O-73-32ORDINANCE NO. 0 -73 -32
AN ORDINANCE PROVIDING FOR BORROWING MONEY
AND ISSUING BONDS OF THE VILLAGE OF DEERFIELD,
LAKE AND COOK COUNTIES, ILLINOIS, TO THE AMOUNT
OF $2,000,000 FOR THE PURPOSE OF PAYING THE
COST OF CONSTRUCTING ADDITIONS AND IMPROVEMENTS
TO THE EXISTING SEWAGE TREATMENT PLANT AND EAST
SIDE PUMPING STATION OF SAID VILLAGE AND PROVIDING
FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX
FOR THE PAYMENT OF THE 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 and improvements to the existing
sewage treatment plant and East Side Pumping Station to be in an
amount not less than_$3,300,000 and
WHEREAS, the President and Board of Trustees heretofore
did in manner and form provided by law find and determine that it
was advisable, necessary and in the best interests of said Village
that such additions and improvements to the existing sewage treatment
plant and East Side Pumping Station be made, 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 an
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 $3,300,000 be issued by
the Village of Deerfield, Lake and Cook Counties,
Illinois for the purpose of paying the cost of
constructing additions and improvements to the
existing sewage treatment plant and East Side Pumping
Station, 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 Life, 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 election on 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 have 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 $3,300,000 for the
purpose of paying the cost of constructing additions and improvements
to the existing sewage treatment plant and East Side Pumping Station
in and for said Village.
SECTION That in order to raise a portion of the sum of
TWO: $3,300,000 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 $2,000,000
and to evidence said loan negotiable coupon bonds of said Village be
issued. Said bonds shall each be designated "Sewage Treatment
Facilities Bond ", be dated June 1, 1973, be numbered consecutively
from 1 to'400 inclusive, of the denomination of $5,000 each, bear
interest from date until paid at the rate of interest per annum, and
become due serially on December 1 of the years in the amounts as
follows:
Year
Princi2al Amount
Interest' 12a'te
1975
$25,000
6.00%
1976
$25,000
5.70
1977
$75,000
6.00
1978
$75,000
6.00
1979
$125,000
4.60
1980
$125,000
4.40
1981
$125,000
4.50
Year Principal Amount Interest Rate
1982
$125,000
4.50%
1983
$125,000
4.60
1984
$125,000
4.60
1985
$125,000
4.70
1986
$125,000
4.70
1987
$125,000
4.80
1988
$125,000
4.90
1989
$125,000
5.00
1990
$125,000
5.00
1991
$150,000
5.00
1992
$150,000
5.00
Interest on said bonds shall be payable on December 1, 1974 and sem-
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 Belleville
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 signatures, 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
SEWAGE TREATMENT FACILITIES BOND
Number $5,000
'tI /
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 the cost of constructing additions and improvements to the
existing sewage treatment plant and East Side Pumping Station in
and for said Village, 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.iat 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 indebtedness 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 regis-
tration 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 corpprate 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 signatures,
and said officials do, by the execution hereof, adopt as and for their
own proper signatures their respective facsimile signatures appearing
on said coupons, all as of the first day of June, 1973.
VILLAGE OF DEERFIELD
Attest: By
President
Village Clerk
Number
(Form of Coupon)
On the first clay 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 Sewage
Treatment Facilities Bond, dated June 1, 1973, Number
President
Attest:
Village Clerk
(Form for registration as to principal)
- s
Date of
Registration Name of Registered Owner
Signature of
Village Treasurer
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
$194,600.00
for
interest
up to and including
June 1, 1975
1974
$121,550.00
for
principal
and
interest
1975
$120,087.50
for
principal
and
interest
1976
$167,125.00
for
principal
and
interest
1977
$162,625•.00
for
principal
and
interest
1978
$207,500.00
for
principal
and
interest
1979
$201,875.00
for
principal
and
interest
1980
$196,312.50
for
principal
and
interest
1981
$190,687.50
for
principal
and
interest
1982
$185,000.00
for
principal
and
interest
1983
$179,250.00
for
principal
and
interest
1984
$173,437.50
for
principal
and
interest
1985
$167,562.50
for
principal
and
interest
19.86
$161,625.00
for
principal
and
interest
19.87
$155,562.50
for
principal
and
interest
19,88
$149,375.00
for
principal
and
interest
19,89
$143,125.00
for
principal
and
interest
1990
$161,250.00
for
principal
and
interest
1991
$153,750.00
for
principal
and
interest
That interest or principal coming due at any time when
there ="ate insufficient funds on hand to pay the same 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 the said funds in the
amounts thus advanced.
SECTION That forthwith as soon as this ordinance
SIX: becomes 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 19'7.3 -'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 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 the 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.
J
Vi'llage President
ATTEST:
l -/-3 ,
Village Clerk
Published May 31, 1973 in Deerfield Life.