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HomeMy WebLinkAboutORDINANCES-1983-097-O-83• ORDINANCE NO. 97-0-83 ORDINANCE providing for the issuance of General Obligation Notes, Series October, 1983, of the City of Evanston, Cook County, Illinois, and providing for levying and collecting a direct annual tax to pay the principal of said notes and the interest thereon. WHEREAS, the provisions of "AN ACT to authorize units of government of the State of Illinois to issue full faith and credit. tax anticipation notes," effective October 1, 1972, as amended, authorizes any city to issue from time to time general obligation notes in an amount not to exceed eighty-five per cent of the taxes • levied for a specific purpose for the year during which said notes are issued, provided, that there are no tax anticipation warrants outstanding against the specific taxes levied for said purpose for said year; and WHEREAS, it is necessary for the City of Evanston to issue its notes to provide funds in the Treasury of sa..d City for ordinary and necessary expenditures, to be issued in the amount of $1,300,000 for general corporate purposes, $500,000 for public library purposes, $300,000 for playground and recreation purposes and $400,000 for insurance purposes, which said amounts do not exceed eighty-five per cent of the taxes levied by said City for saidrespective purposes for the year 1983 and no tax anticipation warrants have been issued. against said respective taxes: • NOW, THEREFORE, Be It Ordained by the City Council of the City of Evanston, Cook County, Illinois, as follows: Section 1. General Obligation Notes, Series October, 1983, of the City of Evanston shall be issued to provide funds in the Treasury of said City for ordinary and necessary expenditures, said notes to be dated October 1, 1983, and to become due on October 1, 1984, to be issued in the respective amounts, to be numbered and to be of the denomination as follows: A. $1,300,000 General Obligation General Fund Notes: Numbers Denomination 1 to 260, inclusive $5,000 • B. $500,000 General Obligation Public Library Fund Notes: Numbers Denomination 1 to 100, inclusive $5,000 C. $300,000 General Obligation Playground and Recrea- tion Fund Notes: Numbers Denomination 1 to 60, inclusive $5,000 D. $4-00,000 General Obligation Insurance Fund Notes: Numbers Denomination 1 to 80, inclusive $5,000 • -2- • Said notes shall bear interest at the rate of. 6.00 per cent per annum, which shall be payable at maturity. Both principal of and interest on said notes shall be payable in lawful money of the United States of America at American National Bank and Trust Company of Chicago, Chicago, Illinois. The corporate seal of the City of Evanston shall be printed on each of said notes and said notes shall be signed by the Mayor by his facsimile signature and attested by the City Clerk. Section 2. Said notes shall pass by delivery, unless registered, and any note may be registered as to principal in the name of the owner on the registry books of the City Comptroller, • such registration being noted on the back of each note so regis- tered, after which registration only such registered owner, or the legal representative of such owner, shall be entitled to receive the principal thereof, and after such registration no transfer thereof stall be valid unless noted on such registry books and similarly noted on the back of the note, unless, the last registra. tion is to bearer, after which it shall be transferable by delivery, but may again be registered as before. Section 3. Each of said notes and the form of_ registra- tion shall be in substantially the following form (with appropriate information inserted in the blank spaces): is -3- LJ (Form of Note) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK CITY OF EVANSTON GENERAL OBLIGATION FUND NOTE SERIES OCTOBER, 1983 Number $5,000 The City of Evanston, Cook County, Illinois, hereby acknowledges itself to owe and for value received hereby promises to pay to bearer, or if this note be registered as to principal then to the registered owner hereof, the sum of FIVE THOUSAND DOLLARS ($5,000) on the first day of October, 1984, with interest thereon from the date hereof until paid at the rate of per cent ( %) per annum, payable at maturity. Both principal hereof and interest hereon are hereby made payable in lawful money of the United States of America at American National Bank and Trust Company of Chicago, Chicago, Illinois. For the prompt payment of this note, both principal and interest, as the same become due, and for the levy of taxes suffi- cient therefor, the full faith, credit and resources of the City of Evanston are hereby irrevocably pledged. This note is one of a series issued in the principal 0 -4- amount of Dollars ($ ) and is issued under the authority of the provisions of "AN ACT to authorize units of government of the State of Illinois to issue full faith and credit tax anticipation notes," effective October 1, 1972, and all laws amendatory thereof and supplemental thereto, to .provide funds for ordinary and necessary expenditures for purposes, and is authorized by an ordinance adopted by the City Council of the City of Evanston on September _, 1983. This note is subject to registration as to principal in the name of the owner on the registry books of the City Comptroller, such registration to be evidenced by notation of said Comptroller • on the back hereof, and after such registration no transfer hereof, except when noted upon such books and similarly noted hereon, shall be valid, unless the last registration shall have been to bearer. It is hereby certified and recited that all acts, condi- tions and things required by law to exist or to be done precedent to and in the issuance of this note, did exist, have happened, been done and performed in regular and due form and time as required by law, that the total amount of the Fund Notes issued for the year 1983, including the issue of which this note is one, does not exceed eighty-five per cent (85%) of the Fund taxes levied for the year r1 L_J 1963, that no tax anticipation warrants have been issued against said taxes levied for the year 1983, that the total indebtedness of said City, including this note and the series of which it forms a part, does not exceed any constitutional or statutory limitation, and that provision has been made for the collection of a direct annual_ tax upon all of the taxable property in the City of Evanston sufficient to pay the interest hereon and the principal hereof when the same mature. IN WITNESS WHEREOF, the City of Evanston, Cook County, Illinois, by its City Council, has caused this note to be signed by its Mayor by his facsimile signature, and attested by its City Clerk, and the corporate seal of said City to be printed hereon, all as of • the first day of October, 1983. Attest: 1; z �jz/V- � Y (Facsimile Signature) City Clerk, City of Evanston, Mayor, City of Evanston, Cock County, Illinois. Cook County, Illinois. [SEAL] (Form of Registration) Bate of Signature of Registration- Name of Registered Owner City Comptroller -6- • Section 4. For the purpose of providing the 'Lun.ds re- quired to pay - the interest on said notes promptly when and as the same falls due, and to pay and discharge the principal thereof at maturity, there shall be and there is hereby levied upon all of the taxable property in the City of Evanston, and there shall be col- lected, the following direct annual tax for the year 1983: For General Fund Notes, a tax to produce the sum of $ �7E on for interest and prin- cipa_; For Public Library Fund Notes, a tax to pro- duce the sum of $ ,2q. �q0. oo for interest and principal; For Playground and Recreation Fund Notes, a tax to produce the sum of $ 317.610.0o for interest and principal; and • For Insurance Fund Notes, a tax to produce the sum of $ 423,480.00 for interest and prin- cipal. Section 5. A copy of this ordinance, duly certified by the City Clerk of the City of Evanston, shall be filed in the office of the Countv Clerk of Cook County, Illinois, and shall constitute authority for the extension and collection of such taxes for the payment of interest on and principal of said respective notes in addition to and in excess of all other taxes levied by said City. Interest on and principal of said notes coming due at any time when there are insufficient funds from the proceeds of the taxes herein levied to pay the same shall be paid promptly when due from 0 • any available money of the City in advance of the taxes herein levied, and when said -taxes shall have been collected reit:.burse_nnent shall be made in the amount so advanced. The funds derived from the taxes heretofore levied in Section 4 shall be and are hereby appropriated and set aside for the sole and only purpose of paying principal of and _nterest on the respective notes when and as the same become due. Section 6. The notes herein authorized shall be executed. by the officials of the City of Evanston as hereinabove provided. as. soon as may be after this ordinance becomes effective, a_nd shall be deposited with the City Comptroller and by said Comptroller shall be delivered to the purchaser thereof, namely, First National Bank • of Chicago , unon receipt o� the purchase price therefor, same being not less than par plus accrued interest to date of delivery and a premium of $ 3,250.00 con tract for the sale of which notes heretofore entered into shall be and the sa.--ne is hereby in all respects ratified and approved. The proceeds of said notes shall be used, -and are hereby appropriated, to provide funds for the respective purposes as indi- cated, and said notes shall constitute the first series of notes issued for 1983 by said City for said respective purposes, pursuant to the provisions of "AN ACT to authorize units of covernment of the • State of Illinois to issue full faith and credit tax anticipation notes," effective October 1, 1972, as amended. Section 7. The County Clerk of Cook County, Illinois, in computing the tax rate for 1983 for the respective funds of the City of Evanston, is hereby directed to reduce said tax rate by the per cent necessary to produce the amount heretofore levied in Sec- tion 4 to pay the principal of and interest on the respecti:.ve notes herein authorized. Accordingly, the taxes levied for the year 19S3 by Ordinance No. 53-0-83 , adopted by the City Council on July 25 1983, a certified copy thereof having been filed with the County Clerk on August 4r 1983, shall be abated by the amounts herein levied to pay the principal of and interest on the notes herein. • authorized, which abatement is itemized as follows: Playground Public arrd Library Recreation Insurance General Fund ' and Fund -Lund Levy -for principal $1,300,000.00 $500,000.00 $300,00-0_00 $400,000.00 Levy for i nterest $ 76. �I o on $ 7g ��n nn $ 17..610.00 $ 2.4.480. 00 Total amount to be abated for 1983 $ 1 , 376, 310.00 $ 529, 350.00 $ 317,610.00 $ 423-480.00 provided, however, that said respective tax rates shall not be re- duced beyond the amount necessary to reimburse any nioney borrowed • from the working cash fund. The City Clerk, not less than thirty (30) days prior to the tax extension date for taxes levied for the year 1983, shall certify to the County Clerk of Cook County, Illinois, the amount of money borrowed from the working cash fund to be reimbursed from the respective tax levy. Section 8. The City covenants that it will take no action in the investment of the proceeds of sale of said notes which would result in making the interest payable on said notes subject to federal income taxes by reason of said notes being classified as "arbitrage bonds" within the meaning of Section 1.03(c) of the Internal Revenue Code of 1954, as amended. Section 9. This ordinance shall take effect and be in is force from and after its passage and publication as provided by law. Adopted: September 26, 1983 Attest: cz,. City Clerk, City of Evanston, Mayor, City of Evanston, [,( Cook County, Illinois. Cook County, Illinois. VOTE: AYE: Aldermen Pabst, Barr, Heaston, Neems, Davis, Rad.en, Korshak, Morton, "Summers, Wold, Nelson, bieveans, Collens, Ramey, Romain, Ream, Borah. NAY: NONE ABSENT: Alderman Juliar -10-