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HomeMy WebLinkAboutORDINANCES-1974-008-O-74REVISED JANUARY 21, 1974 ORDINANCE NO. 8-0-74 AN ORDINANCE providing for borrowing money and issuing bonds of the City of Evanston, Cook County, Illinois, to the amount of $1,210,000 for the purpose of paying part of the cost of constructing an indoor ice skating facility, and community center with gymnasium facilities and providing for the levy and collection of a direct annual tax for the payment of the principal and interest of said bonds. WHEREAS, the City of Evanston, Cook County, Illinois, has a population in excess of 25,000 as determined by the last official cen- sus, and accordingly pursuant to the provisions of the 1970 Con- stitution of the State of Illinois, and particulary Article VII, Section 6(a) thereof, said City is a home rule unit and as such may excercise any power or perform any function pertaining to its govern- ment and affairsi including, but not limited to, the power to tax and to incur debt; and WHEREAS, pursuant to the provisions of Section 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 re- ceipts maturing within forty (40) years from the time it is incurred and without prior referendum approval; and WHEREAS, on the 27th day of AUGUST , 1973, the City Council of said City did adopt an ordinance determining the procedures to be followed in the borrowing of money for public purposes of said City and in evidence of such borrowing the issuing of full faith and zredit bonds of said City without referendum approval, such ordinance being entitledi AN ORDINANCE establishing procedures to be followed in insurring 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. and WHEREAS it is deemed to be necessary, essential and in the best interests of the inhabitants of the City of Evanston that an • indoor ice skating facility and community center with gymnasium facilities be constructed for said City in accordance with • engineering reports and plans now on file in the office of the City Clerk for that purpose, the estimated cost of which will be not less than $ 2,125,000 ; and WHEREAS, the City of Evanston, Cook County, Illinois, is authorised by the provisions of the Constitution of the State of Illinois, above referred to, and pursuant to the procedures set forth in the ordinance adopted on AUGUST 27 , 1973, to incur indebt- edness payable from ad valorem property tax receipts maturing within forty (40) years from the time of incurring the same without prior referendum approval; and WHEREAS, it is necessary that improvements above referred to be made in order to meet the needs of the inhabitants of the City, and it is necessary for that purpose that the sum of $1,210,000 be borrowed.at this time and in evidence of such indebtedness full faith and credit bonds of the City be issued in the principal amount of $1,210,000 and that such indebtedness be incurred without submitting the question of incurring such indebtedness 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. That in order to raise the sum of $1,210,000 needed for the purpose of constructing an indoor ice skating facility and community center with gymnasium facilities, there be borrowed by, for and on behalf of the City of Evanston, Cook County, Illinois, the sum of $1,210,000 and to evidence said loan negotiable coupon bonds of said City be issued. Said bonds shall each be designated "Corporate Purpose Bonds, Series 1974", be dated January 1,.1974, be numbered consecutively from 1 to 242, inclusive, be of the denomination of $5,000 each and become due serially on January 1 of each of the years and in the amounts and bear interest annually at the rates as follows: - 2 - • • Year Amount Bonds Numbered Rate of (all numbers inclusive) Interest 1977 $25,000 1 to 5 64% 1978 30,000 6 to 11 64 1979- 35,000 12 to 18 4 3/4 1980 35,000 19 to 25 4 3/4 1981 35,000. 26 to 32 4 3/4 1982 40,000 33 to 40 4 3/4 1983 40,000 41 to 48 4 3/4 1984 45,000 49 -to 57 4 3/4 1985 45,000 58 to 66 4 3/4 1986 50,000 67 to 76 4 3/4 1987 50,000 77 to 86 4 3/4 1988 55,000 87 to 97 4 3/4 1989 55,000 98 to 108 5 µ_ 1990 60,000 --- --109 to 120 5 ^ 1991 65,000 121 to 133 5 1992 65,000 134 to 146 5 1993 70,000 147 to 1.60 5. 1994 75,000 161 to 175 5 1995 80,000 176 to 191 5.20 1996 80, 000 192 to 207 5.20 1997 85000 208 to 224 5k 1998 90,000 225 to 242 5k Interest on said bonds shall be payable on July 1, 1974, and sen;r annually thereafter on the first days 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 principal and interest shall be payable. in lawful money of the United States of America at EVANSTON BANK , in the City of . . EVANST.ON , i LL I NO I S The seal of said City shall be affixed to each of said bonds and said bonds shall be signed by the Mayor and 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., That the bonds hereby authorized 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 Treasurer of said City, such registration to be evidenced by • notation of said Treasurer on the back of such bonds so registered. _3_ 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 transferable by delivery merely. Section 3. That ea-,h of said bonds and the interest coupons to be thereto attached shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF COOK CITY OF EVANSTON CORPORATE PURPOSE BOND., SERIES 1974 Number $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 registered, 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, 1974, and semi-annual thereafter on January 1 and July 1, and surrender of the respective interest coupons hereto attached as they __become due and payable. Both principal and interest are hereby made payable in lawful money of the United States of America at in the City of , For the prompt payment of this bond, both principal and interest, as aforesaid, at maturity, and the levy of taxes sufficient for that purpose, the full faith, credit and resources of said City are hereby irrevocably pledged. - 4 - This bond is one of a series of bonds issued by said City for the purpose of paying part of the cost of constructing an indoor ice skating facility, and community center with gymnasium facilities, pursuant to and in all respects in compliance with the applicable pro- visions of Section 6 of Article VIZ 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 issuing full faith and credit non -referendum bonds, and an ordinance authorizing the issuance of this bond and the series of of which it forms a part, duly published and now in full force and effect. It is hereby certified and recited that all acts, con- ditions 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 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 apart, 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 of the taxable property in said City .sufficient to pay the interest hereon as the same falls 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 such Treasurer on the .back hereof, and after such registration no transfer hereof, except - 5 - I's • r� U 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 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 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 signatures appearing on said coupons, all as of the first day of January, 1974. Mayor City of Evanston Cook County, Illinois Attest: C ity C le rk City of Evanston Cook County, Illinois (Form of Coupon) Number 1 $ 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 Illinois, for interest due that day on its Corporate Purpose Bond, -Series 1974, dated January 1, 1974, Number Attest: City Clerk City of Evanston Cook County, Illinois - 6 - Mayor City of Evanston Cook County, Illinois Y (Form for Registration as to Principal) Date of Signature of Registration Name of Registered Owner City, Treasurer Section _4• That 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 maturity, there be and there is hereby levied upon all the taxable property within said City, in the year for which said bonds are outstanding, a direct annual tax sufficient for that purpose, and that there 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 1974 $121, 740 for interest through January 1, 1976 1975 85,870 1976 89,308 1977 92,433 1978 90,770 1979 89,108 1980 92,445 1981 90,545 1982 93,645 1983 91,508 1984 94,370 1985 91,995 1986 94,620 1987 92,008 1988 94,258 1989 969258 1990 93,008 1991 94,758 1992 96,258 1993 97,508 1994 93,348 1995 94,188 1996 94,725 That interest or principal coming due at a time when there are insuffficient funds on hand to pay the same be paid promptly when due from current funds on hand in advance of the collection of said taxes hereinlevied., and when said taxes shall have been collected reimbursement shall be made to said funds in the amount thus advanced. Section 5. That forthwith as soon as this ordinance becomes effective, a copy hereof, certified to by the Clerk of said City, which LM - 7 - certificate shall recite that this ordinance has been passed by the City Council of said City, and published in The Evanston Review, shall be filed with the County Clerk of Cook County, Illinois, and said County Clerk shall, in and for each of the years 1974 to 1996 ascertain the rate per cent required to. produce the aggregate tax hereinbefore provided to be levied in said year, and said County Clerk shall extend the same for collection on the tax books in connection with other taxes levied in said year, in and by said City for general corporate, purposes of said City, and'in said year such -annual tax --shall be levied and collected by said City in like manner as taxes for general corporate purposes for said year 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 interest upon the bonds herein authorized when same mature. Section 6. 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 the same become due. That the funds derived from the sale of said bonds be and they are hereby appropriated and set aside for the pur- pose hereinbefore set out. Section 7. That forthwith after this ordinance has become .effective as provided by law, the bonds herein authorized shall be executed and delivered by the Treasurer of said City and by by him delivered to EVANSTON BANK, EVANSTON, I LL I NO I S the purchaser thereof, upon receipt of 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 $ 1.80 _g- • , contract . _ _._____ ._ F_ for the sale of said bonds to said purchaser, heretofore entered into, be.and the same is hereby in all respects ratified, approved and confirmed. • Section 9. That the City covenants that it will take no action in the investment of the proceeds of said bonds which would .result in making the interest on any of the bonds subject to federal income taxes by -reason of said bonds being classified as "arbitrage bonds" within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended. Section 9.. That all ordinances, resolutions and orders, or parts thereof, in conflict herewith, are to the extent of such conflict hereby repealed, and this ordinance shall be in full force and effect upon its passage, approval and the publication thereof as provided by law. i ADOPTED: January 21 , 1974. .ATTEST: /s/ Maurice F. Brown -City Clerk City of Evanston Cook County, Illinois APPROVED: roan Jr Mayor, City of Evanston, Cook County, Illinois -9- . 0 I, the undersigned, do hereby certify that I am the duly qualified and acting Clerk of the City of Evanston, Cook County, Illinois, and as such Clerk I am the keeper of the official journal, records and files of the City Council of said City. k I do further certify that the attached and foregoing is a true, full and correct copy of an ordinance providing for the borrowing of money and the issuance of $1,210,000 Corporate Purpose Bonds, Series 1974, 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 the same as it matures, as adopted by the City Council of said City at its legally convened meeting held on January , 1974, and -as approved by the Mayor of said City, all as appears from the official records of said City in my care and custody. IN WITNESS WHEREOF, I have hereunto affixed my official signature and the corporate seal of said City at Evanston, Illinois, this day of January, 1974. (CITY SEAL) • City Clerk City of Evanston Cook County, Illinois