HomeMy WebLinkAboutORDINANCES-1980-107-O-8010/16/80
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107-0-80
AN ORDINANCE
Amending Ordinance No. 78-0-73 and
Incorporating Said Ordinance as
Amended into Title I of City Code
WHEREAS, on August 27, 1973, the City Counci_ of the City of
Evanston, Cook County, Illinois, did adopt Ordinance No. 78-0-73 entitled:
"AN ORDINANCE ESTABLISHING PROCEDURES TO BE FOLLOWED IN
INCURRING INDEBTEDNESS FOR CORPORATE PURPOSES, ISSUING
NON -REFERENDUM BONDS TO EVIDENCE SUCH INDEBTEDNESS AND
AUTHORIZING AND DIRECTING THE LEVYING OF A TAX FOR THE
PURPOSE OF PAYING PRINCIPAL OF SUCH BONDS AND INTEREST
THEREON AS THE SAME BECOME DUE."
which said ordinance is now in full force and effect; and
WHEREAS, Section 3 of said ordinance did provide that bonds is-
sued pursuant to said ordinance shall bear interest at a rate which shall
not exceed eight per cent (8%) per annum; and
WHEREAS, interest rates on municipal_ bonds have been rising
steadily and rapidly to new record high levels and it is not possible
to sell bonds within the maximum rate heretofore established, and accord-
ingly it is necessary and for the best interests of the City that said
Section 3 be amended to permit the issuance of bonds:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF EVANSTON, COUNTY OF COOK AND STATE OF ILLINOIS, AS FOLLOWS:
SECTION 1: Section 3 of said Ordinance No. 78-0-73, adopted on
August 27, 1973, is amended to read as follows:
"Section 3: The Bond Ordinance shall indicate the amount
of money necessary to be borrowed, the amount of bonds to be issued
in evidence thereof, shall fix the details of such bonds, including
the date, number, denomination and maturity, which shall not exceed
forty (40) years from the date of said bonds, the terms of redemp-
tion with or without premium, if redeemable prior to maturity, and
the rate or rates of interest. The bonds shall be sold in such
manner and at such time as may be determined by the City Council.
A contract for the sale of such bonds may be entered into
prior to the adoption of the Bond Ordinance or the.Bond Ordinance
may provide for the subsequent sale of the bonds therein authorized.
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In the event of such subsequent sale and bonds are sold bearing
interest at a rate or rates less than that authorized in the
Bond Ordinance, prior to the delivery of such bonds the taxes
levied in the Bond Ordinance shall be abated by that amount
representing the savings resulting from the sale of said bonds
at a lower rate of interest than authorized in the Bond Ordinance."
SECTION 2: The City Code of the City of Evanston, 1979, as
amended, is further amended to add said Ordinance 78-0-73, as amended here-
in as Title I, General Administration, Chapter 19, Procedures for Incurring
Municipal Indebtedness.
SECTION 3: This ordinance shall be in full force and effect
immediately upon its passage and approval.
Introduced: &A6� 02 1980.
Adopted: 1980.
ATTEST:
City Clerk
Approved as to form:
1�
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Corporation Counsel
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Approved: 1980