HomeMy WebLinkAboutOrdinance #405 � -
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i; AN Ol',DIPdANCE pravidin; f or box�rowing
�R money and issuin�; bonds of �he Ci�y ���
; of Canton, Fulton County, Illinois, to i
'� the amoUnt of �230,000 f o�° the purpose #
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�� of paying the cos� of constructin�; im- ,
i, provements and extensions to the water-
;; wo1�kN system of said City, and r�rovid-
( inU far �h.e levy and collec�ion of a
I�� direct annual tax for �he paymen� oi' "
the princ:Ipal and interest of said
�i k�onds .
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'� WI-IEREAS, the City Council of the City of' Cantan, Fulton '
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�� County, Illinois, by an ordinance adopted on June 2, 1959, did cally
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� a special election �;o be held in and foi� said Ci.ty of Canton dn
f� June 30, 195�, for the purpose oL' submitta.ng to t,he elec�ors oi' sai�l
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' City the followin��;• question:
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�; Shall bonds in the amoLant of �230,000 be i�sued =
i; by the City oi' CanLon, I1'ul�on CounLy, Illinais, �
for the purpose of payin� the cost of construc�in�
�' improvements and extensi�ns to the waterworks sys- ;
�j �em of said City, to mature serially �25,000 on
�j December 1 0�' each of' the years 1g61 to 1968, in- �
{ clusive, and �15,000 on December 1 oL` each o� the ;
�' years 1969 and 1�7a; provided, h�wever, said bonds � '
;� shall be redeemable prior �;o matL�ri�y at par and i
i� accrued interest in the inverse order in which
�i they are numbered on any interest payment date,
� and bear interest at the rate of not �o exceed a
;: f ou r p�r ce nt (�;o) pe r annura?
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4, U�HER,EAS, the City Council of said City did caUSe to be
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�i �iven proper notice of said election by publishing notice �hereof '
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once on June 10, 1959, in the Canton Daily L�d�er, be:in� a news- ;
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�� paper �ublished and of general circulation in said City, said �
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(i no�ice bein;; published noL more than �hirty days nor less than fif-;
; teen days prior to the date of said election, which said notice as j
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�; so published did speeify the places where such election was to be
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f! held, the time o:I opening and closin� the polls and tl�e question s
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``� to be vo�ed upon; and ��
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I, WH�REAS, the Ci�y Council or said City by pr. oper proceed- �
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S� and that �, majority of the elector�s of said Ci�y votin;� at said �
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� election on said question above referred to voted in favor there- '
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f o1'; and �
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� WHEI' �AS, it is deemed necessary a� th'�s �_ir,ie to i.�sla� `
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Ifsaicl bonds in th� principal amount of ��230,000, bearin;?; interest a'�
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; the rate af f ou r pe r cenf; (��a) pe r annum; �
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� NOUd, �f-IEi�EI�'OP�k:, I3e It Ordained by the Ci�y Council of the�
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City of Canton, Fulton County, Illinois, as follows:
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�� Section 1. That it be and i� is hereby found and deter- �
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i mined tha� �he CiLy Council of the Cit�T of Canton has been author-;
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j ized bJ a majority o:f the electors oi' said Ci�;y votin; on �he '
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(� question at an election dul,y called, noticed, held and canvassed ;
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' for �hat purpose to issue bonds of said Ci�y in the amoL�nL of ?
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�i �230,000 for the purpose of payin� the cost of constructin� irn-
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provements and exter�sions to the waterworks syster;� of said City,
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�i as described in the preambles hereof.
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�I Se ction 2. That in ol�del� �o raise the sum of �230,000 }
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�� needed for the pux�pose ai'oresaid, there be borrowed by, f or and '
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�� otz behalf of the CitJ of' Canton, Fulton County, Illinois, �he sum r
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�� of �230,000 a�zd to evidence said loan ne�otiable coupon bonds of i
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�� said Ci��r be i.ssued. Said borids shall be desi��nated "Ulaterworks
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� :.Cmpr•ovement Bonds ", be dated Sep'�er,lber l, 1�59, be �vao hunared �
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�� thir�y (230) in number, numbered fr�orn 1 to 230, inclusive, be of �
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j� �he denomination of �1,000 each, and rna Gt,�re serially �25,000 on `
i� Decernber 1 of each ox"' the years l�c 1 to 1963, incltasive, and �
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4; $15,000 on December 1 of each of Lhe ��ears 1�6� and 1�70, provided�
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� hovaever, said bonds shall b� redeemable, priol° to maturit;�, at ;
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�� pai� and accrued inte-rest in tYie inverse order in tivhich the f are =
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f� numbered on any interes� vaymer�t date .
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I� �nTr-if-l-nn nni--inn ii'f ii-c nrif--i��r� i-r� n��ll ariia ror�oorn nv,�r .�v. ,
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i� by re�istered mail at least thirty (30) days �:�rior to the date of `
�� redemption, anc� as to any unicnown holders of such bonds, such no- ;
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�� tice of redemption s��all bc published at least once not lESS than '
:_ �hirty (30) days prior to Lhe dr:�te oi reder�ption in a ncvaspaper
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�� published and of �;eneral cil^culazion in tYle City of CanLOn, ��'ultor�
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�i Count,y, Illino:i.s, and any such natice s�za7_1 describe the bonds to �
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�� be redeemecl arid the date of reder�lpt;ion, and upon such notice hav-
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�; i.n„ been niailed to the holder, if' lvnown, or by publicati.on there- '
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�� af, if �n��nown,an� oi� a11 of such bonds so called foi� redemp�ion �
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�; and payment, if payment has been nlade or ��rovided for, shall ;
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�� cease to bear inLerest frorn and af f;er said date .
P� Said bonds shall bear intey est i rora c�a�e Lnti.l p^.id at the '
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�� ra�e of fo�ar ��er cent (�;�) pel� annum, payable on Decemb�r 1., 1�60 �
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i� and semi-annuallJ tr�ereaiter ori t���c first da�Ts o:� June arzd D�c-
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i; eml�er in each yeai°, i�ah.ich said intei�est; payments to dai;e of maLur=
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ity of principal sha11 be evidenc,ed i�y ��roper interes�: COLlpons
'� attach�d �o each bond and �,laturiri� orz th� da�es herein pl°ovided, '
;s and i�oth ��rincipal and interest sha?1 '�e payable in lati°ri'ul money '
`� of the Uni�ed �t;ates of Anierica �.f� t��e opt�.on of the holder, ;
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,� either at Can�on StaLe ��.nk or at iJG.tioilal �a�ik of Can�on, Illi-
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�' nois . The seal of said �ity s�za11 be �.ffixed to e�.ch of �aid
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'G boi�ds and sa.i1 bonds shall be si�,;nec� b��>,� the l��Za�ro��° and be a�tes�ed'�.
� �y the Clerk o:C said City, and s�id caL,�ons shall be si;;xled and
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at�ested by said ozf:ici.als, respect�vel�r, �ay their respect.ive
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;` i'acsirn:ile si��natures, a�zd sa�d o1'i icials, by the el�ectation of
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;� said bonds, shall adopt as and for theil� own proper si.oi�at;ures
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j� theil resbective facsimile s:iJnatures a��pearirx�; an said cou�ons . ;
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; �ecLion 3. `����lat the b:�ndN l?e�°eby au�tho��ized sha11 be pay-
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�� able to bearer; pLevided, ho�veve_�, that such bonds lnay be subject�
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�' to re�i.s�ra'cior� as to �rincipal in �he name of t;he holaer on the `
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�i bonds Nc� re�istei�ed. No bond so re�;iste ���d shall be subject �o �
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� trar,�iei� exc�pt upon such books and s��.milai�l�yT noted on the b�.clr
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thereof unless the last re�;istrati.on Nhal�_ have been t� beaz°er. ?
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� Such re�,istiation of' un,� o:t uaid bond� sh��ll no�, hc�rl�ver, ai'fect �
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� �he ne�otiak�ility of the coupons atL�,c��.��. �Lo susd bonds, but sti?ch �
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� c�upons shall continL�e tran,fe?�able by del.ivez��r merely. :
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� Sec�:Ion �I�. Tlsa'c each of' �aic� ��oncis and the interest coupons;
� to b� 'chere�o u'ctach.ed shall be in �u1�st��n'ciall_y the fallot��in;; forrr�:
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�j (Fcrm of :Bond) �
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#� UPJITED STA�1,'ES OI�' AP'��f�TCA �
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�� STATE OIi ILT,INOTS COUN`rY OF PULTON �
!� CITY UI' CANTON �
� �°SATERI°JOP��S Il`•1�'".O�T�`iZEI�d`.P �O�1D �
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i�umbel� �I,000 �
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�� KNOW ALL I�L`:Pd I��` THESE P t�'5�1�1TS, tliat Lhe Ca.t�j oz Can'con, ;
� I+'ulton Caunt,y�, Illinois, her���r acicno���Ied�es if;se7_f �o otve, and foi�
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� valL�e received, proraises to pay to bearer, or ii' thi� k�ond be �
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'i re�;istered, then to the r�;istered holder hereof, the sti?rn o:C' OT1E _
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� THOUSAND DOLLARS (p 1,000) on the f irst c�ay of De cember, 1;'�, �Lo-
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� ,�ethei� tivi�h in.terest on saiu aurn fron� the �.ate hereof until paid �
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� �t the rate of fotar pel cen� (�-;�) :��r anntar.�, pa�rable on Decem�er 1,#
� 1960, arid sei,�i-annual.ly therea.fter on f;he fi}�st da�Ts of June and �
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�� December in each ,year, and L?ntil ma'cu-ri�y, u�orz pl�esentation and ?
;� surrendei� of 'che respec�;ive interes� cou_�ons heret�� attacY�ied as ;
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; they severally become dL�e and pay�l�le , !
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,� Both prirlcipal arld interest are hel�eby nlade payable in lavr- �
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� ful money of' �he Un°�ted Si,ates of Ai;lerica at t;}:e option oi' the ±
� holder, ei�r�er at Canto�� S�La�� Banl; or ai, National Ban�c of Cantoiz, �
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i� ��n the City of Ca.nton, Illinois . ;
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� �l'his bond is issued by said Ci�L;r for the purpose of payin�; ``
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�� �he cost oi' coristruc�in� irnprover„ents and e�tensiot�� to the water- }
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' wo:rks Nystem of said City, pui suant to anc� i.n all respects in �
complianc� w:i.th �he "I'tevised Cities al�ci Villa;;es Act", efl"ective °
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January 1, 191-�2, ar1�. all acts amendatory thereof and uupplem.entary I
thereto, and i� auLhorized by a majori'cy of the elector;� of sa:id i
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' CiL;r votin�� upon the question af; an election du].y called, noticed, f
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held and canvassed for that purpose in said City, and in complianc�
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vaith an oz°dinance duly �assed by the City Council of said City, �
�� and published, in �.11 a.��spects �.s by lavv required. �
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� Th_is bond i.s one of an authorized issue ar;�re,,�atin;; �he �
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� principal arrioun� of �p23U,000, n�ar�'r��red from 1 to 230, inclusive, of
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�� the denominatiori of �1,000 each, and said bonds are redeel�la�le, �
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�j bi�ior to rnaturity, a� par and accrued interest in f;he inverse orde�}
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! in which they are nu�r�'oered, on any interest p�.yrnent date upan =
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notice specifyinU tYie zlumber af the bond and date of redernp�ion, '
,, �iven by registered mail to 'che ho'_der, if kno��rn, arid as to any �
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i unknouan holder, such nota.ce shall be published at least once in a �
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ne�as�aper pu'ol.ished arid of �eneral cir�culation in the Cit�r of
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;j Canton, I11.inois, The mailin" oi' such no�;ice shall be at least ;
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� thirty (30) da�Ts preceding such redemption date, and th� publica-
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� tion c�f said notice shall be a�; least thirty (30) days pre cedin; !
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�� such redemp�ion d�.�e, and wheri this bon.d shall have beeri callec� �
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�� ror redemption and payment made or p.rovi.ded for, interes� the��eon
I+�� shall cea�se from and after the date so spccified. �
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I� I�; is hereby certified �.nd recited �hat a11 acts, condiLion�
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f and thl.n�s required by i;rie Constitu�ion and laws of the State of �
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� Illinois, to e�ist or f;o be dane, precedent to and in the issuance ;
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E' oi' this bond, h.ave existed and have been propei�ly done, happened, j
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to r�r7 1-�o�v� r�r�v��F'�i�r�rn c�r7 ^S r� va c�.r��l o�n �v-�rl r�7��� �r.»m o v�!-1 f-�w�r� ��. �..�`v.,-,�-.�r7 L.4�. �
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�I this bond and tY��e issU� o�' which i'c fol�ms a part, and includin, 1
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� all other indebtedness of ��.id City, hac,rsoever evidenced and in-
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j� eurred, does not exceed any constitutional vr stat;u�ory limita�ion�
; and tlzat provision l�as been made L'or the collection of a direct a
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� anrnaal �ax, iri addi�;iatz to al1 othel� ta�,es, on alI af �h.e taxable s
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�o property in said City sufl'icient to pay the interes� hereon as �he �
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; same falls due and also to pay and dischar�,;e the principal hereof ;
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at maturity.
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E This '�ond is subjec� to re;ist:ration as to principal :in ;
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t the name of the holder on the books of the City Treasurer, sucri �
�? re�istration to be evidenced by notation of such Treasurer on the ;
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' back hereof, and after such regis�ratiorl no transfer hereof, excep�
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i upon such books and similarly noted hereon, shall be valid unless '
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� the last re�;istration shall have been to bearer. I�e�;istration
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�f hereof shall not affect �he ne{;otia�ility of the coupons hereto ;
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�f attached vahich shall con�inue rie�o�iable 'p;;r delivery me:c�ely, not- '
�� withstanding re�istratiori hereof. ;
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�i' IN G1zTNFSS [��JHERLOI+, said Ci�y oi Canton, Fulton County, ,
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�� Illinoi,�, by it� Ci�y Council, has caused its corpol�a�e seal to be ;
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�i hereunto affixed and �r,is bond to be Ni,;ned by the Mayor of sa:i.d
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; City and attesi;ed by its City Clerk, and the collpons hereto at- '
ta�hed �o be si;ned and attes�ed by said of'ficials, res�ectively, ;
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! �y �heir racsimile si;natures, and said officials do, by �he erecu�
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j� t:I.on hereof, adopt as and fo�.� thei� own �r.°op�r si�;natL�res their
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s� respective f'acsimile si�;na�ures appearin� on said coupons, all as ;
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! of f;he first day of September, 1�59.
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�� CITY OF CANTON ;
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4, Ma Jor ;
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' Attest: i
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� (�'orm of Coupon) �
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'� Number �_____ � �
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�� On the first day of i�_ , 19_, the City �
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,� of Can�on, Pulton Counf;y, Illino�s, vaill pa5r to bearer � ;
� Dollars (� ) in i
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� lawful mone�T of the United States of America at the option of the $
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;� holder, eiLher at CanLon State I3ank or at Tdational �ank oL' Canton�
!� zn the Ci� of Canton Illinois for in�erest due thaf; da on its �
�{ Y > > y ,
�I Ulaterworks Improvement Bond, da�ed Se�t�ember l, 1�5�, Numr�r �
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.._.' May o� � �
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�i Ai,test:
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. G City Clerk ?
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� (Formfbr Re�is�ration as to Principal) �
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;� Date o�' Si�nature of s
�[ Re�is�ratian Name of l�.egistered Owner City Treasurer �
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�� Section 5 . Thaf; foz� the pu�.�po�e of providin� the func�s
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required to �ay the interest on sai� bonds promptly when and as �
f the same fa11s due, and to pay ana dischar;e th.e brirzcipalf�ere- �
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� of a� matur�.ty, there be and f;here :Ls Yiereby levied u�on al1 �he �
i� taxable propert;� vaith�n said City, irr cach year while any of said�
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i bonds are outstand-in�, a direct annual tax :�L?fficient for �hat �
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;� rurpose, and that there be and there is hereby levied on all of �
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�' the �axable prope�.�t;;r in said City, in adclit:ion to all o�;her taJ;es`,
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as the follo��ainr` d'�.rect ann.ual tax, f;o wit: �
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�j For the year 1�59, a tax sLifi'ici.en� '�o pz�oduce t�.e ;
; sum of `�16,100 :I'or :Ln��rest up �o and includin� a
j June l, 1�61; s
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� For �he year 1�60, a �ax sl�fficient to produce �he `
� sum ot' y 33,7U0 for interesf; and p .ri.ncipal; ;
�'� For the year 1�61, a tay sufficient �o produce the
�( sum of' y�32,700 for intex�est �.nd principal; °
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�� For the year 1962, a ta�, sufficient f;o prodUCe the ;
�� sum of �31,700 far interest and principal; ;
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� For the year 1963, a tax sufficient to produce the �
�� sum of �30,700 for interest and principal; _
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� ��'ar �he year 196L�, a tax sufficient ta produce the �
( sum of �2�,700 for inte�nest and pi�incipal; #
� For tYie year 1965, a tax sufi ica.er.t Lo prO�UC� tY�.e ;
� surn o:C y�2�,700 for interes'c and princip�.1.; '
�� I{'or the y�ar 1�66, a ta�� suf�'icient to produce i,he �
�� sum o�' �27,�00 for in�eres� and principal; ;
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� I+�or the yeai� 1�67, a tax �uf:fi.ciei�t to produce �he �
�� sur,1 of' �26,700 for intE���st an� principal, �
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�� Fc�� the ye�.l 1y63, a tax suf'f.ic�.ent to .�x�oduce the ;
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sum of y�15,900 :Col� interest �.nd princi�al; aizd �
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4i 1�'ox� the year 1�6�, a taa surficient Lo produce �;he ;
surn of ?p15,300 for intel�est and princi��al . ;
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� Th�.t in�el�est or princival cor,linJ al,�e a� any tim�: tivhere ;
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; there are insufficient fiands on hand ;;o �aJ t;he same; be paici i
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�� promptly L�ahen due Pi�nr�1 cuz�rent funu.0 oi� ?zand �n advancemen� oi the �
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'� coll�c�iorz of said taxes hez�ezn levied, and t�ahen said ta�es shall ;
�� have been collected re:i.mbursement shal.l 'r�e made to the saia f'unds �
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`� ir� �;he amounts �hus advanced. �
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Section 6. That foz�th�vith as s�on as this ordinance be- ;
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�; cornes effec�ive, a copy k�ei�eof certii ied by tl-�e C�erk of' sa�d Cityl,
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�� wh.ich cer�if:icate sllall l�ecite �;hat this o�dir.ance has been passed;
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�; by �r1e Cit,r Council of said Ci�y and �7U'p1lShed, sha11 be f'iled �
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�� with the County Clerk of Ft�Itaxz County, Illinois, who shall in anc�
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;� for each of the years 1�5� to 1���, i.nclusive, ascertai.n the rate ;
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' ,�c„-� r,�,-,i- r,r�nii i r�rl i-n 7�rnr�i�r�P S:1�P ;1 p�<-•Y�F?�r;l FF? f::lX }'lF?Y'P l YIYIP_f'ni"(? 1�Y'n- f
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�; the sarle fo:� col_lection on the ta;= l��ool,s in c�nr.ection vai�(;h ot�:er :
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taxes levied �.n eacr� oi' sa:id �rears, res�ectively, in �.nd b� said e
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�� �1ty �. cl ;c,ner� 1 �o� �or�.�e �L�i pases o1' �a:id Cit� and iz�. each of
;� said �lfears such �.�nua.l �;a,� s�,all �.�e leviec� an� co.11ec�ed b� said 6
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� �1t;yT iz� .7_ilte mannei ��s taxes for ;el�er tl corpor�a�e pur�oses foz�
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i� eacr: of saicz ;,rears are levicd and collccted, and taher� collected `
I y
such �aYes sh�.l1. ��e t��ed N�lely foi� the pur�A�ose of pa��;n�� z�»:;_nci�r�a]�
�� (
� a.rid ini��r�est Llpon �the bonds Y�e��ein autl��orized ti�ah�n same mature .
i '`:
�� Se c�ion � r s
7. `rl�af; thc. fun�,� d�rived f�o�:n the taxes h�re_in
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� �� - � � . ��� �
t! leviecl be and the �am.e a.re l��i�e,�y a�y:��,�-�opr_��ted an� �et ,�yde for
F
� �
� �he sole �,nc� only x���al���o,�e of' pa;�r�in�; �.rinc:�pal o�' �nd interetit on �
;
; t
�� said bonds t�ah�n and as sarle becor;e due . `I'?�a'c tl�e f'unds cterived
i�� �
fror� �he sale of saic� l:�onds '�e �nd triey �,.re he .rel�;;r �r�nro�:;ri��ed �
�� and set �side �"c�r the �t�rp�;e hereinti�efare .�e'c c�ut. �
�i ;
'; �ecti�n �3 . Tki�zt forth?•�ith ai'ter �l�is ordinance has becor��e �
�{ �
�� �ffec��ive a.s provided by law, �he bc�n�.s I�erei.n �L�tho1���_�ed sha11 be �
� �
! e�iecu�ed and deliver��c1 f;o the Treasu:L�e?� ol' said Cit�r and be by him i
�d
�
i delivered to Cant��i State �3anti<_ and �Tational Pan�i of C�nton, Car�ton,�
i
}' I11ino:is, Lh.e bt�rchasers thereor, u�aoiz recei��t o1' the purchase �
�?I �
r�rice therefor, same to be not �e�s tl�an i;he ,�a�.� value af sa-�ci
I; -
i' g
'; l�onds, plus acc:.�uea in'ceiest to da�e or delivery, coiz�l��,c� for the E
i i
; sale of :�aid Y.;onds �o sa-�d purchasers, heletofo:�°e en'cel�ed into, be �
e �
�� arld �he saa:�e is rereby in all res�ec�s l�atiz'ieci, a��nroved ana con- '
��
� f i rme d.
�� _ �
Section �, That a11 ordinaiice�, �:�e;��lutions and or�de��;, or;
�� p�.1�ts thei�eof, in con:Cl'LCt hereT�aitl�, be azzd t��e s�.rne ��.x°e hereb�r ;��e-�
�i �
y� !�.led and th_i�s oY°dinance sha11 ��e in lu_ll f'o��°ce and effect; upon iLs'
I
�; j�assa��e and �ublicat�ion as E�rov�_deu uy lav�. i
�? ` - d
�i
;� Passed /S— �c���.
�, _____ _;� ___.._.__ ______._.._.________�
� Approved � �, __�� i r° i n��