HomeMy WebLinkAboutORDINANCES-1974-094-O-74ORDINANCE NO. 911--0-74
AN ORDINANCE PROVIDING FOR THE I SSUAIICE OF $40,000.00
AD VALOREM TAX BONDS -OF SPECIAL SERViCE DISTP,1CT n . 1
r I Tv OF FvAij(s i,wi
BE IT ORDAINED by the City•Council of the City of Evanston, Cook
County, Illinois as follows:
SECTION 1: Findings
A. City of Evanston Special Service Area No. 1, consisting of
the following described territory:
All of Lots 11 and 12 in Block 29 and all of Lots 2
(except the West eighty feet thereof), 3, 4, 5, 6,
and that portion of Lots 7, 8, 9, and 10 lying East
of the line determined by the point forty-one feet
East of the East line of the Public Alley on the
North line of Lake Street, and a point forty-one
feet East of the East line of the Public Alley on
the North line of Lake Street, and a point thirty-
seven feet East of the East line of said Public Alley
on the North line of Lot 7 in Block 52 in Evanston
in the Southwest quarter of Section 18, Township 41
North, Range 14, East of the Third Principal Meridian
in Cook County, Illinois. (A map of said Proposed
District being attached hereto as Exhibit A.)
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has been created by an Ordinance entitled "An Ordinance Establishing City of
Evanston Special Service District i;o. 1" - 44-0-74, adopted may 6, 1974, and
pursuant to said Ordinance and Article VII Sections 6(a) and 6(1) of the
Constitution of the State of 111-inois and pursuant to:
"An Act to provide the manner of levying or imposing taxes
for the provision of special services to areas within the
boundaries of horse rule units and non -home rule municipali-
ties and counties:" (Public Act 78-901)
The City of Evanston is authorized to issue its bonds, the principal and
Interest of which are payable from ad valorem taxes levied against the
taxable property located in said Special Service Area.
B.' That no petition was filed.opposing the creation of the
Special Service Area or the levy of taxes or issuance of bonds pursuant to
Section 9 of Public Act 78-901.
C. it is in the judgment of the City Council of the City of
Evanston necessary and for the best Interests of the City of Evanston and
City of Evanston Special Service Area No. 1
That the parkways in said special -service area on that
segment of S`Ierm<:n Avenue between Lake Street and Grove
Strect from Si erman Avenue east to the al k-y be improved
by the insollation of new sidewalks with surface treatment
of exposed annreaata and band!-, of brick paver, along the
curbs ood al.:Duilu Poo kiW1Ill:: ers, tili'tt2 1 igilL (Doles, isree-
wcl is and stre; t intersection, corners; tho installation of
new street 1iglltinc7, street trees, tree grates and street
fUrnitur'e SuCh a:; di'inkiriq fotlntalrlS, 11-aslr r'C
cep r;� Cle,
and fire hydrants which nlormal,ly occupy City rights -of -way.
The bond proceeds shall be used solely and only for improvements for which
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the City is authorized either to levy taxes -or special assessments or
appropriate City funds under the provisions of.the Illinois Municipal Code,.
which improvements will be public improvements located on property owned by
the City.
D. The estimate of cost for said improvements is $40,000.
E. It is in the best interests of the City of Evanston and City
of Evanston Special Service Area No. 1 that said $40,000 be borrowed for the
purposes aforesaid and in evidence thereof, bonds of the City payable from
taxes levied against said Special Service Area be issued.
F. The question of the establishment of the area hereinafter
described as a special service area was considered by the City Council at a
hearing held on April 9, 1974, pursuant to notice duly published in the
Evanston Review, a newspaper published in the City of Evanston at least
fifteen (15) days prior to the hearing and pursuant to notice by mail directed
to the person who paid the general taxes for the last preceding year on each
lot, block, tract or parcel of land included in the special service area,
said notices being mailed not less than ten (10) days prior to the time set
for hearing and said notices conforming in all respects to "An act to provide
the manner of levying or imposing taxes for the provision of special services.
to areas within the boundaries of home rule units and non -home rule munici-
palities and counties" (Public Act 78-901). A Certificate of Publication of.
said notice and an Affidavit of Mailing of said notice being duly attached to
the City of Evanston Ordinance !}ir-0-74 Special Service District No. i adopted
May 6, 1974.
SECTION 2: Issuance of Bonds That.there be borrowed on behalf of
City of Evanston Special Service District No. 1 the sum of $40,000 for the*.*
purposes aforesaid; that bonds of the City, payable solely and only from
ad valorem taxes levied against all the taxable.property in said Special
Service Area, wlthotft limit as to rate and amount, be issued In said amount,
said bonds to be known as City o.f Evanston Special Service District No. 1
Act Valorem Tax Bonds, and said bonds to be dated December 1, 1974, and be of
'the denomination of $5,000 e<.,(h, be numbered consecutively from 1 to 8,
incl,tsive9 and that said .bonds --hall become clue serially on ,Ianr+:�ry 1 of.e.ac,h
of the years and in the amounts and beer- into,rest annually at the rates as
BONDS NU•10ERE0
YEAR
AMOI IT
(ALL 1f1. iuir_RS I NCLUS ivr)
RATE OF I11TERrST
1977.
$5,000
1
5 %
1978
5,000
- 2
5.10
1979
5,000
3
5*
1980
5,000
4
5.40
1981
5,000
5
5+
1982
5,000
;•
5.60
1983
5,000
7
5.70
1984
5,000
8
5.80
Jess
said interest to be paid July 1, 1975, and semi-annually thereafter on the first
day of January and July of each year, and that said bonds become due and payable
serially on January 1 of each year.
That the seal of said City shall be affixed to each of said bonds and
said bonds shall be signed by the Mayor and attested by the Clerk of said City
and that the interest accruing on such bonds to the date of maturity of the
principal shall be evidenced by coupons thereto attached, maturing on the.
several days when such interest matures, and signed and attested by the Mayor
and the Clerk of the City, respectively by their respective facsimile signa-
tures,.and such officers shall, by the execution of said bonds, adopt as and
for their respective proper signatures their respective facsimile signatures
appearing on said coupons; that said bonds and coupons be payable in lawful
money of the United States of America at EVANSTON BANK. EVANSTON. ILLINOIS
That such bonds shall be payable to Bearer, provided, however, that such
bonds may be subject to registration as to principal in the name of the holder
on the books of the City Treasurer, upon the back of such bonds• so registered.
iJo bond so registered shall be subject to transfer except upon such books and
similarly noted on the*back thereof, unless the last registration thereof shall
have been to Bearer. Such registration of any said bonds shall not, however,
affect the negotiability of .the coupons thereto affixed, but such coupons shall
continue transferable by delivery merely.
SECT1011 3: Form of Bonds. That such bonds shall be in substantially
the following form:'
(FORM OF BOND)
UNITED STATES OF AMER I CA
STATE OF ILLiNOIS
.COUNTY OF COOS:, CITY OF EVANSTON
SPECIAL SERVICE DISTRICT NO..1
AD VALOREM TAX BOND
$5,000
Know All tier► By T,'ic:,e Presents, that the City of Evanston, Cook County,
Illinois, hereby .icl;nowledges itself to owe c-nd for value received proinlses to
pay to bearer, p.- if this bond be registered, then to the registercd holder ..
hereof, solely from taxes levied against all taxable property in that part of
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said City known as Special Service District No. 1 and not otherwise, the sum
of FIVE THOUSAND (55,000) DOLLARS on the first day of January, 19_, together
with interest thereon at the rate of per cent ( %) per annum, from -
date hereof until paid, payable July 1, 1975, and semi-annually thereafter on
the first day of January and July in each year, on presentation and surrender
of the interest coupons hereto attached, 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 Illinois.
THIS BOND is one of a series of bonds aggregating the principal sum of
FORTY THOUSAND AND NO/100 ($40,000.00) DOLLARS issued by -said City of Evanston
for the purpose
of improving the parkways in City of Evanston Special
Service Area Number One on that segment of Sherman
Avenue between Lake Street and Grove Street and the
south parkway of Grove Street from Sherman Avenue east
to the alley by the installation of new sidewalks with
surface treatment of exposed aggregate and bands of
brick pavers along the curbs and around parking meters,
street light poles, tree -wells and street intersection
corners; the installation of new street lighting, street
trees, tree grates and street furniture such as drinking
fountains, trash receptacles and fire hydrants which
normally occupy city rights -of -way
pursuant to and in all respects in compliance with the provisions of Article
VII Sections 6(a) and 6(1) of the Constitution of the State of Illinois and
"An act to provide the manner of levying or imposing taxes for the provision
of special services to areas within the boundaries of home rule units and
non -home rule municipalities and counties" (Public Act 78-901), and in
compliance with an Ordinance duly passed by the City Council of said City and
approved by the Mayor thereof in all respects as by law required..
IT IS HEREBY CERTIFIED and recited that all conditions, acts and things
required by the Constitution and Laws of the State of Illinois, to exist or to
be done precedent to and in the issuance of this bond did exist, have happened,
been properly done and performed in regular and due form and time as required
by law; that the indebtedness of said City of Evanston Special Service District
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No. I thereof, represented by this bond and the issue of which they form 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 the taxable property in said City of Evanston
Special Service District No. 1 sufficient to pay the interest hereon as it falls
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due and also to pay and discharge the principal hereof at maturity.
THIS BOND is subject_:to registration as to principal in the name of the
holder on the books of the City Treasurer, such registration to be evidenced
by notation of said Treasurer 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. Registration
hereof shall not affect the negotiability of the coupons hereto attached,
which shall continue negotiable by delivery merely, notwithstanding registra-
tion hereof.
IN WITNESS WHEREOF, said City of Evanston, Cook County, Illinois, by its
Council, has caused its corporate seal to be hereto affixed and this bond to be
signed by the Mayor of said City 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 officers do, by the execution hereof,
adopt as and for their ovrn proper signatures their respective facsimile signa-
tures appearing on said coupons, all as of the
ATTEST:
City Clerk
City of Evanston
Cook County, Illinois
( FORM OF COUPON)
No.
day of , 1974.
Mayor, City of Evanston
Cook County, Illinois
R
On'the first day of 19 , the City of Evanston, Cook
County, Illinois, promises to pay to bearer solely out of taxes levied against
all taxable property in Special Service District Nlo. 1 of said City
United States. of America at the
) DOLLARS in 1 a,, -if u l money of the
, Illinois, for irate-est due that day
on its Special Service Distr'ict No. 1 Ad Valorem Tax Bond dated
19 , No.
ATTEST: _.
City Clerk
City (.)I: Evan' -Jon
Cook County, Illinois
mayor, City of Evanston
Cook County, Illinois
M
t
(FORT -I OF REGISTRATION OF MINE RSH I P)
SIGNATURE OF
DATE REG I STFRED NAME OF REG i STrf;CD Old NER CITY TRCASURER:
SECTI011 4: Levy of Tax. That for the purpose of providing the funds
required to pay the interest on said bonds as it fails due, and also to pay
and discharge the principal thereof at maturity, there be and there shall.be
levied upon all the taxable property, as defined in Revenue Act of 1939, within
City of Evanston Special Service Area No. 1, a direct annual tax for each of
the years while said bonds or any of them are outstanding in amounts sufficient
for that purpose, and that there be and there is levied upon ail the said
taxable property in said City of Evanston Special Service Area No. 1 in
addition to all other taxes the following direct annual tax, to -wit:
YEAR OF LEVY
1974
1975
1976
1977
1978
1979
1980
1981
1982
A�TP;{ Si!FFtC!'Ti4tirt�`_�ErC
$2,348.06 FOR INTEREST THROUGH JANUARY 1, 1976
7,167.50
6,917.50
6,662.50
6,400.00
6,130.00
5,855.00
5,575.00
5,290.00
SECTiO3 5: Extension of Taxes. That forthwith as soon as this Ordinance
becomes effective, the City Clerk of this City be and he is hereby directed to
file a copy of this Ordinance with.the County Clerk of Cook County, which copy
shall be certified to by the City Clerk and which certification shall recite
• that this Ordinance has been passed by the City Council of said City and
published and it shall be the duty of said County Clerk to annually in and for
each of the years 1974 to 1932, inclusive, ascertain the rate per cent required
to produce the aggregate tax herein before levied, and extend the same for
collection on the tax books against all of the taxable property within the City
of Evanston Special Service Area No. 1 in addition to,other taxes levied in
each of said years for general corporate purposes of said Special Service. Area
In order to ralse.the respective amounts lev-1ed aforesaid, and in each of said
years such annual tax sha11 be computed, extended and collected in the same
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manner as riow or hereafter provided by law for the computation, extension And
collection of taxes for general corporate purposes of said Special Service Area,
and when collected, the taxes hereby levied shall be placed to the credit of a
special fund to be designated City of Evanston Special Service District Noa.'l .
Ad Valorem Tax Bond and Interest Fund, which fund is hereby irrevocably pledged
to and shall be used only for the purpose of paying the principal of and
Interest on the bonds here authorized.
SECTION b: Secirecuation of funds. That the funds derived from such levy
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 same
• become due. That the funds derived from the sale of said bonds be and they are
` hereby appropriated and set aside for the purpose herein before set out.
SECTION 7: Arbitrage Provisions. That the City covenants with the
Purchaser and ail purchasers and holders of the City of Evanston Special Service
Area No, i Bonds from time to time outstanding that so long as any of the bonds
remain outstanding, moneys on deposit in any fund or account in connection with
the bonds, whether or not such ri;onays were derived from the proceeds of the
sale of the bonds or from any other sources, will not be used in a manner which
will cause the bonds to be "arbitrage bonds" within.the meaning of Section
103(d) of the Internal Revenue Code of 1954, as amended, and any iawful regula-
t'ions promulgated or proposed thereunder, including Sections 1.103-13 and
1.103-14 of the Income Tax Regulations (26CFR Part 1), as the same exist on
this date, or may from time to time hereafter be amended, supplemented or
revised.. The City reserves the right, however, to make any investment of such
moneys permitted by Illinois law, if, when and to the extent that said Section
103(d) or regulations promulgated thereunder shall be repealed or relaxed or
shall be held void by final judgment 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 reco,nized.conpetence in such matters,
result in rsa king the interest on the bonds subject to federal income taxation.
SECTION 8: Delivery of Bonds. That forthwith after this Ordinance has
become effective, as provided by law, the bonds herein authorized shall be
exe:uted and deli"vered to the Treasurer of said City and'be by him dellvered
to EVANSTON BANK, EVANSTON. ILLINOIS upon receipt or the purchase price
therefor, same to be. not less than the oar value},:of said bonds plus accrued
interest to date of delivery, contract for the saTc of said bonds to said
purchaser, heretofore entered into, be and the sanio Is hereby in aiI respects
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ratif led, approved and confirmed,
SECTION 9: Effective Date. That all ordinances, resolutions and orders,
or parts thereof, in conflict herewith, be and the some are hereby repealed'and
this Ordinance shall be in full force and effect upon its passage and publica-
tion, as provided by law.
APPROVED:
ADOPTED December 2, 1974
ATTEST:
/s/ Maurice'F. Brown
City Clerk
City of Evanston
Cook County, Illinois
1
/Rj Rdgar `pnnmman Tr
Mayor, City of'Evanston
Cook County, Illinois
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