Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Ordinance #0890
- ~ aooK ~.e~cc 856 BOND ORDINANCE Minutes of a reQUlar public meeting of the City Council of the City of Canton, Fulton County, Illinois, held a t 210 E. Chestnut a t 6:30 ' o' clock P .M. , on the 7th day of Jul, , 1981. The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon roll call, the following answered present: Donald E. Edwards , Mayor, and City Council Members Aldermen Kovachevich, Hammond, Selfridge, Grant, Carl, Horr. __ -- _- The follow in were abse:zt: Aldermen Mazza, Clarke: - - - - City Council.. Member Donald E. Edwards presented and the - City Clerk read in full the following ordinance: AN ORDINANCE setting forth the procedures for the issuance of Tax Increment Alloca- tion Bonds funded by the special tax al- location fund for the Central Business District of the City of Canton, Fulton County, I11 inois ' 800KPAGE ©5~ AN ORDINANCE setting forth the procedures for the issuance of Tax Increment Alloca- tion Bonds funded by the special tax al- location fund for the Central Business District of the City of Canton, Fulton County, Illinois WHEREAS, the City of Canton, Fulton County, Illinois, (the "City") has heretofore designated a portion of the City as a "redevelopment project area" known as the Redevelopment Pro- ject Area (the "Project Area") in accord with the provisions of the Real Property Tax Increment Allocation Redevelopment Act (the "Act"); and WHEREAS, the City has approved a redevelopment plan and redevelopment project for the Project Area and held the necessary public hearing required by the Act; and WHEREAS, the City Council has determined that it is necessary and in the best interests-of the City that the City -_-_ - --~- issue.__tax _increme.nt_allocation__.bonds for._the__purpose of ..paying __: the redevelopment project costs for the redevelopment project which has been approved for the Project Area: NOW, THEREFORE, Be It Uradi-,~u ay the City Council of the City of Canton, Fulton County, Illinois, as follows: Section 1. Definitions. That the following words and terms used in this ordinance shall have the following meanings unless the context or use indicates another or different meaning: (1) "Act" means the Real Property Tax Increment Allo- cation Redevelopment Act of the State of Illinois, as amended and supplemented from time to time. ~~1 2 800K ~P~Gt 8~ (2) "Bonds" means the Tax Increment Allocation Bonds (whether Initial or Parity) to be issued in accord with the pro- cedures set forth in this Ordinance and to be authorized by a Bond Ordinance. (3 ) "Bond Ordinance" means an ordinance adopted 'oy the City Council of the City in accord with the procedures set forth in this Ordinance authorizing the issuance of the Initial Bonds or Parity Bonds. (4) "City" means the City of Canton, Fulton County, Illinois, and its successors and assigns. (5) "Fund" means the special tax allocation fund for the Central Business District (hereinafter referred to as the "Project Area") established pursuant to Section 11-74.4-8 of the Act and created by an ordinance heretofore adopted by the City Council of the City on December 27, 1977 and entitled: Ordinance No. 623, An Ordinance Adopting Tax Increment Financing. (6) "Government Securities" means bonds, notes, certi- ficates of indebtedness, treasury bills or other securities con- stituting direct obligations of the United States of America and all securities or obligations, the prompt payment of principal and interest of which is guaranteed by a pledge of the full faith and credit of the United States of America. (7) "Initial Bonds" means the first series of Bonds to be issued in accord with the procedures set forth in this Ordinance. 3 BOOK 1PGGE 859 (g) "Ordinance" means this ordinance as originally adopted and as the same may from time to time be amended or supplemented in accordance with the terms hereof. (9) "Parity Bonds" means bonds to be issued in the: future which will be payable ratably and equally with the Initial Bonds in the proceeds of the collection of the -.. Pledged Taxes . ,_,jzJ __ (10) "Pledged Taxes" means the ad valorem taxex, _- --__--- any, arising from the tax levies upon taxable real aro;~ar:~+ :=~ - _ the Project Area by any and all taxing districts or =L^=cS'C~';. _-- -_: corporations having the power to tax real oroc~rt•~ :n ~~~ _ _- Project Area, which taxes are attributable to ti:~~s~:~=~~°° ~' '3j~ _-~_ then current equalized assessed valuation o: ~~a``s :sxw"° '-~" ' - block-~ :-tract _or parcel of real property is= `'_~ ~ - - - _- __ and- above _the Initial__Equalized. Assessed ____ ~- ~_ -- - - - - -- of property, all as determined by the Co•.n*'% ~+~n~x ~ ~° -~, t County in accord with Section 11-74.4-9 °' ~~,- '~ .~> ( 11) "Project" means the redevr•1`'~~"'°`'' ''~ ~. u .,,~ tofore approved by the city Council of - ~ ~, ~". ado ted on December 27 , 1977 , in Lurther•~"` ° ~~. p ~- .~{,. ~t ~~ of the Redevelopment Plan. ~ ~. ~~- (12) ..project Area" mean.; tht' ;~r.:ay°+'' ,' „. °'~ u~~s for the Central Business District- ~2'''~''~';•~~~ ~ ~~~~~ r. ~ - }~~ ~.- :Zf+~~ . A attached hereto and heretofore ''~'t'~2i~ ~~'~~ s of the City in accord with the I'-'`"~~ ~ •' {~~~~~ M ~ ~~.~ ~?~`.~. ~~~ - 2 ,~ ~ Y'x 1. t ~i~~ Y..i ~~ . . _..... .r:t •L 80~JK ~PAU~ Q~U 13) "Project Costs" means the sum total of all or necessary costs incurred or estimated to be incurre reasonable ect, 'ncidental to the Redevelopment Plan and the Proj which are i including, without limitation, the following: Tans , and ~ a ) Costs of studies and surveys , P s ecifications; professional service costs including P legal, but not limited to architectural, engineering, Tanning or special services; marketing, financial, P __ _ including but not (b) Property assembly costs, ro erty, limited to acquisition of land and other p P de- real or personal, or rights or interests therein, molition of buildings, and the clearing and grading of land ; ~c) Costs of rehabilitation, reconstruction or of existing buildings and fixtures; _____ .- repair or remodeling ublic works or -- ~d) Costs of the construction of p improvements; fie) Financing costs, including but not limited to nd discount and all other necessary and incidental ex- bo nses related to the issuance of the Bonds and which pe ma include payment of interest on the Bonds accruing Y during the estimated period of construction of the 'ect and for not exceeding 18 months thereafter and Prod including reasonable reserves related thereto; 5 BOOK 1PAGE 061 "Redevelopment Plan means the comprehensive (14) 11 roved by o ram of the City for the Project Area heretofore aPP pr g s adopted on December the City Council of the City by proceeding o ether with any amendments and supplements thereto. 27 , 1977 , t g means (15) "Total Initial Equalized Assessed Value the total initial equalized assessed value of $2,473,977, being eal roperty within the Project Area determined by the taxable r p nt Clerk of Fulton County in accordance with the pro the Cou Y visions of Section 11-74.4-9 of the Act• ouncil of the City Sec n 2, Find in s. That the C1tY C 'nds that the Project Area has been established in - hereby fi e with the provisions of the Act and that it is neces accordanc the best interests of the City to issue the Bonds sary and in to enable the City to paY Project Costs. The Bonds. (a) Authorization That the Sec n 3. - be issued and sold in the principal amount of not to Bonds 400,000 and shall be issued pursuant to individua exceed $2- The Bonds Bond Ordinances authorizing each series of Bonds. dated, be numbered, be of such denomination or de- shall be er annum as or rates p nominations and bear interest at the rate the same. shall be provided in the Bond Ordinance authorizing s of May rest on the Bonds shall be payable on the first day Inte in each year and the Bonds shall mature on November and November of each year. 6 "' I aooK 1~~c~ 862 Redem tion. Each series of Bonds shall be subject (r) which shall at the prices to redemption at the option of the City than the par value of the Bonds being redeemed and be not less est to the date of redemption) and at the times and accrued inter rces to be set forth in the Bond Ordinance author i z from the sou ing such series. tion to Written notice of the City's exercise of its op rincipal shall redeem any or all of the bonds registered as to p the holder of any such registered Bond by be given by the city to red mail to the last known address of such certified or reg iste The date of the mailing of such notice shall be not more holder. da s prior to such than thirty ( 30 ) and not less than ten (10 ) Y ion date, and any such notice shall designate the date redempt shall designate the serial and place of redemption of the Bonds, _.:~_ - and the aggregate principal amount of the Bonds to be re- numbers Lion _--~ and shall state that on the designated date of redemp ' ued deemed, rincipal and accr the Bonds will be redeemed by payment of t e p redemption date in- interest thereon, and that from and after the on the Bonds called for redemption shall cease to accrue. terest ent and Execution. Both principal and interes (c) Pa able in lawful money of the United States of of the Bonds are pay main office of the city. The Bonds shall be signed America at the or with the by the manual or facsimile signature of the May and orate seal of the City imprinted on or affixed thereto, core Clerk, sted by the manual or facsimile signature of the City atte 7 ned by nd the interest coupons attached to the Bonds shall be sig a simile signatures of said officials, and said officials, by the fac the execution of the Bonds, shall adopt as and for their own si natures their respective facsimile signatures appearing proper 9 on said coupons. Sec__ t_ 4. Securit The Bonds, together with the interest and premium, if any, thereon, are payable from the collection of the Pledged Taxes and the amounts on deposit in the various funds and accounts as provided herein and are not ured by the full faith and credit of the City or the City`s sec power to levy taxes (other than the Pledged Taxes). No holder of any Bond may compel the exercise of any interest taxing power of the City to pay principal thereof , The Bond s do not thereon, or premium, if any, on the Bonds. -- ~ indebtedness of the City within the meaning of -- :- --- constitute an - -~ ~~~ any constitutional or statutory provision or limitation. Sec=on 5, Registration. The Bonds shall be reg- tion of the holder as to principal only in istered at the oP the office of the Clerk of the City in the manner and subject to the conditions set forth in the form of Bond set out to Section 6 of this Ordinance. ons shall Sec_~ n 6. Form of Bond. The Bonds and coup the following form (with such omissions, be in substantially evisions or additions as shall be appropriate to each series r of Bonds as shall be set forth in each Bond Ordinance): BQOK ~P~GE 863 8 eoo~ 1~ac~ ~4 (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF FULTON CITY OF CANTON TAX INCREMENT ALLOCATION BOND CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT AREA SERIES Number S KNOW ALL MEN BY THESE PRESENTS, that the City of Canton, Fulton County, Illinois (the "City"), for value received hereby promises to pay .the registered holder hereof, solely from the Special Tax Allocation Fund (the "Fund") for the Central Business District Redevelopment Project Area of the City and - - certain reserves,- as hereinafter mentioned, and not otherwise, the --=--~ sum of THOUSAND DOLLARS ($ ) on November 1, together with interest on said sum from date hereof until paid at the rate of per cent ( ~) per annum, payable semiannually on the first days of May and November in each year, beginning on 1, 19 , upon presentation and surrender of the annexed interest coupons as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at This bond and each bond of the series of which it forms a part together with any other bond of any other series 9 payable from moneys on deposit in the Fund (together, the "Bonds"), is issued pursuant to Division 74.4 of Article 11 of the Illinois Municipal Code (the "Act"), and all laws amendatory thereof and supplemental thereto, and the principal of and interest on, and premium, if any, on the Bonds are payable from the ad valorem taxes, if any, arising from the taxes levied upon taxable real property in the Redevelopment Project Area for the Central Business District established by the city in accord with the provisions of the Act (the "Project Area") by any and all taxing districts or municipal corporations having the power to tax real property in the Project Area, which taxes are attrib- utable to the increase in the then current equalized assessed valuation of each taxable lot, block, tract or parcel of real property in the Project Area over and above the initial equal- ized assessed value of .each such piece of property, all as deter- mined by the County Clerk of Fulton County in accord with the provisions of the Act (the "Pledged Taxes"). The Bonds are being issued for the purpose of paying the costs of a redevel- opment project in the Project Area, all as more fully described in proceedings adopted by the City Council of the City pursuant to the Act, in an Ordinance setting forth the procedures for the issuance of the Bonds and in the bond ordinance adopted by the City Council of the City and approved by its Mayor on the day of , 19 (the "Bond Ordinance"), to all the provisions of which the holder by the acceptance of this Bond BOOK ~f'f~r 8~'S ~, BOOK ~P~GE Q~~ assents. The Bonds, together with the interest and premium, if any, thereon, are payable from the collection of the Pledged Taxes and the amounts on deposit in the various funds and accounts as provided in the Bond Ordinance and are not secured by the full faith and credit of the City or the City's power to levy taxes (other than the Pledged Taxes). No holder of any Bond may compel the exercise of any taxing .__.T-- - power of the- City to -pay the principal of , interest on or premium, if any, on the Bonds. The Bonds do not constitute an indebtedness of the city within the meaning of any con- stitutional or statutory provision or limitation. This Bond and each series of which it forms a part shall be subject to ' redemption at the option of the city at par value and ac- crued interest to the .date of .redemption. ---- - - Notice of the redemption of any or all of said Bonds ~~~ registered as to principal, shall be given by the City to the registered holder thereof by certified or registered mail to the last known address of such holder. The date of the mail- ing of such notice shall be not more than thirty (30) and not less than ten (10) days prior to such redemption date, and when any or all of said Bonds shall have been called for redemption and payment made or provided for, interest thereon shall cease from and after the date so specified. Under the Act and the Bond Ordinance, the Pledged Taxes shall be deposited in the Fund. Moneys on deposit in the 11 Fund shall be used for paying the principal of, interest on, and premium, if any, on the Bonds and in making all required payments to the funds and accounts as provided by the terms of the Bond Ordinance . It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in the issuance of this Bond, have been done and have happened and that and have been performed in regular and due form of law, provision has been made for depositing in the Fund the Pledged Taxes to be applied in the manner as hereinabove set forth, and the City hereby covenants and agrees that it will properly ac- count for the revenues derived from the Pledged Taxes and will comply with all the covenants of ,f and maintain the funds and . ___ accounts as~provided by the Bond .Ordinance. _ _ _ ,- _-_- _ -- --_ ---- - i~tered as-~ to principa on y _ _- ~- -This Bond shall- be - reg --- - - -- in the name of the holder on the books of the City in the office of the City Clerk, such registration to be noted on the reverse side hereof by the City Clerk, and thereafter the principal of such registered bond shall be payable only to the registered holder, his legal representative or assigns. Any such Bond shall be transferable to another registered holder or back to bearer only upon presentation to the City ed or approved . Clerk with a legal assignment duly acknowledg The registration of this Bond shall not restrict the nego- tiability of the coupons by delivery merely. BOOK ~FlGc 06~ ~~ ao~x ~~c~ ~~~ IN WITNESS 6gHEREOF, the City of Canton, Fulton County, Illinois, by its City Council, has caused this Bond to be signed by the (manual or facsimile) signature of its Mayor, its corporate seal to be printed hereon or affixed hereto and attested by the (manual or facsimile) signature of its City Clerk, and the coupons hereto the facsimile signatures of said attached to be signed by Mayor and said City Clerk, which officials, by the execu- tion of this Bond, do adopt as and for their own proper ear- signatures their respective facsimile signatures app ing on said coupons, and this Bond to be dated as of the first day of ' 19 Mayor, City of Canton, Fulton County, Illinois Attest: i Cler]-, City of Canton, Fulton Co nty, Illinois (Form of Coupon) Number 19 the City of On the first day of Canton, Fulton County, Illinois, will pay to bearer out of 13 for the Central Business District Redevelopment Project the Fund ) in Dollars ($ Area of said City lawful money of the United States of America at being Tax Increment Allocation Bond (Central interest then due on its dated Business District Redevelopment Project Area), Series _- ' 1, lg _, Number ° City of Canton, Fulton County, Mayor, Illinois - Clerk, ." ity of Canton, -- ---- Ci t ~ - ~~- Illinois -- - Fulton Coun y, BOOK ~P'OE 86~ 14 v $o~~ 1~~Uz 8`7~ (Form for Registration as to Principal) Date of Registration Name of Registered Owner Si nature of City There is Sec= on ~• Pled ed Taxes Fund - Accounts• tofore hereby continued the special tax allocation fund here Cit agrees reated by the City and known as the "Fund" which the Y c in. All of the Pledged Taxes, any amounts received rom to mainta aid for from the sale of property acquired or constructed and p roceeds and any other revenues from any source whatsoever Bond p if any, interest on and premium, designated to pay principal of, shall be set aside as collected and be deposited in on the Bonds The Bonds are secured by a pledge of all of the moneys the Fund . _. -- 'n the principal and Interest Account of the Fund and on deposit i aid in full such pledge is irrevocable until the Bonds have been prier this or until the obligations of the City are discharged un Ordinance and any bond Ordinance. the Pledged In accord w ith the provisions of the Act , to be paid to the City Treasurer by the Officers who Taxes are Treas- lect or receive the Pledged Taxes. Whenever the City col romptly deposit urer receives any of the Pledged Taxes he shall p the Fund. The moneys on deposit in the Fund shall the same into out the terms be used solely and only for the purpose of carrying 15 and conditions of this Ordinance and any Bond Ordinance and shall be deposited as hereinafter provided to the following accounts within the Fund: (a) The Principal and Interest Account. There is hereby created a special account within the fund to be known as the "Principal and Interest Account." Moneys deposited by the city into the Fund shall first be de- posited into the Principal and Interest Account and, - - ~ °- except as hereinafter provided, such moneys shall be used solely and only for the purpose of paying princi- pal of and interest on the Bonds as the same become due. If, on or before sixty days before the principal payment date on any of the Bonds, there are funds in the Principal and Interest Account in excess of the amount - necessary to pay such principal and interest on such date and the two dates subsequent thereto such funds shall be transferred by the City into the General Account. (b) The General Account. There is hereby created a special account within the fund to be known as the "Gener- al Account" which the City agrees to maintain. Moneys on deposit in the General Account shall be used to remedy any deficiencies in the Principal and Interest Account and thereafter shall, at the discretion of the City Council of the City, be used for one or more of the following purposes: (1) for the purpose of paying any Project Costs not paid from other sources; or 800K ~~'~GE 8~~, 16 BOOK ~P~UE ~~~ (2) for the purpose of redeeming Bonds in accordance with the provisions of the Bond Ordi- nances authorizing the same; or ( 3 ) for the purpose of purchasing Bond s at a price not in excess of par and accrued interest to the date of purchase; or (4) for the purpose of refunding, advance refunding, or pre-paying any Bonds; or (5) for the purpose of distributing such funds to the taxing districts or municipal corpora- tions having the power to tax real property in the Project Area in accord with the provisions of the Act; or (6) for any other purpose related to the Project or the Plan permitted by the Act. - (c) Investments. The moneys-on deposit in the Fund and the various accounts therein may be invested from time to time in qualified investments. Any such investments may be sold from time to time by the City as moneys may be needed for the purposes for which the Fund and such accounts have been created. In addition, the City shall sell such investments when necessary to remedy any deficiency in the Principal and Interest Account. Any earnings or losses on such investments shall be attributed to the account within the Fund for which the investment was made. 17 Section 8. General Covenants. The City covenants and agrees with the holders of the Bonds and coupons that, so long as any Bonds or coupons remain outstanding and unpaid: (a) The City will punctually pay or cause to be paid the principal of, interest on and premium, if any, to become due in respect of the Bonds in strict conformity with the terms of the Bonds, this Ordinance and any Bond -= - Ordinance, and it will faithfully observe and perform all of the conditions, covenants and requirements thereof. (b) The City will pay and discharge, or cause to be paid and discharged, any and all lawful claims which, if unpaid, might become a lien or charge upon the Pledged Taxes or any part thereof, or upon the Fund or which might impair the security of the Bonds. Nothing herein contained - -- - shall require the City to make any such payment so long as the city in good faith shall contest the validity of said claims. (c) The City will keep, or cause to be kept, proper books of record and accounts, separate from all other records and accounts of the City, in which complete and correct entries shall be made of all transactions re- lating to the Project and the Fund to the Pledged Taxes. Such books of record and accounts shall at all times during business hours be subject to the inspection of the holders of not less than ten per cent (10~ ) of the BOOK PAGE S~3 18 $O;~JK ~~~£ ~~~ principal amount of the Bonds then outstanding, or their representatives authorized in writing. The City will cause to be prepared and filed with the City Clerk annually, within one hundred twenty (120) days after the close of each fiscal year of the City so long as any of the Bonds are outstanding, complete financial statements with respect to the preceding fis- cal year showing the Pledged Taxes received, all dis- bursements from the Fund and accounts created by this Ordinance and the financial condition of the Project, including the balances in all funds and accounts relat- ing to the bonds and the Project as of the end of such fiscal year. The City will furnish a copy of such .statements to .any Bondholder upon request. _ -- rY - -The pity will 'preserve and protect tYie _. .._-- _ _ _ -- ___ ____ __ __ _._. F -) -_._-. security of the Bonds and the rights of the Bondholders, and will warrant and defend their rights against all claims and demands of all persons. From and after the sale and delivery of any of the Bonds by the City, the Bonds and coupons appertaining thereto shall be incon- testable by the City. (e) The City will continue to implement the Project with all practicable dispatch in accord with its stated objectives and purposes in conformity with the Redevel- opment Plan and the Act. 19 (f) The city will adopt, make, execute and deliver any and all such further ordinances, resolutions, instru- ments and assurances as may be reasonably necessary or proper to carry out the intention of, or to facilitate the performance of , this Ordinance and any Bond Ordinance , and for the better assuring and confirmding unto the holders of the Bonds of the rights and benefits provided in this Ordinance and any Bond Ordinance . Section 9. Additional Bonds. That as long as any of the Bonds are outstanding no obligations or bonds shall be issued which are payable from the Pledged Taxes except upon compliance with the provisions of this Section. I. The City reserves the right to issue Parity - Bonds for the purpose of paying Project Costs upon compliance with the following conditions: (a) The City must be in full compliance with all of the requirements of this Ordinance and any Bond Ordinance and the amounts required to be deposited in the Funds and accounts provided for by this Ordinance must have been. deposited in full to the date of the delivery of such Parity Bonds; and (b) All Bonds issued under this Section shall mature as to principal on November 1 and as to interest on November 1 and May 1; and (c) The ordinance authorizing the issuance of Parity Bonds may provide for such additional reserve accounts, and addi- tional provisions for the protection of Bondholders as the City then deems appropriate. 800K ~~~~~ $~~ 20 BOOK 1P~GE 8~~ II. Without compliance with the conditions set forth in I above, the City reserves the right to issue bonds payable from the Pledged Taxes to refund, advance refund or pre-pay al l of the Bond s then outstanding. Section 10. Sale of the Bonds. That the Bonds shall be sold on such terms as shall be agreed upon between the City and the purchaser thereof. Section 11. Use of Bond Proceeds. The accrued interest received by the City from the purchaser of the bonds and capital- ized interest, if any, shall be deposited in the Principal and Interest Account of the Fund and be used to pay the interes t first coming due on the Bonds. When the consideration for the issuance of the Bonds is money, the City shall then pay from the Bond proceeds the expenses incurred in the issuance of the Bonds -----==- and -the balance of the- Bond proceeds shall be placed by the City in a special fund to be designated as the "Project Fund". The moneys in the Project Fund shall be kept separate and apart from from all other funds of the City. Funds in the Project Fund (including any interest earned thereon) shall be used to pay or to reimburse the City for the payment of Project Costs, and such funds shall be held therein for the benefit of the City for such purpose and for the benefit of the holder or holders of any of the Bonds as their interests may appear. Funds on deposit in the Project Fund shall be with drawn by the City upon the submission 21 to any bank holding such funds of the following: (a) A duplicate of an order signed by the Mayor of the City stating that the order is issued to pay or reimburse the city for a part of the Pro- ject Costs and stating further that the issuance of the order has been approved by the city Council of the City; and (b) A certificate executed by the Treasurer of the city, stating that the order has been issued for the purpose of paying Project Costs, and stating further the specific nature of the work completed or property acquired, and the amount due and payable therefor at the time. Within sixty ( 60 ) days after the completion of the Project and after all Project Costs have been paid, the Treasurer of the City shall certify to the City Council of the City that the Project has been completed in accord with the plans and specifications therefor, and has been fully paid for. The City Council of the City shall pass upon the sufficiency of said certificate and if the city Council approves said certf- -- _-_- _ icate, the Mayor and the Treasurer shall certify to such bank that the Project has been completed and paid for, and if of ter such payment there remain any moneys in the Project Fund, such bank shall transfer such moneys to the City for deposit into the Fund. Funds on deposit in the Project Fund may, by direc- tion of the City to such bank, be invested in qualified in- vestments. Any such investments shall mature or be callable at the option of the holder on or before the date on which moneys will be needed to pay the Project Costs as the same become due. BOOK ~Pl~GE 8~7' 22 BOOK ~~'AGF 8`78 Any grant moneys or other funds received by the City for the purpose of paying Project Costs shall be deposited in the Project Fund and disbursed as herein provided. Section 12. Arbitrage. The City Council certifies and covenants with the purchasers and holders of the Bonds from time to time outstanding, that so long as any of the bonds re- main outstanding, moneys on deposit in any fund or account in connection with the Bonds, whether or not such moneys were de- rived from the proceeds of the sale of the Bonds or from any other sources, will not be used in a manner which will cause such Bonds to be "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and any lawful regulations promulgated or proposed thereunder, including Treas. Reg. Sections 1.103-13, 1.103-14 and 1.103-15, as the same presently exist, or may from time to time hereafter be amended, supplemented or revised. The City Council reserves the right, however, to make any investment of such moneys permitted by Illinois law and this Ordinance, if, when and to the extent the said Section 103(c) or regulations promulgated thereunder shall be repealed or relaxed or shall be held void by final decision of a court of competent jurisdiction, but only if any invest- ment made by virtue of such repeal, relaxation or decision would not, in the opinion of counsel of recognized competence in such matters, result in making the interest on the bonds sub- ject to federal income taxation. 23 Section 13. This Ordinance a Contract. The pro- visions of this Ordinance shall constitute a contract between the City and the holders of the Bonds, and no changes, addi- tions or alterations of any kind shall be made hereto, except as herein provided, until such time as the Bonds and the in- terest thereon shall be paid in full, or unless and until ade- quate provision is made for the payment of the Bonds and the interest thereon. The city covenants and agrees with the holders of any outstanding Bonds or coupons attached thereto that any such holder may, either in law or in equity, by suit, action, manda- mus or other proceedings, enforce or compel performance by the officals of the City of all duties required by la~v, by this Ordinance and by any Bond Ordinance, including the applica- tion of the Pledged Taxes to the respective accounts and funds created by this Ordinance and in the time and manner as here- in provided. Section 14. Discharge. The city may discharge its obligations under this Ordinance and the Bond Ordinances in any one or more of the following ways: (a) by paying, or causing to be paid, the principal or interest on all of the Bonds outstanding as and when the same become due, either at maturity or by redemption prior to maturity; or (b) by depositing in the Fund cash or Government Securities in such amount as will, together with the income or increment to accrue thereon without consideration of any reinvest- ment thereof, be fully sufficient to pay and dis- BOOK 1PlGE 879 24 .. ,6:~J~K ~±GF z charge the indebtedness on all Bonds at their re- spective maturity or redemption dates, as the case may be, including all interest thereon. Section 15. Partial Invalidity. If any section, paragraph, clause or provision of this Ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance. Section 16. Prior Inconsistent Proceedings. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance, are to the extent of such conflict hereby repealed. Section 17. Amendments to this Ordinance. This Ordinance may be amended at any time, provided, however, that any such amendment shall not diminish or impair the rights of the holder of any outstanding Bond. _ Section 18. Publication and Effective Date. Within ten (10) days after the passage of this Ordinance by the City Council of the city and its approval by the Mayor, this Ordin- ance shall be published in pamphlet form. After such publication, this Ordinance shall be in full force and effect and the City Council may then proceed to the adoption of Bond Ordinances and the sale of the Bonds. AYES: 25 NAYES ABSENT: Approved: ,-~~ ~ ~~ Mayor, City of Canton, Fulton County, Illinois Attest: ~. it ~ ~ ~ ~ ~~_ Ci y Cler, City of Can'fon, Fulton Co nty, Illinois BOOK 1P~GE 881 26 BOOK ~~~cE 882 City Council Member Alderman Carl moved and City Council Member Alderman Selfridge seconded the motion that said ordinance as presented and read by the City Clerk be adopted. After a full and complete discussion thereof, the Mayor directed that the roll be called for a vote upon the l motion to adopt the ordinance as read. Upon the roll being called, the following City Council Members voted AYE: Aldermen Kovachevich, Hammond, Selfridge, Ma~~a~ f_rant ('.arl,~'larke NAY: Alderman Horr. 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 City Clerk to record the same in full in the records of the City council of the City of Canton, Fulton 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. %'~ ~~ ~ J Ci y Clerk 27 STATE OF ILLINOIS COUNTY OF FULTON SS. I, ~ Nancy S. Whites , do hereby certify that I am the duly qualified and acting City Clerk of the City of Canton, Fulton County, Illinois, and as such officer, I am the keeper of the records and files of the City Council of said City. I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the legally convened meeting of the city Council of said City held on the 7rh day of _T„lam 1981, insofar as same relates to the adoption of an ordinance entitled: ` "AN ORDINANCE setting forth the procedures for the issuance of Tax Increment Allocation Bonds funded by the special tax allocation fund for the Central Business District Redevelopment Project Area of the city of Canton, Fulton County, Illinois." a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. - I do further certify that the deliberations of the City- Council on the adoption of-said--ordinance were taken----------- openly; that the vote on the adoption of said ordinance was taken openly; that said meeting was held at a specified time and place convenient to the public; that notice of said meet- ing was duly given to all newspapers, radio or television stations and other news media requesting such notice; and that said meeting was called and,held in strict accordance with the provisions of "An Act in relation to meetings," approved July 11, 1957, as amended, and that said City Council has complied with all of the applicable provisions of said Act and its procedural rules in the adoption of said ordinance. IN WITNESS i~1HEREOF, I have hereunto affixed my offic- ial signature and the seal of the City of Canton, Fulton County, Illinois, this 8th day of ,Tl,iy , 1981. ., ~. n , U, ~,~-~,r , Q. , Cit Jerk (Seal) BOOK 1P~cE 883 Zs B~~K ~'~ ~.J~ EXHIBIT A Legal Description of the Central business District Redevelopment Project Area Commencing at the point of intersection of the southerly right-of-way line of East Locust Street and the easterly right-of-way line of North Second Avenue; Thence in a southerly direction along said easterly right-of- way line and extension thereof to its intersection with the southerly right-of-way line of East Pine Street; Thence in a westerly direction along said southerly right-of- way line and extension thereof to its intersection with the easterly right-of-way line of South ~~Thite Court; Thence in a southerly direction along said easterly right-of- way line and extensions thereof to its intersection with the southerly right-of-way line of East ~,lalnut Street; Thence in a westerly direction along the southerly right-of way line of East and Trlest 4lalnut Street and extensions thereof to a point 181.5 feet, more or less, west of the westerly right-of-way line of South Main Street; _ Thence _in a_,northerly direction_ along a line parallel to and _ _ 181.5 feet, rmore or less, west of the westerly right-of-way line of South Main Street to its intersection with the southerly right-of-way line of West Pine Street; Thence in a westerly direction, along said southerly right-of- way line to its intersection with the extended westerly right-of-way line of South Avenue "A"; Thence in a northerly direction along said westerly right-of- way line and extensions thereof to its intersection with the southerly right-of-way line of j~lest Locust Street; Thence in a easterly direction along the southerly right-of- way line of West and East Locust Street and extensions thereof to its intersection with the easterly right-of-way Iine of North Second Avenue, the Point o.f beginning: Excepting therefrom those areas bounded by the southerly right-of-way line of ~~Iest Locust Street, the westerly right- of-way line of North Market Court, the northerly right-of-way 29 line of West Chestnut Street, the easterly right-of-way line of North Avenue "A"; and the southerly right-of-way line of East.F.lm Street, the westerly right-of-way line of South Second Avenue, the northerly right-of-way line o f E,ast:Pine Street, the easterly right-of-way line of South Van ?iuren Court. In terms of a Project Area Description based on land platted to date, the following would properly reflect the area: Original Town - Swans First Recorded Addition: Parcels 94 through 99-and 106, 107, 108 Swans Second Addition: Parcels 109,110,111,120,124 and 125 Nathan Jones First Addition: Parcels 1 through 11 and 14 through 30 Nathan Jones Second Addition: Parcels 35 through 60 Nathan Jones Third Addition: Parcels 1 through 5 and 7 through 10 Plus all Public Ri¢hts-of-May including streets, alleys and that area commonly known as Jones Park lying between the easterly right-of-way line of North and South Second Avenue and the westerly right-of-way line of North and South Avenue "A"; the southerly right-of-way line of East and ~?est Locust Street and the southerly right-of-way line of East and West Pine Street; and the entire right-of-way of South Main _ Street and South White Court between East and West Pine - -- _---__~~~-. -Street .and_.Fast--and West- ~-Walnut Street; and the- entire - right-of-way of East and West Walnut Street between a point 181.5 feet more or less west of the westerly right-of-way line of South Main Street and the easterly right-of-way line of South White Court. 800K ~~GE 8C~J 30 BOOK ~~AGE 8~ CITY OF CANTON • ODJi?;Ai~CE \'0. 890 ADOPTED BY THE CITY COUNCIL OF THE ' CITY OF CANTON THIS 7th DAY OF July 1981. Published in pamphlet form by authority of the City Council of the City of Canton, Fulton County, Illinois, this 8th day of July , 19 81 STATE OF ILLINOIS, ) - ) SS. COLS?TY OF FULTON. ) I, the undersigned, certify that I am the duly elected and acting City Clerk of the City of Canton, Fulton County, Illinois. I further certify that o:~ Jul 7th 19 81 the Corporate Authorities of the aforesaid municipality passe and approved the afore- said Ordinance No. 890 er_titled "An Ordinance setting forth the rocedures for the issuance of Tax Increment Allocation Bonds funded by the special tax allocation fund for the Central Business District o the City of Canton, Fulton County, Illinois', which provide~y its te-r-~ that it si-!ould be published in panp_Zlc~t for~~~. The pamphlet form of the aforzsaid Ordinance No. 890 including the Ordinance and a cover sheet thereof LTas prepared, and a cony of such Ordinance was posted in the City Building, 210 E. Chestnut Street, Canton, Illinois, commencing on July 8th 19 81 and continuing for at least ten (10) days thc~~a_ter. Copies o such Ordinance were also available for public inspec~ion upon request in the Office of the City Clerk. DATED at Canton, Illinois this 20th day of July 19 81 ti ~ ~J _ , City Clerk. v I (S E A L) CERT'I FICATE STATE OF ILLINOIS, ) SS. COUNTY OF FULTON. ) I, Nancy Whites, City Clerk of the City of Canton, in the County of Futon and State of Illinois, do hereby certify that as the City Clerk of the City of Canton, I am the keeper of records, minutes, ordinances and other books, records and papers of said City, and that the foregoing is a true and correct Copy of: Ordinance Number 890, entitled: "An Ordinance setting forth the procedures for the issuance of Tax Increment Allocation Bonds funded by the special tax allocation fund for the Central Business District of the City of Canton, Fulton County, Illinois", adopted by the City Council of said City and approved by the Mayor thereof on the 7th day of July 19 81 WITNESS my hand and the Corporate Seal of the City of Canton, Illinois this 2nd day of February 1g 8 2 Na cy White ,City Clerk. ,; ~,. - N~N~p~~N~~~~ r ~~ P's ~` ~~N.y~. ~I ~ji .s r ~,-.,;, ~r .. - :03yr tihjf, DO ~ ~ t~ ~,/ r'~ 2 e ,` ~. ~''!.:Y- f ~ -16088 ~e~o~oaMna~~ra~ss ~u~ A..oi.an~ ~u.~ r ~ ~ ~ a ~UNir CIERK i REOORDER ~ BOOK 1P!GE 8H7 9,~\~~ STATE OF ILLINOIS, ) SS. COUNTY OF FUL70N. ) CERT'I FICATE I, Nancy Whites, City Clerk of the City of Canton, in the County of Fulton and State of Illinois, do hereby certify that as the City Clerk of the City of Canton, I am the keeper of records, minutes, ordinances and other books, records and papers of said City, and that the foregoing is a true and correct copy of: Ordinance Number 890, entitled: "An Ordinance setting forth the procedures for the issuance of Tax Increment Allocation Bonds funded~'by the special tax allocation fund for the Central Business District of .the City of Canton, Fulton County, Illinois", adopted by the City Council of said City and approved by the Mayor thereof on the 7th day of July 19 81 4JITNESS my hand and the Corporate Seal of the City of Canton, Illinois this 2nd day of February 19 82 ' ~;a cy LJhi to ,City C1 erk . (S E A~ 1.;r' 4 ,V