HomeMy WebLinkAboutORDINANCES-1983-098-O-83•
ORDINANCE NO. 98-0-83
AN ORDINANCE providing for borrowing money and
issuing $11,625,000 Corporate Purpose Bonds,
Series.1983, of the City of Evanston, Gook
County, Illinois, and providing for the levy
and collection of a direct annual tax for the
payment of the principal of and interest on
said bonds.
WHEREAS, the City of Evanston, Cook County, Illinois (the
"City"), has a population in excess of 25,000 as determined by the
last official census and, accordingly, pursuant to, the provisions
of the 1970 Constitution of the State of Illinois and particularly
Article VII, Section 6(a) thereof, said City is a home rule: unit
and as such may exercise any power or perform any function pertain-
ing to its government and affairs, including, but not limitedto,
the power to tax and to incur debt; and
WHEREAS, pursuant to the provisions of Sections 6(d) and
6(k) of said Article VII of said 1970 Constitution, the City has
the power to incur debt payable from ad valorem tax receipts matur-
ing within forty (40) years from the time it is incurred and, with-
out prior referendum approval; and
WHEREAS, on the 27th day of August, 1973, the City Council
of the City did adopt Ordinance 78-0-73 establishing the procedures
to be followed in the borrowing of money for public corporate pur-
poses of the City and the issuing of full faith and credit bonds of
the City without referendum approval, such ordinance being entitled:
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"AN ORDINANCE ESTABLISHING PROCEDURES TO BE FOL-
LOWED IN INCURRING INDEBTEDNESS FOR CORPORATE
PURPOSES, ISSUING NON -REFERENDUM BONDS TO EVI-
DENCE SUCH INDEBTEDNESS AND AUTHORIZING AND
DIRECTING THE LEVYING OF A TAX FOR THE PURPOSE
OF PAYING PRINCIPAL ON SUCH BONDS AND INTEREST
THEREON AS THE SAME BECOME DUE."
and which Ordinance No. 78-0-73 was amended by Ordinance No. 107-0-80
adopted by the City Council on November 10, 1980, and which said
procedural ordinance, as amended, is now in full force and effect;
and
WHEREAS, it is deemed to be necessary, essential and in
the best interests of the inhabitants of the City to obtain funds
to pay the cost of continuing certain projects set forth in the
Capital Improvement Program of the City, including, providing funds
• to install a comprehensive street lighting program, in accordance
•.
with preliminary plans now on file in the office of the City Clerk,
and which projects now require additional funds in the amount of
not less than $4,500,000; and
WHEREAS, it is necessary for that purpose that such sum
be borrowed at this time and in evidence of such indebtedness
general obligation bonds of the City be issued; and
WHEREAS, pursuant to Ordinance No. 63-0-B2 adopted on
June 14, 1982, the City authorized the issuance and delivery of
$6,500,000 Corporate Purpose Bonds, Series 1982, such bonds being
dated July 1, 1982, due serially in varying amounts on January 1
of each of the years 1985 to 1996, inclusive, all of which are now
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• outstanding and unpaid (hereinafter designated the "Outstanding
Bonds"); and
WHEREAS, it is deemed to be desirable and in the best
interests of the inhabitants of the City to refund the Outstanding
Bonds in order to achieve a savings in interest cost; and
WHEREAS, it is in the best interests of the City to issue
general obligation bonds in the aggregate principal amount of
$11,825,000 to provide funds for refunding purposes and for the
Capital Improvement Program, and that such indebtedness be incurred
in accordance with the procedures established in Ordinance No.
78-0-73, as amended, and without submitting the question of incur-
ring such indebtedness to the electors of said City for their
• approval:
NOW, THEREFORE, Be It Ordained by the City Council of
the City of Evanston, Cook County, Illinois, as follows:
Section 1. In order to raise the sum of $11,825,000
presently needed for the purpose of paying the cost of projects in
the Capital Improvement Program and for paying the cost of refund-
ing the Outstanding Bonds, as set forth in the preamble of this
ordinance, there shall be borrowed by, for and on behalf of the
City of Evanston, Cook County, Illinois, the sum of $11,825,000,
and to evidence said loan general obligation bonds of the City
(the "Bonds") shall be issued. The Bonds shall each be designated
"Corporate Purpose Bond, Series 1983," shall be dated October 1,
01983, and shall also bear the date of authenticzflion,, shall be in
fully registered form, shall be in denominations: of $5, 000 each
and any integral multiple thereof (but no single, -Mond shall repre—
sent installments of principal maturing on more Shan. one date),
shall be numbered 1 and upward, and shall become due serially on
January 1 of each of the years and in the amounts and. beerinterest
as folloris ( subject to the right of prior redenp`_on hereinafter
set Forth):
Principal
Year of
P.zte of
Amount
Maturity
Interest
S325, 000
1986
9-..75%
300)000
1987
10.00
300,000
1988
10.00
325,000
1989
10..00
325,000
1990
10.00
325,000
1991
5.50
3501000
•
1992
8-c0
375,000
1993
8_00
375,000
1994
8.D0
400,000
1995
g-on
425,000
1996
K20
450,000
1997
8;3V
500,000
1998
8..40
525,000
1999
8_5D
525,000
2000
9.60
575,000
2001
8.70
600,000
2002
8.75
650,000
2003
8.75
7 00, 000
2004
8.75
725,000
2005
8.75
8 00, 000
2006
8.75
850,000
2007
8-75
925,000
2008
8-75
175,000
2009
8-75 .
Each Bond shall bear interest from its date or prom the
most recent interest payment date to which interest has been paid
or dully provided for, whichever date is later, such interest
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(computed 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,
commencing on July 1, 19b4. Interest on each Bond shall be paid
by check or draft of American National Bank and Trust Company of
Chicago, in Chicago, Illinois, or its successor, as bond registrar
and paying agent (the "Bond Registrar"), to the person in whose
naine such Bond is registered at the close of ousiness on the 17th
day of the calendar month next preceding the interest payment date.
The principal of the Bonds and redemption premium, if any, shall
be payable in lawf ul money of the United States of America at the
principal corporate trust office of the Bond Registrar in Chicago,
Illinois.
• The Bonds shall oe 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 oe 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.
All Bonds shall nave thereon a certificate of authentica-
r�
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 obligatory
for any purpose or be entitled to any security or benefit under
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this ordinance unless and until such certificate of authentication
shall have been duly executed by the Bond Registrar by manual
signature, 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
reg' stration and for the transfer of the Bonds as provided in this
ordnance to be kept at the principal corporate trust office of the
Bond Registrar, which is hereby constituted and appointed the
• registrar of the City. The City is authorized to prepare, and the
Bond Registrar shall keep custody of, multiple Bond. blanks executed
by the City for use in the transfer and exchange of Bonds.
Upon surrender for transfer of any Bond at the principal
corporate trust office of the Bond Registrar, 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 a new
fully registered Bond or Bonds of the same maturity of authorized
denominations for a like aggregate principal amount. Any fully
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registered Bond or Bonds may be exchanged at said office of the
Bond Registrar for a like aggregate principal amount of Bond or
Bonds of the same maturity of other authorized denominations. 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 Registrar 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 Bend 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 or interest 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 securities
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• depository wnich uses a book entry system, the standing, of ttie
registered owner to enforce any of the covenants herein may be
establisned tnrough the books and records of such securities de-
pository or a participant therein.
No service charge shall oe made for any transfer or
exchange of Bonds, but the City or the Bond Registrar may require
payment of a sum sui'ficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or,
exchange of Bonds, except that no such payment may be required
in the case of the issuance of a Bond or Bonds for the unredeemed
portion of a Bond surrenderea for redemption.
Bonds due on or after January 1, 1995 are redeemable
• prior to maturity at the option of the City, in whole or in part on
January 1, 1994 or on any interest payment date thereafter, and if
less than all of the outstandinb Bonds are to be redeemed,. the
Bonds to be called shall be called in the inverse order of their
maturity and if less than ail of a single maturity is so redeemed
then by lot within a maturity in the manner hereinafter provided,
the Bonds to be redeemed at the redemption price of par plus a
premium of 1% of the principal amount plus accrued interest to the
date fixed for redemption.
The Bonds shall be redeemed only in the principal amount
of $5,000 each and integral multiples thereof. In the event of the
redemption of less than all the Bonds of like maturity the aggre-
gate principal amount thereof to be redeemed shall be $5,000 or an
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integral multiple thereof and the Bond Registrar shall assign to
each Bond of such maturity a distinctive number for each $5,000
principal amount of such Bond and shall select by lot from the
numbers so assigned as many numbers as, allocating $5,000 to each
number, shall equal the principal amount of such Bonds to be
redeemed. The Bonds to be redeemed shall be the Bonds to which
were assigned numbers so selected; provided that only so much of
the principal amount of each Bond shall be redeemed as shall equal
$5,000 for each number assigned to it and so selected. The City
shall, at least forty-five (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 particular Bonds or portions of Bonds to be redeemed
shall be selected not more than sixty (60) days prior to the re—
demption date by the Bond Registrar.
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.
Section 2. Unless waived by any holder of Bonds 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
redemption notice by registered or certified mail at least thirty
• (30) days and not more than sixty (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:
(1) the redemption date,
(2) the redemption price,
(3) if less than all outstanding Bonds are to be
redeemed, the identification (and, in the case
of partial redemption, the respective prin-
cipal amounts) of the Bonds to be redeemed,
(4) that on the redemption date the redemption
price will become due and payable upon each
such Bond or portion thereof called for re-
demption, and that interest thereon shall
• cease to accrue from and after said date,
and
(5) the place where such bonds are to be sur-
rendered 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 redemp-
tion date, become due and payable at the redemption price therein
specified, and from and after such date (unless the City shall
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• default in the payment of the redemption price) such Bonds or por-
tions 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
maturity in the amount of the unpaid principal.
If any Bond or portion of Bond called for redemption
shall not be so paid upon surrender thereof for redemption, the
principal shall, until paid, bear interest from the redemption
date at the rate borne by the Bond or portion of Bond so called
• for redemption. All Bonds which have been redeemed shall be
cancelled and destroyed by the Bond Registrar and shall not be
reissued.
Section 3. The Bonds shall be prepared in compliance
with the National Standard Specifications for Fully Registered
Municipal Securities, prepared by the American National Standards
Institute. The Bonds, the certificate of authentication too be
endorsed thereon and the form of assignment are all to be in
substantially the following form:
• (Form of Bond - Face)
No.
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTY OF COOK
CITY OF EVANSTON
CORPORATE PURPOSE BOND,
SERIES 1983
The City of Evanston, Cook County, Illinois, for value
received hereby promises to pay to the Registered Owner identified
below, or registered assigns as hereinafter provided, on the matur-
ity date shown below:
Dated Date: October 1, 1983
CUSIP
• Registered Owner:
Maturity Date Principal Amount Rate of Interest
the principal amount shown above and to pay interest (computed on
the basis of a 360-day year of twelve 30-day months) on such prin-
cipal 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, 19M until. said prin-
cipal sum is paid. Principal of this Bond, and redemption 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
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• and paying agent (the "Bond Registrar"). Payment of the install-
men,s 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 17th 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
Uwner at the. address as it appears on such registration books, or
at such other address furnished in writing by such Registered Owner
to tiie Bond Registrar.
For the prompt payment of tnis Bond, botal principal and
interest, as aforesaid, at maturity, and the levy of taxes suffi-
cient for tnat purpose, the full faitn, credit and resources of
said City are hereby irrevocably pledged.
•
Reference is hereby made to the further provisions of
this Bond set forth on the reverse side hereof, and such further
provisions shall for all purposes have the same effect as if set
forth at this place.
This Bond snall not be valid or become obligatory for
any purpose until the certificate of authentication hereon shall
have been signed by the Bond Registrar.
It is hereby certified and recited that, all acts, condi-
tions and things required by the Constitution and Laws of the State
of Illinois, and including the procedures established by the City
ordinance for the exercise of its home rule powers conferred by
• Section 6 of Article VII of said Constitution of the State of Illinoi.s
in issuing its full faith and credit bonds payable from ad valorem
property tax receipts without prior referendum approval, to exist
or to be done precedent to and in the issuance of this Bond, have
existed and have been properly done, happened and been performed. in
regular and due form and time as required by law; that the indebted-
ness of-said,City of Evanston, represented by this Bond and the
issue of which it forms a part, and including all other indebtedness
of said City, howsoever evidenced and incurred, does not exceed
any constitutional or statutory limitation, and that provision has
been made for the collection of a direct annual tax, in, addition
to all other taxes, on all of the taxable property in said, City
sufficient to pay the interest hereon as the same falls due and
also to pay and discharge the principal hereof at maturity.
•
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 S is City
Clerk, and its corporate seal or a facsimile thereof to be im-
pressed or reproduced hereon, all as of the first day of October,
1983.
[SEAL]
Attest:
(Facsimile Signature)
City Clerk,
City of Evanston,
• Cook County, Illinois. -14-
(Facsimi-le Signature)
P4ayor,
City of Evanston,
Cook County, Illinois.
• . CERTIFICATE, OF AUTHENTICA^lION
Date of Authentication:
This Bona is one of the Bonds described in the within
mentioned ordinance and is one of the Corporate Purpose Bonds,
Series 19dj, of the City of Evanston, Cook County, Illinois.
AMERICAN NATIONAL BANK AND
Tr,U&T COMPANY OF CHICAGO,
as Bond Registrar,
By
Authorized Officer
(Form of bond - Reverse Side)
• CITY OF EVANSTON, COOK COUNTY, ILLINOIS
CORPORATE PURPOSE, GOAD, SERIES lydj
This Bond is one of an authorized issue of bonds aggregat-
ing the principal amount of �li,625,000 (the "Bonds") meing issued
by the City for the purpose of paying the cost of certain projects
constituting part of the Capital Improvement Program of the City,
and for paying the cost of refunding $b,500,000 currently outstand-
ing bonds of the City, pursuant to and in all respects in compliance
with the appl-icable provisions of Section b* of Article VII of the
Constitution of the State of Illinois, and in compliance with the
provisions of an ordinance adopted by the City Council of said City
establishing t1e procedures for issuing full faith and credit
non -referendum bonds, and an ordinance authorizing the issuance of
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this Bond and the series of which it forms a part, duly publisned,
and now in full force and effect.
Tne Bonds maturing on or after January 1, 1995 are re-
deemable prior to maturity at the option of the City, in whole or
in part on January 1, 1994 or on any interest payment date there-
after, and if less than all of the outstanding h5onds are to be
redeemed, the Bonds to be called snali oe called in the inverse
order of their maturity and if less than all of a single maturity
is so redeemed tnen by lot within a maturity in the manner herein-
after provided, the Bonds to be redeemed at the redemption price
of par plus a premium of 1/o of the principal amount plus accrued
interest to the date fixed for redemption.
• The Bonds shall be redeemed only in the principal amount
of S5,OOU each and integral multiples thereof. In the event of
the redemption of less than all the Bonds of like maturity the
aggregate principal amount thereof to be redeemed shall be ;$5,000
or an integral multiple thereof and the Bond Registrar shall assign
to each Bond of such maturity a distinctive number for each $5,UUU
principal amount of sucn Bond and shall select by lot from the
numbers so assigned as many numbers as, allocating $5,O00 to each
number, snall equal the principal amount of such bonds to be re-
deemed. The Bonds to be redeemed shall be the Bonds to which were
assigned numbers so selected; provided that only so much of the
principal amount of each Bond shall be redeemed as shall equal
$5,000 for eaen number assigned to it and so selected.
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• Notice .of any such redemption shall be sent by registered
or certified mail not less than thirty (30) days nor more than
sixty (6U) days prior to the date fixed for redemption to the
registered owner of eacn Bond to be redeemed at the address shown
on the registration booxs 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 re-
demption, this Bond will cease to bear interest on the specified
redemption date, provided funds for redemption are on deposit at
the place of payment at that time.
Tne 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 ;nailed, nor during
a period of fifteen (15) days next preceding mailing of a notice of
redemption of any i3onds.
This Bond is transferable by the registered nolder nereof
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
same maturity and for the same aggregate principal amount will be
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• issued to the transferee in exchange therefor.
The Bonds are issued in fully registered form in the de-
nomination of $7,000 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 maturity of other authorized denominations, upon the
terms set forth in the authorizing ordinance.
The City and the Bond Registrar may deem and treat the
registerea holder hereof as the aosolute owner hereof for the pur-
pose of receiving payment of or on account of principal hereon" and
interest due hereon, and for all other purposes, and neither the
City nor the Bond Registrar shall be affected by any notice to the
contrary.
ASSIGiJ1qElgT
FOh VALUE RECEIVED, the undersigned sells, assigns and
transfers unto
(Name and Address of Assignee)
the within Bond, and does hereby irrevocably constitute and appoint
American National Bank and Trust Company of Chicago, in Chicago,
Illinois, or its successor, as Bond Registrar to transfer the said
Bond on the books kept for registration thereof, with full power of
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• substitution in the premises.
Dated:
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.
is Section 4. For the purpose of providing funds required
to pay the interest on said Bonds 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 within said City, in each year while any of said Bonds are
outstanding, a direct annual tax sufficient for that purpose, and
there shall be and there is hereby levied on all of the taxable
property in said City, in addition to all other taxes, the follow-
ing direct annual tax, to -wit:
Wor
the Year
A
Tax Sufficient To Produce
The Sum Of
1983
$
1,295,312.50 for
interest
up
to January 1, 1985
1984
$
1,361,250.00 for
interest
and
principal
1985
$
1,304, 562. 50 for
interest
and
principal
1986
$
1,274,562.50for
interest
and
principal
1987
$
1 ,269,562.50 for
interest
and
principal
19�8
$
1,237,062.5ofor
interest
and
principal
1989
$
1,204,562.50 for
interest
and
principal
1990
$
1,198,687.50for
interest
and
principal
1991
$
1 ,195, 687.50 for
interest
and
principal
1992-
$
1,165,687.50for
interest
and
principal
1993
$
1,160,687.50for
interest
and
principal
1994
$
1,153,687.50for
interest
and
principal
•
1995
$
1,143,837.50for
interest
and
principal
1996
$
1 ,156,487.50for
interest
a-:d
princ; Dal'
1997
$
1,139,487.50for
interest
and
principal
1998
$
1,094,862.50for
interest
and
principal
1999
$
1,099,712.50for
interest
and
principal
2000
$
1,074,687.50far
interest
and
principal
2001
$
1 ,072,187. 50for
interest
and
principal
2002
$
13065,312.50for
interest
and
principal
20o3
$
1,029,062.50for
interest
and
principal
2004
$
1,040,625.00for
interest
and
principal
2005
$
1 ,020,625.001 or
interest
and
principal
2006
$
1 ,021 ,250.o0for
interest
and
principal
2007
$
190,312.50 for
interest
and
principal
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Interest or principal• coming due at any time when there
are insufficient funds on hand from the foregoing tax levy to pay
the same shall be paid promptly when due from current funds on hand
in advance of the collection of said taxes herein levied, and when
said taxes shall have been collected reimbursement shall be made to
said f unds,in the amount thus advanced.
In the event that funds derived from sources other than
described above are made available for the purpose of paying any of
such interest or principal, the City Council, by ordinance, shall
direct the deposit of such funds with the Bond Registrar herein
designated, and further, in and by such ordinance, shall direct the
abatement of the tax so levied by the amount deposited. A certified
• copy of such ordinance shall be filed with the County Clerk prior
to the extension of such tax for collection.
Section 5. Forthwith as soon as this ordinance becomes
effective, a copy hereof, certified to by the Clerk of said City,
which certificate shall recite that this ordinance has been passed
by the City Council of said City, and published, shall be filed
with the County Clerk of Cook County, Illinois, and said County
Clerk shall, in and for each of the years 1983 to 2007, both years
included, ascertain the rate per cent required to produce the
aggregate tax hereinbefore provided to be levied in said year, and
said ordinance shall constitute authority for said County Clerk
to extend the same for collection on the tax books in connection
with other taxes levied in each of said years, respectively, in and
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*by said City for general corporate purposes of said City, and in
r
each of said years, such annual tax shall be levied and collected
by said City in like manner as taxes for general corporate purposes
for each of said years are levied and collected, and in addition
to and in excess of all other taxes. 1rr.en collected the taxes
hereby levied shall be placed to the credit of a special fund to
be designated "Corporate Purpose Bonds, Series 1983, dated October
1, 1983, Debt Service Fund," which is hereby irrevocably pledged
to and shall be used solely for the purpose of paying principal of
and interest on the Bonds herein authorized when same mature.
A certified copy of this bond ordinance shall also be
filed with the Bond Registrar.
Section 6. Forthwith after, this ordinance has become
•effect{ ve as provided by 12w, the Bonds herein authorized shall be
executed and delivered to
Northern Trust Company and
Associates J. the purchaser thereof, upon receipt of
the purchase price therefor, same to be not less than the par value
of the Bonds plus accrued interest to the date of delivery and a
premium of $ 101.00 and the contract for the sale of the Bonds
A. said purchaser, heretofore entered into, shall be and the se.ne
is hereby in all respects ratified, approved and confirmed.
Section 7. The City recognizes that the in.ialial pur-
chasers and the owners from time to time of the Bonds will have
accepted them on, and paid therefor a price which reflects, the
understanding that interest thereon is exempt from federal income
•
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taxation under laws in force at the time the Bonds shall have been
delivered. In this connection, the City agrees that it will take
no action which may render the interest on any of the Bonds subject
to federal income taxation.
The Mayor, the City Clerk and the Comptroller of the City,
or any of them, are hereby authorized to execute on behalf of the
City an arbitrage certificate to assure the initial purchasers and
the owners from time to time of the Bonds that the proceeds of the
Bonds are not expected to be used in a manner which would or might
result in the Bonds being "arbitrage bonds" under Section 103(c)
of the Internal Revenue Code of 1954, as amended (the "Code"), or
the regulations of the United States Treasury Department currently
in effect or proposed. Such arbitrage certificate shall constitute
• a representation and certification of the City, and no investment
of Bond proceeds or of moneys accumulated to pay the Bonds herein
authorized shall be made in violation of the expectations pre-
scribed by said arbitrage certificate.
The City further recognizes that Section 103(j) of the
Code requires the Bonds to be issued and to remain in fully regis-
tered form in, order that interest thereon is exempt from federal
income taxation under laws in force at the time the Bonds are de-
livered. In this connection, the City agrees that it will not
take any action to permit the Bonds to be issued in, or converted
into, bearer or coupon form.
Section 8. All moneys derived from the issuance of the
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• Bonds hereby authorized shall be used only for the .purposes herein
specified. Not less than $4,500,000 of the principal proceeds
shall be used for the purpose of paying the cost of certain projects
constituting part of the Capital Improvement Program of the City.
Simultaneously with the delivery of the Bonds, $7,325,000
of the principal proceeds of the Bonds, or such lesser amount as
may be necessary, shall be used for the payment of expenses asso—
ciated with the issuance of the Bonds, and refunding the Outstanding
Bonds and providing for the payment of the principal of and interest
on the Outstanding Bonds as the same become due. The use and appli—
cation of such funds shall be pursuant to an Escrow Ag.reement to be
hereafter authorized by the City Council.
Accrued interest payable on the Bonds shall be and is
• hereby appropriated for the purpose of paying first interest due on
the Bonds and, to that end, is hereby ordered deposited into the
Debt Service Fund herein created, together with the proceeds of
taxes herein levied for the payment of the Bonds. Interest re—
ceived from investment of deposits in the Debt Service Fund, unless
otherwise directed by the City Council, shall be retained in the
Debt Service Fund for payment of the Bonds on the interest payment
date next after such interest is received.
Section 9. Except for the taxes heretofore levied and
collected and to be used to pay interest due on the Outstanding
Bonds due on January 11 1984, all other proceeds received from any
taxes heretofore levied to pay principal and interest on the
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Outstanding Bonds shall be deposited into the Debt Service Fund
and used to pay principal of and interest on the Bonds in accord—
ance with the provisions of this ordinance. To the extent possible,
said taxes heretofore levied to pay the Outstanding Bonds shall
be abated.
Section 10. All ordinances, resolutions and orders, or
parts thereof, in conflict herewith, are to the extent of such
conflict hereby repealed, and this ordinance shall be in full force
and effect upon its passage, approval and the publication thereof
as provided by law.
ADOPTED:4p,6��( , 1983
• VOTE:
AYE: Aldermen Pabst, Barr, Heaston, Neems, Davis, Raden, Korshak, Morton,
Summers, wold, Nelson, Bieveans, Collens, Rainey, Romain, Ream, Borah.
NAY: NONE
ABSENT: Alderman Juliar
APPROVED:
Attest:
Mayor
azu� Y, Aot�
City Clerk
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