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HomeMy WebLinkAboutORDINANCES-1974-080-O-7480-0-74 ORDINANCE providing for the issuance of �2,500,000 General Obligation General Fund Notes: of the City of Evanston, Cook County, Illinois, and providing for levying and collecting a direct annual tax to pay the prin- cipal of said notes and the interest thereon. 10 WNEREAS, 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, authorizes any city Ito issue from time to time general obligation. notes in an amount not to exceed seventy-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 in the amount of $2,500,000 to provide funds in the Treasury of said City for ordinary and necessary -expenditures for general fund corporate purposes, which said amount does not exceed seventy-five per cent of the taxes levied by said City for said purpose for the year 1974 and no tax anticipation warrants have been issued against said taxes: NOW, THEREFORE, Be It Ordained by the City Council of the City of Evanston, Cook County, Illinois, as follows: Section 1. That corporate notes of the City of Evanston be issued in the principal amount of $2,500,000 to provide funds in the Treasury.of said City for ordinary and necessary expendi- tures for general fund corporate purposes, each of which said notes 11 • shall be designated "General Obligation General Fund Note", be dated September 15, 1974, become due on September 15, 1975, and shall be numbered, of the denomination and bear interest as fol- lows: Rate of Number Denomination Interest 1-17 $100,000 6 3/4% 18-52 $ 10,000 6 3/4. 53-142 $ 5,000 6 3/4% • 041 Interest on said notes is payable on May.15, 1975.and at maturity, which interest payments shall be evidenced by proper interest coupons attachedto each note, and said interest shall be payable only upon presentation and surrender of the interest coupons thereto.attached as they severally become.due. Both principal of and interest on said notes shall be payable in lawful money of the United States of America at THE FIRST NATIONAL BANK OF CHICAGO The corporate seal of the City of Evanston shall be affixed to each of said notes and said notes shall be signed by the Mayor and attested by the City Clerk, and*the interest coupons shall be executed by the facsimile signature of said Mayor and said City Clerk, which officials, by the executionofsaid notes, shall adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons. Section 2. That said notes shall pass by delivery, un- less registered, and any note may be registered as to principal -2- 0 "1 :? in the name of the owner on the registry books of the Treasurer of • said City, such registration being noted on each note so registered, 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 note, unless the last registration is to bearer, after which it shall be transferable by delivery, but may again be regis- tered as before. Such registration, however, shall. not affect the negotiability of the interest coupons by delivery merely. Section 3. That each of said notes and the interest coupons and form of registration shall be in substantially the fol- lowing form: • (Form of Note) . UNITED STATES OF AMERICA STATE OF ILLINOIS _COUNTY OF COOK CITY OF EVANSTON GENERAL OBLIGATION GENERAL FUND NOTE N,ambe r $ 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 September, 1975, with interest thereon from the date hereof until paid at the rate of • per cent per annum, payable May 15, .1975 and at maturity. Interest due on or prior to maturity shall -3- I i L I {r� E U 0 {1 3 be payable only upon presentation and surrender of the annexed in- terest 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. This note is one of a series issued in the principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000) and is issued under the authority of 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, and all lags amendatory thereof and supplemental thereto, to provide funds for ordinary and necessary expenditures for general fund corporate purposes, and is authorized by an ordinance - adopted by the City Council of the City of Evanston on September 1974. _This note is subject to registration as to principal in the name of the owner on the .registry books of the Treasurer of said City, such registration to be evidenced by notation of. said Treasurer on the back hereof, and after such registration no trans- fer 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 interest coupons hereto attached, which shall continue nego- tiable by delivery merely. 0 .1 • 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 General Fund Notes issued for the year 1974, including the issue of which this note is one, does not exceed seventy-five per cent (75 0) of the General Fund taxes levied for the year 1974, that no tax anticipation warrants have been issued against said taxes levied for the year 1974, that the total indebtedness of said City, including this note and the series of which it forms a part, does not exceed any constitutional or stat- utory limitation, and that provision has been made for the collec- tion of a direct annual tax upon all of the taxable property in the City of Evanston sufficient to pay the interest hereon and the • principal hereof when the same mature. IN WITNESS 17HEREOF, the City of Evanston, Cook County, Illinois, by its City Council, has caused this note to be signed by its Mayor and attested by its City Clerk, and the corporate seal of said City to be hereunto affixed, and the interest coupons here- to attached to be executed by the facsimile signatures of the 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 September, 1974. Attest: Mayor, City of Evanston, • Cook County, Illinois. City Clerk, City of Evanston, Cook County, Illinois. (SEAL) -5- . H L- (Form of Coupon) • Number $ On the day of , 1975, 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 Obligation General Fund Note, dated September 1.5, 1974, Number City Clerk, City of Evanston, Cook County, Illinois. • (Form of Registration) Date of Registration Name of Registered Owner U �`r Signature .of City Treasurer Section 4. That for the purpose of providing the funds required 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 be and there is hereby levied upon all of the tax- able property in the City of Evanston, and there shall be collected, the following direct annual tax: For the year 1974, a tax to produce the sum of $ 2,668,750.00 for interest and principal. J -6- 0 -1 C Section 5. That a copy of this ordinance, duly certi-. • fied 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 constitute authority for the extension and collection of such taxes for the payment of interest on and principal of said notes in addi- tion to and in excess of all other taxes levied by said City. Interest on and principal of said notes coming due at any time when there are insufficient funds from the proceeds of the taxes herein levied to pay the same shall be paid promptly whhen due from any assailable money of the City in advancement of the taxes herein levied,, and when said taxes shall have been col- Isacted reimbursement shall be made in the amount so advanced. Section 6. That the notes herein ,authorized shall be • e acuted 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 Treasurer of the City and by said Treasurer shall be delivered to the purchaser thereof, namely, THE FIRST NATIONAL BANK OF CHICAGO , upon receipt of the purchase price therefor, same being not less than par and accrued interest to date of delivery, and a premium of $ 925.00 , contract for the sale of which notes heretofore entered into be and the same is hereby in all respects ratified and approved. The proceeds of said notes shall be used to provide funds for general fund corporate purposes, and said notes in the prin- cipal ammmt of $2,500,000 shall constitute the only series of notes issued for 1974 by said City for said purposes pursuant to the pro- visions of "AN ACT to authorize units of government of the State of n -7- 0.1 7 Illinois to issue full faith and credit tax anticipation notes", • effective October 1, 1972. Section 7. That the County Clerk'of Cook County, Illinois, in computing the tax rate for 1974 for the general fund of the City of Evanston, is hereby directed to reduce said tax Y-ate by the per cent necessary to produce the amount heretofore levied in Section 4 to pay the principal of and interest on the General Obligation General Fund Notes herein authorized. Accord- ingly, the general fund taxes levied for the year 1974 by Ordinance 2'-0-74, adopted by the City Council on July 22, 1974, a certified copy thereof having been filed with the County Clerk on August 9, 1974, shall be abated by the amount herein levied to pay the principal of and interest on the notes herein authorized, which abatement is itemized as follows: • Levy for principal of notes $2,500,000.00 Levy for interest on notes $ 168,750..00 Total levied and amount to be abated from general fund $ 2,668,750.00 taxes for 1974 provided, however, that said tax rate shall not be reduced beyond the amount necessary to reimburse any money borrowed from the working cash fund. The City Clerk, not less than thirty (30) days prier to the tax extension date for taxes 'levied for the year 1974, 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 general fund tax levy. Section 8. That 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 L 6 . subject to federal income taxes by reason -,of said notes being • classified as "arbitrage bonds" within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended. Section 9. That this ordinance shall take effect and be in force from and after its passage and publication as provided by law. I Introduced: August 26, 1974 Passed: September 3, 1971+ Attest: 7• City Clerk, City of Evanston, Cook County, Illinois. Approved: September 3, 1974 s s F Mayor Cit$f of Evanston, Cook County, Illinois. AYE: A3.8,?rm2n NnmEer, Pittcfnrd, WinfiPlA_ Arinkmnnn, Neems, Moran, F��gc��n noht�r_ Alpxanc3arAlpxanc3ar_ W�anc3t�L�t,1P_ Staples Jans, NAY: Rneafsey. Lyons. Lange and Harris . ABSENT: Alderman Summers. WS : rd -3/20/74 c _9_ 6