HomeMy WebLinkAboutORDINANCE - 147 - 10/28/1960 - BORROW MONEY/ISSUING OF BONDSORDINANCE NU. 147
AN ORDINANCE PROVIDING FOR THE BORROWING OF MONEY AND THE
ISSUING OF BONDS BY THE VILA GE OF ELK GROVE VILLAGE IN
THE AMOUNT OF 009000 FOR THE j?IRPOSE OF PURCHASING FIRE
EQUIPMENT FOR ITS FIRE DEPARThENT AND PROVIDING FOR THE
LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAY-
MENT 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. 11:1, passed August 22, 1960 and approved August 24th, 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
questions, including the following question:
Shall bonds in the amount of �p80,000 be issued by the Village,
of Elk Grove Village, Cook County, Illinois, for the purpose
of purchasing fire equipment for its Fire Department, consisting
of: two fire engines, tank trucks hoses, pumps, a two-way radio
system, and necessary appurtenances and equipment; to mature
serially` 45,000 on February 1 of each of the years 1963 to 1966, in-
clusive, 610,000 on February 1 of each of the years 1967
to 1972 inclusive, bearing interest from the 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 poling 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 poding 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 be held, the time of opening and closing the polls
and the questions 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.
NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village
of Elk Grave Village, Cook County, Illinois, as follows:
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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 vding 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 001000 for the purpose of purchasing fire equipment for its fire department
consisting of two fire engines, tank truck, hoses, pumps and two-way radio system
and necessary appurtenances and 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 $'x800000 needed for the purpose
of purchasing fire equipment for its fire department consisting of two fire engines,
tank truck, hoses, pumps and two-way radio system and necessary appurtenances and
equipment essential to the efficient administration of said Village, there be
borrowed by, for and on behalf of tree Village of Elk Grove Village of the
County of Cook, Illinois, the sum of ti, -80,000 and to evidence said loan negotiable
coupon bonds of said Village be issued, said bonds to be desi6nated as "Fire Equip-
ment Bonds", to be dated November 1, 1960, to be 80 in number - to be numbered 1
through 80 inclusive, to be of the denomination of ol.000 each and maturing serially
1;5,000 on February lot cf each.of ,the years 1963.to 1966 inclusive and ;,10,000
on February let on each of the years 1967 to 1972 inclusive; Bonds Nos. 1 through
30 inclusive, due February 12 1963 through 1967 inclusive, shall bear interest
at the rate of 3a per cent per annum. Bonds Nos. 31 through 80 inclusive, due
February 1, 1968 through 1972 inclusive, shall bear interest at the rate of 3 3/4
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 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 providedi
Both principal and interest shall be payable in lAwful money of the United States of
America at the AK RICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, in the ;,ity of
Chicago, Illinois. The seal of said Village shall be affixed to each of said bonds
and said bonds shall be signed b� the President of the Village and attested by the
Village Clerk and said coupons shall be signed and attested by said officials re-
spectively, by their respective facsimile signatures, and said officials by the
execution of said bonds shall adopt as and for their am proper signatures their
respective facsimile signatures appearing on said coupons.
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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 reg-
istration 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 thereto
attached shall be in substantially the following form:
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE (&' ILLINOIS
COUNTY OF COOK
VILLAGE OF ELK GtiOVE VILLAGE
"FIRE EQUIPMENT BONDS"
NO.
KNOW ALL MEN BY THESE PRESENTS that the Village of Elk Grove Village, Cook 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 (4:12000.00)
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 severally become due and payable.
Both principal and interest are hereby made payable in lawful money of the United
States of America at the AMERICAN NATIONAL BANK & TRUST COMPANY OF CHICAGO, 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 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 purchasing fire equipment
for its Fire Department 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 amen-
datory 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 or-
dinance duly passed by the President and 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 laws of tte State of Illinois to exist or to be done prece-
dent 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;
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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 constitu-
tional 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 saidVillage 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 here-
of, 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 WHERECF, said Village of Elk Grove Village, Cook 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 its President and attested by its Village
Clerk and the coupons hereto attabbed to be signed and attested by said officials,
respectively, by their facsimile signatures, and said officials do, by the exe-
cution hereof, adapt as and for their own proper signatures their respective fac-
simile signatures, appearing on said coupons, all as of the first day of November,
1960.
Attest:
Village Clerk
NO.
(FWi OF COUPON)
President
P3
On the first day of 119 the Village of
Elk Grove Village, Cook County, Illinois# will pay to bearer
dollars (6 ) in lawful money of the United States of America, at the
American National Bank & Trust Co.of Chica , in the City of Chicago, Illinois for
interest due that day on its Fire quipment Bond, dated November 1, 1960.
No.
ATTEST:
Village Clerk
President
(FORM FOR REGISTRATION AS TO PRINCIPAL)
Date of Registration Name of Registered Owner Signature of Village Treas.
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I
SECTION 5. That for the purpose of providing the funds required to pay the
interest on said bonds promp-4y 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 19602 a tax sufficient to produce the sum of 02562.90.
For the year 1961, a tax sufficient to produce the sum of X7,850.00.
For the year 1962, a tax sufficient to produce the sum of 0,687.50.
For the year 1963, a tax sufficient to produce the sum of �d7,525.00-
For the year 19644 a tax sufficient to produce the sum of 03362.50.
For the year 1965, a tax sufficient to produce the sum of ,12,200.00.
For the year 1966, a tax sufficient to produce the sum of 411,875.00.
For the year 1967, a tax sufficient to produce the sum of ',11,500.00.
For the year 19683 a tax sufficient to produce the sum of 4o110125 -00 -
For the year 1969, a tax sufficient to produce the sum of a,10,750.00.
For the year 1970, a tax sufficient to produce the sum of Y,10,375.00•
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 funds on hand
in advancement of the collection of said taxes herein levied 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, who shall in and for each of the years 1960 to 1970, 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
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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 here-
by appropriated and set aside for the sole and only purpose of paying principal
of and interest on said bowls 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 pis pose 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 B�NJAPIIN AND LANG, DC.,
and WALTER M. KELIM4ER & CO., Chicago, Illinois, the purchasers thereof, upon re-
ceipt of the purchase price therefor, same to be not less than the par value of
said bonds, and a premium of ,;122.00, plus accrued interest to date of delivery,
the contract for the sale of said bonds to said purchasers, 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.
Vary::
Approved by me this 28th day of October 1960.
ATTEST -
S1 Dolores L. Oberg
Village Clerk
AYES: 5
NAYS: 0
ABSENT 1
S Charles A. Hodlmair
President
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