O-56-02178 . .
AN ORDINANCE providing for the issue of
$175,000 Municipal Buildipg Bonds of
the Village of Deerfield, Lake County,
Illinois.
WHEREAS the present facilities for housing the general administration
offices of the Village, as well as the Police Department, are wholly
inadequate for the proper and efficient administration of the Village and
its affairs, and it is deemed advisable and in the interests of the public
that a municipal building be constructed to house the general offices of
the Village, as well as the Police Department; and
WHEREAS the President and Board of Trustees of this Village have
heretofore estimated the cost of constructing a new municipal building
and does hereby.estimate that it will cost not less than $175,000.00; and
WHEREAS funds are not available for the purpose of constructing a
new municipal building, as hereinabove described, and it has heretofore
been estimated and is hereby estimated that it will cost not less than
$175,000.00 to construct a new municipal building, and for that purpose it
will be necessary to borrow money and in evidence thereof issue the bonds
of said Villa ge;
NOW, THEREFORE,__Be and It is Hereby Ordiaa►ed by the President and
Board of Trustees of the Village of Deerfield, fake County, Illinois,
as follows:
Section 1. That there be and there are hereby authorized to be
issued bonds of the Village of Deerfield, Lake County, Illinois, in the
principal amount of $175,000.00 for the purpose of constructing a new
municipal building in and for said Village to adequately house the general
administration offices and Police Department of said Village; that said
bonds be of the denomination of $1,000.00 each, numbered from l to 175,
inclusive, and mature serially $5,000.00 on January 1 of the yeat, 1958,
and $10,000.00 on January 1 of each of the years 1959 to 1975, inclusive,
and bear interest from date at the rate of not to exceed three and three-
fourths per cent (3 -3/4 %) per annum, paykble semi - annually; provided,
16viever 1, th at �of said bonds tliose'.maturing on Janua'iy,-1- df:,eachiof. -thy
years-'1969' through'1975,;in�: the "aggreg -ate - princi -pal: amount -of:$70', 000.00,
shall be redeemable in the inverse order in which they are numbered on
January 1, 1962, or on any interest payment date thereafter, at par and
accrued interest to the date of redemption.
Section 2. That this ordinance shall not be effective until the
proposition of issuing said bonds has been submitted to the voters of said
Village, as required by statute, and if the proposition to issue said bonds
is approved by a majority of the voters voting at an election called and
held for that purpose, then the President and Board of Trustees of the
gr� Village shall make due provision for the issue, execution and sale of said
C�?
bonds, and.for the levy of a tax sufficient to pay the principal of-'and
interest on said bonds, as the same become due.
1
Section 3. That this ordinance shall be in full force and effect
as provided by law.
PASSED this 9th day of January, 1956
APPROVED:
illage President
ATTEST:
-L 8
Village Clerk
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