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HomeMy WebLinkAboutOrdinance #426 � � , w ' •�.,r . � j�,����- - , . „ � f � - . ' - `� ';��` ���� ```. , � , _ � r � ��/�, /� � . � • �'4 ~' ) �z I � 1 ,, -7 �. . ' ' � � . �..� �,�-�,�. �� MINUTES of a Re ular public mee ing of the Ci y Counci3�of the City of Canton, Fulton County, Illinois, held at Canton Cit B�aildin at 6 : 0 o 'clock .M. , on �e 1 t ay o� Ta7a y , 19� � � � 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: _ Ho�,rard, Ria�e , Farr, Se�ich, Hrirst, Cardosi, Horr, Peak, Cook Yerbic , SpencPr, Kovach��vich� and C onrad The following were absent : Alderman t,Jilcoxen Alderman Hurst presented, and the City Clerk read in full the following ordinance : r• .- . , . _ : • ti ' � , , •• �'ry ~ " . : ��:'� � ���� AN ORDINANCE providing for borrowing money an� issuing bonds of the City of Canton, Fulton County, Illinois, to the amount of $600,000, and providing for the levy and collection of a direct annual tax for the payment of the prin- cipal and int�rest on said bonds . � * � WHEREAS, the City Council of the City of Canton, Fulton County, Illinois, �id call a special election to be held in and for said City on October 31, 1970, for the purpose of submittin�; 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, Fulto.n County, Illinois, for the purpose of paying part of the cost of con- structing 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 days nor less than fifteen days prior to the date of said election, which said notice as so published, did specify the places where such election was to be held, the time of opening and closing the polls a.nd the question to be voted upo.n; and WHEREAS, the City Council of said City by proper proceed- ings adopted and spread upon its records, found that a11 le�al requirements 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 thereof9 and :� • r • , � _ ' � . WHEREAS, this City Council, by the election held i.n and for said City on October 31, 1970, has heretofore been authorized to borrow the sum of $1,360,000 for the purpose of payin� 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 �nd it is in the judgment �f this City Council necessary t'or the purpose aforesaid at this time to borrow only the sum of $600,000 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 fallows : Section 1. That it be and it is hereby found and deter- mined that the City Council of the City of Canton has been author- ized by a ma,jority of the electors of said City voting 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 purpose of paying part of the cost of construct- ing improvements and extensions to the City sewer system. Section 2. That in order to raise the sum of �6���J,0�0 �xresently 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 June l, 19?3, be one hundred tw:enty (120) in number, numbered from 1 to 120, inclusive, be of the denomination of $5,000 each, and mature serially $60,000 on December 1 of each of the years 197�- to 1983, inclusive, and bear interest at the rate of �-3/8� per annum. Interest on said bonds shall be payable on June 1, 197�-, and semiannually thereafter on the first days of December and June in each year, which said in- terest payments to date of maturity of principal shall be evidenced by proper interest coupo.ns attached to each bond and maturing on the dates herein provided, a.r�d both principal and interest shall -2- � . . , be payable in lawful money of the United States of America at the Canton State Bank, 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 sed. d cou- pons shall be si�ned and attested by said officials, respectively, by their respective facsimile signatures, and said officials, by the execution of said bonds, shall adopt as and for their own proper si�natures their respective facsimile signatures appearing on said coupons . Section 3. That the bonds hereby authorized shall be payable to bearer, provided, however, that such bonds may be sub- ject to r egistration as to principal in the name of the holder on the books of the Treasurer of said City, such registration to be evidenced by notation of said Treasurer upon the back of such bonds so registered. No bond so registered shall be sub�ect to transfer except upon such books and simi]�ly noted on the back thereof un- less the last registration shall have been to bearer. Such re�is- tration of any of said bonds shall not, however, affect the nego- tiability of the coupons attached to said bonds, but such coupons sha11 continue transferable by delivery merely. Section �. That each of said bonds and the interest coupons to be thereto attached, shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTY OF F[JLTON 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 -3- � . , . registered, then to the registered holder hereof, the sum of FIVE THOUSAND DOLLARS ($5,000) on the first day of December, 19 , to- �ether with interest on said sum from the date hereof until paid at „the rate of four and three-eighths per cent (�-3/8�) per annum, psy- able June 1, 1974, and semiannually thereafter on the first days of December and June in each year, and until maturity, upon presentation and surrender of the respective interest coupons hereto attached as they severally become due and payable . Both pri.ncipal and interest are hereby made payable in lawful money of the United States of America at the Canton State Bank, Canton, Illinois . For the prompt payment of this bond, both principal and interest, as aforesaid, at maturity, and the levy of taxes sufficient for that purpose, the full faith, �edit and resources of said City are hereby irrevocably pledged . This bond is issued by said City for the purpose of paying 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 acts amendatory thereof and supplementary the�eto, and is authorized by a ma�ority of the electors of said City vottng 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 I1linois, to exist, or to be done, precedent to and in the issu- ance of this bond, have existed, and have been properly dane, hap- pened, and been performed in regular and due form and time as re- quired by law9 that the indebted.ness of said City of Canton, represented by this bond and the issue of which it forms a part, -�- � , . , , ' � . • , • and including all ot her indebtedness of said City, howsoever evi- de.nced and incurred, does not exceed any constitutional or statu- tory limitation, and that pro vision has been made for the collec- tion of a direct annual tax, in addition to a?1 other taxes, on a11 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 hol.der 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, except upon such books and similarly noted hereon, shall be valid unless the last registration shall have been to bearer. Registration here- of shall not affect the ne gotiability of the co upons hereto attached which sha11 continue negotiable by delivery merely, notwithstanding registration hereof. IN WITNESS WHEREOF, said City of Canton, Fulton County, Illinois, by its City Council, has caused its corporate seal t o be hereunto affixed and this bond to be signed by the Mayor of said City and attested by its City Clerk, a.nd the coupons hereto attached to be signed and attested by said officials, respectively, by their facsimile signatures, and said officials do, by the execution hereof, adopt as and for their oitim proper signatures their respective fac- simile signatures appearing on said coupons, a11 as of the first day of June, 1973 • ayor Attest : y er (SraL) -5- ,r . , , � (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 Canton State Bank, Canton, Illinois, for interest due that day on its Sewer Bond dated June 1, 1.973, Number . Mayor Attest : i y er (Form for Registration as to Principal) Date of Signature of Registration Name of Registered Owner City 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 principal thereof 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 th�re 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 : -6- Section 8. That forthwith after this ordinance has be- come effective as provided by law, the bonds herein authorized shn11 be executed and delivered to the Treasuz•er of said City and be by him delivered to The National Bank of Canton, Canton State Bank and Community Bank & Trust Company, in Canton, Illinois, the purchasers 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 bo.nds to said purchasers, heretofore entered into, be and the same is hereby in all respects ratified, approved and confirmed. Section 9. That the City co venants that it will take no action in the investment of the proceeds of said bonds which would result in making the interest payable on any of the bonds sub�ect to federal income taxes by reason of said bonds being classified as "arbitrage bonds" within the meaning of Section 103(d) of the Internal Revenue Code of 195�, as amended. Section 10. That all ordinaces, resolutions and orders, or parts thereof in conflict herewith, be and the same are hereby repealed and this ordinance sha11 b� in full force and effect upon its passa�e and publication as provided by law. Passed '�Zay 15 , 1973. Approved T��ay i5 , 1973• Published , 1973 . � � ��1� �� �2 y r Attest : C �j � �� C y er -£3- y • ' � For the Year A Tax Sufficient to Produce the Sum�of: , � 1973 $111,187.50 for interest and principal up to and including June l, 1g75 197�+ 82,312.50 for interest and principal 1975 79,687.50 for interest and principal �976 77,062.50 for interest and principal 1977 7�,�37•50 for interest and principal 1978 - 71,812.50 for interest and principal 19 g 69,187.50 for interest and principal 19�0 66,562.50 for interest and principal 1981 63,937•50 for interest and principal 1.982 61,312.50 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 prompt- ly when due from current funds on hand in advancement of the collec- tion 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 ordinance be- comes effect copy hereof certified by the Clerk of said City, which certificate shall recite that this ordinance has been passed by the City Council of said City and published, shall be filed with the County Clerk of Fulton County, Illi..nois, who sha11 in and for each of the years 1973 to 1982, inclusive, ascertai.n the rate per cent required to produce the aggregate tr�x hereinbefore provided to be levied in each of said years, respectively, against the taxable property within said City, and extend the sane for col- lection on the tax books in connection with other taxes levied in each of said yeltrs, respectively, in and by said City for general corporate purposes of said City, and in each of said years such annual tsx sha11 be levied and collected by said City in like manner as taxes for general corporate purposes for each of said years �re levied and collected, and when collected such taxes sha3.1 be used solely for the purpose of paying principal and �terest 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. -7- , �, . , , Alderman Hizrst moved and Alderman Sepich 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 bein� called, the following Aldermen voted AYE: C onrad� Kovachev ich y S penc�r� Yerbic � C ook� Peak� Horr � Cardos i� Hurst, Sepich, Farr, Rtape and IIoward 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 c�' the City of Canton, Fulton County, I1linois . Other business not pertinent to the adoption of said ordi- nance was duly transacted at said meeting. Upon motion duly made and seconded, the meeti.ng was adjourned . City Cler .. , � � . � . , . • • , , STATE OF ILLINOTS SS COUNTY OF FULTON I, Nel.lie Crawfor , do hereby certify that I am the duly qual e and ac ng er o the City of Canton, Fulton 6ounty, 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 f ull, true and complete transcript of the minutes of the legally convened meeting of the City Council of said City h�ld on t he 1 th day of T.Za , 1973, insofar as same relates to the adop- tion of an or nance entitled "AN ORDINANCE providin� for borrowing money and issuing bonds of the ,(�ity o�Can�on, Fulton County, Illi- nois, t o the amount of $600,000, and providing for the levy and col- lection of a direct annual tax for the payment of the principal and interest of said bonds ", 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 members 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 re- lation 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 said City, this day of �aY , 1973• 1 y er , y o an on, Fulton County, Illinois (SEA L) . ,�, .. . . � . . • . ' , � ; , STATE OF ILLINOIS SS COUNTY OF FULTON I, , County Clerk of Fulton County, Illinois, do hereby certify that on the day of , 1973, there was filed in my office a certified copy of an ordinance entitled "AN ORDINANCE providing for borrow- ing money and issuing bonds of the City of Canton, Fulton County, Illinois, to the amount of $600,000, and providin� for the levy and collection of a direct annual tax for the payment of the prin- cipal and interest of said bonds", duly passed by the City Council of the City of Canton, Fulton County, Illinois, and that the same has been deposited in the official files and records of my office. GIVEN under my hand and seal of said Fulton County, Illinois, this day of , 1973. Coun y Clerk of Fu ton ounty, Illinois . (SEAL)