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HomeMy WebLinkAboutOrd 2954 11/06/1979 , II , ,I , 1\" I ORDINANCE NO. 2954 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF. BONDS OF VILLAGE OF MOUNT PROSPECT PAYABLE BY AN AD VALOREM TAX LEVY IN SPECIAL SERVICE AREA NUMBER 1 I ¡WHEREAS, Section 1307 of Chapter 120, Illinois Revised Statutes 0 \11977, provides that bonds secured by the full faith and credit of ¡the area included in a Special Service Area may be issued for pro I, viding said special services; ¡BE IT ORDAINED by the President and Board of Trustees of the Vil- ,lage of Mount Prospect, Cook County, Illinois, as follows: SECTION ONE: Findings. A. The Village of Mount Prospect Special Service Area Numbe 1, consisting of the following described territory: II All that part of the West 1/2 of the Southwest 1/4 of Se - tion 27, Township 42 North, Range 11 East of the Third Principal Meridian described as follows: Commencing at a point on the West line of the Southwest 1/4 of Section 27, aforesaid which is 50.0 feet North of the Southwest corne~ thereof; thence North on the West line of the Southwest 1/4 of Section 27 aforesaid to a point which is 250.0 fee- south of the Northwest corner of the Southw~st 1/4 of sec! tion 27 aforesaid; thence East parallel with the North line of the Southw.est 1/4 of Section 27 aforesaid, 436.78l feet; thence Northeasterly at right angles to the center line of Rand Road 134.77 feet to the Northeasterly line 0 Rand Road and the Southwesterly line of Lot 7 in Arlington Meadows being a subdivision of that part of the West 1/2 of the Southwest 1/4 lying Northeasterly of the center line of Rand Road in Section 27, Township 42 North Range 11 East of the Third Principal Meridian; thence South Easterly along the Northeasterly line of Rand Road and the Southeasterly line of Lot 7 in Arlington Meadows aforesaid to the Northwesterly corner of Lot 9,in Arlington Meadows aforesaid; thence Southwesterly at right angles to the Northeasterly line of Rand Road, a distance of 50 feet to the center line of Rand Road, thence Southeasterly along the center line of Rand Road to it's intersection with the extension to the Northeast of the Southeasterly line of Lot 5 in Block 3 in Prospect Meadows, a subdivision of the West 1/2 of the Southwest 1/4 of Section 27, Township 42 North, Range 11 East of the Third Principal Meridian; thence Southwesterly along the aforesaid extension and the Southeasterly line of Lot 5 in Block 3 aforesaid to the Southeasterly corner of Lot 5 in Block 3 aforesaid; thence Southeasterly along the Northeasterly line of Lots 16 and 15 in Block 3 aforesaid to the Southeasterly corner of Lot 15 in Block 3 afore- said; thence Southeasterly to a point on the North- westerly line of Lot 14 in Block 3 aforesaid which is 48. feet Southwesterly of the Northeast corner of Lot 14 aforesaid; thence Southeasterly to a point on the South- easterly line of Lot 14 in Block 3 aforesaid which is '- .. 11.0 feet Southwesterly of the Southeast corner of Lot 14 in Block 3 aforesaid; thence Northeasterly along the Southwesterly line of Lot 14 in Block 3 aforesaid 11.0 feet to the Southeast corner of Lot 14 in Block 3 afore- said; thence South along the East line of Lots 13 and 12 and along the line which measures 12.0 feet in length North and South of Lot 10 all in Block 3 aforesaid to the Northerly line of Lot 10 in Block 3 aforesaid being the Easterly portion of Lot 10 which measures 36.0 feet in . length in an East and West direction; thence East along the Northerly line of Lot 10 in Block 3 aforesaid, 36.0 feet to the East line of Lot 10 in Block 3 aforesaid, thence South along the East line of Lot 10 in Block 3 aforesaid to the Southeast corner of Lot lOin Block 3 aforesaid; thence East along the South line of Lot 9 in Block 3 aforesaid to the Southeast corner in Lot 9 of Block 3 aforesaid; thence East 33 feet to a point on the East line of the West 1/2 of the Southwest 1/4 of Section 27 aforesaid, which is 278.24 feet South of the Northeast corner of the Southwest 1/4 of the Southwest 1/4 of Sec- tion 27 aforesaid; thence South along the East line of the West 1/2 of the Southwest 1/4 of Section 27 aforesaid to a point 50.0 feet North of the Southeast corner of the West 1/2 of the Southwest 1/4 of Section 27 aforesaid; thence West along a line which is 50.0 feet North of and parallel to the South line of the West 1/2 of the Southwest 1/4 of Section 27 aforesaid to the point of beginning, all in Cook County, Illinois. has been created by Ordinance No. 2912 of the Village entitled "An Ordinance Establishing Village of Mount Prospect Special Service Area Number I" passed and approved on June 5, 1979. B. The question of the establishment of the area hereinabove described as Special Service Area Number 1 was considered by the Village Board at a hearing on March 20,1979. Said hearing was held pursuant to notice duly published in the Mount Prospect Herald on March 5,1979, a newspaper of general circulation within the Village of Mount Prospect, at least fifteen (15) days prior to the hearing and pur- suant'tó 'notice by mail directed to the person or persons who paid the general taxes for the last preceding year on each lot, block, tract or parcel of land included in the Special Service Area Number 1, said notices being mailed not less than ten (10) days prior to the time set for said hearing and said notices conforming in all respects to "An Act To Provide The Manner Of Levying Or Imposing Taxes For The provisions Of Special Services To Areas within The Boundaries Of Home Rule Units And Nonhome Rule Municipali- ties And Counties," Ill. Rev. Stat., 1977, ch. 120 §130l et seq. - No petitions were filed opposing the creation of the aforesaid Special Service Area Number 1. C. '- I l I I , I I[ II I f'\ , . - 3 - D. The President and Board of Trustees of the Village of Mount Prospect by Ordinance No. 2913 proposed that a pub- lic hearing be held pursuant to the provisions of Section 1307 of Chapter 120, Ill. Rev. Stat., 1977, to consider the question of whether bonds in the amount of $220,000.0 to be retired over a period not to exceed twenty years at an interest rate not to exceed 8% be issued to provide special services to Special Service Area Number 1, which bonds would be retired by a direct annual tax on all tax- able property located in Special Service Area Number 1. E. The question of the issuance of said bonds was considered by the Village Board at a public hearing on June 26, 1979. Said public hearing was held pursuant to notice duly published in the Mount Prospect Herald on June 11, 1979, a newspaper of general circulation within the Vil- lage of Mount Prospect, at least fifteen (15) days prior to the, hearing and pursuant to notice by mail directed j to the person or persons who paid the general taxes for the last preceding year òn each lot, block, tract or par- cel of land included within Special Service Area Number 1 saidnoticesb,eing mailed n, ot less than ten (10) days pri1r to the time set for said hearing and said notices con- forming'in all respects to "An Act To Provide The Manner Of Levying Or Imposing Taxes For The Provisio~ Of Spec~al Services To Areas Within The Boundaries Of Home Rule Units And Nonhome Rule Municipalities And Counties," Ill. Rev. Stat., 1977, ch.. 120 §130l et seq.. No petitions were filed opposing the issuance Of said bonds or the levy of taxes. F. G. The President and Board of Trustees of the Village of Mount Prospect have heretofore found and determined it is necessary and for the best interests of the Village of Mount Prospect and the residents and owners of property of Village of Mount Prospect Special Service Area Number 1 that the existing water mains, hydrants, meters and related appurtenant facilities and any and all easements in connection therewith of the Prospect Meadows Water Company 'be acquired and that substantial additions to and improvements of such facilities including, but not limite to, the construction and installation of new 6-inch water mains in and along specified sections of Forest Avenue and Eimhurst Streets in the Village of Mount Prospect, and, where required, the construction and installation of new connection points, the installation of additional new fire hydrants, the purchase and installation of water meters and all work, rights in land, materials or services related thereto be undertaken. The President and Board of Trustees of the Village of Mount Prospect have heretofore estimated the costs and expenses connected with said acquisition and said improve- ments to be $220,000.00. ' H. '- ~ - 4 - 1. It is in the best interests of the Village of Mount Prospect and the residents and owners of property of Vil- lage of Mount Prospect Special Service Area Number 1 that $220,000.00 be borrowed for the purposes aforesaid and in evidence thereof, bonds of the Village payable from taxes levied against all taxable 'property located within said Special Service Area Number 1 be issued. J. The indebtedness of the Village represented by the bonds to be issued for the purposes aforesaid in the amount of $220,000.00 and including all other indebtedness of the Village, howsoever evidenced and incurred, does not excee any Illinois constitutional or statutory limitation, if any, on municipal indebtedness. SECTION TWO: Issuance of Bonds. That there be borrowed on behalf of the Village of Mount Prospect Special Service Area Number 1 the sum of $220,000.00 for the purposes aforesaid, that bonds of the Village, payable solely and only from ad valorem taxes levied against all the taxable property in the said Special Service Area Number 1, without limit as to rate and amount, be issued in such amount, said bonds to be known as Village of Mount Prospect Speci 1 Service Area Number 1 Unlimited Ad Valorem Tax Bonds, said bonds . ,¡I be dated Octoberl, 1979, to be numbered consecutively from lito inclusivei to be of the following denominations, and to become du serially on January 1 of each of the years and in the àmounts, an shall bear interest from date until paid at the r~tes shown, as follows: BOND NUMBERS - INTEREST YEAR AMOUNT ALL NUMBERS INCLUSIVE RATE 1983 $ 7,000 1 7% 1984 $ 8,000 2 7% 1985 $ 8,000 3 7% 1986 $ 9,000 4 7% 1987 $ 9,000 5 7% 1988 $10,000 6 7% 1989 $11,000 7 7% 1990 $11,000 8 7% 1991 $12,000 9 7% 1992 $14,000 10 .7% 1993 $14,000 11 7% 1994 $15,000 12 7% 1995 $16,000 13 7% 1996 $17,000 14 7% 1997 $18,000 15 7% 1998 $20,000 16 7% 1999 $21,000 17 7% That the interest becoming due on said bonds shall be payable on July 1, 1980, and semi-annually thereafter on the first days of January and July of each year. The number of each bond shall be preceded by the letter R. . That the seal of said Village shall be affixed to each of said bonds and they shall be signed by the manual or facsimile signa- tures of the President and attested manually by the Clerk of the Village. '- "'" 5 - ~ /' ¡That such bonds shall be issued as fully registered bonds without !coupons and interest on such bonds shall be payable to the ¡registered holder thereof at the address of the holder as appears ,on the books of the Finance Director upon the back of such bonds. !The principal of such bonds shall be payable at maturity upon sur- render of such bond at the office of the Finance Director of said ! Village. No bond shall be subject to transfer except upon such ¡books and similarly noted on the back thereof. ,¡SECTION THREE: Form of Bonds. That such bonds shall be in sub- stantially the following form: (FORM OF BOND) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK, VILLAGE OF MOUNT PROSPECT. . SPECIAL SERVICE' AREA NUMBER! UNLIMITED AD VALOREM TAX BOND No. .. KNOW ALL MEN BY THESE PRESENTS, that the Village of Mount Prospect an Illinois municipal corporation of Cook County, Illinois, hereby aêtnDwledges itself to owe and for value received promises to pay to'the registered holder hereof, solely fróm taxes levied against all taxable property in that part of said Village known as Village ofMcuÖt Prospect Special Service Area Number 1, and not otherwise the sum of, Dollars ( ) on the first I day of January, 19 , together with interest thereon at the rate 0- Seven Percent (7.0%f per annum, from date hereof until paid, pay- able July 1, 1980, and semi-annually thereafter on the first days of January and July in each year. Payment of interest on the pDœcipalhereof shall be made by check or draft mailed to the registered holder hereof at his address shown on the registration boœæ maintained by said Village and payment of principal hereon shall be made to the registered holder or his legal representative u pan,' presentation hereof, at the office of the Fi,nance Director of said Village. Payment shall be in lawful money of the united States of America. ' I ' jThis bond is one of a series of bonds aggregating the principal sun of Two Hundred Twenty Thousand and 00/100 ($220,000.00) Dollar '¡issued by the Village of Mount Prospect for the purpose of a~ring the existing water mains, hydrants, meters.and related appurtenant facilities and any and all easements in connection therewith of the Prospect Meadows Water Company, and undertaking the construction of substantial additions to and improvements of such facilities including, but not limited to, the construction and installation of new 6-inch water mains in and along specified ¡sections of Forest Avenue and Elmhurst Streets in the Village of ¡Mount Prospect, and, where required, th, e, construction andinstalla ¡tiOD of new connection points, the installation of additional new fire hydrants, the purchase and installation of water meters and allwork, rights in land, materials or services related thereto to ¡Serve said Special Service Area Number 1 pursuant to and in all re~s in compliance with Ordinance No. 2912 of the Village entitled, ,"An Ordinance Establishing Village of Mount Prospect ,Special Service Area Number 1" passed and approved on June 5,1979 and the provisions of "AN ACT to provide the manner of levying or ~ ' I ' '- ,""I ...' ,imposing taxes for the provision of special services to areas with ¡in the boundaries of home rule units and non-home rule municipali- ties and counties," Ill. Rev. Stat., 1977, ch. 120 §130l et seq., land in compliance with ordinancesauthorizing the issuance-of this ¡bond duly passed by the President and Board of Trustees of said ¡Village and approved by the President thereof in all respects as b 'law required. This bond shall be registered as to principal and interest in the name of the holder in accordance with said ordinance after which i shall be transferable only upon presentation to the Finance ¡Director of said Village of a written transfer duly acknowledged br ¡the r,egistered holder or,' his attorney, and such transfer shall be noted upon the bond and upon the books of the Village kept for th t ¡purpose. 'lIT IS',H,EREBY CERTIFIED and recited that all conditions, acts' and things required by the Constitution and Laws of the State of Illinois, to exist or to be done precedent to and in the issuance ¡of this bond did exist, have happened, been properly done and per formed in regular and due form and time as required by law; that the indebtedness of said Village, represented by this bond and th ,issue of which it forms a part, and including all other indebted- Iness of said Village, howsoever evidenced and incurred, does not exceed,any" C,onstitu.tional or statutorylimita t¡on and thatprovi- sion has been made for the collection of a direct annual tax in addition to all other taxes, on all the taxable property in said Village of Mount Prospect Special Service Area Number 1 sufficien to pay the interest hereon as it falls due and also to pay and di - cha!ge the principal hereof at maturity. ' IN WITNESS WHEREOF, said Village of Mount Prospect, Cook County, Illinois, by its President and Board of Trustees has caused its corporate seal to be hereto affixed and this bond to be signed by the President of the Village and attested by its Village Clerk al as of the first day of October, 1979. Village President Attest: - Village Clerk '- - 7 - (Provision for Registration) ¡!kis bond pas been registered to as to principal and interest in ¡tñe name of the holder hereof in the registration books of the viI ~ of Mount Pro~pect, Cook County, Illinois, as follows: Date of , I ~stration I Name of Registered Holder Signature of Finance pirector ,-._,--, ~IOR FOUR: Levy of Tax. That for the purpose of providing the timds required to pay the interest on said bonds as it becomes due, ~ also to pay and discharge the principal thereof at maturity, tJJere be and there is hereby levied upon all the taxable property, as defined in Revenue Act of 1939, within the Village of Mount PDpspect Special Service Area Number 1, a direct annual tax for each of the years while said bonds or any of them are outstanding in amounts sufficient for that purpose, and that there be and ther isnereby levied upon all the said taxable property in said Villag of Monnt Prospect Special Service Area Number 1 in addition to all oÐær taxes the following direct annual tax, to wit: For the year 1979, a tax sufficient to produce the sum of $19,250.00 for interest up to and including January 1,1981. For the year 1980, a tax sufficient to produce the sum of $!?!~og~~o for interest up to and including January, 1982. For the year 1981, a tax sufficient to produce the sum of $22,400.00 for interest and principal maturing up to and including January 1,1983. ' For the year 1982, a tax sufficient to produce the sum of $22,910.00 for interest and principal maturing up to and including January 1, 1984. For the year 1983, a tax sufficient to produce the sum of $22,350.00 for interest and principal maturing up to and including January 1,1985. For the year 1984, a tax sufficient to produce the sum of $22,790.00 for interest and principal maturing up to and including January 1, 1986. For the year 1985, a tax sufficient to produce the sum of $22,160.00 for interest and principal maturing up to and including January 1,1987. For the year 1986, a tax sufficient to produce the sum of $22,530.00 for interest and principal maturing up to and including January 1, 1988. . For the year 1987, a tax sufficient to produce the sum of $22,830.00 for interest and principal maturing up to and including January 1, 1989: '- - 8 - For the year 1988, a tax sufficient to produce the sum of $22,060.00 for interest and principal maturing up to and including January 1,1990. For the year 1989, a tax sufficient to produce the sum of $22,290.00 for interest and principal maturing up to and inc~uding January 1,1991. For the year 1990, a tax sufficient to produce the sum of $23,450.00 for interest and principal maturing up to and including January 1,1992. For the' year 1991, a tax sufficient to produce the sum of $22,470.00 for interest and principal maturing up to and including January 1,1993. For the year 1992, a tax sufficient to produce the sum of $22,490.00 for interest and principal maturing up to and including January 1,1994. For the year 1993, a tax sufficient to produce the sum of $22,440.00 for interest and principal maturing up to and including January 1,1995. For the year 1994, a tax sufficient to produce the sum of $22,320.00 for interest and principal maturing up to and including January 1, 1996. For the year 1995, a tax sufficient to produce the sum of $22,130.00 for interest and principal maturing up to and including January 1,1997. For the year 1996, a tax sufficient to produce the sum of $22,870.00 for interest and principal maturing up to and including January 1,1998. For the year 1997, a tax sufficient to produce the sum of $22,470.00 for interest and principal maturing up to and including January 1,1999. ¡SECTION FIVE: Extension of Taxes. That forthwith as soon as this Ordinance becomes effective, the Village Clerk of this Village be and is hereby directed to file a copy of this Ordinance with the I,county Clerk of Coók County, which copy shall be certified to by the Village Clerk and which cèrtification shall recite that this ¡Ordinance has been passed by the President and Board of Trustees of said Village and published and it shall be the duty of said ¡County Clerk annually in and for each of the years 1979 and 1997, inclusive, to ascertain the rate percent required to produce the aggregate tax herein before levied, and extend the same for col- lection on the tax books against all of the taxable property with- in the Village of Mount Prospect Special Service Area Number 1 in addition to óther taxes levied in each of said years for general corporate purposes of said Village and said Special Service Area in order to raise the respective amounts levied aforesaid, and in each of said years such annual tax shall be computed, extended and collected in the same manner as now or hereafter provided by law for the computation, extension and collection of taxes for general '- II . I . ' - 9 - " rporate purposes of said Village and said Special Service Area, d when collected, the taxes hereby levied shall be placed to the edit of a special fund to be designated "Village of Mount rospect Special Service Area Number 1 Ad Valorem Tax Bond and terest Fund of 1979," which fund is hereby irrevocably pledged and shall be used only for the purpose of paying the principal f and interest on the bonds herein authorized. I ION SIX: Segregation of Funds. That the funds derived from ch levy be and the same are hereby appropriated and set aside or the sole and only purpose of paying principal of and interest said bonds herein authorized when and as same become due. That e funds derived from the sale of said bonds be and they are here appropriated and set aside for the purpose hereinbefore set out " ,- .."-'" '--'-"'~--""""_" ....,.. SECTION SEVEN: Covenants, The Village further covenants and agrees that the bond proceeds shall be used soley and only for improvements for which the Village is authorized either to levy taxes or special assessments or appropriate Village funds under the provisions of the Illinois Municipal Code, which improvements will be public improvements which are or will be located on property for which the Village has an easement and ill be public improvements owned by the Village. èTION EIGHT: Ärbitra e Conditions. The Village covenants that t shall not at any time permit the proceeds of these bonds to be ed to acquire securities which would Cause the bonds'to become a bitrage bond within the meaning of Section 103(c) (2) of the ternal Revenue Code. CTION NINE: Award and Delive of Bonds. The bonds shall bear . terest at Seven Percent (7.0%) per annum. The bonds authorized this Ordinance are hereby awarded to the Mount Prospect State k, Mount Prospect, Illinois, at its price bid of $220,000.00 Ius accrued interest to the date of their delivery. That forth- 'th after this Ordinance has become effective, as provided by aw, the bonds herein authorized shall be executed and delivered the Finance Director of the Village and be by him delivered the Mount Prospect State Bank, Mount Prospect, Illinois, upon eceipt of the purchase price therefor, the same to be not less I~an the par value of said bonds plus accrued interest to date of, elivery, and the contract for the sale of the bonds to said pur- . aser, heretofore entered into, be and the same is hereby in all I espects ratified, approved and confirmed, it being hereby found and determined that said contract is in the best interests of ~I aid Village and that no person holding any office of said Vil- age, either by election or appointment, is in any manner, . terested, either directly or indirectly, in his own name or in e name of any other person, association, trust or corporation, .n said contract for the purchase of said bonds. '- , . n - 10 - '. I SECTION TEN: Effective Date. That all ordinances, resolutions a d larders, or parts thereof, in conflict herewith, be and the same a e ,hereby repealed and this Ordinance shall be in full force and lef,fect uPo,n its passage, approval and publication in the manner provided by law. !AdOpted this 6th day of N;vember ,1979. ¡AYES: Farley, Floros, Murauskis, Wattenberg 'BYS: None, !ABSENT: Hiller, Richardson ,ABSTENTIONS: None I-roved this 6th day of November ,1979. Attest: I~?y/~ . village Clerk '-