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HomeMy WebLinkAboutOrd 3661 06/03/19863405S/27 ORDINANCE NO. 366t AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING A NOTE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, IN THE AMOUNT OF $500,000 FOR THE PURPOSE OF PROVIDING FUNDS TO ESTABLISH A RESERVE FOR THE VILLAGE OF MOUNT PROSPECT SELF-INSURED LIABILITY INSURANCE FUND AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE'PAYMENT OF THE PRINCIPAL~AND INTEREST ON SAID NOTE PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 3rd DAY OF Ju~e , 1986. Published in pamphlet form by the authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 4th day of June , 1986 ORDINANCE NO. 366l AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING A NOTE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, IN THE AMOUNT OF $500,000 FOR THE PURPOSE OF PROVIDING FUNDS TO ESTABLISH A RESERVE FOR THE VILLAGE OF MOUNT PROSPECT SELF-INSURED LIABILITY INSURANCE FUND AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST ON SAID NOTE WHEREAS, the Village of Mount Prospect is an Illinois municipal corporation exercising Home Rule powers pursuant to the State of Illinois Constitution of 1970; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect in the exercise of the Village of Mount Prospect's Home Rule powers have determined that it is in the best interests of the Village of Mount Prospect to borrow funds to establish a reserve for the Village of Mount Prospect self-insured liability insurance fund and to issue the Village's Note as evidence of said indebtedness; NOW THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, AS FOLLOWS: SECTION ONE: That it be and it is found and determined by the President and Board of Trustees of the Village of Mount Prospect to be in the best interests of the Village of Mount Prospect to issue the Note of said Village in the amount of $500,000 for the purpose of providing funds to establish a reserve for the Village of Mount Prospect's self-insured liability insurance fund. SECTION TWO: That in order to obtain the sum of $500,000 presently needed for said purpose, there be borrowed by, for and on behalf of the Village of Mount Prospect, Cook County, Illinois, the sum of $500,000, and to evidence said loan the Note of said Village be issued in the form attached hereto as Exhibit A and made a part hereof. Said Note shall be designated "Installment Promissory Note", be dated June 1, 1986, and mature on June 1 1991. Interest on the Installment Promissory Note shall be payable on December 1 and June 1 with principal payments payable on June 1 in the amounts as follows: Date Principal Amount Interest Total Payment December 1, 1986 June 1, 1987 December 1, 1987 June 1, 1988 December 1, 1988 June 1, 1989 December 1, 1989 June 1, 1990 December 1, 1990 June 1, 1991 Total 0 100.000.00 0 100.000.00 0 100.000.00 0 100.000.00 0 100.000.00 500,000.00 14,937.50 14,937.50 14,937.50 114,937.50 11,950.00 11,950.00 11,950.00 111,950.00 8,962.50 8,962.50 8,962.50 108,962.50 5,975.00 5,975.00 5,975.00 105,975.00 2,987.50 2,987.50 2,987.50 102,987.50 89,625.00 589,625.00 SECTION THREE: That the Note hereby authorized shall be payable to bearer, provided, however, that such Note may be subject to registration as to principal in the name of the holder on the books of the Treasurer of said Village, such registration to be evidenced by notation of said Treasurer upon the back of the Note so registered. 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. SECTION FOUR: That for the purpose of providing the funds required to pay the interest on said Note promptly when and as the same falls due and to pay and discharge the principal thereof at maturity, there be and there is hereby levied upon all of the taxable property within said Village in each year while said Note is outstand- ing a direct annual tax sufficient for that purpose, and that there be and there is hereby levied on all the taxable property in said Village, in addition to all other taxes, the following annual tax, to-wit: For the Year A Tax Sufficient to Produce the Sum of 1986 253,775.00 1987 117,925.00 1988 111,950.00 1989 105,975.00 for interest and principal for interest and principal for interest and principal for interest and principal 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 taxes herein levied, and when said taxes shall have been collected reimbursement shall be made to said funds in the amounts thus advanced. SECTION FIVE: That forthwith as soon as this Ordinance becomes effective, a copy hereof, certified by the Clerk of said Village, which certificate shall recite that this Ordinance has been passed by the President and Board of Trustees of said Village, approved by the President, and published, shall be filed with the County Clerk of Cook County, Illinois, which said official shall in and for each of the years 1986 to 1989, both years included, ascertain the rate percent required to produce the aggregate tax hereinbefore provided to be levied in each of said years, respectively, and extend the same for collection on the tax books against all of the taxable property situated within said Village, and situated within said county, in connection with other taxes levied in each of said years, respect- ively, in and by said Village for general corporate purposes of said Village, and in each of said years such annual tax shall be levied and collected by said Village in like manner as taxes for general corporate purposes for each of said years are levied and collected, and when collected such taxes shall be used solely for the purpose of paying principal and interest upon the Note herein authorized when the same matures. SECTION SIX: That the funds derived from such levy be and the same are hereby appropriated and set aside for the sole and only purpose of paying principal of and interest on said Note when and as same becomes due. SECTION SEVEN: That the proceeds of the Note will be used and devoted with due diligence for the purposes as provided herein. SECTION EIGHT: That all ordinances, resolutions and orders, or parts thereof, in conflict herewith, be and the same are hereby repealed, and this Ordinance shall be in full force and effect upon its passage and publication, as provided by law. PASSED and APPROVED this AYES: Arthur, Farley, NAYS: Murauskis ABSENT: Wattenberg 3rd day of Floros, Van Geem VILLAGE CLERK June , 1986.