HomeMy WebLinkAboutORDINANCES-1975-077-O-75r
ORDINANCE NC--: 17 - O "1
AN ORDINANCE providing for borrowing money and
issuing $3,000,000 Corporate Purpose Bonds,
Series 1975A, of the City of Evanston, Cook
County, Illinois, and providing for the levy
and collection of a direct annual tax for the
payment of the principal of and interest on
said bonds.
WHEREAS, the City of Evanston, Cook County, Illinois, has
a population in excess of 25,000 as determined by the last official
census and, accordingly, pursuant to the provisions of the 1970
Constitution of the State of Illinois and particularly Article VII,
Section 6(a) thereof, said City is a home rule unit and as such may
exercise any power or perform any function pertaining to its govern-
ment and affairs, including, but not limited to, the power to tax
cAnd to incur debt; and
WHEREAS, pursuant to the provisions of Sections 6(d) and
6(k) of said Article VII of said 1970 Constitution, the City of
Evanston has the power to incur debt payable from ad valorem tax
receipts maturing within forty (40) years from the time it is in-
curred and without prior referendum approval; and
WHEREAS, on the 27th day of August, 1973, the City Council
of said City did adopt Ordinance 78-0-73 establishing the proce-
dures to be followed in the borrowing of money for public corporate
purposes of said City and the issuing of full faith and credit bonds
of said City without referendum approval, such ordinance being en-
titled:
"AN ORDINANCE ESTABLISHING PROCEDURES TO BE FOL-
LOWED IN INCURRING INDEBTEDNESS FOR CORPORATE
PURPOSES, ISSUING NON -REFERENDUM BONDS TO EVI-
DENCE SUCH INDEBTEDNESS AND AUTHORIZING AND-DI-
Rr.t:ii'TNG THE LEVYING OF A TAX FOR THE PURPOSE .OF
PAYING PRINCIPAL ON SUCH BONDS AND INTEREST
THEREON AS THE SAME BECOME DUE."
FILED
SEP 2 61975
Cnty Ghtrk '
and which said ordinance is now in full force and effect; and
WHEREAS, it is deemed to be necessary, essential and in
the best interests of the inhabitants of the City of Evanston to
acquire the real estate and two existing buildings commonly known
as the "Marywood Property" and to rehabilitate said buildings for
use as a Civic Center in order to provide necessary meeting rooms
and offices for various governmental functions and community ser-
vices, in accordance with preliminary plans, reports and estimates
of cost now on file in the office of the City Clerk; and
WHEREAS, it is necessary that the project as hereinabove
described be initiated in order to meet the needs of the inhabitants
of the City, and it is necessary for that purpose that the sum of
$3,000,000 be borrowed at this time and in evidence of such indebted-
ness full faith and credit bonds of the City be issued in the prin-
cipal amount of $3,000,000, and that such indebtedness be incurred
• in accordance with the procedures established in Ordinance 78-0-73
and without submitting the question of incurring such indebtedness
•
to the electors of said City for their approval:
NOW, THEREFORE, Be It Ordained by the City Council of the
City of Evanston, Cook County, Illinois, as follows:
Section 1. In order to raise the sum of $3,000,000
presently needed for the purpose of acquiring the real estate and
existing buildings commonly known as the "Marywood Property" and
rehabilitating said buildings for use as a Civic Center, there be
borrowed by, for and on behalf of the City of Evanston, Cook County,
Illinois, the sum of $3,000,000 and to evidence said loan negotiable
coupon bonds of said City be issued. Said bonds shall each be
designated "Corporate Purpose Bond, Series 1975A", be dated
-2-
.
October 1,
1975,.be numbered consecutively from
1 to
600, inclusive,
be of the
denomination of $5,000 each and become
due
serially on
January 1 of each of the years and in the amounts and bear interest
annually'as follows:
Serial
Numbers,
Principal
Year of
Rate of
Both Inclusive
Amount
Maturity
Interest
1
to
20
$1003000
1978
6 3/4%
21
to
80
300,000
1979
6 3/4%
81
to
140
3005000
1980
6 3/4%
141
to
200
3002000
1981
6 3/4%
201
to
225
125,000
1982
6 3/4%
226
to
250
125,000
1983
6 3/4%
251
to
275
125,000
1984
6 3/4%
276
to
300
125,000
1985
6.00 %
301
to
325
125,000
1986
6.00 %
326
to
350
1253000
1987
6.00 %
351
to
375
125,000
1988
6.00 %
376
to
400
125,000
1989
6 1/4%
401
to
425
125,000
1990
6 1/4%
426
to
450
125,000
1991
6 1/4%
451
to
475
125,000
1992
6 1/2%
476
to
500
1253000
1993
6 1/2%
501
to
525
125,000
1994
6.60 %
526
to
550
125,000
1995
5 1/4%
551
to
575
125,000
1996
5 1/4%
576
to
600
125,000
1997
5 1/4%
Interest on said bonds shall be payable initially on July
11 1976 and semiannually thereafter on the first day of January and
July 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. Both prin-
cipal and interest shall be payable in lawful money of the United
States of America at FIRST NATIONAL CITY BANK
, in the City of NEW YORK NEW YORK
The seal of said City shall be affixed to each of said bonds and
said bonds shall be signed by the Mayor and be attested by the Clerk
of said City, 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
-3-
and for their own proper signatures their respective facsimile
signatures appearing on said coupons.
Section 2. 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 City, such registration to be evidenced
by notation of said Treasurer on the back of such bonds so regis-
tered. 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 3. Each of said bonds and the interest coupons
to be thereto attached shall be in substantially the following
form:
•
(Form of Bond)
•
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTY OF COOK
CITY OF EVANSTON
CORPORATE PURPOSE BOND, SERIES 1975A
Number 1 $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 regis-
tered, to the registered holder hereof, the sum of FIVE THOUSAND
DOLLARS ($5,000) on the first day of January, 19_, together with
interest on said sum from the date hereof until paid at the rate of
-4-
per cent ( %) per annum, payable
on July 1, 1976 and semiannually thereafter on January 1 and July 1
in each year upon presentation and surrender of the respective in-
terest coupons hereto attached as they severally become due and pay-
able.
Both principal and interest are hereby made payable in
lawful money of the United States of America at
, in the City of
For the prompt payment of this bond, both principal and
interest, as aforesaid, at maturity, and the levy of taxes suffi-
cient for that purpose, the full faith, credit and resources of said
City are hereby irrevocably pledged.
This bond is one of a series of bonds issued by said City
for the purpose of paying the cost of acquiring the real estate and
• existing buildings commonly known as the "Marywood Property" and
rehabilitating .said buildings for use as a Civic Center, pursuant
to and in all respects in compliance with the applicable provisions
of Section 6 of Article VII of the Constitution of the State of
Illinois, and in compliance with the provisions of an ordinance
adopted by the City Council of said City establishing the procedures
for issuing full faith and credit non -referendum bonds, and an or-
dinance authorizing the issuance of this bond and the series of which
it forms a part, duly published, and now in full force and effect.
It is hereby certified and recited that all acts, condi-
tions and things required by the Constitution and Laws of the State
of Illinois, and including the procedures established by the City
ordinance for the exercise of its home rule powers conferred by
•
-5-
i
Section 6 of Article VII of said Constitution of the State of
Illinois in issuing its full faith and credit bonds payable from
ad valorem property tax receipts without prior referendum approval,
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 City of Evanston, represented by this bond
and the issue of which it forms a part, and including all other
indebtedness of said City, howsoever evidenced and incurred,
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 City 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 City Treasurer, such
. registration to be evidenced by notation of such Treasurer on the
back hereof, and after such re ' gistration 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, not-
withstanding registration hereof.
•
IN WITNESS WHEREOF, said City of Evanston, Cook County,
Illinois, by its City Council, has caused its corporate seal to be
hereunto affixed, and this bond to be signed by the Mayor of said
City and attested by its City Clerk, and the coupons hereto attached
to be signed and attested by said officials, respectively, by their
facsimile signatures, and said officials, by the execution hereof,
M
•
do adopt as and for their own proper signatures their respective
facsimile signatures appearing on said coupons, all as of the first
day of October, 1975.
Attest:
City Clerk,
City of Evanston,
Cook: County, Illinois.
(SEAL)
Number
Mayor,
City of Evanston,
Cook County, Illinois.
(Form of Coupon)
On the first day of , 19_, the City of
Evanston, Cook County, Illinois, will pay to bearer
Dollars ($ ) in lawful money of the United
• States of America at
, in the City of , ,
for interest due that day on its Corporate Purpose Bond, Series
1975A, dated October 13 1975, Number
Attest:
City Clerk,
City of Evanston,
Cook County, Illinois.
E
-7-
Mayor,
City of Evanston,
Cook County, Illinois.
• (Form for Registration as to Principal)
Date of Signature of
Registration Name of Registered Owner. City Treasurer
Section 4. For the purpose of providing 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 matur-
ity, there be and there is hereby levied upon all the taxable prop-
erty within said City, 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 City,
in addition to all other taxes, the follow-
ing direct
annual tax,
to -wit:
For the Year
A
Tax Sufficient To Produce
The
Sum Of
1975
$
238,049.00
for
interest
up to
and
including January
1, 1977
1976
$
290,437.50
for
interest
and
principal
1977
$
483,687.50
for
interest
and
principal
1978
$
463,437.50
for
interest
and
principal
1979
$
443,187.50
for
interest
and
principal
1980
$
247,937.50
for
interest
and
principal
1981
$
239,500.00
for
interest
and
principal
1982
$
231,062.50
for
interest
and
principal
1983
$
222,625.00
for
interest
and
principal
1984
$
215,125.00
for
interest
and
principal
1985
$
207,625.00
for
interest
and
principal
A
• For the Year
A
Tax Sufficient To Produce
The
Sum Of,
1986
$
200,125.00
for
interest
and
principal
1987
$
192,625.00
for
interest
and
principal
1988
$
184,812.50
for
interest
and
principal
1989
$
177,000.00
for
interest
and
principal
1990
$
169,187.50
for
interest
and
principal
1991
$
161,062.50
for
interest
and
principal
1992
$
152,937.50
for
interest
and
principal
1993
$
144,687.50
for
interest
and
principal
1994
$
138,125.00
for
interest
and
principal
1995
$
131,562.50
for
interest
and
principal
Interest
or principal coming
-due at any
time when there
are insufficient funds
on hand from
the
foregoing
tax
levy to pay
the same shall be
paid promptly when
due
from current
funds on hand
•
in advance of the
collection
of said
taxes herein
levied,
and when
said taxes shall have been collected reimbursement shall be made
to said funds in the amount thus advanced.
Section 5. Forthwith as soon as this ordinance becomes
effective, a copy hereof, certified to by the Clerk of said City,
which certificate shall recite that this ordinance has been passed
by the City Council of said City, and published, shall be filed
with the County Clerk of Cook County, Illinois, and said County
Clerk shall, in and for each of the years 1975 to 1995, both years
included, ascertain the rate per cent required to produce the aggre-
gate tax hereinbefore provided to be levied in said year, and said
ordinance shall constitute authority for said County Clerk to ex-
tend the same for collection on the tax books in connection with
other taxes levied in each of said years, respectively, in and by
MOE
said City for general corporate purposes of said City, and in each
of said years, such annual tax shall be levied and collected by
said City in like manner as taxes for general corporate purposes
• for each of said years are levied and collected, and in addition to
and in excess of all other taxes, and when collected such taxes
shall be used solely for the purpose of paying principal and inter-
est upon the bonds herein authorized when same mature.
0
Section 6. 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.the same become due. The funds derived from the sale of said
bonds be and they are hereby appropriated and set aside for the
purpose hereinbefore set out.
The proceeds of sale of the bonds will be used and de-
voted with due diligence for the purposes as provided herein, and
said City covenants and agrees with the purchasers and holders of
the bonds herein authorized as follows:
(a) Within six months after the delivery of said
bonds said City expects to incur substantial binding
obligations in connection with the project herein au-
thorized, said obligations being in an aggregate amount
not less than 2-1/2% of the estimated cost of said
project;
(b) The City Council expects more than 85% of
the spendable proceeds of the bonds, including invest-
ment proceeds, will be expended on or before Septem-
ber 1, 1978, said date being within three years fol-
lowing the date of issue of said bonds;
-10-
(c) The acquisition of the property and the re-
habilitation of the buildings is expected to proceed
with due diligence to completion;
10 (d) The property, both real and personal, to be
acquired and constructed with bond proceeds is not ex-
pected to be sold or otherwise disposed of, in whole
or in part, prior to the last maturity of said bonds;
(e) All of the principal proceeds of the bonds
are needed for the purpose of the project herein au-
thorized, including expenses incidental to such pur-
pose and to the issuance of the bonds; and
(f) To the best of the knowledge and belief of
the City Council there are no facts, estimates or cir-
cumstances that would materially change the conclusions
and representations set out in this section.
The City Council also certifies and covenants with the
purchasers and holders of said bonds from time to time outstanding
that, so long as any of said bonds remain outstanding, moneys on
deposit in any fund or account in connection with said bonds,
whether or not such moneys were derived from the proceeds of the
sale of said bonds or from any other source, will not be used in
a manner which will cause such bonds to be "arbitrage bonds" with-
in the meaning of Section 103(d) of the Internal Revenue Code of
1954, as amended, and any lawful regulations promulgated or pro-
posed thereunder, including Sections 1.103-13 and 1.103-14 of the
Income Tax Regulations E26 CFR Part 11, as the same presently exist,
or may from time to time hereafter be amended, supplemented or re-
vised. The City Council reserves the right, however, to make any
-11-
• investment of such moneys permitted by state law if, when and to
the extent that said Section 103(d) or regulations promulgated
thereunder shall be repealed or relaxed or shall be held void by
final decision of a court of competent jurisdiction, but only if
any investment made by virtue of such repeal, relaxation or deci-
sion would not, in the opinion of counsel of recognized competence
in such matters, result in making the interest on said bonds
subject to federal income taxation.
Section 7. 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 First National City Bank- ,
the purchaser thereof, 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 and a premium of $297.87 , and
the contract for the sale of said bonds to said purchaser, hereto-
fore entered into, be and the same is hereby in all respects rati-
fied, approved and confirmed.
Section 8. All ordinances, resolutions and orders, or
parts thereof, in conflict herewith, are to the extent -of such
conflict hereby repealed, and this ordinance shall be in full
force and effect upon its passage, approval and the publication
thereof as provided by law.
ADOPTED: September 8, 1975•
�,_ VOTE:
ri 0'... 4. Alderman Harris, Lange., Papangelis, Jans, Flamm,
y S� AYE: Lytle, Wya.ndt, Meyers, Lauterbach, Brinkmann, �-Jinfield and
ti wO �t
Laycock(12).
NAY: Alderman Alexander (1)
ABSTAINING: Alderman Summers (1)
ABSENT: Alderman Lvons. Fitzsimons. Neems and Hoover (4)
Av'
.ATTE ` l u • I'
r �
City Clerk
3 : rd
APP ►,y��
Mayor
-12-
STATE OF ILLI140IS )
SS
COUNTY OF COOK )
I, the undersigned, do hereby certify that I am the duly
qualified and acting Clerk of the City of Evanston, Cook County,
Illinois, and as such Clerk I am the keeper of the official journal,
records and files.of the City Council of said City.
I do further certify that the attached and foregoing is
a true, full and correct copy of an ordinance providing for the
borrowing of money and the issuance of $3,000,000 Corporate Purpose
Bonds, Series 1975A, of the City of Evanston, Cook County, Illinois,
and providing for the levy and collection of a direct annual tax
for the payment of the principal and interest on the same as it
matures, as adopted by the City Council of said City at its legally
c
convened meeting held on-1-VTON1975, and as approved by
the Mayor of said City, all as appears from the official records
of said City in my care and custody.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and the corporate seal of said City of Evanston, Cook
J
County, Illinois, this /0 , day of Sept 1975.
o
o
•
� �i'
r17 : rd
oamml4f- pa*uox
City Clerk,
City of Evanston,
Cook County, Illinois.
STA--E OF ILLINOIS )
SS
COUNTY OF COOK )
• I� j./��� �, County Clerk of Cook County,
Illinois, do hereby certify t at on the c,�6 a day of ,
1975, there was filed in my office a properly certified copy of
an ordinance entitled:
"AN ORDI14ANCE providing for borrowing money and
issuing $3,000,000 Corporate Purpose Bonds,
Series 1975A, of the City of Evanston, Cook
County, Illinois, and providing for the levy
and collection of a direct annual tax for the
payment of the principal of and interest on
said bonds."
passed by the City Council of the City of Evanston, Cook County,
Illinois, on the day of xfc1975, and approved by
IF
the Mayor of said City, and that the game has been deposited in
the official files and records of my office.
GIVEN under my hand and seal of said Cook County,
Illinois., at �, Illinois, this � day of
, 1975• d
(SEAL)
JS : rd
J
'ounty Cl k of Cool c unty
Illinois