HomeMy WebLinkAboutOrd 3255 09/07/1982 RDINANCE NO. 3255
AN ORDINANCE TO DECLARE A FORFEITURE WITH
RESPECT TO CERTAIN UNCLAIMED SIDEWALK
CONSTRUCTION BOND DEPOSITS AND TO TRANSFER
THE AMOUNT OF DEPOSITS TO THE GENERAL
CORPORATE FUND
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
THE 7th DAY OF September , 1982.
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
8th day of September , 1982.
RDINANCE NO. 3255
AN ORDINANCE TO DECLARE A FORFEITURE WITH
RESPECT TO CERTAIN UNCLAIMED SIDEWALK
CONSTRUCTION BOND DEPOSITS AND TO TRANSFER
THE AMOUNT OF DEPOSITS TO TRE GENERAL
CORPORATE FUND
WHEREAS, pursuant to the Ordinances of this Village, all
public street and sidewalk construction was conditioned upon
the filing with the Village of a bond or, in the case of side-
walk construction, the deposit of a specific cash amount in
lieu of a bond; and
WHEREAS, such cash deposits were required to be retained
by the Village until the pertinent construction work had been
properly completed, at which time the applicant was entitled
to a refund of the deposit amount; and
~EREAS, during a period from 1950 through 1976, there
has been deposited with the Village certain cash deposits
in lieu of surety bond requirements for sidewalk construction,
of which amount there is presently on hand the aggregate sum
of $47,934.00; and
WHEREAS, despite efforts by the Village to return such
deposit amounts to the depositors thereof, said sum of
$47,934.00 still remains unclaimed.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK
COUNTY, ILLINOIS:
SECTION ONE: This Board does hereby determine that the sum of
$47,934.00 presently retained by this Village as sidewalk
construction bond deposits shall be hereby forfeited and
said amount shall be transferred to the General Corporate
Fund of this Village.
SECTION TWO: In the event that, subsequent to the transfer
of bond deposit funds as provided herein, any depositor or
depositors who are entitled to such money shall appear and
make application for return of the same, said amount shall
be promptly refunded to such person from the General Corporate
Fund.
SECTION THREE: This Ordinance shall be in full force and
effect upon its passage, approval, and publication in pamph-
let form in accordance with law.
PASSED AND APPROVED this 7th day of Septe/~ber,~1982.
AYES: Arthur Farley Floros Miller Murauskis Wattenberg
NAYS: None
ABSENt: None
ATTEST:
Village Clerk
Village P~esident
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