HomeMy WebLinkAboutRESOLUTIONS-1974-032-R-74•
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32-R-74
RESOLUTION confirming sale, directing the
o.L icials of the City of Evanston, Cook
County, Illinois, to execute $1,400,000
Water Revenue Bonds, Series 1973, of said
City, designating the paying agent there-
for, and directing the Treasurer of said
City, upon execution of the bonds by the
officials of said City, to deliver the
same to the purchaser thereof, bearing in-
terest at the rates provided for by this
resolution.
WHEREAS, the City of Evanston, Cook County, Illinois,
has heretofore been authorized to issue $2,000,000 Water Revenue
Bonds (being $600,000 Series 1972 and $1,400,000 Series 1973) of
said City, in accordance with the provisions of Ordinance 76-0-72
entitled:
"AN ORDINANCE authorizing and providing
for the issue of $2,000,000 Water Revenue
Bonds (being $600,000 Series 1972 and
$1,400,000 Series 1973) of the City of
Evanston, Cook County, Illinois, for the
purpose of defraying the cost of improv-
ing and extending the present waterworks
system of said City, prescribing all the
details of said bonds, and providing for
the collection, segregation and distribu-
tion of the revenue of the waterworks
system of said City for the purpose of
paying the cost of the operation and main-
tenance thereof, providing an adequate
depreciation fund therefor, and paying the
principal and interest of said Water Revenue
Bonds.'
adopted by the City Council of said City on November 6, 1972; and
WHEREAS, $600,000 Water Revenue Bonds, Series 1972,
dated December 1, 1972, have heretofore been sold and delivered
to the purchaser thereof, all as provided by said Ordinance
76-0-72; and
WHEREAS, $1,400,000 Water Revenue Bonds, Series 1973,
have been advertised for sale and the bid of BONNIWELL & CO., INC.
and BLUNT ELLIS & SIMMONS,INCORPORATED, CO -MANAGERS
has been and is
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hereby determined to be the highest and.best bid for said bonds,
such bid being for all of said bonds at par plus accrued interest
on said bonds from the date thereof to the date of delivery and
a premium of $ 28.00 , and said purchaser has agreed to accept
delivery of said bonds bearing a lesser rate of interest than the
maximum rate of seven per cent.(?%) per annum as provided in and
by said ordinance, thus effecting a savings in interest cost to
the City, and in and by Section 12 of said ordinance the City
Council has agreed to direct the execution of said bonds bearing
said lesser rates of interest, and to designate the paying agent
therefor as determined in accordance with the provisions of the
notice of sale; and
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WHEREAS, MID —CITY NATIONAL BANK
, in the CITY of CHICAGO
Illinois, has been designated as paying agent for said bonds:
NOW, THEREFORE, Be It and It Is Hereby Resolved by the
City Council of the City of Evanston, Cook County, Illinois, as
follows:
Section 1. That the $1,400,000 Water Revenue Bonds,
Series 1973, of the City of Evanston, Cook County, Illinois, au-
thorized to be issued by Ordinance 76-0-72 entitled:
"AN ORDINANCE authorizing and providing
for the issue of $2,000,000 Water Revenue
Bonds (being $600,000 Series 1972 and
$1,400,000 Series 1973) of the City of
Evanston, Cook County, Illinois, for the
purpose of defraying the cost of improv-
ing and extending the present waterworks
system of said City, prescribing all the
details of said bonds, and providing for
the collection, segregation and distribu-
tion of the revenue of the waterworks
system of said City for the purpose of
paying the cost of the operation and main-
tenance thereof, providing an adequate
depreciation fund therefor, and paying the
principal and interest of said Water Revenue
Bonds . '
adopted by the City Council on November 6, 1972, be executed by
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the officials of said City in the manner and form as provided for
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in and
by said ordinance; that said
bonds be dated May
1, 19743
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numbered
from 1
to 280, inclusive,
of the denomination
of $5,000
each,
and become
due serially on January 1 of the years
and in
the amounts and
bearing interest as
follows:
Serial
Numbers,
Principal
Year of
Rate of
Both Inclusive
Amount
Maturity
Interest
1
to
5
$ 253000
1976
7.00%
6
to
11
30, 000
1977
7.00
12
to
18
35, 000
1978
7.00
19
to
26
40, o00
1979
5.75
27
to
35
45,000
1980
5.75
36
to
45
50,000
1981
5:75
46
to
56
5,000
�03000
1982
5.75
7
to
68
1983
5.75
69
to
80
603000
1984
6.00
81
to
90
50,000
1985
6.00
91
to
110
1003000
1986
6.00
111
to
130
1003000
1987
6.00
131
to
155
1253000
1988
6.00
156
to
180
1253000
1989
6.00
181
to
205
125,000
1990
6.00
206
to
230
125,000
1991
6.00
231
to
255
125,000
1992
6.00
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256
to
280
1253000
1993
6.00
Section
2. That MID -CITY
NATIONAL BANK
in the
C i TY of CH I
CAGO ,
Illinois, be and is hereby designated as paying agent for said
bonds.
Section 3. That the officials of said City be and are
hereby ordered and directed to have said bonds in the principal
amount of $1,400,000 printed for delivery to said purchaser,
namely, BONNIWELL & CO., INC., and BLUNT ELLIS & SIMMONS, INCORPORATED.
CO -MANAGERS and to execute said bonds bearing the rates of interest
specified herein. Upon execution thereof, said bonds shall be
deposited with the Treasurer and be by him delivered to the pur-
chaser thereof, upon receipt of the purchase price therefor, being
par and accrued interest to the date of delivery and a premium of
$ 28.00 , in accordance with the terms of the contract hereto-
fore entered into by and between the purchaser and the City.
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Section 4. That this resolution shall be in full force
and effect immediately upon its passage.
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Attest:
Gene Nln nrtb .Tr
Deputy City Clerk
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RWS i rd
_[s/ Edear Vanneman. Jr.
a Mayor
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