HomeMy WebLinkAboutORDINANCES-1976-044-O-76•
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NO. 44-0-76
AN ORDINANCE PROVIDING FOR THE ISSUANCE
OF $1,100,000 U14LIMITED AD VALOREM TAX
BONDS OF SPECIAL SERVICE AREA NUMBER
THREE OF THE CITY OF EVANSTON, COOK
COUNTY, ILLINOIS.
BE IT ORDAINED BY.THE CITY COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS, AS FOLLOWS:
SECTION 1. Findings.
A. The City of Evanston Special Service Area Number
Three, consisting of the following described territory:
The area enclosed by a line eommeneing at
the point of intersection 01 the South line of
Grove Street and the ooVest line of Elmwood
Avenue in the E. i t of the S W '' of "'-onI8, Township ll North, Range Ia. East Of the
Third Prineieal Meridian. Thence Nc'fh
along Said West line Of Elmwood Avenue
extend led to the West line Of the Chicago and
North Western Railroad right-of-way.
Thence Northwesterly along Said West line
of the Chicago and North Western Railroad
right Ofway to the GOIN of IM er SCCtion with
the Nor In I,he eel ended East of Lot 1 of
Wheeler's Resvbdivision of the South 250 feef
West of the Railroad in Block 63 in the
Villageof Evanston in the E. tit of the S.W. 1,4
of Sec ti On IB- ll.11.
Thence West along said North line extended
of Loll to the East line of Mapte Avenue.
Thence North atom said East line of Maple
Avenue 129 feet. Thence West IO the West
lire of Maple Avenue.
Thence South alcnq said West line of Maole
Avenue 10 the North hhe of the easl west
alley in Block 62 in the Villageof Evanston in
the W. 1/101 the S.W.'/A OI Section 18 ll-ll.
Thence West alcnq said North line of said
east -west alley in Block 62 10 the East line of
Oak Avenue.
Thence North along said East line of Oak
Avenue to the point nl inlersecf ten with the
North line of Lot ].in BIOck ] of Pratt's Ad.
d,lion t0 Evanston, a subdiv,sion of part of
the S.W. 1, of the N.W. 1 Of Section la.d).14,
East of Ritlge Road and West
of the'Chicago
and North Western Railroad.
Thence East along the North line extended of
said Lof I in Block ] to the point of in.
fersection With the East line Of Ine Chicago
and North Western Railroad right-of-way.
Thence North along the East line of said
Chicago and North Western Railroad right.
to way to the p0,ni of intersection with the
South line extended of University Place.
Thence East along said South line of
Vniver city Place extended to the point of
interseclion with the East line of Maple
Avenue.
Thence North along said East line of Maple
Avenue to the South line of University Place.
Thence East atong said South line of
University Place io the South line of Elgin
Road.
Thence Southeasterly along said South line
of Elgin Road to the West line of Sherman
Avenue.
Thence South along said West line of Sher.
man Avenue tome South line of Clark Street.
Thence East along Said South line of Clark
Street to Ine West line of Orringlon Avenue.
Thence South along said West line of
0rringlo o Avenue to Itte Nor fro line
of the
east we alley in Block 16 in the Village of
Evanston in the E. 'n of the N.W. b. of
Section 18 41.11.
Thence Sou'heaSterly along said North line
Of Lot a in BIMk 15 t0 the point Of inlersechon
with the East line of the north -south alley in
Said Block IS.
Thence Soulhwesterly dlono said East line of
the north.soulI, alley in Block 15 extended t0
the point of infersection with the South line of
Church Streel.
Thence East along said South line of Church
Street 10 the West line of Chicago Avenue.
Thence South along said West lire Of Chicago
Avenue 10 the North line OI Laxe Street.
Thence Wesf along said North line Of Lake
Street to the West line of Sherman Avenue.
Thence North along said West tine of
Sherman Avenue to the South line of Grove
Street.
Thence West along said South line of Grove
Street to the point 80 feet East Of the West
line of Lot 2 in Block 52 in the Village of
Evanston in the E. Vo 0f the S.W.1,a of Section
18•l1•ll.
Thence South.lo the South line of said Lot 2 in
Block 52.
Thence West along said South line of Lot 2
extended t0 the point 0f Interseclion with the
East line of the Chicago Transit Aulhorify
right-of-way.
Thence North along said East fine Of the
Chicago Transit Authority righl.of•way to
the South line of Grove Street.
Thence West along said South line of Grove
Street to the West fine of Elmwood Avenue.
the point of beginning.
.Except therefrom the following:
A. All of the land South of a line beginning at
a point 72 feet South Of the IIfersecl,orl 01 the
East line of Maple Avenue and the South line
of Davis SlrecI proceedin4 East .1.75 feet
then South 55 Icet then East 11 74 !eel then
South 20 feet men Easf ]6.5 leer Inen Soufn .0
feet then East to the West line Of the Chicago
and North Western Radroad right fa -way in
61 ock 63 in the Village of Evanston inthe E.
a of the S.W.'/a of Section 18-11•14.
B. The South 100 leel of Lots 1 and 2 of Block
62 in the Village of Evanston in the W. "of
the S.W. 1/ of Section 18-41-ll.
C. The South 90 f eet of Lots 5 and 6 of Block 62
in the Village of Evanston in the W. 812 of the
S.W. fA of Section 18.41•14.
D. Lots 7 through a and the South 32 feet of
Lot 1 of G.W. Sni Sutc!iviS on of Lot 6
And Ine WeSt 40 feet of Lot 5 of Block 67 in the
Village of EvdnslM in the v/. 'y of the S W.
1. of Section 18 41.11 and fh> North SI feet of
Lots 7 and 8 and the Easl IC.) feet of the east
wCST alley In block 67 .n the VAlace of
EvanslOn In the W 1/20I the S.W. ',a Of Section
IB 41. 14.
E. Lot I and LOIS 101hrevgh 17 and the East 6
feet 01 L 0 1 9 in Block 16. in the Village of
Evanston in the E. Ill of the N.W. 11 of Section
18-41.14.
F. Lot I and Lcts 12 through 16 in Block 19 in
the Village, of Evanston in the W. th of the
S.E.'v of Section Ib-ll-14.
1. All that part Of Grove Street East of a line
beginning at the 00,nl Of .nferstCfoon of the
Norlh line Of Grove Street di`d.the Easl hne
of the north Scull, alley in Block 27 in the
Villageof Evanston in the E.' 7of The 5 vr. 14
of 5ecl;on 18 .I 11 and extending South to the
point Of in l e rseCtion of the South line of
Grove Street and the Eal line of the north.
south alley in Block 29 in Ire Village'Of
Evanston in the E. fh Of the S.W. 1/4 of Section
18-a1.14.
Thence East along said North line of the easf.
west alley in Bock 16 extended 10 Ine point of
hlersechon with Ine East line of Orrington
�vmue
Co Lots ] Through 6 in Block 27 in The Village
of Evanston in the E. st of the S.W. tr. of
Section 16-11.14.
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("Special Service Area Number Three"), has been created by
Ordinance #60-0-75 entitled "AN ORDINANCE Establishing City of
Evanston Special Service Area No. 3 of the City of Evanston,
Cook County, Illinois", adopted AUGUST 4, 1975 , 1975, and
pursuant to said Ordinance, and to Article VII Section 6(1) of
the Constitution of the State of Illinois, and to Sections 1301-
1311, inclusive, of Chapter 120 of the Illinois Revised Statutes.
of 1975, as amended, the City of Evanston, Cook County, Illinois
, (the "City") 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 Special Service Area Number Three.
B. That no petition was filed opposing the creation of
• Special Service Area Number Three or the issuance of bonds pursuant
to Sections1301-1311, inclusive, of Chapter 120 of the Illinois
Revised Statutes of 1975, as amended.
C. It is, in the judgment of the City Council of the
City, necessary and in the best interests of the City and Special
Service Area Number Three:
To provide for the improvement of parkways
with surface treatment of exposed aggregate and
bands of brick pavers along the curbs and in other
places; the installation of new street lighting,
street trees, tree grates, planter walls, street
signs, and street furniture such as obelisks, trash
receptacles, benches and drinking fountains, together
with any such other and further services necessary
and/or incidental to the accomplishment of the afore-
said improvements in Special Service Area Number
Three.
The bond proceeds shall be used solely and only for improvements for
• which the City is authorized either to levy taxes or special assess-
ments 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.
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D. It is in the best interests of the City and Special
Service Area Number Three that $1,100,000 be borrowed for the
purposes aforesaid and in evidence thereof, bonds of the City
payable from taxes levied upon all taxable property within Special
Service Area Number Three be issued.
E. The question of the establishment of Special Service
Area Number Three was considered by the City Council at a public
hearing held on JUNE 23 , 1975, pursuant to notice duly pub—
lished in the Evanston Review, a newspaper published in the City
at least fifteen (15) days prior to the hearing and pursuant to
notice by mail directed to.the person or persons in whose name the
general taxes for the last preceding year were paid on each lot,
block, tract or parcel of land lying within Special Service Area
• Number Three, said notice being given by depositing said notice in
the United States Mails not less than ten (10) days prior to the
time set for the public hearing and said notices conforming in all
respects to Section 1305 of Chapter 120 of the Illinois Revised
Statutes of 1975, as amended.
SECTION 2. Issuance of Bonds. That there be borrowed
on behalf of the City of Evanston Special Service Area Number
Three the sum of $1,100,000 for the purposes aforesaid; that bonds
of the City, payable solely and only from ad valorem taxes. levied
against all the taxable property in Special Service Area Number
Three, without limit as to rate or amount, be issued in said amount,
said bonds to be known as the City of Evanston Special Service Area
Number Three Unlimited Ad Valorem Tax Bonds (the "Bonds"), be dated
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May 1, 1976, be of
the
denomination of
$5,000 each, be
numbered
consecutively from
1 to
220, and that
the 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:
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Bonds
Numbered
Rate of
• Year
Amount
(All Numbers Inclusive)
Interest
1978
$ 25,000
1
— 5
5.60%
1979
50,000
6
— 15
5.60%
198o
50, 000
16
— 25
5.60%
1981
50,000
26
— 35
5.60%
1982
50,000
36
— 45
5.75%
1983
50,000
46
— 55
5.75%
1984
50,000
56
—. 65
5.75%
1985
75,000
6"6
— 80
5.75%
1986
75,000
81
— 95
5.75%
1987
75,000
96
— 110
6.00%
1988
75,000
111
— 125
6.00%
1989
75,000
126
— 14o
6.20%
1990
100,000
141
— 160
6.20%
1991
10.0, 000
161
— 180
6.30°%
1992
100,000
181
— 200
6.40%
1993
100,000
201
— 220
6.40%
said interest to be paid July 1, 1977 and semiannually thereafter
on, the first day of January and July of each year.
That the seal of the City shall be affixed to each of the
• Bonds and the Bonds shall be signed by the Mayor and attested by the
Clerk of the City and that the interest accruing on the Bonds to
the date of maturity of the principal shall be evidenced by coupons
thereto attached, maturing on the severaldays when such interest
matures, and signed and attested by the Mayor and the Clerk of the
City, respectively,by their respective facsimile signatures, and
such officers shall, by the execution of the Bonds, adopt as and for
their respective proper signatures their respective facsimile.signa-
tures appearing on said coupons; that the Bonds and coupons be payable
in law_ul money of the United States of America at
FIRST NATIONAL BANK AND TRUST COMPANY OF EVANSTON
That the Bonds shall be payable to bearer, provided, how-
ever, that the 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 the 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 of the Bonds shall not,
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however, affect the negotiability of the coupons thereto affixed,
but such coupons shall continue transferable by delivery merely.
SECTION 3. Form of Bonds. That the Bonds shall be in
substantially the following form;
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF COOK, THE CITY OF EVANSTON
SPECIAL SERVICE AREA NUMBER THREE
UNLIMITED AD VALOREM TAX BOND
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 regis-
tered, then to the registered holder hereof, solely from taxes levied
against all taxable property in that part of said City known as Special
Service Area Number Three and not otherwise, the sum of FIVE THOUSAND
DOLLARS ($5,000) on the first day of January, 19 ' , together with
interest thereon at the rate of percent
( %) per annum, from date hereof until paid, payable July 1,
1977, and semiannually thereafter on the first days of January and
July in each year, on presentation and surrender of.the interest
coupons hereto attached, as they severally become due. Both principal
hereof and interest hereon are payable in lawful money of
the United States of America at
This Bond is one of a series of bonds aggregating the
• principal sum of One Million One Hundred Thousand Dollars ($1,100,000)
issued by the City of Evanston for the purpose of constructing pub-
lic improvementsin Special Service. Area Number Three, pursuant to and
in all respects in compliance with the provisions of Article VII
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Section 6(1) of the Constitution of the State of Illinois and
Sections 1301-1311, inclusive, of Chapter 120 of the Illinois
Revised Statutes of 1975, as amended, 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 per-
formed in regular and due, form and time as required by law; that the
indebtedness of the City of Evanston Special Service Area Number
Three Thereof, represented by this bond and the issue of which it
is a part, and including all other indebtedness of said City, how-
soever evidenced and incurred, does not exceed any constitutional or
statutory limitation and that provision has been made for the collec-
tion of a direct annual tax in addition to all other taxes on all
the taxable property in the City of Evanston Special Service Area
Number Three sufficient to pay the interest hereon 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
registration hereof.
IN WITNESS WHEREOF, the City of Evanston, Cook County,
Illinois, by its City Council, has caused its corporate seal to be
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hereto 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 fac-
simile signatures, and said officers do, by the execution hereof,
adopt as and for their own proper signatures their respective fac-
simile signaturesappearing on said coupons, all as of May 1,
1976.
ATTEST:
Mayor, the City of Evanston,
Cook County, Illinois.
City Clerk, the 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, promises to pay to bearer solely out of taxes
levied against all taxable property in Special Service Area Number
Three of said City
DOLLARS ($ ) in lawful money of the United States of America
at. ,
Illinois, for interest due that day on its Special Service Area Number
Three Unlimited Ad Valorem Tax Bond dated May 1, 1976, Numbered
• ATTEST:
City Clerk, City of Evanston,
Cook County, Illinois.
Mayor, the City of Evanston,
Cook County, Illinois.
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(FORM OF REGISTRATION OF OWNERSHIP)
SIGNATURE OF
DATE REGISTERED NAME OF REGISTERED OWNER CITY TREASURER
SECTION 4. Levy of Tax. That for the purpose of providing
the funds required to pay the interest on the 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 within
the City of Evanston Special Service Area Number Three, a direct an-
nual tax for each of the years while the 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 property in
said
City of Evanston Special Service Area Number Three in addition to all
other taxes the following direct annual tax, to -wit:
Year of Levy
A Tax Sufficient
to Produce the Sum of:
1976
$ 135,000.00
for
interest
and
principal up to
and
including
Jaiauary j, 1978
1977.
114,600.0o
for
interest
and
principal
1978
111,800.00
for
interest
and
principal
1979
109,000.00
for
interest
and
principal
1980
106,200.00
for
interest
and
principal
1981
103,325.00
for
interest
and
principal
1982
100,450.00
for
interest
and
principal
1983
122, 575.00
for
interest
and
principal
1984
118,262.50
for
interest
and
principal
1985
113,950.00
for
interest
and
principal
1986
109,450.00
for
interest
and
,principal
1987
104,950.00
for
interest
and
principal
1988
125,300.00
for
interest
and
principal
1989
119,100.00
for
interest
and
.principal
1990
112,800.00
for.
interest
and
principal
. 1991
106,400.00
for
interest
and
principal
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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 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 it
shall be the duty of said County Clerk to annually in and for each
of the years 1976 to 1991, inclusive, ascertain the rate percent
required to produce the aggregate tax hereinbefore levied, and
extend the same for collection on the tax books against all of the
taxable property within the City of Evanston Special Service Area
Number Three in addition to other taxes levied in each of said years
• in said Special Service Area in order to.raise the respective amounts
levied aforesaid, 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 collec—
tion of taxes for general corporate purposes of said City, and when'
collected, the taxes hereby levied shall be placed to the credit of
a special fund to be designated "The City of Evanston Special Service
Area Number Three:Unlimited Ad Valorem Tax Bond and Interest Fund,"
which fund is hereby irrevocably pledged to and shall be used only for the
purpose of paying the principal of and interest on the Bonds.
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 the Bonds when and as same become due. That the funds derived
from the sale of the Bonds be and they are hereby appropriated and
set aside for the purpose hereinbefore set out.
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SECTION 7. Arbitrage Provisions., That the principal pro-
ceeds of the sale of the Bonds shall be devoted to and used with
due diligence for the completion of the project for which said bonds
are hereby authorized to be issued. The City Council represents
and certifies that:
(1) the City Council expects that said City,
within six months after the delivery of the Bonds,
will incur substantial binding obligations equal to at
least 2-1/2% of the estimated total project cost to
commence construction of the said project;
(2) the City Council expects that over 85% of
the spendable proceeds of the Bonds, including in-
vestment proceeds, will be expended on or before
NOVEMBER 1. , 19_?& for the purpose of paying
the cost of said project, said date being within three
years following the date of issue of the Bonds;
(3) work on the said project is expected to pro-
ceed with due diligence to completion;
(4) the facilities involved in said project have
not been and are not expected to be sold or otherwise
disposed of in whole or in part prior to the last
maturity of the Bonds;
(5) all of the principal proceeds of the Bonds
are.needed.for the purpose stated in the form of bond
above set out, including expenses incidental to such
purpose and to the issuance of the Bonds; and
(6) 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.
Said City Council also certifies and further covenants with the pur-
chasers and holders of the 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,
and any lawful regulations promulgated or proposed thereunder, in-
cluding proposed Treas.Reg. §§1.103-13 and 1.103-14, as the same
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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
Illinois 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 in-
terest 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 shall
be executed and delivered to the Treasurer of said City and be by
• him delivered to WAUTERLEK BROWN. INC.
upon receipt of the purchase price therefor, same to be not less
than the par value of the Bonds, plus accrued interest to date of
delivery and a premium of $ -0- That the contract for the sale
of the Bonds heretofore entered into, be and is inall respects
ratified, approved and confirmed, it being hereby found and deter-
mined that said contract is in the best interests of said City and
that no person.holding an office of the City either by election or
appointment, is in any.manner interested, either directly or
indirectly, in his own name or the name of any other person,
association, trust or corporation, in said contract for the pur-
chase of the Bonds.
SECTION 9. That this ordinance be published at least
• once within ten (10) days after passage in the Evanston Review,
a newspaper published within the City.
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SECTION 10. Effective Date. That all ordinances, resolu-
tions 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.
PASSED this e0- day of I -I A% 1976.
�--�� City Clerk
this
ATTEST:
City Clerk
ow
day of J' i�� 1976.
Mayor
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