HomeMy WebLinkAboutORDINANCES-1975-026-O-75ORDINANCE NO. 26-0-75
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $123,000
AD VALOREM TAX BONDS OF SPECIAL SERVICE DISTRICT NO. 2
C I TY OF EVANSTON P ti
BE IT ORDAINED by the City Council of the City of Evanston, Cook
County, Illinois as follows:
SECTION 1: Findings
A. City of Evanston Special Service District No. 2, consisting of
the following described territory:
Pa rce 1 1
All of Lots 7 through 19 in Foster's Addition to South Evanston,
and the West 50 feet of the South 100 feet of that part of the
Northwest 1/4 of Section 19-41-14, East of Sherman Avenue, West
of the C & NW Railroad and North of Main Street all in the
Northwest 1/4 of Section 19, Township 41 North, Range 14 East of
the Third Principal Meridian, in Cook County, Illinois,
Pa rce 1 2
All of Lot 1 (except the South 51 feet of the West 47 feet and
the South 76 feet of that part of said Lot 1 lying east of a
line parallel to and 47 feet east of the West line of said Lot 1),
all of Lots 2 and 3 (except the South 51 feet thereof), all of
Lot 4 (except the South 51 feet of the East 10 feet thereof) and
all of Lots 5 and 6 in Block 1 in Bayley's Subdivision of Lots 7
and 8 in Block 1 in Adam and Brown's Addition to Evanston all in
• the Southwest 1/4 of Section 19, Township 41 North, Range 14 East
of the Third Principal Meridian, in Cook County, Illinois,
Parcel 3
All of Lot 1 (except the West 60 feet thereof and that part of
said Lot 1 lying North of a line originating at a point on and
perpendicular to the West line of Chicago Avenue 81.57 feet North
of the point of intersection of said West line of Chicago Avenue
and the North line of Main Street and extending West 62.75 feet
then North 2.92 feet then West 22.92 feet) and those parts of
Lot 2 lying South of said line originating on the West line of
Chicago Avenue 81.57 feet North of the point of intersection of
said West line of Chicago Avenue and the North line of Main Street
and extending West 62.75 feet then North 2.92 feet then West 22.92
feet in Block 1 in Gibbs, Ladd and George's Addition to Evanston
and all of Lots 1, 2, 23, and 24, in Block 2 in Gibbs, Ladd and
George's Addition to Evanston all in the West 1/2 of the Northeast
1/4 Section 19, Township 41 North, Range 14 East of the Third
Principal Meridian, in Cook County, Illinois,
Pa rce 1 4
All of Lots 1, 2, and 3 in the Resubdivision of the West 1/2 of
Block 11 in White's Addition to.Evanston and all of Lot 23 (except
the South 4.46 feet thereof) in the Resubdivision of the West 1'2
of Block 10 and the East 1/2 of Block 11 in White's Addition to
Evanston, and all of Lot 12 (except the West 28 feet thereof) in
Block 12 in White's Addition to Evanston all in the West 1'2 of the
Southeast 114 of Section 19, Township 41 North, Range 14 East of
the Third Principal Meridian, all in Cook County, Illinois,
has been created by an Ordinance entitled "An Ordinance Establishing City
of Evanston Special Service District No. 2" - 56-0-74, adopted July 8, 1974,
and pursuant to said Ordinance and Article VII Sections 6(a) and 6(1) of the
Constitution of the State of Illinois and pursuant to:
26-0-75
-2-
"An Act to provide the manner of levying or imposing taxes
for the provision of special services to areas within the ,
boundaries of home rule units and non-hime rule municipali-
ties and counties." (Public Act 78-901)
The City of Evanston is authorized to issue its bonds, the principal and
interest of which are payable from Ad Valorem taxes levied against the
• taxable property located in said Special Service District.
B. That no petition was filed opposing the creation of the
Special Service District or the levy of taxes or issuance of bonds pursuant
to Section 9 of Public Act 78-901.
C. It is in the judgment of the City Council of the City of
Evanston necessary and for the best interests of the City of Evanston and
City of Evanston Special Service District No. 2
To provide special municipal services to said district by the
improvement of the parkways on that segment of Main Street
from Sherman Avenue to Hinman Avenue, the improvement of the
West parkways on Chicago Avenue North 81.57 feet from the
North line of Main Street and South 89.75 feet from the South
line of Main Street, the improvement of the East parkways on
Chicago Avenue North 100 feet from the North line of Main
Street and South 179.5 feet from the South line of Main
Street and the improvement of the West parkway of Hinman
Avenue South 70.04 feet from the South line of Main Street
with surface treatment of exposed aggregate and bands of
brick pavers along the curbs, highlighting street furniture
such as parking meters, street light poles, and treewells;
• the installation of new street lighting, street trees, tree
grates, and street furniture such as drinking fountains,
trash receptacles and fire hydrants which normally occupy
City rights -of -way.
The bond proceeds shall be used solely and only for improvements for which
the City is authorized either to levy taxes or special assessments or
appropriate City funds under the provisions of the Illinois Municipal Code,
which improvements will be public improvements located on property owned by
the City.
D. The estimate of cost for said improvements is $123,000.
E. It is in the best interests of the City of Evanston and City
of Evanston Special Service District No. 2 that said $123,000 be borrowed for
the purposes aforesaid and in evidence thereof, bonds of the City payable from
taxes levied against said Special Service District be issued.
F. The question of the establishment of the area hereinafter
• described as a special service district was considered by the City Council at
hearing held on May 20, 1974, pursuant to notice duly published in the Evanston
Review, a newspaper published in the City of Evanston, at least fifteen (15)
days prior to the hearing and pursuant to notice by mail directed to the persrr
who paid the general taxes for the last preceding year on each lot, block,
tract or parcel of land included in the special service area, said notices
being mailed not less than ten (10) days prior to the time set for hearing and
26-0-75
-3-
said notices conforming in all respects to "An act to provide the manner of
levying or imposing taxes for the provision of special services to areas
within the boundaries of home rule units and non -home rule municipalities
and counties" (Public Act 78-901). A Certificate of Publication of said
notice and an Affidavit of Mailing of said notice being duly attached to the
• City of Evanston Ordinance 56-0-74 Special Service District No. 2 adopted
July 8, 1974.
SECTION 2: Issuance of Bonds That there be borrowed on behalf of
City of Evanston Special Service District No. 2 the sum of $123,000 for the
purposes aforesaid; that bonds of the City, payable solely and only from
Ad Valorem taxes levied against all the taxable property in said Special
Service District, without limit as to rate and amount, be issued in said
amount, said bonds to be known as City of Evanston Special Service District
No. 2 Ad Valorem Tax Bonds, and said bonds to be dated May 1, 1975, and be
of the denomination of $1,000 bonds numbered consecutively from 1 to 3, and
$5,000 bonds numbered consecutively from 4 to 27 inclusive, and that said
bonds shall become due serially on January 1 of each of the years and in the
amounts and bear interest annually at the rates as follows:
BONDS NUMBERED
• YEAR AMOUNT (ALL NUMBERS INCLUSIVE) RATE OF INTEREST
1977 $ 3,000 1-3 5:10%
1978 15,000 4-6 5.10%
1979 15,000 7-9 5.10%
1980 15,000 10-12 5:10%
1981 15,000 13-15 5.10%
1982 15,000 16-18 5:10%
1983 15,000 19-21 5.10%
1984 15,000 22-24 5.10%
1985 15,000 25-27 5.10`/
said interest to be paid January 1, 1976; and semi-annually thereafter on the
first day of January and July of each year, and that said bonds become due and
payable serially on January 1 of each year.
I C a
That the seal of said City shall be affixed to each of said bonds and
said bonds shall be signed by the Mayor and attested by the Clerk of said City
and that the interest accruing on such bonds to the date of maturity of the
principal shall be evidenced by coupons thereto attached, maturing on the
several days when such interest matures, and signed and attested by the Mayor
• and the Clerk of the City, respectively by their respective facsimile signa-
tures, and such officers shall, by the execution of said bonds, adopt as and
for their respective proper signatures -their respective facsimile signatures
appearing on said coupons; that said bonds and coupons be payable in lawful
money of the United States of America at STATE NATIONAL BANK, EVANSTON, ILLINOIS
26-0-75
-4-
That such bonds 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 City 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 thereof shall
have been to Bearer. Such registration of any said bonds shall not, however,
affect the negotiability of the coupons thereto affixed, but such coupons shall
continue transferable by delivery merely.
SECTION 3: Form of Bonds. That such bonds shall be in substantially
the following form:
NO.
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF COOK, CITY OF EVANSTON
SPECIAL SERVICE DISTRICT NO. 2
AD VALOREM TAX BOND
$5,000.
Know All Men By These Presents, that the City of Evanston, Cook 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, solely from taxes levied against all taxable property in that part of
said City known as Special Service District No. 2 and not otherwise, the sum
of FIVE THOUSAND ($5,000) DOLLARS on the first day of January, 19_, together
with interest thereon at the rate of per cent ( %) per annum, from
date hereof until paid, payable January 1, 1976, and semi-annually thereafter
on the first day of January and July in each year, on presentation and surrendc
of the interest coupons hereto attached, as they severally become due. Both
principal hereof and interest hereon are hereby made payable in lawful money of
1
j the United States of America at Illinois.
THIS BOND is one of a series of bonds aggregating the principal sum of
ONE HUNDRED TWENTY-THREE THOUSAND AND NO/.100 ($123,000.00) DOLLARS issued by
said City of Evanston for the purpose of:
the improvement of the parkways on that segment of Main Street
from Sherman Avenue to Hinman Avenue, the improvement of the
West parkways on Chicago Avenue North 81.57 feet from the
• North line of Main Street and South 89.75 feet from the South
line of Main Street, the improvement of the East parkways on
Chicago Avenue North 100 feet from the North line of Main
Street and South 179.5 feet from the South line of Main Street
and the improvement of the West parkway of Hinman Avenue South
70.04 feet from the South line of Main Street with surface
treatment of exposed aggregate and bands of brick pavers along
the curbs, highlighting street furniture such as parking
meters, street light poles, and treewells; the installation of
new street lighting, street trees, tree grates and street
furniture such as drinking fountains, trash receptacles and
fire hydrants which normally occupy City rights -of -way.
26-0-75
-5-
Y 0
pursuant to and in all respects in compliance with the provisions of Article
VII Sections 6(a) and 6(1) of the Constitution of the State of Illinois and
"An act to provide the manner of levying or imposing taxes for the provision
of special services to areas within the boundaries of home rule units and non -
home rule municipalities and counties" (Public Act 78-90,1), and in compliance
with an Ordinance duly passed by the City Council of said City and approved
by the Mayor thereof 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 properly done and performed in regular and due form and time as required
by law; that the indebtedness of said City of Evanston Special Service District
No. 2 thereof, represented by this bond and the issue of which they form a
part, and including all other indebtedness of said City, 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 the taxable property in said City of
Evanston Special Service District No. 2 sufficient to pay the interest hereon
4 • as it 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 City Treasurer, such registration to be evidenced
by notation of said 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 registra-
tion hereof.
IN WITNESS WHEREOF, said City of Evanston, Cook County, Illinois, by its
Council, has caused its corporate seal to be hereto affixed and this bond to be
signed by the Mayor of said City and attested by its City Clerk and the couponf,
hereto attached to be signed and attested by said officials, respectively, by
their facsimile signatures, and said officers do, by the execution hereof,
• adopt as and for their own proper signatures their respective facsimile signa•-
tures appearing on said coupons, all as of the day of , 19
ATTEST:
City Clerk
City of Evanston
Cook County, Illinois
Mayor, City of Evanston
Cook County, Illinois
26-0-75
(FORM OF COUPON)
No. $
On the first day of 19 , the City of Evanston, Cook
County, Illinois, promises to pay to bearer solely out of taxes levied against
• all taxable property in Special Service District_No. 2 of said City
�$ ) DOLLARS in lawful money of the
•
•
United States of America at the
Illinois, for interest due that day
on its Special Service District No. 2 Ad Valorem Tax Bond dated
19 No.
ATTEST:
Mayor, City of Evanston
Cook County, Illinois
City Clerk
City of Evanston
Cook County, Illinois
(FORM OF REGISTRATION OF OWNERSHIP)
DATE REGISTERED NAME OF REGISTERED OWNER
SIGNATURE OF
CITY TREASURER
,
SECTION 4: Levy of Tax. That for the purpose of providing the funds
required to pay the interest on.said bonds as it falls due, and also to pay and
discharge the principal thereof at maturity, there be and there shall be levied
upon all the taxable property, as defined in Revenue Act of 1939, within City
of Evanston Special Service District 2, a direct annual tax for each of the year -
while said bonds or any of them are outstanding in amounts sufficient for that
purpose, and that there be and there is levied upon all the said taxable pro-
perty in said City of Evanston Special Service District No. 2 in addition to all
other taxes the following direct annual tax, to -wit:
YEAR OF LEVY A TAX SUFFICIENT TO PRODUCE THE SUM OF $ 16o,995
1975 $ 13,455 For principal and interest through January 1, 1977
1976 21,120
1977 20,355
1978 19,590
1979 18,825
1980 18,o6o
1981 17,295
1982 16,530
1983 15,765
26-0-75
-7-
_ r
SECTION 5: Extension of Taxes. That forthwith as soon as this
Ordinance becomes effective, the City Clerk of this City be and he is hereby, o �a
directed to file a. copy of this Ordinance with the County Clerk of Cook County.
which copy shall be certified to by the City Clerk and which certification
• shall recite that this Ordinance has been passed by the City Council of said
City and published, and it shall be the duty of said County Clerk to annually
in and for each of the years 1975 to 1983, inclusive, ascertain the rate
percent required to produce the aggregate tax herein before levied, and exter
the same for collection on the tax books against all of the taxable property
within the City of Evanston Special Service District No. 2 in addition to oth
taxes levied in each of said years for general corporate purposes of said
Special Service District in order to raise the respective amounts levied afore-
said, and in each of said years such annual tax shall be computed, extended and
collected in the same manner as now or hereafter provided by law for the
computation, extension and collection of taxes for general corporate purposes r
said Special Service District, and when collected, the taxes hereby levied sh
be placed to the credit of a special fund to be designated City of Evanston
Special Service District No. 2 Ad Valorem Tax Bond and Interest Fund, which
• fund is hereby irrevocably pledged to and shall be used only for the purpose o'
paying the principal of and interest on the bonds here authorized.
SECTION 6: Segregation of Funds. 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 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 herein before set out.
SECTION 7: Arbitrage Provisions. That the City covenants with the
Purchaser and all purchasers and holders of the City of Evanston Special
Service District No. 2 Bonds from time to time outstanding that so long as any
of the bonds remain outstanding, moneys on deposit in any fund or account in
connection with the bonds, whether or not such moneys were derived from the
proceeds of the sale of the bonds or from any other sources, will not be used
in a manner which will cause the bonds to be "arbitrage bonds" within the
meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, ar
any lawful regulations promulgated or proposed thereunder, including Sections
1.103-13 and 1.103-14 of the Income Tax Regulations (26CFR Part 1), as the sa
exist on this date, or may from time to time hereafter be amended, supplement
or revised. The City reserves the right, however, to make any investment of
such moneys permitted by Illinois law, if, when and to the extent that said
'
26-0-7
Section 103(d) or regulations promulgated thereunder shall be repealed or
relaxed or shall be held void by final judgment of a court of competent e
jurisdiction, but only if any investment made by virtue of such repeat,
relaxation or decision would not, in the opinion of counsel of recognized
•
competence in such matters, result in making the interest on the bonds subject
to federal income taxation.
SECTION 8: Delivery of Bonds. That forthwith after this Ordinance has
become effective, as provided by law, the bonds herein authorized shall be
executed and delivered to the Treasurer of said City and be by him delivered
to STATE NATIONAL BANK, EVANSTON, ILLINOIS upon receipt of the purchase price
therefor, 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 9: Effective Date. 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:
/s/ EdgaP Vanneman Jr.
Mayor, City of Evanston
Cook County, Illinois
ADOPTED:
ATTEST:
May 5, 1975
/s/ Maurice F. Brown
City Clerk
City of Evanston
Cook County, Illinois