O-79-62ORDINANCE NO. 0 -79 -62
AN ORDINANCE PROVIDING FOR BORROWING MONEY AND
ISSUING A NOTE OF THE VILLAGE OF DEERFIELD, LAKE AND
COOK COUNTIES, ILLINOIS, IN THE AMOUNT OF $400,000 FOR THE
PURPOSE OF PAYING A PORTION OF THE COST OF THE CONSTRUCTION OF THE
POLICE ADDITION AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT
ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST ON SAID NOTE
Published in pamphlet form this
15th day of October , 1979,
by the President and Board of Trustees
of Deerfield.
J
ORDINANCE NO. 0 -79- 62
AN ORDINANCE PROVIDING FOR BORROWING MONEY AND
ISSUING A NOTE OF THE VILLAGE OF DEERFIELD, LAKE AND
COOK COUNTIES, ILLINOIS, IN THE AMOUNT OF $400,000 FOR THE
PURPOSE OF PAYING A PORTION OF THE COST OF THE CONSTRUCTION OF THE
POLICE ADDITION AND PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT
ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST ON SAID NOTE
WHEREAS, the Village of Deerfield is an Illinois municipal corporation -
exercising Home Rule powers pursuant to the State of Illinois Constitution of
1970; and
WHEREAS, the President and Board of Trustees of the Village of Deerfield
in the exercise of the Village of Deerfield's Home Rule powers have determined
that it is in the best interests of the Village of Deerfield to borrow a por-
tion of the cost of the construction of the Police Addition and to issue its
Note as evidence of said indebtedness;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS, AS FOLLOWS: .
SECTION That it be and it is found and determined by the President and
ONE: Board of Trustees of the Village of Deerfield to be in the best
interests of the Village of Deerfield to issue the Note of said
Village in the amount of $400,000 for the purpose of paying a portion of the
cost of construction of a Police Addition for said Village.
SECTION That in order to raise the sum of $400,000 presently needed for
TWO: said purpose, there be borrowed by, for and on behalf of the
Village of Deerfield, Lake and Cook Counties, Illinois, the sum
of $400,000, and to evidence said loan the Note of said Village be issued in
the form attached hereto as Exhibit A and made a part hereof. Said Note shall
be designated "Installment Promissory Note ", be dated October 16, 1979 , and
mature on October-,:!15 of the years and in the amounts and bearing
interest as follows:
Date
Principal Amount
Interest
Total Payment
1980
$ 15,000
$26,742.21
$ 41,742.21
1981
20,000
25,779.94
45,779.94
1982
20,000
24,455.00
44,455.00
1983
20,000
23,115.00
43,115.00
1984
25,000
21,787.72
46,787.72
1985
145,000
20,088.27
165,088.27
1986
155,000
10,385.00
165,385.00
TOTAL
$400,000
$152,353.14
$552,353.14
SECTION That the Note hereby authorized shall be payable to bearer, pro -
THREE: vided, however, that such Note may be subject to registration as
to principal in the.name of the holder on the books of the Trea-
surer of said Village, such registration to be evidenced by notation of said
Treasurer upon the back of the Note so registered. No Note 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.
SECTION That for the purpose of providing the funds required to pay the
FOUR: interest on said Note promptly 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 of the taxable property within
said Village in each year while said Note is outstanding a direct annual tax
sufficient for that purpose, and that there be and there is hereby levied on
all the taxable property in said Village, in addition to all other taxes, the
following annual tax, to -wit:
For the Year A Tax Sufficient to Produce the Sum of
1979
$
41,742.21
for
interest
and
principal
1980
$
45,779.94
for
interest
and
principal
1981
$
44,455.00
for
interest
and
principal
1982
$
43,115.00
for
interest
and
principal
1983
$
46,787.72
for
interest
and
principal
1984
$165,088.27
for
interest
and
principal
1985
$165,385.00
for
interest
and
principal
Interest or principal coming due at any time when there are insufficient funds
on hand to pay the same shall 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 said funds
in the amounts thus advanced.
SECTION That forthwith as soon as this Ordinance becomes effective, a
FIVE: copy hereof, certified by the Clerk of said Village, which cer-
tificate shall recite that this Ordinance has been passed by the
President and Board of Trustees of said Village, approved by the President,
and published, shall be filed with the County Clerks of Lake County and Cook
County, Illinois, "which said officials shall in and for each of the years 1980
to 1986, both years included, ascertain the rate percent 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 against all
of the taxable property situated within said Village, and situated within said
respective counties, 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 pur-
poses 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 Note herein authorized when the same matures.
SECTION That the funds derived from such levy be and the same are hereby
SIX: appropriated and set-aside for the sole and only purpose of pay-
ing principal of and interest on said Note when and as same
becomes due.
SECTION That the proceeds of the Note will be used and devoted
SEVEN: with due diligence for the purpose as provided herein.
SECTION That all ordinances, resolutions and orders, or parts thereof, in
EIGHT: conflict herewith, be and the same are hereby repealed, and this
Ordinance shall be in full force and effect upon its passage and
publication, as provided by law.
AYES: Gavin, Heisler, Seidman, Swanson, York (5)
NAYS: None (0)
ABSENT: Marty (1)
PASSED this 15th day of October A.D., 1979.
APPROVED this 15th day of October A.D., 1979.
VI�LAGE PRESIDENT
ATTEST:
s
DEPUTY VILLAGE CLERK
STATE OF ILLINOIS )
COUNTIES OF LAKE AND COOK ) SS
VILLAGE OF DEERFIELD ).
The undersigned hereby certifies that she is the duly appointed and acting
Deputy Clerk of the Village of Deerfield, Lake and Cook Counties, Illinois, and
that the attached is a true and accurate copy of Ordinance No. 0 -79 -62 entitled
"An Ordinance Providing for Borrowing Money and Issuing a Note of the Village of
Deerfield, Lake and Cook Counties, Illinois, in the Amount of $400,000 for the
Purpose of Paying a Portion of the.Cost of the Construction of the Police Addi-
tion and Providing for the Levy and Collection of a Direct Annual Tax for the
i
Payment of the Principal and Interest on Said Note ", passed by the President
and Board of Trustees of the said Village at a regular meeting thereof held on
the 15th day of October, A.D. 1979, and now in full force and effect, all as
appears in the records and files of the office of the Village Clerk.
Dated this 2nd day of November, A.D., 1979.
Naomi S. Clampitt
Deputy Village.Clerk k
SEAL
UNITED STA -tS POSTAL SERVICE
OFFI L BUSINESS
SENDER INSTRUCTIONS
Print your name, address, and ZIP Code in the space below.
• Complete items 1, 2, and 3 on the reverse.
• Attach to front of article if space permits. Otherwise
affix to back of article.
• Endorse article "Return Receipt Requested" adja-
cent to number.
1
PENALTY FOR PRIVATE
USE TO AVOID PAYMENT
OF POSTAGE, =300
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RETURN
TO
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(.game of Sender)
(Street or 1 Box)
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19 SENDER: Complete items I, 2, and 3.
Add your address in the "RETURN TO" space on
reverse.
1. The following service is requested (check one).
Show to whom and date delivered ..........
�F-1 Show to whom, date, and address of delivery. ._¢
RESTRICTED DELIVERY
Show to whom and date delivered .......... _¢
RESTRICTED DELIVERY.
Show to whom, date, and address of delivery. —
(CONSULT POSTMASTER FOR FEES)
2. ARTICLE ADDRESSED TO: q
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3. ARTICLE DESCRIPTION:
REGISTERED NO. CERTIFIED NO. INSURED NO.
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5. ADDRESS (Complote only it requested)
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* GPO: 1978 -272 -382
UNITED STATES POSTAL SERVICE
OFFICIAL BUSINESS
SENDER INSTRUCTIONS PENALTY FOR PRIVATE
Print your name, address, and ZIP Code in the space below. USE TO AVOID PAYMENT
OF POSTAGE, $300
• Complete items 1, 2, and 3 on the reverse.
• Attach to front of article if space permits. Otherwise
affix to back of article.
Endorse article "Return Receipt Requested" adja-
cent to number.
RETURN .
TO
u
�O
G� (Name of Sender) /,
St et or PO. Box)
Zoo
G i� (City. State, and ZIP Code)
0 SENDER: Complete items I, 2, and 3.
Add your address in the "RETURN TO" space on
reverse.
I The following service is requested (check one).
Show to whom and date delivered .......... _¢
Show to whom, date, and address of delivery. ._¢
RESTRICTED DELIVERY
Show to whom and date delivered .......... _¢
RESTRICTED DELIVERY.
Show to whom, date, and address pf delivery. $_
1,
(CONSULT POSTMASTER FOR FEES)
2. ARTICLE ADDRESSED TO:
3. ARTICLE DESCRIPTION:
REGISTERED NO. I CERTIFIED NO INSURED NO.
r (Always obtain signature of addressee or agent)
I have received %,5 article described above.
SIGNATURE ❑ Addressee [--],Authorized agent
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4.
ATE OF DELI ERY
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5. ADDRESS (Complote only if re ueste
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6. UNABLE TO DELIVER BECAUSE:
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* GPO: 1078 -27a3e2
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