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HomeMy WebLinkAboutORDINANCE - 146 - 10/28/1960 - BORROW MONEY/ISSUE OF BONDSORDINANCE NO. 146 A14 CRDINANCB PROVIDING FOR THE BORROWING OF MONEY AND THE IS,3UING OF BONDS BY THE VILLAGE OF ELK GROVE VILLAGE, IN THE AMOUNT OF $h300,000 FOR THE PURPOSE OF CONSTRUCTING AND EQUIPPING MUNICIPAL BUILDINGS ON PROPERTY OWNED BY SAID VILLAGE AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF PRINCIPAL AND INTEREST OF SAID BONDS. WHEREAS, the Village of Elk Grove Village, Cook County, Illinois, did by an Ordin- ance designated as No. 141, passed August 22, 1960 and approved August 24, 1960" call a special election to be held in and for said Village on September 10, 1960, for the purpose of submitting to the electors of said Village, a number of ques- tions, including the following question: Shall bonds in the amount of 43000000 be issued by the Village of Elk Grove Village, Cook County, Illinois, for the purpose of constructing and equipping municipal buildings on property owned by the Village of Elk Grove Village and bordered by Landmeier Road on the South and the Commonwealth Edison Com- pany highline on the West and North; said municipal buildings to consist of one building combined for the fire Department, police headquarters and jail, Village offices and a courtroom) and a separate building for the Street Department, and its equipment; to mature serially 45,000 on February 1 of each of the years 1968 to 1971 inclusive, 4>10,000 on February 1, 1972, 420,000 on February 1, 1973s A030,000 on February 1, 1974, 05,000 on February 1 of each of the years 1975 to 1978 in- clusive, and 440,000 on February 1, 1979 and February 13 1980 respectively, bearing interest from date of issuance at a rate of interest not to exceed five per cent (5%) per annum payable on August 1 and February 1 of each year until paid? 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 the Elk Grove Herald, the same being the newspaper published in and of general circulation in said Village and by posting notices thereof in three of the most public places in each election precinct of the Village and at each of the polling places designated for the elction, said publication and posting of said notices being made not more than 30 days nor less than 15 days prior to the date of said election, which said notice as so published and posted did specify the places where such election was to oe held, the time of opening and closing the polls and the questkons to be voted upon, and WHEREAS, the President and Board of Trustees of 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. -1- Ord. &146 NOWp THLREFORE, Be It Ordained by the President and Board of Trustees of the Village of Elk Grove Village, Cook County, 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 000,000 for the purpose of constructing and equipping municipal buildings on the property owned by the Village of Elk Grove Village, said municipal buildings to include one building combined for the Fire Department, Police Headquarters and jail, Village offices and a court room; and a separte building for the street Department and its equipment, 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 WO0,000 needed for the purpose of constructiong and equipping the aforementioned municipal buildings on property owned by the Village of Elk Grove Village, essential to the efficient administbation of said Village, there be borrowed by, for and on behalf of the Village of Elk Grove Village of the County of Cook, Illinois, the sum of X000,000, and to evidence said loan negotiable coupon bonds of said Village be issued, said bonds to be designated as "Municipal Building Bonds", be dated November 1, 1960, be 300 in number, numbered 1 through 300 inclusive, to be of the denomination of 4;13000 each and to mature serially 4;,5,000 on February 1 of each of the years 1968 to 1971 inclusive, 4410,000 on February 1, 1972, 420,000 on February 1, 1973, 00,000 on February 13 1974, 05,000 on February 1 of each of the years 1975 to 1978 inclusive, and 440,000 on February 1, 1979 and February 1, 1980 respectively. Bonds Kos. 1 through 80 inclusive, due February 1, 1968 through 1974 inclusive, shall bear interest at the rate of 3 3/4 per cent per annum. Bonds Nos. 81 through 300 inclusive, due February 1, 1975 through 1980 inclusive, shall bear interst at the rate of 4 per cent per annum. Interest shall be payable on August 1, 1961 and semi-annually thereafter on the first day of February and August of each year in which interst is due; said interest payment to date of maturity of principal shall be eui.denced by interest coupons attached to each bond and maturing on the dates herein pro- vided. Both principal and interest shall be payable in lawful money of the United States of America at the AMERICAN NATIONAL BANK & TRUST CW,11-ANY of 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 of the Village and -2- Ord. x;146 attested by the Village Clerk and said coupons shall be signed and attested by said officials repectively, by their respective facsimile signature, 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 3. That the bonds hereby authorized shall be payable to bearer, pro- vided, 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 evidencedty 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 simi- larly noted on the back thereof unless the last registration shall have been to bearer. Such regi tration 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; (FORM OF BOND) UNITED STATES OF AMRICA STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF ELK GROVE VILLAGE "PIUNICIPAL BUILDING BOND" NO. Sv10000.00 KNOW ALL MEN BY THESE PR.EoENT3 that the Village of Elk Grove Village, Cook County, Illinds, 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 (;pl,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, 1961 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 severall§ become due and payable. Both principal and interest are hereby made payable in lawfulimoney of the United States of America at the AMERICAN 14ATIONAL BANK & TRUST COMPANY, in the City of Chicago, Illinois. For the prompt payment of this bond, both principal and interest, as aforesaid, at maturity, and the levy of taxes sufficientfor 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 -3- Ord. ff146 municipal buildings on property owned by said Village, nedessary and essential to the efficient administration of the affairs of said Village, pursuant to and in all respects In compliance with the "Revised Cities and Villages Act," effective January 1, 1942, 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 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 exidted 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 indeuted- ness of said Village, howsoever evidenced and incurred does not exceed any con- stitutional or statutory limitation, and that provision has been made for the col- lection 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 which shall continue negotiable by delivery merely, notwithstanding registration thereof. IN WITNESS WHEREOF, said Village of Elk Grove Village, Cook County, Illinoisp 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 facsimile signatures, appearing on said coupons, all as of the first day of November, 1960. Attest: Village Clerk NO. (FORM OF COUPON) President On the first day of , 19 , the Village of Elk Grove Village, Coop County, Illinois, will pay to bearer dollars (va ) in lawful money of the United States of America, at the American National Bank and Trust Company of Chicago, in the City of Chicago, Illinois, for interest due that day on its Municipal Building Bond, dated Novem- ber 1, 1960, NO. ATTEST: Village Clerk President -4- Ord. &146 (FORM FOR REGISTittTION AS TO PRIdGIPAL) 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 dis- charge 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 1960, a tax sufficient to produce the sum of 114,750.40. For the year 1961, a tax sufficient to produce the sum of 1.11,800.00. For the year 1962, a tax sufficient to produce the sum of 1x113800.00. For the year 1963, a tax sufficient to produce the sum of 1-11,800.00. For the year 1964, a tax sufficient to produce the sum of 1x110800.00. For the year 1965, a tax sufficient to produce the sum of 1x11,800.00. For the year 1966, a tax sufficient to produce the sum of 1,163800.00. For the year 1967, a tax sufficient to produce the sum of 1x16,612.50. For the year 1968, a tax sufficient to producd the sum of 1x16,425.00. For the year 19691E a tax sufficient to produce the sum of 1x16,237.50. For the year 1970, a tax sufficient to produce the sum of 421,050.00. For the year 1971, a tax sufficient to produce the sum of 1x30,675.00. For the year 1972, a tax sufficient to produce the sumof 09,925.00. For the year 1973, a tax sufficient to produce the sum of 4432800.00. For the year 197h, a tax sufficient to produce the sum of 1-1122400.00. For the year 1975, a tax sufficient to produce the sum of 141,000.00. For the year 19760 a tax sufficient to produce the sum of .1x39,600.00. For the year 1977, a tax sufficient to produce the sum of 1439200.00• For the year 1978, a tax sufficient to produce the sum of 4411600.00. 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 funis on hand in ad- vancement of the collection of said taxes herein levied, and when said taxes shall have been collected, reimbursem<:nt shall be made to the said funis in the amounts thus advanced. -5- Ord. #146 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 Trus- tees 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 1960 to 1978s both years included, ascertain the rate per cent required to produce the aggregate tax herein- before 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 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 pro- vided by law, the bonds herein authorized shall be executed and delivered to the Treasurer of said Village and be by him delivered to BENJAMIN and LANG, INC. and WALTER M. KELLEHER & CO., Chicago, Illinois, the Purchasers thereof, upon receipt of the purchase price therefor, same to be not less than the par value of said bonds, and a premium of U57.50 plus accrued interest to date of delivery, the contract for the sale of said bonds to said Pukchasers, heretofore entered into, shall be and the same is hereby in all respects ratified, approved and confirmed. SECTION 9. That all ordinances, resolutions and orders, or parts thereof, in conflict herewith, be and the same are hereby repealed, and this Ordinance shall be in full force and effect from and after its passage, approval and publication, as provided by law. Passed by the Board of Trustees of the Village of Elk Grove Village, Illinois, this 28th day of October, A. D. 1960. VOTE: Ayes: 5 Nays: 0 Absent 1 Approved by me this 28th day of October, A. D. 1960. S/ Charles A. dodlmair ATTEST: resident S/Dolores L. Oberg illage Clerk -6- Ord.ftU6