HomeMy WebLinkAboutRESOLUTIONS-1967-021-R-67C,
entitled:
21-R-67 1
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RESOLUTION to redeem and pay prior to
maturity certain outstanding Motor Vehicle
Parking System Revenue Bonds heretofore
issued by the City of Evanston, Cook County,
Illinois.
WHEREAS, pursuant to the provisions of an ordinance
"AN ORDINANCE authorizing and providing for the
issue of $900,000 Motor Vehicle Parking System
Revenue Bonds of the City of Evanston, Cook
County, Illinois, for the purpose of defraying
the cost of enlarging and improving the motor
vehicle parking facilities of said City, pre-
scribing all the details of said bonds, provi-
ding for the charging of rates and fees for the
use of such facilities,. and the collection,
segregation and distribution of the revenues of
such motor vehicle parking facilities for the
purpose of paying the cost of operation and
maintenance thereof, and paying the principal
of and interest upon such Motor Vehicle Parking
System Revenue Bonds."
heretofore adopted on June 30, 1952 and approved by the Mayor on
July 1, 1972 and now effective, Motor Vehicle Parking System
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Revenue Bonds of said City in the aggregate amount of Nine Hundred!
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Thousand Dollars ($900,000) and being dated as of July 1, 1952
and numbered consecutively from 1 to 900, inclusive, of the de-
nomination of $1,000 each and due serially in varying amounts on
July 1 of each of the years 1953 to 1972, inclusive,.have hereto-
fore been issued; and
WHEREAS of the said bonds so issued, bonds in the prin-
cipal amount of $ 605,000 have been paid on the dates of their
maturity and bonds in the principal amount of $45,000 and being
numbered 606 to 650, inclusive, will be paid at their maturity
on July 1, 1967, including the interest becoming due on said bonds
on such date; and
WHEREAS, under the provisions of said ordinance, it was
provided that of the bonds therein authorized all those bonds
maturing on and after July 1,' 1957 would be subject to redemption
and payment prior to their maturity, in the inverse order of their
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jnumber, on any interest payment date on or after July 1, 1956 and
at a price of par, accrued interest to date of redemption and a
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premium based upon the principal amount of the bonds so redeemed
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and varying on the basis of the date of such redemption and as
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set forth in a schedule as shown in the provisions of the ordi-
nance above referred to; and
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WHEREAS sufficient funds are now on hand and available
to pay in full the principal of bonds numbered 651 to 900, inclu-
sive, in the aggregate�rincipal amount of $250,000, together with
the premium thereon'which must be paid if the City elects to re-
deem and pay said bonds prior to their maturity and on July 1,
1967, the amount of, such premium payable on said bonds aggrega-
ting the sum of $1, 875.00 and, likewise, funds are on hand and
available to pay in;full the interest becoming due on July 1,
1967 on said bonds numbered 651 to 900, inclusive; and
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i WHEREAS it is for the best interests of the City of
Evanston that the said outstanding Motor Vehicle Parking System
! Revenue Bonds numbered 651 to 900, inclusive, in the aggregate
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f amount of $250,000,' be redeemed and paid prior to their maturity i
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and on July 1, 1967:
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;! NUV1, THEREFORE, Be It and It Is Hereby Resolved by the
i City Council of the City of Evanston, Cook County, Illinois, as
follo"rls :
Section 1. That the City of Evanston, acting by
I its City Council, hereby elects to and does exercise its option
?� to call for redemption and payment prior to their maturity, Motor
Vehicle Parking System Revenue Bonds heretofore issued and now
outstanding and in the aggregate amount of $250,000, such bonds
being dated as of July 1, 1952 having been authorized by the
fordinance referred;to in the preamble hereof, and becoming due
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jon July 1 of the years and in the amounts and being numbered as
` follows:
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Date of Maturity
July
1,
1968.
July
1,
1969
July
1,
1970
July
1,
1971
July
1,
1972
Principal Amount
$50, 000
50,000
50,000
50,000
50,000
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Bonds Numbered
651 to 700
701 to 750
751 to 800
8o1 to 85o
851 to 900
Section 2. 'That the City Treasurer is hereby
ordered and directed to immediately give notice of the redemption
and payment of said bonds numbered 651 to 900, inclusive, herein-
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j above described in Section 1 hereof, prior to their maturity and
on July 1, 1967, by' causing notice of the exercise by the City of
Evanston of its option to redeem and pay said bonds prior to
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their maturity, to be given by publication of such notice once
in the Wall Street Journal, Midwest Edition, the same being a
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newspaper published; and of general circulation in the City of
Chicago, Illinois, 'the date of such publication of said notice
q to be at least thirty (30) days prior to the date set for such
redemption and such notice shall be substantially in words and
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figures as follows
! NOTICE 'OF REDEMPTION OF MOTOR VEHICLE
PARKING SYSTEM REVENUE BONDS, DATED
JULY 1, 1952, OF THE CITY OF EVANSTON,
COOK COUNTY, ILLINOIS
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NOTICE is hereby given to the owners and holders of
!rotor Vehicle Parking System Revenue Bonds, dated July 1, 1952,
of the City of Evanston, Cook County, Illinois, numbered from
651 to 900, inclusive, of the denomination of $1, 000 each and
f maturing serially $50,000 on July 1 of each of the years 1968
to 1972, inclusive; that the City of Evanston has exercised its
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option to call for redemption and payment said bonds numbered
651 to 900, inclusive, and in the aggregate amount of $250, 000,
prior to their maturity and that such bonds will be paid on
July 1, 1967, uponisurrender of said bonds accompanied by all
coupons pertaining1thereto and representing interest becoming
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due on and after July 1, 1967 and up to and including the date
of the maturity of the pertinent bonds and that such payment will
be at a price of par and accrued.interest up to and including
July 1, 1967, together with the amount of premium payable because
of such redemption prior to maturity.
The owners and holders of said bonds are directed to
present the same for payment at The Northern Trust Company,
50 South LaSalle Street, in the City of Chicago, Illinois, on
July 1, 19,67, where such bonds, the interest thereon and ap-
plicable premium will be paid.
Notice ins further given that said bonds shall cease to
bear interest from' and after July 1, 1967.
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By order of the.City Council of the City of Evanston,
Cook County, Illinois.
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Dated atiEvanston, Illinois, this day of ,
1967.
City Treasurer
Section 3. That,nfrom funds now on hand and legally
available for such purposes, the City Treasurer shall deposit
n >/o,or before -July 1, :196 ,
; ",''with The Northern ' Trust Company, of the City of Chicago, Illi-
nois, being the bank at which the Motor Vehicle Parking System
Revenue Bonds above referred to in Section 1 hereof are payable,
the following sums':
For payment of principal on bonds
numbered 651 to 900, inclusive,
which have been called for redemp-
tion on July;l, 1967 . . . . . . . . . . $250,000.00
For interest, and to pay maturing
interest coupons numbered 30, each
in the amount of $12.50 and repre-
senting interest on said bonds
numbered 651-to 900, inclusive,
above referred to, becoming due
on July 1, 1967 . . . . . . 3,125.00
For premium being computed on the
basis of 3/4 of if of principal or
$7.50 per bond . . . . . . . . . . . . . 1,875.00
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Total $255,000.00
and together with necessary paying agency fees charged by said
i bank so acting as paying agent for said bonds.
Section 4. That this resolution shall be in full
force and effect immediately and forthwith upon its passage.
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APPROVED:
A
+� /s/ John D. Emery
a! Mayor
ATTEST:
i Isl DeA-n"-Ai;' PorEer'.�'n
Deputy City Clerk
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