HomeMy WebLinkAboutOrdinance #0661,_ .:,; .
EXCERPT FROM THE MINUTES OF A REGULAR
MEETING OF THE CITY COUNCIL OF THE CITY
OF CANTON, ILLINOIS, HELD AT (p;~~
O'CLOCK ~.M. ON JULY ~ , 1978.
The City Council of the City of Canton, Illinois, met in
regular public session at (~~3 U o'clock P.M., on July ~ 1978,
at the Council Chambers of the City Council, namely, at Canton
City Building, Canton, Illinois. Present were Harlan E. Crouch,
Mayor, Nancy S. Whites, City Clerk, and the following named Alder-
men: Robert Zaborac, Alice Riley, Ray Slaubaugh, Roger Motsinger, Louis
Sepich, Leslie Carl, Donald Edwards, Virgil Horr, Dale Peak, Melba
Churchill, John Yerbic, Lloyd Williams, Victor Kovachevich Sr.,
F. Eugene Danner.
Absent:
(Other Business)
read:
The following ordinance was thereupon introduced and
ORDINANCE NO. l1J lD 1
AN ORDINANCE Providing for the Issuance of $50,000
Principal Amount of Tax Allocation Bonds, Series
1978, Pursuant to the Provisions of the Real Prop-
erty Tax Increment Allocation Redevelopment Act.
WHEREAS, by virtue of Ordinance No. 621 heretofore
adopted by this City Council on December 27, 1977, the City has
approved a Redevelopment Plan and Redevelopment Project; and
WHEREAS, by virtue of Ordinance No. 622 heretofore
adopted by this City Council of December 27, 1977, the City has
designated a Redevelopment Area; and
WHEREAS, by virtue of Ordinance No. 623 heretofore
adopted by this City Council on December 27, 1977 (the "Allocation
Ordinance"), the City has approved a tax increment financing
program pursuant to the provisions of the Real Property Tax Incre-
ment Allocation Redevelopment Act, constituting Public Act 79-1525
of the 1976 Regular Session of the Illinois General Assembly (the
"Act")
WHEREAS, in order to provide financing for the Redevelop-
ment Project set forth in the Redevelopment Plan, the City proposes
to issue and sell its bonds in accordance with the provisions of
the Act;
NOW THEREFORE, Be It Ordained by the City Council of the
City of Canton, Illinois, as follows:
Section 1. Appropriation for Redevelopment Project
Costs. To meet part of the $7,500,000 aggregate amount of Rede-
velopment Project Costs, as defined in the Act and as more partic-
ularly described in the Redevelopment Plan heretofore approved by
the City Council, there is hereby appropriated the sum of $50,000.
Section 2. Authorization of Bonds. For the purpose of
financing said appropriation and paying part of the Redevelopment
Project Costs, the City is hereby authorized to issue its obliga-
tions (the "Series 1978 Bonds" or the "Bonds") each to be designated
"Tax Allocation Bond, Series 1978," in an aggregate principal
amount of $50,000. The Series 1978 Bonds shall,be dated August 1,
1978, shall each be of the denomination of $5,000, shall be numbered
from 1 to 10 in order of maturity, shall mature on December 1 of
each year without option of prior redemption in the following
principal amounts:
Year Amount
1982 $25,000
1983 25,000
and shall be payable in lawful money of the United States of
America at the office of the City Treasurer. The Series 1978
Bonds shall bear interest from August 1, 1978 payable on June 1,
1979 and semi-annually thereafter on June 1 and December 1 of each
year until maturity, at such rate or rates (not exceeding eight
percent (8~) per annum) as shall be fixed by a resolution adopted
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by the City Council prior to the issuance of the Series 1978 Bonds
(herein called the "Sale Resolution"). Each Bond shall be issued
in the form of a bond payable to bearer with interest coupons
attached for the several installments of interest thereon due at
or prior to its maturity and shall be registrable as to principal
only in the manner and with the effect provideti: in the "form of
bond" hereinafter set forth.
Section 3. Execution of Series 1978 Bonds and Coupons.
Each Series 1978 Bond shall be executed by the Mayor with his
manual signature, and by the manual signature of the City Clerk,
and sealed with the corporate seal of the City or a facsimile
thereof. Interest coupons shall be executed by the Mayor and City
Clerk with their facsimile signatures. In case any officer of the
City who shall have signed or sealed any Bond or coupon shall
cease to be such officer before the Bond so signed or sealed shall
have actually been delivered or issued, such Bond may be delivered
and issued with the same effect as though the person who had
signed and sealed such Series 1978 Bond had not ceased to be an
officer of the City.
Section 4. Lost, Destroyed or Mutilated Bonds. In case
any Bond or coupon shall become mutilated, lost, stolen or destroyed,
the appropriate officers of the City shall issue a new Bond or
coupon (with coupons corresponding to the coupons, if any, appertain-
ing to the mutilated, lost, stolen, or destroyed Bond) of like
tenor, amount, maturity and date, and bearing the same or a different
number, in exchange and substitution for, and upon the cancellation
of the mutilated Bond or coupon, or in lieu of and substitution
for such lost, stolen or destroyed Bond or coupon; or if any such
Bond or coupon shall have matured or shall be about to mature,
instead of issuing a substituted Bond or coupon the officers may
pay such Bond or coupon without surrender thereof. In every case
the applicant shall furnish evidence satisfactory to the officers
of the destruction, theft or loss of such Bond or coupon, and
indemnity satisfactory to said officers; and the officers shall
charge for the issuance of such new Bond or coupon an amount
sufficient to reimburse the City for the expense incurred by it in
the issuance thereof.
Section 5. Source of Payment. There shall be deposited
to the credit of the Special Tax Allocation Fund for the Central
Business District established by virtue of the Allocation Ordinance
(a) the incremental tax receipts pursuant to the Act and the
Allocation Ordinance and (b) revenue received by the City from the
sale or other disposition of real property acquired with the
proceeds of the Series 1978 Bonds. For the purpose of paying and
securing the Series 1978 Bonds the funds from time to time on
deposit in the Special Tax Allocation Fund are hereby pledged to
the payment of the principal of, premium, if any, and interest on
the Bonds and any additional bonds ("Additional Bonds") permitted
in Section 6 hereof to be issued payable from and being entitled
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to a pledge of moneys on deposit in the Special Tax Allocation
Fund equal in priority to that of the Series 1978 Bonds. If on
the first day of any fiscal year of the City, the amount on deposit
in the Special Tax Allocation Fund exceeds the total amount of the
principal of and interest on the Series 1978 Bonds and on Additional
Bonds then outstanding and entitled to the pledge of moneys on
deposit in said Fund which will become due and payable during such
fiscal year and the fiscal year next ensuing plus the total amount
of Redevelopment Project Costs theretofore incurred and unpaid,
and which the City determines are not to be paid from Bond proceeds,
then such excess shall be applied promptly to the redemption of
the Series 1978 Bonds and such Additional Bonds. Notwithstanding
the foregoing, in the event more than $2,400,000 of the Series
1978 Bonds and Additional Bonds shall be outstanding, the City
shall treat as surplus 10~ of the additional yearly tax increment
receipts in excess of receipts required to pay principal, interest
and reserve on $2,400,000 of Tax Increment Bonds. Such excess
shall be paid to the County Collector for distribution to taxing
districts in accordance with the provisions of the Act.
The Series 1978 Bonds and the interest thereon do not
constitute a general obligation of the City but such Series 1978
Bonds and the interest thereon shall be payable solely from the
revenues in the Special Tax Allocation Fund.
Section 6. Additional Bonds. For the purpose of financ-
ing Redevelopment Project Costs, the City may, by ordinance duly
adopted by its City Council, hereafter authorize and issue Addition-
al Bonds. However, the maximum aggregate principal amount of such
Additional Bonds which may upon issuance be entitled to the pledge
of moneys on deposit in the Special Tax Allocation Fund shall not
exceed $7,450,000, and such pledge may be of equal priority in
claim to moneys on deposit in the Special Tax Allocation Fund to
that of the Series 1978 Bonds. The Additional Bonds may in addition
at the discretion of the City be entitled to a pledge of any or a
combination of the following: (a) net revenues of all or part of
this redevelopment project; (b) taxes levied and collected on any
or all property in the City; (c) the full faith and credit of the
City; (d) a mortgage on part or all of this redevelopment project;
or (e) any other taxes or anticipated receipts that the City may
lawfully pledge. Each Additional Bond shall mature within twenty
years from its date but in no event later than December 27, 2000.
Section 7. Form of Bonds and Cou ons. The Series 1978
Bonds and coupons, and the provi is ons for registration to be
endorsed on the reverse side of each Bond, shall be in substantially
the following form, the omissions to be appropriately completed
when the Bonds are printed:
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(Form of Series 1978 Bond)
United States of America
State of Illinois
County of Fulton
CITY OF CANTON
Tax Allocation Bond, Series 1978
No. $5000
The City of Canton, a municipal corporation of the State
of Illinois situated in the County of Fulton for value received
promises to pay to bearer, or to the registered owner if this Bond
shall then be registered as to principal, the principal sum of
Five Thousand Dollars ($5000) on the first day of December, 19 ,
and to pay interest on such principal sum from the date hereof at
the rate of per cent ( ~) per annum until such principal
sum shall have been fully paid or discharged, such interest being
payable on June 1, 1979 and semiannually thereafter on the first
day of June and December of each year, interest to maturity being
payable only upon presentation and surrender of the interest
coupons attached hereto as they severally become due. Both the
principal hereof and interest hereon will be payable in lawful
money of the United States of America at the office of the City
Treasurer of the City of Canton, Illinois.
This Bond may be registered as to principal with the
effect and in the manner provided in the endorsement appearing on
the reverse side hereof.
This Bond is one of a series of bonds authorized in the
aggregate principal amount of $50,000 (the "Series 1978 Bonds"),
which are authorized and issued under and pursuant to the Real
Property Tax Increment Allocation Redevelopment Act, constituting
Public Act 79-1525 of the 1976 Regular Session of the Illinois
General Assembly (herein called the "Act"), and under and in
accordance with an ordinance adopted by the City Council of the
City on July 1978 and entitled: "An Ordinance providing for
the Issuance of $50,000 Principal Amount of Tax Allocation Bonds,
Series 1978, pursuant to the Provisions of the Real Property Tax
Increment Allocation Redevelopment Act," (herein called the "Ordi-
nance").
In accordance with the Act and to the extent provided
for in the Ordinance, the Series 1978 Bonds are secured by a
pledge of the moneys on deposit in the Special Tax Allocation
Fund. Reference to the Act and the Ordinance is made for a descrip-
tion of the disposition of moneys deposited in the Special Tax
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Allocation Fund and the nature of the security for the Bonds
created thereby.
Pursuant to the Ordinance, the City may hereafter issue
additional bonds ("Additional Bonds") in an amount not exceeding
$7,450,000 which, at the option of the City may be secured by the
pledge of moneys on deposit in the Special Tax Allocation Fund,
and such pledge may be of equal priority in claim to moneys on
deposit in the Special Tax Allocation Fund to that of the Series
1978 Bonds. The Additional Bonds may in addition at the discretion
of the City be entitled to a pledge of any or a combination of the
following: (a) net revenues of all or part of this redevelopment
project; (b) taxes levied and collected on any or all property in
the City; (c) the full faith and credit of the City; (d) a mortgage
on part or all of this redevelopment project; or (e) any other
taxes or anticipated receipts that the City may lawfully pledge.
It is hereby certified and recited that all conditions,
things and acts required by law to exist or to be done, precedent
to and in the issuance of this Bond and the issue of which it is a
part, have existed and have been done in due form and time as
required by law; and that the issuance of this Bond and the series
of which it forms a part does not exceed or violate any constitu-
tional or statutory provision.
IN WITNESS WHEREOF the City of Canton, by its City
Council, has caused thi Bs and to be executed by the manual signature
of its Mayor, and by the manual signature of its City Clerk, and
its corporate seal, or a facsimile thereof, to be hereunto affixed
or imprinted or reproduced hereon, and the coupons hereto attached
to be executed by the Mayor and City Clerk with their respective
facsimile signatures, and said officers, by the execution of this
bond, do adopt as and for their own official signatures their
respective facsimile signatures appearing on said coupons, as of
the first day of August, 1978.
Mayor
City Clerk
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(Form of Coupon)
The CITY OF CANTON, FULTON COUNTY,
ILLINOIS will pay to bearer the
amount shown herein in lawful
money of the United States of
America at the office of the City
of Canton, Illinois, upon presenta-
tion and surrender of this coupon,
for interest due that day on its
Tax Allocation Bond, Series 1978,
dated August 1, 1978.
(Facsimile Signature) (Facsimile Signature)
City Clerk Mayor
(Provision for Registration)
This Bond may be registered in the name of the owner as
to principal only, such registration to be on a bond register to
be kept by the City Clerk as Registrar, and to be noted also in
the registration blank below, after which no transfer shall be
valid unless made on the bond register at the request of the
registered owner or his authorized attorney and noted in the
registration blank below; but this Bond may be discharged from
registration by being transferred to bearer, after which it shall
be transferable by delivery but may be again registered as before.
Such registration shall not impair the negotiability by delivery
of the coupons attached to this Bond. The principal of this Bond,
if registered other than to bearer, shall be payable only to or
upon the order of the registered owner or his legal representative.
(No writing in the blank below except by the Registrar)
Date of Name and Address of Signature of
Registration Registered Owner Registrar
ON 19
Bond No.
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Section 8. Sale and Delivery of the Series 1978 Bonds.
After this ordinance has become effective as provided by law, the
Series 1978 .Bonds shall be sold by resolution of this City Council
upon such terms and at such interest rate or rates not exceeding 8$
per annum as the Sale Resolution shall provide. Upon such sale,
the Mayor and City Clerk are hereby authorized and directed to
cause the Series 1978 Bonds to be printed, and to execute and
deliver the Bonds to the Treasurer, to be by said Treasurer delivered
to the purchaser thereof, upon payment of the purchase price therefor,
plus accrued interest from date of said bonds up to and including
the date of delivery.
Section 9. Application and Investment of Series 1978
Bond Proceeds. The proceeds from said Bonds shall be paid out for
the purposes and in the manner required by the Act, this ordinance,
and the Redevelopment Plan. An amount equal to sixteen months
interest on the Series 1978 Bonds shall be used to pay interest on
the Bonds due June 1, 1979 and December 1, 1979 in the event proceeds
from the Special Tax Allocation Fund for the Central Business
District are not sufficient for that purpose.
The proceeds of the Bonds may be invested as permitted by
applicable law, and as restricted by the next succeeding section
hereof .
Section 10. Arbitrage Not Permitted. It is hereby
represented, certified and covenanted to and with the purchaser of
the Bonds, and with the holders of the Bonds from time to time,
that on the basis of facts, estimates and circumstances in exist-
ence on the date of the adoption hereof, and expected to be in the
existence on the date of the delivery of the Bonds, it is not
expected that the proceeds of the Bonds, or any investment income
therefrom, will be used in a manner that would cause any of the
Bonds to be an "arbitrage bond" within the meaning of Section
103(c)(2) of the Internal Revenue Code of 1954, as amended; and
that on the date of delivery of the Bonds the City Treasurer will
issue a certification with respect to the amount and use of the
proceeds of the Bonds authorized by this ordinance for purposes of
Section 103(c)(2) of the Internal Revenue Code of 1954, as amended,
and the proposed regulations promulgated thereunder.
Sec_ tioT 11. Severabil~. If any section, paragraph,
clause or provision of this ordinance shall be invalid or ineffec-
tive for any reason, the remainder of this ordinance shall remain
in full force and effect, it being expressly hereby found and
declared that the remainder of this ordinance would have been
adopted by this City Council despite the invalidity of such sec-
tion, paragraph, clause or provision.
Section 12. Repeal of Conflicting Provisions. All
orders or resolutions in conflict herewith are hereby repealed
insofar as such conflict exists.
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Section 13. Effective Date. This ordinance shall be
published within 10 days from the date of its adoption in "The
Canton Daily Ledger" and shall be effective 10 days after its
publication.
Adopted t,,~ l.1 ~-. y ~ t N , lg~g,
Approved ~ tt_ ~ ~/ ~ t "~ , 19 7 8 ,
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~_-° s- -~
Mayor
Attest:
City lerk
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It was thereupon moved by Alderman Sepirh.
and seconded b la~r~,^r. vArhi c
Y that said ordinance as
presented and read 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: 2nhc"~zc, Slash^~~.h, 1~tsing+es,Sepich, Ctrl, Yerh c, KovaclZe~'~'ch,
Mayor Crouch.
and the following Aldermen voted NAY:
Riley, Horr, Pealc, ('h~a.rchill, ~.?i~_l ^^^s, ?'cnr_^r
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 this meeting of the 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.
,~ CL. mac. ~. ~.. ~ ~~ C-~K.,~
Cit Clerk
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STATE OF ILLINOIS
COUNTY OF FULTON
I, ~,''~Ct- C:-t~~'' '.~, hereby certify that I am the
qualified and acting ity Clerk of the City of Canton, Illinois and
that I am the legal custodian of the papers and records of the
City, and as such officer I further certify that I have compared
the attached excerpts wit th original minutes of the meeting of
the City Council held on ~c ,..~`~ /~ /~!~', and that such excerpts
are a complete and corre tr script of said original minutes
insofar as they pertain to the adoption of an ordinance entitled
"AN ORDINANCE Providing for the Issuance of $50,000 Principal
Amount of Tax Allocation Bonds, Series 1978, Pursuant to the
Provisions of the Real Property Tax Increment Allocation Redevelop-
ment Act.
WITNESS my official ignature and the corporate seal of
the City this ,~ day of ~ ,,~,~,~ 1978.
(SEAL)
~. 9
f.
ity Clerk
1
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AMENDMENTS TO 0$DIN:1i~ICE 1`t0. 661
Explanation of the Following: When you see the underscoring, that is what
is to be changed on the old ordinance.
In the next paragraph it shows you how the amended ordinance should read.
PAGE ONE-
AI~T ORDINANCE Providins~ for the Issuance of _a~5`
principal Amount of Tax Allocation Bonds, Series 1978,
Pursuant to the Provisions of the Real Property Tax
Increment Allocation Redevelopment Act;_and approvinr~
the Sale Thereof. .
AN ORDINANCE Providing for the Issuance of "50,000
Principal Amount of Ta$ Allocation Bonds, Series 1978,
Pursuant to the Provisions of the Real Property Tax
Increment Allocation 8edevelopment Act.
PAGE TWO, Paragraph Three-
WHEREAS, ...constituting Public Act 79-1525 of the
1976 C,eneral Session of the Illinois General Assembly (the "Act");
r'
;WHEREAS, ...constituting Public Act 79-1525 of the
1976 "Regular" Session of the Illinois General Assembly (the
"Act");
~ ~ ~ ~a ~ # # ~~ ~
Section 2. Authorization of Bonds. For the purpose of
financing said appropriation and paying part of the Redevelopment
Project Costs, the City is hereby authorized to issue its obliga-
tions (the "Bonds") each to be designated "Tax Allocation 3ond,
Series lg7 ," in an aggregate principal amount of a!~50.000. The
Bonds shall be dated August ~, 1978, shall each be of the denomina-
tion of '5,000, shall be numbered from 1 to 90 in order of maturity,
shall bear interest at the rate of seven uercent (~n).oer annum,
shall mature on December ~ of each. year in the following principal
amounts: '-
Year Amount '
1982 X45,000
1991 w5,000
and shall be payable in lawful money,'of the United States of
America at the office of the City Treasurer. The Bonds shall bear
interest from August ~, 1978 payable on June ~, 1979 and semi-
annus.lly thereafter on June ~ and December ~ of each year until
maturity. Each Bond shall be issued...
Section 2. Authorization of Bonds. For the purpose of
financing said appropriation and paying part of t'ne Redevelopment
Project Costs, the City is hereby authorized to issue its oblis~a-
tions."(The"Series 1978 Bonds" or'the'"Bonds")" each to be desig-
nated~"Tax Allocation Bond, Series 1978," in an aggregate principal
amount of "`50,000." "The Series 1978 Bonds"shall be dated August
"1," 1978, shall each be of the denomination of X5,000, shall be
numbered "1 to 10" in order of maturity, (Deletio? shall
mature on December "1" of each year "without option of prior redemp-
tion" in the following principal anountss
Year Amount
"1982 X25,000
1983 z5,ooo"
AMENDMENTS TO ORDINAc'VCE N0. 661
Explanation of the Following: When you see the underscoring, that is what
is to be changed on the old ordinance.
In the next paragraph it shows you how the amended ordinance should read.
PAGE ONE-
AN ORDINANCE Providing for the Issuance of ~!~50.000
principal Amount of Tax Allocation Bonds, Series 1978,
Pursuant to the Provisions of the Real Property Tax
Increment Allocation Redevelopment Act; and approving
the Sale Thereof .
AN ORDINANCE Providing for the Issuance of "50,000
Principal Amount of Tax Allocation Bonds, Series 1978,
Pursuant to the Provisions of the Real Property Tax
Increment Allocation Redevelopment Act.
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PAGE TWO, Paragraph Three-
WHEREAS, ...constituting Public Act 79-1525 of the
1976 General Session of the Illinois General Assembly (the "Act"};
;WHEREAS, ...constituting Public Act ?9-1525 of the
1976 "Regular" Session of the Illinois General Assembly (the
"Act");
Section 2. Authorization of Bonds. For the purpose of
financing said appropriation and paying part of the Redevelopment
Project Costs, the City is hereby authorized to issue its obliga-
tions (the "Bonds") -each to be designated "Tax Allocation Bond,
Series 197 ,' in an aggregate principal amount o~' ~!-X50.000. The
Bonds shall be dated August l~, 1978, shall each be of the denomina-
tion of '5,000, shall be numbered from 1 to g0 in order of maturity,
shall bear interest at the rate of seven percent (7~) per annum,
shall mature on December,l~ of each year in the following principal
amounts:
Year Amount
1982 X45,000
1991 X5,000
and shall be payable in lawful money ,of the United States of
America at the office of the City Treasurer. The Bonds shall bear
interest from August ~, 1978 payable on June ~, 1g79 and semi-
annually thereafter on June ~ and December l~ of each year until
maturity. Each Bond shall be issued...
Section 2. Authorization of Bonds. For the purpose of
financing said appropriation and paying part of the Redevelopment
Project Costs, the City is hereby authorized to issue its obliga-
tions "(The"Series 1978 Bonds" or'the'"Bonds")" each to be desiq-
nated "Tax Allocation Bond, Series 1978," in an as~gregate principal
amount of !~~50,000." "The Series 1973 Bonds"shall be dated Aua~ust
"1," 1~7~i, shall each be of the denomination of "5,000, shall be
numbered "1 to 10" in order of maturity, (Deletion. shall
mature on December "1" of each year "without option of prior redemp-
tion" in the following principal amounts:
Year Amount
"1932 X25,000
1983 25,000"
A'MyNDM.EI~TTS, Cont . , Page Two
and shall be payable in lawful money of the United States of America
at the office of the City Treasurer. The "Series 1978' Bonds" shall
bear interest from August "I," 1978 payable on June "l," 1979 and
semi-annually thereafter on June "1" and December "1" of each year
until maturity, "at such rate or rates (not exceedin ei ht
(8%) per annum) as shall be fixed by a resolution adopted byptheeCity
Council prior to the issuance of the Series 1978 Bonds (herein
called the "Sale Resolution")." Each Bbnd shall be issued ...
(The last two paragraphs of Section Two (2) are completely
deleted.)
PAGE THREE, Section 3-
Section 3. Execution of Bonds and Coupons.
Each Bond shall be executed...
~~ Section 3. Execution of "Series 1978" Bonds and Coupons.
Each Series 1978 Bond shall be executed...
PAGE FOUR. Section 4•-
Section 4. Lost, Destroyed or Mutilated Bonds. In case
any Bond or coupon shall become mutilated, lost, stolen or destroyed,
the appropriate officers. of the City, in their discretion. ~ issue
a new Rond ...
Section !~. Lost, Destroyed or Mutilated Bonds. In case
any Bond or coupon shall become mutilated, lost, stolen or destroyee,
the appropriate officers of the City "shall" issue a new Bond ...
PAGE FOUR. Section 5-
Section 5. Source of Payment. There shall be deposited
to the credit of the Special Tax Allocation Fund. for the Central
Business District established by virtue of the Allocation Ordinance
(a) tre incremental taxes collected pursuat'rt to the Act and the
Allocation Ordinance and b) revenue received by the-City from the
sale or other disposition of real property acquired with the
proceeds of the B~. For the purpose of paying and securing the
BOnr?s and the Fi rat Seri Pc Rnnrlc ~ the funds from time to time. on
deposit to the•bredit of the Special Tax Allocation .Fund are
hereby pledged to the payment of the principal of, premium, if any,
and interest on the Bonds and the First Series Bonds and any
additional Bonds permitted in Section hereof to be issued on an
equal rank with the Bonds.
If on the first day of any fiscal year of the City, the amount on
deposit in the Special Tax Allocation Fund exceeds the total amount
of the principal of and interest on the First Series Bonds. the Bonds
and on ad.ditiona,l bonds then outstanding and entitled to the pledge
of moneys on deposit in said Fund :which will become due and payable
during such fiscal year and the fiscal year next ensuing plus the
total amount of Redevelopment Project Costs t'neretofore incurred and
unpaid, and which the City determines are not to be paid from Bond
proceeds, then such excess shall be applied promptly to the redemp-
tinn ~f the First Series Bonds the Bonds and such additional bonds.
Notwithstandins~ the foregoing, in the event more than .p?, OO,g00 of
r^irst Series Bonds the Bonds and additional bonds sh~.ll be outstand-
ing, thn City shall treat as surplus 10;n of the additional yearly
tax increment receipts in excess of receipts required to pa,y princi-
pal, interest and reserve ...
The Bonds and the interest thereon do not constitute a
general obligation of the City nor an indebtedness of the City or
a loan of credit thereof within the meaninq_of any constitutes
or sts,tutorv provision but such Bonds and the interest thereon
shall he payable solely from the ravenues in the Special Tax
Allocation Fund.
AME*JDidENTS,' Cont . , Page Three
Section 5. Source of Payment. There whall be deposited
to the credit of the Special Tax Allocation Fund for the Central
Business District established by virtue of the Allocation Ordinance
(a) the incremental "tax receipts" collected pursuant to the Act and
the Allocation Orainance .and (tv) revenue received by the City from
the sale or other disposition of real property acquired with the
proceeds of the "Series-1978 Bonds." For the purpose of paying and
securing the "Series 1978 Bonds" the funds from time to time on
deposit "in" the Special Tax Allocation Fund are hereby pledged to
the ps.yment of the principal of, premium, if any, and interest on
the Bonds and "any additional bonds ("Additional Bonds") permitted
in Section 6 hereof to be issued "payable from and being entitled to
a pledge of moneys on deposit in the Special Tax Allocation Fund
equal in priority to that of the Series 1978 Bonds." If on the first
day of any fiscal year of the City, the amount on deposit in the Spe-
cial Tax Allocation Fund exceeds the total amount of the principal
of and interest on the "Series 1978 Bonds and on Additional Bonds"
then outstanding and entitled to the pledge of moneys on deposit in
said Fund which will become due and payable during such fiscal year
and the fiscal year next ensuing plus the total amount of Redevelop-
ment Project Costs theretofore incurred and unpaid, and which the
City determines are not to be paid from Bond proceeds, t}'~en such
excess shall be applied promptly to the redemption of the "Series
1978 Bonds and such Additional Bonds." Notwithstanding the fore-
going. in the event more than X2,400,000 of the "Series 1978 Bands
and Additional Bonds" shall be outstanding, the City shall treat
as surplus 10~ of the additional yearly tax increment receipts in
excess of .receipts required to pay principal, interest and reserve...
"The Series 1978 Bonds" and the interest thereon do pat
constitute a general obligation of the City (Deletion) but such
"Series 1978 Bonds" and the interest thereon shall be payable solely
from the revenues in the Special Tax Allocation Fund.
SECTION 6-
Section 6. Additional Bonds.
additional bonds. However,
such additional bonds which
pledge of moneys on deposit
be of e. ual rank with the B~
exceed 7.000.000.
..., hereafter authorize and issue
the maximum aggregate principal amount of
may upon issuance be entitled to the
in the Special Tax Allocation Fund and
ends with respect thereto shall z~ot
Each additional bond shall mature within twent
years from its date but in no event later than December 27, 2000.
Section 6. Additional Bonds.
..:, hereafter authorize and issue
"Additional Bonds." However, the maximum aggregate principal amount of
such "Additional Bonds" which may upon issuance be entitled to the
pledge of moneys on deposit in the Special Tax Allocation Fund
"shall not exceed X7,450,000, and such pledge may be of equal priority
in claim to moneys on deposit in the Special Tax Allocation Fund to
that of the Series 1978 Bonds. The Additional Bonds may in addition
at the discretion of the City be entitled to a pledge of any or a
combination of the following: (a) net revenues of all or part of
'this' redevelopment project; (b) taxes levied and collected on any ar
alI property in the City; (c) the full faith and credit of the
City; (d) a mortgage on part or all of 'this' redevelopment project;
or (e) any other taxes or anticipated rPCeipts that the City may
lawfully pledge." Each "Additional Bond" shall mature within twenty
years from its date but in no event later than December 27, 2000.
r.
AiyiE~lDi''TL dT3, • C'ont . , Page Four
PAGE rr^IVE, Form of 3ond
The City of Canton, a municipal corporation of the State
of Illinois situated in the County of Fulton, hereby acknowledges
itself indebted s.nd for value received promises to pay to bearer,
or to the registered owner of this Bond shall then be registered
as to principal, the principal sum of r^ive Thousand Dollars ("~5400j
on the fifteenth day of December, 19_, and to pay interest on
such principal sum from the date hereof at the rate of six per
cent (6~) per annum until such principal sum shall have been fully
paid ®r discharged, such interest being payable on June ~, 1979
and semiannually thereafter on the fifteenth day of June and ...
The City of Canton, a municipal corporation of the State
of Illinois situated in the County of Fulton (Deletion) for
value received promises to pay to bearer, or to the registered owner
of this Bond shall then be registered as to principal, the principal
s~.zm of Five Thousand Dollars 05000) on the "first" day of December,
19 , and to pay interest on such principal sum from the date hereof
at the rate of " " per cent "(~)" per annum until such princi-
pal sum shall have been fully paid or discharged, such interest
being payable on June"l,"1979 and semiannually thereafter on the
"first" day of June and ...
. .
This Bond is one of a series of bonds authorized in the
aggregate principal amount of 4 0 000 which are author-
ized and issued under and pursuaant to the Real Property Tax Increment
Allocation Redevelopment Act, constituting Public Act 79-1525 of
the 1976 General Session of the Illinois General Assembly (herein
called the "Act"), and under and in accordance with an ordinance
adopted by the City Council of the City on June 20, 1978 and
entitled: "Ar. Ordinance providing for the Issuance of~450.000
Principal Amount ...
This Bond is one of a series of bonds authorized in the
aggregate principal amount of "50,000 (the "Series 1978 Bonds"),"
which are authorized and issued under and pursuant to the Real
Property Tax Increment Allocation Redevelopment Act, constituting
Public Act ?9-1525 of the 197b "Regular" Session of the Illinois
General Assembly (herin called the "Act"), and under and in accordance
with an ordinance adopted by the City Council of the City on "July _",
1978 and entitled: An Ordinance providing for the Issuance of
"50,000" Principal Amount ...
The last two paragraphs on page Six are DELETEL?.
PAGE SEVEi1, Form of Bond
In accordance with the Act and to the extent provided
for in the Ordinance, the Bands are secured by a pledge of the
moneys on deposit in the Special Tax Allocation Fund on a parit,Y_
with the outstandinu Tax Allocation General Obligation Bonds. Series
i~~R ~f ~ha ^.i f~v rlai-ari A,~rru~t 15. 1978 and oriaiaall.v issued in the
principal amount of y50,000. Re~'erence ...
In accordance with the Act and to the extent provided
far in the Ordinance, the "Series 1978 Bonds" are secured by a
pledge of the moneys on deposit in the Special Tax Allocation Fund.
Reference ...
.
AMENDME`1TS, Page Five
Form of Bond, C'ont.-
PAGE SEVEN, Paragrap'n Two-
Pursuant to the Ordinance, the City may hereafter issue
additional bonds in an amount not exceeding X7.000.000,
which, at the option of the City and eauall,y with the Bonds. will
be secured by the pledge of moneys on deposit in the Special Tax
Allocation Fund,
Pursuant to the Ordinance, the City may hereafter issue
additional bonds "("Additional Bonds") in an amount not exceeding
" ~7, X50, 000" which, at the option of .the City _ (Deletion ) may be
secured by the pledge of moneys on deposit in the Special Tax Allo-
cation Fund, "and such pledge may be of equal griority in claim to
moneys on deposit in the Special Tax Allocation Fund to that of the
Series 1978 Bonds. The Additional Bonds may in addition at the
discretion of the City be entitled to a pledge of any or a combination
of the following: (a) net revenues of all or part of 'this' rede-
velopment project; (b) taxes levied and collected on any or all
property in the City; (c) the full faith and credit of the City;
(d) a mortgage on part or all of 'this' redevelopment project; or
(e) any other taxes or anticipated receipts that the City may
lawfully pledge."
Form of Coupon-
IInless the bond to which this coupon is
x[!ll .'S'1t7,11 [11VC VCCI1 NL'V{.lCj-l.V liY_.1,11CU. 1 VL- L-C-
dempti on and nrovi si on made for the n~,.yment
thereof . ,the CITY OF CANTON, .. .
...upon presentation and surrender
of this coupon, for interest due that day
on its 'fax Allocation General Obligation
Bond, Series 1978, dated August 1,~,, 1978....
OF CANTON, ...
The CITY
...upon presentation and surrender
of this coupon, for interest due that day
on its Tax Allocation (Deletion) Series
1973, dated. August "l," 1978 •
SECTION £i
~ ~ # ~ ~ ~ ~ ~
Section 8. Sale and Delivery of the Bonds. After this
ordinance has become effective as provided by law, the Mayor and
City Clerk are hereby authorized and directed to cause the Bonds
to be printed, and to execute and deliver the Bonds to the Treasurer,
to be by said Treasurer delivered to the purchaser thereof, namely,
upon payment of the purchase price of ~~-~50,~J00, ulus accrued interest
from date of said bonds up to and including the d~.te of delivery,
the sate of said bonds to at the face a mount
thereof plus accrued interest being hereby in all respects ratified,
approved and confirmed.
Section 8. Sale and Deliver of the "Series 1978 Bond.s."
"After this ordinance has become effective as provided by lsw, the
Series 1978 Bonds shall be sold by resolution of this City Council
upon such terms and at such interest rate or rates not exceeding 8~
per annum as the Sale Resolution shall provide., Upon such sale,
the P~`ayor and City Clerk are hereby authorized and directed to
cause the Series 1978 3onds to be printed, and to execute and
deliver the Bo3~3s to the Treasurer, to be by said Treasurer delivered
to the purchaser thereof, upon pay~ent of the purchase price theref or,
plus accrued interest from date of said bonds up to and including
the date of delivery."
•' "'
. '.•
AMENDMENTS, Cont., Page Six
Sr,CTI OI`1 9-
Section 9. Application and Investment of Bond Proceeds.
Application and Investment of "Series 1978"
Bond Proceeds.
Dates are changed from June 15. 1979 to June 1, 1979 and
from December 15, 1979 to December 1, 1979•