HomeMy WebLinkAboutORDINANCE - 615 - 4/8/1969 - FIRE STATIONSORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE BORROWING OF MONEY
AND THE ISSUING OF BONDS BY THE VILLAGE OF ELK
GROVE VILLAGE, IN THE AMOUNT OF $290,000 FOR FIRE
STATIONS
WHEREAS, the Village of Elk Grove Village, Cook and Du Page
Counties, Ill'nois, did by an Ordinance designated as No. 578,
passed November 12, 1968 and approved November 12, 1968, 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 $290,000.00 be issued
by the Village of Elk Grove Village, Cook and Du Page
Counties, Illinois, for the purpose of paying the cost
of building and equipping two additional fire stations
in and for said Village, onelto be construci:cd on
property owned by the Village on Greenleaf Avenue
approximately 200 feet east of Route 83, and one to
be constructed on property to be acquired by the Village
near the intersection of Route 53 and Nerge Road, bearing
interest at the rate of not to exceed six per cent (6%)
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 and 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 the polls and the questions to be voted
upon, and
WHEREAS, the Village of Elk Grove Village by proper pro-
ceedings 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, Illinois 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
majority 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
$290,000.00 for the purpose of paying the cost of building and
equipping two additional fire stations in and for said Village,
onei to be constructed on property owned by the Village on
Grcienleaf Avenue approximately 200 feet east of Route 83, and one
to be constructed on property to be acquired by the Village near
the intersection of Route 53 and Nerge Road, 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 $290,000.00
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 and on behalf of the Village of Elk Grove Village of the Counties
of Cook and Du Page, Illinois the sum of $290,000.00, and to evidence
said loan negotiable coupon bonds of said Village be issued, said
bonds to be designated "Fire Station Bonds", dated March 1, 1969,
to be numbered 1 through 58 inclusive, to be of the denomination of
$5,000 each and to mature serially $40,000 on February 1, 1972;
$25,000 on February 1, 1973; $25,000 on February 1, 1974;
- 2 -
$25,000 on February 1, 1975; $25,000 on. February 1, 1976; $25,000
on February 1, 1977; $25,000 on February 1, 1978; $25,000 on
February 1., 1979'; $25,000 on February 1, 1980; and, $50,000 on
February 1, 1981. 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 there-
after on the first day of February and August in each year in which
interest is due; said interest payment 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
_ _____ __.a�teat_.�_��tho �7;l,y�A riArk anA �aicl rnunonG shad 1 be s'c[ned and
attested by said officials respective y"� ;'by their respec ive—"fa`c
signatures, and said officials, by the execution of said bonds shall
- 3 -
February 1
1972
6.00
%
per
annum
For
bonds maturing
February 1
1973
6.00
%
per
annum
For
bonds maturing
February 1
1974
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_k %
per
annum
For
bonds maturing
February 1
1978
5 g%
per
annum
For
bonds maturing
February 1
1979
5.40
%
per
annum
For
bonds maturing
February 1
1980
5.40
%
per
annum
For
bonds maturing
February 1
1981
5.40
%
per
annum
all interest to be payable on August 1, 1969 and semi-annually there-
after on the first day of February and August in each year in which
interest is due; said interest payment 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
_ _____ __.a�teat_.�_��tho �7;l,y�A riArk anA �aicl rnunonG shad 1 be s'c[ned and
attested by said officials respective y"� ;'by their respec ive—"fa`c
signatures, and said officials, by the execution of said bonds shall
- 3 -
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 by notation of said Treasurer on the back of such bonds
so registered. No bond so registered shall be subject to transfer
except 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 the interest coupons
to be thereto attached shall be in substantially the following form:
NO............
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTIES OF COOK AND DU PAGE
(VILLAGE OF ELK GROVE VILLAGE)
FIRE STATION BOND
$5,000.00
KNOW ALL MEN BY THESE PRESENTS that the Village of Elk Grove
Village, Cook and Du Page Counties, Illinois, hereby acknowledges
itself to owe, and 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 %
--- mar.-alinula,-laaylas�-l��zc};a&t-1�-Q
on the first day of February and August in each_'vear upon Uresentation
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. _
This bond is issued by said Village for the purpose of
constructing and equipping two additional fire stations in and
for said Village, one to be constructed on property owned by the
Village on Greenleaf Avenue approximately 200 feet east of Route
83, and one to be constructed on property to be acquired by the
Village near the intersection of Route 53 and Nerge Road, 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 thereof, 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 haws of the State of
Il:.inois, to exist or to be done precedent to and in the issuance
of this bond, have existed and 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, re-
presented 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
he: -eon as the same falls due and also to pay and discharge the
pr_ncipal 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, notwithstanding
registration thereof.
=I3 TN3sS& 3FiRI said- V' i f Elk r
and Du Page Counties, Illinois, by its President and Board of Trustees,
has caused its corporate seal to be hereunto affixed and onda-�'gg
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
- 5 -
the execution hereof, adopt as and for their own proper signatures
their respective facsimile signatures, appearing on said coupons,
all as of the first day of March, 1969.
ATTEST:
Village Clerk
(FORM OF COUPON)
No...........
President
$..............
On the first day of _ 19
the Village of Elk Grove Village, Cool: and Du Page counties,
will pay to bearer _ Dollars ($_
in lawful money of the United States of America, at the
Illinois
for interest due that day on its Fire Station Bond, dated March 1, 1969.
No...................
ATTEST:
Village Clerk
President
(FORM FOR 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 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 of the taxable property in said Village, in
addition to all other taxes, the following direct annual tax, to -wit:
For the year 1969, a tax sufficient to produce the sum of
30,62.3.80 for interest up to February 1, 1971.
For the year 1970, a tax sufficient to produce the sum of
$ 55,975.00 for principal and interest.
For the year 1971, a tax sufficient to produce the sum of
$ 38,575.00 for principal and interest.
For the year 1972, a tax sufficient to produce the sum of
$ 37,075.00 _W for principal and interest.
For the year 1973, a tax sufficient to produce the sum of
$ 35,725.00 for principal and interest.
For the year 1974, a �.ax sufficient to produce the sum of
S 34,375.00
for principal and interest.
For the year 1975, a tax sufficient to produce the sum of
$ 33,025.00
for principal and interest.
For the year 1976, a tax sufficient to produce the sum of
$ 31,712.50 _ for principal and interest.
For the year 1977, a tax sufficient to produce the sum of
$ 30,400.00 for principal and interest.
For the year 1978, a tax sufficient to produce the sum of
S 29,050.00
for principal and interest.
For the year 1979, a tax sufficient to produce the sum of
$ 52,700.00
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.
- 7 -
Section 6: That forthwith as soon as this ordinance becomes
effective, a copy hereof certified by the Village Clerk of said Village
which 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 1979, both year 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, respec-
tively, in and by said Vil.laq e 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 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 the 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 of and interest on said bonds
when and as same become due. That the funds derived from the sale
of said bonds be and they are hereby appropriated and set aside for
the purpose hereinbefore set out.
Section 8: That forthwith after this ordinance has become
effective as provided by law, the bonds herein authorized shall be
executed and delivered to the Treasurer of said Village and be by
him delivered to the purchaser thereof, namely bear,_Stearns & Co.
upon receipt of the purchase price therefor, same to be not less than
the par value of said bonds, and accrued interest 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 is hereby
repealed.
BE IT FURTHER ORDAINED by the President and Board of
Trustees of the Village of Elk Grove Village, Illinois, that this
ordinance shall be in full force and 'effect from and after its
passage, approval, and publication. I
Passed by the Board of Trustees of the Villace of Elk Grove
Village, Illinois, this 8th day of April, A.D., 1969.
AYES Six NAYS None ABSTAIN None
Approved by me this 8th day of April, A.D., 1969.
Attest:
Village Clerk,'
PUBLISHED this 14th day of
and DuPage County Register.
i
aril, 1969 in the Elk Grove Herald