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Home My WebLink AboutORDINANCES-1973-076-O-73El 0-73 AN OIRDINANCE ESTABLISHIN'_7 P vOCEDUTE S TO :3E 'OLT,O%,TEU ITT I�TC�Jl�"�I d' INDTZMTED.!�TESS FO' CO d- PORATE PURPOSE3, ISSUIN'' +SON -REFERENDUM BONDS TO EVIDENCE STJCjli INUE3TEDRES S ANT) AU- THORIZING AND D1'_IECTING THE LEVyIN`�`: OF A TAX FOR 'ME M. JRPO:3E OF PA�AIN 3 PRINCIPAL OF SUCH BONDS AID INTE EST THETT M AS TIE SAPS BECOME DUE. WITEREAS S^ction 6(a) of Article VII of the 1970 Con- stitution of the State of Illinois provides that any munici- pality which has a population of more than 25,000 is a home rule unit, and the City of Evanston, Cook County, Illinois, with a population in excess of 25,000 is therefore a home rule unit and, pursuant to the provisions of said Section 6a) of Article VII, may exercise any power and perform any function pertaining to its government and affairs, including, but not limited to, the power to tax and to incur debt; and WHEIF',AS, pursuant to the provisions of Sections 6(d) and 6(k) of said Article VII, the City of Evanston may incur debt payable from ad valorem property tax receipts maturing with- in 40 years from the time it is incurred and without prior ref- erendum approval of the electors of said City; and WTdVTMS, it is necessary and desirable at this time for the City Council to establish procedures for incurring municipal debt and for issuing bonds of the City payable from ad valorem property tax receipts, and providing for the payment of such bonds, both principal and interest: NOW, THEREFOIE, BE IT ORDAINED by the City Council of the City of Evanston, Coop County, Illinois, as follows: Section 1. The City of Evanston, Cook County, Illinois, acting by its City Council, may from time to time bor- row money for proper public purposes and in evidence of such 9 borrowing issue its full faith and credit bonds (general obligation) payable from ad valorem taxes to be levied without limitation as to rate or amount against all taxable property situated within the City. Such bonds may be issued without the submission of the question of their issuance to the elec- tors of the City for their approval, and the procedures for • the issuance of such bonds shall be substantially as herein provided. Section 2. The City of Evanston shall adopt an or- dinance (hereinafter designated as the "Bond Ordinance") describing the public purpose or purposes'to be accomplished by such borrowing and in such Bond Ordinance shall make a finding and determination that such borrowing of money is necessary for the welfare of the government and affairs of the City, is for a proper public purpose or purposes and is in the public interest, which finding and determination shall be deemed conclusive. 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, and the maximum rate of interest which shall not exceed eight per cent (M.) per annum payable semi- annually. The bonds shall be sold in such manner and at such time as may be determined by the City Council. If the bonds are sold to bear interest at the maximum rate, they shall be sold at a price of not less than par. If the bonds are sold to bear interest at a rate less than the maximum interest .rate, they may be sold at a price of less than par, provided the price shall be such that the interest cost to the City of the money received as proceeds of the sale of said bonds shall not exceed the maximum interest rate per annum, based on the -2- 0 average maturity of all bonds sold as a single issue, computed according to standard tables of bond. values. A contract for the sale of such bonds may be entered into prior to the adoption of the Bond Ordinance or the Bond Or- dinance may provide for the subsequent sale of the bonds therein . authorized. In the event of such subsequent sale and bonds are sold bearing interest at a rate or rates lass than that author- ized 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 4. The Bond Ordinance shall direct the execu- tion of the bonds therein authorized on behalf of the City of Evanston by the signatures of the Mayor and the Clerk of said City, shall require the seal of the City to be affixed to such bonds, shall determine whether such bonds to be issued shall be registered in the name of the owner as to principal only or • whether the same shall be fully registered as to both principal and interest, shall indicate the place or places of payment of the principal and interest maturing on said bonds and shall set forth the form of bond. Section 5. The Bond Ordinance shall make provision for the payment of such bonds, both principal thereof and interest until maturity, by the levy of a direct annual tax upon all the taxable property el7:'thin the City of Evanston suffi- cient for such purpose. A copy of such Bond Ordinance, as adopted, certified to by the City Clerk, shall be filed in the offices of the County Clerk of Cook County. Such Bond Ordinance as so filed, shall constitute the authority for the County is Clerk in and for each of the years for which taxes are levied in said Bond Ordinance, to extend such taxes for collection -3- against all the taxable property situated within the City of Evanston. The taxes sn levied for the payment of principal of and interest on the bonds shall be extended annually by the County Clerk without limitation as to ;. rhte or amount and such taxes shall be in addition to and in excess of all other taxes • levied or authorized to be levied by the City of Evanston. Ex - ceps as provided herein, such taxes so levied shall not be subject to repear or abatement in any mariner whatsoever until such time as all the bonds a-nd ' iszudd under the terms of said Bond Ordinance shall_ hei e been paid in full, both prin- cipal thereof and interest thereon up to and including; the date of maturity; provided, however, that if the City of Evanston has other funds available, the City Council may appropriate such funds and deposit than in trust with the paying agent for the purpose cf the payient of any of the maturities of bonds or interest thereon, in which event the taxes so levied to pay such principal or interest may be abated by the amount so de- posited, such abatement to be directed by ordinance of the City of Evanston, duly adopted and placed on file with the County Clerk at any time prior to th.e extension of such taxes for collection. Section 5. The provisions of any Bond Ordinance shall constitute an appropriation of the amounts required as therein referred to and described, and upon the delivery of the bonds therein authorized the pi,oceeds thereof shall be used solely and only for the purpose or purposes .der which the bonds were authorized. Upon the adoption of any Load Ordinance by the City of Evanston, and its approval by the 'Major, the same shall be published in a newspaper published and of general circulation • in the City of Evanston if there be one and if there is no such newspapeir then in a newspaper published and of general circula- tion in the county in V ic:h the City is situated, and said ordinance shall become nffective after such publication. Section 7. Any bonds authorized and issued pursuant to the provisions of any :ond Ordinance adopted pursuant to the • provisions hereof, and also any boards heretofore issued and outstanding, whic'sl by their ter.ir s are payable from taxes un- limited as to rate or amount and levied aaVb.rst all the taxable property within the City of Evanston, may be refunded prior to their maturity or at their maturity, and including the refund- ing of matured interest coupons evidencing interest upon such unpaid bonds. The issuance of refunding bonds shall be authorized by a Refunding Bond Crd.inance, which shall be adopted in the ma.unar and subject: to the terms, conditions and provisions as herein required foxy the issuance of bonds for public purposes. Any such refunding shhall be authorized on the basis of an: exchange of par for p.xr for bonds a-L d matured in- terest coupons to be refunded, or such refunding bonds shall be sold at not less than par and the proceeds thereof used for the purpose of paying maturing principal of such outstanding bonds and matured interest coupons thereon. Section 8. Pursuant to the authority granted by See- tion 6 of Article VII of the Constitution of gllinois 1970, the procedures herainabove sat forth for the issuance of Null faith and credit bonds (gerie?ral obligation) shall be controlling and shall be complied with by the City of Evanston in the borrowing of mc*ney Etrough the issuance of gencrai obligation bonds of the City, notwithstanding- any provisi aces to the contrary con01 - twined in the "Illinois Municipal Code" and all acts amendatory thereof and supplementary thereto and in ary other law or laws of the State of Illinois. -5- • 0 • Section 9. That this ordinance shall be in full force and effect immediately upon :its passage. PASSED by the City Council of the City of Evanston, Cook County, Illinois this 2 day of 1973. APPROVED - Ma o7y of the City or Evanston, Cook County, Illinois. IfPro Tem ATTEST: 44, NMI p4 n City Clerk Approved as -to form: Jack M. Siegel. Corp o ration Counsel AYES: NAYS ABSENT: 5 -6-