HomeMy WebLinkAboutOrdinances - O-66-34.B - 12/02/1966 - AUTHORIZE BOND ISSUE $95 000 STORM SEWER IMPROVEME() -&&-3q, 8
MINUTES OF THE U [gle MEETING
OF THE CITY COUNCIL OF THE CITY OF
MC HENRY, M HENRY I POUNTY, ILLINOIS,
HELD AT !- - " I4,-L
AT -- a-- O'CLOCK /_. M . , ON THE
S DAY OF 1966.
The Mayor called the meeting to order and directed
the City Clerk to call the roll.
Upon roll call the following answered present:
Mayor, and Al ermen : /, � �n/c✓� E77
H14 C �}� /C �c I✓ / .Z n/ /n -r-H A t= Vie= lac
The following wepe absent:
O n�G
Alderman QCI_ C'�5z presented, and the City
Clerk read in full an ordinance entitled:
AN ORDINANCE providing for borrowing
money and issuing bonds of the City
of Mc Henry, Mc Henry County, Illinois,
to the amount of $95,000 for the pur-
pose of paying the cost of constructing
improvements and extensions to the
existing storm sewer system of said City,
and providing for the levy and collection
of a direct annual tax for the payment
of the principal and interest of said
bonds.
Alderman f7 ZJ c K moved and Alderman
1 � _
t / I C seconded the motion that said ordinance as
presented and read by the City Clerk be adopted.
After a full discussion thereof the Mayor directed
that the roll be called for a vote upon the motion to adopt
the ordinance as read.
Upon the roll being called the following Aldermen votea:
AYE: CL=/L 06/V Jh} F i C i✓ }7"Zf C/e C e-rc, ,✓
P/ -7_1J 1 Y11/I T/i VeF 6- i=-Al-6:�_
The following Aldermen voted ''NAY":
H
N
Whereupon the Mayor declared the motion carried and
the ordinance adopted and henceforth did approve and sign the
same in open meeting and did direct the Clerk to record the
same in full in the records of the City Council of the City of
Mc Henry, Mc Henry County, Illinois.
Other business not pertinent to the adoption of said
ordinance was duly transacted at said meeting.
Upon motion duly made and seconded the meeting was
adjourned. /
City Clerk
-2-
STATE OF ILLINOIS )
) SS
COUNTY OF MC HENRY )
do hereby certify that I am
the duly qualified and acting Clerk of the City of Mc Henry,
in the County and State aforesaid, and as such Clerk I am the
keeper of the records and files of the City Council of said City.
I do further certify that the attached and foregoing
is a full, true and complete transcript of that portion of the
minutes of the regularly convened meeting of the City Council
of theCity of McHenry, Mc Henry County, Illinois, held on the
z) day of :0,—c.Em 1966, insofar as same relates
to the adoption of an ordinance entitled:
AN ORDINANCE providing for borrowing
money and issuing bonds of the City
of Mc Henry, Mc Henry County, Illinois,
to the amount of $95,000 for the pur-
pose of paying the cost of constructing
improvements and extensions to the
existing storm sewer system of said
City, and providing for the levy and
collection of a direct annual tax for
the payment of the principal and interest
of said bonds.
all as appears from the official records of said City in my
official care and custody.
IN WITNESS WHEREOF, I have hereunto affixed my official
�I c
signature and the co porate seal of said City at 149
Illinois, this G day of �� c�� 19
City C1 rk of the City of Mc-
Henry, Mc Henry County, Illinois.
(CITY SEAL)
14
AN ORDINANCE providing for borrowing
money and issuing bonds of the City
of Mc Henry, Mc Henry County, Illinois,
to the amount of $95,000 for the pur-
pose of paying the cost of constructing
improvements and extensions to the
existing storm sewer system of said City,
and providing for the levy and collection
of a direct annual tax for the payment
of the principal and interest of said
bonds.
WHEREAS, the City Council of the City of Mc Henry, Mc-
Henry County, Illinois, by an ordinance adopted on September 19,
19663, did call a special election to be held in and for said
City of Mc Henry on October 18, 1966, for the purpose of sub-
mitting to the electors of said City the following question:
and
Shall bonds in the amount of $95,000
be issued by the City of Mc Henry, Mc-
Henry County, Illinois, for the purpose
of paying the cost of constructing
improvements and extensions to the
existing storm sewer system of said City,
such bonds maturing serially $5,000
on January 1 of each of the years 1970
to 1984, inclusive, and $10,000 on
January 1 of each of the years 1985
and 1986, and bearing interest at
the rate of not to exceed six per cent
(6%) per annum?
WHEREAS, the City Council of said City did cause to be
given proper notice of said election by publishing notice thereof
once on September 22, 1966 in The Mc Henry Plaindealer, being a
newspaper published and of general circulation in said City,
not more than thirty days nor less than fifteen days prior to
the date of said election, which said notice as so published did
specify the places where such election was to be held, the time
of opening and closing the polls and the question to be voted
upon; and
WHEREAS, the City Council of said City, by proper
proceedings adopted and spread upon its records, found that all
14 -3-
legal requirements in connection with said election 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:
NOW, THEREFORE, Be It Ordained by the City Council
of the City of Mc Henry, Mc Henry County, Illinois, as follows:
Section 1. That it be and it is hereby found and
determined that the City Council of the City of Mc Henry has
been authorized by a majority of the electors of said City voting
on the question at an election duly called, noticed, held and
canvassed for that purpose to issue bonds of said City in the
amount of $95,000 for the purpose of paying the cost of construct-
ing improvements and extensions to the existing storm sewer
system of said City.
Section 2. That in order to raise the sum of $95,000
needed for the purpose aforesaid, there be borrowed by, for
and on behalf of the City of Mc Henry, Mc Henry County, Illinois,
the sum of $95,000 and to evidence said loan negotiable coupon
bonds of said City be issued. Said bonds shall be designated
"Storm Sewer Bonds," be dated December 11, 1966, be nineteen
(19) in number, numbered from 1 to 19, inclusive, be of the
denomination of $5,000 each, and mature serially on January 1
of the years and in the amounts and bearing interest as follows:
Serial Numbers,
Principal
Year of
Rate of
Both Inclusive
Amount
Maturity
Interest
1
$ 5,000
1970
4-1/2%
2
5,000
1971
4-1/2%
3
5,000
1972
4-5/8%
4
5,000
1973
4-5/8%
5
5,000
1974
4-5/8%
6
5,000
1975
4-5/81,;
7
5,000
1976
4-5/8%
8
5,000
1977
4-5/8%
9
5,000
1978
4-5/8%
10
5,006
1979
4-5/8a
11
5,000
1980
4-5/81%
12
5,000
1981
4-5/8%
H -4-
M
Serial Numbers,
Principal
Year of
Rate of
Both Inclusive
Amount
Maturity
Interest
13
$ 5,000
1982
4-5/8%
14
5,000
1983
4-5/8%
15
5,000
1984
4-5/8%
16-17
10,000
1985
4-5/8%
18-19
103000
1986
4-5/8%
Interest on said bonds shall be payable on July 1, 1967, and
semiannually thereafter on the first days of January and July in
each year, which said 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 Home State Bank in Crystal Lake.
Illinois. The seal of said City shall be affixed to each of said
bonds and said bonds shall be signed by the Mayor and be attested
by the Clerk of said City, and said coupons shall be signed and
attested by said officials, respectively, by their respective
facsimile signatures, and said officials, by the execution of
said bonds, shall adopt as and for their own proper signatures
their respective facsimile signatures appearing on said coupons.
Section 3. That the bonds hereby authorized shall be
payable to bearer; provided, however, that such bonds may be
subject to registration as to principal in .the name of the holder
on the books of the Treasurer of said City, such registration
to be evidenced by notation of said 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 thereof 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 delivery merely.
Section 4. That each of said bonds and the interest
coupons to be thereto attached shall be in substantially the
-5-
following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTY OF MC HENRY
CITY OF MC HENRY
STORM SEWER BOND
Number $5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of Mc-
Henry, Mc Henry 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 FIVE THOUSAND DOLLARS ($5,000) on the first day of January,
19 , together with interest on said sum from the date hereof
until paid at the rate of
per cent
( %) per annum, payable on July 1, 1967 and semiannually
thereafter on the first days of January and July in each year,
and until maturity, upon presentation 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 Home State Bank
in Crystal Lake, 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 resources
of said City are hereby irrevocably pledged.
This bond is issued by said City for the purpose of
paying the cost of constructing improvements and extensions to
the existing storm sewer system of said City pursuant to and in
all respects in compliance with the "Illinois Municipal Code,"
effective July 1, 1961, and all acts amendatory thereof and
H
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 City of
Mc Henry, represented by this bond and the issue of which it
forms a part, and including all other indebtedness of said City,
howsoever evidenced and incurred, does not exceed any constitu-
tional 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 negotiability of the
coupons hereto attached which shall continue negotiable by
delivery merely, notwithstanding registration hereof.
IN WITNESS WHEREOF, said City of Mc Henry, Mc Henry
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
coupons 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 December,
1966.
Attest:
City Cler
(SEAL)
City of Mc Henry
By
Mayor
(Form of Coupon)
Number $
On the first day of , 19_, the City of
Mc Henry, Mc Henry County, Illinois, will pay to bearer
Dollars ($ ) in lawful money
of the United States of America at Home State Bank in Crystal
Lake, Illinois, for interest due that day on its Storm Sewer
Bond, dated December 1, 1966, Number
Mayor
Attest:
City Clerk
(Form for Registration as to Principal)
Date of Name of Signature of
Registration Registered Owner City Treasurer
W
Section 5. That for the purpose of providing the
funds required to pay the interest on said bonds promptly when
and as the same falls due, and to pay and discharge the principal
thereof at maturity, there be and there is hereby levied upon
all the taxable property within said City, in each year while
any of said bonds are outstanding, a direct annual tax sufficient
for that purpose, and that there be and there is hereby levied
on all of the taxable property in said City, in addition to all
other taxes, the following direct annual tax, to wit:
For the year 1966, a tax sufficient to produce
the sum of $6,937.00 for interest and principal
up to and including July 1, 1968;
For the year 1967, a tax sufficient to produce
the sum of $4,381.25 for interest and principal;
For the year 1968, a tax sufficient to produce
the sum of $9,268.76 for interest and principal;
For the year 1969, a tax sufficient to produce
the sum of $9,043.76 for interest and principal;
For the year 1970, a tax sufficient to produce
the sum of $8,815.63 for interest and principal;
For the year 1971, a tax sufficient to produce
the sum of $8,584.38 for interest and principal;
For the year 1972, a tax sufficient to produce
the sum of $8,353.13 for interest and principal;
For the year 1973, a tax sufficient to produce
the sum of $8,121.88 for interest and principal;
For the year 1974, a tax sufficient to produce
the sum of $7,890.63 for interest and principal;
For the year 1975, a tax sufficient to produce
the sum of $7,659.38 for interest and principal;
For the year 1976, a tax sufficient to produce
the sum of $7,428.13 for interest and principal;
For the year 1977, a tax sufficient to produce
the sum of $7,196.88 for interest and principal;
For the year 1978, a tax sufficient to produce
the sum of $6,965.63 for interest and principal;
For the year 1979, a tax sufficient to produce
the sum of $6,734.38 for interest and principal;
-9-
-s
N
For the year 1980, a tax sufficient to produce
the sum of $6,503.13 for interest and principal;
For the year 1981, a tax sufficient to produce
the sum of $6,271.88 for interest and principal;
For the year 1982, a tax sufficient to produce
the sum of $6,040.63 for interest and principal;
For the year 1983, a tax sufficient to produce
the sum of $10,693.75 for interest and principal;
For the year 1984, a tax sufficient to produce
the sum of $10,231.25 for interest and principal.
That interest or principal coming 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 advancement of
the collection of said taxes herein levied, and when said
taxes shall have been collected reimbursement shall be made to the
said funds in the amounts thus advanced.
Section 6. That forthwith as soon as this ordinance
becomes effective, a copy hereof certified by the Clerk of said
City, which certificate shall recite that this ordinance has
been passed by the City Council of said City and published, shall
be filed with the County Clerk of Mc Henry County, Illinois, who
shall in and for each of the years 1966 to 1984, inclusive, as-
certain the rate per cent required to proc.-ice the aggregate tax
CD
hereinbefore provided to be levied in each of said years, respec-
tively, in and by said City for general corporate purposes of
said City, and in each of said years such annual tax shall be
levied and collected by said City in like manner as taxes for
general corporate purposes for each of said years are levied and
collected, and when collected such taxes shall be used solely for
the purpose of paying principal and interest upon the bonds herein
authorized when same mature.
Section 7. That the funds derived from the taxes
herein levied be and the same are hereby appropriated and set
aside for the sole and only purpose of paying principal of
and interest on said bonds when and as same become due. That
-10-
the funds derived from the sale of said bonds be and they are
hereby appropriated and set aside for the purpose hereinbefore
set out.
Section 8. That forthwith after this ordinance has
become effective as provided by law, the bonds herein authorized
shall be executed and delivered to the Treasurer of said City
and be by him delivered to Home State Bank, the purchaser
thereof, upon receipt of the purchase price therefor, same to
be not less than the par value of said bonds, plus accrued interest
to date of delivery, contract for the sale of said bonds to said
purchaser, heretofore entered into, be and the same is hereby
in all respects ratified, approved and confirmed.
Section 9. That all ordinances, resolutions and orders,
or parts thereof in conflict herewith, be and the same are hereby
repealed and this ordinance shall be in full force and effect
upon its passage and publication as provided by law.
Passed d�vn��� , 1966.
Approved �cCcr/�l�J - 1966.
Published1966.
Atte$ .
C y Clerk
M
-11-
Mayor ;
STATE OF ILLINOIS )
) SS
COUNTY OF MC HENRY )
I, the undersigned, do hereby certify that I am the
duly qualified and acting Clerk of the City of Mc Henry, in the
County and State aforesaid, and as such Clerk I am the keeper
of the records and files of the City Council of said City.
I do further certify that the attached and foregoing
is a full, true and correct copy of an ordinance providing for
the borrowing of money and the issuance of $95,000 Storm Sewer
Bonds of the City of Mc Henry, Mc Henry County, Illinois, and
providing for the levy and collection of a direct annual tax
for the payment of the principal of and interest on the same as
it matures, as adopted by the City Council of said City ofMc-
Henry at its regularly convened meeting held on 1966,
and as approved by the Mayor of said City, all as appears from
the official records of said City in my care and custody.
I do further certify that said ordinance was duly and
l
properly published by publication thereof on the _ day of
Rc-Fn"115t�� , 1966, in The Mc Henry Plaindealer, the same
being a newspaper published in and of general circulation within
said City.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and the corporate seal of said City at ✓ /7�/✓,R ,
Illinois, this day of
City Clerk
(CITY SEAL)
W