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HomeMy WebLinkAboutOrdinance #0897_ r ~; ~~ BOND ORDINANCE ,~+. Minutes of a public meeting of the City Council of the City of Canton, Fulton County, Illinois, held at at ~ • ~n o'clock ~.M. , on the ~hday of ~lctobgr ' 1981' The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon roll call, the following answered present: Mnald F Friu~grds Mayor, and City Council Members KOVdCheVlCh The following were absent : None. City Council Member Donald EdWareS presented and the City Clerk read in full the following ordinance: AN ORDINANCE authorizing and providing for the issuance of $48,500 Tax Increment Allocation Bonds (Central Business District Redevelopment Project Area), Series 1981 of the City of Canton, Fulton County, Illinois. AN ORDINANCE authorizing and providing for the issuance of $48,500 Tax Increment Allocation Bonds (Central Business District Redevelopment Project Area), Series 1981 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 Central Business District Redevelopment Project Area (the "Project Area") in ac- cord with the provisions of the Real Property Tax Increment Al- location Redevelopment Act (the "Act"); and WHEREAS, the City has approved a redevelopment plan and redevelopment project for the Project Area and held the nec- essary public hearing required by the Act; and WHEREAS, the City has heretofore on July 7, 1981, adopted an ordinance setting forth the procedures to be followed in the issuance of Tax Increment Allocation Bonds for the Project Area, which ordinance is 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" (the "Master Ordinance"); and WHEREAS, the City Council has determined that it is necessary and in the best interests of the City that the City -2- . ~ J 1 ~ ` ` ~ ~ '~ ~ • • . a ~ ~ issue its tax increment allocation bonds in accord with the pro- visions of the Act and the Master Ordinance for the purpose of paying part of the redevelopment project costs for the redevel- opment project which has been approved for the Project Area: NOW, THEREFORE, Be It Ordained by the City Council of the City of Canton, Fulton County, Illinois, as follows: Section 1. Definitions. That the words and terms defined and used in the Master Ordinance shall have the same meanings in this Bond Ordinance unless the context or use in- dicates another or different meaning. In addition, the follow- ing words and terms used in this Bond Ordinance shall Yiave the following meanings unless the context or 'use indicates another or different meaning: (1) "this Bond Ordinance" means this ordinance as adopted. (2) "Master Ordinance" means the ordinance referred to in the preambles of this Bond Ordinance as originally adopted and as the same may from time to time be amended or supplemented in accordance with the terms of the Master Ordinance. (3) "Series 1981 Bonds" means the bonds to be issued in accord with the procedures set forth in the Master Ordinance and authorized specifically by this Bond Ordinance. Section 2. Findings. That the City Council of the City hereby finds that it is necessary and in the best interests of the City to issue -the Series 1981 Bonds in accord with the -3- } ~ ,` I . ! * ~ procedures set forth in the Master Ordinance to enable the City to pay part of the Project Costs. Section 3. The Series 1981 Bonds. (a) Authorization. That the Series 1981 Bonds be issued and sold in the principal amount of $48,500. The Series 1981 Bonds shall be dated May 1, 1981, be numbered from 1 to 3, inclusive; 1 to 2 to be of the denomination of $16,000 each and 3 to be in the denomination of $16,500; all said bonds to bear interest at the rate of 80, such interest to be payable on November 1, 1981 and semi-annually thereafter on the first days of May and November in each year. The Series 1981 Bonds shall mature on November 1 of the years and in the amounts as follows: Year of Principal Interest Maturity Amount Rate Nov. 1, 1981 $16,000 80 Nov. 1, 1982 $16,000 80 Nov. 1, 1983 $16,500 80 (b) Redemption. (1) Optional Redemption of the Series 1981 Bonds. The Series 1981 Bonds are subject to redemption prior to maturity at the option of the City from the special tax allocation fund at par value with accrued interest. (2) Notice of Redemption. Notice of the City's exercise of its option to redeem any or all of the -4- .•, ~- series 1981 Bonds shall be given in accord with the provisions of the Master Ordinance. (c) Execution. The Series 1981 Bonds shall be signed by the manual signature of the Mayor of the City with the corporate seal of the City imprinted on or affixed thereto and attested by the manual signature of the City Clerk, and the interest coupons attached to the Series 1981 Bonds shall be signed in accord with the provisions of the Master Ordinance. Section 4. Form of Series 1981 Bonds. The Series 1981 Bond and coupons shall be substantially in the form prescribed in the Master Ordinance. Section 5. Sale of the Bonds. That after the Series 1981 Bonds have been executed, they shall thereupon be delivered to Francis L. Hadsall, the purchaser thereof, upon receipt of the consideration therefor, in accordance with the terms of the Bond Purchase Agreement (the "Bond Purchase Agreement") in substan- tially the form before this meeting, said agreement being hereby approved by the City Council. The Mayor of the City is hereby authorized and directed to enter into said Bond Purchase Agreement and to approve revisions and changes therein, his approval of such revisions or changes to constitute conclusive evidence of the approval of the Bond Purchase Agreements (as so revised or changed) by the City Council of the City. The City Council of the City hereby finds and determines that the Bond Purchase Agreement -5- s ~ , is in the best interest of the City and that no person holding an office of the City, either by election or appointment, is in any manner interested, either directly or indirectly, in his own name or the name of any other person, association, trust or corporation, in the Bond Purchase Agreement. Section 6. This Ordinance a Contract. The provisions of this Bond Ordinance shall constitute a contract between the City and the holders of the Series 1981 Bonds, and no changes, additions or alterations of any kind shall be made hereto, until such time as the Series 1981 Bonds and the interest thereon shall be paid in full, or unless and until adequate provision is made for the payment of the Series 1981 Bonds and interest thereon. The City covenants and agrees with the holders of any outstanding Series 1981 Bonds or coupons attached thereto that any such holder may, either in law or in equity, by suit, action, mandamus or other proceeedings, enforce or compel performance by the officials of the City of all duties required by law, by the Master Ordinance, and by this Bond Ordinance. Section 7. Partial Invalidity. If any section, para- graph, clause or provision of this Bond Ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Bond Ordinance. -6- •, .~ ~' Section 8. Prior Inconsistent Proceedings. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this Bond Ordinance, are to the extent of such conflict hereby repealed. Section 9. Publication ana t~rrective Laze. wl~iilii ten (10) days after its passage by the City Council and approval by the Mayor, this Bond Ordinance shall be published in pamphlet form and become effective as provided by law. AYES: Knvarhavirh Hammnnri Salfrir~na Md.ZZd.r.rY'dnt, NAYES : Hnrr - ABSENT: NnnP - Approved: Attest: 1 ~- i y Cler , City of Canton, Fulton County, Illinois Mayor, City of Canton, Fulton County, Illinois -7- Y ) ,. .~ ~ , City Council Member Mazza Carl moved and seconded the motion that said ordinance as presented and read by the City Clerk be City Council Member adopted. After a full and complete 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 City Council Members voted AYE: Kovachevich, Hammond, Selfridge, Piazza, Grant, NAY: 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. f _S r /„ /~~~ (;~--,1.-t` ~, I ity Clerk -8- • ~• ,• , STATE OF ILLINOIS ) SS COUNTY OF FULTON ) c: I ~ Nanr~i 4+1hitPS 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 ~~day of (lrtnhar 1981 , insofar as same relates to the adoption of an ordinance entitled: "AN ORDINANCE authorizing and providing for the issuance of $48,500 Tax Increment Allocation Bonds (Central Business District Redevelopment Project Area), Series 1981 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 meeting 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 WHEREOF, I have hereunto affixed my official signature and the seal of the City of Canton, Fulton County, Illinois, this 7th day of pLtnhar 1981' (SEAL) A r7 ., i ity Clerk -9- CI~iY Off' CANTON ORDI•+~:C~ `~0. 897 ADO?_ED BY THE CIT`E' COiINCIL OF THE CITY 0~ CANTON THIS 6th DAy OF October' 1981. Published in pamphlet fort by authority of the City Council of the City of Canton, Fulton County, Illinois, this 7th day of October , 19 81 . STATE OF ILLINOIS, ) SS. COUD?TY OF FULTON. ) I, the undersigned, certify th.t I am the duly elected and acting City Clerk of the City of Canton, Fulton County, Illinois. I further certify that on October 6 19 81 the Corporate Authorities of the aforesaid ~:u:~icinality passe and approved the afore- said Ordinance IQo. 897 entitled, "An Ordinance authorizing and _ providing for the issuance of $48,500 Tax Increment Allocation Bonds __(Central Business District Redevelopment Project. Area), Series 1981 of the City of Canton, Fulton County, Illinois", _ ____ which provided by its te. ~s th =~ ~ .. s::oui3 be published in panpzlet fo_~:~. The pamphlet form of the afeYesaic Ordinance No. 897 including the Ordinance and a cover sl:ee_ ^e_eof was prepared, and a copy of such Ordinance was posted in thz City ?uil_ding, 210 E. Chestnut Street, Carton, Illinois, commencing on October 7 l9 81 and continuing for at least ten (10) days tl-~.zreaft~-_ . Copies of such Ordinance Caere also available for public inspection coon -request in the Office of the City Cler'r:. DATED at Canton, Illinois this lcl~thl. day of October 19 81 . City erlc. (S E .A_l,) CERTI FICATE STATE OF ILLINOIS, ) SS. COUNTY OF FULTON. ) 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 897, entitled: "An Ordinance authorizing and providing for the issuance of $48,500 Tax Increment Allocation Bonds (Central Business District Redevelopment Project Area), Series 1981 of the City of Canton, Fulton County, Illinois", adopted by the City Council of said City and approved by the Mayor thereof on the 6th day of October 19 81 WITNESS my hand and the Corporate Seal of the City of Canton, Illinois thi s 2nd day of February 19 8 2 Na cy White ,City Clerk. ~ 'j (S E A '~} .. ~_>