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HomeMy WebLinkAboutOrdinances - n/a - 07/13/1911 - Issuing Bonds (2)AT' ORDII;ATTCE PROVIDI'TG FOR THE ISSUE OF LIUT,TICIPAL BOITDS OF THE VILLAGE. OF I,=C H:E MM, TO THE 1,11OU1�1T OF 1'iTTE THOUS111D (9,000) DOLLARS A17D PROVIDING FOR THE CO �LECTIOTT OF A TAX TO PAY THE INT'?REST THEREON YJTD THE PRI,,TCIP �,L TIiT„�.EOF; BE IT ORDAINED BY THE PRLSIDENT !JTD ]TARD OF TRUST' ES OF THE VILL^,.G^ OF LIC H!_TTRY: Section 1. Thsat for the purpose of providing funds for the construction and erection of a Village Hall in the Village of P.icHenry, Illinois, there shall_ be borrowed on the credit of said village the'sum of Hine `£houaand (9,000) Dollars, and to evidence such 1_aan there shall_ be and is hereby ordered and directed to be issued the negotiable coupon bonds of said village to said amount. Said bonds shall be designated as Municipal bonds of 1911; shall be eighteen (18) in number, numbered from one (1) to eighteen (18), inclusive, and of the denomination of Fife Hundred (500) Dollars each; shall bear date of September 1, 1911, and shall become due and payable as follows, to -wit: Bonds No. 1 and 2 on July 1, 1913: .Bonds T�To. 3 and 4 on July 1 , 1914. Bonds No. 5 and G- on July, 11 1�15. Bonds TIT . 7 and 8 on July 1, 116. - Bonds No. 9 and 10 on July 1, 1917. Bonds No: 11 and 19, on July 1, 1918: Bonds No: 13 and 14 on July 1, 111)19: Bonds TTo: 15 and 16 on July 1, 1920s Bonds No. 17 and 18 on July 19 1921= Said bonds shell bear interest from and after their dl-.te at the rate of five (5) per cent per annum, payable semi-annually on the first days of January and Jul; of each year, which interest payments shall be evidenced by proper coupons attached to each bond, and both the principal -rd interest able in the la;rfttl money of the United States of America at the shall_ be pay office of the treasurer of said village. ,. Q -"-- y---�- Section 2. That each of said bonds and each of the interest coupons M thereto attached shall be in substantially the follo:�ri.ng forms respects to -wit: UNITED STATES OF _J__,_LICA. STATE OF I LLINOI S COUT?TY OF VILLAGE OF i.TC HENRY. N o . $50( 1,,IUNICIPII BO£IDS OF 1911. Know all men by 41 ese presents, that the Ville.ge of 7,0H in the County of 1'. cHenry and State of Illinois, achnoviledges it eif and for value received hereby promises to pay the bearer the sum o-. Hundred (500) Dollars on the first day of July, 19together :iith interest thereon on said sum from the date thereof until paid, at t__. five (5) per cent per annum, payable semi-annually on the first da January and July in each ,year upon presentation and surrender of the coupons hereto attached as they severally become due, both principal nu interest payable in lawful money of the United States of America a.t the off of the treasury of said village, and for the prompt payment of this bond with interest as aforesaid at maturity the full faith, credit and resources of said village are hereby irrevocably pledged. This bond may be redeemed by the Village of '"cHonry on July 1, 1913, or any interest paying period thereafter, providing notice of such intention to so redeem said bond shall be published in the I',TcHenry Plaindealer, a newspaper of general circulation published in the Village of ',17eHenry, for at least thirty (30) days prior to said interest paying period,and the pay-,_ent o-f the principal and accrued interest to said time of redemption. This bond is issued by said village for the -ourpose of providing funds for the construction and erection of a Village Hall in said village in accordance with the provisions of an ordinance duly passed by its :aillage 3 board and in all respects in full compliance ,,;ith the provisions of an act of the General Assembly of the State of Illinois, entitled "An Act to Provide for the Incorporation of Cities and Villages," approved April 101 and all acts amendatory thereof or supplemental to said act, and it 1572, is hereby certified and recited that all acts, conditions and things reqLlired by lair and the Constitution of the State of Illinois to be done precedent to and in the issue of this bond hav-e been properly done, happened and been performed in regular and due form and time, as required by la;; that the total indebtedness of said village, including this bond, 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 village, sufficient to pay the interest hereon as the same accrues and to liquidate the principal 'rlereof at mn.turity. In Testimony ',dhereof the said Village of F1cIienry,its village board has caused its corporate seal to be hereto affixed anal this bond to be signed by its President and attested by its Village Clerk this first day of September, A. D. 1911. ATTEST: Village Clerk. On FOMI OF COUPON. A. D. President. $121.50 the Village of-:TcHenry, in the County of P,,?cHenry and State of Illinois, gill pay to the bearer the sum of T•.,elve W) Dollars and Fifty (50) Cents in lawful money of the Un_-ted States of America at the office of the treasurer of said village for semi- annual interest due that date on its municipal bonds of 1911, dated September 11 1911. 110. ATTEST: 1T y� ,e UTeR. President. 4 �uection 3. That said bonds and interest coupons shall be signed by the President and attested by the signature of the Olerl_ of said villa e and the corporate seal of said villarre shall be a.ffixeJ to each of said fronds, but not to the interest boupons, and such officers are hereby autiiorixed and directed to execute said bonds and coupons for and."in behalf of said village. Said bonds shall be sold by the finance committee of the village board and r the proceeds derived from their sale shall be placed_ in the vill_-F treasury in a special fund to be used solely for the purpose for which said bonds recited they are being issued. Section 4. That for the purpose of providing the fund required to i eet the interest on said bonds promptly rihen and as the same accrues and to liquidate the principal thereof at their maturity there is hereby levied on all of the taxable property in said village, in addition U all othor taxes, the following direct annual tax, to-kii t: - For the year 1912 a tax sufficient to produce the sum, of $600'.711, for interest. For the,year 1913 a tax sufficient to produce the sum of $1450.00, being, UK'forL,interest and $1000 for principal.. For the year 1014 a tax sufficient to produce the sum of being $400 for interest and $1000 for principal. For the year 1915 a, tax sufficient to produce the sum of $1250.00, being $350 for interest and $1000 for principal. For the year 1916 a ta:: sufficient to produce the sum of $1300.00, IDein;- $300 for interest and $1000 for principal. Fo� the ,ream 1017 a tax sufficient to ?produce the sure of $150.0n, being $250 for interest and $1000 for princ?pal • For the year 1918 a tax sufficient to produce the sum of $11,2300.00, being $200 for interest and. $1000 for principal. For the year 1919 a tax sufficieno i being $150 for interest an,! $1000 for principal. For L' ^ ,ale . aar "� 102 tax to pi' o J1CA SL1fflcl ent- for il�.terest and1000 for l,, ir,c;_pa,l. For the year 1921 a tax sufficient to produce the sum of $1050.''�, being 750 for interest and $1000 for principal. And a certified copy of this ordinance is hereby ordered filed ,:iith the County Clerk of McHenry County, I1_linois, Vrho shall in each of said years from 1912 to 1921, both inclusive, ascertain the rate per centun:, to produce the aggregate tax hereinabove levied for such yec.r and extend the same for collection upon the tax roll of said village in connection ri the taxes levied for general village purposes it such year, a.nd such annual tax shall be collected by the said officer at the same time and_ in '-,he ti^rye manner in each of said. years as the taxes of the village for gencr �.l 1_L�r po es' for such ,year are collected, and Then collected shall be used solely for '�ii0 _purpose of paying the interect and principal of the bonds hereby authorized :;lien and as the se.me ri-.ture. Section 5. Thar this ordinance shall be in full force and effect -from and after its passaje and pgproval by a majority of the legal voters tl-,e Village of l;licHenry voting at a special election to be call d. hereafter. APPRO71FD President. ATTEST Village Clcrk. I ASS /3