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(Continued from page 10) part of the system of the village which may be of an insurable nature, such insurance to be of the type and kind and lor such amount or amounts which are usually carried by other municipalities, private companies or operators of similar properties ren­ dering services of a similar character in similar communities, and all moneys received for loss under such insurance policies shall be deposited irr the Operation and Maintenance Account and used only in making good the loss or damage in respect of which they were paid either by repairing the property damaged or by replacing the property destroyed and provision for making good such loss or damage shall be made withi-* ninety (90) days from date of the loss or for the payment of the prin­ cipal of and interest on the bonds authorized to be issued under the terms of this ordinance and in­ cluding the principal and interest on bonds hereafter issued and on a party with the > bonds herein authorized. The payment of V premiums for all insurance policies required under the provisions of this covenant shall be considered a maintenance and operation expense. The proceeds derived from any and all policies for public liability shall be paid into the Operation and Maintenance Account and used in paying the claims on account of which they were received. (g) That the Village will require of all its officers or employees handling any revenues of the system, that such officers or em­ ployees shall, before receiving any of the revenues of said system, furnish a surety bond with a surety company authorized todo business in the State of Illinois, as surety on said bond, and payable to the Village, sucn bond to be in the principal amount of all funds of the Village possible to be in the custody of such officer or employee at any one time, ana such bond to be conditioned upon the faithful discharge of his duties, and such Dond to be acceptable to and approved by the President and Board of Trustees of the Village and to be filed in the office of the Village Clerk <h> That the Village will require its Treasurer to execute a fidelity bond in an amount not less than $50,000 with a surety company to be approved by the <;ov«rnment ana the amount increased aq needed » to cover the maximum amount of funds in the Treasurer's custody at any time The amount of such bond shall not be reduced without the prior written consent of the Government so long as the (iovernment shall be the holder of any of the Bonds herein authorized The Village and the United States of America shall be named as co-obligees on said bond. <i» That the Village, at least 30 days prior to the beginning of each fiscal vear, will prepare a budget for the ensuing fiscal year covering the operation of the system, its anticipated revenues and operation and maintenance expenses and the payments to be made into the various funds as provided in this ordinance during such fiscal year and the Village covenants that a copy of such budget will be forwarded promptly to the fiovernment prior to its inal adoption so long as the government shall he the holder of any of the bonds Section 14 That the provisions of this ordinance shall constitute a contract between the Village and the holders of the bonds herein authorized to be issued and after the issuance of said bonds, no changes, additions or alterations of any kind shall be made herein, except as hereinbefore provided, until such time as all of said bonds issued hereunder and the in­ terest thereon shall be paid in full, or unless and until provisions shall have been made for the payment of all such bonds and interest thereon in full, provided that this or­ dinance may from time to time be modified or amended by a supplemental ordinance adopted by the President and Board of Trustees with the written consent of the holders of not less than seventy-five per cent of the principal amount of all bonds authorized by this ordinance and all bonds hereafter issued on a parity therewith, then outstanding (excluding any of said bonds owned by or under the control of the Village): provided, however, that no such modification or amendment shall extend or change the maturity of, or date of redemption prior to maturity, or reduce the interest rate on, or otherwise alter or impair the obligation of the Village to pay the principal of and interest on the bonds herein authorized at the time, place and at the rate and in currency provided therein of any bond herein authorized then outstanding, without express consent of the holder of such bond, nor shall any such modification or amendment permit the creation of a preference or priority of any bond or bonds over any other bond or bonds, nor reduce the percentage of the holders of outstanding bonds required for the written consent of such modification or amendment. Each such con­ sent must be accompanied by proof of ownership of the bonds for which consent is given, which proof must be in a form approved by the President and Board of Trustees and each such consent and proof of ownership must be on file with the Village Clerk prior to the adoption of such modifying or amendatory ordinance. Section 15. That the sale of the bonds herein authorized to the United States of America acting through the Farmers Home Administration, United States Department of Agriculture, at the price of par and accrued interest to the date of delivery is hereby ratified, confirmed and approved and after execution of said bonds as herein provided, said bonds shall be delivered to said purchaser upon payment in accordance with the contract of sale That the proceeds derived from the sale of the bonds hereby authorized, exclusive of the interest accruing on the bonds during the estimate period of construction, shall be placed by the Village Treasurer in a special account to be designated the "Construction Funa Account of the Village of Lakemoor" which is hereby created, which funds shall be kept separate and apart from all other funds of the Village and deposited in McHenry State Bank, McHenry, Illinois, which said Bank be, and is hereby designated as the Depositary for the funds of said Construction Fund Account, said funds shall be held and used solely to construct the proposed system as provided for by this ordinance, and shall be held for the benefit of said Village for the purpose herein provided, and the benefit of the holder or holders of the bonds hereby authorized as their interest may appear, and said funds shall be withdrawn from said Depositary from time to time by the Village Treasurer only upon submission by him to said Depositary of the following: (a) A duplicate of the order signed by the President and Gerk of said Village (and countersigned by the County Supervisor of the Farmers Home Ad­ ministration so long as the Government is the holder of any of the bonds herein authorized) stating specifically the purpose for which the order is issued and indicating that t^e payment for whicj^'tnH"^ order is issued ha£ been approved by the President and Board of Trustees of said Village; and (b) Eacn withdrawal of funds by the Treasurer for payment to a contractor or contractors for work done in connection with the construction of said project shall also be accompanied by a certificate executed by the engineer in charge of the construction of said system, stating the nature of the work completed, and the amount due and payable thereon. Within sixty (60) days after completion of the work in ac­ cordance with the plans and specifications therefor, hereinabove referred to in this ordinance, and after all costs have been paid in connection with the construction thereof, the engineers shall certify to the President and Board of Trustees of the Village the fact that the system has been completed according to the plans and specifications therefor and upon approval of the completion of tne work based upon such engineer's certificate by the President and Board of Trustees, and after all costs have been paid, the President, Clerk ana Engineer of the Village shall execute a certificate and file it with the Depositary certifying that the work has been completed in accordance with the plans and specifications, that all costs have been paid, and if at that time any funds remain in said Construction Fund Account the same shall be transmitted by said Depositary to the Treasurer of said Village and (A LETIZIA FINANCIAL CORP. REALTORS 7402 HANCOCK, WONDER LAKE CALL: 815-728-0404 McHENRY 5.3 acres! A well cared for home with 1.100 sq. ft. Possible commercial zoning on Rte. 31 Asking *105,000 ' *•» ssp Hoi McHENRY Super huge lot! '/» block from the Fox River This well cared •or home offers you a wood- burning fireplace. Asking i $ 52,500 McHENRY Pistakee Bay area! Nice huge wooded lot with convenience of a nearby beach Asking ^S3i900L 51,900 WONDER LAKE • Young couples and singles Starter home that needs some tender loving care. Beach and lake rights |ust two blocks away Owner will consider all offers and possible land Contract with 10% down Asking $22,900. SOFT • WATER RENTAL No installation charge NEW fully automatic softeners TWO year option to buy with FULL rental fee deducted ONE phone call can answer any questions per month RENT A-- PHONE 312-259-3393 SOFT R«nt-a-Soft, a division of tho Arlington Soft Wotor Company, Arlington Hoights, Illinois 40004 Serving McHenry Area be by said Treasurer deposited in the Bond and Interest Reserve and Redemption A c c o u r l h e r e i n a b o v e established and described in Section 8 of this ordinance and be used to redeem bonds issued under the terms of this or­ dinance to the nearest Two Thousand Dollars < $2,000) and any excess funds then remaining shall be paid into the Bond ana Interest Reserve and Redemption Account. The cost of engineering, legal and financial services, tne cost of surveys, designs, soundings, boring, rights of way, inspection charges, and all other necessary and in­ cidental expenses, including interest accruing on said bonds during the construction period to the extent such interest is not paid from income and revenue, shall be deemed items of cost of construction of the system in accordance with the plans and s p e c i f i c a t i o n s t h e r e f o r heretofore approved by the President and Board of Trustees of the Village and on file in the office of the Village Clerk and referred to in the preambles hereof. That from the proceeds of the sale of said bonds, the sum of $20,000 shall be deposited in the "Sewerage Fund" of the Village and be deposited by the Treasurer of the Village into the Bond and Interest Sinking Fund Account hereinabove created in Section 8 of this ordinance to pav the interest accruing on said bonds during the estimated time necessary to complete the construction of the proposed system. Section 16. That if any sec­ tion, paragraph, clause or provision of this ordinance shall be held invalid, the in­ validity of such section, paragraph, clause or provision shall not affect any of "the other provisions of this ordinance Section 17. That within ten (10) days after the passage of this ordinance by the President and Board of Trustees and its approval by the President, this ordinance shall be published once in the McHenry Plain- dealer, a newspaper having a general circulation with said Village, there being no newspaper published in said Village, ana if no petition is filed with the Clerk of said Village within ten (10) days // after the date of the publication of this ordinance, then this ordinance shall be in full force and effect. Section 18 That, to the extent permitted by law, and so long as the United States of America acting through the Farmers Home Administration, is the holder of any of the bonds herein authorized, the Village and this ordinance shall be subject to the Loan Resolution dated October 12. 1978. Section 19 That the principal Koceeds of the sale of said nds shall be deposited to and used with due diligence for the completion of the project for which said bonds are hereby authorized to be issued. The President and Board of Trustees represent and certify that < 11 said Village expects, within six months after the delivery of said bonds, to incur substantial binding obligations egual to at least 2' 2 percent of the estimated total project cost to com­ mence construction of the said project; 12) said Village expects that over 85 percent of the spendable proceeds of said bonds, including in­ vestment proceeds, will be expended on or before November 1, 1979, for the purpose of paying the cost of said project, said date being within three years following the date of issue of said Bonds; ' 3) work on the said project is expected to proceed with due diligence to completion: 14 i said project has not been and is not expected to be sold or otherwise disposed of in whole or in part prior to the last maturity of said bonds; <5) all of the principal proceeds of the bonds are needed for the purpose stated in the form of Bond above set out, including expenses incidental to sucn purpose and to the issuance of the bonds; and <6> to the best of the knowledge and belief of the President and Board of Trustees, there are no facts, estimates or cir cumstances that would materially change the c o n c l u s i o n s a n d A\ > a. < / I ^ Flowers say the sweetest things SWEETEST DAY (SATURDAY, OCTOBER 21 AND MOTHER-IN-LAWS DAY (SUNDAY, OCTOBER 22) Flowers & Plants are for Sweetest Day, Naturally SWEETEST DAY SPECIALS THIS WEEK ONLY FLOWERWOOD'S ROSE SPECIAL Re° '750 Beautiful, long-lasting £ jm A B A Red Roses... 12 red roses • • V wU boxed Now BOSTON FERN r in a basket - 6" Pot & C 98 rrf'W'i. pan Q^n Now Large, Blooming CHRYSANTHEMUM PLANT $C98 in • basket - Reg 9 50 Special \J FORGET-ME-NOT ARRANGEMENT No» Reg 12 50 DELIVERED IN OUR FREE DELIVERY AREA. 00 Only available -| /2 PRICE GARDEN CLAY POT SALE SHOP REG. SALE 4" Dia. 20* 10* 6" Dia. 40' 8" Dia. 60' I 815-459-6200 --ltowerwo | ~ • Routes 14 fli 176 « ™ Crystal Lake . Mon. Thurs. 9-6 Fri. 9-8; Sat. 9-5; Sun. 10^5 iMKtMflUCMC representations set out in this Section. The President and fioard of Trustees of said Village also certify and further covenant with the purchasers and holders of said bonds from time to time outstanding, that so long as any of said bonds remain outstanding, moneys on deposit in any fund or account in connection with said bonds, whether or not such moneys swere derived from the proceeds of the sale of said bonds or from any other sources, will not be used in a manner which will cause such bonds to be "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and any lawful regulations promulgated or proposed thereunder, including Proposed Tres Reg. Sections 1 103-13 and 1.103-14, as the same presently exist, or may from time to time hereafter be amended, supplemented or revised. The President and Board of Trustees reserve the right, however to make any investment of such moneys permitted by state law if, when and to the extent that said Section 103(c) or regulations thereunder shall PAGE 11 - PEAINDEALER - FRIDAY, OCTOBER 20.1978 dinances, resolutions or orders. or parts thereof, in conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed Passed By the President and Board of Trustees of the Village of Lakemoor on the 12th day of October, 1978 Approved this 12th day of October. 1978 Recorded, deposited and filed in the office of the Village Clerk of said Village, this 12tn day of October, 1978 Richard J. Hyatt , President Attest * Pacita R Morrison Village Clerk Published in the McHenry PlaindealeM>n7the 20th day of October, 1978 / repealed or relaxed or shall be held void by final decision of a court or competent jurisdiction, but only if any investment made by virtue of such repeal, relaxation or decision would not. in the opinion of counsel of recognized competence in such matters. EXPLAINS DOCTRINE - Mr. Dan Heidt, a licensed lay reader at St. Paul's Episcopal church, and a church school teacher, is shown here during a recent session of the church school, presenting an explanation of a doctrine to four students of St. Paul's. The pupils pictured are, from the left, Bobby Boak, Kenny Lang, Lisa Hess, and Marsha Crump. ipet result in making the interest on said bonds subject to federal income taxation Section 20 That all or T A X H E A R I N G S The Governor's Commission on Taxes will hold hearings to obtain public testimony on the property tax system, according to Commission Chairman Alan S Ganz The hearings are scheduled as follows: Chicago- Oct 16. Belleville-Oct 20; Rockford Oct 25; and Peoria- Oct 30 Ganz said among the topics to be discussed are limits on state and local taxes and spending, and a more effective public voice in the budget making process .ari ,Vt I . W' y \ \ ^ dpi! THE LUMBERY* UAIIR DO-IT-YOURSELF HOME CENTER PLUMBING CENTER! 4031 DAYTON, McHENRY, 815-344-2883 ILL PfSob^ A^( MON.-FRI. 7 to 6 SAT. 7 to 5 CLOSED SUNDAYS SPECIAL! 30,000 GRAIN WATER SOFTENER WITH BUILT-IN BYPASS VALVE AND 5 YEAR GUARANTEE ON ALL WORKING PARTS! RETAIL $444.00 SALE s37500 FEATURING: •Complete Inventroy at money saving prices •Featuring Top Brand Materials For All Your Plumbing Needs •Step by Step Instructions by Trained Professionals ftU 17* 0.TIW. mi 3i ) MILES | »<«(«»• »TT IM 3 MILES SOUTH OF McHENRY ON RTE 31 332) W ELM ST (RTE 120} • BY THE BRIDGE IN McHENRY ^ARIZONA SUN • LOW Prices! • OPEN THURS. EVENINGS TIL 9 BEGINNING NOVEMBER 2! MON.-SAT. 10 to 6 FRI. 10 to 9 Arizona sun Western Weer A Authentic Indien Jewelry JEWELRY For "Sweetest Day"- Oct. 21 and EVERYDAY! • FREE j; Gift Wrap! ' •BIG Selections! • FREE Lay-a-way! SEE MILLSTREAM uni»n FOR YOUR itU&Ufl McHenry's Headquarters for Complete' Repairs on Domestic & Foreign Cars •TUNE-UPS •BRAKES •TRANSMISSIONS •MAJOR & MINOR REPAIRS •MECHANIC ON DUTY 7 DAYS \V It takes real pros to do any auto service job ef- M /V ficiently and effectively. Why settle for anything less? Our car mechan- J .. -V J ics are the best in the business . . . and our rates? . . . Reasonable! 10% DISCOUNT TO SENIOR CITIZENS 3702 W. ELM McHENRY, ILLINOIS (815)344-2510