HomeMy WebLinkAboutRESOLUTIONS-1974-007-R-74RESOLUTION to deposit sufficient funds
with paying agent to pay interest maturing
on July 1, 1974 and January 1, 1975 on
Corporate Purpose Bonds, Series 1974 in
the aggregate amount of $1,210,000, dated
January 1, 1974, of the City of Evanston,
Cook County,*Illinois.
WHEREAS, the City of Evanston, Cook County, Illinois, has
entered into a contract for the sale of and is about to deliver to
the purchaser thereof, $1,210,000 Corporate Purpose Bonds, Series 1974
of said City, dated January 1, 1974, numbered from 1 to 242, inclusive,
of $5,000 denomination, due serially on January 1 in each of the years
and in amounts and bearing interest per annum, as follows: _
• Year
Amount
Interest Rate
1977
$25,000
6.25%
1978
30,000
6.25%
1979
35,000
4.75%
198o
35,000
4.75%
1981
35,000
4.75%
1982
40,000
4.75%
1983
4o,000
4.75%
1984
45,000
4.75%
1985
45,000
4.75%
1986
50,000
4.7596
*4.75%
1987
50,000
1988
55,000
4.75%
1989
55,000
5.00%
1990
6o,000
5.00%
1991.
65,000
5.00%
1992
65,000
5.00%
1993
703000
5.00%
1994
75,000
5.00%
1995
0,000
5.2
1996
80,000
5.20%
1997
85,000
5.25%
1998
905000
5.25%
said 'bonds having been authorized to be issued pursuant to an
ordinance providing for their issuance adopted by the City Council
• of said City on January 21, 1974; and
WHEREAS, in recognition of the fact that the public offering
of said bonds would be more attractive to prospective bidders and
•
such attractiveness would be reflected in lower interest rates to be
bid for said bonds, if, in the terms of such offering, it was provided
that the interest to be payable on said bonds would be payable within
a shorter interval than would be provided if the first maturing interest
coupon was expressed to be payable as of a date subsequent to the date
that the bond and interest taxes to be levied by the City for the year
1974 to pay the principal and interest requirements of the bonds above
referred to would have been collected and available in the hands of
the City Treasurer to pay such interest, and the City Council did
heretofore determine that it was for the best interest of the City
that the interest to become due on said bonds above described be
represented by interest coupons maturing on July 1, 1974, and semi-
annually thereafter; and
• WHEREAS, sufficient monies to be received from the proceeds
of the sale of said bonds will be available and can be temporarily
advanced and deposited with the bank acting as the paying,agent for
said bonds and in an amount sufficient to pay the interest becoming
due on said bonds on July 1, 1974 and January 1, 1975, which said
monies shall thereafter 'be replaced to such bond proceeds from the
proceeds to 'be received from the taxes levied for the year 1974 under
the terms of said bond ordinance adopted on January 21, 1974, above
referred to;
NOW, THEREFORE, It Is Hereby Resolved by the City Council of
the City of Evanston, Cook County, Illinois, as follows:
Section 1, That immediately upon the receipt of the proceeds
of the sale of the Corporate Purpose Bonds, Series 1974 hereinabove
• referred to, the City Treasurer who receives the taxes of said City
is hereby ordered and directed to withdraw from such proceeds the sum
of $60,870, which amount is equal to the interest becoming due on
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•
•
July 1, 1974 and January 1, 1975, on said bonds above referred to and
said City Treasurer is ordered and directed to deposit with Evanston.
Bank, in the City of Evanston, Illinois, being the bank designated as
the paying agent for said bonds, said sum of $60,870 with appropriate
instructions that such amount shall be held in trust by said bank and
be used and applied solely and only to the payment of the interest
coupons numbered one and two, pertaining to said above described bonds
and representing the interest becoming due on said bonds on July 1,
1974 and January 1, 1975.
Section 2. That as soon as the taxes heretofore levied for
the year 1974 in and by the provisions of the bond ordinance adopted
on January 21, 1974, above referred to (and collectible in 1975),
have been collected, said City Treasurer be and is hereby ordered and
directed to reimburse to said bond proceeds, the amount so withdrawn
from such proceeds and deposited with said paying agent as hereinabove
directed in Section 1 hereof.
Section 3. That this resolution shall be in full force and
effect immediately upon its passage.
_ /st Maurice F. Brown
Clerk
_[s Edgar VAnneman1 .Tr.
Mayor
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