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HomeMy WebLinkAboutS9-79 Ordinance No. S9-79 AN ORDINANCE AUTI-IORIZING THE ISSUANCE OF $2,485,000 AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES 1979 (GABRIEL REALTY PROJECT) (THE "SERIES 1979 BONDS") TO FINANCE THE COST OF THE ACQUISITION, CONSTRUCTION AND EQUIPPING, BY GABRIEL REALTY, OF LAND, BUILDINGS, EQUIPMENT AND RELATED FACILITIES CONSTITUTING A MANUFACTURING AND DISTRIBUTION FACILITY FOR CAPSONIC GROUP, INCORPORATED (THE "CAPSONIC PROJECT") AND A CORPORATE HEADQUARTERS AND RESEARCH AND DESIGN FACILITY FOR AMERICAN ANTENNA CORPORATION (THE "AMERICAN ANTENNA PROJECT") (HEREINAFTER COLLECTIVELY REFERRED TO AS THE "PROJECT') LOCATED IN THE CITY OF ELGIN, ILLINOIS; AND CONFIRMING THE SALE OF THE SERIES 1979 BONDS TO THE PURCHASERS THEREOF, AND CERTAIN OTHER RELATED MATTERS WHEREAS , the Issuer is authorized by the Enabling Ordinance, to, among other things , finance in whole or in part the cost of the acquisition, purchase , construction, reconstruc- tion, improvement, equipping, betterment or extension of economic development projects in order to encourage economic development within or near the City of Elgin, and to lease, sell or finance the same to or for any person; and WHEREAS , the Issuer is further authorized by the Enabl- ing Ordinance to issue revenue bonds secured by a mortgage on the land and/or facilities financed through the issuance of such revenue bonds which are to be payable from the revenues and receipts derived by the Issuer from a loan agreement entered into with respect to the Project; and WHEREAS , the Issuer entered into negotiations with Cap- sonic Group, Incorporated, an Illinois corporation with offices in Elgin, Illinois ( "Capsonic" ) and American Antenna Corporation, a Delaware corporation with offices in Elgin, Illinois ( "American Antenna" ) , and on June 5 , 1979 adopted a resolution authorizing the execution and delivery of a Memorandum of Intent between the City of Elgin and Capsonic and American Antenna, to induce the acquisition, construction and equipping of the Project, located in the City of Elgin, Illinois , in order to promote the purposes -2- of the Enabling Ordinance ; and WHEREAS , the issuance by the Issuer of its Series 1979 Bonds will in all respects conform to the provisions and require- ments of the Enabling Ordinance; and WHEREAS , it has now been determined that the estimated amount necessary to finance the cost of acquiring, constructing and equipping the Project, including necessary expenses inciden- tal thereto, requires that the Series 1979 Bonds of the Issuer be authorized as hereinafter provided; and WHEREAS , the Issuer has made the necessary arrangements for the issuance and sale of the Series 1979 Bonds ; and WHEREAS , the officers of the Issuer have caused to be prepared and presented to this meeting proposed forms of the following instruments (hereinafter collectively called the " In- struments" ) : (a) a form of Loan Agreement; and (b ) a form of Indenture; WHEREAS , it appears that each of the Instruments which are now before this meeting, is in appropriate form and is an appropriate instrument to be executed and delivered or accepted, as the case may be, by the Mayor and the City Clerk of the Issuer for the purposes intended; and WHEREAS , pursuant to and in accordance with the provi- sions of the Enabling Ordinance, the Issuer is now prepared to sell its Series 1979 Bonds and the Issuer is willing to loan the proceeds thereof to Gabriel Realty, a partnership duly organized, -3- and validly existing under the laws of the State of Illinois (the "Borrower" ) , to enable the Borrower to acquire , construct and equip the Project, pursuant to the terms and provisions of the Loan Agreement and to lease the real property, buildings , equip- ment and any related facilities constituting the "Capsonic Pro- ject" to Capsonic, pursuant to a certain lease agreement, dated as of September 1 , 1979 (the "Capsonic Lease" ) and to lease the real property, building, equipment and other related facilities constituting the "American Antenna Project" to American Antenna, pursuant to a certain lease agreement, dated as of September 1 , 1979 (the "American Antenna Lease" ) , which will produce revenues and receipts sufficient for the prompt payment of the principal of, premium, if any, and interest on the Series 1979 Bonds , together with related expenses , all as set forth in the Loan Agreement. NOW, 'rtf.REFORE, BE IT ORDAINED by the City Council of the City of Elgin; Section 1 . Definitions . For the purpose of this ordinance, unless the context otherwise requires , the following words and phrases shall have the following meanings : "Bond Purchaser" means collectively, Sears Bank and Trust Company, Chicago, Illinois , The Mid-City National Bank of Chicago, Chicago, Illinois and Upper Avenue National Bank, Chicago, Illinois, the original purchasers of the Series 1979 Bonds . "Borrower" means Gabriel Realty, Elgin, Illinois , limited partnership, duly organized and validly existing under the laws of the State of Illinois . -4- "Enabling Ordinance" means Ordinance No . S7-75 , of the Issuer, adopted by the City Council on July 23 , 1975 , as supple- mented and amended by Ordinance No . S2-78 adopted by the City Council on March 8 , 1978 , pursuant to the home rule powers granted to the Issuer by the provisions of Article VII , Section 6 of the 1970 Constitution of the State of Illinois . "Indenture" means that certain Trust Indenture dated as of September 1, 1979 , from the Issuer to the Trustee , pursuant to which the Series 1979 Bonds will be issued and secured. "Issuer" means the City of Elgin, Illinois , a municipal corporation and home rule unit duly organized and validly existing under the Constitution and the laws of the State of Illinois . "Loan Agreement" means that certain Loan Agreement dated as of September 1 , 1979, from the Issuer, to the Borrower. "Mortgage" means that certain mortgage of the Project granted by the Borrower, as mortgagor, to the Trustee, as mortga- gee , as security for the Series 1979 Bonds, which Mortgage is attached as Exhibit B to the Loan Agreement. "Project" means the real property, buildings , equipment and any related facilities, to be located within the corporate limits of the City of Elgin, Illinois, constituting a manufactur- ing and distribution facility for Capsonic Group, Incorporated, (the "Capsonic Project" ) and a corporate headquarters and re- search and design facility for American Antenna Corporation, (the "American Antenna Project" ) , the financing of the acquisition, construction and equipping of which will be accomplished through the issuance of the Series 1979 Bonds by the Issuer. -5- "Series 1979 Bonds " means the $2 ,485 , 000 aggregate principal amount of Industrial Development Revenue Bonds , Series 1979 (Gabriel Realty Project) of the Issuer, issued for the purpose of financing the Project. "Trustee" means Sears Bank and Trust Company, Chicago , Illinois , as trustee under the Indenture . Section 2 . Initial Resolution. The initial resolution adopted by the Issuer on June 5 , 1979 , and the Memorandum of Intent executed by the Issuer and Capsonic and American Antenna pursuant thereto, are hereby found to be in the best interest of the Issuer and are in all respects approved, ratified, confirmed, re-adopted and declared to be and remain in full force and effect. Section 3 . Cost of Project; Acquisition and Construc- tion of Project. Based upon representations made by the Borrower to the Issuer, the Issuer hereby determines that the •aggregate cost of the Project will be not less than $2 ,485 , 000 . The acqui- sition, construction and equipping of the Project and the financ- ing of the same for the Borrower, as hereinafter provided, will be of benefit to the welfare of the citizens of the City of Elgin, Illinois and will be in furtherance of the purposes and provisions of the Enabling Ordinance, to wit: to relieve condi- tions of unemployment and to encourage economic development within the City of Elgin, thereby reducing the evils attendant upon unemployment and to provide for the increased welfare and prosperity of the residents of the City of Elgin and to provide a financing device which will aid in financing the cost of Projects (as defined in the Enabling Ordinance ) ; and the same is hereby -6- approved. It is hereby found, determined and declared by this City Council , in accordance with the provisions and requirements of the Enabling Ordinance, that the financing of the acquisition, construction and equipping of the Project will relieve conditions of unemployment and encourage economic development within the City of Elgin thereby reducing the evils attendant upon unemploy- ment and will provide for the increased welfare and prosperity of the residents of the City of Elgin. Section 4 . Authorization of Series 1979 Bonds . For the purpose of financing the cost of the acquisition, construc- tion and equipping of the Project, including necessary expenses incidental thereto, there are hereby authorized to be issued the revenue bonds of the Issuer in compliance with and under author- ity of the provisions of the Enabling Ordinance, this ordinance and the Indenture in the principal amount of $2 , 485 , 000 , which bonds shall be designated "Industrial Development Revenue Bonds , Series 1979 (Gabriel Realty Project) , " and shall be payable as to principal, interest and premium, in lawful money of the United States of America at the principal office of the Trustee, or its successors in trust, under the provisions of the Indenture . The Series 1979 Bonds shall be issuable .as coupon Bonds registrable as to principal only or as to both principal and interest in the denomination of $5, 000, and fully registered Bonds without coupons in the denomination of $5, 000 and any integral multiple thereof. The Series 1979 coupon Bonds shall be dated September 1, 1979 and shall bear interest from such date payable semiannually on June 1 and December 1 of each year with -7- the first interest payment to be made on June 1 , 1980 . Fully registered Series 1979 Bonds shall bear interest from their date payable semiannually on June 1 and December 1 of each year with the first interest payment to be made on June 1, 1980 , and, except for the initially issued fully registered Series 1979 Bonds , shall be dated as of the June 1 or December 1 next preceed- ing their date of issue, or if issued on a June 1 or December 1 as of such date ; provided that if at the time of authentication of any fully registered Series 1979 Bond interest is in default thereon, such Bond shall be dated as of the date of which inter- est has been paid. The fully registered Series 1979 Bonds to be intially issued shall be dated the date of their issuance and delivery. The Series 1979 Bonds shall bear interest at the rates , except upon the occurrence of a Determination of Taxability, and shall mature on December 1 of the years and in the amounts as follows : Year Amount Interest 1981 $ 50 , 000 7. 00% 1982 60 , 000 7 . 00 1983 70 , 000 7 . 00 1984 85 , 000 7 .25 1985 110, 000 7 .25 1986 125, 000 7 .25 1987 150 , 000 7 .25 1988 175 , 000 7 .50 1989 210, 000 7 . 50 1990 240 , 000 7 .50 1991 265, 000 7 .50 1992 285 , 000 7 . 75 1993 310, 000 7 .75 1994 350, 000 8 . 00 The Series 1979 Bonds shall be subject to redemption at the times and in the manner prescribed in the Indenture in certain events -8- relating to damage, destruction, condemnation, excessive burdens or liabilities , impossibility of performance , changes in the economic availability of raw materials , operating supplies or facilities , or technological advances or other changes rendering the Project unfeasible or uneconomical, at a redemption price of 100% of the principal amount thereof plus accrued interest to the date of redemption and without premium. The Series 1979 Bonds shall also be subject to redemp- tion prior to maturity, as more fully set forth in the Indenture , on any interest payment date on or after December 1, 1989 , in whole or in part in the years and at the redemption prices , expressed as percentages of principal amount, plus accrued inter- est to the date of redemption, as follows : Redemption Date (dates inclusive) Redemption Price December 1, 1989 and June 1, 1990 105% December 1, 1990 and June 1, 1991 104% December 1 , 1991 and June 1 , 1992 103% December 1, 1992 and June 1, 1993 102% December 1, 1993 and June 1 , 1994 101% Upon the occurrence of a Determination of Taxability, as defined in the Loan Agreement, the Series 1979 Bonds shall bear interest in accordance with the provisions set forth in Section 208 of the Indenture. The Series 1979 Bonds shall be subject to redemption at the times , under the circumstances , in the manner, at the prices es and with the effect as more fully prescribed in Article III of the Indenture, which terms are, by this reference , incorporated herein. -9- Section 5 . Form of Series 1979 Bonds . The Series 1979 Bonds and the Trustee ' s endorsement to appear on each of the Series 1979 Bonds shall be in substantially the form set forth in the Indenture , with such appropriate variations , omissions , insertions and provisions as are permitted or required by the Indenture , the omissions to be appropriately completed when the Series 1979 Bonds are prepared, and the execution of the Series 1979 Bonds by the Mayor and the City Clerk shall be conclusive evidence of such approval . Section 6 . City of Elgin, Illinois Not Liable on Series 1979 Bonds . The Series 197'9 Bonds shall be limited obli- gations of the Issuer, and, except to the extent payable from the Series 1979 Bond proceeds or the investment thereof, the princi- pal of and interest on which shall be payable solely from the sources specified in, and be secured as provided by, the Inden- ture . The Series 1979 Bonds and the interest thereon shall not be deemed to evidence a debt of the Issuer or a loan of credit extended by it within the meaning of any constitutional or statutory provision. Further, the Series 1979 Bonds and the interest thereon shall be not be deemed to constitute a debt or liability of the Issuer or the State of Illinois or of any poli- tical subdivision thereof within the meaning of any constitu- tional or statutory provision of the State of Illinois , and their issuance shall not, directly or indirectly or contingently, obligate the State of Illinois or any political subdivision thereof to levy any form of taxation therefor or to make any -10- . appropriation for their payment. Nothing in the Series 1979 Bonds or in the Indenture or the proceedings of the Issuer autho- rizing the issuance of the Series 1979 Bonds or in the Enabling Ordinance shall be construed to authorize the Issuer to create a debt or liability of the State of Illinois or any political subdivision thereof within the meaning of any constitutional or statutory provision of the State of Illinois . The nature of the obligation represented by the Series 1979 Bonds is as more fully set forth in the Indenture . Nothing in this ordinance , the Loan Agreement or the Indenture, shall be construed as an obligation or commitment by the Issuer to expend any of its funds other than ( i ) the proceeds of the sale of the Series 1979 Bonds , (ii ) certain of the re- venues and receipts to be received from the Project as provided in the Indenture, (iii ) any proceeds accruing to the Issuer of insurance on the Project, ( iv) any moneys accruing to the Issuer on account of any taking or condemnation of title to the whole or any part of the Project, (v) any other moneys derived from or accruing to the Issuer from the Project, and (vi ) any moneys arising out of the investment or reinvestment of said proceeds , revenues or moneys . Section 7 . Execution of the Series 1979 Bonds . Each of the Series 1979 Bonds shall be executed in the name and on behalf of the Issuer by the manual or facsimile official signa- ture of the Mayor and attested by the manual or facsimile offi- cial signature of the City Clerk and the coupons appertaining to the coupon Bonds shall be executed in the name and on behalf of -11- the Issuer by the facsimile signatures of said Mayor and said City Clerk. The Series 1979 Bonds shall have the corporate seal of the Issuer impressed or reproduced thereon and shall be au- thenticated by the endorsement of the Trustee under the Inden- ture . If any of the officers who shall have signed or sealed said Series 1979 Bonds shall cease to be such officers of the Issuer before the Series 1979 Bonds so signed and sealed shall have been actually authenticated by the Trustee or delivered by the Issuer, the Series 1979 Bonds nevertheless may be authenti- cated, issued and delivered with the same force and effect as though the person or persons who signed or sealed such Series 1979 Bonds had not ceased to be such officer or officers of the Issuer; and also any such Series 1979 Bonds may be signed and sealed on behalf of the Issuer by those persons who, at the actual date of the execution of such Series 1979 Bonds , shall be the proper officers of the Issuer, although at the nominal date of such Series 1979 Bonds any such person shall not have been such officer of the Issuer. Section S . Compliance with the Enabling Ordinance . The Series 1979 Bonds shall be issued in compliance with and under authority of the provisions of the Enabling Ordinance, this ordinance and the Indenture. The Series 1979 Bonds shall contain a recital that they are issued pursuant to the Enabling Ordinance , which recital shall be conclusive evidence of their validity and of the regularity of their issuance . E -12- Section 9 . Additional Bonds . While any of the Series 1979 Bonds shall remain outstanding and unpaid, the Issuer hereby covenants and agrees with the holders from time to time of such Series 1979 Bonds that it will not issue any additional bonds or incur any obligations of any sort secured by a lien prior to or on a parity with the lien of the Series 1979 Bonds , except as expressly permitted under the provisions of the Indenture and the Loan Agreement. Section 10 . Maintenance and Repair Costs . The main- tenance and repair costs of the Project, all taxes in connection therewith and other charges , all as specified in the Loan Agree- ment and the Mortgage, will be assumed and paid by the Borrower under the Loan Agreement, and, accordingly, the Issuer has no obligation with respect thereto and all such costs , expenses , taxes , fees and charges shall be paid by the Borrower, as pro- vided in the Loan Agreement and the Mortgage . Section 11 . Findings and Determinations . It is hereby found, determined and declared by the Issuer that the amounts payable by the Borrower as repayment of indebtedness under the Loan Agreement are the amounts necessary in each year to pay the principal of and interest on the Series 1979 Bonds and that such amounts and other monetary obligations undertaken by the Borrower in the Loan Agreement are sufficient to satisfy the monetary obligations required by the Enabling Ordinance to be undertaken by the Borrower as user of the Project. The Loan Agreement pro- vides that the Borrower shall operate and maintain the Project and carry all proper insurance with respect thereto . -13- Section 12 . Approval of the Sale of the Series 1979 Bonds . The sale of the Series 1979 Bonds to the Bond Purchaser is hereby approved and confirmed. Section 13 . Approval of Indenture . The form, terms and provisions of the proposed Indenture be , and they hereby are , in all respects approved, and the Mayor and the City Clerk be , and they are hereby authorized, empowered and directed to exe- cute, acknowledge and deliver the Indenture in the name and on behalf of the Issuer, and thereupon to cause the Indenture to be executed, acknowledged and delivered to the Trustee therein named, and the Indenture shall constitute an assignment of cer- tain rights of the Issuer for the security of the Series 1979 Bonds issued thereunder. The Indenture, as executed and deli- vered, shall be in substantially the form now before this meeting and hereby approved, or with such changes therein as shall be approved by the officers of the Issuer executing the same, their execution thereof to constitute conclusive evidence of their approval of any and all changes or revisions therein from the form of the Indenture now before this meeting; and from and after the execution and delivery of the Indenture, the officers , agents and employees of the Issuer are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Indenture as executed. Section 14 . Approval of Loan Agreement. The form, terms and provisions of the proposed Loan Agreement and the form of Mortgage be, and they hereby are, in all respects approved, -14- and the Mayor and the City Clerk be , and they are hereby author- ized, empowered and directed to execute , acknowledge and deliver the Loan Agreement in the name and on behalf of the Issuer, and thereupon to cause the Loan Agreement to be delivered to the Borrower. The Loan Agreement, as executed and delivered, shall be in substantially the form now before this meeting and hereby approved, or with such changes therein as shall be approved by the officers of the Issuer executing the same, their execution thereof to constitute conclusive evidence of their approval of any and all changes or revisions therein from the form of Loan Agreement now before this meeting; and from and after the exe- cution and delivery of the Loan Agreement, the officers , agents and employees of the Issuer are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Loan Agreement as executed. Section 15 . Authorization to Effect Execution and Delivery of Documents . The Mayor and City Clerk for and on behalf of the Issuer, be and they are hereby authorized and directed to do any and all things necessary to effect the exe- cution and delivery of the Loan Agreement by the Borrower, the execution and delivery of the Indenture and acceptance thereof by the Trustee , the performance of all obligations of the Issuer under and pursuant to the Loan Agreement and the Indenture, the execution and delivery of the Series 1979 Bonds , and the perform- ance of all other acts of whatever nature necessary to effect and carry out the authority conferred by this ordinance and by the - -15- Loan Agreement and the Indenture . The Mayor and the City Clerk be, and they are hereby further authorized and directed for and on behalf of the Issuer, to execute all papers , documents , cer- tificates and other instruments that may be required for the carrying out of the authority conferred by this ordinance and by the Loan Agreement and the Indenture , or to evidence the said authority and its exercise . The Trustee is hereby authorized to receive and receipt for the proceeds of the Series 1979 Bonds on behalf of the Issuer and to hold, invest and disburse said proceeds in accordance with the provision of the Indenture . All provisions of the Indenture , including those with respect to the acquisition, construction and equipping of the Project, the issuance and delivery of the Series 1979 Bonds and the receipt, custody, investment and application of the proceeds of the Series 1979 Bonds and the repayment of the loan and the application of other revenues to be derived from the Project, are hereby in all respects adopted, ratified and confirmed for and on behalf of the Issuer. Section 16 . Section 103 (b ) ( 6 ) (D) Election. The Issuer hereby elects to have the provisions as to the limit in Section 103 (b) (6 ) (D) of the Internal Revenue Code of 1954, as amended, applied to the Series 1979 Bonds ; and the Mayor and the City Clerk of the Issuer be and they are hereby authorized, empowered and directed to take any and all further action which may be required to implement and effectuate such election, including without limitation the preparation and filing of such statement or statements or other document or documents as may be deemed by -16- them to be necessary or advisable in order to comply with the procedure set forth in Section 1 . 103-10 (b ) (2 ) (vi ) of the Income Tax Regulations (26 CFR Part 1 ) under Section 103 of the Internal Revenue Code of 1954 , as amended, and all acts heretofore taken by them in this connection are hereby ratified and confirmed. Section 17 . Authorization of Construction of the Project . To accomplish the purposes of the Act there is hereby authorized the acquisition, construction and equipping of the Project in accordance with the Loan Agreement and the Indenture and the payment of the amounts therefor to be paid in accordance with the Loan Agreement and the Indenture . Section 18 . Preparation of Series 1979 Bonds . The Mayor or any other member of the City Council of the Issuer is hereby authorized and directed to cause to be prepared an issue of $2,485 , 000 aggregate principal amount of the Series 1979 Bonds in the form, bearing interest at the rate, and having the other terms and provisions specified in the Indenture . Section 19 . Designation of Trustee . It is hereby recognized and approved that Sears Bank and Trust Company, Chi- cago, Illinois, will be the Trustee for the holders of the Series 1979 Bonds under the Indenture. The Issuer hereby recognizes , agrees to and approves the deposit of the proceeds of the Series 1979 Bonds with the Trustee, which amount shall be held and applied by said Trustee in accordance with the provisions of the Indenture. The Mayor and the City Clerk of the Issuer are hereby authorized to direct the Trustee to authenticate and deliver the Series 1979 Bonds . • -17- Section 20 . Covenants and Stipulations of the Issue . All covenants , stipulations , obligations and agreements of the • Issuer contained in this ordinance and in the Indenture and the Loan Agreement (collectively referred to in this Section 20 as the "Instruments" ) shall be deemed to be the covenants , stipu- lations , obligations and agreements of the Issuer to the full extent authorized or permitted by law, and all such covenants , stipulations , obligations and agreements shall be binding upon the Issuer and its successors from time to time and upon any board or body to which any powers or duties affecting such cove- nants , stipulations , obligations and agreements shall be trans- ferred by or in accordance with law, and except as otherwise provided in this ordinance or in the Instruments or other instru- ments contemplated hereby to which the Issuer is or is to be a party, all rights , powers and privileges conferred and duties and liabilities imposed upon the Issuer or the members of the City Council of the Issuer by the provisions of this ordinance or the Instruments shall be exercised or performed by the Issuer or by such members , officers , board or body as may be required by law to exercise such powers and to perform such duties . No covenant, stipulation, obligation or agreement herein contained or contained in the Instruments shall be deemed to be a covenant, stipulation, obligation or agreement of any member of the City Council, officer, agent or employee of the Issuer in his individual capacity and neither the members of the City Council of the Issuer nor any officer executing the Series 1979 Bonds shall be liable personally on the Series 1979 Bonds or -18- be subject to any personal liability or accountability by reason of the issuance thereof. Section 21 . Execution of Certifications and Other Instruments . The Mayor and City Clerk and any other member of • the City Council of the Issuer, as appropriate, are hereby auth- orized and directed to execute such certifications , financing statements , assignments , documents and other instruments as are in the opinion of counsel to the Issuer and nationally recognized bond counsel necessary to perfect the pledges set forth in the Instruments and any other documents and instruments as may be required to effectuate any portion of the financing transaction. Section 22 . Separable Provisions . The provisions of this ordinance are hereby declared to be separable and if any section, phrase or provisions shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections , phrases and provisions hereof. Section 23 . Resolutions in Conflict Repealed . Except for the Initial Resolution of the Issuer relating to the Series 1979 Bonds , adopted on June 5 , 1979 , all resolutions and ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 24 . Ordinance Effective Immediately. This ordinance shall take effect immediately upon its adoption. s/ Richard L . Verbic Richard L. Verbic, Mayor Presented: September 26, 1979 Passed: September 26 , 1979 Vote: Yeas 7 Nays 0 Recorded: Published: Attest: s/ Marie Yearman Marie Yearman, City Clerk