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HomeMy WebLinkAboutOrdinances - n/a - 01/01/1927 - Borrowing Money - BondsAli ORDINANCE PROVIDING FOR THE BORROWING OF MONEY AND ISSUING OF GENERAL INDEBETEDNESS BONDS OF THE CITY OF MCHENRY, PdICHENRY COUNTY, ILLINOIS, TO THE AMOUNT OF TWENTY THOUSAND DOLLARS AND PROVIDING FOR THE COLLECTION OF A DIRECT ANNUAL TAX FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST OF SAID BONDS. WHEREAS, The City of McHenry, Illinois, owes a considerable amount of money for public benefits in various improvements com— pleted in the said city of McHenry, and WHEREAS, Also the City of McHenry owes a considerable amount of money borrowed on anticipation warrants which amounts of money owed as Public benefits and as general indebtedness amount to -the neighborhood of Twenty Thousand Dollars (420,000.00), and that it is necessary for the city of McHenry to pay said amounts of money as soon as possible, and WHEREAS, the said city of McHenry has not sufficient income to make upnsaid payments along with the current expenses. NOW, THEREFOR7,p BE IT ORDAINED By the City Council of the City of McHenry, McHenry County, State of Illinois: Section 1: That there shall be issued general bonds of the said city in the aggregate amount of Twenty Thousand Dollars (420,090.00), of the denomination of One Thousand -Dollars (41,000.00) each, numbered ftom One to Twenty inclusive, bearing interest at the rate of five per cent per annum, Payable July lst 1927, and semi—annually thereafter on the first days of January and July of each year, being dated January lst 1927, being payable at the West McHenry State Bank, West McHenry,_ Illinois, and maturing in numberical order. Two Thousand Dollars (42,.000.00) on July 1st, 1929. Two Thousand Dollars (w2,OOO.0O) on July 1st, 1930. Two Thousand Dollars ($2,000.00) on July lst, 1931. Two Thousand Dollars (�21000.00) on July 1st, 1932. Two Thousand Dollars ($2,000.00) on July 1st, 1933. Two Thousand Dollars (42,O00.00) on July lst, 1934. Two Thousand Dollars (�211000.00) on July lst, 1935. Two Thousand Dollars (2,000.00) on July 1st, 1936. Two Thousand Dollars ($2,000.00) on July lst, 1937. Two Thousand Dollars ($2,000.00) on July 1st, 1938. That said bonds be signed by the Mayor of the said City, sealed with its corporate seal, and attested by its Clerk; and that the interest accruing on said bonds be evidenced by coupons thereto attached, maturing on the several days when such interest matures,_ and such coupons shall be executed by the facsimile sig— natures of both Mayor and Clerk, which said officials by the ex— ecution of said bonds, adopt as and for their own proper signatures their resnectivp facsimile signatures appearing on said coupons. Section 2. That said bonds and coupons shall be in sub— stantially the following terms;: (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS MCHENRY COUNTY CITY OF 11CHENRY No. C41000.00 KNOW ALL MEN BY THESE PRESENTS, that the city of McHenry, in the County of McHenry, and &tate of Illinois,_ herehy acknowledges itself to owe and for value received, hereby promises to pay to the bearer the sum of One Thousand Dollars on the first day of July A.D. 19 r together with interest on the said sum -from the date hereof until paid at the rate of five per cent per annum, payable on the first day of July A.D. 1927, and semi—annually there— after on the first days of January and July in each year upon presentation and surrender of the interest coupons hereto attached as they severally become due and payable. Both principal hereof and interest hereon are hereby made payable in lawful money of the United States of America at the ','Vest McHenry State Bank, West McHenry, Illinois, and for the prompt payment of this bond both princiapal and interest as aforesaid at maturity and the levying of taxes sufficient therefore the full faith, credit and resources of said City are irrevocably rledged. This bond is issued by the said City of McHenry for the purpose of paying general indebtedness of the said city of McHenry, pursuant to and in all respects in com— nliance with an act entitled "An Act to provide for the Incor— poration of Cities and Villages," approved April loth 1872, and all acts amendatory thereof and supT)lementary thereto, and an ordinance duly passed by the Council of said City and submitted to and approved by the voters of said City at an election duly called and held for that purpose. And it is hereby certified and recited that all acts, con— ditions 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 do exist and have been properly done, happened