HomeMy WebLinkAboutORDINANCE - 614 - 4/8/1969 - MUNICIPAL GARAGE0RDI.NANCE NO.
AN ORDINANCE PROVIDING FOR THF, BORROWING
OF MONEY AND THE ISSUING OF' BONDS BY THE
VILLAGE OF ELK GROVE? VILLAGE, IN THE
AMOUNT OF' $150,000.00 FOR MUNICIPAL GARAGE
AND IMPROVEMENTS
WHEREAS, the Village of Elk Grove Village, Cook and
Du Page Counties, Illinois, did by an Ordinance designated as
No. 578, passed November 12, 1968 and approved November 1.2, 1960,
call a special election to be held in and for said Village on
December 14, 1968, for the purpose of submitting to the electors
of said Village the following question:
Shall bonds in the amount of $150,000.00 be issued
by the Village of Elk Grove Village, Cook and Du Page
Counties, Illinois, for the purpose of constructing
an addition to the municipal garage for the storage and.
maintenance of vehicles and equipment of the Village,
said addition to be constructed on the property now
owned by said Village on Landmei.er Road and being the
site of existing municipal buildings, and making
necessary improvements to said existing buildings,
bearing interest at the rate of not to exceed six (6%)
per cent per annum?
WHEREAS, the President and Board of Trustees of the Village
of Elk Grove Village, did cause to be given proper notice of said
election by publishing notice thereof once in both the Elk Grove
Herald and Du Page County Register, the same being the newspapers
published in and of general circulation in said Village, said
publication being made not more than 30 days nor less than 15 days
prior to the date of said election, which notice as published did
specify the places where such election was to be held, the time
of _opening and closing dolls and then questions to be voted
upon, and
WHEREAS, the Village of Elk Grove Village by proper
proceedings adopted and spread upon its records, found that all
legal requirements in connection with said election were duly
complied with and that the majority of said electors of said
Village voting at said election on said question above referred
to voted in favor thereof.
NOW, THEREFORE; BE IT ORDAINED, by the President and Board
of Trustees of the Village of Elk Grove Village, Cook and Du Page
Counties, Ill.i.nois, as follows:
Section 1: That it be and it is found and determined and
that its President and Board of Trustees has been authorized by
the najority of the electors of said Village voting on the question
at the special election duly called, noticed, held and canvassed
for that purpose, to issue bonds of said Village in the amount of
$150,000.00 for the purpose of constructing an addition to the
municipal garage for the storage and maintenance of vehicles and
equipment of the Village, said addition to be constructed on the
property now owned by said Village on Landmeier Road and being the
site of existing municipal buildings, the same being necessary
and essential to the efficient and proper administration of the
affairs of said Village.
Section 2: That in order to raise the sum of $150,000.00
needed. for the purpose of constructing and equipping the aforementioned
buildings by the Village of Elk Grove Village, essential to the
efficient administration of said Village, there be borrowed by, for
-ani on IieFia�t f"-tH-e- V'—ilTage- Ur k—okove Vi age o -tF6 Ct�unties o
Cook and Du Page, Illinois, the sum of $150,000.00, and to evidence
said loan negotiable coupon bonds of said Village be issued, said
bonds to be designated as "Municipal Garage and Improvement Bonds"
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dated March 1, 1969 to be numbered 1 through 30 inclusive, to be
of the denomination of $5,000 each and to mature. serially $25,000
on February 1, 1972; $25,000 on. February 1, 1973; $25,000 on.
February 1, 1974; $25,000 on February 1, 1975; $25,000 on February 1,
1976; and, $25,000 on February 1, 1977. Said bonds shall bear
interest from March 1, 1969 until paid as follows:
For bonds maturing
all interest to be payable on August 1, 1969 and semi-annually
thereafter on the first day of February and August in each year in
which interest is due; said interest payments to date of maturity
of principal shall be evidenced by interest coupons attached to
each bond and maturing on the dates herein provided. Both principal
and interest shall be payable in lawful money of the United States
of America at The Northern Trust Company, Chicago, Illinois
The seal of said Village shall be affixed to each of said
bonds and said bonds shall be signed by the President of the Village
and attested by the Village Clerk and said coupons shall be signed
and attested by said officials respectively, by their respective
facsimile signatures, and said officials, by the execution ofsaw= -
bonds shall adopt as and for their own proper signatures their
respective facsimile signatures appearing on said coupons.
Section 3: That the bonds hereby authorized shall be payable
to bearer, provided, however, that such bonds 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
3 _
February 1
1972
6.00
%
per
annum
For
bonds maturing
February 1
1973
6.00
%
per
annum
For
bonds maturing
February 1
3.974
5.40.%.
per
annum
For
bonds maturing
February 1
1975
5`40%
per
annum
For
bonds maturing
February 1
1976
5.40
%
per
annum
For
bonds maturing
February 1
1977
5 %
%
per
annum
all interest to be payable on August 1, 1969 and semi-annually
thereafter on the first day of February and August in each year in
which interest is due; said interest payments to date of maturity
of principal shall be evidenced by interest coupons attached to
each bond and maturing on the dates herein provided. Both principal
and interest shall be payable in lawful money of the United States
of America at The Northern Trust Company, Chicago, Illinois
The seal of said Village shall be affixed to each of said
bonds and said bonds shall be signed by the President of the Village
and attested by the Village Clerk and said coupons shall be signed
and attested by said officials respectively, by their respective
facsimile signatures, and said officials, by the execution ofsaw= -
bonds shall adopt as and for their own proper signatures their
respective facsimile signatures appearing on said coupons.
Section 3: That the bonds hereby authorized shall be payable
to bearer, provided, however, that such bonds 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
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by notation of said Treasurer on the back of such bonds so registered.
No bond 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. Such registration of any of
said bonds shall not, however, affect the negotiability of the coupons
attached to said bonds, but such coupons shall continue transferable
by delivery merely.
Section 4: That each of said bonds and interest coupons
to be thereto attached shall be in substantially the following
form:
(FOR21 OF BOND)
UNITED S:WES OF AMERICA
STATE :)F ILLINOIS
COUNTIES OF COOK AND DU PAGE
(VILLAGE OF ELI: GROVE VILLAGE)
MUNICIPAL GARAGE AND IMPROVEMENT BOND
NO........
$5,000.00
KNOW ALL MEP: BY THESE PRESENTS that the Village of Elk
Grove Village, Cook and Du Page Counties, Illinois, hereby
acknowledges itself to owe, «nd for value received promises to
pay to bearer, or if this bond be registered, then to the registered
holder hereof., the sum of
FIVE THOUSAND DOLLARS ($5,000.00)
on the first day of February, 19__ together with interest on said
sum from the date hereof until paid at the rate of % per annum,
payable on August 1, 1969 and semi-annually thereafter on the first
days of February and August in each year upon presentation and
surrender of the respective interest coupons hereto attached as they
severally become due and payable.
Both principal and interest are hereby made payable in lawful
money of the United States of America at the
For the prompt payment of this bond, both principal and
interest, as aforesaid, at maturity; and the levy of taxes sufficient
for that purpose, the full faith, credit and resources of said Village
are hereby irrevocably pledged.
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This bond is issued by said Village for the purpose of
constructing an addition to the municipal garage for the storage
and maintenance of vehicles and equipment of the Village, said
addition to be constructed on the property now owned by said
Village on Landmeier Road and being the site of existing municipal
buildings, and making necessary improvements to said existing
buildings, the same being necessary and essential to the efficient
administration of the affairs of said Village, pursuant to and in
all respects in compliance with the Illinois Municipal Code, approved
May 29, 1961, and all acts amendatory thereof and supplementary
thereto and is authorized by a majority of the electors of said
Village voting upon the question at an election duly called, noticed,
held and canvassed for that purpose in said Village and in compliance
with an ordinance duly passed by the Board of Trustees of said
Village, approved by the President, and published in all respects
as by law required.
It is hereby certified and recited that all acts, conditions
and things required by the Constitution and Laws of the State of
Illinois, to exist or to be d,ne precedent to and in the issuance
of this bond, have existed an' have been properly done, happened
and been performed in regular and due form and time as required
by law; that the indebtedness of said Village of Elk Grove Village,
represented by this bond and the issue of which it forms a part,
and including all other indebtedness of said Village, howsoever
evidenced and incurred does not exceed any constitutional or
statutory limitation, and the provision has been made for the
collection of a direct annual tax, in addition to all other taxes,
on all of the taxable property in said Village sufficient to pay
the interest hereon as the same falls due and also to pay.and dis-
charge the principal hereof at.: maturity.
This bond is subject to registration as to principal. in the
name of the holder on the books of the Village Treasurer, such
registration to be evidenced by notation of such Treasurer on the
back hereof, and after such registration no transfer hereof, except
upon such books and similarly noted hereon, shall be valid unless
the last registration shall have been to bearer. Registration
hereof shall not affect the negotiability of the coupons hereto
attached which shall continue negotiable by delivery merely, not-
withstanding registration thereof.
IN WITNESS WHEREOF, said Village of Elk Grove Village,
Cook and Du Page Counties, Illinois, by its President and Board
of Trustees, has caused its corporate seal to be hereunto affixed
and this bond to be signed by its President and attested by its
Village Clerk and the coupons hereto attached to be signed and
attested by said officials, respectively by their facsimile
signatures, and said officials do, by the execution hereof, adopt
as and for their own proper signatures their respective f<,csimile
signatures, appearing on said coupons, all as of the firs: day of
March, 1969.
Attest:
Village Clerk
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President
(FORM OF COUPON)
NO... .................
On the first day of , 19 __
the Village of Elie Grove Village, Cook and Du Page Counties,
Illinois, will pay to bearer -—Dollars
($ !_) in lawful money of the United. States of America
at the
for interest due that day on its Municipal Garage and 'I.mprovement.
Bond, dated March 1, 1969. No ...... .........
ATTEST:
Village Clerk
President
(FORM OF REGISTRATION AS TO PRINCIPAL)
DATE OF REGISTRATION:
NAME OF REGISTERED OWNER:
SIGNATURE OF VILLAGE TREASURER:
Section 5: That for the purpose of providing the funds
required to pay the interest on said bonds promptly and 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 the
taxable property within said village in each year while any of
said bonds are outstanding, a direct annual tax sufficient for
that purpose and that there be and there is hereby levied on all
_._____o.f thfal�lgspet_in =said_ Ville, in. addition to all. other
taxes,a x�'`-Co=wit:--
For the year 1969, a .tax sufficient to produce the sum of
$16,030.65 —for interest up to February 1, 1971.
For the year 1970, a tax sufficient to produce the stun of
$.33,362.50 for principal and interest.
For the year 1971, a tax sufficient to produce the sum
of $31,862.50_ for principal and interest.
For the yea;. 1972, a tax sufficient to produce the sum
of $30,362.50 for principal and interest.
For the year 1973, a tax sufficient to produce the sum
of $29,012.50 _ for principal and interest.
For the year 1974, a tax sufficient to produce the sum
of $27,662.50 for principal and interest.
For the year 1975, a tax sufficient to produce the sum
of $26,312.50 for principal and interest.
That interest or principal coming due at any time when there
are insufficient funds on hand to pay the same be paid promptly when
due From current funds on hand in advancement of the collection
of taxes, and when said taxes shall, have been collected, reimbursement
shall be made to the said funds in the amounts thus advanced.
Section 6: That forthwith as soon as this ordinance become
effective, a copy hereof certified by the Village Clerk of said Village
whic'i certificate shall recite that this ordinance has been passed
and approved by the President and Board of. Trustees of said Village
and published, shall be filed with the County Clerk of Cook County,
Illinois, and the County Clerk of Du Page County, Illinois, who shall
in and for each of the years, 1969 to 1975, both years included,
ascertain the rate per cent 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 in connection
with other taxes levied in each of said years, respectively, 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
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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 bonds herein authorized when same mature.
Section 7: 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 and interest.. on said bonds when and
as same become due. That the funds derived from the sale of
said bonds be and thelare hereby appropriated and set aside for
the purpose hereinbefore set out.
Section 8: That forthwith after this ordinance has become
efi':=_ctive as provided by law, the bonds herein authorized shall
be executed and delivered to the Tr.easurer of said Village and
be by him delivered to the purchaser thereof, namely,__13er�.___
Stearns & Co. ____:upon receipt of the purchase price therefor,
same to be not less than the par value of said bonds, and accrued in-
terest to date of delivery, contract for the sale of said bonds to
said purchaser, heretofore entered into be and the same is hereby in
all respects ratified and approved and confirmed.
Section 9: That all ordinances, resolutions and orders,
or parts thereof, in conflict herewith, be and the same are
hereby repealed,
BE IT FURTHER ORDAINED by the President and Board of
Trustees of the Village of Elk Grove Village, Illiroi.s, that this
Ordinance
shall. be
in
full force and effect from and after its-
passage,
approval
and
publication,
Passed by the Board of Trustees of the Village of Elk Grove-
Village,
rove
Village, Illinois, this 8th day of April, A.D., 1969..
AYES Six
NAYS
None
ABSTAIN none
Approved
by me
this 8t.h day
of April,
A.D., 1969,
1 ` /
ATTEST:
Village Clerk
PUBL:IS;i'r',D this 14th day of rn il, 1969 i.n the Elk Grove Vera] d
DuPage County Register.
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