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HomeMy WebLinkAboutORDINANCES-1981-057-O-81ORDINANCE NO. 57-0-81 ORDINANCE providing for the issuance of General Obligation Notes 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 said City for ordinary and necessary expenditures, to be issued in the amount of $4,450,000 for general corporate purposes, $1,100,000 for public library pur- poses and $950,000 for playground and.recreation purposes, which said amounts do not exceed eighty-five per cent of the taxes levied by said City for said respective purposes for the year 1981 and nQ tax anticipation warrants have been issued against said respective taxes: . NOW, THEREFORE, Be It Ordained by the City Council of the Citv of Evanston, Cook County, Illinois, as follows: Section 1. Corporate notes 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 July 15, 1981 and to become due on October 15, 1982, to be issued in the respective a.-nounts, to be numbered and to be of the denomination as follows: • A. $4,450,000 General Obligation General Fund Notes: Numbers Denomination 1 to 38, inclusive $25,000 39 to 738, inclusive $ 5,000 B. $1,100,000 General Obligation Public Library Fund Notes: Numbers Denomination 1 to 44, inclusive $25,000 C. $950,000 General Obligation Playground and Recrea- tion Fund Notes: Numbers Denomination 1 to 38, inclusive $25,000 Said notes shall bear interest at the rate of 8.70 per cent per annum, which shall be payable on April 15, 1982 and at maturity. The interest payments shall be evidenced by proper in- terest cou=ons attached to each note, and said interest shall be payable only upon presentation and surrender of the interest cou:.ons thereto attached as they severs llv become due. Both principal of and interest on said notes shall be payable in lawful mor_ev of the United States of America at THE NORTHERN TRUST COMPANY 9 - -'7- 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, • and the interest coupons shall be executed by the facsimile signa- ture of said Mayor and said City Clerk, which officials, by the ex- ecution of said notes, shall adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons. 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 shall be valid unless noted on such registry books and similarly noted on the back of the note, unless the last regis- tration is to bearer, after which it shall be transferable by de- livery, but may again be registered as before. Such registration, however, shall not affect the negotiability of the interest -coupons by delivery merely. Section 3. Each of said notes and the interest coupons and the form of registration shall be in substantially the follow- ing form (with appropriate information inserted in the blank spaces) : rI L-1 -3- • • (Form of Note) UNITED STATES OF AMERICA STATE'OF ILLINOIS COUNTY OF COOK CITY OF EVANSTON GENERAL OBLIGATION Number FUND NOTE KNOW ALL MEN BY THESE PRESENTS, that 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 DOLLARS ($ ) on the fifteenth day of'October, 1982, with interest thereon from the date hereof until paid at the'rate of per cent ( %) per annum, payable April 15, 1982 and at maturity. Interest due on or prior to maturity shall be payable only upon presentation and surrender of the attached interest coupons as they severally become due. Both principal hereof and interest hereon are hereby made payable in lawful money of the United States of America at 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. amount of This note is one of a series issued in the principal Dollars ($ ) and is issued under the authority of the provisions of "A1V ACT to authorize units of government of the State of Illinois to issue -4 • • • 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 July , 1981. 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. Registration hereof shall not affect the negotiability of the in- terest coupons hereto attached, which shall continue negotiable by delivery merely. 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 1981, 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 1981, that no tax anticipation war- rants have been issued against said taxes levied for the year 1981, that the total indebtedness of said City, including this note and the series of which it forms a part, does not exceed any constitu- tional or statutory limitation, and that provision has been made for the collection of a direct annual tax uuon all of the taxable prop- erty in the City of Evanston sufficient to pay the interest hereon -5- • 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, and the interest coupons hereto attached to be executed by the facsimile signatures of said Mayor and City Clerk, which officials, by the execution of this note, do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, all as of the fifteenth day of July, 1981. Attest: City Clerk, City of Evanston, Mayor, City of Evanston, Cook County, Illinois. Cook County, Illinois. (SEAL) (Form of Coupon) Number R On the fifteenth day of , 1982, the City of Evanston, Cook County, Illinois, promises to pay to bearer Dollars ($ ) in lawful money of the United States of America at , for interest due that day on its General Obli- gation Fund Note, dated July 15, 1981, Number City Clerk, City of Evanston, Mayor, City of Evanston, Cook County, Illinois. Cook County, Illinois. .2M • (Form of Registration) Date of Signature of Registration Name of Registered Owner City Comptroller Section 4. For the purpose of providing the funds 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 1981: For -General Fund Notes, sum of $ 4,933,937.50 cipal; a tax to produce the for interest and prin- For Public Library Fund Notes, a tax to pro- duce the sum of $ 1 . 1 q h� 5 no for interest and principal; and For Playground and Recreation Fund Notes, a tax to produce the sum of $ 1 ,053, 312.50 for interest and principal. 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 County Clerk of Cook County, Illinois, and shall con- stitute authority for the extension and collection of such taxes for the payment of interest on and crincipal of said respective notes in addition to and in excess of all other taxes levied by said Citv. Interest on and principal of said notes coming due at 0 any time when there are insufficient funds from the proceeds of the -7- taxes herein levied to pay the same shall be paid promptly when due from any available money of the City in advance of the taxes herein levied, and when said taxes shall have been collected reimbursement 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 interest 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, and shall be deposited with the City Comptroller and by said Comptroller shall be delivered to the purchaser thereof, namely, THE NORTHERN TRUST COMPANY AND ASSOCIATES , upon receipt of the purchase price therefor, same being not less than par plus accrued 0 interest to date of delivery and a premium of $ 259.00 , contract for the sale of which notes heretofore entered into shall be and the same 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 1981 by said City for said respective purposes, pursuant to 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. Section 7. The County Clerk of Cook County, Illinois, in computing the tax rate for 1981 for the respective funds of the • City of Evanston, is hereby directed to reduce said tax rate by the -8- per cent necessary to produce the amount heretofore levied in Sec- tion 4 to pay the principal of and interest on the respective notes herein authorized. Accordingly, the taxes levied for the year 1981 • by Ordinance No. 44-0-81 , . adopted by the City Council on JUNE 1 1981, a certified copy thereof having been filed with the County Clerk on JUNE 5 _, 1981, shall be abated by the amounts herein levied to pay the principal of and interest on the notes herein au- thorized, which abatement is itemized as follows: Playground and Public Recreation General Fund Library Fund Fund _ _Levy for principal $4,450,000.00 $1,100,000.00 $950,000.00 Levy for interest $ 483 , 937.50 $ 119 , 625. 00 $103 , 312.50 Total levied and amount to be abated for 1981 $ 4,933,937.50 $ 1 ,219,625.00 $1 ,053,312.50 • provided, however,that said respective tax rates shall not be re- duced"beyond the amount necessary to reimburse any money 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 1981, shall certify to the County Clerk of Cook County, Illinois, the amount of money borrowed from the working cash fund to be re- imbursed from the respective tax levy. Section S. 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 classi-!ied as "arbitrage bonds" within the meaning of Sectidn 103(c) of the 0 Internal Revenue Code of 1954, as amended. Section 9. This ordinance shall take effect and be in force from and after its passage and publication as provided by law. C7 Attest: x, City Clerk, City of Evanston, Cook County, Illinois. VOTE: jCoZoCi`ty of ston, kCcoun ty, inois. AYE: Aldermen Bradford, Lambert, Barr, Neems, Lauterbach, Raden, Korshak, Summers, Wyandt, Nelson, Bleveans, Burden, Papangelis, Borah, and Gerson. NAY: (None) ABSENT: Aldermen Heaston and Alexander. (Alderman Romain temporarily absent) • -RWS:rd -10-