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Ordinance 1975-13 FHD:GKH 4 J j ORDINANCE NO. 1 3 AN ORDINANCE PROVIDING FOR THE CALL AND REDEMPTION PRIOR TO THEIR MATURITY OF CERTAIN OUTSTANDING AND UNPAID WATER REVENUE BONDS, DATED NOVEMBER 1, 1959 , OF THE UNITED CITY OF THE VILLAGE OF YORKVILLE, KENDALL COUNTY, ILLINOIS, PROVIDING FOR THE GIVING OF NOTICE OF SUCH CALL, AND AUTHORIZING THE ESTABLISHMENT AND DEPOSIT OF FUNDS IN A SPECIAL ESCROW FUND FOR THE PAYMENT OF PRINCIPAL OF, AND INTEREST ON, OUTSTANDING AND UNPAID WATER REVENUE BONDS. WHEREAS, the UNITED CITY OF THE VILLAGE OF YORKVILLE, Kendall County, Illinois, has outstanding $55, 000 . 00 Water Revenue Bonds, dated November 1, 1959, as hereinafter described, and the CITY has legally available funds to call certain of said Bonds for redemption and payment, and to pay the principal thereof and the interest thereon to November 1, 1975; and WHEREAS, said $43, 000 . 00 Water Revenue Bonds presently outstanding and held by owners other than the CITY become subject to redemption and payment prior to their maturity, at the option of the CITY, on November 1 , 1975, and as hereinabove referred, sufficient funds will be legally available to pay in full the principal of said Bonds and the interest which will become due on said outstanding and unpaid Water Revenue Bonds , up to and including the date that said Bonds become subject to redemption prior to their maturity, and including paying agency fees of the bank at which said Bonds and interest coupons are payable, -2- and also including the fees of the bank in which the special Escrow Fund is to be deposited, as hereinafter provided for; and WHEREAS, it is necessary and for the best interests of the CITY that said outstanding and unpaid Water Revenue Bonds of the CITY, held by owners other than the City, be called for redemption prior to their maturity and that a special escrow agreement be entered into between the CITY and the NATIONAL BOULEVARD BANK OF CHICAGO 1 Chicago , Illinois, hereafter designated as the Bank, pursuant to which the amount of $ 44, 139 . 00 shall be deposited. Said deposit shall be held by said Bank, in trust, for the payment of both principal and interest of said outstanding and unpaid Water Revenue Bonds , dated November 1, 1959, on the date that said Bonds become subject to redemption and payment prior to their maturity, and that the form of such special escrow agreement be approved and the City Council of the City be authorized to execute the same on behalf of the CITY; and WHEREAS, the CITY is and has been the owner of $12 , 000. 00 in Water Revenue Bonds of said issue, and it is in the best interests of the CITY that the $12, 000 . 00 in Water Revenue Bonds be cancelled and the paying agent directed to return to the City Treasury all monies held by said paying agent for the payment of interest upon the Bonds held by the CITY. NOW THEREFORE, BE IT ORDAINED by the City Council -3- of the UNITED CITY OF THE VILLAGE OF YORKVILLE, Kendall County, Illinois, as follows: SECTION 1. That the CITY, acting by its City Council, hereby elects to and does hereby exercise its option to call and redeem, prior to their maturity and on November 1, 1975 , at a price of par and accrued interest to said date, the outstanding and unpaid Water Revenue Bonds of said CITY described as follows: $43, 000. 00 Water Revenue Bonds, dated November 1, 1959, of the denomination of $1, 000 . 00 each, due serially on Mav 1 of each of the years and in the amounts and bearing interest as follows: Year Amount Numbers Rate of Interest 1976 $5 , 000. 00 46 to 50 4. 60 1977 5, 000. 00 51 to 5.5 4 . 60 1978 5, 000 . 00 56 to 60 4 . 60 1979 5, 000. 00 61 to 65 4. 60 1980 3 , 000. 00 66 to 68 4 . 6% 1982 5 , 000 . 00 76 to 80 4. 60 1984 5 , 000. 00 86 to 90 4. 6% 1985 5 , 000. 00 91 to 95 4 . 6% 1986 5, 000 . 00 96 to 100 4. 6 and all of said Bonds being subject to redemption and payment prior to their maturity, at the option of the CITY, at par and accrued interest to date of redemption, on November 1, 1975. SECTION 2 . That the City Treasurer is hereby ordered and directed to immediately give notice of the redemption and payment of said Bonds numbered 46 to 68 inclusive, 76 to 80 inclusive, and 86 to 100 inclusive, described in Section 1 hereof, prior to their maturity, by mail to the National -4- Boulevard Bank of Chicago, Chicago, Illinois, such notice to be addressed to such bank and deposited with postage prepaid in the United States mail, and such notice also to be given by being published once in the Wall Street Journal, Midwest Edition, the same being a newspaper published and of general circulation in the City of Chicago, Illinois, and such notice shall be substantially in words and figures as follows : -5- NOTICE OF REDEMPTION OF WATER REVENUE BONDS, DAZED NOVEMBER 1 , 1959 OF THE UNITED CITY OF THE VILLAGE OF YORKVILLE KENDALL COUNTY, ILLINOIS Notice is hereby given to the owners and holders of Water Revenue Bonds, dated November 1, 1959, of the United City of the Village of Yorkville, Kendall County, Illinois, numbered from 46 to 68, inclusive, 76 to 80, inclusive, and 86 to 100, inclusive, of the denomination of $1,000 each, and maturing in varying amounts on May 1 of each of the years 1976 to 1980, inclusive, and 1982 to 1986, inclusive, that the United City of the Village of Yorkville has exercised its option to call said bonds for redemption and payment in the aggregate amount of $43 ,000, prior to their maturity, and such bonds will be paid on November 1, 1975, upon surrender of said bonds With all interest coupons pertaining thereto, and such payment will be at a price of par and accrued .interest up to and including November 1, 1975. The owners and holders of said bonds are directed. to present the same for payment at the National Boulevard Bank of Chicago, Chicago, Illinois, where such bonds and the interest thereon will be paid. Notice is further given that said bonds shall cease to bear interest from and after November 1, 1975• By order of the City Council of the United City of the Village of Yorkville, Kendall County, Illinois. Dated at Yorkville , Illinois, this day of s 1975. City Treasurer -6- SECTION 3. That in order to provide for the payment of the presently outstanding and unpaid Water Revenue Bonds, dated November 1, 1959 , of the UNITED CITY OF THE VILLAGE OF YORKVILLE, Kendall County, Illinois, including the interest accruing thereon, paying agency fees and fees necessary for the establishment and maintenance of the special Escrow Fund with the NATIONAL BOULEVARD BANK OF CHICAGO , as hereinafter provided for, the sum of $ 44, 139. 00 being moneys now on hand and available in the Waterworks Fund of the CITY shall be depsoited in a special Escrow Fund with the NATIONAL BOULEVARD BANK OF CHICAGO under the terms of a special escrow agreement to be in words and figures as follows : -7- SPECIAL ESCROW AGREEMENT That on the date of this agreement , the NATIONAL BOULEVARD BANK OF CHICAGO , hereinafter referred to as the Bank, and the United City of the Village of Yorkville , Kendall County, Illinois, hereinafter referred to as the City, acknowledge that the City has deposited in a special account with the Bank $ 44 , 139. 00 in legally available money, which amount shall be held by the Bank for the sole and only purpose of paying the principal of certain bonds heretofore issued by the City and presently outstanding and unpaid and also the interest coupons pertaining thereto. Said deposit is sufficient to provide for the payment of principal of the outstanding, and held by owners other than the City, Water Revenue Bonds, dated November 1, 1959, and the interest to accrue thereon, paying agency fees and charges for the establishment and maintenance of the special Escrow Fund, up to and including the date of the redemption thereof on November 1, 1975, all of such outstanding bonds by their terms being payable both as to principal and interest solely and only from the revenues to be derived from the operation of the Waterworks system of the City. The bonds being further described as follows : $43 ,000 Water Revenue Bonds of the United City of the Village of Yorkville , Kendall County, Illinois, dated November 1, 1959, being of the denomination of $1,000 each, callable on November 1, 1975, and in the amounts and being numbered as follows : Year . Amount Numbers Rate of Interest 1976- $5,000 46 to 50 4 .6% 1977 5 ,000 51 to 55 4 .6% 1978 5,000 56 to 6o 4 .6% 1979 5,000 61 to 65 4 . 6% 1980 3,000 66 to 68 4 .6% 1982 5,000 76 to 80 4 .6% 1984 5,000 86 to 90 4 .6% 1985 5,000 91 to 95 4 . 6% 1986 5 ,000 96 to 100 4 .6% -8- That the National Boulevard Bank of Chicago, Chicago, Illinois, is the place at which the bonds and interest coupons above described are payable , and the Bank agrees that it will hold the money so deposited in trust to secure and for the payment of principal of and interest on the outstanding bonds and will apply all money so held to the payment of principal of and interest on the outstanding bonds as such principal and interest fall due by causing sufficient funds for such payments to be available when due at the National Boulevard Bank of Chicago, Chicago, Illinois. Contemporaneously with the execution and delivery of this agreement the City hereby delivers to Bank a copy of the ordinance which includes the prescribed form of redemption notice . That from the principal amount originally deposited in the special Escrow Fund herein provided for, the Bank shall reimburse itself for its expenses incurred in the creation, administration, supervision, safekeeping, maintenance and operation of said special Escrow Fund, and after all of the bonds and coupons representing interest becoming due thereon shall have been paid as above provided for and all fees of the paying agency bank, and all fees and charges of the Bank as they become due , any funds then remaining in said special Escrow Fund shall be transmitted to the City Treasurer. That the Bank shall receive for its services as depositary hereunder the sum of $ 150. 00 which amount shall be deducted from the principal amount deposited in this special Escrow Fund and provision for which has heretofore been made at the time of estab- lishing said fund. In the event that all of the holders of the outstanding bonds proposed to be paid may not have presented the same for payment on or before May 1, 19 77 the Bank shall thereafter promptly return to the City all funds then on deposit subject to this agreement , less the Bank' s fees and expenses , and the special deposit established by this agreement shall then terminate forthwith. -9- That all of the rights , powers, duties and obligations of the Bank under the terms of this agreement shall be irrevocable and not be subject to amendment and shall be binding on any .successor during the term of this agreement , and the deposit of the funds in the special deposit herein provided for by the City shall be irre- vocable and shall not be subject to amendment by the City and shall be binding on any successor to the officials now comprising the City Council of the City and the officers of the City during the term of this agreement . IN WITNESS WHEREOF, the United City of the Village of Yorkville, Kendall County, Illinois , by authority of its City Council, has caused the seal of said City to be hereto affixed and this agreement to be signed in its name by its Mayor and to be attested by the Clerk of said City, and the NATIONAL BOULEVARD BANK OF CHICAGO Chicago , Illinois , has caused this agreement to be signed in its corporate name, and not individually but in the capacity as hereinabove described, by one of its Vice Presidents , and to be attested by one of its Assistant Secretaries, under its corporate seal hereunto affixed, and this agreement is hereby executed at Chicago, Illinois, this day of , 1975, and by such execution hereof, the Bank expressly acknowledges receipt of the moneys above referred to and expressly consents and agrees to hold the same for the purposes and in the manner and under the terms and Conditions as above provided for. UNITED CITY OF THE VILLAGE OF YORKVILLE, KENDALL COUNTY, ILLINOIS By (CITY SEAL) Mayor Attest : City Clerk t. -10- r NATIONAL BOULEVARD BANK OF CHICAGO, ILLINOIS . By Vice President (BANK SEAL) Attest : Assistant Secretary t : -11- SECTION 4. That the Mayor and the Clerk of the City are hereby authorized to execute, on behalf of the CITY, the Special Escrow Agreement above set forth, to affix thereto the corporate seal of the CITY, and to take and perform any and all acts and actions which may be necessary to effectively establish and create said escrow agreement with the NATIONAL BOULEVARD BANK OF CHICAGO , in accordance with the terms and provisions set forth therein. SECTION 5. That Bonds presently outstanding and owned by the CITY of the 1959 Water Revenue Bond issue dated November 1, 1959 , of the UNITED CITY OF THE VILLAGE OF YORKVILLE, Kendall County, Illinois are further described as follows : $12 , 000. 00 Water Revenue Bonds, dated November 1, 1959 , of the denomination of $1, 000. 00 each, due serially on May 1 of each of the years and in the amounts and bearing interest as follows : Year Amount Numbers Rate of Interest 1980 $2 , 000 . 00 69 and 70 4 . 6% 1981 5, 000. 00 71 through 75 4 . 6% 1983 5, 000. 00 81 through 85 4 . 6% That it is in the best interests of the UNITED CITY OF THE VILLAGE OF YORKVILLE that the aforesaid Bonds , as described in this Section 5, shall and the same are hereby declared cancelled and paid without further action on the part of the said CITY. That the National Boulevard Bank of Chicago, -12- Chicago, Illinois, as paying agent on the above referred to Water Bonds, shall pay to the UNITED CITY OF THE VILLAGE OF YORKVILLE, Kendall County, Illinois, all sums held for retirement of either principal or interest upon the $12, 000. 00 Water Revenue Bonds as described in this Section 5. SECTION 6 . That this Ordinance shall be in full force and effect immediately and forthwith upon its passage and approval by the Mayor. PASSED this day of A.D. 1975 . City erk SIGNED and APPROVED this day of , A.D. 1975. ��T' // Mayor