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ORDINANCE NO. 148 <br />AN ORDINANCE calling an election to <br />submit to the voters the question of <br />issuing S420p000 Library Bonds of the <br />Village of Elk Grove Village, Cook <br />County, Illinois <br />WHEREAS, the Board of Library Directors of the Village of Elk <br />Grove Village have certified to President and Board of Trustees of the Village <br />of Elk Grove Village its Resolution of determination to acquire a site, <br />construct and equip a new public library thereon and to acquire the existing <br />building now used as a public library in the Village of Elk Grove Village, <br />adopted September 28, 1960, and said Resolution is on file in the official <br />Records of this Village; and <br />WHEREAS, it is deemed advisable, necessary and for the best in- <br />terests of the Village of Elk Grove Village, Cook County, Illinois, and its <br />inhabitants that there be constructed a new public library building and <br />equip same on a site to be acquired and to acquire the existing building now <br />used as a library to provide adequate and useable library services and <br />facilities; and <br />WHEREAS, said Village does not have sufficient funds on hand for <br />the purpose of paying the cost thereof in an aggregate principal amount of <br />$420,000. and to accomplish such purpose it will be necessary for said <br />Village to borrow money and in evidence thereof issue bonds, and before such <br />bonds may be issued the question of the issue thereof must be submitted to <br />the electors of said Village and approved by a majority of said electors <br />voting on said question at an election called for that purpose. <br />NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF <br />TRUSTEES OF THE VILLAGE OF ELK GROVE VILLAGE, COOK COUNTY, ILLINOIS, AS <br />FOLLOWS: <br />Section 1 That it is hereby determined to be in the interests of <br />the inhabitants of the Village of Elk Grove Village that there be construc- <br />ted a new public library with necessary equipment therefor on a site to be <br />acquired and to acquire the existing building used as a public library as <br />described in the preambles hereto, and for that purpose it will be necessary <br />that this Village borrow money and in evidence thereof issue bonds to ac- <br />complish such purpose. <br />Section 2 That there be borrowed bye or and on behalf of said <br />Village the sum R14201000. for the purpose of paying the cost of acquiring <br />a new site, constructing a new public library thereon with necessary equip- <br />ment therefor and to acquire the existing building used as a library, and <br />that to evidence said load negotiable bonds of said Village be issued, to <br />be designated "Library Bonds" in the principal sum of X420,000. and to <br />mature serially on February 1 in each of the years and in amounts as follows: <br />X203000. - 1963 through 1968 <br />625,000• - 1969 through 1974 <br />630,000. - 1975 through 1979 <br />bearing interest at a rate not to exceed five per cent (5%) per annum. <br />Section 3 That the question of issuing said bonds in the princi- <br />pal amount of $W20,000. for the acquisition of a new site, constructing a <br />new library building thereon, equipping it, and to acquire the existing <br />building now used as a library for said Village be submitted to the legal <br />voters of said Village at a special election which is hereby called to be <br />held in and for said Village on December 17, 1960, between the hours of 6 <br />o'clock A.M. and 6 otclock P.M. of said day, and for the purpose of said <br />special election, said Village shall be divided into the election precincts <br />with polling places designated therefor, as further described in Section 4 <br />hereof. <br />