HomeMy WebLinkAbout22-O-59693
22-0-59
AN ORDINANCE Providing for borrowing money
and issuing Beach Improvement and Shore
Protection Bonds of the City of Evanston,
Cook County, Illinois, to the amount of
$1,150,000, and providing for the collection
of a direct annual tax for the payment of
principal and interest of said bonds.
WHEREAS„ the City Council of the City of Evanston,
Cook County, Illinois, did by an ordinance adopted September
15, 1956, call a special election to be held in and for said
City of Evanston on November 6, 1956, for the purpose of
submitting to the voters of said City.the following question:
Shall bonds in the amount of $1,200,000 be
issued by the City of Evanston, Cook County,
Illinois, for the purpose pf paying the cost of
additionallands, riparian rights and contiguous
'property, both public and private, abutting
the shores of.Lake Michigan, in the City of
Evanstont, and. -for the improvement and protection
of the same, to mature serially $25,000 on
December 1 of each of the years 1958 to 1965,
inclusive, $75,000 on December 1 of each of
the years 1966 to 1970, inclusi've, $125,000 on
December 1 of each of the years 1971 and 1972,
.$75,000 on December 1, 1973, and $100,000 on
December 1 of each of the years 1974 to 1976, in-
clusive, and bear interest at the rate of not
to exceed four per cent (4%) per annum?
and
WHEREAS, the City Council of the City of Evanston
did cause to be given proper notice of said election by pub-
lishing notice thereof once on October 11, 1956, in the
Evanston Review, the same being a newspaper published and of
general circulation in said City, said publication of such ,
notice being made not more than thirty days nor less than fifteen
t
days prior to the date of said election,.which said notice as fo
published did specify the places Uh ere such election was to
be held, the time of opening and closing the polls, and the
question to be voted upon; and
r WHEREAS, the City Council of said City did by
proper proceedings adopted and spread upon its records find
that all legal requirements in connection with said election
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were duly complied with and that a majority of the electors of said
City voting at said election on said question above referred
to voted in favor thereof; and
WHEREAS it is deemed necessary at this time to
issue said bonds in the principal amount of 4.1,150,000 of
said authorized issue, bearing interest as hereinafter set
forth;
NOW, ' THEREFORE,, Be It Ordained by the City Council
of the City of Evanston, Cook County, Illinois,.asfollows
Section 1:, That there be borrowed by and for and
on behalf of said City the sum of
$1,1509000 for the purpose of paying the cost of additional
lands, riparian rights and contiguous. property, both public
and private, abutting the shores of Lake Michigan, in the
City of Evanston, and for the improvement and protection of
the same. That to evidence said loan negotiable coupon
bonds of said City be issued, said bonds shall be designated
"Beach Improvement and Shore Protection Bonds", numbered 1
to 1150, inclusive, of the denomination of $1,000 each, be
dated June 1, 1959, and become due and payable $25,000 on
December 1 of each of the years 11960 to 1965, inclusive,
$75,000 on December l'of each of the years 1966 to 1970, inclu-
sive, $125,000 on December 1 of each of the years 1971 and
1972, $75,000 on December 1, 1973, and $100,000 on December
1 of each of the years 1974 to 1976, inclusive, Said bonds
shall bear interest from date at the rate of three and one-half
per cent (3 112%) per annum, payable December 1, 1959, and
semiannually thereafter on the first days of June and December
of each year until paid, which 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, and both principal and interest shall be payable in
lawful money of the United States of America at the American
National Bank and Trust Company of Chicago, in the City of
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Chicago, Illinois. The seal of said City shall be affixed
to each of said bonds and said bonds shall b.e signed by
the Mayor and attested by the Clerk of said City, and said
coupons shall be signed and attested by said officials, res-
pectively, by their facsimile signatures, and said officers,
by the execution of said bonds, shall adopt as and for their
respective proper signatures their respective facsimile sig-
natures appearing on said coupons.
Section 2: That the bonds hereby authorized
shall be subject to registration as to principal in.the name
of the holder upon the books of the City Treasurer, such
registration to be evidenced by notation of said City
Treasurer upon the back of such bonds so registered. No bond
so registered shall be subject to transfer except upon such
books and similarly noted on the back of the bond so regis-
tered, 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 deli-
very merely.
Section 3: That each of said bonds and each
of 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
BEACH IMPROVEMENT AND SHORE PROTECTION BOND
NUMBER $12000
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, then to the registered holder
hereof, the sum of ONE THOUSAND DOLLARS ( $1, 000 ). on the first
day of 19 , together with interest on said
sum from the date hereof until paid at the rate of three and
one-half per cent (3 112%) per annum, payable on December 1,
1959, and semiannually thereafter on the first days of June
and Decemver in each year, and until maturity, upon present-
ation and surrender of the respective interest coupons hereto
attached as they severally become due and payable.
Both principal and interest are hereby made payable
in lawful money of the United States of America at the American
National Bank and Trust Company of Chicago , in the City of
Chicago, Illinois.
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 re-
sources of said City are hereby irrevocably pledged.
This bond is issued by said City for the purpose of
paying the cost of additional lands, riparian rights and
contiguous property, both public and private, abutting the shores
of Lake Michigan, in the City of Evanston, and for the improve-
ment and protection of the same, pursuant to and in all
respects in compliance with the "Revised Cities and Villages
Act" of the State of Illinois, effective January 1, 1942, and
all acts amendatory thereof and supplementary thereto, and
is authorized by a majority of the electors of said City voting
upon the question at an election duly called, noticed, held
and canvassed for that purpose in said City, and in compliance
with an ordinance duly passed by the City Council of said City,
and published; in all respects as by law required. '
It is hereby certified and recited that all acts,
conditions 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, 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
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City of Evanston, represented by this bond and the series
of which it forms 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 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 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 negotia-
bility 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
cotapons hereto attached to be signed and attested by said
officials, respectively, by their facsimile signatures and said
officials do, by the execution hereof, adopt as and for their
own proper signatures their respective facsimile signatures
appearing on said coupons, all as of the first day of June,
.1959.
CITY OF EVANSTON,
By
Attest:
City. Clerk
Mayor
(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 State@ of America, at the American National Bank
and Trust Company of Chicago , in the City of Chicago,
Illinois, for interest due that day on its Beach Improve-
ment and Shore Protection Bond, dated June 1, 1959, Number
Attest:
City Clerk
Mayor
(Form of Registration as to Ownership)
DATE OF SIGNATURE OF
REGISTRATION IN WHOSE NAME REGISTERED CITY TREASURER
Section 4: That for the purpose of providing
the funds required to pay the inter-
est on said bonds promptly when,and as the same falls due, and
to pay and discharge the principal thereof as it matures, there
be and there is hereby levied upon all the taxable property in
said City in each year while any of said bonds are outstanding
a direct annual tax sufficient for that purpose, and there be
and there is hereby levied upon all the taxable property in
said City the following direct annual tax, to wit:.
r
6,96
For the year 1959, a tax sufficient to produce the
sum of W 5,062.50 for principal and interest matur-
ing up to and including June 1, 1961;
For the year 1960, a tax sufficient to produce the
sum of $63,937.50 for interest and principal;
For the year 1961, a tax suffiel ent to produce the
sum of $63,062.50 for interest and principal;
For the year 1962, a tax sufficient to produce the
sum of $62,187.50 for interest and principal;
For the year 1963s a tax sufficient to produce the
sum of $61,312.50 for interest and principal;
For the year 1964, a tax sufficient to produce the
sum of $60,437.50 for interest and principal;
For the year 1965, a tax sufficient to produce the
sum of $108,687.50 for interest and principal;
For the year 1966, a tax sufficient to produce the
sum of $106,,062.50 for interest and principal;
For the year 1967, a tax sufficient to produce the
sum of $103,437.50 for interest and principal;
For the year 1968, a tax sufficient to produce the
sum of $100,812.50 fdr interest and principal;
For the year 1969, a tax sufficient to produce the
sum of $98,187.50 for interest and principal;
For.the year 1970, a tax sufficient to produce the
sum of $144,687.50 for interest and principal;
For the year 1971, a tax sufficient to' produce the
sum of $140.312.50 for interest and principal;
For, the year '1972, a tax sufficient to produce the
sum of $y86,812.50 for interest and principal;
For the year 1973, a tax sufficient to produce the
sum of $108,750.00 for interest and principal;
For the year `1974, a tax. sufficient to produce the
sum of $105,250.00 for interest and principal;
For the year 1975, a tax sufficient to produce the
sum of $101,,750.00 for interest and 'principal;
That principal or interest falling due at any time
when there are insufficient funds on hand to pay the same be
'paid promptly when due from current funds on hand in advance-
ment of the collection of taxes, and when said taxes shall have
been collected reimbursement shall be made to the said funds in
the amount thus advances,
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Section 5: That forthwith as soon as this
ordi,nnance becomes effective a copy
thereof, certified by the Clerk of said City, which certi-
ficate shall recite that this ordinance has been passed by the
City Council of said City, published and approved, as re-
quired by law, shall be filed with the County Clerk of Cook.
County, Illinois, who shall in `and 'for each of the years 1959
to 1975, inclusive, ascertain 'the rate per cent required to pro-
duce the, aggregate tax hereinbefore provided to be levied upon
the property In 'said City for each 'of said years, respectively,
and 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 dorporate purposes of said City, and
in wach of said year s such annual tax shall be levied and col-
lected by said City in like manner as tares for general corporate
purposes for each of said years are levied and collected, and
when collected such taxes shall be used for the purpose of paying
principal and interest upon the bonds hereinb efore described
when same mature.
Section =6: That forthwith after this ordinance
has becomeeffective as provided
by law the bonds herein authorf'Fed",shall be executed and delivered
to the Treasurer of said City and be by him delivered to Lazard
Freres & Co., Wertheim & Co., and Ladenburg, Thalmann & Co.,
the purchasers thereof, upon r'eceipt of the purchase price'
ther for, same being par and accrued interest to date of delivery
thereof, plus a premium of -$4,1$3.70. -Contract for the sale of
said bonds to said purchasers heretofore entered into be and the
same is in all respects ratified, approved and confirmed..
Section 7: That all ordinances, resolutions,
and orders, or parts thereof, in
conflict with the provisions of this ordinance be and the same
are hereby repealed.
7®1
Introduced June 22, 1959
Adopted June 29, 1959
Approved June 30,'1959
/s/ J. R. Kimbark
Mayor
Attest: -
Is/ Maurice F. Brown
City Clerk
Recorded July 2, 1959
Published July 2, 1959