O-54-321
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ORDINANCE NO. IS%
AN ORDINANCE PROVIDING FOR BORROWING MONEY
AND ISSUING BONDS OF THE VILLAGE OF DEERFIELD,
LAKE COUNTY, ILLINOIS, TO THE AMOUNT OF
$575,000 FOR THE PURPOSE OF PAYING PART OF
THE COST OF IMPROVING AND EXTENDING THE SEWER
SYSTEM 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.
(T-32 -S-V
WHEREAS, the President and Board of Trustees of the Village of
Deerfield, Lake County, Illinois, did by ordinance ad9Pted on October 12,
1953, call a special election to be held in and for said Village of Deer-
field on November 6, 1953, for the purpose of submitting to the electors
of said Village the following question:
; and
Shall bonds in the amount of $575,000 be issued by
the Village of Deerfield, Lake County, Illinois, for the
purpose of paying part of the cost of improving and
extending the sewer system of said Village, maturing
$20,000 on December 1 of each of the years 1955 to
1958, inclusive, $25,000 on December 1 of each of the
years 1959 to 1961, inclusive, $30,000 on December 1
of each of the years 1962 to 1965, inclusive, 035,000
on December 1 of each of the years 1966 to 1969,
inclusive, and $40,000 on December 1 of each of the`'
years 1970 to 1973, inclusive, and bear interest at the
rate of not to exceed three and three - fourths per cent
(3 -3/4 %) per annum, payable semiannually?
WHEREAS, the President and Board of Trustees of said Village
did cause to be given proper notice of said election by publishing notice
thereof once on October 22, 1953, in the Deerfield Review, the same being
a newspaper published in and of general circulation in said Village, and
by posting notice thereof in at least three of the most public places in
each election precinct and at each of the polling places designated for
said election, which said notices were published and posted not more than
thirty (30) days nor less than fifteen (15) days prior to the date of said
election, which said notices as so published and posted 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 of said Village 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
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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 County, Illinois, as follows:
Section 1. That it be and it is found and determined that the
President and Board of Trustees of the Village of Deerfield have been
authorized by "h majority of the electors of said Village voting on the
question at a special election duly called, noticed, held and canvassed
for that purpose to issue bonds of said Village in the amount of $575,000,
for the purpose of paying part of the cost of improving and extending the
sewer system of said Village.
Section 2. That in order to raise the sum of $575,000 needed
for the purpose of paying part of the cost of improving and extending the
sewer system of said Village, there be borrowed by, for and on behalf of
the Village of Deerfield, Lake County, Illinois, the sum of $575,000 and
to evidence said load negotiable coupon bonds of said Village be issued.
Said bonds shall be designated "Sewer Improvement Bond ", be dated December
1, 1954, be five hundred seventy -five (575) in number, numbered from 1
to 575, inclusive, be of the den6mination of $1,000 each and.mature
serially $20,000 on December 1 of each of the years 1955 to 1958, inclusive,
$25,000 on December 1 of each of the years 1959 to 1961, inclusive, $30,000
on December 1 of each,of the years 1962 to 1965, inclusive, $35,000 on Dec-
ember 1 of each of the years 1966 to 1969, inclusive, and $40,000 on December
1 of each of the years 1970 to 1973, inclusive, and shall bear interest
from date until paid at the rate of two and one -half per cent (2 -1/2%) per
annum, such interest to be payable on December 1, 1955, and semiannually
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 here-
in provided, and both principal and interest shall be payable in lawful money
of the United States of America at the American National Bank and Trust
Company of Chicago, Illinois, in the City of Chicago, 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, repsectively,
by their respective facsimile signatures, and said officials, by the execution
of said bonds, shall adopt as and for their own proper signatures their re-
spective facsimile signatures appearing on said coupoZis.
Section 3. That the bonds hereby authorized shall be payable
to bearer, provided, however, that such bonds may be subject to registration
as to pincipal in the name of the holder on the books of the Treasurer of
said Village, such registration to be evidenced by notation of said Treausrer
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 regis-
tration of any of said bonds shall not, however, affect the negotiability of
the coupons attached to said bonds, but such coupons shall continue transfer-
able by delivery merely.
cl) Section 4. That each of said bonds and the interest coupons to
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CIO be thereto attached shall be in substantially the following form:
t (Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTY OF LAKE
VILLAGE OF DEERFIELD
SEWER IMPROVEMENT BOND
Number $12000
KNOW ALL MEN BY THESE PRESENTS that the Village of Deerfield,
Lake County, 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 ONE THOUSAND DOLLARS ($1,000.00)
on the first day of December, 19_, together with.-,.interest on said sum from
the date hereof until paid at the rate of two and one -half per cent (2 -1/2 %)
per annum, paybAle on December 1, 1955 and semi - annually thereafter on the
first days of June and December in each year, 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 the American National Bank and Trust
Company of Chicago, in the City of Chicago, Illinois.
For the prompt payment of this bond, both principal and interest,
asaforesaid, at "maturity, and the levy of taxes sufficient for that purpose,
the full faith, credit and resources of said Villag a are hereby irrevocably
pledged.
This bond is issued by said Village for the purpose of paying part
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of the cost of improving and extending the sewer system of said Village,
pursuant to and in all respects in compliance with the "Revised Cities
and Villages Qct ", effective January 1, 1942, and all acts amendatory there-
of 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 and Board of Trustees of said
Village, approved by the President thereof, and published, in all respects
as by law required.
It is hereby certified and recited that all conditions, acts 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, did exist,
have happened, been done, and performed in regular and due form and time as
required ly law; that the indebtedness of said Village of Deerfield, repre-
sented 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 pro-
vision 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 on 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 affact the negotiability of the coupons
hereto attached which shall contin*ue--Aegotiable by delivery mergly,.notwith-
standing registration hereof.
IN WITNESS WHEREOF, said Village of Deerfield, Lake County,
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 Tillage Clerk and the coupons hereto attached
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to be signed and attested by said officials, respectively, by their fac-
simile signatures, and said officials do, by said execution hereof, adopt
as am for their own proper signatures their respective facsimile signnatures
appearing on said coupons, all-as of the first day of December; 1954.
President, Board of Trustees
Attest:
Village ::lerk
n (Form of Coupon)
if)
Cg Number $
On the first day of , 19_, the Village of
Deerfield, Lake County, Illinois, will pay to bearer
Dollars 4 ) in lawful money of the United States of America,
at the American National Bank and Trust Company of Chicago, in the City of
Chicago, Illinois, for interest due on that day on its Sewer Improvement
Bond, dated, December 1, 1954, No.
President, Board of Trustees
Attest:
Village Clerk
(Form for Registration as to Principal)
Date of Name of Registered Owner Signature of
Registration Village Treasurer
Section 5. For-the purpose of prtwidng the 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 maturity, there be and'.)there is
hereby levied upon all the `taxable property within said Village, in each
year while any of said bonds are outstanding, a direct annual tax sufficient
fbrth-at: purpose, and that there,be and there is hereby levied on all of the
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taxable property in said Village, in addition to all other taxes, the following
annual tax, to -wit:
For the year 1954, a tax sufficient to produce the
sum of $41,312.50 for interest and principal maturing
up to and including June 1, 1956;
For the year 1955, a tax sufficient to produce the
sum of $33,625.00 for interest and principal;
For the year 1956, a tax sufficient to produce the
sum of $33,125.00 for interest and principal;
For the year 1957, a tax sufficient to produce the
sum of $32,625.00 for interest and pincipal;
For the year 1958, a tax sufficient to produce the
sum of $37,062.50 for interest and principal;
For the year 1959, a tax sufficient to produce the
sum of $36,437.50 for interest and principal;
For the year 1960, a tax sufficient to produce.the
sum of $35,812.50 for interest and principal;
For the year 1961, a tax sufficient to produce the
sum of $40,125.00 for interest and principal;
For the year 1962, a tax sufficient to produce the
sum of $39,375.00 for interest and principal;
For the year 1963, a tax sufficient to produce the
sum of $38,625.00 for interest and principal;
For the year 1964, a tax sufficient to produce the
sum of $37,875.00 for interest and principal;
For the year 1965, a tax sufficient to produce the
sum of $42,062.50 for interest and principal;
For the year 1966, a tax sufficient to produce the
sum of $41,187.50 for principal and interest;
For the year 1967, a tax sufficient to produce the
sum of $40,312.50 for interest and principal;
For the year 1968, a tax sufficient to produce the
sum of $39,437.50 for interest and principal;
For the year 1969, a tax sufficient to produce the
sum of $43.500.00 for interest and principal;
For the year 1970, a tax sufficient to produce the
sum of $42,500.00 for interest and principal;
For the year 1971, a tax sufficient to produce the
sum of $41,500.00 for interest and principal;
For the year 1972, a tax sufficient to produce the
sum of $40,�00:00 for interest and principal:
That interest or principal coming due at any time when there
are 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 6. that forthwith as soon as this ordinance becomes
effective, a copy hereof certified by the Clerk of said Village, which
certificate shall recite that this ordinance has been passed by the Presi-
dent and Board of Trustees of said Village, approved by the President,!and
published shall be filed with the County Clerk of Lake County, Illinois,
who shall in and for each of the years 1954 to 1972, both years included,
ascertain the rate percent required to produce the aggregate tax herein-
before provided to be levied in each of said years, respectively, and
extend the same for collection on the tax books.in connection with other
'l� taxes levied in each of said years, respectively, in and by said Village
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for general c:--orate purposes of said Village, and in each of said years
such annual tax shall be levied and collected by said Village in like manner
ds:.taxes for general corporate purposes for each of said years are levied and
collected andiwhen collected, such taxes shall be used solely for the purpose
of paying principal and interest upon the bonds herein authorized when same
mature.
Section 7. That the funds derived from such levy be and the
same are hereby appropriated and set aside for the sole and only purpose
of paying prncipAl -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 8. That forthwith after this ordinance has become
effdctive as provided by law, the bond herein authorized shall be executed
and delivered to the Treasurer of said Village and be by him delivered to
Nongard & Company, and Associates, the purchasers thereof, upon rpeeipt of
the purchase price therefor, same to be not less than the par value of
said bonds plus accrued interest tochte of delivery, contract-Ifor;.the sale
of said bonds to said purchaser, heretofore entered into, be and the same
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is hereby in all respects ratified, approved and confirmed.
Section 9. That all ordinances, resolutions and orders, or
parts thereof, in conflict herewith, be and the same are hereby repealed
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and this ordinance shall be in full force and effect upon its passage
and publication, as provided by law.
Approved:
sident, Board of Trustebs
Introduced and filed for public inspection November 15, 1954.
Adopted
November
22,
1954.
Recorded
November
23,
1954.
Published
November
25,
1954.
Attest:
Village Clerk
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