O-56-16212
AN ORDINANCE providing for borrowing money
and issuing bonds of the Village of Deer-
field, Lake County, Illinois, to the amount
of $175,000 for the purpose of paying the
cost'.of constructing a new municipal build-
ing in and for 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 County, Illinois, did by an ordinance adopted on January
91 1956, call a special election to be held in and for said Village of Deer-
field on February 4, 1956, for the purpose of submitting to the electors of
said village the following question:
and
Shall bonds in the amount of $175,000 be issued
by the Village of Deerfield, Lake County, Illinois,
for the purpose of paying the cost of constructing
a new municipal building in and for said village,
maturing $5,000 on the first day of January, 1958
and $10,000 on the first day df January of each of
the years 1959 to 1975, inclusive, and bearing
interest at the rate of not to exceed three and
three - fourths per cent (3 -3/4 %) per annum;. pro-
vided, however, that of said bonds those maturing
on January 1 of each of the years 1969 through
1975, in the aggregate principal cmount of $70,000
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?
WHEREAS the President and Board of Trustees did cause to be
given proper notice of said election by publishing notice thereof once on
January 12, 1956, in The Deerfield Review, being a newspaper published and
having a general circulation within said village, and by posting notice there-
of in at least three of the most public places in each election precinct and
at each of the polling places designated for said election, whiih said notices
were published and posted not more than thirty days nor less than fifteen 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 the Village
of Deerfield by proper proceedings adopted and spread upoh. 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;
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1
213
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 hereby found and determined 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 a special election duly called, noticed, held and canvassed for
that purpose to issue bonds of said village in the principal timount of
$175,000 for the purpose of paying the cost of constructing a new municipal
building in and for said village.
Section 2. That in order to rai6e the sum of $175,000 needed for
g� the purpose aforesaid, there be borrowed by, for and on behalf of the Village
of of Deerfield, Lake County, Illinois, the sum of $175,000, and to evidence
said loan negotiable coupon bonds of said village be issued. Said bonds
shall be designated "Municipal Building Bonds ", be dated June 1, 1956, be
one - hundred seventy -five (175) in number, numbered from 1 to 175, inclusive,
be 6f the den6mination of $1,000 each, and mature serially $5,000 on
January 1, 1958 and $10,000 on January 1 of each of the years 1959 to 1975,
inclusive; provided, however, that of said bonds numbered 106 to 175, inclusive,
in the aggregate principal amount of $70,000 and maturing'on January 1 of
each of the years.1969 to 1975, inclusive, shall be redeemable at the option
of the village 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.
Written notice of its option to call and redeem any or all of said
bonds prior to their maturity, shall be.given by the village to the holder
of each bond so called for eedemption, if known, by registered mail at least
thirty (30) days prior to the date of redemption, and as to any unknown holders
of such bonds, such notice of redemption shall be published at least once
not less than thirty (30) days prior to the date of redemption in a news-
paper published and of general circulation in the City of Chicago, Cook County,
Illinois, and any such notice shall describe the bonds to be redeemed and the
date and place of redemption, which shall be at The Northern Trust Company, in
the City of Chicago, Illinois, and shall indicate that on the designated date
of redemption said bonds will be redeemed by payment of the principal thereof
and accrued interest thereon and that from and after the designated redemption
date interest in respect of said bonds so called for redemption and payment
shall cease. Upon such notice having been mailed to the holder, if known, or
6Z 14
by publication thereof, if .unknown, all such bonds so called for redemption
and payment, if payment has been made or provided for, shall cease to bear
interest from and after said date.
Bonds numbered 1 to 85, inclusive, shall bear interest at the
rate of three and one -half per cent (3 -1/2 %) per annum, and bonds numbered
86 to 175, inclusive, shall bear interest at the rate of three per cent (3 %)
per annum, interest payable January 1, 1958, and semi - annually thereafter
on the first days of July and January 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 The Northern Trust Company, 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,
respectively, by their respective facsimile signatures, and said officials, by
the execution of said bonds, shall adopt as and for their own proper signa-
tures their respective facsimile signatures appearing on said coupons.
Section 2. That the bonds hereby authorized shall be payable 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 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 -
bble by delivery merely.
Section lam. That each of said bonds and the interest coupons to
be thereto attached shall be in substantially the following form:
(Form of Bond)
Number
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTY OF LAKE
VILLAGE OF DEERFIELD
MUNICIPAL BUILDING BOND
$1,000
KNOW ALL MEN BY THESE PRESENTS, that the Village of Deerfield, Lake
215
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 regis-
tered holder hereof, the sum of ONE THOUSAND DOLLARS ($1,000) on the first
day of January, 19_, together,with interest on said sum from the date hereof
until paid at the rate of per cent () per
annum, payable January 1, 1958,.,and semi - annually thereafter on the first
days of July and Jana ry 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
-j of the United States of America at The Northern Trust Company in the City
Jrt�
C� of Chicago, 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 a new municipal building in and for said village, pur-
suant to and In all respects in compliance with "The Revised Cities and
Villages Act," effective January 1, 1942, 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 thereof, and published, in all respects as
by law required.
This bond is one of a series of bonds aggregating the sum of One -
Hundred Seventy -Five Thousand Dollars ($175,000)0 numbered from 1 tt 175s
inclusive, of the den6mihation.0f $1,0002 of which bonds numbered 106 to 175,
inclusive, in the aggregate amount of $70,000 and maturing on January 1 of
each of the years 1969 to 1975, inclusive, are fedeemable at the option of the
village 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, upon notice specifying the number thereof and the date of
redemption. Said notice shall be given by registered mail to the holder, if
known, not less than thirty (301 days preceding such redemption date, end as
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to any unknown holder,,such notice shall be published in a newspaper
published and of general circulation in the City of Chicago, Illinois,
at least once not less than thirty (30) days preceding such date of re-
demption, and when any or all of said bonds shall have been called for
redemption and payment made or provided for, interest thereon shall cease
from and after the date so specified.
It is hereby certified and recited that all acts, conditions,
and things required by the Constitution and laws of the Skate 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 thereon 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 t
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 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 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 appear-
ing on said coupons, all as of the first day of June, 1956.
Att est:
Village Clerk
President, Board of Trustees
(Form of Coupon)
Number $
On the first day of _ , 19_, *(unless the bond
to which this coupon is attached shall have theretofore been called for pay-
ment as therein provided, and payment made or provided for) the Village of
Deerfield, Lake County, Illinois, will pay to bearer
Dollars ( ) in lawful money of the United States of America at
The Northern Trust Company, in the City of Chicago, Illinois, for interest
due that day on its Municipal Building Bond dated June 1, 1956,
Number
g� President, Board of Trustees
co
Attest:
1
F-,
Village Clerk
Date of
Registration
(Form for Registration as to Principal)
Name of Registered Owner
Signature of
Village Treasurer
*The above Clause shall be inserted in all coupons attached to bonds numbered
106 to 175, inclusive.
Section 5. That for the purpose of providing the fluids 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
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 1956, a tax sufficient to produce the sum of
$16,735.42 for interest and principal maturing up to and
including July 1, 1958;
For the year 1957, a tax sufficient to produce the sum of
$15,325.00 for Interest and principal;
For the year 1958,.a tax sufficient to produce the sum of
$14,975.00 for interest and principal;
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2 I
For the year 1959, a tax sufficient to produce the sum of
$14,625.00 for interest and principal;
For the year 1960, a tax sufficient to produce the sum of
$14,275.00 for interest and principal;
For the year 1961, a tax sufficient to produce the sum of
$13,925.00 for interest and principal;
For the year 1962, a tax sufficient to produce the sum of
$13,575.00 for interest and principal;
for the year 1963, a tax sufficient to produce the sum of
$13,225.00 for interest and principal;
For the year 1964, a;tas sufficient.to-,produce the sum'of
$12,875.00 for interest and principal;
For the year 1965, a tax sufficient to produce the sum of
012,550.00 for interest and principal;
For the year 1966, a tax sufficient to produce the sum of
$12,250.00 for interest and principal;
For the year 1967, a tax sufficient to. produce the sum of
$11,950.00 for interest and principal;
For the year 1968, a tax sufficient to produce the sum of
$11,650.00 for interest and principal;
For the year 1969, a tax sufficient to produce the sum of
$11,350.00 for interest and-principal;
For the year 1970, a tax sufficient to produce the sum of
$11,050.00 for interest and principal;
For the year 1971, a tax sufficient to produce the sum of
$10,750.00 for interest and principal;
For the year 1972, a tax sufficient to produce the sum of
$10,450.00 for interest and principal;
For the year 1973, a tax sufficient to produce the sum of
$10,150.00 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.
r
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-his 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, Illinois, who shall in and for each of the years
1956 to 1973, inclusive, ascertain the rate per cent required to produce the
aggregate tax hereinbefore provided to be levied in each of said years respect-
ively, and extend the same for collection on the tax books in connection with
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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
here-
in authorized when same mature.
Section 7. That the funds derived from such levy be and the same
are hereby appropriated acid set aside for the sole and only purpose of paying
principal of and interest on said bonds when and as same become due. That
W
I.() the funds derived from the sale of said bonds be and they are hereby appro-
priated and set aside for the purpose hereinbefore set out.
Section 8. That forthwith after this ordinance has become effective
as provided by law. the bonds herein authorized shall be executed and de-
livered to the Treasurer of said village and be by him delivered to The
Northern.Trust Company, Chicago, Illinois, the purchaser thereof, upon receipt
of the purchase price therfor, same to be not less than the par value of said
bonds plus accrued interest to date of delivery, contract for the sale of
said bonds to said purchaser, heretofore entered into, be and the same is
hereby in all respects ratified, approved and confirmed.
Section s. That all ordinances, resolutions and orders, or 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.
Approved:
�res' dent, Board of Trustees
Adopted ,August 13, 1956
Recorded August 13, 1956.
Published August 16, 1956
Attest:
Village Clerk