HomeMy WebLinkAboutOrd 3275 11/03/1982 RDINANCE NO. 3275
AN ORDINANCE AUTHORIZING THE BORROWING
OF $181,251.00 IN CONNECTION WITH THE
PURCHASE OF A FIRE TRUCK
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE __3rd DAY OF ~__,
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
4th day of NOVEMBER ,
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ORDINANCE NO.3275
AN ORDINANCE AUTHORIZING THE BORROWING
OF $181,251.00 IN CONNECTION WITH THE
PURCHASE OF A FIRE TRUCK
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tEAS, it is deemed advisable, necessary and in the public interest
~ the Village of Moun~ Prospect, Cook County, Illinois (
~rred to as the "Village") acquire one (1) 100 Foot Fire Ladder
~k which shall be referred to hereinafter as the "Equipment;" and
tEAS, the Equipment will serve the public and corporate purposes
which the Village is organized; and
tEAS, the Village, in the exercise of its home rule authority, has
power to purchase real and personal property for public purposes;
tEAS, the Village proposes to use the Equipment to provide fire
~ection service for the Village to meet its ngeds in %he area of
[age fire service; and
tEAS, the use of the Equipment for the purpose aforesaid is a
per public purpose; and
tEAS, Essential Services Sales, Inc. (hereinafter referred to as
;ential") has agreed to sell the Equipment to the Village f6r.l.a_
:hase price of $236,251.00; and
IEAS, Section 8.803 of the Village Code of the Village of
~t Prospect sets forth the procedures for the borrowing of funds
the purchase of personal property and executing promissory
~s in connection therewith.
, THEREFORE, BE IT ORDAINED by the President and Board of TruStee~
hhe Village of Mount Prospect, COok County, Illinois as follows:
PION ONE: The foregoing recitals are incorporated herein as
~ings bY the President and Board of Trustees of the Villaqe.
ION TWO: It is hereby determined that it is advisable, necessary
in the public interest that the Village purchase, pursuant to
greement between the Village and Essential providing for the purcl
he Equipment for a purchase price of $236,251.00.
ION THREE: The P~esident and Board of Trustees of the Village
the borrowing of money to allow the purchase of the Equipment is
ssary for the welfare of the governmental affairs of the Village
is in the public interest.
IoN FOUR: FOr the purpose of providing funds to purchase the Equ!
~, the Village has budgeted $64,000.00 in the 1982-83 Budget to pal
000.00 to Essentmal and mnterest on the sum to be borrowed, and
Village shall borrow $181,251.00 from Mount Prospect State Bank a~
nte~est rate of 70% of the Mount Prospect State ~ .... Pri~ne ~-~-~= a~
ay change from tim~ to time to be adjusted on a quarterly basis w~
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pri cipal and interest on such debt to be payable in installments for
a p riod of three and one-half (3%) years. Such debt shall be payabl,
in ~he following manner: interest payments to be made on December 31
198~ April 30, 1983, and each quarter thereafter to and including
Ap il 30, 1986; principal payments of $15,104.24 to be made each
qu. ~ter commencing on July 31, 1983 and each quarter thereafter to a]
in luding April 30, 1986. Th~Village shall execute any and all docl
me ks required in connection/ with the Village incurring such debt,
in luding, but not limited to, a promissory note.
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~ION FIVE: The principal ~fi~ iH~rest on such indebtedness shall i
~-o~-~neral corporate revenues of the Village and such indebted
shall be backed by the f-ull faith and credit of the Village.
indebtedness shall be unsecured.
ION SIX: The Village President a~d village Clerk of ~h~ Village
hereby authorized and directed to do any and all things necessary
essential, including the execution of any documents and cOllateral
~ements necessary to carry out the provisions of said agreement
Village President and the Village Clerk of the Village are also
~by authorized and.directed to execute a promissory note and any
all other'required documents with the Mount Prospect State Bank
the fUnds to be borrowed pursuant to and in accordance with .' :_
:ion 8.803 of th~<Uillage Code of Mount Prospect.
!ION SEVEN: This Ordinance NO. 3275 shall be in full force and
~ct after its passage, apProval and publication in the manner
~ided by law.
;ed this 3rd 'day of NO~-EMBER , 1982
ARTHUR, FAP~LEY, FLOROS, MILLER, MURAUSKIS, WATTENBERG
NONE
APP
Att
',OVED this 4th
'illage Clerk
day of NOVF, MBF,~ , 1982
Approved:
A/Village President