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HomeMy WebLinkAboutORDINANCE - 586 - 12/17/1968 - BORROW MONEY FOR FIRE STATIONSoRDrj��NCE NIo. �P6 AN ORDINANCE PROVIDING FOR THE BORROWING OF MONEY AND T!'Tb' !SSUING OF BONDS BY THE VTLI,'-GE OF ELK GROVE VI-, 1"4 THE A'NiCi�Nf OF $290,000 FOR FIRE STATIONS WHEREAS, the Village of Elk Grove Village, Cook and Du Page Counties, Illinois, did by an Ordinance designated as No. 578, passed Novem'r,er 12, 1958 and approved Novcmber 12, 196&, call a special. election to be held in and for said Village or 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 E1:: Grove Village, Cook and DuPage Counties, Illinois, for the purpose of paying the cost of building 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, 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 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 the polls and the questions to be voted upon, and -1- WHEREAS, the Village of Elk Grove Village by proper proceedings adopted and spread upon its records, found that all legal requirements in conneccio:i wit'i said election were duly complied with and that the majority of said electors of said Village voting at said election an 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 Village 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, 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 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 afore -- mentioned buildings by the Village of Elk Grove Village, essential -2- 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 December 1, 1968, to be numbered 1 through 58 inclusive, to be of the denomination of $5,000 each and to mature serially $15,000 on February 1, 1970, $25,000 on February 1, 1971, $50,000 on February 1, 1972, $50,000 on February 1, 1973, $50,000 on February 1, 1974, $50,000 on February 1, 1975 and $50,000 on February 1, 1976. Said bonds shall bear interest from December 1, 1968 until paid at the rate of six percentum (6%) per annum, payable on August 1, 1969 and semi- annually thereafter on the 1st 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 pa}able in lawful money of the United States of America at such bank as may be mutually agreed upon by the Village and the Purchaser. 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 of said bonds shall adopt as and for -3- their own proper signatures their respective facsimile signatures appearing on said coupons. ection 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 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 bond 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 COUNTY OF COOK (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 re- gistered 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 pr,- sentation and surrender of t;ia respective interest coupcns ?:crcto attached as they severally become due and payable. Both princir interest are he-eby it .de pay -,.!e in lawful money of thca lini cd S_, -:.tea o_`a:zerica 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, con- ditions 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, 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, 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 discharge 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 -5- which shall continue negotiable by delivery merely, notwithstanding 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 h4e•reto 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 facsimile signatures, appearing on said coupons, all as of the first day of December, 1968. Attest: Village Clerk President ( FORM OF COUPON ) No. ............. $ ................ On the first day of , 19 _ The Village of Elk 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 Fire Station Bond, dated December 1, 1968. No . ................ ATTEST: Village Clerk President -6- ( FORM FOR REGISTRATION AS TO PRINCIPAL) Date of Registration Name of Re-yis tered 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 1966, a tax sufficient to produce the sum of $35,300.00 for principal and interest. For the year 1969, a tax sufficient to produce the sum of $41,500.00 for principal and interest. For the year 1970, a tax sufficient to produce the sum of $65,000.00 for principal and interest. For the year 191,1, a tax sufficient to produce the sum of $62,000.00 for principal and interest. For the year 1972, a tax sufficient to produce the sum of $59,000.00 for principal and interest. For the year 1973, a tax sufficient to produce the sum of $56,000.00 for principal and interest. -7- For the year 1974, a tax sufficient to produce the sum of $53,000.00 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. 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 1968 to 1974 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 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 a,)pronriated 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 sat_ out. Section 8: That forthwith after this ordinance has become effective as provided by law and after said bonds have been sold, the bonds herein authorized shall be executed and delivered to the Treasurer of said Village and be by him de- livered to the purchaser thereof, 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. 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 M Ordinance shall be in full force and effcct- from and after its passage, approval and publication. Passed by the Board of Trustees of the Village of Elk Grove Village, Illinois, this A. D. 19!•x. Approved by me this 19k ATTEST: Village Clerk of day of A. D. r11 President i -10-