HomeMy WebLinkAboutORDINANCES-1978-009-O-78•
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ORDINANCE NO. 9-0-78
AN ORDINANCE providing for borrowing money and
issuing $4,500,000 Corporate Purpose Bonds,
Series 1978, of the City of Evanston, Cook
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, 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 pertaining to its govern-
ment and affairs, including, but not limited to, 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 of
Evanston has the power to incur debt payable from ad valorem tax
receipts maturing within forty (40) years from the time it is in-
curred and without prior referendum approval; and
WHEREAS, on the 27th day of August, 1973, the City Council
of said City did adopt Ordinance 78-0-73 establishing the proce-
dures to be followed in the borrowing of money for public corporate
purposes of said City and the issuing of full faith and credit bonds
of said City.without referendum approval, such ordinance being en-
titled:
"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 DI-
RECTING THE LEVYING OF A TAX FOR THE PURPOSE OF
PAYING PRTNCTPAL 01,4 SUCH BONDS AND IN`IEREST
THEREON AS THE SAME BECOME DUE."
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and which said ordinance 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 of Evanston to
undertake a capital improvement project in connection with the
rehabilitation and renovation of the sewer system of the City as
set out in the Long Range Capital Improvement Program of the City,
in accordance with preliminary plans now on file in the office of
the City Clerk, which project has been estimated to cost $4,500,000;
and
WHEREAS, it is necessary that the sewer improvement
project be initiated in order to meet the needs of the inhabitants
of the City, and it is necessary for that purpose that the sum of
$4,500,000 be borrowed at this time and in evidence of such in-
debtedness full faith and credit bonds of the City be issued in the
principal amount of $4,500,000, and that such indebtedness be in-
curred in accordance with the procedures established in Ordinance
• 78-0-73 and without submitting the question of incurring such in-
•
debtedness 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,$4,500,000
presently needed for the purpose of paying the cost of a capital im-
provement project in connection with the rehabilitation and renova-
tion of the sewer system of the City, there shall be borrowed by,
for and on behalf of the City of Evanston, Cook County, Illinois,
the sum of $4,500,000 and to evidence said loan negotiable coupon
bonds of said City shall be issued.
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Said bonds shall each be
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designated "Corporate Purpose Bond, Series 1978," be dated January
1, 1978, be numbered consecutively from 1 to 900, inclusive, be of
i,he denomination of $5,000 each, and become due serially on January
1 of each of the years and in the amounts and bear interest as fol-
lows:
Serial
Numbers,
Principal
Year of
Rate of
Both Inclusive
Amount
Maturity
Interest
1
to
95
$475,000
1981
4.6o%
96
to
195
500,000
1982
4.606/1.
196
to
300
525,000
1983
4.60%
301
to
410
550,000
1984
11n70%
411
to
525
575,000
1985
4.50%
526
to
645
600,000
1986
4.6o%
646
to
770
625,000
1987
4.6o%
771
to
900
650,000
1988
4.70%
Interest on said bonds shall be payable initially on July
1, 1978 and semiannually thereafter on the first day of January and.
July in each year, which said interest payments to date of maturity
of principal shall be evidenced by proper interest coupons attached
to each bond and maturing on the dates herein provided. Both prin-
cipal and interest shall be payable in lawful money of the United
States of America at The Northern Trust Company
in the City of Chicago , Illinois
. The seal of said
City shall be affixed to each of said bonds and said bonds shall be
signed by the Mayor by his duly authorized facsimile signature, be
attested by the Clerk of said City, and said coupons shall be signed
and attested by said officials, respectively, by their respective
facsimile signatures, and said officials, by the execution of said
bonds, shall adopt as and for their_ own proper signatures their
respective facsimile signatures appearing on said coupons.
Section 2. The bonds hereby authorized shall be payable
to bearer, provided, however, that such bonds may be -subject to
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registration as to principal in the name of the holder on the books
of the Comptroller of said City, such registration to be evidenced
by notation of said Comptroller on the back of such bonds so regis-
tered. No bond so registered shall be subject to transfer, except
upon such books and similarly noted on the back thereof, unless the
last registration shall have been to bearer. Such registration of
any of said bonds shall not, however, affect the negotiability of
the coupons attached to said bonds, but such coupons shall continue
negotiable by delivery merely.
— Section 3. Each of said bonds and the interest coupons
to be attached thereto shall be in substantially the following
form:
Number
.(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTY OF COOK
CITY OF EVAN.STON
CORPORATE PURPOSE BOND, SERIES 1978
$5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of Evanston,
Cook County, Illinois, hereby acknowledges itself to owe and for
value received promises to pay to bearer or, if this bond be regis-
tered, to the registered holder hereof, the sum of FIVE THOUSAND
DOLLARS ($5,000) on the first day of January, 19 , together with
interest on said sum from the date hereof until paid at the rate of
per cent ( %) per annum, payable on July
1,'1978 and semiannually thereafter on January 1 and July 1 in each
year upon presentation and surrender of the respective interest
coupons hereto attached as they severally become due and payable.
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Both principal and interest are hereby made payable in
lawful money of the United States of America at
in the City of
1
For the prompt payment 6f this bond, both principal and
interest, as aforesaid, at maturity, and the levy of taxes suffi-
cient for that purpose, the full faith, credit and resources of
said City are hereby irrevocably pledged.
This bond is one of an authorized issue of $4,500,000
being issued by said City for the purpose of paying the cost of a
capital improvement project in connection with the rehabilitation
and renovation of the sewer system of the City, pursuant to and in
all respects in compliance with the applicable provisions of Sec-
tion 6 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 the procedures for issu-
ing full faith and credit non -referendum bonds, and an ordinance
authorizing the issuance of this bond and the series of which it
forms a part, duly published, and now in full force and effect.
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
Illinois 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
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performed in regular and due form and time as required by law;
.'that 'the indebtedness 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 in-
curred, does not exceed any constitutional or statutory limita-
tion, 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 here-
,
on as the same falls due and also to pay and discharge the prin-
cipal hereof at•maturity.
This bond is subject to registration as to principal in
the name of the holder on the books of the City Comptroller, such
registration to be evidenced by notation of such Comptroller on
the back hereof, and after such registration no transfer hereof,
except upon such books and similarly noted hereon, shall be valid
unless the last registration shall have been to bearer. Registra-
tion hereof shall not affect the negotiability of the coupons
hereto attached, which shall continue negotiable by delivery
merely, notwithstanding registration hereof.
IN WITNESS WHEREOF, said City of.Evanston, Cook County,
Illinois, by its City Council, has caused its corporate seal to
be hereunto affixed, and this bond to be signed by the Mayor -of
said City by his duly authorized facsimile signature and attested
by its City.Clerk, and the coupons hereto attached to be signed
and attested by said officials, respectively, by their facsimile
signatures, and said officials, by the execution hereof, do adopt
as and for their own proper signatures their respective facsimile
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4I�-. : • ,YI, w tier�y� � « '1•r� ,..+ r•.,I'. .•m�.. „ .�,a,r.,.;,.y 'T••.• •.i•� S•7'�}"y-'.�^' ` .ie:•. J�c+ ..+P�
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signatures appearing on said coupons, all as of the first day of
January, 1978.
Attest:
City Clerk,
City of Evanston,
Cook County, Illinois.
[SEAL]
Mayor,
City of Evanston,
Cook County, Illinois.
(Form of Coupon)
Number $
On the first day of 19—, the City of Evanston,
Cook County, Illinois, will pay to bearer
Dollars ($ ) in lawful money of the United States of America
at
in the City of for interest due
that day on its Corporate Purpose Bond, Series 1978, dated January
1, 1978, Number
Attest:
City Clerk,
City of Evanston,
Cook -County, Illinois.
Mayor,
City of Evanston,
Cook County, Illinois.
(Form for Registration as to Principal)
Date of Signature of
Registration Name of Registered Owner. City Comptroller
-7-
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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 matur-
ity, there shall be and there is hereby levied upon all of the tax-
able property within said City, in each year while any of said
bonds.are outstanding, a direct annual tax sufficient for that pur-
pose, 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 following direct annual tax, to -wit:
For the Year A Tax Sufficient To Produce The Sum Of
1978 $415,250.00 for interest up to January 1,
1980
1979
$682,625.00
for
interest
and
principal
1980
$685,775•00
for
interest
and
principal
1981
$687,775.00
for
interest
and
principal
1982
$688,625.00
for
interest
and
principal
1983
$687,775.00
for
interest
and
principal
• 1984
$686,900.00
for
interest
and
principal
1985
$684,300.00
for
interest
and
principal
1986
$680,550.00
for
interest
and
principal
Interest or principal corning 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 funds 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
•
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\^S^� fir- ^t,.. v!tJ e't �,..,.h •C *st'ryM: i;�,a! �" ''t'1. : fry'..• '. �.,i �I� r�•'v: >�• w ; �" w',t"'••,rti �: •,•J,.. ,^ `e,yr�.�:.` 'a.�•'�.t•' .,�'�'',/..ia.h„�ft
•�,i}��' „11'4i���,y�•.f� '�'�„�}i §'•�,,;.t : .a'r, eeyy .`x..,.�, �.'�"vr_4•..�.;,:.-, k ,.:^;� •;� .r � -ti N � ' �r, , ::•P, �� a � �._•• � ,;,�� ...i:;.,�••,e-�•� �.... 'td'�` �•i^,
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•: � .. •,:i':�'.'.... .-P"' dam.,,
direct the deposit of such funds with the paying agent herein desig-
nated, and further, in and by such ordinance, shall direct the
abatement of the tax so levied by the amount deposited. A certi-
• fied 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 1978 to 1986, 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 by
•
said
City for general
corporate purposes
of said City,
and
in 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, and when collected such .taxes
shall be used solely for the purpose of paying principal and inter-
est upon the bonds herein authorized when same mature.
Section 6. The funds derived from such levy shall be
and the same are hereby appropriated and set aside for the sole
and only purpose of paying principal of and interest on said bonds
when and as the same become due. The funds derived from the sale
of said bonds shall be and they are hereby appropriated and set
aside for the purpose hereinbefore set out.
M
.r, .!►.:�3��i no •�ti•'�r. .�. .,y..� i„ $ 'L.: .:ri.a.. - '-`•- 7�'.-Y.�'__'
�,• {K,: ,.:'i+'M. •y t!s'�' t?�1 .;��:�. ..: i�•��' t..l,t ."V'X.cL.�'t.`, .�,t,l� '}. �: �. �'Si 'i��.•w., �, �,:.,�... �tl•.C.�•.t'..:y •.. '"'r".. "T"'r'�::.:�. "'.
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.Ft:� .�� ,. .i.,a�. •v yi�}�,..�.i �� "l'' `:t• l:�L �;`, S,r: �,�;=�F.."ri."�•�;.'•� -c�zn•.4+ti'j,'1�`.'
+A';� '; •;h' '� :�`•`'. i:" t _.,Si 'Jry`�,�'� � �jjj�'.0 Y »� .,fiA�'� i'''. t�.v+�: Y.. :b e,y,l�,,,+--r.-r.•... f•�i,l,,,,,«r,,.;.�..
-
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Sa �" ,y�� "�,7• 'y''' 'a�+W` ` ''�.. .�G•r• "�t`'.�e,�'.�m:. "��`.+�.�, *r,., Z,'. �.. , f:y• e- �'r, . C;ytp'`:!w''i� "C'��'y'a '�` .�• �+h"r
'�` " F;,`�'y�,y+�,�1,�"', • _...,.' 7�11 '�`'"•�? ':;•i�►�,;vti•: ..:!'.•'�'•''�d':/ y_. `.f�' •.R ti„".c �5'`, .. , �.�1• y ,).•, .,t Xt,•�%,. t �. , •4,6;.` `:.�... c r'�!r• �.
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' The proceeds of sale of the bonds will be used and de-
voted with due diligence for the purpose as provided herein, and
said City covenants and agrees with the purchasers and holders of
is the bonds herein authorized as follows:
(a) Within six months after the delivery of said
bonds said City expects to incur substantial binding
obligations in connection with the project herein au-
thorized, said obligations being in an aggregate amount
not,.less than 2-1/2% of the estimated cost of said
.. project;
(b) The City Council expects more than 85% of
the spendable proceeds of the bonds, including invest-
ment proceeds, will be expended on or before December
1, 1980, said date being within three years following
the date of issue of said bonds;
• (c) The project herein authorized is expected
to proceed with due diligence to completion;
(d) The property, both real and personal, to be
acquired and constructed with bond proceeds is not
expected to be sold or otherwise disposed of, in whole
or in part, prior to the last maturity of said bonds;
(e) All of the principal proceeds of the bonds
are needed for the purpose of the project herein au-
thorized, including expenses incidental to such pur-
pose and to the issuance of the bonds;
(f) Accrued interest received upon the sale of
the bonds will be applied to the first interest due
• thereon; and
-10-
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a.rd�"a �. �4p`� , E :i`. ;e�iY :.wr.Y.�::.:.... .,:r.i�#f^..'�s L�� y r.. .�
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,�T.ij"•`�� �i�'".:F;., ..i` ' �" ., }x: ,�:_.'Yi;�"i � `"',4�'. "fix � a •} •a,. .�.�,.,. S .i. , � "`¢.'• .,w;•_ w�.-..a..
.. , .ram: .t"CP..� , r_'� •. , . i' i...t. e'.r' r , -61oY.x/W i • �: i! ,�i3a...
tx". .3 .•. iiaaiu'�" � �"w ..`wrw.e�YntiIJ.,F�o:,.. i.i;'�.:,n"�,,•;•'':._.,... ,
`a�<� C '}•'��'� dah''*;'m. J��`f'",, `^�. �.�va y'•,�,.%.a; �. r`. .,�.;, �,`'.rt•, •"r,PZIh'p;��•:�+x}Y .'J'� ��, A'..,�. i � .L. .,ter ♦f•C:,! �.")•;"
°� "' .+.'n•�..,tix�» �.•^� � �r � •ram� a�,y��wr1,..Y�any''"•±'Vs' �J�r.. �rv+�� yy":7a�'..5�; .r+ ✓ �' it +:'r ' / vk'` . ``ri+. _ 3'..'!�'�% � `r.
,ro%,r� •'r `"aV'k"'�'+VZ'•",%. ;'• ...a"�"•" y•.. .. �`..� •, 'aJ t���.sF';{,�`.n'�r•' 1 < ra,,,j.7�}r ��.�: ,r;'1+ ,.y,•:,� � r.-• �.,,: 1'�t:w'" °.s i" ;�.:� ... o-�l
•
• N
- C
(g) To the best of the knowledge and belief of
the City Council there are no facts, estimates or
circumstances that would materially change the con-
clusions and representations set out in this section.
The City Council also certifies and covenants with the
purchasers and holders of said bonds from time to time outstanding
that, so long as any of said bonds remain outstanding, moneys on
deposit in any fund or account in connection with said bonds,
whether or not such moneys were derived from the proceeds of the
sale of said bonds or from any other source, will not be used in
a manner which will cause such bonds to be "arbitrage bonds" with-
in the meaning of Section 103 of the Internal Revenue Code of 195411
as amended, and any lawful regulations promulgated or proposed
thereunder, including Sections 1.103-13 and 1.103-14 of the Income
Tax Regulations [26 CFR Part 1], as the same presently exist, or
may from time to time hereafter be amended, supplemented or re-
vised. The City Council reserves the right, however, to make any
investment of such moneys permitted by state law if, when and to
the extent that the provisions of said Section 103 relating to
arbitrage, or regulations promulgated thereunder, shall be repealed
or relaxed or shall be held void by final decision of a court of
competent jurisdiction, but only if any investment made by virtue
of such repeal, relaxation or decision would not, in the opinion
of counsel of recognized competence in such matters, result in mak-
ing the interest on said bonds subject to federal income taxation.
Section 7. Forthwith after this ordinance has become
effective as.provided by law, the bonds herein authorized shall be
executed and delivered to The Northern Trust Company and Associates in association
with Banc Northwest and associates the purchaser thereof, upon receipt of
-11-
ilrrc..��•
.:,'t'.`.ca.��"'�..+`o^li�y;�,.`<`!�',�f�^!�''`e"'ti?r-•��+''/,-,+.�•.„-t.,'•"!.y�,�`p ,.
ry
•
•
:rd
the purchase price therefor, same to be not less than the par value
of said bonds plus accrued interest to date of delivery and a
premium of $ 201.00 and the contract for the sale of said bonds
to said purchaser, heretofore entered into, shall be and the same
is hereby in all respects ratified, approved and confirmed.
Section 8. All ordinances, resolutions and orders, or
parts thereof, in conflict herewith, are to the extent of such con-
flict 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: January 23, 1978•
VOTE:
AYE: Aldermen Borah, Papangelis, Romain, Allen, Flamm, Nelson, Wyandt,
Alexander, Fitzsimons, Lauterbach, Neems, Heaston, Barr, Laycock and Hoover.
NAY: None
ABSENT' Aldermen Lange, Meyers and Summers.
ATTEST:
4at-"t' //•
A-0-�
City Clerk
APPROVED:
mil.^
yor
-12-
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