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HomeMy WebLinkAboutORDINANCE - 235 - 6/25/1962 - WORKING CASH FUND, CREATING AORDINANCE NO. Q5 AN ORDINANCE creating a working cash fund for the Village of Elk Grove Village, Cook County & DuPage County, Illinois, and providing for borrowing money aid issuing bonds of said Village to the amount of $100,000 for the purpose of creating such fund and providing for the levy and collection of a direct annual tax for the payment of the prin- cipal and interest of said bonds. WHEREAS, the Village of Elk Grove Village, Cook County and DuPage County, Illinois, is a municipality with less than five hundred thousand inhabitants; and WHEREAS, the President and Board of Trustees of said Village of Elk Grove Village do deem it advisable, necessary and in the interest of said Village that a fund to be known as a "Working Cash Fund" be created, set apart, maintained, and administered in the manner prescribed in Division 7 of Article 8 of the "Illinois Municipal Code", effective July 1, 1961, and all Acts amendatory thereof and supplementary thereto, for the purpose of enabling said Village to have in its treasury at all times sufficient money to meet demands thereon for ordinary and necessary expenditures for all general and special corporate purposes; and WHEREAS, in order to create such a working cash fund, as above referred to, it is deemed advisable, necessary and in the best interest of said Village that said Village incur indebtedness in the amount of $100 000 for such purpose and issue its bonds therefore in the amount of 1100,000; and WHEREAS, the Village of Elk Grove Village has not hereto- fore created a working cash fund by the issuance of bonds therefor or the levy of a tax for such purpose; and WHEREAS, pursuant to the provisions of Division 7 of Article 8 of the "Illinois Municipal Code; effective July 1, 19612 and all Acts amendatory thereof and supplementary thereto, the President and Board of Trustees of said Village are authorized to issue bonds fortho purpose of creating a working cash fund; NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Elk Grove Village, Cook County and DuPage County, Illinois, as follows: Section 1, That pursuant to and in accordance with the provisions of Division 7 of Article 8 of the "Illinois Municipal Code", effective July 11 1961,, and all Acts amendatory thereof and supplementary thereto, a fund to be known the "Working Cash Fund" of the Village of Elk Grove Village, Cook County and DuPage County, Illinois, is hereby created and set apart in the amount of $100,000, such fund to be maintained and administered in the manner prescribed by the provisions of said Division 7 above referred to, for the purpose of enabling said Village of Elk Grove Village to have in its treasury at all times sufficient money to meet demands thereon for ordinary and necessary expenditures for all general aid special corporate purposes, Section 2,. That in order to raise the sum of $100,000 needed for the purpose of creating the "Working Cash Fund" of the Village of Elk Grove Village, Cook County and DuPage County, Illinois., as hereinabove referred to in Section 1 of this ordinance, there be -1- borrowed by, for and on behalf of the Village of Elk Grove Village, Cook County and DuPage County, Illinois, the sum of $100,000 and to evidence said loan negotiable coupon bonds of said Village be issued. Said bonds shall be designated "Working Cash Fund Bonds", be dated July 1, 1962s be one hundred in number, numbered consecutively from 1 to 100, inclusive, be of the denomination of $1,000 each, and mature serially $10,000 on February 1 of each of the years 1964 to 1973, inclusive; that of said bonds, bonds numberd from 1 to 50, inclusive, in the aggregate amount of $50,000 and maturing on February 1 of each of the years 1964 to 1968, inclusive, shall bear interest at the rate of three and one-half per cent (3-1/2%) per annum, bonds numbered 51 to 70, inclusive, in the aggregate amount of $20,000 and maturing on February 1 of each of the years 1969 and 1970, shall bear interest at the rate of three and one-quarter per cent (3-1f4%) per annum, and bonds numbered 71 to 100, inclusive, in the aggregate amount of $30,000 and maturing on February 1 of each of the years 1971 to 1973, inclusive, shall bear interest at the rate of three and forty -hundredths per cent (3.40%) per annum, such interest to be payable on February 1, 1963, and semiannually thereafter on the first days of August and February in each year, until said bonds are paid, which said interest payments to date of maturity of principal shall be evidenced by proper interest coupons attached to each bond and maturing on the dates herein provided, and both principal and interest shall be payable in lawful money of the United States of America at the Central National Bank in Chicago, in the City of Chicago, Illinois. The seal of said Village shall be affixed to each of said bonds and said bonds shall be signed by the President and be attested by the Clerk of said Village, 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 their own proper signatures their respective facsimile signatures appearing on said Coupons. Section. That the bonds hereby authorized shall be payable to bearer; provide , 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 upon 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 the interest coupons to be therefo atTached shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK COUNTY OF DUPAGE VILLAGE OF ELK GROVE VILLAGE WDRKING CASH FUND BOND Number $12000 KNOW ALL MEN BY THESE PRESENTS, that the Village of Elk Grove Village, in Cook County & DuPage County, 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 One Thousand Dollars ($1,000) on the first day of February, 19 , together with interest on said sum from the date hereof until paid at the rate of per cent ( %) -2- per annum, payable on February 1 1963, and semiannually thereafter on the first days of August and February in each year, upon presen- tation and surrender of the interest coupons hereto attached as they severally become due and payable. Both principal and interest are hereby made payable in law- ful money of the United States of America at the Central National Bank in Chicago, in the City of Chicago, Illinois. For the prompt payment of this bond, both principal and in- terest, as aforesaid, at maturity, and the levy of taxes sufficient for -ant purpose, the full faith, credit and resources of said Village are hereby irrevocably pledged. This bond is one of a series of bonds issued by said Village for the purpose of creating a working cash fund in and for said Village, pursuant to and in all respects in compliance with the provisions of Division 7 of Article S of the "Illinois Municipal Code", effective July 1, 1961, and all Acts amendatory thereof and supplementary thereto, and in compliance with an ordinance duly passed by the President and 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 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 pegformed in regular and due form and time as required by law; that the indebt- edness of said Village of Elk Grove Village, represented by this bond m d the issue of which it forms a part, and including all other in- debtedness of said Village, howsoever evidenced and incurred, does not exceed any constitutional or statutory limitation, and that 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 heroof 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 registra- tion 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 hereof. IN WITNESS WHEREOF, said Village of Elk Grove Village, Cook County & DuPage County, Illinois, by its President and Board of Trustees, has caused its corporate seal to be hereunto affixed and this bond to be signed by the President of said Village 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, by the execution hereof, do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, all as of the first day of July, 1962'. Attest: Village Ulerk President, Board of Trustees -3- (Form of Coupon) Number 9 On the first day of , 19 , the Village of Elk Grove Village, Cook Coun y u age conn y, Illinois will pay to bearer Dollars ($ ) in lawful money of the United States of America at the Central -i` a oval Bank in Chicago, in the City of Chicago, Illinois, for interest due that day on its Working Cash Fund Bond, dated July 1, 1962, Number Attest: President, Board of Trustees Village Clerk (Form for Registration as to Principal) Date of Signature of Registration Name of Registered Owner Village Treasurer Section 1. 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 1962, a tax sufficient to produce the sum of $160950 for interest and principal maturing up to and including August 1, 1964; For the year 1963, a tax sufficient to produce the sum of $12,895 for interest and principal; For the year 1964, a tax sufficient to produce the sum of $12,545 for interest and principal; For the year 1965, a tax sufficient to produce the sum of $12,195 for interest and principal; For the year 1966, a tax sufficient to produce the sum of $11,845 for interest and principal; For the year 1967, a tax sufficient to produce the sum of $11,507.50 for interest and principal; For the year 1968, a tax sufficient to produce the sum of $11,182.50 for interest and principal; For the year 1969, a tax sufficient to produce the sum of $10,850 for interest and principal; For the year 1970, a tax sufficient to produce the sum of $10,510 for interest and principal; For the year 1971, a tax sufficient to produce the sum of $10,170 for interest and principal; -4- 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 the taxes herein levied, and when said taxes shall have been collected, reimbursement shall be made to the said funds in the amounts thus ad- vanced. Section 6. That forthwith as soon as this ordinance becomes effective a copy hereof certified by the Clerk of said Village, which certificate shall recite that this ordinance has been passed by the President and Board of Trustees of said Village, approved by the President of said Village, and published, shall be filed with the County Clerk of Cook County, Illinois, who shall in and for each of the years 1962 to 1971, inclusive, ascertain the rate per cent required to produce the aggregate tax hereinabove 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 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 forthe purpose of paying principal and interest upon the bonds herein authorized when same mature. Section 7. That the funds derived from such levy he 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 the same become due. That the funds derived from the sale of said bonds shall be set apart in the working cash fund of the Village of Elk Grove Village created by this ordinance and shall be used only for the purposes and in the manner provided by Division 7 of Article 8 of the "Illinois Municipal Code", effective July 1, 1961, and all Acts amendatory thereof and supplementary thereto. The said fund and the money therein shall not be regarded as current assests available for appropriation and shall not be appropriated by the corporate authorities in the annual appropriation ordinance. Section B. 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 Barcus, Kindred & Company, Chicago, Illinois, the purchaser thereof, upon receipt of the purchase price therefor, same to be not less than the par value of said bonds, plus accrued interest to date of delivery and a premium of $16, contract for the sale of said bonds to said purchaser, heretofore entered into, be and the same is hereby in all respects ratified, approved and confirmed. Section 9. That this ordinance shall be operative, valid and in full force and effect upon its passage by the President and Board of Trustees, its approval by the President and its publication as by law required and it shall not be necessary to submit this ordinance to a vote of the electors of the Village for their approval, all in accordance with the requirements of Division 7 of Article 8 of the "Illinois Municipal Code", effective July 1, 1961, as amended, and that all ordinances, resolutions and orders, or parts thereof, in conflict herewith, be and the same are hereby repealed. Adopted June 25_ , 1962 Vote: (Insert names) AYE: NAY: ABSENT: Recorded Attest: Eleanor Village Approved: James R. Gibson President, Board of rustees u. Turner Clerk _ -� -5- 1962