HomeMy WebLinkAboutG39-82 Ordinance No. G39-82
AN ORDINANCE
AMENDING ORDINANCE G22-75 OF THE CITY OF ELGIN,
KANE AND COOK COUNTIES, ILLINOIS, WHICH ORDINANCE
ESTABLISHED PROCEDURES TO BE FOLLOWED BY THE CITY IN
ISSUING NON-REFERENDUM GENERAL OBLIGATION BONDS
WHEREAS, the City Council of the City of Elgin, Kane and Cook Counties,
Illinois (the "City"), has heretofore adopted Ordinance No. G22-75 on
April 23, 1975, and has heretofore adopted Ordinance No. G14-80 on
January 28, 1980, and Ordinance No. G64-80 on October 8, 1980, which
ordinances amend Ordinance No. G22-75 (Ordinance No. G22-75 as amended by
Ordinance No. G14-80 and Ordinance No. G64-80 being hereinafter referred
to as the "Enabling Ordinance") ; and
WHEREAS, because of inflationary factors and the generally prevailing
conditions in the market for the City's bonds, it is necessary to amend
the Enabling Ordinance to eliminate the interest rate limitation contained
in the Enabling Ordinance; and
WHEREAS, the City Council of the City has therefore determined that
it is necessary and in the best interests of the City that the Enabling
Ordinance be amended to authorize the issuance of the City's bonds at such
rate or rates as shall be set forth in bond ordinances authorizing their
issuance, all as hereinafter provided.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
r ERIN, KANE AND COOK COUNTIES, ILLINOIS, as follows:
Section 1. That Section 3 of the Enabling Ordinance be and is hereby
amended to read as follows:
"Section 3. That the Bond Ordinance shall indicate the amount
of money necessary to be borrowed, the amount of bonds to be issued
in evidence thereof, shall fix the details of such bonds, including
their date, number, denomination and maturity, which shall not
exceed forty (40) years from the date of said bonds, and their
rate or rates of interest. The Bonds shall be sold in such manner
as may be determined by the City Council.
A contract for the sale of such bonds may be entered into
prior to the adoption of the Bond Ordinance or the Bond Ordinance
may provide for the subsequent sale of the bonds therein authorized.
In the event of such subsequent sale and if the bonds bear interest
at a rate or rates less than that authorized in such Bond Ordinance,
prior to the delivery of such bonds the taxes levied in such Bond
Ordinance shall be abated by that amount representing the savings
resulting from the sale of such bonds at a lower rate of interest
than authorized in such Bond Ordinance."
Section 2. That this ordinance shall take effect immediately upon its
adoption and approval by the Mayor of the City.
s/ Richard L. Verbic
Richard L. Verbic, Mayor
Presented: July 28, 1982
""` Passed: July 28, 1982
Vote: Yeas 4 Nays 2 1 Abstained
Recorded:
Published:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk
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