HomeMy WebLinkAboutORDINANCES-1977-032-O-77r
ORDINANCE NO. "32-0-77
AN ORDINANCE providing for borrowing money and
issuing $3,240,000 Corporate Purpose Bonds,
• Series 1977, of the City of Evanston, C-.00k
County, Illinois, and providing for the levy
and collection of a direct annual tax ffor 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 -
meet 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 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-
RECTING THE LEVYING OF A TAX FOR THE PURPOSE OF
PAYING PRINCIPAL ON SUCH BONDS AND INTEREST
THEREON AS THE SAME BECOME DUE."
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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
undertake various capital improvement projects in and for the City
in accordance with preliminary plans now on file in the office of
the City Clerk, which projects have been estimated to cost
$4.1240,000, and it is anticipated that federal grants in the amount
of $1,000,000 will be available to pay a portion of the cost there-
of, which projects and the estimate of the City share of the cost
of each project are as follows:
PROJECT
1.
protection of
shore of
Lake Michigan
2.
Develop former
landfill
as park site
3. Park improvements
4. Improvements to City beach facilities
and
COST
$1,130,000
900,000
700,000
510,000
TOTAL $3,240,000
WHEREAS, it is necessary that the projects 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
$3,240,000 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 $3,240,000, 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:
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• Section 1. In order to raise the sum of $3,2110,000
presently needed for the purpose of paying part of the cost of
capital improvement projects in and for the City, including pro-
tection of the shore of Lake Michigan, development of a former
0
landfill as a park site, construction of park improvements and
improvements to the City beach facilities, there shall be borrowed
by, for and on behalf of the City of Evanston, Cook County,
Illinois, the sum of $3,240,000 and to evidence said loan nego-
tiable coupon bonds of said City be issued. Said bonds shall each
be designated "Corporate Purpose Bond, Series 197711, be dated
April 1, 1977, be numbered consecutively from 1 to 648, inclusive,
be of the denomination of $5,600 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
8
$ 40,000
1979
4. 00%
9
to
63
275,000
1980
5 1/2%
64
to
118
275,000
1981
of
119
to
173
275,000
_1982
174
to
228
275,000
1983
229
to
293
325,000
1984
"
294
to
358
325,000
1985
4.40%
359
to
423
325,000
1986
It
424
to
468
225,000
1987
4 3/4%
469
to
483
75,000
1988
".
484
to
498
75,000 _
1989
"
499
to
513
75,000
1990
"
514
to
528
75,000
1991
5.00%
529
to
543
75,000
1992.
"
544
to
558
75,000
1993
"
559
to
573
75,000
1994
5 1/4%
574
to
588
75,000
1995
11
589
to
603
75,000
1996
4.00%
6o4
to
618
75,000
1997
619
to
633
75,000
1998
634
to
648
75,000
1999
„
„
• Interest on said bonds shall be payable initially on Jan-
uary 1, 1978 and semiannually thereafter on the first day of January
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and July in each Tear, which said interest payments to date of ma-
turity 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 Pmerica at ' CITIBANK, N.A.• . . • .
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 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 con-
tinue negotiable by delivery merely.
Section 3. Each of said bonds and the interest coupons
to be attached thereto 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 1977
Number' $5000
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
per cent ( %) per annum, payable on
• January 1, 1978 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 suffi-
cient for that purpose, the full faith, credit and resources of
said City are hereby irrevocably pledged.
• This bond is one of an authorized issue of $3,240,000
being issued by said City for the purpose of paying part of the
cost of capital improvement projects in and for the City, including
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•
protection of
the
shore
of Lake Michigan,
development of a
former
landfill as a
park
site,
construction of
park improvements
and -
improvements to the City beach facilities, 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 au-
thorizing 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
-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, 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 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
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. 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, 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,
do adopt as and for their own proper signatures their respective
facsimile signatures appearing on said coupons, all as of the first
day of April, 1977.
Attest:
City Clerk, Mayor,
City of Evanston, City of Evanston,
Cook County, Illinois. Cook County, Illinois.
[SEAL]
(Form of Coupon)
Number
On the first day of
, 19_, the City of Evanston,
• Cook Count Illinois will y, , pay to bearer
Dollars ($ ) in lawful money of the United States of .America at
P
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• in the City of , , for interest due
that day on its Corporate Purpose Bond, Series 1977, dated April 1,
1977, Number
Attest:
City Clerk,
City of Evanston,
Cook County, Illinois.
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 of 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
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:
•
0
ij
•
•
For the Year
A
Tax Sufficient To Produce
The
Sum Of,
1977
$
321,881.25
for
interest
and
principal
up to January
1,
1979
1978
$
434,475.00
for
interest
and
principal
1979
$
419,350.00
for
interest
and
principal
1980
$
404,225.00
for
interest
and
principal
1981
$
389,100.00
for
interest
and
principal
1982
$
423 , 975.00
for
interest
and
principal
1983
$
406,100. oo
for
interest
and
principal
1984
$
391 $800.00
for
interest
and
principal
1985
$
277,500.00
for
interest
and
principal
1986
$
116,812.50
for
interest
and
principal
1987
$
113,250.00
for
interest
and
principal
1988
$
109,687.50
for
interest
and
principal
•
1989
$
106,125.00
for
interest
and
principal
i990
$
102, 375. 00
for
interest
and
principal
1991
$
98,625.00
for
interest
and
principal
1992
$
94,875.00.
for
interest
and
principal
1993
$
90,937.50
for
interest
and
principal
1994
$
87,000.00
for
interest
and
principal
1995
$
84,000.00
for
interest
and
principal
1996
$
81,000.00
for
interest
and
principal
1997
$
78,000.00
for
interest•
and
principal
Interest
or principal
coming.lue
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.'
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4- .
• 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 1977 to 1997, 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 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 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 shall 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 shall 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 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:
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• (a) Within six months after the delivery of said
bonds said City expects to incur substantial binding
obligations in connection with the projects herein au-
thorized, said obligations being in an aggregate amount
not less than 2-1/2% of the estimated cost of said
projects;
(b) The City Council expects more than 85% of the
spendable proceeds of the bonds, including investment
proceeds, will be expended on or before March 1, 1980,
said date being within three years following the date of
issue of said bonds;
(c) The projects herein authorized are expected
• to proceed with due diligence to completion;
(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 projects 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
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• 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 of the Internal Revenue Code of 1954,
as amended, and any lawful regulations promulgated or proposed
thereunder, including Sections 1.103-13 and 1.103-111 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 invest-
ment of such moneys permitted by state law if, when and to the
extent that the provisions of said Section 103 relating to arbitrage,
• 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 r*ecogrized competence in such matters, result in making the in-
terest 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 CITIBANK, N.A. New York City
, 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 $893-75 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. All ordinances, resolutions and orders, or
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pasts 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: March 14, 1977.
VOTE:
AYE: ALDERMAN LANGE, LYONS 'PAPANGELIS','JANS LYTLE,'WYANDT. SUMMERS.
FITZSIMONS, LAUTERBACH, NEEMS, BRINKMANN, WINFIELD, LAYCOCK AND HOOVER,.
... ...... ... .I ......... ... ....
NAY: ALDERMAN FLAMM AND ALEXANDER; . . . . ' . . . . . . . ' . . . . . . .
.. .. ........ ....................
ABSENT: ALDERMAN HARRIS AND MEYERS. . . . . . . . . . . . . . . . . . . . . . . . . . ..
n
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ATTEST:
/ s / MAURICE F —BROWN .
City Clerk
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APPROVED:
/s/ EDGAR VANNEMAN JR.
Mayor
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