform, or cause to be done or performed for or on behalf of the Village each and every thing necessary for the issuance of the bonds, including the proper execution and delivery of the bonds and the official statement upon payment of the full purchase price of the bonds. Section 7. Funding of Bonds. If 30 days prior to any maturity date or any interest payment date ~f the bonds there shall not be on deposit in a debt service fund or other restricted escrow funds of the Village, a sum sufficient and available to pay the principal and interest on the bonds to become due and payable on such date, then the President and Board of Trustees shall, as soon as possible, adopt an ordinance providing for the immediate levy upon all taxable property in the Village of a direct tax in an amount sufficient, with other available moneys, to make full payment of such principal and interest and directing the County Clerk of Cook County to ascertain the rate per cent required to produce such tax and to extend the same for collection as soon as possible, and the Village shall apply the proceeds of such tax to the payment of such principal and interest. -12- Interest or principal coming due at any time when there shall be insufficient funds on hand to pay the same shall be paid promptly when due from current funds on hand in advance of the collection of the taxes herein levied; and when said taxes shall have been collected, reimbursement shall be made to the said funds in the amounts thus advanced. Section 8. Transfer, Exchange and Registry. The bonds shall be negotiable, subject to the provisions for registration of transfer contained herein. Each bond shall be transferable only upon the registration books maintained by the Village for that purpose at the principal corporate trust office of the bond registrar, by the registered owner thereof in person or by his attorney duly authorized in writing, upon surrender thereof together with a written instrument of transfer satisfactory to the bond registrar and duly executed by the registered owner or his duly authorized attorney. Upon the surrender for transfer of any such bond, the Village shall execute and the bond registrar shall authenticate and deliver a new bond or bonds registered in the name of the transferee, of the same aggregate principal amount, maturity and interest rate as the surrendered bond. Bonds, upon surrender thereof at the principal corporate trust office of the bond registrar, with a written instrument satisfac- tory to the bond registrar, duly executed by the registered owner or his attorney duly authorized in writing, may be exchanged for an equal aggregate principal amount of bonds of the same maturity and interest rate and of the denominations of $5,000 or any integral multiple thereof. -13- For every such exchange or registration of transfer of bonds, the Village or the bond registrar may make a charge suffi- cient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. No other charge shall be made for the privilege of making such transfer or exchange. The Village and the bondregistrar may deem and treat the person in whose name any bond shall be registered upon the registration books as the absolute owner of such bond, whether such bond shall be overdue or not, for the purpose of ~eceiving payment of, or on account of, theprincipal of, premium, if any, or interest thereon and for all other purposes whatsoever, and all such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such bond to the extent of the sum or sums so paid,' and neither the Village nor the bond registrar shall be affected by any notice to the contrary. Section 9. Bond Registrar. The Village covenants that it shall at all times retain a bond registrar with respect to the bonds, that it will maintain at the designated office of such bond registrar a place where bonds may be presented for payment' and registration of transfer or exchange and that it shall require that the bond registrar maintain proper registration books and per.~orm the other duties and obligations imposed upon it by this -14- ordinance practices in a manner consistent with the standards, customs and of the municipal securities business. The bond registrar shall signify its duties and obligations imposed upon it by this acceptance of the ordinance by executing the certificate of authentication on any bond, and by such execution the bond registrar shall be deemed to have certi- fied to the Village that it has all requisite power to accept, and has accepted such duties and obligations-not only with respect to the bond so authenticated but with respect to all the bonds. The bond registrar is the agent of the Village and shall not be liable in connection with the performance of its duties except fo~ its own negligence or default. The bond registrar shall, however, be responsible for any representation in its certificate of authentication on the'bonds. The Village may remove the bond registrar at any time. In case at any time the bond registrar shall resign or shall be removed or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or if a receiver, liquidator or conserva- tor of the bond registrar, or of its property, shall be appointed, or if any public officer shall take charge or control of the bond registrar or of its property or affairs, the Village covenants and agrees that it will thereupon appoint a successor bond regis- trar. The Village shall mail notice of any such appointment made by it to each registered owner of bonds within twenty days after such appointment. Any bond registrar appointed under the provi- sions of this Section shall be a bank, trust company or national banking association maintaining its principal corporate trust -15- office in the State of Illinois, the City of St. Louis, Missouri or the Borough of Manhattan, city and State of New York. Section 10. Tax Covenants. The Village covenants that it shall not at any time permit any of the proceeds of any bonds or other moneys to be used directly or indirectly to acquire any securities or obligations the acquisition of which would cause any bond to be an 'arbitrage bond" as defined in Section 103(c)(2) of the Internal Revenue Code of 1954, as amended, or an "industrial development bond" within the meaning of Section 103(b)(2) of said Code. _The Village will not take any action or omit to take any action which is l~wful and within its power to take, and which, if taken or omitted; would cause interest on the bonds to be includible in gross income of the owners of the bond~ for Federal income tax purposes. Section 11. Ordinance to Constitute a Contract. The provisions of this ordin~c~ shat~ constitute a contrac~ between the Village and the registered owners of the bonds. Any pledge made in this ordinance and the provisions, covenants and agreements herein set forth to be performed by or on behalf of the Village shall be for the equal benefit, protection and security of the owners of any and all of the bonds. All of the bonds, regardless of the time or times of their issuance, shall be of equal rank without preference, priority or distinction of any of the bonds over any other thereof except as expressly provided in or pursuant to this ordinance. This ordinance shall constitute full authority for the issuance of the bonds and to the extent that the provisions -16- of this ordinance conflict with the provisions of any other ordinance or resolution of the Village, the provisions of this ordinance shall control. If any section, paragraph or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this ordinance. Section 12. Publication and Notice. The Village Clerk is hereby authorized and directed to publish this ordinance in pamphlet form and to file copies thereof fo~ public inspection in her office. The Village Clerk is hereby authorized and directed to'cause notice of adoption of this ordinance to be published in a newspaper of general circulation in the Village. Said notice shall be in substantially the following form: "Public Notice Notice is hereby given that on December 3, 1985, the President and Board of Trustees of the Village of Mount Prospect, Illinois 'adopted an ordinance entitled: "Ordinance Authorizing the Issuance of $1,700,000 General Obligation Bonds, Series 1985, of the Village of Mount Prospect, Illinois," and that copies of said ordinance are on file and available for public inspection at the office of the Village Clerk of the Village of Mount prospect. By /s/ Carol A. Fields Village Clerk" -17- Section 13. Effective Date. This ordinance become effective in the manner provided by law. Adopted this 3rd day of December, 1985 by roll vote as follows: Ayes: Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg shall call Nays: None (SEAL) AtteSt: i age Clerk Approved: December A, 1985 viiiag~ President Published in pamphlet form on December ~, 1985. -18- ERT I F I CATE I, Carol A. Fields, Village Clerk of the Village of Mount Prospect, Illinois, hereby certify that the foregoing ordinance entitled: "Ordinance Authorizing the Issuance of $1,700,000 General Obligation Bonds, Series 1985, of the Village of Mount Prospect, Illinois," is a true copy of an original ordinance which was duly adopted by the recorded affirmative votes of a majority of the members of the President and Board of Trustees of the Village at a meeting thereof which was duly called and held at 8:00 p.m. on December 3, 1985 in the Board Room at-ll2 E. Northwest Hi~h~ at which a quorum was present and acting throughout, and that said copy has been compared by me with the original ordinance signed by the Village President of the Village, published in pamphlet form and recorded in the Ordinance Book of the Village and that it is a correct transcript thereof and of the whole of s~id ordinance, and that said ordinance has not been altered, amended, repealed or revoked, but is in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and affixed (SEAL)~~'- A13909!A 11/25/85 LG:be the seal of the Village this 4th day of December, 1985. -19- iq ¥', '1 '$ e c ELK GROVE -- 4 AVE. i' %6.._