HomeMy WebLinkAboutORDINANCES-1975-003-O-75r
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ORDINANCE NC. 3-0-75
AN ORDINANCE providing for borrowing money
and issuing bonds of the City of Evanston,
Cook County, Illinois, to the amount of
$800,00.0 for the purpose of paying part
of the cost of constructing municipal
improvements 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 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
excercise any power or perform any function pertaining to its
government and affairs, including, but not limited to, the power to
tax and 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 incurred
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 procedures
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 entitled:
"AN ORDINANCE ESTABLISHING PROCEDURES TO BE
FOLLOWED IN INCURRING INDEBTEDNESS FOR CORPORATE
PURPOSES, ISSUING NON -REFERENDUM BONDS TO EVIDENCE
SUCH INDEBTEDNESS AND AUTHORIZING AND DIRECTING
THE BUYING OF A TAX FOR THE PURPOSE OF PAYING
PRINCIPAL.ON SUCH•BONDS AND•INTEREST-THEREON AS
THE SAME BECOME DUE."
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
that municipal improvements be constructed in and for said City,
to include necessary construction of streets, storm water drainage
facilities and sanitary sewer facilities, together with all
appurtenances incidental thereto, 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 improvements above referred
to be made in order to meet the needs of the inhabitants of the City,
and it is necessary for that purpose that the sum.of $800,000 be
borrowed at this time and in evidence of such indebtedness full
faith and credit bonds of the City be issued in the principal amount
of $800,000 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 $800,000 presently
needed for the purpose
of constructing
municipal
improvements in and
for said City, including necessary construction of streets, storm
water drainage facilities and sanitary sewer facilities, together
with all appurtenances incidental thereto, there be borrowed by,
for and on behalf of the City of Evanston, Cook County, Illinois,
the sum of $800,000 and to evidence said loan negotiable coupon
bonds of said City be issued. Said bonds shall each be designated
"Corporate Purpose Bond, Series 1975", be dated January 1, 1975,
be numbered consecutively from 1 to 160, inclusive, be of the
denomination of $5,000 each and become due serially on January 1
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of eacii of
t:hc
yc.ar.; an6l
-.1n tL:
bc-ar
as follows:
•
Serial
Idumbers,
Principal
Year of
Rate of
both inclusive
Amount
Maturity
Interest
1
to
15
$ 75,000
1.977
4.9o%
.16
to
30
75,000
1978
4.9o%
31
to
�45
75,000
1979
4.90%
46
to
6o
75,000
1980
4.9o%
61
to
75
75,000
1981
4.9o%
76
to
90
75,000
1982
4.9o%
91
to
105
75,000
1983
4.90%
106
to
120
75, 000
1984
5.00%
121
to
140
100,000
1985
5.20°%
1141
to
160
100,000
1986
5.20%
Interest on said bonds shall be payable initially on
July 1, 1975, and semiannually thereafter on the first days 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 principal and interest shall be payable in lawful
.money of the United States of America at HARRIS TRUST and
SAVINGS BANK , in th•e City of CH I CAGO ,
ILLINOIS 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 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, o be'evi-di�nced•by'
• notation of said Treas.urer on 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 hick 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)
5
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTY OF COOK
CITY OF EVANSTON
CORPORATE PURPOSE BOND, SERIES 1975
Number $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, 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 per cent ( %) per annum, payable on
July 1, 1975, and semiannually thereafter on January 1 and July 1
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
in the City of
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 City
•
are hereby irrevocably pledged.
This bond is one of a series of bonds issued by said City
for the purpose of paying part of the cost of constructing municipal
improvements in and for said City, including necessary construction
of streets,' storm water drainage facilities and sanitary sewer
facilities, together with all appurtenances incidental thereto,
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 ordinance 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, con-
ditions 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
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
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indebtedness of said City, howsoever evidenced and incurred, does
not exceed any constitional or statutory,..limitation, and that
provision has been made for the collect;. -on 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 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 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,
do adopt as and for their own proper signatures their respective
facsimile signatures appearing on said coupons, all as of the first
day of January, 1975.
Attest:
•
City Clerk,
City of Evanston,
Cook County, Illinois
(SEAL)
Mayor,
City of Evanston,
Cook County, Illinois
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(Form of Coupon)
Number $
-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 , Illinois, for interest due that day on its
Corporate Purpose Bond, Series 1975, dated January 1, 1975, Number
Attest:
City Clerk, Mayor,
City of Evanston, City of Evanston,
Cook County, Illinois Cook County, Illinois
(Form for Registration as to Principal)
Date of Signature of
Registration Name of Registered Owner City Treasurer
C.
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 maturity, there
be and there is hereby levied upon all the taxable property 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 following direct annual tax,
to -wit:
•
For the Year
1975
• 1976
1977
1978
Y
1979
1980
1981
1982
I
A Tax SuffAcient: to Produce the Surx of.
$ 154,750 for interest and principal through
January 1, 1977
$ 1 1 1 ,200 for interest and principal
$ 107,525
for
interest
and
principal
$ 103,850
for
interest
and
principal
$ 100,175
for
interest
and
principal
$ 96,500
for
interest
and
principal
$ 92,825
for
interest
and
principal
$ 89,150
for
interest
and
principal
$ 110,400
for
interest
and
principal
$ 105,200
for
interest
and
principal
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 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 1984, both years
included, ascertain the rate per cent required to produce the aggregate
tax hereinbefore provided to be levied in said year, and said ordinance
shall constitute authority.for said County Clerk to extend the same
for collection on the tax books in connection with other taxes levied
in each of said years, respectively, in and by 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
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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 interest upon the bonds
herein authorized -when same mature.
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. That the funds derived from the sale of said
bonds be and they are hereby appropriated and set aside for the pur-
pose hereinbefore set out.
The proceeds of sale of the bonds will be used and devoted
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) That within six months after the delivery of
• said bonds said City expects to incur substantial binding
obligations in connection with the construction program
herein authorized, said obligations being in an aggregate
amount not less than 2-1/2% of the estimated cost of
construction;
(b) That the City Council expects more than 85%
of the spendable proceeds of the bonds,, including in-
vestment proceeds, will be expended on or before
December 1, 1977, said date being within three years
following the date of issue of said bonds;
(c) That the construction work is expected to
proceed with due diligence to completion;
(d) That the property, both real and personal, to
• be acquired and constructed with bond proceeds is not
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expected to be sold or otherwise disposed of, in whole
or in part, prior to the. last maturity of said bonds;
(e) That all'of the principal proceeds of the
• bonds are needed for the purpose of the construction
program herein authorized, including expenses incidental
to such purpose and to the issuance of the bonds; and
.(f) That to the best of the knowledge and belief
of the City Council there are no facts, estimates or
circumstances that would materially change the conclusions
and representations set out in this section.
The City Council also certifies and further covenants with
the purchasers and holders of said bonds from time to time outstand-
ing 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 sources, will not be used in a manner which
• will cause such bonds to be "arbitrage bonds within the meaning of
g g
Sections 103(d) of,the Internal Revenue Code of 1954, as amended,
and any lawful regulations promulgated or proposed thereunder, in-
cluding Section 1.103-13 and 1.103-14 of the Income Tax Regulations
[26 CFR Part 11, as the same presently exist, or may from time to
time hereafter be amended, supplemented or revised. The City
Council reserves the right, however, to make any 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 decision 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.
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Section 7. Forthwith after ti,is ordinance has become .
• effective as provided by law, the bonds herein authorized shall be
executed and delivered by the Treasurer of said City and by him
delivered to Harri c Tr,iGt and Ravingc Rank Mi rara g �
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 $ ttii,nr) , and
the 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 8. That 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.
APPROVED:
/s/ EAQar Vanneman. Jr.
Mayor, City of Evanston,
Cook County, Illinois
ADOPTED: January 13, 1975.
Alderman Harris, Lange, Lyons, Kneafsey, Staples,
Vote: Lytle, Wyandt, Summers, Geraghty, Fitzsimons, Neems,
Brinkmann, Winfield, Pittsford, and Hoover
AYE:
NAY: Finn
ATTEST:
. /s/ Maim CP F. Rrnwn
City Clerk, City of Evanston,
Cook County, Illinois
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•
STATE OF ILLINOIS )
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 $800,000 Corporate Purpose
Bonds, Series 1975, 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
convened meeting held on Sr-wuhir I3 , 1975, 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 at Evanston, Illinois,
this day of 'SX*4V%V f 1975.
(CITY SEAL)
0
City Clerk, City of Evanston,
Cook County, Illinois