HomeMy WebLinkAboutRESOLUTION - 65-77 - 9/27/1977 - LIBRARY/APPROVE MORTGAGE FOR ADDITION RESOLUTION NO. 65-77
A RESOLUTION APPROVING THE
BOPM=G OF Y2NEY AND EX-
ECUIING A YIDRTCAGE BY TIE
BOARD OF LIBRARY DIRECTORS
W=EREAS, the Board of Library Directors of the Village of Elk
Grove Village have entered into contracts for the construction of an ad-
dition to the existing library building and for the purchase of equip,-.--it
and furnishings in c=zection therewith, and
WHEFQ%S, the Board of Library Directors, in order to provide and
secure the necessary iTmey to pay part of the cost of construction md Fur-
chase of equip-mmt and furnishings, did, on Septerber 20, 1977 pass a Re-so-
lution directing a-Lid authorizing its President and Secretary -to borrow
the sum of Four Hundred Thousand ($4-00,000.00) Dollars frora the Bank of Elk
Grove for a period of ten years and to execute a promissory note in that
&Tount, bearing interest at the rate of five and one-half per cent (5�j'/)
per arnum on the balance remaining unpaid from time to tina, payable to the
Bma of Elk Grove as follows: $40,000.00 annually coaz=cing on October 1,
1978 plus interest and a final payment of $40,000.00 plus interest on
October 1, 1987, together with a mortgage to secure the said note, covering
the following described real estate together with the improvemaits thereon:
Lot 3496 and the northerly 175.0 feet as measured
at right angles to the nort�herly line thereof of
Lot 3497 in Elk Grove Village, Section 11, a sub-
division in Sections 32 and 33, Township 41 North,
Range 11, East of the Third Principal Meridian.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trus-
teas of the Village of Elk Grove Village, Illinois:
SECTION 1. That we hereby approve the borrawing of Four E�mdred
Thousmd ($400,000.00) Dollars and the execution of the proxiissory note aid
mortgage described above by -the Board of Library Directors of the Village of
Elk Grove Village for the exclusive purpose of paying part of the cost of
construction of the addition to the existing library building and the pur-
chase of equipinmt and furnishings for such library.
SECHON 2. This resolution shall be in full force and effect
from and after its adoption and approval as provided by law.
PASSED AND APPPOVED this 27th day of Septarber, 1977.
AYE S L/I MYS 4�9 ABSMTr 0
APPROVED:
Charles J. Zettek
VU-LAGE PRESIDENTr
A=Sr:
Eleanor G. Turner
VULAZIE CLERK
A RESOLUTION AUTHORIZING THE BORROWING OF MONEY
AND EXECUTION OF INSTRUMENTS AS EVIDENCE OF OBLIGATION
WHEREAS, the Board of Library Directors has contracted for
the construction of an addition to be used for library purposes , and;
1-:HEREAS, the Board of Library Directors deems it advisable and
necessary to borrow the sum of FOUR HUNDRED THOUSAND DOLLARSO
($400 �000 .00) to pay for some of the costs of construction of said
addition and for the purchase of library equipment and furnishings ;
NOW . THEREFORE' , BE IT RESOLVED by the Board of Library Directors
of the Village of Elk Grove Village as follows :
SECTION ONE : That the Presidentland Secretary of this Board be ,
and they hereby are authorized and directed to borrow the sum of FOUR
HUNDRED THOUSAND DOLLARS ($400 ,000. 00) from the Bank of Elk Grove
for a period of ten years and to make and execute, in evidence of said
indebtedness , a promissory note in the aforesaid amount , bearing
interest at the rate of five and one half percent (5 1/2%) per annun
on the unpaid balance , payable to the Bank of Elk Grove as follows ;
$40 ,000.00 annually commencing on the lst day of October 1978 plus
interest and a final payment of $40 ,000 .00 plus interest on the
lst day of October 1987 , together with a mortgage to secure the said
note , covering the following described real estate together with the
improvements thereon;
Lot 3496 and the northerly 175 .0 feet as measured at right
angles to the northerly line thereof of Lot 3497 in Elk
Grove Village Section 11, a subdivision in Sections 32 and
33, Township 41 North, Range 11, East of the Third Principal
Meridian.
SECTION TWO: This resolution shall be in full force and effect
forthwith upon its adoption and approval accordink to law.
ADOPTED this 20th day of September, 1977.
APPROVED this 20th day of September, 1977.
/s/ Robert F. Fleming
PRESIDENT
ATTEST:
/s/ Kathryn Plar leminrr
SECRETZAR�E
STATE OF ILLINOIS)
COUNTY OF COOK
CERTIFICATE OF SECRETARY
1. Kathryn Mary Fleming, do hereby certify that
I am the duly qualified and acting Secretary of the
Board of Library Directors of the Village of Elk Grove
Village , Cook County Illinois , and as such official
am the keeper of the records thereof;
I do further certify that the foregoing resolution
entitled A RESOLUTION AUTHORIZING THE BORROWING OF
MONEY AND EXECUTION OF INSTRUMENTS AS EVIDENCE OF OB—
LIGATION was duly adopted by the Board of Library
Directors of the Village of Elk Grove Village at an
adjourned meeting held on the 20th day of September,
1977; that this resolution is in full force and effect ,
all as appears from the records in my office .
IN WITNESS WHEREOF, I have hereunto set my official
hand this,5-,?e;��Wday of September A.D. , 1977.
SECpTARY