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O-679-90 12/26/90ORDINANCE NO. 674 AN ORDINANCE providing for the issue of $125,000 General Obligation Bonds, Series 1990, of the Village of Lemont, Cook and DuPage Counties, Illinois, and for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds. WHEREAS, the President and Board of Trustees (the "Vil- lage Board ") of the Village of Lemont, Cook and DuPage Counties, Illinois (the "Village "), have heretofore determined and do hereby determine that it is necessary, essential and in the best interests of the residents of the Village to purchase certain improvements for the renovation of the Village Hall, including interior demolition and remodeling, new windows and doors, wash- rooms, offices, council room, elevator and all new mechanicals, and other miscellaneous items incident to, including con- tingencies of, such purchase (collectively, the "Improvements and it is necessary at this time to borrow the sum of $125,000 to pay the cost thereof; and WHEREAS, the Village Board does hereby find and deter- mine that upon the borrowing of said sum and the issuance of bonds of the Village in the amount of $125,000 all in accordance with the provisions of the Section 8 -5 -16 of the Illinois Municipal Code, as amended, the aggregate outstanding bonds of the Village issued pursuant to said Section, including the bonds herein authorized, will not exceed one -half of one per cent of the assessed value of all of the taxable property located within the Village, and accordingly, the Village Board is authorized to issue such bonds without submitting the question of such issuance to the electors of the Village: NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Lemont, Cook and DuPage Counties, Illinois, as follows: Section 1. Incorporation of Preambles. The Village Board hereby finds that all of the recitals contained in the preambles to this ordinance are full, true and correct and does incorporate them into this ordinance by this reference. Section 2. Authorization. It is hereby found and determined that the Village has been authorized by law to borrow the sum of $125,000 upon the credit of the Village, and as evidence of such indebtedness to issue bonds of the Village in said amount, for the purpose of paying the cost of the Improve- ments. Section 3. Bond Details. In order to raise the sum of $125,000 needed at this time for the purpose of paying the cost of the Improvements, there shall be borrowed by, for and on behalf of the Village the sum of $125,000 and to evidence said loan, bonds of the Village shall be issued. Said bonds shall each be designated "General Obligation Bond, Series 1990," shall be dated December 1, 1990, and shall also bear the date of au- thentication, shall be in fully registered form, of the denomina- tion of $5,000 and authorized integral multiples thereof (but no single Bond shall represent installments of principal maturing on more than one date), shall bear interest at the rate of 6.60% per annum and shall become due and payable on December 1, 1991. The Bonds shall bear interest from their date, until the principal amount of the Bonds is paid, such interest (com- puted upon the basis of a 360 -day year of twelve 30 -day months) being payable on December 1, 1991. Interest on each Bond shall be paid by check or draft of Heritage Bank of Lemont, Lemont, Illinois, as bond registrar and paying agent (the "Bond Regis- trar"), payable upon presentation in lawful money of the United States of America, to the person in whose name such Bond is registered at the close of business on the 15th day of the month next preceding the interest payment date. The principal of the Bonds shall be payable in lawful money of the United States of America at the Bond Registrar. The seal of the Village shall be affixed to or printed on each of the Bonds and the Bonds shall be signed by the President and Village Clerk of the Village, and in case any officer whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. All Bonds shall have thereon a certificate of authen- tication substantially in the form hereinafter set forth duly 411executed by the Bond Registrar as authenticating agent of the -3- Village for this issue and showing the date of authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this ordinance unless and until such certificate of authentication shall have been duly executed by the Bond Registrar by manual signature, and such certificate of authentication upon any such Bond shall be con- clusive evidence that such Bond has been authenticated and de- livered under this ordinance. The certificate of authentication on any Bond shall be deemed to have been executed by the Bond Registrar if signed by an authorized officer of the Bond Regis- trar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds issued hereunder. Owners. Section 4. Registration of Bonds; Persons Treated as The Village shall cause books for the registration and for the transfer of the Bonds as provided in this ordinance to be kept at the principal corporate trust office of the Bond Regis- trar, which is hereby constituted and appointed the registrar of the Village for the Bonds. The Village is authorized to prepare, and the Bond Registrar shall keep custody of, multiple Bond blanks executed by the Village for use in the transfer and exchange of the Bonds. Upon surrender for transfer of any Bond at the prin- cipal corporate trust office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by, the registered owner or his attorney duly authorized in writing, the Village shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the trans- feree or transferees a new fully registered Bond or Bonds of the same maturity of authorized denominations, for a like aggregate principal amount. Any fully registered Bond or Bonds may be exchanged at said office of the Bond Registrar for a like aggre- gate principal amount of Bond or Bonds of the same maturity of other authorized denominations. The execution by the Village of any fully registered Bond shall constitute full and due autho- rization of such Bond and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, the principal amount of outstanding Bonds of each matu- rity authenticated by the Bond Registrar shall not exceed the authorized principal amount of Bonds for such maturity less pre- vious retirements. The Bond Registrar shall not be required to transfer or exchange any Bond during the period beginning at the close of business on the 15th day of the month next preceding the interest payment date on such Bond and ending on such interest payment date. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of or interest on any • Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liabil- ity upon such Bond to the extent of the sum or sums so paid. No service charge shall be made for any transfer or exchange of Bonds, but the Village or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds. Section 5. Form of Bond. The Bonds shall be in sub- stantially the following form; provided, however, that if the t of the Bond is to be printed in its entirety on the front side of the Bond, then paragraph [2] and the legend, "See Reverse Side for Additional Provisions ", shall be omitted and paragraphs [6] through [9] shall be inserted immediately after paragraph [1]: (Form of Bond - Front Side) REGISTERED REGISTERED $ NO. UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTIES OF COOK AND DU PAGE VILLAGE OF LEMONT GENERAL OBLIGATION BOND, SERIES 1990 See Reverse Side for Additional Provisions terest Maturity Dated te: 6.60% Date: December 1, 1991 Date: December 1, 1990 •gistered Owner: Principal Amount: [1] KNOW ALL PERSONS BY THESE PRESENTS, that the Village of Lemont, Cook and DuPage Counties, Illinois (the "Village "), hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns as hereinafter provided, on the Maturity Date identified above, the Principal Amount identified above and to pay interest (computed on the basis of a 360 -day year of twelve 30 -day months) on such Principal Amount from the date of this Bond at the Interest Rate per annum set forth above on December 1, 1991, and until said Principal Amount is paid. Principal of this Bond is payable in lawful money of the United -7- States of America at the principal corporate trust office of Heritage Bank of Lemont, Lemont, Illinois, as bond registrar and paying agent (the "Bond Registrar "). Payment of the installments of interest shall be made to the Registered Owner hereof as shown on the registration books of the Village maintained by the Bond Registrar at the close of business on the 15th day of the month next preceding the interest payment date and shall be paid by check or draft of the Bond Registrar, payable upon presentation in lawful money of the United States of America, mailed to the address of such Registered Owner as it appears on such regis- tration books or at such other address furnished in writing by such Registered Owner to the Bond Registrar. For the prompt payment of this Bond, both principal and interest at maturity, the full faith, credit and resources of the Village are hereby irrevocably pledged. [2] Reference is hereby made to the further provisions of this Bond set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as if set forth at this place. [3] It is hereby certified and recited that all condi- tions, acts and things required by law to exist or to be done precedent to and in the issuance of this Bond did exist, have happened, been done and performed in regular and due form and time as required by law; that the indebtedness of the Village, "Including the issue of Bonds of which this is one, does not -8- exceed any limitation imposed by law; and that provision has been made for the collection of a direct annual tax sufficient to pay the interest hereon as it falls due and also to pay and discharge the principal hereof at maturity. THE VILLAGE HAS DESIGNATED THIS BOND AS A "QUALIFIED TAX - EXEMPT OBLIGATION" PURSUANT TO SECTION 265(b)(3) OF THE INTERNAL REVENUE CODE OF 1986. [4] This Bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Bond Registrar. [5] IN WITNESS WHEREOF, said Village of Lemont, Cook and DuPage Counties, Illinois, by its President and Board of rustees, has caused its corporate seal to be affixed hereto or printed hereon, and this Bond to be signed by the President of the Village and to be attested by the Village Clerk of the Vil- lage, all as of the Dated Date identified above. [SEAL] Attest: Village Clerk