HomeMy WebLinkAboutOrdinances - n/a - 03/04/1924 - Street Bonds 'i � R
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rAn Ordinance providing for the Barrowin� of
Money and Issuing of St reet Bonds of th�
Citq of :�icHenry, rdcHenry Coanty, Illino3s,
`. to the Amount of �10,000.00, and Praviding
f or thP Collection of a Direct �nnual Tax
for the Payment of the Principal and Intez=
est of 5s.id Bonds .
Whereas, it is necessary that the city of '.'eHenry relieve
the traffic congestion thru its corporate limits and open
anothAr street from the e�st to the west limits of said city
of t�eHenry, and
�Ihereas, if the said city of T�acHenry will open a street
thru its corporate limits which conforms to and is identical
with the plat and plans of state toad number 20 and if said
city will obtain from the property owners owning property in
said state road numbPr 20 a �ood title according to the re—
quirements of the state of Illinais , regarding the building
of state roads , the said state of Illinois will buiTd upon
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and along said rvad to be ovened and along certain str�ets in
said city of l�_cHenry, all accordin� to the plat and descrip—
t ion of' said state road ntzmber 20, ceraent pavements or roads
cwhich will be of great and valuable benefit to the �aid city
of �`cHenrq, and which will be without cost to said city; and
V�hereas , the said city r�f rYqcHenry is required to furnish
and or.en a street which is identical vnith the said plans of
state road number 20 before the said state of Illinois will '
proceed to improve the same with cement paving, and vehereas
it is necessa�ry for said city of Mc"enry to purchase the
�i�ht of way of a large portion of said street conforming with
state road number 20 and to pay damages for property des—
�"' troyed, moved or damaged, it is deeme�3 best for the interests
of said citt,� to f ssue bonds of the said city in the �,mount of
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� ten thousand doliard (�10,000.00J to pay for and defray the char-
�es and expense in ob�aining the said right of �ay and payin�
damages in connection with the same:
Now, therefore, be it ordained by the city council of the
: city of ��cHenry , county of i;:eHenry and State of Illinois;
Seetionl. That it is for the best interests of the city of
McHenry, Illinois, to obtain immediately and open the streets-
�Nithin the corporate limits of sa:id city identical with the
limits and rules of said state of Illinois road number 20 with-
in said corporate limits and to obtafn the right of way necessary
f or the opening of said road ro street, to pay for the same and
damages, if any, for the dpstruetion, removal or demage to any
property along said right of way and for this purpose to borrow
� �10,C00.00 and issue bonds therefor.
Section 2. That there shall be issued street bonds of said
city in the a�gregate amount of ",•r10,000.00 of the denomination
of �1 . 000, 0� each, numberin� from on� to ten inclusive, bearin�
interest at the rate of five per cent (5 �er cent) per annum,
payable July 1 , I924, and semi-annuallg thereafter on the first
days of January and July of each year, be dated January 1 , 1924:
Be payab7.A at Fox River Valley State Bank, ��cHenry, Illinois,
and mature in numerical order:
�1000.00 on Julyl , 19u6
�2000.00 on July 1, 1928
�;2000.00 on July 1 . L930
��;000.00 on July 1 , I9��2
�20�0. 00 or� July 1 , 1934
�1C00.00 on July 1 , I936
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That said bonds be signed by thP mayor o� said city, sealed
with its corporate seal and attested by the city Clerk; and
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that the interest accruin� on said bonds be PvidPnced b9
coupons th�reto attached, mat�aring on the seneral days when
such interest matures, and such coupons shall be executed
by the facsimile signatures of both m�yor and clerl�, which
said officials shall, by the execution of said bonds, adopt as
and for th�ir own proper signatures their respective facsimile
signatures appe�ring on said coupons ,
Section 3. That said bonds and coupons sha�ll be sub-
stantially the following forms:
United States of America
State of Illinois, County of Mchenry
City of R�Ichenry
�O' �].000.00
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Know y11 AAen By These Presents , that the city of MeHenry
fn the County of B�cHenry and State of Illinois , hereby ac-
knowled�e itself to oa�e and for value received , hereby pro-
mise� to p�y to the bearer the sum of One Thousand Dollars
(�p1000.00) on the f irst day of July,19_, together euith
interest on s�id sum from the date hereof until paid at the
,
rate of five per cent (5 per cent) per annum, papable on the
first day of July, L9�4, and semi-annually thereafter on the
first days of �amuary and JuTy in each year upon presentation
and surrender of the interest cou�ons hereto attsched as they
severally become due and payable. Both principal hereof and
interest herean are hereby made pay�ble in Iawful money of
L.. 'the United States of ymerica at thn Fox River Valles State
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Bank, McHenry, Illinois , and for the prompt payment of thie
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bond , both principal and fnterest as aforesaid , at matnrity,
,�nd the levy of taxes �ufficient therePor, the full faith,
credit and resources of' said city are hereby irrevacably
gl ed ged.
This bond is issued bq �$id city for the purpose of ob— �
taining and opening new streets in said city �ahich said new
streets conform to and are identical with the state road
number 20, more particularZy described in the plats of the
sam� an the file with the department of Public Works, and
B uildings, Division of Highways, State of Illinois , p�rsuant
ta and in a7l respects in comnliance with an act entitled
�An act to r,rovide for the Incorporation of Cities and
`Till�ges,n approved �pril 10, 1872, and all ac�ts amendatory
� thereof and supplfinentary thereto, and an ordinance duly passed
by the council of said city and submitted to and approved by
the vaters of said cfty at an Plection d uly called and heTd for
that pd�rpose.
And it fs hereby certified and recfted that all acts, con—
ditie�ns and things require� b�y the constitt�ti0n and lavns of the
State of Illinois, to exist or to b� done precedent to and in
th� iss.uance of this bond do exist and have bpen properl�r done,
hap^eneri and be -n performed in regula� and due f Qrm and time as
required bq laR ; and that the indebtedness of said city, inclu—
ding this bond, does not exeeed any constitutional or statutory
limitation; and that provision has been made for thA collection
of a dfrec� annual tax, in additfon to all other taxes, on all
w�..
the ta�xable property in said city to pay the interest hereon as
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the same falls due and also to pay and discharge the prin—
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ciapal hereof at maturity.
In witness �rereof, The said city of McHenry, by its
council, has caused its corporate seal to be hereto affixed,
and this bond to be signed by its mayor and attested by its
clerk, and the coupons attached to be signed and attested by
said crfficials by their respective facsimtle sigri3tU.Y`8sy and
s�id officia.Ia, by the execution hereof , do adopt as for their
respective proper signatures their respectiee facsimile sign—
at�,res appearing on said coupons, all as of the first day o�i
January, 1924
Mayarr
Attest:
�
Citq G'lerk.
�For� of coupon)
N�r. �
On the first daq vf , 19 ; the City of
MeHenry, 7n the C�ounty vf �6cHenry a,nd State of Illinois, will
pay to bearer Dallars
($� � at the Fox River Vallep State Bank, McHenrp,
Tllinois, for interest due that day on its street bond
hTa. , dated January 1, 1924
Mayor
� attest:
City Clerk.
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Seetian 4. That for the nurpose of providing the funds
~' req,nir,�d to pay the interest on s�.id bonds promptlp when and
as the same falls due and to pay and discharge the principal
thereof at their maturity, there be and there is herebp
l�nied u�on all the taxable property withfn said citp, in
each year while any of the said bonds are out-standing, a
direct annual t�x sufficient for that purpose, and there be
and th.ere is hereby lenied on all of the taxable property in
said city, in addition to all other taxes, tbe following direet
ta�x, to-wit:
Fo� the year 1924, a tax sufficient to prodnce the sum of
�I000.00 to pay interest.
For the year I925, a taac sufficient to produae the sum of
�I500.00 for interest and principal.
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For the yesr 1926, a t�x sufficient to produce the sum of
�450.00 for interest and principal.
For the year 1527, a tax sufficient to produce the sum of
�2450.00 for interest and principal.
For the year 1928, a tax sufficient to produce thP snm of
�350.00 for interest.
For the year 1929, a tax sufficiPnt to prod�tce the� sum of
�2350.00 for int erest and principal
F'or the year 1930, g tax sufficient to produce the some of
�250.00 for interest.
For the year 1931 , a tax sufficient to produce the sum of
�225�3.00 for fnterest and principal
•�.-- For the year 1932, a tax• sufficien� to prodace the sum of
�T50.00 for �nterest
For the yesr 1933, a tax sufffcient to produ�e the sum of
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�2I50. 00 for interest and principal
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For the year 1934, a tax sufficient to produoe the sum of
�50.00 for interest .
For the year 1935 , a tax sufficient to produce the sum of
�1050.00 for interest and principal.
That the interest and princi�al talling due at any time
�hen there are insufficient funds on hand to pay the same, be
paid promptl� when due from current funds on hand in advance—
ment of the callection of taxes and when said taxes shalT have
been collected, reimbnrsement shall be �ade to the said f unds
in the amount thus advanced.
Secti�n �. Th�t all ordinances, resolutfons or orders or
parts thereof in conflict here�ith, be and the same are hereby
rep�aled.
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Section 6. That this ordinance shall be fn full force
and er'fect immediateIy upon its passage, apnroval and publica—
tion, and its approvaT by a majority of the voters of said city
voting on the question at an election at which it shall be sub—
mitted .
Section 7. That a certified copy of this ordinance, to—
g�ther with statement of result of election on the question of
the approval, shall be filed with the county clerk af McHenry
Caunty, Illinois , if and after the same shalT be ar,proved b,q a
mojority of the voters of said city voting on the question of
its appronaI , and satd county clerk shall ascert$in in and for each
of the years 1924 and 2935 inclusivs the rate �oer cent requfred
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to produce the aggrPgate tax herein provided to be levied for
� e�ch of said years respective�Ty, and extend the same for
collection on the t�.x books fn connection with an additional
to t2ie other taxes levied in each of the said years for gen-
eral corporate purposes of said city, and in each of said years
such tax shall be extended and collected in like manner as taxes
for general corporate purposes, and when such taxes are collected
same shall be ttsed for the purpos� of payin� principal of and
interest on said bands when sams matures.
Passed this 4th day of March, A.H. 1924
Approved by the mayor of said city this 4th day of
h9arch , A.D.1924
D.G.�Aells, I�ayor.
Attest; �tm G. achreiner,
�' City Clerk.
Said electi�n arill be field ir. the several wards of said
city and the polling places for the respectine veards shall be
as fo1 Tows;
First ward; City Hall
Second ward: L. n. Erickson� s store basement .
Third veard; Engeln Building(formerlg Qably buildin�)
Polls of said eleetion vrill be onened at senen o�clock
in the morning and will be closed at five o �clocl in the eve-
ning.
Lated this 6th daq of Pdarch, A.D. 1924.
By the order of the city conncil .
�,,,, �fm. G. Schreiner, City Clerk.