06/04/1940336
CASH TRANSFER WARRANTS
No.1
General Corporate Free C,sh 450.00 (From Water ;r400.;Garbage 4200.
Vehicle :;2250. )May 1940.
No.2.
General Corporate Free -Cash 4850.00(Frorri7Iater 400.; Garbage 4200.
Vehicle 9250.00 - June 1940)
No.3
Water Depreciation Cash s) 80.00
Water Revenue Bonds " 1,312.25 (From Water Free Cash 41,392.25
for May 1940)
No.4
Water Depreciation Cash 80.00
''later Revenue Bond Cash 1,312.25(From Water Free Cash :1,392.25
for June 1940)
The motion was made by Alderman Johnson and seconded by Lemke to adopt
this proposed resolution. -The Mayor put the question and the Clerk
called the roll with the following result: Ayes; Aldermen Carroll,
Johnson, Loos, Dopheide, Carlson, Friott, Lemke, Schwanbeck and Campagna.
Nays; None. The Mayor thereupon declared the motion carried. and the said
resolution adopted.
ADJOURNMENT: The motion was made by Alderman Johnson and
seconded by Carlson that the Council adjourn to 7:30 P.N. Tuesday,
June 4,1940. The motion was voted upon by acclamation whereupon the
Mayor declared the motion carried and the Council adjourned to 7:30
P.M. Tuesday, June 4,1940.
EDG
ICH City Cle k
MINUTES OF THE ADJOURNED REGULAR.
MEETING OF THE CITY
CITY OF DES PL".INSS
COUNCIL CHAMBERS ON
A -14a, 1940 AT 7:30 P.
COUNCIL OF THE
HELD IN THE
TUESDAY, June
M.
CALL TO ORDER: The meeting was called to order by Mayor
Hobart M.Ahbe, presiding, with Aldermen Johnson, Henrich, Dopheide,
Carlson, Friott, Lemke, Schwanbeck and Campagna responding to the roll
call. (Aldermen Carroll and Loos were absent during the entire meeting.)
The Clerk reported eight (8) Aldermen present.
Mayor Ahbe then stated that this is an adjourned regular
meeting adjourned from the regular meeting held Monday, June 3, 1940
for the purpose of expediting the matter of authorizing and marketing
the proposed 1940 Judgment Funding Bands.
SELL 1940 JUDGLIZNT FUNDING BONDS: Alderman Johnson, chairman
of .;the Finance Committee than presented the following proposal:
C .,r McNear & Company - June 4,1940
To Honorable Mayor and Members .of the City Council
Des Plaines,Iliinois
Gentlemen:
For 419,000.00 Judgment, Funding Bonds of City of Des
Plaines, State of Illinois, dated June 15,1940, issued in 91,000.
denominations, bearing interest at the late of three three quarters
(3 3/4%) per annum, payable semi-annually on January 1 and July 1
of each year, both principal and interest to be payable at Northern
Trust Company, Chicago, Illinois, and maturing as follows:
3,000. July 1,1942 to 1946 inclusive
$4,000. 1947
we will pay: the par value thereof and accrued interest to date
of delivery. We understand that the City will provide and pay
for the letal opinion. of Holland M.Cassidy and also for the necessary
blank bonds.
337
C 'gid McNear & Company - June 4 1940 (Contd)
This proposal is for prompt acceptance and for prompt delivery of
the above bonds to us, and is made with the understanding that there has been
no default nor is there any default imminent in the payment of principal and
interest on any of your outstanding obligations. This proposal is made
subject to the unqualified approval of Holland M.Cassidy as to the
legality of the bonds and the proceedings leading up to their issuance,
and you are to furnish us promptly with a full and complete certified
transcript of all proceedings leading up to the issuance of these bonds;
also to take such further action and furnish such further papers as
these attorneys may consider necessary to establish the legality of
the bonds to their entire satisfaction.
Consistent with good banking practice, time shall be regarded as the
essence of this proposal, and if the above bonds have not been delivered
to us by June 1,1940 we reserve the privilege or option of withdrawing
from our obligations and undertakings hereunder at any time after that
date.
It is mutually understood and agreed that your acceptance of this
proposal by resolution shall constitute a contract for the purchase
and sale of the bonds above described.
Respectfully submitted
LNI C ' a McNear L. Co
J...Kieding
The motion was made by Alderman Johnson and seconded by Carlson to
accept the said proposal and to authorize and direct the Mayor and
Cite Clerk to execute acceptance thereof for and in the name of the
City of Des Haines. The Mayor put the .:uestion and the Clerk called
the roll with the following result: Ayes; Aldermen Johnson, Henrich, .
Dopheide, Carlson, Friott, Lemke, Schwanbeck and Campagna. Nays; None.
The Mayor thereupon declared the motion carried.
ADOPT 1940 Judgment Funding Bond Ordinance: The Clerk then
read in its entirety the proposed ordinance introduced June 3,1940 entitled:
AN ORDINANCE PROVIDING FOR THE
ISSUANCE OF NINETEEN THOUSAND
DOLLARS W19,000.) 1940 JUDGmENT
FUiDING BONDS OF THE CITY OF DES
PLAINES,COUK COUNTY, ILLINOIS, AND
PROVIDING FOR THE COLLECTION OF A
DIRECT ANNUAL TA_: FOR THE PAYMENT OF
PRINCIPAL OF INTEREST ON SAID BONDS.
The motion was made by Alderman Dopheide and seconded by Henrich to suspend such
rules of the Council as might prevent the passage of the said proposed ordi-
nance at this meeting, and to place the said proposed ordinance upon its
final passage. The Mayor put the question and the Clerk called the roll
with the following result: Ayes; Aldermen Johnson, Henrich, Dopheide,Carlson,
Friott, Lemke, Schwanbeck and Campagna. Nays; None. The Mayor thereupon de-
clared the motion carried, the rules suspended and the said proposed ordi-
nance before the Council for final disposition.
The motion was then made by Alderman Dopheide and seconded by
Johnson to finally pass and,adopt the said proposed ordinance. The Mayor
put the question and the Clerk called the roll with the following result:
Ayes; Aldermen Johnson, Henrich, Dopheide, Carlson, Friott, Lemke, Schwanbeck
and Campagna. Nays; None The Mayor thereupon declared the motion carried and
the said 1940 Judgment Funding Bond Ordinance passed.
Mayor Ahbe then affixed his signature to the original of the said
ordinance in approval thereof, which approval was attested by Edgar J.Friedrich,
City Clerk.
ADJOURNM NT: The motion was made by Alderman Henrich and seconded
by Johnson that the meeting adjourn. The Motion was voted upon by acclamation
whereupon the Mayor declared the motion carried and the Council meeting re-
gularly adjourned.
EDGA
DR CH - CityClerk