O-73-33ORDINANCE NO. 0- 73 -33
AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING
BONDS OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES,
ILLINOIS, TO THE AMOUNT OF $1,080,000 FOR THE PURPOSE
OF PAYING THE COST OF CONSTRUCTING ADDITIONS, IMPROVEMENTS
AND EXTENSIONS TO THE EXISTING SEWER SYSTEM OF SAID
VILLAGE AND TO PAY THE COST OF ACQUIRING LAND AND
CONSTRUCTING STORM WATER RETENTION FACILITIES THE REON,'AND
PROVIDING FOR THE IEVY AND COLLECTION OF A DIRECT
ANNUAL TAX FOR THE PAYMENT OF PRINCIPAL AND
'INTEREST OF SAID BONDS'
WHEREAS, the President and Board of Trustees of the Village
of Deerfield, Lake and Cook Counties, Illinois, heretofore, in all
respects as provided by law, did approve plans and estimate the cost
of constructing additions, improvements and extensions to the existing
sewer system of said Village and of paying the cost of acquiring land
and constructing storm water retention facilities thereon; and
WHEREAS, the President and Board of Trustees heretofore did,
in the manner and form provided by law, find and determine that it
was advisable, necessary and in the best interests of said Village
that such improvements, additions, and extensions be made in and to the
existing sewer system of the Village, and that land be acquired and
that storm water retention facilities be constructed thereon, and that
money be borrowed and bonds of the Village be issued in evidence
thereof; and
WHEREAS, the President and Board of Trustees did, by ordinance
adopted on December 18, 1972, provide for the calling of a special
election to be held in and for said Village on February 24, 1973, at
which election, there was submitted to the voters of said Village,
the following proposition:
"Shall bonds in the amount of $1,080,000 be
issued by the Village of Deerfield, Lake and
Cook Counties, Illinois, for the purpose of
pp:aying the cost of constructing additions,
improvements and extensions to the existing
sewer system of said Village, and to pay the
cost of acquiring land and constructing storm
water retention facilities thereon, said bonds
bearing interest at the rate of not to exceed
six per cent (6 %) per annum ?"
WHEREAS, the President and Board of Trustees did cause
proper notice of said election to be given by publishing notice
thereof once in the 'Deerfield L'i'fe, being a newspaper published and
having a general circulation within said Village, said publication
of said notice being made not more than thirty (30) days nor less
than fifteen (15) days prior to the date of said election, all as
evidenced by a certificate of publication now on file with the Clerk
of said Village and a part of the permanent records of said Village,
which said notice as so published did specify the places where such
election was to be held, the time of opening and closing the polls
and the question to be voted upon; and
WHEREAS, the President and Board of Trustees 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_a majority of the electors of said Village voting at said
electirnaon said question above referred to voted in favor thereof..
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 hereby found and determined
ONE: that the President and Board of Trustees of the
Village of Deerfield has been authorized by a majority of the electors
of said Village voting on the question at an election duly called,
noticed, held and canvassed for that purpose to issue bonds of said
Village in the amount of $1,080,000 for the purpose of paying the cost
of constructing additions, improvements and extensions to the existing
sewer system of said Village and paying the cost of acquiring land
and constructing storm water retention facilities thereon.
SECTION That, in order to raise the sum of $1,080,000
TWO: needed for the purpose aforesaid, there be borrowed
by, for and on behalf of the Village of Deerfield, Lake and Cook Counties,
Illinois, the sum of $1,080,000 and to evidence said loan negotiable
coupon bonds of said Village be issued. Said bonds shall each be des-
ignated "Sewer Improvement Bond," be dated June 1, 1973, be numbered
consecutively from 1 to 216, inclusive, of the denomination of $5,000
each, shall bear interest from date until .paid at the rate of interest
per annum, and shall become due serially on December 1st of the years
in the amounts as follows:
Year
Principal Amount
Interest Rate
1975
$ 5,000
.�5.70,�
1976
25,000
6.00 .
1977
25,000
6.00
1978
25,000
5.70
1979
75,000
5.10
1980
75,000
4.40
1981
75,000
4.50
1982
75,000
4.50
1983
75,000
4.60
Year
Principal' Amount
Interest 'Rate
1984
$75,000
y4.60%
1985
75,000
4.70
1986
75,000
4.70
1987
75,000
4.80
1988
75,000
4.90
1989
75,000
5.00
1990
75,000
5.00
1991
50,000
5.00
1992
50,000
5.00
Interest on said bonds shall be payable on December 1, 1974 and
semi - annually thereafter on the first days of June and December in each
year, which said interest payments to date of maturity of principal
shall be evidenced by proper interest coupons attached to each bond
and maturing on the dates herein provided, and both principal and
interest shall be payable in lawful money of the United States of
America at,Bfelleville National Savings Bank, Belleville, Illinois.
The seal of said Village shall be affixed to each of said bonds and
said bonds shall be signed by the President and be attested by the
Clerk of said Village, and said coupons shall be signed and attested
by said officials, respectively, by.their respective facsimile signa-
tures, 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 That the bonds hereby authorized shall be payable
THREE 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 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 That each of said bonds and the interest coupons
"FOUR: to be thereto attached shall be in substantially
the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS LAKE AND COOK COUNTIES
VILLAGE OF DEERFIELD
SEWER IMPROVEMENT BOND
Number .. $5,000
KNOW ALL MEN BY THESE.PRESENTS, that the Village of
Deerfield, Lake and Cook Counties, 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 FIVE
THOUSAND DOLLARS ($5,000) on the first day of December,
19' , together with interest on said sum from the date
hereof until paid at the rate of per cent ( %) per
annum, payable on December 1, 1974, and semi - annually
thereafter on the first days of June and December in each
year, and until maturity, upon presentation and
surrender of the respective interest coupons hereto
attached as they severally become due and payable.
Both principal and interest are hereby made payable
in lawful money of the United States of America at
Belleville'National Savings Bank, Belleville, 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
paying!w`or the cost of constructing additions, improve-
ments and extensions to the existing sewer system of said
Village and the cost of acquiring land and constructing
storm water retention facilities thereon, pursuant to and
in all respects in compliance with the provisions of the
Illinois Municipal Code, approved May 29, 1961, 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
Board of Trustees of said Village, approved by the President
of said Village, 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, happened, and been performed in regular
and due form and time as required by law; that the indebted-
ness of said Village of Deerfield, 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.
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 merely, notwithstanding registration hereof.
IN WITNESS WHEREOF, said Village of Deerfield, Lake
and Cook Counties, Illinois,.by its President and Board
of Trustees, has caused its corporate seal to be hereunto
affixed and this bond to'be signed by the President of
said Village and attested by its Village Clerk, and the
coupons hereto attached to be signed and attested by
said officials, respectively, by their facsimile signa-
tures, and said officials do, by the execution hereof,
adopt as and for their own proper7:signatures their
respective facsimile signatures.appearing on said coupons,
all as of the lst day of June, 1973.
VILLAGE OF DEERFIELD
BY ..........
President
ATTEST:
Village Clerk
(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
lawful money of the United States of America at Belleville
National Savings Bank, Belleville, Illinois, for interest
due that day on its Sewer Improvement Bond, dated June 1,
1973, Number .
ATTEST:
village Clerk
VILLAGE OF DEERFIELD
B.Y . .......................
President
(Form for registration as to principal)
Date of Signature of
Registration Name of Registered Owner Village Tre'a'surer
SECTION That, for the purpose of providing the funds
FIVE: 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 maturity, there be and there is hereby levied
upon all of 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, in addition to all other taxes,
the following direct annual tax, to -wit:
For the Year A Tax Sufficient to Produce the
Sum of
1973
$104,620.00
for interest.up
to
and including
June 1, 1975
1974
$57,167.50
for principal
and
interest
1975
$76,275.00
for principal
and
interest
1976
$74,775.00
for principal
and
interest
1977
$73,312.50
for principal
and
interest
1978
$120,687.50
for principal and
interest
_ 1:979
$ 5 0
for principal
and
interest
1980
$113,787.50
for principal
and
interest
1981
$110,412.50
for principal
and
interest
1982
$107,000.00
for principal
and
interest
1983
$103,550.00
for principal
and
interest
1984
$100,062.50
for principal
and
interest
1985
$96,537.50 for principal
and
interest
1986
$92,975.00 for principal
and
interest
1987
$89,337.50 for principal and
interest
For the Year A Tax Suffi,ci'ent to Produce the
Sum of
1988
$85,625.00
for
principal
and
interest
1989
$81,875.00
for
principal
and
interest
1990
$53,750.00
for
principal
and
interest
1991
$51,250.00
for
principal
and
interest
That interest or principal coming due at any
insufficient funds on hand to pay the same be
due from current-funds on hand in advancement
said taxes herein levied, and when said taxes
reimbursement shall be made to the said funds
advanced.
time when there are
paid promptly when
of the collection of
shall have been collected,
in the amounts thus
SECTION That forthwith as soon as this Ordinance becomes
SIX: effective, a copy hereof, certified by the Clerk
of said Village, which certificate 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 and Cook Counties, Illinois, who shall in and for
each of the years 1973 to 1991, inclusive, 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 That the funds derived from the taxes herein
SEVEN: levied 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 the 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 That forthwith after this Ordinance has become
EIGHT: 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 BANCNORTHWEST, the purchaser thereof,
upon receipt of the purchase price therefor, the same to be not less
than par value of said bonds, plus accrued interest to date of delivery.
SECTION That all ordinances, resolutions and orders, or
NINE: parts thereof, in 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: SIX (6)
NAYS: NONE (0)
ABSENT: NONE (0)
PASSED this 21st day of May A.D. 1973.
APPROVED this 21st day of May A.D. 1973.
VILLAGE PRESIDENT
ATTEST:
VILLAGE CLERK
Published May 31, 1973 in Deerfield Life.