O-60-18AN ORDINANCE providing for the issue
of $525,000 Sewer-Improvement Bonds,'
Issue of 1960,' of the Village of
Deerfield, Lake and Cook Counties,
Illinois, and describing details of
issue.
WHEREAS, the President and Board of Trustees of the
Village of Deerfield, Lake' and Cook Counties, Illinois, deems it
advisable and necessary.and for the best interests of said Village
that there be constructed improvements and extensions to the.sewer
system of said Village, as further described in the Ordinance
adopted April 20, 1960, calling a special election to be Yield
May 7.,'196b., to vote on an.issue.of bonds therefor,,and the voter's
of said Village have voted in favor of issuing $525,000 Sewer
Improvement Bonds, Issue of 1960, for that purpose, and it is now
necessary to raise funds therefor-by the issue of said bonds.
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 1. That.for'the purpose of paying the cost of
constructing improvements and extensions to the sewer system of
said Village,.as hereinabove'recited in the preamble of this
Ordinance, there be issued the negotiable interest coupon bonds
of said Village in the principal amount of $525,000, to be desig-
nated "Sewer Improvement Bonds, Issue of 1960 ", to be dated
June 1, 1960, and numbered from 1 through 525, of $1, 000 denomina- '
tion each Said bonds shall mature serially on June 1 in each of
the years and in amounts and shall bear interest in accordance
with the following schedule:
Amount
Maturity
Interest
$.5,000
1962
4 1 /2%
10,000
1963
and
1964
4 1/2%
15,000
1965
. and .
1966
4 1/4%
20,000
1967
and
1968
4 1/4%
25,000
1969
through
1971.
4 1/4%
30,000
1972
and
1973
4/
35,000
1974
4%U
4o, 00o
1975
and
1976.
4
45, 000
1977
through
1980
4�,
Interest on said bonds at the rates hereinabove stated
shall be payable December 1, 1961, and' semiannually thereafter on
the first day of June and December in . each. year until paid, 'which
interest payments to date of.maturity'of principal shall be evi-
denced by proper interest.coupons attached to each bond and matur -!
ing on the dates herein provided, and both principal of and inter -;
est on said bonds shall be payable in lawful money of the United
States of America at Sears Bank & Trust Company, Chicago, Illinois.
Said bonds.sh'all be signed,by the Village President and attested by
the-Village Clerk under the corporate seal.of said Village,.and
said coupons-shall be signed and attested.by said officials,
respectively, by their facsimile signatures,.-and said officials,
by the execution of said bonds, shall adopt as and for their
respective proper signatures their respective facsimile signatures
appearing..on said coupons -.
Section 2. That the. bonds hereby authorized shall be
subject to.registration as to 'principal in the name of the holder
upon the books of the Village-Treasurer, such registration to be
r evidenced by notation of said Village,Treasure•r upon the back of
such bonds.so registered. - No_bond so registered shall be subject,
to transfer except upon such.books and similarly noted on the back;
of the bond so registered, -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 l
merely.
Section 3. That eadh.of said bonds.and each of the
interest couponseto be thereto attached shall be in substantially '
the.following form:
f
( Form of Bond).:,
UNITED STATES-OF.AMERICA
STATE 'OF ILLINOIS COUNTIES- OF LAKE AND-.COOK
VILLAGE OF DEERFIELD`
SEWER IMPROVEMENT BOND, ISSUE OF 1960_
Number'. $11000
KNOW ALL MEN BY THESE.PRESENTS that the Village of
.j
Deerfield,!.Lake and Cook Counties, Illinois, hereby acknowledges
itself to owe, and for value*.received,hereby promises to pay to,
bearer,..or if registered to-the registered owner hereof; the sum
of One Thousand Dollars ($1,000) in lawful money.of: the United
States of America on the first day of June, 19 , together with
interest on said sum from the date hereof until paid, at the rate
of Per Cents ( %) per annum, payable
'1
December ' l; 1961, and semiannually thereafter ..on the first day of
June and December in each year, which 'such interest-until the
maturity of this bond is payable upon presentation and.surrender
of the interest coupons hereto attached as they severally become
.due and payable. Both principal hereof and interest hereon are
i•
payable in lawful money of the .United States of America, at Sears
Bank & Trust Company, Chicago, Illinois. For the prompt payment of
this bond, both principal and interest, as aforesaid, at maturity,
the full faith, credit and resources of said Village are hereby
. t
irre ocably pledged.
This bond is issued by said Village for the purpose of
paying the cost of constructing improvements and extensions to the;
sewer system of said Village, pursuant to and in all respects in
compliance. with the Revised Cities and Villages. Act, and all laws `
;'.amendatory thereof and supplementary thereto,. and pursuant to the
approval of the proposition to issue-said bonds.by a, majority of
the legal voters of said Village voting upon said proposition at
an election duly called, noticed,. held.. and canvassed for that pur
pose,. and an Ordinance duly adopted by,the President and Board of. i
Trustees of said Village and published, in all respects as by law
required..
- 3 _
And 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.,
happened and been performed in regular and due form and time as
required by law; that the indebtedness of said.Village,,including
this bond, does not exceed any constitutional or statutory limita
tion; and that provision has been made for the collection of a
i
t direct annual tax, in addition to all. -other taxes, on all the tax-
able property in said Village to pay.the interest hereon as the
same falls due, and also to pay and discharge the.principal hereof!
at maturity.
This bond is subject to registration as to principal in
the name of the holder upon the books of the Treasurer of said
Village, such registration being noted hereon by said Treasurer,, ;
after which no transfer hereof, except. upon such books and similarly
noted hereon, shall be valid unless'the last registration shall'j
have been to.bearer. Registration of this bond shall not.affect
the negotiability of the interest coupons hereto attached, which �.
coupons shall continue negotiable by delivery merely, notwithstand_
ing registration hereof.
IN WITNESS WHEREOF, the said Village of Deerfield, Lake
and Cook Counties, Illinois, by'its President and Board of Trustees,
has caused this bond to be signed by the Village President and
attested by its Village Clerk under-the corporate seal of said '
r' Village, and the coupons hereto attached to be signed and attested;
by said officers, respectively, by their facsimile signatures, and
r{ said officers. by the execution hereof do adopt . as and for their
respective 'signatures their respective facsimile signatures appear-
ing on said - coupons, all as of the first day of June, 1960,
Village President
Attest:
Village .er
;; -4-
:.(Form of Coupon)
;!. Number
On the first day of , 19 , 'the Village of
Deerfield.,* Lake. and Cook Counties, Illinois, will pay to bearer
Dollars `($. ) in lataful money
'of the United States of America at Sears Bank & Trust Company,
Chicago, Illinois; for interest due that day.' on its Sewer Improve-
ment Bond, Issue of 1960, dated June'. l; 1960, numbered
facsimile signature
Tillage President I
i'
Attest-
(f aQ9imile signature)
1 age - er
ii (Form of Registration)
Name of Signature of
,r
Date,'' Registered Owner •.-Village Treasurer;
Section That 4. for the
• i` _ purpose of providing -for 'funds .
required to-pay the interest on'said'.bonds'promptly when.and as the
same falls.due' and to pay and discharge' the principal thereof at y
maturity, there'be and there is hereby levied upon all the. taxable;
�d property within said Village -in `each :year while . any of said bonds
are outstanding, a direct'annual` tax sufficient for that purpose,
'without limitation as to rate or amount, and that there-be and
there is. hereby levied upon all,of the taxable property in said
11 Village, in addition to- all- oth,er:taxes, -the following'direct i
annual tax in each of'the' years and••in amounts as.follows:
1
� N
Year Amount for j
of. Levy Principal and Interest
196o $47,975 00
1961 31,262.50
.1962 30, 812 ..50
1963 35,362.50
1964 34,725.00
1965 39;087.50 s
1966 38,237.50 ;
1967 42,387:50
1968 41,325.00
1969 40,262.50
1970 44, 200.00
1971 43,000.00
}' 1972 46,800.00
1973 5o, 400. oo
..1974 48,800.0o.- z .
:1975 521200.00 s
1976 5o,.400. 0o
1977 48,600.00 ;
1978 46,800.00
That principal of or interest on said.bonds falling due
f, {
i at any time when there are insufficient funds'on. hand to pay.the
same from the proceeds of the bond and interest taxes hereinabove
levied be paid promptly when due from current funds on hand in-
advancement of 'the collection of'.said taxes, and when said taxes
shall have been so collected, reimbursement shall be made. to the
.r
said funds in the amount thus advanced.
That forthwith upon the.approval of-this Ordinance a {
copy hereof, certified by the Village Clerk of said Village, which
certificate shall recite that this Ordinance has.been passed by
the President and Board of Trustees of said'Village, and published;
shall be filed with the County Clerk of Lake County and with the j
County Clerk of Cook County, and said County Clerks shall in and
for each of the years 1960 through 1978 ascertain the rate per cent
required to produce the aggregate bond and interest tax herein
� I
before levied in each of said years, respectively, against the
taxable property within said Village located'within each of said
.Counties, respectively, and extend the same for collection on the
tax books, without limitation as to rate or amount, and in each of�
,1 said years such annual bond and interest tax shall be collected
Year Amount for j
of. Levy Principal and Interest
196o $47,975 00
1961 31,262.50
.1962 30, 812 ..50
1963 35,362.50
1964 34,725.00
1965 39;087.50 s
1966 38,237.50 ;
1967 42,387:50
1968 41,325.00
1969 40,262.50
1970 44, 200.00
1971 43,000.00
}' 1972 46,800.00
1973 5o, 400. oo
..1974 48,800.0o.- z .
:1975 521200.00 s
1976 5o,.400. 0o
1977 48,600.00 ;
1978 46,800.00
That principal of or interest on said.bonds falling due
f, {
i at any time when there are insufficient funds'on. hand to pay.the
same from the proceeds of the bond and interest taxes hereinabove
levied be paid promptly when due from current funds on hand in-
advancement of 'the collection of'.said taxes, and when said taxes
shall have been so collected, reimbursement shall be made. to the
.r
said funds in the amount thus advanced.
That forthwith upon the.approval of-this Ordinance a {
copy hereof, certified by the Village Clerk of said Village, which
certificate shall recite that this Ordinance has.been passed by
the President and Board of Trustees of said'Village, and published;
shall be filed with the County Clerk of Lake County and with the j
County Clerk of Cook County, and said County Clerks shall in and
for each of the years 1960 through 1978 ascertain the rate per cent
required to produce the aggregate bond and interest tax herein
� I
before levied in each of said years, respectively, against the
taxable property within said Village located'within each of said
.Counties, respectively, and extend the same for collection on the
tax books, without limitation as to rate or amount, and in each of�
,1 said years such annual bond and interest tax shall be collected
by said Village in'like manner as taxes for general corporate pur
poses for each of said years .are collected, and when collected such
bond and interest taxes shall be used solely for the purpose of
paying the principal of and the interest upon the bonds hereinbefore
described when same mature.
Section 5. That- sale of -said bonds to John Nuveen.& Co.,
Chicago, Illinois, at a price of par, accrued interest and a premium
of. $5.50 is hereby authorized and approved, and said bonds shall.
be by said Treasurer of this Village delivered to said purchaser
against payment therefor.
II i
Section 6. That all ordinances, resolutions and orders,;
or parts thereof, in conflict with the provisions of this Ordinance
be and -the'same are hereby repealed.
' Passed June 29 , 1960.
Ayes: Abeeion,..Curto,. Peterson, Petesch, Porter-, "M -(6) r
Nays • None (0)
Approved June 29 , 60.
o ,
TAlagp Pr es en
.i
Attest:
1
i age .0 er i
'Published June 30 , •1960, in the DEERF I E.LD REV I EW 1
Recorded* July l , 1960.
Village Clerk
j
I