HomeMy WebLinkAboutOrdinances - O-69-44.J - 11/17/1969 - ISSUE BONDS FOR IMPROVING SANITARY SEWER SYSTEM0
MINUTES OF THE Regular MEETING
OF THE CITY CO THE CITY
OF MC HENRY, MC HENRY COUNTY,
ILLINOIS, HELD AT City Hall a AT
P.M. s 0
b� November_ , 19by •
The Mayor called the meeting to order and directed the
City Clerk to call the roll.
Upon the roll call, the following answered present:
Donald P.
Doherty
,
Mayor,
and Aldermen:
Frank
Hromec
Laurence
J. Huck,
Arthur V.
Jackson,
Theodore N. Pitzen,
Raymond
L. Smith.
Joseph Stanek
The following were absent: William J. Bolger, Jerome D. Rozers
Alderman Theodore N. Pitzen presented and the City
Clerk read in full an ordinance entitled:
"AN ORDINANCE providing for borrowing money
and issuing bonds of the City of McHenry,
McHenry County, Illinois, to the amount of
$675,000 for the purpose of paying part of
the cost of constructing improvements and
extensions to the existing sanitary sewer
system of said City, and providing for the
levy and collection of a direct annual tax
for the payment of the principal and inter-
est of said bonds. "
Alderman Raymond L. Smith moved and Alderman
josSph Stanek 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 voted "AYE": Frank Hromec, Lawrence J. Huck,
Arthur V. Jackson, Theodore N. Pitzen, Raymond L. Smith, Joseph Stanek
The following Aldermen voted "NAY" t None
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 journal and records of the City Council of
the City of McHenry, McHenry 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.
t;1Ly U.L rK, w.T.y oI- nmcnenry,
McHenr7,1 County, Illinois.
RWS:rd 11 -2-
STATE OF ILLINOIS
SS
COUNTY OF MC HENRY
I, Earl R. Walsh , do hereby certify that
I am the duly qualified and acting Clerk of the City of McHenry,
in the County and State aforesaid, and as such Clerk I am the
keeper of the official journal, 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
the City of McHenry, McHenry County, Illinois, held on the 17th
day of November , 1969, insofar as same relates to the
adoption of an ordinance entitled:
"AN ORDINANCE providing for borrowing money
and issu ng bonds of the City of McHenry,
McHenry County, Illinois, to the amount of
$675,000 for the purpose of paying part of
the cost of constructing improvements and
extensions to the existing sanitary sewer
system of said City, and providing for the
levy and collection of a direct annual tax
for the payment of the principal and inter-
est of said bonds."
all as recorded in the official journal of proceedings of said
City Council on November_ 17 , 1969, and all as now appears in
the official records of said City in may official care and custodyj.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and the corporate seal of said City of McHenry, at
McHenry , Illinois, this 17th day of November ,
1969.
(CITY SEAL)
RWS:rd
y rk, City of McHenry,
McHenry County, Illinois.
AN ORDINANCE providing for borrow -
Ink money and issuing bonds of the
City of McHenry, McHenry County,
Illinois, to the amount of $675,000
for the purpose of paying part of
the cost of constructing improve-
ments and extensions to the exist-
ing sanitary 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 McHenry,
McHenry County, Illinois, by an ordinance adopted on November
180 19680 did provide that at a special election to be held
in and for said City of McHenry on December 10, 1968, there
would be submitted to the electors of said City the following
question:
and
Shall bonds in the amount of $675,000
be issued by the City of McHenry,
McHenry County, Illinois, for the pur-
pose of paying part of the cost of
constructing improvements and extensions
to the existing sanitary sewer system
of said City, 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
proper notice of said election to be given by publishing notice
thereof once on November 20, 1968, in The McHenry Plaindealer,
the same being a newspaper published in and having a general
circulation within said City, said publication of said notice
being made not more than thirty (30) days nor less than fifteen
(15) 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 pro-
ceedings adopted and spread upon its records has heretofore
found that all legal requirements in connection with said elec-
tion 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 McHenry, McHenry County, Illinois, as follows:
Section 1. That it be and it is hereby found and
determined that the City Council of the City of McHenry has been
authorized by a majority of the electors of said City voting on
the question at an election duly called, noticed, held and can-
vassed for that purpose to issue bonds of said City in the amount
of $675,000 for the purpose of paying part of the cost of con-
structing improvements and extensions to the existing sanitary
sewer system of said City.
Section 2. That in order to raise the sum of $675,000
needed for the purpose aforesaid, there be borrowed by, for and
on behalf of the City of McHenry, McHenry County, Illinois, the
sum of $675,000 and to evidence said loan negotiable coupon bondE
of said City be issued. Said bonds shall each be designated
"Sewer Improvement Bond", be dated October 1, 1969, be numbered
consecutively from 1 to 135, 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:
-2-
Serial
Numbers,
Principal
Year of
Rate of
Both Inclusive
Amount
Maturity
Interest
1
to
3
$15,000
1971
6%
4
to
11
4o,000
1972
6%
12
to
19
4o,000
1973
6%
20
to
28
45, o00
1974
6%
29
to
37
45,000
1975
6%
38
to
47
50,000
1976
6%
48
to
57
50,000
1977
6%
58
to
67
50,000
1978
6%
68
to
77
50, 000
1979
5-7/8%
88
55,000
1980
5-7/8%
9to
to
99
55,000
1981
5.90%
100
to
110
55,000
1982
6%
Ill
to
122
6o,000
1983
6%
123
to
135
65, 000
1984
6%
Interest on said bonds shall be payable on July 1,
1970 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 The First
National Bank of Chicago, in the City of Chicago, 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
-3-
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
following form:
(Form of Bond)
Number
UNITED STATES OF A14ERICA
STATE OF ILLINOIS COUNTY OF MC HENRY
CITY OF MC HENRY
SEWER IMPROVEMENT BOND
$5,000
KNOW ALL MEN BY THESE PRESENTS, that the City of
McHenry, McHenry 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, 1970 and semi-
annually 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 The First Nationa
Bank 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 suffi-
cient 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 part of the cost of constructing improvements and exten-
sions to the existing sanitary sewer system of said City, pur-
suant to and in all respects in compliance with the "Illinois
Municipal Code", approved May 29, 1961, and all acts amendatory
thereof and supplementary thereto, and is authorized by a major-
ity of the electors of said City voting upon the question at an
election duly called, noticed, held and canvassed for that pur-
pose in said City, and in compliance with an ordinance duly
passed by the City Council of said City, approved by the Mayor
of said City, and published, in all respeots as by law required.
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, 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
McHenry, represented by this bond and the issue of which it forms
a part, and including all other indebtedness of said City, how-
soever 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.
-5-
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 de-
livery merely, notwithstanding registration hereof.
IN WITNESS WHEREOF, said City of McHenry, McHenry
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 cou-
pons 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 October, 1969.
Attest:
City Clerk
CITY OF MC HENRY
By
Mayor
(Form of Coupon)
Number $
On the first day of , 19_., the City of
McHenry, McHenry County, Illinois, will pay to bearer
Dollars ($ ) in lawful money of
the United States of America at The First National Bank of
10
- _.__ ki - - - - ---- - - --- - __ - - - __- __ __&- _____.___J
Chicago, in the City of Chicago, Illinois, for interest due that
day on its Sewer Improvement Bond, dated October 1, 1969, Number
Attest:
CiEy Clerk
Mayor
(Form for registration as to principal)
Date of Signature of
Registration Name of Registered Owner City Treasurer
Section �. 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 there-
of at maturity, there be and there is hereby levied upon all of
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 wits
For the Year A Tax Sufficient to Produce the Sum of
1969 $85,099.07 for principal and interest up to
July 1, 1971
1970
78,213.75
for
principal
and
interest
1971
75, 813.75
for
principal
and
interest
1972
78,263.75
for
principal
and
interest
1973
75,563.75
for
principal
and
interest
1974
77, 713.?5
for
principal
and
interest
1975
74,713.75
for
principal
and
interest
1976
71,713.75
for
principal
and
interest
1977
68,745.00
for
principal
and
interest
1978
70,660.62
for
principal
and
interest
1979
677,422.50
for
principal
and
interest
1980
64,150.00
for
principal
and
interest
1981
65,700.00
for
principal
and
interest
1982
66,950.00
for
principal
and
interest
orZ
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, approved by the Mayor,
and published, shall be filed with the County Clerk of McHenry
County, Illinois, who shall in and for each of the years 1969 to
1982, inclusive, ascertain the rate per cent required to produce
the aggregate tax hereinbefore provided to be levied in 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 cor-
porate 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 in-
terest upon the bonds herein authorized when same mature.
Section 7. That the funds derived from the taxes here-
in 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 the same become due. That the funds
derived from the sale of said bonds be and they are hereby
appropriated and set aside for the purpose hereinbefore set out.
In
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 The First National Bank of Chicago
and Associates, the purchasers 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 and a
premium of $5.00, contract for the sale of said bonds to said
purchasers, heretofore entered into, be and the same is hereby
in all respects ratified, approved and confirmed.
Section 9. That all ordinances, resolutions and order ,
or parts thereof, in conflict herewith, be and the same are here
by repealed, and this ordinance shall be in full force and effect
upon its passage and publication as provided by law.
APPROVED:
Atte sty' l ��Mayor
city Cer
ADOPTED: November 17 1969.
RECORDED: November 17 1969.
PUBLISHED:November 19 1969.
wS:rd 11 -9-
RWS : rd
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 McHenry, in the
County and State aforesaid, and as such Clerk I am the keeper
of the official Journal, 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 $675,000 Sewer Im-
provement Bonds of the City of McHenry, McHenry 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 of
McHenry at its regularly convened meeting held on November 17 ,
1969, and as approved by the Mayor of said City, all as recorded
in the official journal of proceedings of said City Council on
November 17 , 1969, and as now appears from the official
records of said City, in my care and custody.
I do further certify that said ordinance was duly and
properly published by publication thereof on the 19th day of
November , 1969, in The McHenry Plaindealer, the same be
a newspaper published in and having a general circulation within
said City.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and the corporate seal of said City of McHenry, at
M C 14 F N A 1' , Illinois, this ) St day of D EC 6d 6 E R
1969 .
y Clerk,, Cityo cenry,
Hcflenry County, Illinois.
(CITY SEAL)
STATE OF ILLINOIS
SS
COUNTY OF MC HENRY
I, Vernon W. Kays , County Clerk of McHenry
County, Illinois, do hereby certify that on the day of
1969, there was filed in my office a properly
certified copy of an ordinance entitled:
"AN ORDINANCE providing for borrowing money
and issuing bonds of the City of McHenry,
McHenry County, Illinois, to the amount of
$675,000 for the purpose of paying part of
the cost of constructing improvements -and
extensions to the existing sanitary sewer
system of said City, and providing for the
levy and collection of a direct annual tax
for the payment of the principal and inter-
est of said bonds."
passed by the City Council of the City of McHenry, McHenry
County, Illinois, on the 17th day of November 1969, and
approved by the Mayor of said City, and that the same has been
deposited in the official files and records of my office.
GIVEN under my hand and the seal of said McHenry
County, Illinois, at Woodstock , Illinois, this day o.
1969.
County Clerk of cHenry, oun y,
Illinois.
(SEAL)
IS : rd