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O-83-43ORDINANCE NO. 0 -83 -43 ORDINANCE AUTHORIZING THE ISSUANCE OF $500,000 CORPORATE PURPOSE BONDS, SERIES 1983, OF THE VILLAGE OF DEERFIELD, ILLINOIS BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF DEERFIELD, ILLINOIS, AS FOLLOWS: Section 1. Authority and Purpose.- This ordinance is adopted pursuant to Section 6 of Article VII of the Illinois Constitution of 1970 for the purpose of financing the acquisition of.land constituting Redevelopment Project Costs as defined in the Real Property Tax Increment Allocation Redevelopment Act, as amended, constituting Division 74.4 of Article 11 or the Illinois Municipal Code and as described in the Redevelopment Plan of the Village approved by an ordinance adopted by the President and Board of Trustees of the Village on June 7, 1982 and entitled: "Ordinance Approving a Tax Increment Redevelopment Plan and Redevelopment Project in the Village of Deerfield, Illinois." Section 2. Authorization and Terms of Bonds. To meet part of the estimated cost of the Redevelopment Project Costs described in Section 1 of this ordinance, there is hereby appro- priated the sum of $500,000. For the purpose of financing said appropriation, general obligation bonds of the Village shall be issued and sold in an aggregate principal amount of $500,000, shall be designated "Corporate Purpose Bonds, Series 1983," and shall be issuable in the denominations of $5,000 or any integral multiple thereof. Bonds shall be numbered consecutively from l upwards in order of their issuance and may bear such identifying numbers or letters as shall be useful to facilitate the registra- 1 tion, transfer and exchange of bonds. Each bond shall be dated as of the interest payment date next preceding the date of issu- ance thereof, except that (a) if such date of issuance shall be prior to the first interest payment date, said bond shall be dated as of December 1, 1983, (b) if such date of issuance shall be an interest payment date, said bond shall be dated as of such interest payment date, or (c) if interest due on said bond shall not have been paid in full, then notwithstanding any of the foregoing provisions, said bond shall be dated as of the date to which interest has been paid in full on said bond.- The bonds shall mature on December 1 in each year shown in the following table in the respective principal amount set forth opposite each such year: Year Principal Amount 1984 $ 50,000 1985 100,000 1986 100,000 1987 125,000 1988 125,000 Each bond shall bear interest from its date payable in lawful money of the United States of America on December 1, 1984 and semiannually thereafter on each June 1 and December 1 at the rates per annum to be determined by a supplemental resolution of this Board of Trustees. The principal of and premium, if any, on the bonds shall be payable in lawful money of the United States of America upon presentation and surrender thereof at the princi- pal corporate trust office of American National Bank and Trust Company of Chicago, in the City of Chicago, Illinois, which is hereby appointed as bond registrar and paying agent for the -2- bonds. Interest on'the bonds shall be payable on each interest payment date to the registered owners of record thereof appearing on the registration books maintained by the Village for such purpose at the principal corporate trust office of the bond registrar, as of the close of business on the 15th day of the calendar month next preceding the applicable interest payment date. Interest on the bonds shall be paid by check or draft mailed to such registered owners at their addresses appearing on the registration books. Section 3. Execution and authentication of Bonds. The bonds shall be executed in the name of the Village by the manual or facsimile signature of its Village President and the corporate seal of the Village, or a facsimile thereof, shall be thereunto affixed or otherwise reproduced thereon and attested by the manual or facsimile signature of its Village Clerk. In case any officer whose signature, or a facsimile of whose signature, shall appear on any bond shall cease to hold such office before the issuance of the bond, such bond shall nevertheless be valid and sufficient for all purposes, the same as if the person whose signature, or a facsimile thereof, appears on such bond had not ceased to hold such office. any bond may be signed, sealed or attested on behalf of the Village by any person who, on the date of such act, shall hold the proper office, notwithstanding that at the date of such bond such person may not have held such office. No recourse shall be had for the oavment of any bonds against any officer who executes the bonds. -3- I I The bonds shall bear thereon a certification of authenti- cation executed manually by the bond registrar. No bond shall be entitled to any right or benefit under.this ordinance or shall be valid or obligatory of any purpose until such certificate of authentication shall have been duly executed by the bond registrar. Section 4. General Obligations. The full faith and credit of the Village are hereby irrevocably pledged to the punctual payment of the principal of and interest on the bonds. The bonds shall be direct and general obligations of the Village, and the Village shall be obligated to levy ad valorem taxes upon all the taxable property in the Village for the payment of the bonds and the interest thereon, without limitation as to rate or amount. Section S. Form of Bonds. The bonds shall be issued as fully registered bonds and shall be in substantially the following form, the blanks to be appropriately completed when the bonds are printed: i r (Form of Bond) United States of America State of Illinois Counties of Cook and Lake VILLAGE OF DEERFIELD CORPORATE PURPOSE BOND, SERIES 1983 DUE DECEMBER 1, No. S The VILLAGE OF DEERFIELD, a municipal corporation and a home rule unit of the State of Illinois situate in the Counties of Cook and Lake, acknowledges itself indebted and for value received hereby promises to pay to neR registered assigns, the principal sum of Thousand Dollars on the date specified above, and to pay interest on such principal sum from the date hereof at the rate per annum specified above, payable in lawful money of the United States of America on December 1, 1984 and semiannually thereafter on the first days of June and December in each year until the principal sum shall have been paid, by check or draft mailed to the registered owner of record hereof as of the 15th day of the calendar month next preceding such interest payment date, at the address of such owner appearing on the registration books maintained by the Village for such purpose at the principal corporate trust office of American National Bank and Trust Company of Chicago, in the City of Chicago, Illinois, as bond registrar or its successor (the "Bond Registrar "). This bond, as to principal when due, -5- will be payable in lawful money of the United States of America upon presentation and surrender of this bond at the principal corporate trust office of the Bond Registrar. The full faith and credit of the Village are irrevocably pledged for the punctual payment of the principal of and interest on this bond according to its terms. This bond is one of a series of bonds issued in the aggregate principal amount of $500,000, which are all of like tenor except as to date, maturity, and rate of interest and which are authorized and issued under and pursuant to Section 6 of Article VII of the Illinois Constitution of 1970 and under and in accordance with an ordinance adopted by the President and Board of Trustees of the Village on November 7, 1983 and entitled: "Ordinance Authorizing the Issuance of $500,000 Corporate Purpose Bonds, Series 1983, of the Village of Deerfield, Illinois," as supplemented. This bond is transferable only upon such registration books by the registered owner hereof in person, or by his attorney duly authorized in writing, upon surrender hereof at the principal corporate trust office of the Bond Registrar together with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the registered owner or by his duly authorized attorney, and thereupon a new registered bond or bonds, in the authorized denominations of $5,000 or any integral multiple thereof and of the same aggregate principal amount, maturity and interest rate as this bond shall be issued to the transferee in exchange therefor. In like manner, this bond may be exchanged for an equal aggregate principal amount of bonds of the same -6- maturity and interest rate and of any of such authorized denomina- tions. The Village or the Bond Registrar may make a charge suf- ficient to reimburse it for any tax, fee or other governmental charge. required to be paid with respect to the transfer or exchange of this bond. No other charge shall be made for the privilege of making such transfer or exchange. The Village and the Bond Registrar may treat and consider the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal and interest due hereon and for all other purposes whatsoever. This bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been duly executed by the Bond Registrar. It is hereby certified, recited and declared that all acts, conditions and things required to be done, exist and be performed precedent to and in the issuance of this bond in order to make it a legal, valid and binding obligation of the Village have been done, exist and have been performed in regular and due time, form and manner as required by law, and that the series of bonds of which this bond is one, together with all other indebted- ness of the Village, is within every debt or other limit prescribed by law. -7- IN WITNESS WHEREOF, the Village of Deerfield has caused this bond to be executed in its name and on its behalf by the manual or facsimile signature of its Village President, and its corporate seal, or a facsimile thereof, to be hereunto affixed or otherwise reproduced hereon and attested by the manual or facsimile signature of its Village Clerk. Dated: VILLAGE OF DEERFIELD Village President Attest: Village Cler CERTIFICATE OF AUTHENTICATION This bond is one of the Corporate Purpose Bonds, Series 1983, described in the within mentioned Ordinance. AMERICAN NATIONAL BANK AI ND TRUST COMPANY OF CHICAGO, as Bond Registrar By Authorized Officer -8- ASSIGNMENT For value received the undersigned sells, assigns and transfers unto the within bond and hereby irrevocably constitutes and appoints attorney to transfer the said bond on the books kept for registration thereof,, with full power of substitution in the premises. Dated Signature Guarantee: Section 6. Sale and Delivery. The bonds shall be sold and awarded pursuant to a supplemental resolution of this Board of Trustees. The Village President, Village Clerk and other officials of the Village are hereby authorized and directed to do and perform, or cause to be done or performed for or on behalf of the Village each and every thing necessary for the issuance of the bonds, including the proper execution and delivery of the bonds and the official.statement prepared with respect to the bonds upon payment of the full purchase price of.the bonds. Section 7. Levv of Taxes. For the purpose of'provid- ing the money required to pay the interest on the bonds when and as the same falls due and to pay and discharge the principal thereof as the same shall mature, there is hereby levied upon all the taxable property in the Village, in each year while any of the bonds shall be outstanding, a direct annual tax sufficient for that purpose in addition to all other taxes, as follows: Tax Levv Year A Tax Sufficient to Produce 1983 $ 92,500 1984 138,250 1985 129,750 1986 146,250 1987 135,625 Interest or principal coming due at any time when there shall be insufficient funds on hand to pay the same shall be paid promptly when due from current funds on hand in advance of the collection of the taxes herein levied; and when said taxes shall have been collected, reimbursement shall be made to the said funds in the amounts thus advanced. -10- Section 8. Extension of Taxes. As soon as this ordi- nance becomes effective, a copy thereof certified by the Village Clerk, which certificate shall recite that this ordinance 'ryas. been passed by this Board of Trustees shall be filed with the County.Clerk of Cook County and the County Clerk of Lake County, Illinois, who are hereby directed to ascertain the rate per cent required to produce the aggregate tax hereinbefore provided to be levied in the years 1983 to 1987, inclusive, and to extend the same for collection on the tax books in connection with other taxes levied in said years, in and by the Village for general corporate purposes of the Village, and in said years such annual tax shall be levied and collected in like manner as taxes for general corporate purposes for said years are levied and collected and, when collected, such taxes shall be used solely for the, purpose of paying the principal of and interest on the bonds herein authorized as the same become due and payable. Moneys derived from taxes herein levied are appropriated and set aside for the sole purpose of paying principal of and interest on the bonds when and as the same come due. Section 9. Transfer, Exchange and Registry. The bonds shall be negotiable, subject to the provisions for registration of transfer contained herein. Each bond shall be transferable only upon the registration books maintained by the Village for that purpose at the principal corporate trust office of the bond registrar, by the registered owner thereof in person or by his attorney duly authorized in writing, upon surrender thereof -11- together with a written instrument of transfer satisfactory to the bond registrar and duly executed by the registered owner or his duly authorized attorney. Upon the surrender for transfer of any such bond, the Village shall execute and the bond registrar shall authenticate and deliver a new bond or bonds registered in the name of the transferee, of the same aggregate principal amount, maturity and interest rate as the surrendered bond. Bonds, upon surrender thereof at the principal corporate trust office of the bond registrar, with a written instrument satisfac- tory to the bond registrar, duly executed by the registered owner or his attorney duly authorized in writing, may be exchanged for an equal aggregate principal amount of bonds of the same maturity and interest rate and of the denominations of $5,000 or any integral multiple thereof. For every such exchange or registration of transfer of bonds, the Village or the bond registrar may make a charge suffi- cient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. No other charge shall be made for the privilege of making such transfer or exchange. The Village and the bond registrar may deem and treat the person in whose name any bond shall be registered upon the registration books as the absolute owner of such bond, whether such bond shall be overdue or not, for the purpose of receiving -12 payment of, or on account of, the principal of, premium, if anv, or interest thereon and for all other purposes whatsoever, and all such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such bond to the extent of the sum or sums so paid, and neither the Village nor the bond registrar shall be affected by any notice to the contrary. Section 10. Bond Registrar. The Village covenants that it shall at all times retain a bank, trust company or national banking association to act as bond registrar with respect to the bonds, that it will maintain at the designated office of such bond registrar a place where bonds may be presented for payment and registration of transfer or exchange and that it shall require that the bond registrar maintain proper registration books and perform the other duties and obligations imposed upon it by this ordinance in a manner consistent with the standards, customs and practices of the municipal securities business. The bond registrar shall signify its acceptance of the duties and obligations imposed upon it by this ordinance by executing the certificate of authentication on any bond, and by such execution the bond registrar shall be deemed to have certi- fied to the Village that it has all requisite power to accept, and has accepted such duties and obligations not only with respect to the bond so authenticated but with respect to all the bonds. The bond registrar is the agent of the Village and shall not be liable in connection with the performance of its duties except for its own negligence or default. The bond registrar shall, -13- however, be responsible for any representation in its certificate of authentication on the bonds. The Village may remove the bond registrar at any time. In case at any time the bond registrar shall resign or shall be removed or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or.if a receiver, liquidator or conservator of the bond registrar, or of its property, shall be appointed, or if any public officer shall take charge or control of the bond registrar or of its property or affairs, the Village covenants and agrees that it will thereupon appoint a successor bond regis- trar. The Village shall mail notice of any such appointment made by it to each registered owner of bonds within twenty days after - such appointment. Any bond registrar appointed under the provi- sions of this Section shall be a bank, trust company or national banking association maintaining its principal corporate trust office in the State of Illinois, the City of St. Louis, Missouri or the Borough of Manhattan, City and State of New York. Section 11. Tax Covenant. The Village covenants that it shall not at any time permit any of the proceeds of any bonds or other moneys to be used directly or indirectly to acquire any securities or obligations the acquisition.of which would cause any bond to be-an "arbitrage bond" as defined in Section 103(c)(2) of the Internal Revenue Code of 1954, as amended, or an "indus- trial development bond" within the meaning of Section 103(b)(2) of said Code. -14- Section 12. Ordinance to Constitute a Contract. The provisions of this ordinance shall constitute a contract between the Village and the registered owners of the bonds. Any pledge made in this ordinance and the provisions, covenants and agreements herein set forth to be performed by or on behalf of the Village shall be for the equal benefit, protection and security of the owners of any and all of the bonds. All of the bonds, regardless of the time or times of their issuance, shall be of equal rank without preference, priority or distinction of any of the bonds over any other thereof except as expressly provided in or pursuant to this ordinance. This ordinance shall constitute full authority for the issuance of the bonds and to the extent that the provisions of this ordinance conflict with the provisions of any other ordinance or resolution of the Village, the provisions of this ordinance shall control. If any section, paragraph or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this ordinance. Nothing herein contained shall constitute a pledge of moneys required to be deposited in a special-tax allocation fund pursuant to the Real Property Tax Increment Allocation Redevelop- ment Act. Section 13. Publication and Notice. The Village Clerk is hereby authorized and directed'to publish this ordinance in a newspaper of general circulation in the Village. Section 14. Effective Date. This ordinance shall become effective in the manner provided by. law. -15- Adopted this 7th day of November, 1983 by roll call vote as follows: Ayes: Jackson, Marovitz, Seidman, Swanson, York (5) Nays: None (0) (SEAL) ' Attest: r Village Clerk -16- Approved: Village President