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HomeMy WebLinkAboutORDINANCES-1984-119-O-84• ORDINANCE NO. 119-0-84 AN ORDINANCE authorizing and providing for the issue of $3,300,000 Water Revenue Bonds, Series 1984, of the City of Evanston, Cook County, Illinois, for the purpose of defraying the cost of improving and extending the present water- works system of said City, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenue of the waterworks system of said City. WHEREAS, it is deemed advisable, necessary and for the best interest of the City of Evanston, Cook County, Illinois (the "City"), that improvements and extensions to its.municipally-owned waterworks system be constructed and installed, including the fol- lowing: providing additional funds for the improvement program initiated in 1980, including the construction of a new storage tank • and installing connecting water mains, together with all necessary pipes, valves, fittings, connections, ancillary facilities and appurtenances, costs of engineering, legal and financing services, and contingencies, and the total estimated cost of such project is the sum of $3,300,000, all in accordance with the preliminary report and estimate of cost prepared by Alvord, Burdick & Howson, consult- ing engineers employed by the City, and heretofore approved by the City Council and now on file in the office of the City Clerk for public inspection; and WHEREAS, the City does not have funds available for the purpose of paying the cost of said project, and it will be necessary for the City to borrow the principal sum of $3,300,000 and in evi- dence thereof issue its revenue bonds therefor; and 0 • WHEREAS, pursuant to the provisions of Division 129 of Article 11 of the Illinois Municipal Code, approved May 29, 1961, as amended, and its powers as a home rule unit,. the City is author- ized to issue water revenue bonds for the purpose of paying the cost of said improvements and extensions; and WHEREAS, the City Council has heretofore, pursuant to Ordinance adopted on April 13, 1964, authorized and issued $4,080,000 Water Revenue Bonds, dated May 1, 1964, of which bonds in the amount of $2,420,000 are presently outstanding, and pursuant to Ordinance No. 76-0-72, adopted on November 6, 1972, authorized and issued Water Revenue Bonds in the aggregate principal amount of $2,000,000, being Series 1972 in the amount of $600,000, of which bonds in the amount of $50,000 are presently outstanding, and Series. • 1973 in the amount of $1,400,000, of which bonds in the amount of $1,000,000 are presently outstanding, and pursuant to Ordinance No. 25-0-80, adopted on April 8, 1980, authorized -and issued $5,000,000 Water Revenue Bonds, Series 1980, dated May 1, 1980, all of which are presently outstanding, and pursuant to Ordinance No. 99-0-82, adopted on October 4, 1982, authorized and issued $5,000,000 Water Revenue Bonds, Series 1982, dated October 1, 1982, all of which are presently outstanding, which said outstanding bonds aggregate the principal amount of $13,470,000; and WHEREAS, pursuant to the provisions of said ordinances adopted by the City Council of said City of Evanston authorizing the • outstanding Water Revenue Bonds of the City, while said Water Revenue Bonds are outstanding no additional bonds shall be issued to share ratably and equally in the income derived from the opera- tion of the waterworks system of the City unless the revenues for the fiscal year then next preceding were sufficient to comply with the specific restrictions set forth in each of said ordinances; and WHEREAS, this City Council has caused an audit of the earnings of the waterworks system to be made for the last preceding fiscal year, and this City Council has heretofore determined and does hereby determine that the earnings of the waterworks system for the last preceding fiscal year comply with the covenants and restrictions provided for in and by each of the ordinances author- izing the outstanding Water Revenue Bonds, and that the earnings for such last preceding fiscal year are sufficient to permit the issuance of the $3,300,000 additional Water Revenue Bonds herein provided for, to share ratably and equally in the income derived from the operation of the waterworks system with the outstanding Water Revenue Bonds of the City: NOW, THEREFORE, Be It Ordained by the City Council of the City of Evanston, Cook County, Illinois, as follows: Section 1. The City Council has caused an estimate to be made of the cost of making improvements and extensions to the water- works system of the City, as described in the preambles hereof, and • -3- all in accordance with the preliminary report therefor heretofore • approved and now on file in the office of the City Clerk for public inspection, and has heretofore determined and does hereby determine and estimate that the total estimated cost of such improvements and extensions is the sum of $3,300,000. Section 2. The City Council does hereby determine the period of usefulness of said waterworks system, including the im- provements and extensions hereby proposed, to be forty (40) years from the date of the Water Revenue Bonds, Series 1984 (the "Bonds" or "Bond", as applicable), herein authorized to be issued. Section 3. For the purpose of paying the cost of con- struc-ting and installing necessary improvements and extensions to the waterworks system of the City of Evanston, as referred to and • described hereinabove in the preambles of this ordinance, there shall be issued Bonds of the City in the principal amount of $3,300,000, each to be designated "Water Revenue Bond, Series 1984", which Bonds shall be dated December 1, 1984 and shall also bear the date of authentication, shall be in fully registered form, shall be in denominations of $5,000 each and authorized integral multiples thereof (but no single Bond shall represent installments of prin- cipal maturing on more than one date), shall be numbered 1 and upward, and shall bear interest at such rate or rates as shall be determined at the time of sale of the Bonds. The Bonds shall mature serially on January 1 of each of • the years and in the amounts as follows (subject to the right of prior redemption hereinafter set forth in Section 4 hereof): Principal Year of Amount Maturity $ 50,000 1986- 75,000 1987 100,000 1988 75,000 1989 75,000 1990 100,000 1991 125,000 1992 125,000 1993 125,000 1994 125,000 1995 125,000 1996 125,000 1997 125,000 1998 125,000 1999 125,000 2000 1503000 2001 7253000 2002 825,000 2003 • The Bonds, together with interest thereon, shall be pay- able solely from the revenues derived from the operation of the waterworks system of the City, including all improvements and ex- tensions thereto, and such Bonds shall not in any event constitute an indebtedness of the City within the meaning of any constitutional or statutory provision or limitation. Each Bond shall bear interest from its date or from the most recent interest payment date to which interest has been paid or duly provided for, whichever date is later, such interest (com- puted upon the basis of a 360-day year of twelve 30-day months) being payable on the first days of January and July of each year, • -5- commencing on July 1, 1985. Interest on each Bond shall be paid • by check or draft of the American National Bank and Trust Company of Chicago, in Chicago, Illinois, or its successor, as Bond Regis- trar and paying agent to the person in whose name such Bond is registered at the close of business on the 15th day of the calendar month next preceding the interest payment date. The principal of the Bonds and premium, if any, shall be payable in lawful money of the United States of America at the principal corporate trust office of the Bond Registrar in Chicago, Illinois. The Bonds shall be executed on behalf of the City with the facsimile signature of its Mayor and attested with the facsimile signature of its City Clerk, -and shall have impressed or imprinted thereon the City seal or facsimile thereof. In case any officer whose signature shall appear on any Bond shall cease to be such • officer before the delivery of such .Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. Each Bond shall have thereon a certificate of authentica- tion substantially in the form hereinafter set forth, duly executed by the Bond Registrar as authenticating agent of the City and show- ing the date of authentication. No Bond shall be valid or obliga- tory for any purpose or be entitled to any security or benefit under this ordinance unless and until such certificate of authentication shall have been duly executed by the Bond Registrar by manual signa- ture, and such certificate of authentication upon any such Bond • shall be conclusive evidence that such Bond has been authenticated • and delivered under this ordinance. The certificate of authentica- tion on any Bond shall be deemed to have been executed by it if signed by an authorized officer of the Bond Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds issued hereunder. The City shall cause books (the "Bond Register") for the registration and for the transfer of the Bonds as provided in this ordinance to be kept at the principal corporate trust office of the Bond Registrar, which is hereby constituted and appointed the regis- trar of the.City. The City is authorized to prepare, and the Bond Registrar, or an agent of either, shall keep custody of, multiple Bond blanks executed by the City for use in the transfer and ex- change of Bonds. • Any Bond may be transferred or exchanged, but only in the manner, subject to the limitations, and upon payment of the charges as set forth herein. Upon surrender for transfer or exchange of any Bond at the principal corporate trust office of the Bond Regis- trar, duly endorsed by or accompanied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by the registered owner or his attorney duly authorized in writing, the City shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the transferee or transferees or, in the case of an exchange, the registered owner, a new fully registered Bond or Bonds of the same interest rate and • -7- • maturity of authorized denominations for a like aggregate principal amount. The execution by the City of any fully registered Bond shall constitute full and due authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, the principal amount of outstanding Bonds of each maturity authenticated by the Bond Regis- trar shall not exceed the authorized principal amount of Bonds for such maturity less previous retirements. The Bond Registrar shall not be required to transfer or exchange any Bond during the period from the 15th day of the calendar month next preceding any interest payment date on such Bond to such interest payment date, nor to transfer or exchange . any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen (15) days next preceding the mailing of a notice of redemption of any Bonds. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of, premium, if any, or in- terest on any Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. In the event any of the Bonds are registered in the name of a n U • securities depository which uses a book entry system, the standing of the registered owner to enforce any of the covenants herein may be established through the books and records of such securities depository or a participant therein. No service charge shall be made for any transfer or ex- change of Bonds, but the City or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or ex- change of Bonds, except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a Bond surrendered for redemp- tion. Section 4. The Bonds maturing on or after January 1, 1996 shall be callable for redemption prior to maturity at the option of the City as a whole, or in part in integral multiples of $5,000 in inverse order of their maturity (less than all of the Bonds of a single maturity to be selected by lot by the Bond Regis- trar), on January 1, 1995 and on any interest payment date there- after, at the redemption price (expressed as a percentage of the principal amount), in accordance with the following schedule plus accrued interest to the date fixed for redemption: Date of Redemption January 1 and July 1, 1995 January 1 and July 1, 1996 January 1 and July 1, 1997 January 1 and July 1, 1998 January 1 and July 1, 1999 January 1 and July 1, 2000 January 1 and July 1, 2001 January 1 and July 1, 2002 January 1, 2003 Redemption Price 102% 101-3/4% 101-1/2% 101-1/4% 101% 100-3/4% 100-1/2% 100-1/4% Par The Bonds shall be redeemed only in the principal amount • of $5,000 each and integral multiples thereof. The City shall, at -least 45 days prior to the redemption date (unless a shorter time period shall be satisfactory to the Bond Registrar), notify the Bond Registrar of such redemption date and of the principal amount of Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Bonds of a single maturity, the partic- ular Bonds or portions of Bonds to be redeemed shall be selected by the Bond Registrar by such method as the Bond Registrar shall deem fair and appropriate and which may provide for the selection for redemption of Bonds or portions of Bonds in principal amounts of $5,000 and integral multiples thereof. The Bond Registrar shall promptly notify the City in writing of the Bonds or portions of Bonds selected for redemption • and, in the case of any Bond selected for partial redemption, the principal amount thereof to be redeemed. Notice of the call for any such redemption shall be given by_the Bond Registrar on behalf of the City by mailing the redemp- tion notice by certified or first class mail at least 30 days and not more than 60 days prior to the date fixed for redemption to the registered owner of the Bond or Bonds to.be redeemed at the address shown on the Bond Register, or at such other address as is furnished in writing by such registered owner to the Bond Registrar. All notices of redemption shall state: • -10- (1) The redemption date; • (2) The redemption price; (3) If less than all outstanding Bonds are to be re- deemed, the identification (and, in the case of partial redemption, the respective principal amounts) of the Bonds to be redeemed; (4) That on the date fixed for redemption, the redemp- tion price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date; and (5) The place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Bond Registrar. Prior to any redemption date, the City shall deposit with the Bond Registrar an amount of money sufficient to pay the redemp- tion price of all the Bonds or portions of Bonds which are to be redeemed on that date. • Notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the date fixed for redemption, become due and payable at the redemption price therein specified, and from and after such date such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. Upon surrender for any partial redemption of any Bond, there shall be prepared for the registered holder a new Bond or Bonds of the same • interest rate and maturity in the amount of the unpaid principal. Section 5. The Bonds shall be prepared in compliance with the National Standard Specifications for Fully Registered Municipal Securities, prepared by the American National Standards Committee. The Bonds, the certificate of authentication to be endorsed thereon and the form of assignment are all to be in sub- stantially the following form: • • -12- (Form of Bond - Face) • UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK CITY OF EVANSTON WATER REVENUE BOND, SERIES 1984 No. $ Maturity Date Dated Date Interest Rate CUSIP January 1, December 1, 1984 y Registered Owner: Principal Amount: • The City of Evanston, in the County of Cook and State of Illinois (the "City"), for value received hereby promises to pay to the Registered Owner identified above, or registered assigns as hereinafter provided, on the Maturity Date shown above the Prin- cipal Amount shown above and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) on such Principal Amount from the date of this Bond or from the most recent interest payment date to which interest has been paid, whichever is later, at the Interest Rate per annum set forth above on January 1 and July 1 of each year, commencing July 1, 1985, until said Principal Amount is paid, except as the provisions hereinafter set forth with respect to redemption prior to maturity may be and become applicable hereto. 0 -13- Principal of this Bond and premium, if any, are payable in lawful • money of the United States of America at the principal corporate trust office of American National Bank and Trust Company of Chicago, in Chicago, Illinois, as bond registrar and paying agent (the "Bond Registrar"). Payment of the installments of interest shall be made to the Registered Owner hereof as shown on the registration books of the City maintained by the Bond Registrar at the close of business on the 15th day of the calendar month next preceding the interest payment date, and shall be paid by check or draft of the Bond Registrar mailed to such Registered Owner at the address as it appears on such registration books, or at such other address furnished in writing by such Registered Owner to the Bond Registrar. This Bond and the issue of which it forms a part are payable solely from revenues derived from the operation of the • waterworks system of the City and not otherwise, and are issued under authority of Division 129 of Article 11 of the Illinois Municipal Code, approved May 29, 1961, and all laws amendatory thereof and supplementary thereto, and the home rule powers of the City, for the purpose of paying the cost of constructing and installing improvements and extensions to the waterworks system of the City, and this Bond does not constitute an indebtedness of the City within the meaning of any constitutional or statutory provision or limitation. Reference is hereby made to the further provisions of this Bond set forth on the reverse side hereof, and such further 0 -14- provisions shall for all purposes have the same effect as if set • forth at this place. This Bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Bond Registrar. IN WITNESS WHEREOF, the City of Evanston, Cook County, Illinois, by its City Council, has caused this Bond to be executed with the duly authorized facsimile signature of its Mayor and attested by the duly authorized facsimile signature of its City Clerk, and its corporate seal or a facsimile thereof to be im- pressed or reproduced hereon, all as of the Dated Date shown above. (Facsimile Signature) Mayor, [SEAL] City of Evanston, Cook County, Illinois. Attest: (Facsimile Signature) City Clerk, City of Evanston, Cook County, Illinois. CERTIFICATE OF AUTHENTICATION Date of Authentication: This Bond is one of the Bonds described in the within mentioned ordinance and is one of the Water Revenue Bonds, Series 0 -15- 1984, of the City of Evanston, Cook County, Illinois. • P AMERICAN NATIONAL BANK AND TRUST COMPANY M A OF CHICAGO, as Bond Registrar, LIM Authorized Officer (Form of Bond - Reverse Side) CITY OF EVANSTON, COOK COUNTY, ILLINOIS WATER REVENUE BOND, SERIES 1984 This Bond is one of an authorized issue of Bonds aggre— • gating the principal amount of $3,300,000 (the "Bonds"), of which Bonds maturing on or after January 1, 1996 are subject to redemp- tion prior to maturity at the option of the City as a whole, or in part in integral multiples of $5,000 in inverse order of their maturity (less than all of the Bonds of a single maturity to be selected by lot by the Bond Registrar), on January 1, 1995 and on any interest payment date thereafter, at the redemption price (expressed as a percentage of the principal amount), in accordance with the following schedule plus accrued interest to the date fixed for redemption: 0 - -16- • Date of Redemption Redemption Price January 1 and July 1, 1995 102% January 1 and July 1, 1996 101-3/4% January 1 and July 1, 1997 101-1/2% January 1 and July 1, 1998 101-1/4% January 1 and July 1, 1999 101% January 1 and July 1, 2000 100-3/4% January 1 and July 1, 2001 100-1/2% January 1 and July 1, 2002 100-1/4% January 1, 2003 Par Notice of any such redemption shall be sent by certified or first class mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the Registered Owner of each Bond to be redeemed at the address shown on the registration books of the City maintained by the Bond Regis- trar, or at such other address as is furnished in writing by such Registered Owner to the Bond Registrar. When so called for redemp- tion, this Bond will cease to bear interest on the specified re- demption date, provided funds for redemption are on deposit at the place of payment at that time and shall not be deemed to be out- standing. This Bond is transferable by the Registered Owner hereof in person or by his attorney duly authorized in writing at the principal corporate trust office of the Bond Registrar in Chicago, Illinois, but only in the manner, subject to the limitations and upon payment of the charges provided in the authorizing ordinance, and upon surrender and cancellation of this Bond. Upon such transfer, a new Bond or Bonds of authorized denominations of the is - -17- same interest rate and maturity and for the same aggregate prin- cipal amount will be issued to the transferee in exchange therefor. The Bonds are issued in fully registered form in the denomination of $5,000 each or authorized integral multiple thereof. This Bond may be exchanged at the principal corporate trust office of the Bond Registrar for a like aggregate principal amount of Bonds of the same interest rate and maturity of other authorized denominations, upon the terms set forth in the authorizing ordi- nance. The City and the -Bond Registrar may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof, premium, if any, and interest due hereon, and for all other pur- • poses, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. Pursuant to the provisions of the Illinois Municipal Code and the ordinance adopted pursuant thereto, authorizing the issuance of this Bond and the series of which it forms a part, the revenues from the operation of the waterworks system of the City shall be deposited in a separate fund designated as the "Water Revenue Fund of the City of Evanston," which shall be used only and is hereby pledged for paying the cost of operation and maintenance of said system, providing an adequate depreciation fund and paying the principal of and interest on the bonds of the 0 -18- • City that are issued under the authority of said Code and are payable by their terms only from the revenues of said waterworks system, and in making all payments required to maintain the accounts created under the terms of the ordinance pursuant to which this Bond is issued. The rights and obligations of the City and of the holders of the Bonds may from time to time be modified or amended by a supplemental ordinance adopted by the City Council with the written consent of the holders of not less than two-thirds (2/3rds) of the principal amount of all the Bonds authorized by this ordinance and all bonds heretofore issued and hereafter issued on a parity therewith then outstanding (excluding any of said bonds owned by or under the control of the City); provided, however, • that no such modification or amendment may become effective until all outstanding Water Revenue Bonds of said City dated May 1, 1964 have been paid in full, both as to principal and interest, or pro- vision made for the payment thereof; and provided further, that no such modification or amendment shall extend or change the ma- turity of, or date of redemption prior to maturity, or reduce the interest rate on, or otherwise alter or impair the obligation of the City to pay the principal of and interest on the Bonds herein authorized at the time, place and at the rate and in the currency provided therein of any Bond herein authorized then outstanding, without the express consent of the holder of such Bond, nor shall any such modification or amendment permit the creation of a 0 -19- preference or priority of any Bond or Bonds over any other Bond • or Bonds, nor reduce the percentage of the holders of outstanding Bonds required for the written consent to.such modification or amendment. It is hereby certified and recited that all acts, condi- tions and things required to be done precedent to and in the issu- ance of this Bond, have been done and have happened and have been performed in regular and due form of law, and that provision has been made for depositing in said Water Revenue Fund the revenues received from the operation of said waterworks system to be applied in the manner as hereinabove set forth, and the City hereby cov- enants and agrees that it will fix and maintain rates for the use and service of said waterworks system, and collect and account for the revenues from said waterworks system, sufficient at all times • to pay*the cost of maintenance and operation of said system, pro- vide an adequate depreciation fund, and to promptly pay principal of and interest on all bonds issued by the City which by their terms are payable solely from the revenues of said waterworks system, and to comply with all of the covenants of the ordinance under which this Bond and the series of which it forms a part were issued. • -20- 0 • ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (Name and Address of Assignee) the within Bond, and rights thereunder, and does hereby irrevocably constitute and appoint as attorney to transfer the said Bond on the books kept for regis- tration thereof, with full power of substitution in the premises. Dated: 0 Signature guaranteed: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. • -21- • Section 6. Upon the issuance of any of the Water Revenue Bonds, Series 1984, herein provided for, the entire municipal water- works system of the City of Evanston, for the purpose of this ordinance and while any of the Water Revenue Bonds heretofore issued are outstanding, shall be operated on a fiscal year basis commencing the first day of January and ending the last day of December of each succeeding year. •The City reserves the right to adopt a new fiscal year for the waterworks system at such time as the outstanding Water Revenue Bonds dated May 1, 1964, December 1, 1972 (Series 1972) and May 1, 1974 (Series 1973) have been paid in full, or provision made for their payment, both principal and interest. From and after the delivery of any Bonds issued under the provisions of this ordinance, all of the gross revenues from any • source whatsoever derived directly or indirectly from the use and operation of the waterworks system of the City, including all future improvements and extensions thereof, shall be set aside as collected and be deposited in a bank account separate and apart from all other City accounts and to be designated and accounted for as a separate fund designated as the "Water Revenue Fund of the City of Evanston," which shall constitute a trust fund for the sole purpose of carry- ing out the covenants, terms and conditions of this ordinance, and of the ordinances adopted by the City Council authorizing the issu- ance of Water Revenue Bonds now outstanding. Said ordinances author- izing the outstanding bonds did establish, continue and maintain a separate fund designated as the "Water Fund of the City of Evanston," • -22- into which sufficient revenues derived from the operation of'the waterworks system were required to be deposited, to be used only in paying the cost of operation and maintenance of said system, providing an adequate depreciation fund, and paying the principal of and interest on all Water Revenue Bonds of said City of Evanston which are payable by their terms only from such revenues, and for the creation of an interest reserve account. Section 7. The functions and obligations of the Water Fund of the City of Evanston, heretofore created and established, shall be continued and maintained by the establishment in the Water Revenue Fund of separate special accounts designated severally "Operation and Maintenance Account," "Depreciation Account," "Bond and Interest Account" and "Bond Reserve Account". In addition, there have been created and established separate special accounts 40 designated "Depreciation, Improvement and Extension Account" and "Surplus Revenue Account". Into said accounts, there shall be set aside on the first business day of each month without any further official action or direction all moneys held in the Water Revenue Fund of the City, in accordance with the following priority: (a) Operation and Maintenance Account: There shall be credited to the Operation and Maintenance Account on the first business day of each month an amount sufficient to pay the reason- able expenses of operation and maintenance of said waterworks system for the next succeeding month, including all of such expenses usual in such a system, and including one -twelfth of all such ex- penses computed on an annual basis. 0 -23- goney in this account shall be used to pay • all costs reasonably incurred in connection with the continued operation, use and maintenance of the system, other than capital improvements, neces- sary to keep the system in efficient and economical operating condition, including the payment of premiums for insurance hereinafter required to be carried, and generally for all expenses (except depreciation) which under good accounting practice are properly chargeable to and are reasonable and necessary to the efficient maintenance and opera- tion of the system. Money in this account shall not be used to pay the costs of extraordinary or unusual repairs and maintenance, capital expend- itures, or to provide for any transfer in lieu of corporate taxes, or general supervision or admin- istrative charges by the City. (b) Depreciation Account: The depreciation fund heretofore created shall continue to be accumulated at an annual rate of $25., 000 while any of the Water Revenue Bonds of the City dated May,l, 1964 remain outstanding and unpaid. Said fund shall be used from time to time only for the purpose of meeting any emergency or expense in the replacement of any of said water- works properties. Inasmuch as all of the outstanding bonds dated July 1, 1955 have been retired, said depreciation fund may be reduced to $300,000, and no further transfers into the depreciation fund shall be re- quired while any of the bonds dated May 1, 1964 are outstanding, except that any moneys used from the depreciation fund shall be restored from the first moneys available for that purpose. At such time as all of the outstanding bonds dated May 1, 1964 shall have been retired, any amount remaining in said Depreciation Account shall be transferred to the Depreciation, Improvement and Extension Account as hereinafter established and maintained pursuant to paragraph (e) of this section, and said Depreciation Account shall thereafter be discon- tinued. (c) Bond and Interest Account: All amounts required to be set aside for the purpose of paying principal of and interest on • -24- the outstanding bonds dated May 1, 1964, as pro- vided in Section 6 of the ordinance authorizing the issuance of said bonds, shall be set aside monthly as directed. In addition, beginning on the first day of the month following delivery of the Bonds herein authorized, there next shall be credited to the Bond and Interest Account an amount at least equal to one -fifth of the interest becoming due on all outstanding bonds authorized and issued pursuant to Ordinances No. 76-0-72, No. 25-0-80, No. 99-0-82 and this ordinance, and including . the interest to become due on all bonds hereafter issued and on a parity with the Bonds herein authorized, until there is on hand in said account the full amount of the interest payable on the next succeeding interest payment date; and there shall be credited to the Bond and In- terest Account on the first business day of each month an amount at least equal to one -tenth of the principal of all outstanding bonds authorized and issued pursuant to Ordinances No. 76-0-72, No. 25-0-80, No. 99-0-82 and this ordinance, and including all bonds hereafter issued and on a parity with the Bonds herein authorized, until there is on hand in said account the full amount of the principal becoming due on the next succeed- ing principal maturity date. Credits to the Bond and Interest Account may be suspended in any fiscal year at such time as there shall be sufficient money in said account to pay principal and interest due on the next pay- ment date, but such credits shall again be resumed at the beginning of the new fiscal year. All moneys in said Bond and Interest Account shall be used only for the purpose of paying in- terest and principal on outstanding bonds, the Bonds hereby authorized, and including such bonds as may hereafter be issued and on a parity with the Bonds herein authorized. Any and all sums re- ceived from the purchaser of the Bonds as accrued interest thereon to the date of delivery shall be credited to said Bond and Interest Account. Funds to pay all of said principal and in- terest, together with the fees and expenses of the paying agent or Bond Registrar for said Bonds, • -25- shall be remitted to the paying agent or Bond • Registrar at least fifteen (15) days prior to the date of payment of said principal or in- terest; provided that all fees therefor shall be paid from the. Operation and Maintenance Account. (d) Bond Reserve Account: Beginning on the first business day of the month following the delivery of the Bonds herein authorized, the sum of $12,150 is to be credited each month to the interest reserve fund hereto- fore created and established and now designated as the Bond Reserve Account, and to be accumulated at an annual rate of $145,800 each year until all of the Bonds herein authorized have been paid or provision shall have been made for their payment. Moneys in said Bond Reserve Account shall be retained and used only for the payment of prin- cipal of or interest on all outstanding Water Rev- enue Bonds of said City, on all Bonds authorized pursuant to this ordinance, and including such bonds as may hereafter be issued and on a parity with the Bonds herein authorized, at any time when there are insufficient funds available in the Bond and Interest Account to pay such principal of or interest on such bonds as the same become due; pro- vided, however, that whenever the balance in said account is equal to the maximum principal and in- terest requirements on all of said outstanding bonds and parity bonds for any succeeding fiscal year, any surplus over and above said maximum amount, in the discretion of the City Council, may be trans- ferred to any other account within the Water Rev- enue Fund of said City, or may be used for calling and redeeming bonds prior to their maturity, or for purchasing on the open market at not more than par and accrued interest any of the bonds which are pay- able from the revenues of the waterworks system. No bonds shall be purchased within the sixty (60) days immediately prior to the next succeeding re- demption date of any bonds, and all such bonds pur- chased or redeemed shall be cancelled. (e) Depreciation, Improvement and Extension Account: There shall be credited to the Depreciation, Improvement and Extension Account, after distribu- tion has been made to accounts (a) to (d), inclu- sive, the sum of at least $3,000 each month while 0 -26- any of the Water Revenue Bonds of said City dated • May 1, 1964 are outstanding. At such time as said outstanding bonds have been paid in full, both principal and interest, the amount remaining in the Depreciation Account shall be transferred to the Depreciation, Improvement and Extension Account as provided in paragraph (b) of this sec- tion. Beginning on the first day of the month fol- lowing the payment of said outstanding bonds, there shall be credited to the Depreciation, Improvement and Extension Account on the first business day of each month the sum of $5,100, or such greater amount as may be designated from time to time by the City Council. The moneys in said account shall be used first to provide an adequate allowance for depreciation as shall be determined from time to time by the City Council, and may be used from time to time to pay for any extraordinary maintenance, repairs and necessary replacements, or if not so needed then for improvement or extension of the system. Said funds shall be used at any time to pay principal of or interest on any outstanding bonds payable from the waterworks system whenever there are no other funds available to pay the same; provided, however, •, that from and after such time as said account aggre- gates the sum of $400,000, any sums in excess there- of may be transferred to any other account within the Water Revenue Fund of said City, at the discre- tion of the City Council. All proceeds received from the disposition of any property of the waterworks system shall be credited to this account, and may be used to pay the cost of improvements or extensions to the sys- tem remaining, or transferred to the Bond Reserve Account and used for calling and redeeming bonds prior to their maturity, or for purchasing on the open market at not more than par and accrued inter- est any of the bonds which are payable from the revenues of the waterworks system. (f) Surplus Revenue Account: All revenues remaining in the Water Revenue Fund, after all credits have been made to the respective accounts herein provided for, shall at the end of each month be credited to the Surplus 0 -27- Revenue Account, and the amount so credited shall • be held and used for the following purposes: (1) For making up any deficiency neces- sary to credit accounts (a) to (e), inclusive, with the required amounts therefor for each month as herein - above provided. (2) For paying principal of and interest on any junior lien bonds (subordinate issue). (3) For transfer to any other account of the fund, or at the discretion of the City Council for any lawful corporate purpose, including, but not limited to, any extraordinary costs of opera- tion and maintenance of the system not otherwise provided for, or any authorized payments in lieu of taxes, general supervision and administrative charges by the City. (4) For any lawful corporate purpose, in the discretion of the City Council. (g) Moneys remaining in any of the accounts above may by resolution of the City Council be invested • from time to time. in direct obligations of the United States Government, or investments fully guaranteed by the United States Government, matur- ing not later than the earliest date on which it is estimated the moneys in said account will be needed, but in no event later than five (5) years from the date of such investment. Such securities shall be sold from time to time without further authority of the City Council as moneys may be needed for the purpose for which said accounts have been created. All accrued interest on any moneys so invested shall first be credited to the Water Revenue Fund of said City and then credited to the account for which the investment was made. All uninvested money on hand shall be de- posited in banks selected as depositories by the City Council from time to time so as to be avail- able when needed. Such bank accounts shall be separate from all other City accounts, provided that all money in the Water Revenue Fund may be deposited in a single bank account, except money in accounts (c) and (d) thereof, which shall be deposited in one or more separate bank accounts. 0' -28- Section 8. The City of Evanston covenants and agrees • with the holders of the Bonds hereby authorized that, so long as the Bonds or any of them remain outstanding and unpaid, either as to principal or interest: (a) The City will maintain said waterworks sys- tem and all improvements and extensions thereto in good repair and working order, will operate the same efficiently and faithfully, and will punctually perform all duties with respect there- to required by the Constitution and laws of the State of Illinois. (b) The City will establish and maintain at all times reasonable fees, charges and rates for all users of the service of said system, and provide for the collection thereof and for the segrega- tion and application of the revenues of said sys- tem in the manner provided by this ordinance, and sufficient at all times to pay the reasonable costs of operation and maintenance, to pay the principal of and interest on all revenue bonds of said City which by their terms are payable from the revenues of said system, and to provide for • the creation and maintenance of the respective accounts as provided in Section 7 of this ordi- nance, and from time to time make all needful and proper repairs, replacements, additions and betterments thereto, so that the system may at all times be operated properly and advantageously, and when any equipment or facility shall have been worn out, destroyed or otherwise is insufficient for proper use, it shall be promptly replaced or repaired so that the value and efficiency of said system shall be at all times fully maintained. The City covenants that the City will esta- blish and maintain fees, charges and rates that will be adequate to produce net revenues, as hereinafter defined in Section 9(b), in an amount not less than 125% of the principal and interest requirements for the then current fiscal year. Charges for service rendered the City shall be made against said City, and payment for the same from the corporate funds shall be made monthly into the Water Revenue Fund created by 9 -29- this ordinance, • eration of the manner as other posited. as revenues derived from the op - waterworks system, in the same revenues are required to be de - No free service of the system shall be fur- nished to any person, firm, organization or cor- poration, public or private, and to the extent permitted by law it is expressly herein covenanted and agreed that said City will not grant a fran- chise for the operation of any other or competing waterworks system within the City of Evanston, and that the Bonds herein authorized to be ex- ecuted shall constitute legally enforceable liens on the revenues of the waterworks system of said City, including all further extensions, additions and improvements thereto, whether acquired through purchase, contract or otherwise. (c) The City will establish such rules and regula- tions for the control and operation of said system necessary for the efficient and economical opera- tion thereof, and rates and charges shall be fixed and revised from time to time as may be necessary to produce funds sufficient for all purposes here- in provided until all of the Bonds authorized by this ordinance have been paid in full, both as to principal and interest. • (d) The City will make and keep proper books and accounts (separate and apart from all other records and accounts of said City), in which complete entries shall be made of all transactions relating to said system, and hereby covenants that within ninety (90) days following the close of each fiscal year it will cause the books and accounts of said system to be audited annually by independent cer- tified public accountants showing the receipts and disbursements on account of said system, and that said audit will be available for inspection by the registered owners of any of the Bonds. Each such audit, in addition to whatever matters may be thought proper by the accountants to be included therein, shall, without limiting the generality of the foregoing, include the following: (1) A statement in detail of the income and expenditures of the system for such fiscal year, and including credits to the various accounts provided herein. • -30- (2) A balance sheet as of the end of such fiscal year.. • (3) The accountant's comment regarding the manner in which the City has carried out the accounting requirements of this ordinance, and the accountant's recom- mendations for any changes or improve- ments in the operation of the system. (4) A list of all insurance policies in force at the end of the fiscal year, setting out as to each policy the amount of the policy, the risks covered, the name of the insurer, and the expiration date of the policy. (5) The number of metered water customers and the number of unmetered water customers at the end of the year, and the quantity of water pumped. All expenses incurred in the making of the audit required by this section shall be regarded and paid as an operation and maintenance expense, and it is further covenanted and agreed that a copy of each such audit shall be furnished upon completion to the original purchaser of the Bonds herein authorized, and a summary thereof shall be furnished to any • registered owner of Bonds upon request. In addition, statements of revenues and expenditures of the system shall be furnished to the City Council at least quarterly during each fiscal year, and a copy of such statement shall be furnished to the original pur- chaser of the Bonds herein authorized, and shall also be furnished to any registered owner of Bonds upon request. (e) The City will not sell, lease, loan, mortgage, or in any manner dispose of or encumber said system (subject to the reserved right of said City to issue additional obligations as provided in Section 9 hereof), until all of the Bonds herein authorized shall be paid in full, both principal and interest, or unless and until provision shall have been made for the payment thereof; provided, however, that this covenant shall not prevent said City from dis- posing of any property which in the judgment of the City Council is no longer useful or profitable in the operation of said system, nor essential to the continued operation of said system. • -31- The proceeds from the sale of any property shall be credited to the Depreciation, Improve- ment and Extension Account. (f ) The provisions of this 'ordinance shall consti- tute a contract between the City and the holders of the Bonds authorized to be issued, and after the issuance of said Bonds no changes, additions or alterations of any kind shall be made hereto, ex- cept as hereinafter provided in Section 10, until all of said Bonds and the interest thereon shall have been paid in full, or unless and until provi- sion shall have been made for the payment thereof. Any registered owner of a Bond or Bonds issued hereunder may proceed by civil action, mandamus, or other proceeding to enforce or compel performance by the officials of said City of all duties required by law and this ordinance, including the making and collecting of sufficient charges and rates for the water services supplied by said system, and the application of the income and revenue therefrom. (g) The City will carry insurance on said system of the kinds and in the amounts which are usually carried by private parties operating similar prop- erties, including, without limiting the generality of the foregoing, fire, windstorm insurance, public liability, and all additional insurance covering . such risks as shall be recommended by a competent consulting engineer employed for the purpose of making such recommendation, and all moneys received for loss under such insurance policies shall be de- posited in the Depreciation, Improvement and Exten- sion Account, and used in making good the loss or damage in respect of which they were paid, either by repairing the property damaged or replacing the property destroyed, and provision for making good such loss or damage shall be made within ninety (90) days from date of loss. The payment of premiums for all insurance policies required under the provisions of this covenant shall be considered an operation and maintenance expense. The proceeds derived from any and all pol- icies for public liability shall be credited to the Operation and Maintenance Account and used in paying the claims on account of which they were received. • -32- (h) The City recognizes that the initial pur- chasers and the owners from time to time of the . Bonds will have accepted them on, and paid there- for a price which reflects, the understanding that interest thereon is exempt from federal income taxation under laws in force at the time the Bonds shall have been delivered. In this connection, the City covenants that it will take no action which may render the interest on any of the Bonds subject to federal income taxation. (i) The City covenants that it will at all times retain a Bond Registrar with respect to the Bonds, that it will maintain at the designated office of such Bond Registrar a place or places where Bonds may be presented for payment or registration of transfer or exchange, and that it will require that the Bond Registrar properly maintain the Bond Register and perform the other duties and obliga- tions imposed upon it by this ordinance in a manner consistent with the standards, customs and prac- tices of the municipal securities industry. The Bond Registrar shall signify its accept- ance of the duties and obligations imposed upon it by this ordinance by executing the certificate of authentication on any Bond, and by such execu- tion the Bond Registrar shall be deemed to have certified to the City that it has all requisite power to accept and has accepted such duties and obligations. The Bond Registrar is the agent of the City and shall not be liable in connection with the performance of its duties except for its own negligence or willful wrongdoing. The Bond Registrar shall, however, be responsible for any representation in its certificate of authentica- tion on the Bonds. The City may remove the Bond Registrar at any time. In case at any time the Bond Registrar shall resign, shall be removed, shall become in- capable of acting, or shall be adjudged as bankrupt or insolvent, or if a receiver, liquidator or con- servator of the Bond Registrar, or of the property thereof, shall be appointed, or if any public officer shall take charge or control of the Bond Registrar, or of the property or affairs thereof, the City covenants and agrees that it will there- upon appoint a successor Bond Registrar. The City shall mail notice of any such appointment made by -33- • it to each registered owner of any Bond within . twenty (20) days after such appointment. Any Bond Registrar appointed under the provisions of this Section shall be a bank, trust company or national banking association. Section 9. It is hereby covenanted and agreed that, while any of the Bonds issued hereunder are outstanding, the City will not issue any other bonds or obligations of any kind or nature having a pledge on the revenues of the waterworks system which is prior to the lien on such revenues of the Bonds herein authorized. (a) It is further covenanted and agreed that, while any of the Water Revenue Bonds dated May 1, 1964 remain outstanding, additional revenue bonds to share ratably and equally in the income derived from the operation of said waterworks system shall not be issued unless the revenues derived from the waterworks system for the fiscal year then next preceding were sufficient to pay all costs of op- eration and maintenance, provide the required de- preciation fund and interest reserve fund, and • leave a balance equal to at least one hundred ten per cent (110%) of the aggregate of - (1) The principal and interest require- ments for such year on the bonds then outstanding; (2) One year's interest on the total issue of such additional bonds then proposed to be issued; and (3) An amount of principal of such addi- tional bonds computed by dividing the total amount of such issue by the num- ber of years to the final maturity date of such additional bond issue. (b) The City reserves the right to issue at such time as all of said outstanding bonds dated May 1, 1964 have been paid in full, and from time to time as shall be found necessary and for the best in- terest of the City, additional bonds on a parity with the Bonds authorized herein for the purpose • -34- of constructing or acquiring improvements, replace- ments and extensions of the system, or for the purpose of refunding any of the Water Revenue Bonds of the City, or for any combination of such purposes, but only provided.the City shall have complied with the following requirements: (1) The amounts required to have been credited to the respective accounts (a) to (e), in- clusive, of Section 7 of this ordinance, up to the date of authorization of said additional bonds shall have been credited to said respective accounts; and (2) The net revenues of the system for the fiscal year then next preceding, or the adjusted net revenues of the system for the next preceding fiscal year, if such revenues are adjusted as herein provided, have been equal to not less than one hun- dred thirty per cent (130%) of the maximum combined principal and interest require- ments for any succeeding fiscal year dur- ing the life of the then outstanding bonds, of - (i) all bonds then outstanding pay- able from the revenues to be derived from the operation of • the system, and (ii) on the additional revenue bonds then proposed to be issued. Net revenues for the purpose of this sub- paragraph (2) shall mean the gross revenues of the system less the actual costs of op- eration and maintenance before making pro- vision for depreciation or other accounts as required by this ordinance for such fis- cal year or years, and shall be evidenced by an audit of an independent certified public accountant. Principal and interest requirements shall include principal and interest due January 1 as a requirement of the fiscal year ending December 31 imme- diately preceding such January maturities. In the event there shall have been a change in the rates of the system from the rates 0 -35- in effect for the immediately preceding fiscal year, which change is in effect at • the time of the issuance of any such additional bonds, then the net revenues as provided in this subparagraph (2) shall be adjusted to reflect the net revenues of the system for the immediately preced- ing fiscal year as they would have been had said then existing rates been in effect during all of said year. Any such adjusted net revenues shall be evidenced by the certificate of a certified public accountant or an independent consulting engineer employed for that purpose, which certificate shall be approved by the City Council prior to the issuance of the addi- tional bonds and filed with the City Clerk upon its approval. (c) Notwithstanding the foregoing provisions, the City reserves the further right to issue bonds to refund any of these Bonds, or bonds on a parity therewith, provided they are issued to refund bonds due within three ( 3 ) months of the date of refund- ing and for the payment of which no other funds are or will be available at the maturity thereof. (d) Any additional bonds issued as parity bonds shall be on an equal basis in all respects with the . Bonds herein authorized, shall share ratably and equally in the revenues of said system, and shall mature as to principal on January 1 and as to in- terest on January 1 and July 1. Section 10. At such time as all of the Water Revenue Bonds of said City dated May 1, 1964 have been paid in full, both as to principal and interest, or provision made for the payment thereof, the rights and obligations of the City and of the holders of the Bonds may from time to time be modified or amended by a supplemental ordinance adopted by the City Council with the written consent of the registered owners of not less than two-thirds (2/3rds) of the principal amount of all of the Bonds authorized by this ordinance, 0 -36- and all bonds heretofore issued and hereafter issued on a parity . therewith, then outstanding (excluding any of said bonds owned by or under the control of the City); provided, however, that no such modification or amendment shall extend or change the maturity of or date of redemption prior to maturity, or reduce the interest rave on, or otherwise alter or impair the obligation of the City to pay the principal of and interest on the Bonds herein authorized, at the time, place, rate, and in the currency provided therein, of any Bond herein authorized then outstanding, without the express consent of the registered owner of such Bond, nor shall any such modification or amendment permit the creation of a preference or priority of any Bond or Bonds over any other Bond or Bonds, nor reduce the percentage of the registered owners of outstanding Bonds required for the written consent of such modification or amendment. Each such consent must be on file with the City Clerk prior to the • adoption of such modifying or amendatory ordinance. Section 11. As soon as may be after this ordinance be- comes effective, the Bonds herein authorized shall be sold as a whole or in part, and from time to time by the City Council in such manner as they may hereafter determine. The City Council shall, upon making the award of sale of said Bonds to such bidder, adopt a resolution confirming the sale and fixing the interest rate or rates on such Bonds in accordance with the terms of the acceptable bid. Such Bonds shall thereafter be prepared bearing interest at such interest rate or rates in accordance with the 0 -37-_ resolution confirming sale thereof, and after the execution of said Bonds in the manner as herein provided, the same shall then be de- livered to the purchaser thereof upon receipt of the purchase price therefor. Section 12. The proceeds of sale of the Bonds authorized herein, exclusive of accrued interest, shall be placed in a bank or banks designated as depositories by the City Council in a separate account to be designated the "Waterworks Construction Fund Account (1984) of the City of Evanston". The accrued interest shall be credited to the Bond and Interest Account herein established. The funds in said Construction Fund Account shall be held for the benefit of said City for the purposes herein provided, and for the benefit of the registered owners of the Bonds hereby authorized as their interest may appear, and said funds shall be withdrawn from the de- pository from time to time by the Comptroller of the City only upon submission to him of the following: (a) An order signed by the Mayor and City Clerk, or such other officers that may from time to time be by law authorized to sign and countersign orders on the Comptroller of the City, stating specifically the purpose for which the order is issued and indicating that the payment for which the order is issued has been approved by the City Council; and (b) Each order for withdrawal of funds by the Comptroller for payment to a contractor or con- tractors for work done in connection with the con- struction of said project shall also be accompanied by a certificate executed by the engineer in charge of the construction, stating the nature of the work completed and the amount due and payable thereon. The moneys deposited in the Construction Fund Account may • be temporarily invested from time to time in direct or fully guar- anteed obligations of the United States Government having a maturity date not later than the date or dates on which such funds will be needed. All payments received as principal or interest derived from such investment shall be credited to the Construction Fund Account. Within sixty (60) days after completion of the work in accordance with the plans and specifications therefor, as approved by the City Council, and after all costs have been paid in connec- tion with the construction thereof, the engineers shall certify to the City Council the fact that the work has been completed according to said plans and specifications, and upon approval 'of the comple- tion of the work based upon the engineer's certificate by the City Council, and after all costs have been paid, the Mayor, City Clerk • and Engineer shall execute a certificate and file it with the depository certifying that the work has been completed in accord- ance with the plans and specifications, that all costs have been paid, and if at that time any funds remain in said Construction Fund Account the same shall be transmitted by said depository to the Comptroller of said City, who shall credit said funds to the Depreciation, Improvement and Extension Account. The costs of engineering, legal and financing services, the costs of surveys, designs, soundings, borings,rights-of-way, and all other necessary and incidental expenses, shall be deemed items of cost of construction of the project. • -39- Section 13. The proceeds of sale of the Bonds will be • used and devoted with due diligence for the purposes as provided herein, and the City of Evanston hereby covenants and agrees that, so long as any of the Bonds hereby authorized remain outstanding, and notwithstanding any provisions in this bond ordinance to the contrary with respect to investment of moneys on deposit in the various special funds or accounts herein mentioned, whether such moneys were derived from Bond proceeds, from revenues of the sys- tem, or from any other source, it will make no use of such moneys which, if such use could have been reasonably expected on the date of issue of said bonds would have caused such Bonds to be classi- fied as "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and any lawful regu- lations promulgated thereunder, including Treas. Reg. H 1.103-13, 1.103-14 and 1.103-15 (1979), as the same presently exist or may 46 hereafter from time to time be amended and supplemented. The Mayor, City Clerk and Finance Director are hereby authorized to execute on behalf of the City an arbitrage certificate to that effect. Section 14. If any section, paragraph, clause or provi- sion of this ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this ordinance. Section 15. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance, are, to the extent of such conflict, hereby repealed. is -40- Section 16. This ordinance within ten (10) days after • its passage by the City Council shall be published once in The Evanston Review, being a newspaper published in and having a general circulation in the City of Evanston, Illinois, and shall be in full force and effect, as provided by law. PASSED: VOTE: October 22 , 1984. AY ES: Aldermen Ream, Borah, Pabst, Juliar. Drummer. Neems. Davis. Morton, Summers, Wold, Nelson, Bleveans. Collens. Rainev. and Romain. NAYS: None. ABSENT. Aldermen Barr, Raden, and Korshak. Attest: City Clerk APPROVED: or -41-