O-71-42ORDINANCE NO. 0 -71- 42
AN ORDINANCE TO ESTABLISH AND PROVIDE FOR THE
LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR
THE PAYMENT OF PRINCIPAL AND INTEREST DUE ON A
CERTAIN INSTALLMENT CONTRACT PROVIDING FOR THE
PURCHASE OF REAL ESTATE FOR PUBLIC PARKING FACIL-
ITIES AND OTHER MUNICIPAL PURPOSES BY THE VILLAGE
OF DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS
WHEREAS, by Ordinance No. 0 -71 -3 of'the Village of
Deerfield, adopted the fourth day of January, 1971, the President
and Clerk of the Village of Deerfield were authorized and directed
to execute an Agreement for the purchase of real estate commonly
known as 807 Park Avenue, Deerfield, Illinois, for the purpose of
establishing public parking facilities and for other municipal
purposes, pursuant to the provisions of Division 76.1 of Article
11 of the Illinois Municipal Code, as amended; a copy of which
Agreement, with the pertinent real estate legally described there-
in, is attached hereto, marked Exhibit A and made a part hereof;
and
WHEREAS, said Ordinance No. 0 -71 -3 together with said
Agreement, herein marked Exhibit A, was published twice within 30
days after its passage in the Deerfield Review, a secular news-
paper, published and of general circulation within the Village of
Deerfield, Illinois, to wit: Said publication taking place on
January 14, 1971, and on January 21, 1971, and no petition signed
by any elector or electors was filed with the corporate author-
ities of said Village within 60 days after the second publication,
and no such petition has been filed at any time thereafter; and
WHEREAS, said Agreement for the purchase of the above-
mentioned real estate has been approved by the corporate author-
ities and has been executed on their behalf on March 25, 1971, by
the Village President and the Village Clerk and similarly executed
by the owners of said real estate; and
WHEREAS, in accordance with the terms set forth in said
Agreement, the total principal consideration of $30,000.00,
together with interest, is to be paid in the following manner:
by a cash payment in the sum of $2,500.00 being made by the Village
on March 25, 1971, which payment has so been made; by the payment
of interest on the remaining balance of $27,500.00 from March 25,
1971, to November 30, 1971, at the rate of 6% per annum to be
paid by the Village on or about November 30, 1971; and the re-
maining unpaid balance with interest falling due at the rate of
6% per annum from November 30, 1971, to be paid from the proceeds
Owm
of a direct annual tax to be levied by the Village, in addition to
all other taxes for the period of twelve (12) years.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND B3 ARD OF
TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES,
ILLINOIS, AS FOLLOWS:
SECTION That for the purpose of providing the funds
ONE:
required to pay interest on the aforesaid in-
stallment Agreement when and as the same falls due, and to pay and
discharge the principal thereof when and as the same falls due,
there be and there is hereby levied upon all the taxable property
within said Village, in each year which any of said indebtedness
remains outstanding, a direct annual tax sufficient for that pur-
pose, 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 (the first principal payment of
which falls due on November 30, 1972, plus the accrued interest
commencing November 30, 1971) to wit:
Year of
Levy
1971
1972
Interest
$1,650.00
$1,552.10
Principal
Amount
$1,630.20
$1,728.10
3
Remaining
Total Balance
$3,280.20 $25,869.80
$3,280.20 $24,141.70
Year
of Levy
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
TOTAL
Interest
$1,448.43
$1,338.70
$1,222.10
$1,098.63
$ 967.73
$ 828.85
$ 682.00
$ 526.07
$ 360.80
$ 185.63
$11,861.04
Principal
Amount
$1,831.77
$1,941.50
$2,058.10
$2,181.58
$2,312.47
$2,451.35
$2,598.20
$2,754.13
$2,919.40
$3,093.20
$27,500.03
Total
$3,280.20
$3,280.20
$3,280.20
$3,280.20
$3,280.20
$3,280.20
$3,280.20
$3,280.20
$3,280.20
Aq 979 R4
Remaining
Balance
$22,309.93
$20,368.43
$18,310.33
$16,128.75
$13,816.28
$11,364.93
$ 8,766.73
$ 6,012.60
$ 3,093.20
0 -
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 taxes herein levied and when said taxes shall have
been collected, reimbursement shall be made to the said funds in
the amounts thus advanced.
The Village retains the right to make complete or partial
prepayment of this obligation at any time during the term hereof
- 4 -
without penalty.
SECTION
TWO:
That forthwith as soon as this Ordinance
becomes effective, a copy thereof and a copy
of the attached agreement certified by the Clerk of said Village
shall be filed with the County Clerks of Lake and Cook Counties,
Illinois, who shall in and for each of the years 1971 to 1982,
both years included, ascertain the rate per cent required to pro-
cure the aggregate tax hereinbefore provided to be levied in each
of said years respectively, and extend the same for collection
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 cor-
porate purposes for each of said years as levied and collected,
such taxes shall be held in a separate fund and shall be used
solely for the purpose of paying principal and interest on the in-
stallment purchase agreement herein authorized when same matures.
SECTION That the funds derived from such levy be and
THREE:
the same are hereby appropriated and set
aside for the sole and only purpose of paying principal of and
- 5 -
interest on said installment purchase agreement when and as same
becomes due.
SECTION That this Ordinance shall be in full force
FOUR:
and effect from and after its passage and
approval in accordance with law.
AYES: SIX (6)
NAYS: NONE (0)
ABSENT: NONE (0)
PASSED this 20thday of September , A.D. 1971.
APPROVED this 20th day of September ) A.D. 1971.
ATTEST:
VILLAGE CLERK
VILLAGE PRESIDE
STATE OF ILLINOIS )
COUNTIES OF LAKE AND COOK ) SS
VILLAGE OF DEERFIELD )
The undersigned hereby certifies that she is the duly elected
and acting Village Clerk of the Village of Deerfield, Lake and Cook
Counties, Illinois, and that the foregoing is a true and accurate
copy of an ordinance entitled "AN ORDINANCE TO ESTABLISH AND PROVIDE
FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT
OF PRINCIPAL AND INTEREST DUE ON A CERTAIN INSTALLMENT CONTRACT PRO-
VIDING FOR THE PURCHASE OF REAL ESTATE FOR PUBLIC PARKING FACILITIES
AND OTHER MUNICIPAL PURPOSES BY THE VILLAGE OF DEERFIELD, LAKE AND
COOK COUNTIES, ILLINOIS ", passed by the President and Board of Trustees
of the said Village at a regular meeting thereof held on the 20th day
of September, 1971, all as appears in the records and files of my office.
Dated this 21st day of September, 1971.
Catherine B. Price
Village Clerk
SEAL
i
STATE OF ILLINOIS )
COUNTIES OF LAKE AND COOK ) SS
VILLAGE OF DEERFIELD )
The undersigned hereby certifies that she is the duly elected
and acting Village Clerk of the Village of Deerfield, Lake and Cook
Counties, Illinois, and that the foregoing is a true and accurate
copy of an ordinance entitled "AN ORDINANCE TO ESTABLISH AND PROVIDE
FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT
OF PRINCIPAL AND INTEREST DUE ON A CERTAIN INSTALLMENT CONTRACT PRO-
VIDING FOR THE PURCHASE OF REAL ESTATE FOR PUBLIC PARKING FACILITIES
AND OTHER MUNICIPAL PURPOSES BY THE VILLAGE OF DEERFIELD, LAKE AND
COOK COUNTIES, ILLINOIS ", passed by the President and Board of Trustees
of the said Village at a regular meeting thereof held on the 20th day
of September, 1971, all as appears in the records and files of my office.
Dated this 21st day of September, 1971.
Catherine B. Price
Village Clerk
SEAL