HomeMy WebLinkAboutOrdinance #508 ' � ✓.. ,^_._. .
♦f`��-. • ' . t r y . . ` y .
t � �
� ' . a � � � . �f._ j �.�. . � " .
� ,
� y ' J i
�� ►� J , + ' { ../ �(/ �� .
�
reconvened regular
MINUTES of a� public
meeting of the City Council of the
City of Canton, Fulton County, Illi-
nois, held at Canton Citv Bldg.
at 6:00 o'clock p .M. , on the 23rd
day of September , 1975 .
* * �
The Mayor called the meeting to order and directed the
City Clerk to call the roll.
Upon roll call, the following answered present : Robert F.
Jennings , Mayor, and Aldermen Farr, Hurst, Horr, Edwards,
Cook, Peak, Spencer, Yerbic, Conrad and Kovacevish
The following we .re absent : * Rupe, Howard, Sepich, and Luthy
Alderman Hurst presented, and the City Clerk
read in full the following ordinance :
*Alderman Rupe arrived and took his seat in the Council Chambers
at 6:04 P.M.
*Alderman Sepich arrived and took his seat in the Council Chambers
at 6:14 P.M.
*Alderman Howard arrived and took his seat in the Council Chambers
at 6:�4 P.M. �
*Alderman Luthy arrived and took her seat in the Council Chambers
at 6:30 P.M.
*Although arriving late Aldermen Rupe, Sepich and Howard participated
in hearing and vote on this ordinance; Alderman Luthy arrived too
. late for either participation or vote on this ordinance.
,�Y'
�. �, � ; �• � , � , . , . . ' • ..� , '� � '_ ► ' 1
� • " ; . ' ��o �
AN ORDINANCE providing for borrowing
money and issuing bonds of the City
of Canton, Fulton County, Illinois ,
to the amount of $600,000, and provid-
ing for the levy and collection of a
direct annual tax for the payment of
the principal and interest on said
bonds.
* * �
WHEREAS, the City Council of the City of Canton, Fulton
County, Illinois, did call a special election to be held in and
for said City on October 31, 1970, for the purpose of submitting
to the electors of said City the following question:
Shall bonds in the amount of $1,360,000 be issued
by the City of Canton, Fulton County, Illinois,
for the purpose of paying part of the cost of
constructing improvements and extensions to the
City sewer system, said bonds to bear interest
at the rate of not to exceed seven per cent (7�)
per annum?
and �
WHEREAS, the City Council of said City did cause to be
given proper notice of said election by publishing notice thereof
once in the Canton Daily Ledger, being a newspaper published in and
of general circulation in said City, not more than thirty (30) days
nor less than fifteen (15) days prior to the date of said election,
which said notice as so published, did specify the place where such
election was to be held, the time of opening and closing the polls,
and the question to be voted upon; and
WHEREAS, the City Council of said City by proper proceed-
ings adopted and spread upon its records , found that all legal re-
quirements in connection with said election were duly complied with
and that a ma�ority of the electors of said City voting at said
election on said question above referred to, voted in favor thereof;
and
. �< , -
• . • ' ' • , , • • • ,' . ' ' - ' ►
WHEREASa this City Council, by the election held in and
for said City on October 31, 1970, has heretofore been authorized
to borrow the sum of $1,360,000 for the purpose of paying part of
the cost of constructing improvements and extensions to the City
sewer system, such money to be borrowed upon the credit of this
City; and
WHEREAS, this City Council has heretofore authorized
the issuance of $600,000 Sewer Bonds , dated June 1, 1973 of said
voted amount , and it is in the judgment of this City Council neces-
sary for the purpose aforesaid at this time to borrow an additional
$600,000 of the total authorized sum and issue bonds of this City
therefor:
NOW, THEREFORE, Be It Ordained by the City Council of the
City of Canton, Fulton County, Illinois, as follows :
Section 1. That it be and it is hereby found and deter-
mined that the City Council of the City of Canton has been authorized
by a ma�ority of the electors of said City votin� on the question at
an election duly called, noticed, held and canvassed for that purpose
to issue bonds of said City in the amount of $1 , 360, 000 for the pur-
pose of paying part of the cost of constructing improvements and ex-
tensions to the City sewer system.
Section 2. That in order to raise the sum of $600,000
presently needed for the purpose aforesaid, there be borrowed by,
for and on behalf of said City, the sum of $600,000 and to evidence
said loan negotiable coupon bonds of said City be issued. Said
bonds shall be designated "Sewer Bonds , " be dated November l, 1975,
be one hundred twenty (120) in number, numbered from 1 to 120, in-
clusive, be of the denomination of $5, 0�0 each, due serially on
December 1 of each of the years and in the amounts and bearing in-
terest per annum as follows :
-2-
�
. , • , , , � , �
� PrincipaY Year of Rate of
Amount P�laturity Interest
$60,000 1976 5. 40�
60,000 1977 5. 40�
60 000 1978 5. 40%
60�000 1979 5. 40�
60,000 1980 5 . 80�
60,000 1981 5. 80�
60, 000 1982 5. 80�
60,000 1983 6 . 25�
60, 000 1984 6, �5%
� 60,000 1985 6 , 25%
Interest on said bonds shall be payable on June 1, 1976, and semi-
annually thereafter on the first days of December and June in each
year, which said interest payments to date of maturity of principal
shall be evidenced by proper interest coupons attached to each bond
and maturing on the dates herein provided, and both principal and
interest shall be payable in lawful money of the United States of
America at The National Bank of Canton, Canton, Illinois . The seal
of said City shall be affixed to each of said bonds and said bonds
shall be signed by the Mayor and be attested by the Clerk of said
City, and said coupons shall be si�ned and attested by said officials ,
respectively, by their respective facsimile signatures and said offi-
cials , by the execution of said bonds , shall adopt as and for their
own proper signatures their respective facsimile signatures appear-
ing on said coupons .
Section 3. That the bonds hereby authorized shall be
payable to bearer, provided, however, that such bonds may be sub�ect
to registration as to principal in the name of the holder on the
books of the Treasurer of said City, such registration to be evi-
denced by notation of said Treasurer upon the back of such bonds
so registered. No bond so registered shall be sub�ject to transfer
except upon such books and similarly noted on the back thereof
unless the last registration shall have been to bearer. Such
registration of any of said bonds shall not , however, affect the
negotiability of the coupons attached to said bonds, but such
coupons shall continue transferable by delivery merely.
—3—
.�
___._____ _ ____._
_ _ ______ s
�
� , , • ,� . � . . . � , � I
' Section 4 : That each of said bonds and the interest cou-
pons to be thereto attached, shall be in substantially the following
form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF FULTON
CITY OF CANTON
SEWER BOND
Number $5, 000
KNOW ALL MEN BY THESE PRESENTS, that the City of Canton,
Fulton County, Illinois, hereby acknowledges itself to owe and for
value received, promises to pay to bearer or if this bond be re�is-
tered, then to the registered holder hereof, the sum of FIVE THOUSAND
DOLLARS ($5, 000) on the first day of December, 19 , together with
interest on said sum from the date hereof until paid at the rate of
per cent ( �) per annum, pay-
able June 1, 1976, and semiannually thereafter on the first days
of December and June in each year and until maturity upon presenta-
tion and surrender of the respective interest coupons hereto attached
as they severally become due and payable. Both principal and interest
are hereby made payable in lawful money of the United States of
America at The National Bank of Canton, Canton, Illinois . For the
prompt payment of this bond, both principal and interest , as afore-
said, at maturity, and the levy of taxes sufficient for that purpose,
the full faith, credit and resources of said City are hereby irre-
vocably pledged.
This bond is issued by said City for the purpose of pay-
ing part of the cost of constructing improvements and extensions to
the City sewer system, pursuant to and in all respects in compliance
with the '�Illinois Municipal Code," effective July l, 1961, and all
-4-
' ' , ' � . r' � � • � �
acts amendatory thereof and supplementary thereto, and is author-
ized by a ma,jority of the electors of said City voting upon the
question at an election duly called, noticed, held and canvassed
for that purpose in said City, and in compliance with an ordinance
duly passed by the City Council of said City and published in all
respects as by law required.
It is hereby certified and recited that all conditions,
acts and things required by the Constitution and laws of the State
of Illinois, to exist , or to be done, precedent to and in the issu-
ance of this bond, have existed and have been properly done, happened
and been performed in regular and due form and time as required by
law; that the indebtedness of said City of Canton, represented by
this bond and the issue of which it forms a part , and including
all other indebtedness of said City, howsoever evidenced and in-
curred, does not exceed any constitutional or statutory limitation,
and that provision has been made for the collection of a direct
annual tax in addition to all other taxes, on all of the taxable
property in said City sufficient to pay the interest hereon as the
same falls due and also to pay and discharge the principal hereof
at maturity.
This bond is sub�ect to registration as to principal in
the name of the holder on the books of the City Treasurer, such
registration to be evidenced by notation of such Treasurer on the
back hereof, and after such registration no transfer hereof, ex-
cept upon such books and similarly noted hereon, shall be valid
unless the last registration shall have been to bearer. Registra-
tion hereof shall not affect the negotiability of the coupons
hereto attached which shall continue negotiable by delivery merely,
notwithstanding registration hereof.
-5-
1
k. • ' , .. •' � ' . ' , � .., , � ' v ..
IN WITNESS WHEREOF, said City of Canton, Fulton County,
Illinois , by its City Council, has caused its corporate seal to
be hereunto affixed and this bond to be signed by the Mayor of
said City anci attested by its City Clerk, and the coupons hereto
attached to be signed and attested by said officials, respectively,
by their facsimile signatures, and said officials do, by the execu-
tion hereof, adopt as and for their own proper signatures their
respective facsimile signatures appearing on said coupons , all as
of the first day of November, 1975•
Mayor
Attest :
City Clerk �
(SEAL)
(Form of Coupon)
Number �
On the first day of , 19 , the City of
Canton, Fulton County, Illinois , will pay to bearer
Dollars ($ ) in lawful money
of the United States of America at The National Bank of Canton,
Canton, Illinois , for interest due that day on its Sewer Bond
dated November 1, 1975, Number
Mayor
Attest :
City Clerk
-6-
� . , (Form for Registration as to Principal )
Date of Si�nature of
Registration Name of Registered Owner Citv Treasurer
Section 5• That for the purpose of providing the funds
required to pay the interest on said bonds promptly when and as the
same falls due and to pay and discharge the prirlcipal thereo� at
maturity, there be and there is hereby levied upon all the taxable
property in said City, in each year while any of said bonds are
outstanding, a direct annual tax sufficient for that purpose and
that there be and there is hereby levied upon all of the taxable
property in said City , in addition to all other taxes , the following
direct annual tax, to-wit :
For the Year A �Tax Sufficient to Froduce the Sum of:
1975 $113 ,242 . 50 for interest and principal
up to and including June 1 , 1977
1976 89 ,790. 00 for interest and principal
1977 86 ,550. 00 for interest and principal
1978 83 ,310. 00 for interest and principal
1979 79 ,950. 00 for interest and principal
1980 76 , 470. 00 for interest and principal
1981 72 ,990. 00 for interest and principal
1982 69, 375 • 00 for interest and principal
1983 65,625 . 00 for interest and principal
1984 61 ,875• 00 for interest and principal
That interest or principal coming due at any time when
there are insufficient funds on hand to pay the same be paid promptly
when due from current funds on hand in advancement of the collection
of said taxes herein levied and when said taxes shall have been
collected, reimbursement shall be made to the said funds in the
amounts thus advanced.
Section 6. That forthwith as soon as this ordinancP
becomes effective , a copy hereof cer�ified by the Clerk of said
City , which certificate shall recite that this ordinance has been
-7-
V
' , , ' , � . . � �
passed by the City Council of said City and published, shall be
filed with the County Clerk of Fulton County, Illinois , who shall
in and for each of the years 1975 to 1984, inclusive, ascertain
the rate per cent required to produce the aggregate tax herein-
before provided to be levied in each of said years , respectively,
against the taxable property within said City , and extend the same
for collection on the tax books in connection with other taxes
- levied in each of said years , respectively, in and for said City
for general corporate purposes of said City, and in each of said
years such annual tax shall be levied and collected by said City
in like manner as taxes for general corporate purposes for each
of said years are levied and collected and, when collected, such
��axes shall be used solely for the purpose of paying principal and
interest upon the bonds herein authorized when same mature .
Section 7. That the funds derived from the taxes herein
levied be and the same are hereby appropriated and set aside for
the sole and only purpose of paying principal of and interest on
said bonds when and as same become due. That the funds derived
from the sale of said bonds be and they are hereby appropriated
and set aside for the purpose hereinbefore set out.
Section8. That forthwith after this ordinance has be-
come effective as provided by law, the bonds herein authorized
shall be executed and delivered to the Treasurer of said City
and be by him delivered to The National Bank of Canton, Canton,
Illinois, the purchaser thereof, upon receipt of the purchase
price therefor, same to be not less than the par value of said
bonds plus accrued interest to date of delivery , contract for the
sale of said bonds to said purchaser, heretofore entered into,
be and the same is hereby in all respects ratified, approved and
conftrmed.
-8-
Section 9. That the principal proceeds of the sale of
said bonds shall be devoted to and used with due diligence for
the completion of the pro�ect for which said bonds are hereby au-.
thorized to be issued. The City Council represents and certifies
that :
(1) the said City expects within six months
after the delivery of said bonds , to incur substan-
tial binding obligations equal to at least 2-1/2�
of the estimated total project cost to commence con-
struction of the said project ;
(2) the City Council expects that over 85%
of the spendable proceeds of said bonds, including
investment proceeds, will be expended on or before
November 1 , 197 7 , for the purpose of paying the
cost of said project , said date being within three
years following the date of issue of said bonds;
(3) work on the said project is expected to
proceed with due diligence to completion;
( 4) said pro,ject has not heen and is not expect-
ed to be sold or otherwise disposed of in whole or in
part prior to the last maturity of said bonds ;
(5) all of the principal proceeds of the bonds
are needed for the purpose stated in the form of bond
above set out , including expenses incidental to such
purpose and to the issuance of the bonds; and
(6 ) to the best of the knowledge and belief
of the City Council, there are no facts , estimates
or circumstances that would materially change the
conclusions and representations set out in this Sec-
tion.
Said City Council also czrtifies and further covenants with the
purchaser and holders of said bonds from time to time outstanding,
that so lon� as any of said bonds remain outstanding, moneys on
deposit in any fund or account in connection with said bonds,
whether or not such moneys were derived from the proceeds of the
sale of said 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 (d) of the Internal Revenue Code of 1954,
-9-
� as amended, and �any lawful regulations promulgated or proposed there-
under, including proposed Treas. Reg. §§ 1. 103-13 and 1. 103-14 , 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 if, when and to the extent that said Section 103(d)
or regulations promulgated thereunder shall be repealed or relaxed
or shall be held void by final decision of a court of competent
�urisdiction, but only if any investment made by virtue of such re-
peal, relaxation or decision would not , in the opinion of counsel
of recognized competence in such mat�ers, result in making the
interest on said bonds sub�ect to federal income taxation.
Section 10. That all ordinances , resolutions and orders
or parts thereof, in conflict herewith, be and the same are hereby
repealed, and this ordinance shall be in full force and effect
upon its passage and publication as provided by law.
Passed September 23 , 1975 •
Approved September 23 , 1975•
' Published _�,��_/��_�� _� 1975•
���
�
i '
� Ma
Attest :
.
City Cler
-10-
. . .
Alderman Hurst moved and Alderman
Edwards seconded the motion that said ordinance as
presented and read by the City Clerk be adopted.
After a full discussion thereof, the Mayor directed
that the roll be called for a vote upon the motion to adopt the
ordinance as read.
Upon the roll being called, the following Aldermen
voted AYE: Rupe, Howard, Farr, Hurst, Sepich, Horr, Edwards, Cook,
Peak, Spencer, Yerbic, Conrad and Kovacevich.
The following Aldermen voted NAY: None
Whereupon the Mayor declared the motion carried and the
ordinance adopted, and henceforth did approve and sign the same in
open meeting and did direct the Clerk to record the same in full
in the records of the City Council of the City of Canton, Fulton
County, Illinois.
Other business not pertinent to the adoption of said or-
dinance was duly transacted at said meeting.
Upon motion duly made and seconded, the meeting was
ad,�ourned.
�
City Clerk
,
4 , , � � ,
• ' � � , , i � . � � � . �
STATE OF ILLINOIS j
SS
COUNTY Oi� I''lJL^lON �
I, Nellie �%r�w-f ord, �ity Clerk of the �ity of Canton,
�n the Caunty of l�ulton� and State of Il].inois� do heroby
certi.f`y that as tlie �ity Clerk af t,he City of Canto�� I am ,
the keaper of records� minutes� ordinances and other books,
records anc� papers of said �ity, und that the foregoing is a
tr�ue and correct copy of the�Cl����.; „-^�, , � S �`�`�adopted by
the City Council of said City and approved by the Mayor on
the �� daY of ,�',�� 19?S . L
✓
WI i �SS m� hand and the Corporate Seal of the �ity of
Canton� Illinois this �C�f�- c1a�y of ,-:�' _�� 197�.`
�,,
� ���� � �, � .
� �er