HomeMy WebLinkAboutORDINANCE - 145 - 10/28/1960 - BORROW MONEY/ISSUING OF BONDSORDINANCE NO. 145
AN ORDINANCE PROVIDING FOR THE BORROW LdG 03 mwEY
AND THE ISSUING CF BONDS BY THE VILLAGE OF ELK GROVE
VILLAGE IN TiIE AMOUNT OF *20,000 FOR THE PURPOSE OF
PURCHASING STREET EQUIPeiENT FOR ITS STREET DEPART-
MENT AND PROVIDING FOR THE LEVY AND COLLECTION OF A
DIRECT ANNUAL TAa FOR THE PAYMENIT OF PRINCIPAL AND
INTEREST CF SAID BONDS.
tiTHE d..4S, 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, 1960s
for the purpose of submitting to the electors of said Village a number of
questions, incluWing the following question:
Shall bonds in the amourit of *20,000 be issued by
the Village of Elk Grove Village, Cook Couhty,
Illinois, for the purpose of purchasing street
equipment for its Street Department, consisting of:
dump truck, snow plow, tractor, street sweeper
compressor, and air hammer; to mature serially X5,000
on February 1 of each of the years 1963 to 1966,
inclusive, bearing interest from the date of issuance at
a rate of interest not to exceed five percent (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 election, 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 be held, the time of opening and closing the
polls and the questions to be voted upon, and
WHiREAS, 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.
NCW, THE!tEFORE, 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
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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 ~,209000 for the purpose of purchasing street equip-
ment for its Street Department consisting of dump truck, snow plow, tractor,
street sweeper compressor, and air hammer, 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 4020,000 needed for the
purpose of purchasing street equipment for its Street Department consisting
of dump truck, snow plow, tractor, street sweeper, compressor, and air hammer,
essential to the efficient administration 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 4020,000, and to evidence said loan negotiable coupon bonds
of said Village be issued, said bonds to be designated as "Street Equipment Bonds"
to be dated November 11 1960; to be 20 in number; numbered 1 through 20 inclusive,
to be of the denomination of k71,G00 each and mature serially, ;,5,000 on February
1 of each of the years 1963 to 1966, inclusive, said bonds shall bear interest
from November 1, 1960 until paid, at the rate of 314- per cent per annum. Interest
shall be payable on August 11 1961 and semi-annually thereafter on the first day
of February and August of each year in which interest is due; said interest pay-
ment 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 payable in lawful money of the United States of America at
the AMERICAN NATIONAL 1IM4K AND TRUST COMPANY 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 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 their own proper signatures
their respective facsimile signatures appearing on said coupons.
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 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
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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:
(Faih OF BOND)
UNITED STM ES OF AMEHICA
STATE CF ILLINOIS
COUNTY OF COOK
VILLAGE CF ELK GROVE: VILLAGE
"STREET EQUIPMENT BONDS"
NO.
x,1,000.00
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 THOUSA14D DOLLARS (512000.00)
on the first day of February 19together 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 coupcns hereto attached as
they severally become due and payhble.
Both principal and interest are hereby made payable in lawful money of the United
States of America at the AMEHICA.4 NATIONAL BANK AND TRMT COMPANY OF CHICANO, 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 street equipment
for its Street Department, necessary and essential to the efficient administration of
the affairs of said Village, pursuant to and in all respects in complicance 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 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 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, hap-
pened 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 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 hereof at maturity.
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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 merdly, notwithstanding registration thereof.
IN vJITNL6S WHExiAr, 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 attached to be signed and attested by said officials, respectively,
by their facsimile signatures, and said officials do, by the execution hereof, adopt
aG ar.d for their own proper signatures their respective facsimile signatures, appear-
ing on sa-d coupons, all as of the first day of November, 1960.
Attest:
Village Clerk
N0.
(FORM OF COUPON)
President
�r
On the first day of , 19 ,
the Village of Elk Grove Village, Cook County, Illinois, will pay to bearer
Dollars (� ) in lawful
money of the United States of America, at the American National Bank & Trust Co.. of
Chicago in the City of Chicago, Illinois, for interest due that day on its Streets
Equipment Bond, dated November 1, 1960, No.
ATTEST:
Village Clerk President
(FORM FOR RLUISTRATION AS TO PRINCIPAL)
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 promplty 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,
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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 4.812.60.
For the year 1961, a tax sufficient to produce the sumof 4p5,650.00.
For the year 1962, a tax sufficient to produce the sum of 0,487.50.
For the year 1963, a tax sufficient to produce the sum of 45025.00.
For the year 1964, a tax sufficient to produce the sum of 4v5,162.50.
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 1964 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 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
provided 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
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of the purchase price therefor, same to be not less than the par value of said
bonds and a premium of 430.50 plus accrued interest to date of delivery, the con-
tract 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.
VOTE:
Approved by me this 28th day of October, A. D. 1960.
ATTEST:
S4 DoloresL�Ober
Village
AYES:
5
NAYS:
0
ABSENT
1
S/ Charles A. Hodlmair
Fresi ent
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