HomeMy WebLinkAbout2015-02-23 Board AgendaTO BE HELD AT THE RICHARD T. FLICKINGER MUNICIPAL CENTER
SCANLON CONFERENCE ROOM
(The hour between 6.00 and 7.00 pm is set aside for Executive Session
per 1 -5 -711 of the Village of Morton Grove Municipal Code.
If the Agenda does not include an Executive Session, the meeting will begin at 7.00 pm.)
I. Call to Order
2. Pledge of Allegiance
3. Executive Session (if requested)
4. Reconvene Meeting
5. Pledge of Allegiance
6. Roll Call
7. Approval of Minutes — Regular meeting — February 9, 2015
8. Special Reports
9. Public Hearings
10. Residents' Comments (agenda items only)
Richard T. Flickinger Municipal Center
6101 Capufina Avenue o Morton Groove, Illinois 60053 -2985
Tel: (847) 965 -4100 Fax: (847) 965 -4162
11. President's Report — Administration, Northwest Municipal Conference, Council of Mayors, Strategic
Plan, Comprehensive Plan
a. Mayoral Update /Review
12. Clerk's Report — Community Relations Commission
13. Staff Reports
a. Village Administrator
1) Miscellaneous Reports and Updates
b. Corporation Counsel
14. Reports by Trustees
a. Trustee Grear— Fire Department, Emergency Management Agency, RED Center, Fire and
Police Commission, Police Department, Police Facility Committee, Chamber of Commerce
(Trustee Witko)
b. Trustee Marcus —Advisory Commission on Aging, Family and Senior Services Department,
Finance Advisory Commission, Condominium Association, Social Service Committee (alternate)
(Trustee Toth)
C. Trustee Pietron — Appearance Commission, Building Department, IT Communications,
Community and Economic Development Department, Branding /Marketing (Trustee Thill)
d. Trustee Thill — Public Works Department, Solid Waste Agency of Northern Cook County,
Traffic Safety Commission, Waukegan Road TIF, Lehigh/Ferris TIF, Dempster Street Corridor
Plan (Trustee Pietron)
1) Resolution 15 -12 (Introduced February 23, 2015)
Authorizing the Annual Memorial Day Parade and Closure of Dempster Street
2) Resolution 15-13 (Introduced February 23, 2015)
Authorizing the Execution of a Contract with G &L Contractors, Inc. for the 2015
Material Hatiling Program
3) Resolution 15 -14 (Introduced February 23, 2015)
Authorizing the Execution of a Service Contract with H &H Electric Company for the
2015 Traffic Signal and Street Lighting Maintenance Program
4) Resolution 15 -15 (Introduced February 23, 2015)
Authorizing the execution of a contract with Nels J. Johnson Tree Experts, Inc. for the
2015 Tree Trimming Program
e. Trustee Toth — Finance Department, Capital Projects, Environmental Health, Natural Resource
Commission (Trustee Marcus)
I) Ordinance I5 -02 (Introduced February 9, 2015) (Second Reading)
Providing for the Issuance of Not to Exceed $11,500,000 General Obligation Bonds,
Series 2015, of the Village of Morton Grove, Cook County, Illinois, to pay Costs of
General Municipal Improvements within Said Village and to Refund Certain Outstanding
Bonds of Said Village, Providing for the Levy of a Direct Annual Tax Sufficient to Pay
the Principal of and Interest on Said Bonds, and Authorizing the Sale of Said Bonds to
William Blair & Company, LLC, Chicago, Illinois
f. Trustee Witko — Legal, Plan Commission/Zoning Board ofAppeals, NIPS7A, Strategic Plan
Committee, Economic Development Commission, Social Service Committee (Trustee Great)
15. Other Business
16. Presentation of Warrants: $1,680,775.58
17. Residents' Comments
18, Executive Session — Personnel Matters, Labor Negotiations, Pending Litigation, and Real Estate
19. Adjournment -To ensure full accessibility and equalparticipation for all interested citizens, individuals with disabilities
who plan to attend and who require certain accommodations in order to observe and/or participate in this meeting, or who
have questions regarding the accessibility of these facilities, are requested to contact Susan or Ailarlene (8471470 -5220)
promptly to allow the Village to make reasonable accommodations.
& Village President Dan DiMaria called the meeting to order at 6:00 p.m. in the Trustees'
II, Conference Room and led the Board in the Pledge of Allegiance.
III. Village Clerk
Ed Ramos
called
the roll. Present were: Trustees Bill Grear, Shel Marcus,
John Pietron,
John Thill,
Maria
Toth, and Janine Witko.
IV. EXECUTIVE SESSION
Trustee Marcus moved to adjourn
to Executive Session to discuss
pending litigation,
personnel, and real estate
matters.
Trustee Toth seconded the motion.
Motion passed: 6 ayes, 0
nays.
Tr. Grear aye
Tr.
Marcus aye
Tr. Pietron aye
Tr. Thill afire
Tr.
Toth aye
Tr. Witko aye
The Executive Session began at 6:01 p.m. Trustee Pietron then moved to adjourn the
Executive Session and recommence the regular Board meting in the Council Chambers
at 7:00 p.m. The motion was seconded by Trustee Toth and passed unanimously via voice
vote. The Executive Session adjourned at6:46 p.m.
Village President Dan DiMaria reconvened the meeting at 7:00
p.m.
and
led the assemblage
in the Pledge of Allegiance, after which Clerk Ed Ramos called
the
roll.
APPROVAL V. OF
Regarding the Minutes of the January 26, 2015 Regular Board Meeting Trustee Toth
moved, seconded by Trustee Witko, to accept the Minutes as corrected. Motion passed
unanimously via voice vote.
VI.
Moody's Rating Downgrade
•0
a. Mayor DiMaria introduced Elisabeth Hennessey from William Blair & Company to talk to the
Board and the assemblage about Moody's Investor Services' recent downgrade of the Village's
bond rating from Aa2 to Aa3.
b. Ms. Henessey said that Moody's cited four main reasons for the downgrade: (1) the Village's
declining EAV; (2) the Village's narrow cash reserves; (3) the Village's adjusted net pension
liability relative to tax base and revenue; and (4) the Village's flexibility to raise revenue as a
home rule community. She said it's important to point out that Morton Grove's bond rating is
still in the "Aa" category, which is good. The impact on the proposed 2015 bond issue is
minimal. The Village maintains an outstanding bond rating of "AA" from Standard & Poor's.
c. Ms. Hennessey provided a recap of the Village's outstanding debt, and suggested that the
2007 bonds could be refunded for a savings to the Village of over $400,000. She said the
Village is in good shape and is payng off debt obligations faster than most other Aa rated
entities. By doing this now, the Village avoids future interest rate risk and will save money in
the cost of issuance.
d. The Village has indicated that it will use $5 million from the 2015 bond issue for capital
projects, and $6.5 million to refund the General Obligation Bonds 2007.
e. Ms. Hennessey explained that Moody's evaluates bond ratings every few years. Moody's has
changed their rating criteria since the last time the Village was rated. Their methodology for
pension liability now uses a more conservative investment rate. The EAV declined by 15.03%
between 2012 and 2013, and by 7.43% in the prior three years, due to the national recession
and the effect of the Cook Country multiplier, which reduces the value of the entire tax base in
Cook County by the same amount. This is something over which the Village has no control;
however, it has been actively working on new development projects (such as the new Audi
dealership) to help increase the Village's EAV.
Trustee Grear commented that another reason Moody's gave for lowering the bond rating is
the lack of revenue in the Waukegan Road TIF fund. That TIF retires in 2018. Trustee Grear
said the cash balance in the TIF fund is low because the State of Illinois is behind in its
payments to the Village. Trustee Grear added that the Village's pensions are 52% funded;
if the Village increased its pension contributions by 2% a year, the pensions would be fully
funded by the year 2040.
g. Trustee Grear said that the Village's 2014 General Obligation bonds carry a 2.39% interest
rate, but the 2015 bonds could be at 2.16 %, so even though the bond rating declined, the
Village is still saving money.
h. Village Administrator Ryan Horne said that Trustee Grear had some excellent points. He noted
that the things beyond the Village's control are having an impact on its bond rating. But "Aa" is
a strong category, and Morton Grove bond rating is higher than Cook County, the State of
Illinois, and the City of Chicago. There are 16 levels of ratings, and Morton Grove is in the #4
category.
VI.
Minutes of February 9, 2015 Board Meeting..
SPECIAL REPORTS (continued)
Trustee Pietron noted that Standard & Poor's had recently been hit with a multi - million dollar
fine for inflating the ratings on mortgage bonds, which helped precipitate the recession. He
wondered if the ratings systems had gotten "skittish," which might be another reason why
Moody's gave the Village a more conservative rating.
j. Ms. Hennessey said that the fine imposed on Standard & Poor's really had more to do with
rating mortgages, and nothing to do with municipal bonds, but she agreed that it could possibly
have made the pendulum swing to the more conservative side.
k. Trustee Marcus said that Moody's had communicated to the Village the reasons for its
downgraded rating. One was a weakened year -end cash balance. Trustee Maras asked
if the Village funded anything from its cash reserves.
I. Mr. Horne said that the Moody's representative did not agree with some of the things the
Village listed as cash. He said that he and the Finance Director showed the Moody's
representative the Village's bank statements, noting the cash on hand, but the representative
said he would not act on the new information.
m. Trustee Marcus said that, during the recent recession, the Village limited the number of
full -time employees and hired more part-time employees, which helped with costs and
pensions, and that enabled the Village to maintain a high bond rating during the national
downturn.
n. Mr. Horne
said that, if the Village hires a general employee, they
contribute to
their pension via
payroll deductions to IRMF, and there's no real pension impact on
the Village.
It's only full -time
police and
fire personnel whose pensions have an impact on the
Village.
o. Mr. Horne said that the Village has a lower number of full -time personnel than it had 10 years
ago. There has been some growth in the Building Department, mostly due to customer
dissatisfaction. He added that, during the recession, the Village had an Aa3 bond rating.
A few years ago it went up to Aa2, stayed at that rating for a couple of years, and now it's
back to Aa3.
p. Trustee Marcus said that the State's financial situation has negatively impacted the Village
and wondered if the Village could expect any relief. Ms. Hennessey said that Moody's report
expresses concern about the State, especially in regards to state income tax payments. She
said everyone is waiting to hear what the new governor's plan is.
q. Trustee Marcus said that the Board wants to do what's in the taxpayers' best interest.
r. Ms. Hennessey said that, if the Board decides to proceed with the 2015 bond issue, they could
get into the market the first week of March, and have the revenue by mid - March.
S. Trustee Marcus asked Ms. Hennessey if she could "ballpark" what the interest rate would be.
She responded that the markets change every day, but she would guess it would be in the
range of 2.126 %.
NONE
Minutes of Februa % 2015 Board Meetin
VIII. RESIDENTS' COMMENTS (Agenda Items Only)
NONE
IX. PRESIDENT'S REPORT
Mayor DiMaria said he was not satisfied with Moody's downgrading of the Village's bond rating.
He said he hoped the addition of a 165 -unit apartment complex would help the EAV. Mayor
DiMaria said he asked Mr. Horne to provide the Board with an analysis of everything that
contributes to the Village's bond rating, noting that the Village is already addressing some of
them.
2. Appointments
Mayor DiMaria asked for concurrence with two appointments this evening:
Nancy Lanning to the Social Services Ad Hoc Committee
Sue Mok to the Community Relations Commission
Oscar Chung to the Economic Development Commission
Trustee Pietron moved to concur with these appointments, seconded by Trustee Grear.
Motion passed unanimously via voice vote.
Mayor DiMaria commented that both Sue and Oscar are from the Asian community in
Morton Grove; he said he's working to get more diversity on the Village's Boards and
Commissions.
.r a
Clerk Ramos noted that early voting for the February 24`" Primary Election began today and
goes through February 21 st. Early voting takes place at Niles Village Hall from Monday
through Saturday, 9:00 a.m. to 5:00 p.m. There will not be early voting on Monday,
February 16, because of the President's Day holiday.
XI. STAFF REPORTS
A. Village Administrator:
Village Administrator Ryan Horne had no report.
B. Corporation Counsel:
Corporation Counsel Liston had no report.
XII. TRUSTEES' REPORTS
A. Trustee Grear:
Trustee Grear had no formal report, but thanked Public Works for doing a great job once
again. Trustee Grear asked residents to please take some responsibility and work together to
help Public Works clear the streets. If there are predictions for a snow storm, move your car(s)
into your driveway, or share your driveway with a neighbor without one. Public Works can't
clear the streets when there are cars parked on them. This is especially true in the case of
storms with large amounts of snow. He asked everyone to be good neighbors and good
residents, saying he'd rather rely on the people to do the right thing than pass an ordinance
requiring it.
B. Trustee Marcus:
Trustee Marcus had no formal report. He stated that he had attended the Farmers' Market
"Winter Market" this past Saturday and ran into Trustee Witko, who was a volunteer for it. It
was a very nice event.
Trustee Witko added that there will be a "Mother's Day Market" in May and then the Farmers'
Market season opens the first Saturday in June.
Trustee Marcus said
this is an all- volunteer effort and
it's great
for the community.
He urged
everyone to support
the Farmers' Market.
C. Trustee Pietron:
Trustee Pietron had no report.
D. Trustee Thill:
Trustee Thill presented Resolution 15 -09, Authorizing the Execution of a Contract With
Arthur Weiler, Inc. For the 2015 Tree Planting Program.
He explained that the Village has an annual program, depending on funding appropriations, to
plant trees within the Village rights -of -way and property. This contract was bid through a public
process. The lowest bidder of the three bids submitted was Arthur Weiler, Inc., in the amount
of $14,535 for a quantity of 54 trees.
Trustee Thill moved to approve Resolution 15 -09, seconded by Trustee Pietron.
Motion passed: 6 ayes, 0 nays.
Tr. Grear aye Tr. Marcus aye Tr. Pietron aye
Tr. Thill afire Tr. Toth awe Tr. Witko afe
XII. TRUSTEES' REPORTS (continued)
E. Trustee Toth:
1. Trustee Toth presented Resolution 15 -10, Authorizing a Contractual Agreement With
Chapman and Cutler, LLP For Services as Bond Counsel and Disclosure Counsel, and
Authorizing Staff to Proceed With Necessary Work Relating to the Issuance of General
Obligation Bonds, Series 2015, For the Village of Morton Grove.
a. Trustee Toth explained, per tonight's earlier discussion, that the Village finds the favorable
bond market to be an opportunity to refund its General Obligation Bonds, Series 2007, in
the amount of $6.5 million and obtain funding for a new General Obligation Bond issue,
Series 2015, in the amount of $5 million. In order to retire and issue these bonds, the Village
requires the services of a specialized Bond Counsel and Disclosure Counsel.
b. The refunding of the Series 2007 Bonds will result in a
savings to the
Village
of approximately
$450,000, depending on market conditions at the time
of the sale.
c. Trustee Toth said the Village has previously used Chapman and Cutler, LLP to serve as Bond
Counsel and has found their services to be excellent. Staff therefore recommends the Village
retain Chapman and Cutler LLP to act as Bond Counsel and Disclosure Counsel, and perform
the related services during 2015.
d. Their fee is based on the size, structure, timing, and tax exempt status of the bonds, and will
be paid from the proceeds of the sale of the bonds. It is estimated to be $30,000.
Trustee Toth moved, seconded by Trustee Grear, to approve Resolution 15 -10.
Motion passed: 6 ayes, 0 nays.
Tr. Grear aae Tr. Marcus acre Tr. Pietron aye
Tr. Thill acre Tr. Toth aye Tr. Witko aye
e. Trustee Marcus complimented Corporation Counsel Liston for ensuring that an estimated
amount of Bond Counsel's fee was included in the Resolution.
2, Next, Trustee Toth presented Resolution 15 -11, Authorizing a Contractual Agreement
With William Blair & Company, LLC to Provide Investment Banking Services as an
Exclusive Underwriter Relating to the Preparation and Sale of General Obligation
Bonds, Series 2015, For the Village of Morton Grove.
a. Trustee Toth explained that this Resolution will authorize an agreement with William Blair &
Company LLC to act as an Exclusive Underwriter relating to the preparation and sale of
General Obligation Bonds, Series 2015.
b. Their fee will be paid from the proceeds of the sale of the bonds and is estimated to be
$70,000. The fee is based on the structure and tax exempt status of the bonds.
Trustee Toth moved to approve Resolution 15-11, seconded by Trustee Marcus.
Motion passed: 6 ayes, 0 nays.
Tr. Grear aae Tr. Marcus aye Tr. Pietron aye
Tr. Thill aye Tr. Toth awe Tr. Witko aye
I .Minutes of February 9, 2015 Board Meeting
XII. TRUSTEES' REPORTS (continued)
E. Trustee Toth: (continued)
3. Trustee Toth then presented for a first reading Ordinance 15 -02, Providing For the Issuance
of Not to Exceed $11,500,000 General Obligation Bonds, Series 2015, of the Village of
Morton Grove, Cook County, Illinois, to Pay Costs of General Municipal Improvements
Within Said Village and to Refund Certain Outstanding Bonds of Said Village, Providing
For the Levy of a Direct Annual Tax Sufficient to Pay the Principal Of and Interest On
Said Bonds, and Authorizing the Sale of Said Bonds to William Blair & Company, LLC,
Chicago, Illinois.
She explained that the Village Administrator and Finance Director have researched the most
favorable financing arrangement and have determined the Village should issue tax exempt
General Obligation Installment Bonds in an amount not to exceed $11,500,000. This will
enable the Village to refund the outstanding General Obligation Bonds, Series 2007, and
provide $5 million in funding for capital projects identified in the 2015 Budget.
There were no questions or comments from the Board. As this is a first reading, no vote will be
taken this evening.
4. Lastly, Trustee Toth
presented for a
first reading Ordinance
15 -03, Authorizing the Village
of Morton Grove to
Document the
Termination of Special
Service Area Number 1.
She explained that, in 1984, the Village established Special Service Area #1 in order to finance
the construction of streets, storm sewers, water mains, and sanitary sewers in the industrial
area west of Lehigh Avenue between Oakton and Lincoln Avenue. In 1985, the Village issued
General Obligation bonds to finance these types of improvements in Special Service Area #1.
The debt service on the bonds was paid by taxes levied on property owners in the Special Ser-
vice Area. The Village refinanced those bonds during the 1993 -94 fiscal year, resulting in a
lower debt service payment and property tax levy, and the debt service was paid in full and the
bonds fully retired in December 1997. The need for the Special Service Area no longer exists,
and Cook County has recently requested the Village to adopt an ordinance to formally termi-
nate Special Service Area #1.
There were no questions or comments from the Board. As this is a first reading, no vote will be
taken this evening.
Trustee Witko:
Trustee Witko had no report.
XIII.
•
9►f07i•1
BUT
XV.
Trustee Toth presented the Warrant Register for this evening in the amount of $524,878.29.
She moved to approve the Warrants as presented, seconded by Trustee Witko.
Motion passed: 6 ayes, 0 nays.
Tr. Grear acre Tr. Marcus aye Tr. Pietron acre
Tr. Thill Aye Tr. Toth aye Tr. Witko aye
RESIDENTS' COMMENTS
Benita LoGuidice commented that Trustee Grear had been "preaching to the choir" about
people moving their cars off the street so Public Works can clear the snow. She said the Vil-
lage could pass an ordinance or put in in the newspaper, but people will just keep doing it (not
moving their cars). She said it's not fair to expect Public Works to come back out to clear the
street, once the person finally does move their car. She felt there should be a consequence to
that person. She commented that some of the streets are awful, mostly because of car owners
not moving their cars off the streets.
a. Public Works Director Andy DeMonte said he's reviewed Skokie's ordinance related to this
type of thing. He said it's a problem every winter. But Skokie's ordinance shows they have
huge areas that are "exempt ". Mr. DeMonte said that, in the older part of Morton Grove,
parking is very difficult; there's just no place to put the cars. He said it's not a problem for
Public Works to come back out to clear a street, and recommended that the Village not pass
an ordinance about this at this time.
b. Mayor DiMaria said he understands Mrs. LoGuidice's point but would defer to Mr. DeMonte. He
added that residents should contact Public Works if there's a snow problem on any particular
block.
c. Mrs. LoGuidice said, when she lived in Niles, the people in her subdivision were in the habit of
moving their cars when a major snowstorm was predicted. She said we have to get people in
Morton Grove in the same habit.
2 Georgianne Brunner appeared before the Board to announce some upcoming fundraising
events for Morton Grove Days. She encouraged all residents to support these "Eat & Earn"
events.
a. The first one, on February 25, will take place at Kappy's between 5:00 p.m. and 8:00 p.m.
If a patron mentions he /she is there for Morton Grove Days, Kappy's will donate 20% of the
customer's bill to the Morton Grove Days Commission.
b. Then,
on March
26, Giordano's
will donate
20% of all dine -in, carryout, or delivery purchases
made
between 11:00
a.m. and
midnight, to
anyone who mentions Morton Grove Days.
c. She also reminded everyone that anyone who donates $25 to the Morton Grove Days
Commission will receive a 1 Helped Save The Fireworks' tee -shirt. Order forms are available
at Village Hall or on the Morton Grove Days website (mortongrovedays.org). Mayor DiMaria
said the Village will get this information posted on its website and Facebook page as well.
XVI. ADJOURNMENT
Trustee Toth moved to adjourn the meeting, seconded by Trustee Marcus.
Motion passed: 6 ayes, 0 nays.
Tr. Grear acre, Tr. Marcus aye Tr. Pietron aye
Tr. Thill aye Tr. Toth aye Tr. Witko aae
The meeting adjourned at 7:52 p.m.
PASSED this 23rd day of February 2015
Trustee
Greer
Trustee
Marcus
Trustee
Pietron
Trustee
Thill
Trustee
Toth
Trustee
Witko
APPROVED by me this 23rd day of February 2015
Daniel
P. DiMaria,
Village
President
Board
of Trustees,
Morton
Grove, Illinois
APPROVED and FILED in my office this 24th day of February 2015.
Edilberto Ramos, Village Clerk
Village of Morton Grove, Cook County, Illinois
Minutes by Teresa Cousar
LeEislative Summary
Resolution 15 -12
AUTHORIZING THE ANNUAL MEMORIAL DAY PARADE AND
CLOSURE OF DEMPSTER STREET
Introduced:
February 23, 2015
Synopsis:
This resolution will authorize the 2015 Memorial Day Parade on Dempster
Street, Route 58, at 1:30 pm on Sunday, May 24, 2015, which will require the
closing of Dempster Street, Route 58, either partially or completely between
Austin and Ferris Avenues between 12:30 pm and 4:30 pm.
Purpose:
The Illinois Department of Transportation requires the Village to adopt an
ordinance approving the closing of Dempster Street. The resolution also
authorizes the Village Engineer to file an application through the Illinois
Department of Transportation for the closing of Dempster Street, Route 58, from
12:30 pm to 4:30 pm on Sunday, May 24, 2015, for the Annual Memorial Day
Parade.
Background:
The Memorial Day Parade is a Morton Grove tradition, and each year a
resolution is developed authorizing the parade and assuming full responsibility
for the direction, protection, and regulation of traffic during the time the detour
is in effect and all liabilities for damages of any kind occasioned by the closing
of said state route.
Programs, Departments
Public Works — Placement of barricades and directional information
or Groups Affected
Police Department— Enforcement and traffic control
Fiscal Impact:
Overtime associated with above activities
Source of Funds:
General Fund dollars will be used to support the manpower and equipment costs
Worldoad Impact:
All Village Departments will provide their usual support for this activity
Administrator
Approval
Recommendation:
First Reading:
None required
Special Considerations or None
Requirements:
d
Respectfully submitted:
R�anpf. Hode,Villagc Administrator
Prepared by Reviewed by:
And eMonte, Public Works Director Teresa Hoffman Liston, Corporation Counsel
RESOLUTION 15-12
WHEREAS, the Morton Grove Post 4134 American Legion is planning a parade as part of an
annual celebration on Sunday, May 24, 2015; and
WHEREAS, the parade will commence at 1:30 p.m. and will require the closing of Dempster Street
for approximately two hours, either partially or completely between Austin Avenue and Ferris Avenue
between the hours of 1.2:30 pm and 4:30 pm; and
WHEREAS, the State of Illinois requires the Village to assume all responsibility and liability
involved in closing said State Route.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MORTON GROVE, COOK COUNTY, ILLINOIS AS
FOLLOWS:
SECTION 1: The Corporate Authorities do hereby incorporate the foregoing WFIEREAS clauses
into this Resolution as though fully set forth therein thereby making the findings as hereinabove set forth.
SECTION 2: The Village Engineer will file an application with the Illinois Department of
Transportation for the closing of Dempster Street on Sunday, May 24, 2015, from 12:30 pm to 4:30 pm.
SECTION 3: The Village will assume full responsibility for the direction, protection and
regulation of traffic during the time the detour is in effect and all liabilities for damages of any kind
occasioned by the closing of said State Route. It is further agreed that efficient, all weather detours will be
maintained, conspicuously marked and judiciously police patrolled for the benefit of traffic deviated from
the State Route.
PASSED THIS 23`d DAY OF February 2015.
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Grear
Marcus
Pietron
Thill
Toth
Witko
APPROVED BY ME TIIIS 23`d DAY OF February 2015.
Daniel P. DiMaria, Village President
Village of Morton Grove
Cook County, Illinois
ATTESTED AND FILED in my office
This 24t" day of February 2015.
Ed Ramos, Village Clerk
Village of Morton Grove
Cook County, Illinois
Village of Morton Grove
6106 Capulina Street
Morton Grove, Illinois 60053
Dear Sirs,
The American Legion Morton Grove Post 134 will hold its Memorial Day Parade on May 24
2015 at the Library Doughboy Statue. The parade will leave the parking lot at the Morton
Grove American Legion Civic Center at 1:30PM. The route will cross Dempster at Georgiana,
go south to Crain, east to School, south to Lincoln, and west to the Library. After the
ceremony, the parade will form on Georgiana and march back to the Civic Center crossing
Dempster at about 2:30PM.
Thank you in advance,
Jo eph Hedrick
Morton Grove American Legion Post #134
Village Liaison
Resolution 15-13
AUTHORIZING r
WITH G&L CONTRACTORS,
Introduced:
February 23, 2015
Synopsis:
To authorize the Village President to execute a contract with G &L Contractors, Inc.
for the 2015 Material Hauling Program.
Purpose:
The material hauling program is necessary to haul and dispose of
construction /demolition debris, street sweepings, tree stmnp grindings as well as to
transport and furnish topsoil, sand and stone material for the Village.
Background:
The Village annually contracts with a material hauling contractor to assist in the
hauling of materials to and from the Public Works Facility at 7840 Nagle Avenue.
This contract was bid through a public process in accordance with the Village Code.
The contract was advertised and one sealed bid was received. Ten companies
offering trucking services were faxed invitations to bid. Four bids were received.
The bid tabulation is attached as Exhibit "A ".
Programs, Departments
Public Works.
or Groups Affected
Fiscal Impact:
The estimated contract value is $139,000.00. Since this is a unit price contract, the
final contract amount will be based on the actual quantity of work performed.
Source of Funds:
Amended 2015 Budget Account Numbers 025017- 552260; 025017 - 563110;
405033 - 552260; 405033-562110; 405034- 552260; 405034-563110 in the amount of
$216,000
Workload Impact:
The Public Works Department as part of their normal work activities will perform
the management and implementation of the program.
Administrator
Approval as presented.
Recommendation:
First Reading:
N/A
Special Considerations or
None
Requirements:
Respectfully submitted: I v�,. Reviewed by
Ryar .. Ff rne, Village Administrator
Prepared by: Reviewed by:
Chris Tomich, Village Engineer
ndy DeMonte, Director Public Works
Teresa Hoffman Liston, Corporation Counsel
,
PROGRAM FOR 2015 MATERIAL HAULING
WHEREAS, the Village of Morton Grove (Village), located in Cook County, Illinois, is a home
rule unit of government under the provisions of Article 7 of the 1970 Constitution of the State of Illinois,
can exercise any power and perform any function pertaining to its government affairs, including but not
limited to the power to tax and incur debt; and
WHEREAS, the material hauling program is necessary to haul acid dispose of construction/
demolition debris, street sweepings, tree stump grindings as well as to transport and furnish topsoil, sand
and stone material for the Village; and
WHEREAS, the Public Works Department advertised on the Village's website beginning
January 23, 2015, inviting bids on the "2015 Material Hauling Program"; and
WHEREAS, eleven entities, contractors or suppliers obtained the bidding materials; and
WHEREAS, four bids was received, publicly opened and read at the Public Works Facility at
9:00 a.m. on Monday, February 16, 2015, with the tabulation of bids included in Exhibit "A"; and
WHEREAS, ten other companies offering material hauling services were faxed an invitation to
bid on this contract; and
WHEREAS, G &L Contractors, Inc. is the low bidder with a bid amount of $139,900.00; and
WHEREAS, G &L Contractors, Inc. satisfactorily performed the work in this program since
2010; and
WHEREAS, the qualifications and availability of the low bidder has been verified; and
WHEREAS, funding for the above work is included in the Village of Morton Grove amended
2015 Budget as Account Numbers 025017 - 552260; 025017 - 563110; 405033 - 552260; 405033 - 562110;
405034 - 552260; 405034 - 563110 in the amount of $216,000.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MORTON GROVE, COOK COUNTY, ILLINOIS AS
FOLLOWS:
Section 1. The Corporate Authorities do hereby incorporate the foregoing WHEREAS clauses
into this Resolution as though fully set forth therein thereby making the findings as hereinabove set
forth.
Section 2. The Village President of the Village of Morton Grove is hereby authorized to execute
and the Village Clerk to attest to a contract with G &L Contractors, Inc., 7401 North St. Louis Avenue,
Skokie, Illinois, based upon their bid for the "2015 Material Hauling Program" in the amount of
$139,900.00.
Section 3. The Village Administrator, Director of Public Works, Village Engineer and /or their
designees are authorized to take all steps necessary to implement, supervise, and manage this contract.
Section 4. This Resolution shall be in full force and effect upon its passage and approval.
PASSED THIS 23`d DAY OF FEBRUARY 2015
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Grear
Marcus
Pietron
Thill
Toth
Witko
APPROVED BY ME THIS 23 " DAY OF FEBRUARY 2015
Daniel P. DiMaria, Village President
Village of Morton Grove
Cook County, Illinois
ATTESTED and FILED in my office
This 24" DAY OF FEBRUARY 2015
Ed Ramos, Village Cleric
Village of Morton Grove
Cook County, Illinois
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Resolution 15 -14
Introduced:
February 23, 2015
Synopsis:
To authorize the Village Engineer to execute a letter of agreement extending
the contract for the "2013 Traffic Control and Street Lighting Maintenance
Program" with the H &H Electric Company for one (1) year in the amount of
$24,849.48.
Purpose:
To maintain traffic signals for which the Village is responsible and to
maintain Village -owned street lights on arterial and collector streets.
Background:
Each year, the Village contracts with an electrical contractor to assist in the
maintenance of street lighting and traffic control signals within the Village of
Morton Grove. H &H Electric satisfactorily performed work on this contract
in 2013 and 2014. The contract contains provisions allowing the contract to
be extended for two years in one -year increments. It is recommended to
extend the contract until March 31, 2016.
Programs, Departments
Public Works.
or Groups Affected
Fiscal Impact:
I
'the estimated contract value for routine maintenance is $24,489.48.
Source of Funds:
MFT
Workload Impact:
The Public Works Department as part of their normal work activities
performs the management and implementation of the program.
Administrator
Approval as presented.
Recommendation:
Special Considerations or
None
Requirements:
Respectfully submitted: ;/ j!6 Reviewed by:
Ryan J. fAne, Village Administrator Pro Tern Teresa Hoffman Liston, Corporation Counsel
Prepared by: Reviewed by:
Chris Tomicb Village Engineer (�Afidy DeMonte, Director of Public Works
� ; .9I
WHEREAS, the Village of Morton Grove (Village), located in Cook County, Illinois, is a home rule
unit of government under the provisions of Article 7 of the 1970 Constitution of the State of Illinois, can
exercise any power and perform any function pertaining to its government affairs, including but not limited
to the power to tax and incur debt; and
WHEREAS, the 2015 Traffic Signal and Street Lighting Maintenance Program is necessary for the
maintenance of Village traffic signal, and arterial and collector street light infrastructure; and
WHEREAS, Resolution 13 -21 approved the execution of a service contract with H &H Electric
Company for the 2013 Traffic Signal and Street Lighting Maintenance Program and, Resolution 14 -07
approved the extension of the contract from April 1, 2014 to March 31, 2015; and
WHEREAS, the Village reserves the right to extend this contract for a period of two (2) years in one
year increments, under the same terms and conditions as the original contract; and
WFIEREAS, H &H Electric Company has performed work for the Village of Morton Grove in a
satisfactory manner; and
WHEREAS, Motor Fuel Tax Funds will be used to perform the necessary work; and
WHEREAS, funding for the above work is included in the adopted Village of Morton Groves 2015
Budget in Account Number 035060 - 554170.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF MORTON GROVE, COOK COUNTY, ILLINOIS AS FOLLOWS:
SECTION l: The Corporate Authorities do hereby incorporate the foregoing WHEREAS clauses into
this Resolution as though fully set forth therein thereby making the findings as hereinabove set forth.
SECTION 2: The Village Engineer is hereby authorized to execute a Letter of Agreement extending
the contract for the "2013 Traffic Control and Street Lighting Maintenance Program" with H &H Electric
Company, 650 East Elm Avenue, LaGrange, Illinois 60525, for one (1) year until March 31, 2016, in the
amount of $24,849.48.
SECTION 4: This Resolution shall be in full force and effect from and upon its passage and
approval.
PASSED THIS 23`d DAY OF FEBRUARY 2015
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Great
Marcus
Pietron
Thill
Toth
Witko
APPROVED BY ME TP3IS 23`d DAY OF FEBRUARY 2015
Daniel P. DiMaria, Village President
Village of Morton Grove
Cook County, Illinois
ATTESTED and FILED in my office
This 241' DAY OF FEBRUARY 2015
Ed Ramos, Village Clerk
Village of Morton Grove
Cook County, Illinois
Legislative Summary
Introduced:
February 23, 2015
Synopsis:
To authorize the Village President to execute a contract with Nets J. Johnson
Tree Experts, Inc. for the 2015 Tree Trimming Program.
Purpose:
To perform the necessary tree trimming of rights -of -way and public
properties for which the Village is responsible for maintaining.
Background:
The Village has an annual program, dependent on funding appropriations, to
trim trees within the Village rights -of-ways and property. The Public Works
Department considers it to be cost- effective to hire a contractor to trim the
trees. This contract was bid through a public process in accordance with
Village Code. The contract was advertised and sealed bids were received.
The bid tabulation is attached as Exhibit "A ".
Programs, Departments
Public Works.
or Groups Affected
Fiscal Impact:
The estimated contract value is $27,175.00. Since this is a unit price
contract, the final contract amount will be based on the actual quantity of
work performed.
Source of Funds:
Account #025017- 552250 -Tree Trimming
Workload Impact:
The Public Works Department as part of their normal work activities
performs the management and implementation of the program.
Administrator
Approval as presented.
Recommendation:
First Beading:
N/A
Special Considerations or ' None
Requirements:
Respectfully submitted: f w Reviewed by:
yan F r-`e, Village Administrator
Prepared by: Reviewed by:
Chris Tomich, Village Engineer
Teresa Hoffman Liston, Corporation Counsel
WITH NELS J. JOHNSON TREE EXPERTS, INC. FOR THE 2015 TREE TRIMMING
PROGRAM
WHEREAS, the Village of Morton Grove (Village), located in Cook County, Illinois, is a home
rule unit of government under the provisions of Article 7 of the 1970 Constitution of the State of Illinois,
can exercise any power and perform any function pertaining to its government affairs, including but not
limited to the power to tax and incur debt; and
WHEREAS, the 2015 Tree Trimming Program is necessary to maintain the health and
appearance of trees as well as to maintain safety for the public within the Village's rights -of -ways and
properties; and
WHEREAS, the Public Works Department advertised on the Village's website from February 3,
2015, through February 17, 2015, and by fax distribution to a list of tree trimming contractors inviting
bids on the "2015 Tree Trimming Program"; and
WHEREAS, ten (10) businesses obtained the bidding materials; and
WHEREAS, two (2) bids were received, publicly opened and read at the Public Works Facility at
10:00 a.m. on Tuesday, February 17, 2015,
with
the tabulation
of bids included in Exhibit "A"; and
WHEREAS, funding for the above
work
is included in
the Village of Morton Grove 2015 Budget
as account number 025017- 552250,Tree Trimming; and
WHEREAS, Public Works staff has verified the availability and qualifications of the low bidder,
Nets J. Johnson Tree Experts, Inc.
NOW, THEREFORE, BE I "F RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MORTON GROVE, COOK COUNTY, ILLINOIS AS
FOLLOWS:
Section 1. The Corporate Authorities do hereby incorporate the foregoing WHEREAS clauses
into this Resolution as though fully set forth therein thereby making the findings as hereinabove set
forth.
Section 2. The Village President of the Village of Morton Grove is hereby authorized to execute
and the Village Clerk to attest a contract with Nets J. Johnson Tree Experts, Inc., 912 Pitner Avenue,
Evanston, Illinois, based upon their bid for the "2015 Tree Trimming Program" in the amount of
$27, 175.00.
Section 3. The Village Administrator and the Director of Public Works and /or their designees
are authorized to take all steps necessary to implement, supervise, and manage this contract.
Section 4. This Resolution shall be in full force and effect upon its passage and approval.
PASSED THIS 23`d DAY OF FEBRUARY 2015
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Great
Marcus
Pietron
Thill
Toth
Witko
APPROVED BY ME THIS 23`d DAY OF FEBRUARY 2015
Daniel P. DiMaria, Village President
Village of Morton Grove
Cook County, Illinois
ATTESTED and FILED in my office
This 24`x' DAY OF FEBRUARY 2015
Ed Ramos, Village Clerk
Village of Morton Grove
Cook County, Illinois
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Legislative Summary
- - -- - Ordinance 15 -02 �
PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $11,500,000 GENERAL OBLIGATION
BONDS, SERIES 2015, OF THE VILLAGE GE MORTON GROVE, COOK COUNT', ILLINOIS, TO
PAY COSTS OF GENERAL MUNICIPAL IMPROVEMENTS WITHIN SAID VILLAGE AND TO
FUND CERTAIN OUTSTANDING BONDS GE SAID VILLAGE, PROVIDING FOR T14E LEVY
GE A DIRECT ANNUAL TAX SUFFICIENT TO PAY THE PRINCIPAL OF AND IN'T'ERE ST ON
SAID BONDS, AND AUTHORIZING THE SALE OF SAID BONDS TO WILLIAM PLAIN &
COMPANY, LLC, CHICAGO, ILLINOIS
Introduced:
I
February 4, 2015
(?bjeetive:
��
10 provide a cost effective revenue source to refund certain outstanding General Obligation
I
Bonds, Series 2007 in the amount of $6.5 minion and issue an additional $5 million for capital
projects as provided for in the 2015budget.
Purpose: i
The issuance of these tax exempt bonds will allow the Village to refund the outstanding General
Obligation Bonds, Series 2007 and fund capital projects.
iac§cgroasnd:
The Village Administrator and Finance Director have researched the most favorable financing
arrangements for this purchase and have determined the Village issue tax exempt General
Obligation Installment Bonds in the amount of $11,500,000. Staff recommends the Corporate
Authorities issue tax exempt bonds to refund the outstanding General Obligation Bonds, Series
2007 and provide S5 million in funding for capital projects identified in the 2015 budget. "This
ordinance will also allow the Village to reimburse itself for costs incurred for issuing said bonds.
he attached document has been prepared by Chapman and Cutler, the Village's Special Bond
Counsel and passage of this Bond Ordinance is necessary for the issuance of the bonds.
$'1•0mrains, Departs i
finance and Legal Deparhnerus
or Groups Affected
l+iscai Impact:
Source of Funds:
t0lapplicable
Workload I^ffiisact:
The Village Administrator's office, finance. Department, Corporation Counsel, along Min the
Village's bond consultant and bond counsel will manage and oversee this work.
Administrator �
Approval as presented.
A?ecornsnen ation:
I
i' er fit 36v'2fldt5iyT.
I squired
Special Consider or �
None
Requirements:
ltespeetfully submitted:
3yanJ Morn ',Village Administrator
iZevie,Ned b v:
i
'Reviewed vv
Teresa fiolfinan'Liston,
Corporation Counsel Remy 1� avarrete Finance Director/Treasarer
EXTRACT OF MINUTES of a regular public rneeaang of the
President and ward of Trustees of the Village of Morton
Grove, Cook County, Illinois, held at the Richard T. Flickinger
Municipal Center, located at 6101 Capcdina Avenue, in said
Village, at 7:00 pale., Oil the 9th day of February 2015.
The President called the meeting to order and directed the Village Cleric to call the roll.
Upon the roil being called, Dan DiMaria, the President, and the following Trustees were
physically present at said location: 'Trustees William Grear, Sheldon Marcus John Pietron John
Thill, Mania Toth. and Janine Witko.
The following Trustees were allowed by a majority of the members of the President and
Board of Trustees in accordance with and to the extent allowed by rules adopted by the President
and Board of Trustees to attend the meeting by video or audio conference: None
No Trustee was not permitted to attend the meeting by video or audio conference.
The following 'Trustees were absent and did not participate in the meeting in any manner
or to any extent whatsoever: None
Trustee Toth presented for first reading, and made available to the Trustees and
interested rnernbers of the public, complete copies of an ordinance entitled:
AN ORDINANCE- providing for the issuance of not to exceed
$11,500,000 General Obligation Bonds, Series ?015, of the Village
of Morton Grove. Cools County, Illinois, to pay costs of general
municipal improvements within said Viiiage and to refund certain
ou standing bonds of said Village, providing for flee levy of a direct
annual tax sufficient to pay the principal of and interest on said
bonds, and authorizing the sale of said bonds to William Blair &
Company, L.L...C., Chicago, Illinois.
(the `Bond Orclitzonce
rustee —_—moved and Trustee _ seconded the motion to
waive the rule requiring two readings of an ordinance.
Bond Ord sl l.s mil
222724]
The President directed that the roll be called for a vote upon the motion to waive the rate
requiring two readings of an ordinance.
Upon the roll being called, the following Trustees voted AYE: Trustees William Grear_
Sheldon Marcus, John Pieiron. John Thill. Maria Toth, and .Janine Witico
and the following Trustees voted NAY: None
WHEREUPON, the President declared the motion carried.
Trustee
then moved and Trustee seconded
the motion that the Bond Ordinance as presented be adopted.
A Board discussion of the matter followed. During the Board discussion, Trustee Toth
gave a public recital of the nature of the matter, which included a reading of the title of the Bond
Ordinance and statements that (1) the Bond Ordinance provides for the issuance of not to exceed
S 11,500,OOO general obligation bonds to pay costs of general municipal improvements within the
Village and to refund certain of the Village's outstanding General Obligation Bonds,
Series 2007, (a) the bonds are issuable without referendum pursuant to the home rule powers of
the Village, (3) the Bond Ordinance provides for the levy of taxes sufficient to pay the principal
of and interest: on the bonds, (4) the Bond Ordinance sets forth the parameters for the issuance of
the bonds and sale thereof' by (le ipated officials of the Village, and (S) so? Mar!.7.ed lily
pertinent terms of said parameters, including the specific parameters governing the manner of
Sale, length o maturit j'..''aws of interest purchase pike and tax levy for the Bonds.
The President directed that the roll be called for a vote upon the motion to adopt the Bond
Oralmance.
Upon the roll being called, the following Trustees voted AYE: Trustees Wilhain Grear.
Sheldon Marcus. John Pietron, John, Thill. \/Faria Toth, and Janine Witko
and the following Trustees voted NAY: None
WHEREUPON, the President declared the motion carried and the Bond Ordinance adopted,
and henceforth did approve and sign the same in open meeting, and did direct the Village Clerk
to record the same in full in the records of the President and Board of Trustees of the Village of
Morton Grove, Cook County, Illinois.
Other business was duly transacted at said meeting.
Upon motion duly made and carried, the meeting adjounied.
Ed Ramos, Village Cleric
ORDINANCE NUMBER 1.5 -91.
AN ORDINANCE providing for the issuance of not to exceed
SI 1,500,000 General Obligation Bonds, Series 2015, of the Village
of Morton Grove, Crook County, Illinois, to pay costs of general
municipal improvements within said Village and to refund certain
outstanding bonds of said Village, providing for the levy of a direct
annual tax sufficient to pay the principal of and interest on said
bonds, and authorizing the sale of said bonds to William Blair &
Company, L.L.C., Chicago, Illinois.
WHEREAS, by virtue of a referendum duly called, noticed and held on March 18, 1980,
and pursuant to the provisions of Section 6 of Article VII of the Constitil ion of the State of
Illinois, the Village of Morton Grove. Cook County, l nois (the "V "zllage "), is a home rule unit
and may exercise any power- or perform any function pertaining to its go-verorrIent and affairs
including, but not limited to. the power to tax and to incur debt; .and
WHEREAS, pursuant io the provisions of said Section 6, the Village has the power to incur
debt payable from ad valorem property tax receipts or from any other lawful source and maturing
within 40 years from the time it is incurred without prior referendum approval; a,.d
WHEREAS, the President and Board of 'irustees of the Village (the 'Board has
considered the needs of the Village and has heretofore determined and does hereby determine
that it is advisabl ^, necessary and in the best interests of the Villa <ue to provide general municipa;
improvements within the `JJlage including, but not limited to, street, public works and Village
1 all mr(vemes alto he cquia n f eerram vehl(>d equipment (tb'w "); and
WHEREAS. the estimated cost to the Village of the Project is not less than 55,000,000; and
F :EP AS, ihe'ec are 'nsuffiae,.t 4unds oll hanff and 'val labie to rav th':, costs M tl'.0
Proect, and it is necessary for that purpose that a sum to pay such costs be borrowed at this time,
and in evidence of such indebtedness, general obligation bonds of the Village be issued in a
principal amount not to exceed 55,000,040 (the " Project Bonds "); and
WHEREAS. the Village has outstanding General Obligation Bonds, Series 2007, dated
November l., 2007 (the "Prior Bonds "); and
WHEREAS, it is necessary and desirable to refund a portion of the Prior Bonds (said
portion of the Prior Bonds to be refunded being referred to herein as the "Refunded Bonds') in
order to realize certain interest cost savings; and
WHEREAS, the Refunded Bonds shall be fully described in the Escrow Agreement
refen-ed to in Section 14 hereof acid are presently outstanding and unpaid and are binding and
subsisting legal obligations of the `iIlage; and
WHEREAS, the Board has determined that in order to refund the Refunded Bonds, it is
necessary and in the best interests of the Village to borrow an amount not to exceed $6,500,000
and in evidence of such indebtedness issue general obligation bonds of the Village in a principal
amount not to exceed $6,500,000 (the "Rqui nding Bonds ") therefor; and
WHEREAS, the Board does hereby determine that it is advisable and in the best interests of
the Village to borrow an amount not to exceed $5,000,000 pursuant to the hereinafter- defined
.Act for the purpose of paying the costs of the Project and, in evidence of such, borrowing, to
issue the Project Bonds in a principai amount not to exceed $5,600,000, to bOTTOw an amount not
to exceed »',500,000 pursuant to the .Act ?br die pi nose of refunding the Refunded Bonds ail,
in evidence of such borrowing, to issue the Refundin±, Bonds in a nrincipai amount not to exceed
$6,500,000, and to issue the Project Bonds and the Refunding Bonds together as one ser es of
bonds in an aggregate principal amount not to exceed S! 1,500,000; and
WHEREAS, in accordancL' with the te;rnis of the Ror"Unded Bonds, the Refianded Bones
snag be called for redemption in advance of their matunty, and it is necessary and desirable to
make such call for the redemption of the Refunded Bonds on their earliest possible call date, and
provide, for the giving of proper notice to the registered owners of the Refunded Bonds:
Now THEFEFoiif BE IT ORDAINED by the President and Board of Trustees of the Village
of Morton Grove, Cook County, Illinois, in the exercise of its home rule powers, as follows:
Section 1. Incorporation of Preambles. The Board hereby finds that all of the recitals
contained in the preambles to this Ordinance are true, correct and complete and does incorporate
them into this Ordinance by this reference.
Section 2. Authorization. It is hereby found and determined that pursuant to the
provisions of the Illinois Municipal Code, as supplemented and arnended, and the home rule
powers of the Village trader Section 6 of Article VII of the Illinois Constitution of 1970 (in the
event of conflict between the provisions of said code and home rule powers, the home rule
powers shall be deemed to supersede the Provisions of said code) (the "Act'), the Board has
been authorized by law to borrow an amount not to exceed $5,000,000 upon the credit of the
Village and as evidence of such indebtedness to issue the Project Bonds to said amount, the
procecas of the Project Bonds to be used to pay costs of the Project and to borrow an amount not
to exceed 56,500,1)00 upon the credit of the Village and as evidence of such indebtedness to issue
the Refunding Bonds to said amount, the proceeds of the Refunding Bonds to be used to refund
the Refunded Bonds, and that n is necessary and for the best interests of the Village that there be
SsSL.ed in anlotll3t rot TO ;::;d `!"�1 i `Qti ()(1(} rat "" rh�',onns so aLlthC?r: zed . irlae ?:h..r as one ieres of
bonds to nay Costs of dic P -o;ect and to refund the Refunded Bonds, and these nndinus and
determinations shalt be ;:ieenued co?3cinsive.
Section 3. Bond Details. There be borrowed by for and on behalf of the Village an
1.7 ta,)i. »7;i not to e 4.. { .t i
i500,000 for the 13!.: i ryoses af3rCsaid, Lind that bonds o -.he V _l2 Te s"al,
be issued to said amount and shall be designated "General Obli_ation Bonds, Series 20'5" (the
"Bondy "). The Bonds shall be dated such date (not prior to February 15, 2015, and not later than
August 1, 2015) as set forth in the Bond Notification 1 as hereinafter defined'), and shall also bear
the date of authentication, shall be in finly registered form, shall be in denominations of 55,000
each or authorized integral multiples thereof (but no single Bond shall represent installments of
principal maturing on more than one date), and shall be numbered 1 and upward. The Bonds
shall become due and payable serially or be subject to mandatory redemption (subject to prior
redemption as hereinafter described) on December i5 of each of the years (not later than 2024),
in the amounts (not exceeding 52,000,000 per year) and bearing interest at die rates per annum
(not exceeding 5.00% per annum) as set forth in the Bond 'notification. The Bonds shall bear
interest from then- date or 'hem the most recent interest payment date to winch interest has been
paid or duly provided for, until the przncipai arnount of the Bonds is paid, such interest
(computed upon the basis of a 360 -day year of twelve 30 -day months) being payable semi -
annually commencing with the first interest payment date as set forth in the Bond Notification,
and on .Tune 1.5 and December 15 of each near thereafter to nlaturzty:
Interest on each Bond shall be paid by check or draft of the bond reu�srrar and paying
agent (which shall be a bank or trust company with an office located m the State Ct ili1n02S) Set
forth in the Bond Notification (the "Bond Registrar "), payable upon presentation in lawful
money of the united States of America, to rile person in whose name such Bond is registered at
the close of business on the 1 st day of the montil of the interest pavinent sate. 'the principal of
the Bonds shall be payable in lawful nioney of the United States of America at the principal
;arporate trust office of the Bold. Registrar.
Section 4. E,ecution; fludientication. The Bonds shall be executed on behalf of the
/ (Iii)�e bV tele luanna! RY j <GSin72f f_71 at1_LF r r, (. n:5 i 1CS7 {je IP<tf; tle Tl°Lal Lis d a
facsimile signature of its Village Cleric, as `hey may determine, and shall have impressed or
imprinted thereon the corporate seal or facsimile thereof of the Village. In case any such officer
whose signature shall appear on any Bond shall cease to be such ofilcer before the delivery of
-a-
such Bond, such signature shall nevertheless be valid and sufficient for all pu.poses, the same as
if such officer had remained in office until delivery. All Bonds shall have thereon a certificate of
authentication, substantially in the form hereinafter set forth, duly executed by the Bond
Registrar as authenticating agent of the Village and showing the date of authentication. No Bond
shall be valid or obligatory for any purpose or be entitled to any security or benefit under this
Ordinance unless and until such certificate of authentication shall have been duly executed by the
Bared Registrar by manual signature, and such certificate of authentication upon any such Bond
shall be conclusive evidence that such Bond has been authenticated and delivered under this
Ordinance.
ection 5. Reg s' ration of Bonds; Persons Treated as (Owners. (a) General. The
Village shall cause books (the ",fond Register ") for the registration and for the transfer of the
Bonds as provided in this <'1rdinance to be kept at the principal corporate ust office of the Bond
Registrar, which is hereby constituted and appointed the registrar of the Village for the Bonds.
The Village is authorized to prepare, and the Bond Registrar or such other agent as the Village
may designate shall keep custody of, multiple Bond blanks executed by the Village for use in the
transfer and exchange of Bonds. Subject to the provisions of this Ordinance relating to the
Bonds In Book Entry worm, any Bond mav'^e trinsterr :i o,7- exchanaed- but only in the manner,
subject to the linlhations, Una upon payment of the charges as set forth in this Ordinance. upon
surrender fill transfer or exchans =.e of anv Bond at the principal corporate c Lst oi'fce or lhj Bond
Registrar. duly endorsed by or accompanied by a written instrument or instruments of transfer or
CxcnaPge in torn Satis aGtory to Ole Tionsi P?.l Tt ST:. ai and ClL!N e -. (uuted IN 1 }t tee *l sle � d mvn!:°' f)l`
an attorney for such owner duly authorized in writing, the Village shall execute and the road
Registrar shall authenticate, date and deliver in the name of the transferee or transferees or, in the
case of an exchange, the registered owner, a new fully registered Bond or Bonds of like tenor, of
-5-
the same maturity, bearing the same interest rate, of authorized denominations, for a like
aggregate principal amount. The Bond Registrar shall not be required to transfer or exchange
any Bond dming the period beginning at the close of business on the 1 st day of the month of any
interest payment date on such Bond and ending at the opening of business on such interest
payment date, nor to transfer or exchange any Bond after notice calling such Bond for
redemption has been mailed, nor during a period of fifteen (15) days next preceding mailing of a
notice of redemption of any Bonds.
The execution by the Village of any fully registered Bond shall constitute full and du
authorization or such Bond, and the Bond Registrar shall thereby be authorized to authenticate,
date and deliver such Bond; provided, however, the principal amount ofBonds of each maturity
authenticated by the Bond Registrar shall not at any one time exceed the authorized principal
amount of Bonds for such maturity less the amount of such Bonds which have been paid. The
person in whose name any Bond small be registered shall be deemed and regarded as the absolute
owner thereof for all purposes, and payment of the principal of or interest on any Bond shall be
made only to or upon the order of the registered owner thereof or his or her legal representative.
All such payments shall be valid zma effectual to satin;); and discharge the liabiiity upon such
Bond to the extent of the St1m Or Sm??ls .`;0 ?laic{.
No ser ice charge shall be made to an), reg=.stered owner of Bonds for any trans" or
C; :;eilanf?e 6Z Bonds, but the Village or tihe
Bond Registrar
may require payment
of a sum suffi-
cient to coves- any tax or other governmental
charge that maybe
imposed in connection with any
i'tins t� -i 3Xehang +it 'Bopd.s ,x pl ire
Mc or 71a
.,;>CiaTicJ Of 8. Bond or
BE7+'1 tt, tb? tj2e
'?nr; ;reed portion o; a Bond surrendered
for redempuon.
(b) Global Book -Entry .iystern.
The Bonds shall
be initially issued in
the form of a
separate single fully registered Bond for
each of the maturities
of the Bonds
determined as
described in Section 3 hereof. Upon initial issuance, the ownership of each such Bond shall be
registered in the Bond Register in the name of Cede & Co., or any successor thereto C Cede "), as
nominee of The Depository Trust Company, New York, New York, and its successors and
assigns ( "DTC"). All of the outstanding Bonds shall be registered in the Bond Reg ster in the
name of Cede, as nominee of DTC, except as hereinafter provided. Any officer of the Village
who is a signatory on the Bonds is authorized to execute and deliver, on behalf of the Village,
such letters to or agreements with DTC as shall be necessary to effectuate such book -entry
system (any such letter or agreement being referred to herein as the ".<epreseniation Letter "),
which Representation Letter may provide for the payment ofprincipal of or interest on the Bonds
by wire transfer.
With respect to Bonds registered in the Bond Register in the name of Cede, as nominee
of DTC, the Village and the Bond Registrar shall have no responsibhity or obligation to any
broker - dealer, banker other financial institution for which ;DTC holds Bonds from time to time
as securities depository (each such broker- dealer, bank or other fmanciai institut on beu g
referred to herein as a "DTC Participant °) or to any person on behalf of whom such a DTC
Participant holds an interest in the Bonds. Without: limiting the immediately preceding sentence,
the Villag° and the Bond P o-?strar shall h<ve no re4� C milbility or obligation with reSpec to
(i) the accuracy of the records of DTC. Cede or any DTC P Vtic';Jant with respect to any
ownership interest in the Bonds, (,i p One deiivc.y to any DTC Particpant or ar?y other nerson,
other than a registered owner of a Bond as shown in the Bond Register, of any notice with
respect .o the 1 on 5, mcMdln<g ally notice I IedenlpT: oil, Jr t !iii) dle l,-"vneni fo a i
articipant or any other person, other than a registered owner of a Bond as shown in the Bond
Register, of any amount with respect to the nr scipal of or interest on the Bonds. The Village
and the Bond Registrar may treat and consider the person in whose none each Bond is registered
in the Bond Register as the holder and absolute owner of such Bond for the purpose of payment
of principal and interest with respect to such Bond, for the purpose of giving notices of
redemption and other matters with respect to such Bond, for the purpose of registering transfers
with respect to such Bond, and for all other purposes whatsoever. The Bond Reg soar shall pay
all principal of and interest on the Bonds oniv to or upon the order of the respective registered
owners of the Bonds, as shown in the Bond Register, or their respective attorneys duly
authorized in writing, and all such pa,anents shall be valid and effective to fully satisfy and
discharge the Village's obligations with respect to payment of the principal of and interest on the
Bonds to the extent of the sum or sums so paid. No person other than. a regstered owner of a zl
Bond as shown in the Bond Register, shall receive a Bond evidencing the obligation of the
Village to make patiments of principal and interest with respect to any Bond. Upon delivery by
DTC to the Bond Registrar of written notice to the effect that DTCC has determined to substitute a
new nominee in place Gf C ede, and subject to the provisions in Section 3 hereof with respect to
I he pavment of interest to the reg>ist:ered owners of Bonds at the close of business on the I st day
of the month of the applicable interest payment date, the none `Cede" in this Ordinance shall
refer to such new nominee of BTC.
In the event that (ii the '� /iHare deltrm inec that Cq( i incL, h;_ nT d* i i >r r.n 11.
responsib litres described o r- rn and in the Representation Letter, (n) the agreement ,rrlong the
dii age, the Bond 1 g':;itra� and DT cvfiren:,'d by th<s 1Tepreselnadon � ettc shall Cie ielillr.iTat -C;
for any reason or (iii) the Village determines that it is in the best interests of the beneficial
61F /net °> Yi r Bonds tha? thev be able.o obtain C11
.,�e:" cated Bonds- �,n�f it i }t}jriV ri.'ri'I,.
and _ TC Particmants of the avainbiiuv 1hrcugl. r,� C; Gt :,rtrtrcated Bonds and tht l Bonds Shall
no long -r be resiricted to being registered in the Bond tp egister n the rain- of r'- -, as nena nee
of BTC. A t that time, the Village may determine that the Bonds shall be registered in the name
-8-
of and deposited with such other depository operating a universal book -entry system, as may be
acceptable to the Village, or such depository's agent or designee, and if the Village does not
select such alternate universal book -entry system, then the Bonds may be registered in whatever
name or names registered owners of Bonds transferring or exchanging Bonds shall designate, in
accordance with the provisions of Section 5(a) hereof.
Notwithstanding any other provisions of this ordinance to the contrary, so long as any
Bond is registered in the name of Cede, as nominee of DTC, all payments with respect to
principal of and interest on such Bond and all notices with respect to such Bond shall be made
and given, respectively, in the name provided in the Representation Letter.
Section 6. Redemption. (a) Optional Redemption. All or a portion of the Bonds due
on and after the date, if any, specified in tine Bond Notification shall be subject to redemption
prior to maturity at the option of the Village from any available funds, as a whole or in part and
if in part in integral multiples of x5,000 in any order of then maturity as determined by the
Village (less than all of the Bonds of a single maturity to be selected by the Bond Registrar), on
the date specified in the Bond Notification (but not later than December 15, 2023), and on any
date thereafter, at the redemption price of par plus accrued interest to the date fixed for
redemption.
(b) Rlnndmory Redemption. The Bonds maturing on the date or dates. if any, indicated
in the Bond Notification are subject to manoatory redemption; in integral multiples of 1,5.00(
selected by lot by the Bond Registrar, at a redemption price of par plus accrued interest to the
redemption date. on L"ecei'.lbe's ', � li- the veurs, ti '.ny, and In th_- principal amC`UniS it any, as
indicated in the Bond Notificatjon.
The principal amounts of Bonds to be mandatorily redeemed it, each year may be reduced
through the earlier optional redemption thereof, with any partial optional redemptions of such
-9-
Bonds credited against fixture mandatory redemption requirements in such order of the
mandatory redemption dates as the Village may determine. In addition, on or prior to the
60th day preceding any mandatory redemption date, the Bond Registrar may, and if directed by
the Board shall, purchase Bonds required to be retired on such mandatory redemption date. Any
such Bonds so purchased shall be cancelled and the principal amount thereof shall be credited
against the mandatory redemption required on such next mandatory redemption date.
(c) General. The Bonds shall be redeemed only in the principal amount of $5,000 and
multiples hereof. The Village shall, at least forty -five (45) days prior to any optional
redemption date (unless a shorter time period shall be satisfactory to the Bond Registrar) notify
the Bond Registrar of such redemption date and of the principal amount and maturity or
maturities of Bonds to be redeemed. For purposes of any redemption of less than all of the
outstanding Bonds of a single maturity, the particular Bonds or portions of Bonds to be redeemed
shall be selected by lot by the Bond Regstrar fiom the Bonds of such maturity by such method
of lottery as the Mond Registrar shall deem fair and appropriate; provided that such lottery shall
provide for the selection for redemption of Bonds or portions thereof so that any $5,000 Bond or
N5,000 portion of a Bond shall be as likely to be called for redemption as any other such $5,000
Bond Or ''5,000 portion. h(l BenC RarxiS Yai' S al oak such t20 '1p: ;P, ille 1d. °,r ^7 tl1°
c
, CVOcable deposit of Curios with an escrow .gent sufficient m ,p :.V the redemption price of the
;Bonds to be cede n7 •d or the time of the In vino of official notice Of redemption.
The Bond Registrar shall promptly notify the Village in writing of the Bonds or portions
t7f BoP.tlt St,l f,:,, e,'1 �% :2' 1 "s'.rye?7n pti L ;n n,3, !:t P'7� ..(,p<_ .. x :j�,..,t.,._ 1 .f pant�al ic,letlarticr ,
I
he principal amount thereof to be redeemed.
Section Z Redernp? ion Procedure. Unless waived by any holder of Bonds to be
redeeed, notice of the call
m for any such redemption shall be given by the Bond Registrar on
_10_
behalf of the Village by mailing the redemption notice by first crass mail at least thirty (3^v) days
and not more than sixty (60) days prior to the date fixed for redemption to the registered owner
of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other
address as is furnished in writing by such registered owner to the Bond Registrar.
All notices ofredemption shall state:
(1) the redemption date,
(2) the redemption price,
(3) if less than all outstanding Bonds are to be redeemed, the identification
(and, in the case of partial redemption, the respective principal amounts' ) of the Bonds to
be redeemed,
(d) that on the redemption date the redemption price will become due and
payable upon each such Bond or portion thereof called for redemption, and that interest
thereon shall cease to accrue from and after said date.
(5) the place where such Bonds are to be surrendered for payment of the
redemption price, which place of pa5anent shall be the principal corporate trust office of
the Bond Registrar, and
(6) such other information then required by custom, practice or industry
standard.
Unless moneys sufficient to pay the redemption price of the Bonds to be redeemed at the
option of the Villw4e Shall have been received t!y the Bond Y eAnsirar prior to rile Am/ing of 'such
notice of redemptior, ;uch notice ,nay; at the optrar, of She ✓rile <re, state That said redemption
sl :.ail he conditional upon the receipt of sueh illoncys by the Bond Registrar ou or prior to the
date fixed for redemption. If such moneys are not received, such notice shall be of no force and
er eCT the `linage shall not 'A Cdeenl such Bonds, and the Bond Regstrar shall give notice, ill the
same manner in which the notice of redemption shall have been given, that such moneys were
not so received and that such Bonds will not be redeemed. Otherwise, prior to ally redemption
-11-
date, the Village shall deposit with the Bond Registrar an amount of money sufficient to pay the
redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date.
Subject to the provisions for a conditional redemption described above, notice of
redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed
shall, on the redemption date, become due and payable at the redemption price therein specified,
and from and after such date (unless the Village shall default in the payment of the redemption
price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such
Fronds for redemption in accordance with said notice, such Bonds shall be paid by the Bond
Registrar at the redemption price. Installments of interest due on or prior to the redemption date
shall be payable as herein provided for payment of interest. Upon surrender for any partial
redemption of any Bond, there shall be prepared for the registered holder a new Bond or Bonds
of the sane maturity in the amount of the unpaid principal.
if any Bond or portion of Bond called for redemption shall not be so paid upon surrender
thereof for redemption, the principal shall, until paid,. bear interest from the redemption date at
the rate borne by the Bond or portion of Bond so called for redemption, All Bonds which have
been redeemed snail be cancelled and destroved'uv the Bond R.e«istrar and shall not be reissued.
"ection c'. Form of Bond. "the Bonds shall be in substantialiv the form bereinatter set
foa th; prer,icicd, ianw.ver,
that it the text of tine Bonds is to be
printed in its
entirety on the front
ie of the Bonds, then ffie
se,"ond paragraph on the fro -n; -side
and the teg.,.:d
-Scc ',.✓else Side
far Additional P3- ovisions"
shall be omitted and the text of paragraphs
set
forth for the reverse
side, as approl:,n" e, shall
be insertei znmecii z i after he t rst
is ratTTapin.
1?-
[FORM OF BOND - FRONT SIDE] _
REGISTERED REGISTERED
No. $— w
UNITED STATES OF AMERICA
STATE+ CE ILLINOIS
COUNTY CE COOK
VILLAGE OF MORTON GROVE
GENERAL OBLIGATION BOND, SFRFEs 20115
See Reverse Side for
Additional Provisions.
Interest Matur tv
Rate: _% Date: December 15, 20
Registered Owner:
Principal Amount:
Dated
Date: 2015 CUSIP:
KNOW ALI, PERSONS BY THESE PRESENTS that the Village OF Morton Grove, Cool:
County, Illinois, a municipality, home rule unit, and political subdivision of the State of Illinois
the "V *page °), here by acknowledges itself to owe and for value received promises to pay to the
Registered Owner identified above, or reuistered assigns as hereinafter provided. on the Maturity
Bate identified above, tfhe Principal Amount identified above and to pay interest (computed on
the basis of a 360 -day year of twelve 30 -day months) on such Principal Amount from the later of
1:11e liateo 4N ate Of t11tS Bond ]dentrtled above C11' TroTYI the ITIOSt re, huerest UaVinclii date to
`l✓nich . interest has been paid or duly provided for, Fit the interest Rate per annum iderai ied
above, such interest to be payable on June l i and December 15 of each year, can mencnlg
15, 20_t until said Principal Amount is paid or duly provided for. The principal
kZ d-iis Bond Is i)avable in lawful money of the !�Pjilel elates o Anerica Upon p� Selilatic)i "t
Tereot at the principal corporate trust office of
Illinois, as bond registrar and paying agent (the "Bond Registrar "). Payment of interest shall be
made to the Registered Owner hereof as shown on the registration books of the Village
1 �-
-maintained by the Bond Registrar, at the close of business on the lst day of the month of the III I
interest payment date. Interest shall be paid by check or draft of the Bond Registrar, payable
upon presentation in lawful money of the United States of America, mailed to the address of
such Registered Owner as it appears on such registration books, or at such other address
furnished in writing by such Registered Owner to the Bond Registrar. For the prompt payment
of this Bond both principal and interest at maturity, the full faith, credit and resources of the
Village are hereby irrevocably pledged.
Relerenee is hereby made to the further provisions of this Bond set forth on the reverse
hereof, and such further provisions shall for all purposes have the same effect is if set forth at
this place.
It is hereby certified and recited that all conditions, acts and things required by the
Constitution and "Laws of the State of Illinois to exist or to be done precedent to and in the
issuance of this Bond, including the get, have existed and have been properly done, happened
and been performed in regular and due form and time as required by law; that the indebtedness
of the Village, represented by the Bonds, and including all other' indebtedness of the Village.
howsoever evidenced or incurred, does not exceed any constitutional or statutory or other lawful
Im11taL10n; amd that pro II Ias i:7f �'n Mace '72' the e�!IC ^lion. �,i 1 (111 of ?n,. <:lal la} In a�.Ult16',1
to all other taxes, on ail of the taxable property ir, the e ilage sufficient to pay the imierestrereor,
as the sain- falls t1Yte and 'iiso to nay and disc al le principal ni e col.. al iia:olmy.
This Bond shall not be valid or become obligatory for any purpose until the certificate of
'iii EtlienYe C,3.1 :1[y;l ie 'Lin shall r. tilt,'. been 47m1.,,tJ Iry 1. te
-14-
IN WITNESS WHEREOF the Village of Morton Grove, Cook County, Illinois, by its
President and Board of Trustees, has caused this Bond to be executed by the manual or duly
authorized facsimile signature of its President and attested by the manual or duly authorized
facsimile signature of its Village Clerk and its corporate seal or a facsimile thereof to be
impressed or reproduced hereon, all as appearing hereon and as of the Dated Bate identified
above.
Daniel P. Diivlaria, Village President,
Village of Morton Grove
Code County, Illinois
ATTEST:
Ed Ramos, Village Cle'.
Village of Moron Grove
Cook County, Illinois
LSEALI
Date of Authentication: Februar-y 10, 2015
CERTIFICATE Bond Registrar and raying !.gent
V f'
UrHE:NIICATION — Illinois
This Bond is One oI the Bonds described m
the within mentioned ordinance and is one of
the General Obligation Bonds, Series 2015, of
The Village of Iorton Grove, Cook County,
ii.Ii nOig
m Bond Registrar
By
Authorized Officer
-15-
[NORM Of- BOND - REVERSE SIDE]
VILLAGE OF MORTON ROVE
COOK COUNTY, ILLINOIS
GENERAL OBLIGATION BONDS SERIES 2015
This Bond is one of a series of bonds (the "Bonds ") in the aggregate principal amount of
$ issued by the Village for the purpose of paying the cost of general municipal
unprovements and refunding certain outstanding bonds of the Village, and paying expenses
incidental thereto, all as described and defined in the Ordinance of the Village, adopted by the
President and Board of Trustees of the Village on the 9th day of February 2015, authorizing the
Bonds (the "Ordinance "), pursuant to and in all respects in compliance with the applicable
provisions of the Illinois Municipal Code, as amended; as further supplemented and, where
necessary, superseded, by the powers of the Village as a home rile unit under the provisions of
Section 0 of Article VII of the Illinois Constitution of 1970; and as further supplemented by the
Weal Government Debt Reform Act of the State of 311inois, as amended (collectively, such
Illinois Municipal Code, constitutional home rule povaers, and Reform Act being the Act °), and
with the Ordinance, which has been duly approved by the President, and published, in all
respects as by law required.
[Optional and Mandatory Redemption provisions, as applicable, will be inserted here].
[Notice of anv such redemption shall be sent by t :rSt class mall rot 'less than 'hi:-ty (.3
days nor rnore fh.an sixty (160) dais; pilot to tS?e plate ixed for red cipdon to the registerea owner
of each Bond to be redeemed at the address shown on the registration books of the Village
n'tamtamedt by the Bond, R _. >tr<r rt at Such l lie: address as is 'u-mi sh d in wr llnr> tr ";/ �1tC73.
registered owner to the Bond Remstrar. When so called for redemption, this Bond will cease to
':rear interest on the specified redemption d:.re, provided funds for redemption are on deposit at
the place of payment at that time, and shall not be deemed to be outstanding.]
-16-
'iris Bond is transferable by the Registered Owner hereof in person or by his attorney
duly authorized in writing at the principal corporate trust office of the Bond Registrar in
_. Illinois, but only in the manner, subject to the limitations and upon paN/ment of the
charges provided in the Ordinance, and upon surrender and cancellation of this Bond. Upon
such transfer a new Bond or Bonds of authorized denominations of the same maturity and for the
same aggregate principal amount will be issued to the transferee in exchange therefor.
The Bonds are issued in fully registered form in the denomination of 55,000 each or
authorized integral multiples thereof. This Bond may be exchanged at the principal corporate
trust office of the Bond Registrar for a like aggregate principal amount of Bonds of the same
maturity of other authorized denominations, upon the terms set forth in the Ordinance. The
Bond Registrar shall not be required to transfer or exchange any Bond during the period
beginning at the close of business on the ist day of the month of any interest payment date on
such Bond and endhig at the opening of nosiness on such interest payment date, nor to transfer or
exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a
period of fifteen (15) days next preceding mailing of a notice of redemption of any Bonds.
The Village and the Bond RegTistrar may deem and treat the Registered. Owner hereof as
the 9'r o'we o�hper hereol for th C: r'�mose or receiving pa}rnent of or on Recount of principal
hereof and interest due hereon and far all other purposes, and nether the Village nor the Bond
Registrar >iiail b c aizectec by ,:my notice to the conLrary,
_1;_
ASSIGNMENT
POR VALUE RECEIVED, the undersigned sells, assign, and transfers unto
Here insert Social Security
Number,
Employer Identification Number or
other Identifying Number
(IN ame and Address of Assignee)
'he within Bond and does hereby irrevocably constitute and appoint
as attorney to imposter the said Bond on the hooks kept for rem stration thereof with full power of
substitution in I ne premises.
Dated:
Signature guaranteed:
NOTICE: The sitmature to this transfer and assigmnent must correspond with the name of the
Registered Owner as it appears upon the face of the within Bond in every particular,
without alteration or enlargement or any change whatever.
Section 9. Sale of Bonds. The President and the Village Administrator of the Village
(the Designated Reoresemative,s ") are hereby authorized to proceed not 'later than the
eorfranizational mccunr of the Board fYilowing the April?, 201 consolidated election (if
changes to Board mernbe slur➢ occur) or tale Gth day of Juiv, 'i)I J (it no c' an tes in Board
ille,nbershin Occul wltho-It 'al?y iullher jutilcmzati OT 'T direction trom the Board, to sell lilt
ands neon the teams as prescribed in this Ordinance. The Bonds hereby authorized shall be
!l=ed as it this Ordinancr; 1 ft
rovided as soon �e'" ?he :1.c fiver v of the Bond >>oTill:;atlCn. as n:a'J
be, and thereupon be acoosited wsth the Villaue Treasurer of the Village, and, after
authend cation . th" cof bV the Bond Po:ay'strar, be b'+! said Treasurer delivered to William RIaIT
Company, L.L.C., Chicago, Illinois, the purchaser thereof (the Turchaser "), upon receipt of the
purchase price therefor, the same being not less than 98%, of the principal amount of the Bonds
-18-
pins accrued interest to date of delivery, it being hereby found and determined that the sale of the
Bonds to the Purchaser is in the best interests of the Village and that no person holding any
office of the Village, either by election or appointment, is in any manner financially interested
directly in his own name or indirectly in the name of any other person, association, trust or
corporation, in the sale of the Bonds to the Purchaser.
Prior to the sale of the Bonds, any of the Designated Representatives is hereby authorized
to approve and execute a commitment for the purchase of,", Municipal Bond Insurance policy (as
hereinafter defined), to fu ther secure the Bonds, as long as the present value of the fee to 'be paid
for the Municipal Bond Insurance Policy (using as a discount rate the expected yield on the
Bonds treating the fee paid as interest on the Bonds) is less than the present value of the interest
i-easonably expected to be saved on the Bonds over the term of the Bonds as a result of the
Municipal Bond Insurance Policy.
Upon the sale of the Bonds, the Designated Representatives shall prepare a Notification
of Sale of the Bonds, which shah include the per rent details of sale a provided herein (the
''Bond Notifcaiion "). In the Bond Notification. the Designated Representatives shall find and
determine that the Bonds have been sold at such price and bear interest at such rates that either
the true intcrest cost (yield) or the not interest rate received upon the sale of the Bonds does not
exceed the ?nar>imurn rate otherwise authorizers by applicable law and that the net present value
'tebt service savings to the Village as a result of the issuance, of the Bonds and the retundmg lit
the Refunded Bonds is not less than 3.0% of the principal amount of the Refunded Bonds. The
Bond Notif.caton Shaul br entered n1to the recerGs (Jr the Viliago and made available to fhe
Board at the next regular meeting thereof, but such action shall be for information purposes only,
and the Board shall have no right or authority at such time to approve or reject such sale as
evidenced in the Bond Notification.
-19-
Upon the sale of the Bonds, as evidenced by the execution and delivery of the Bond
Notification by the Designated Representatives , the President, Village Clerk and Village
Treasurer of the Village and any other officers of the Village, as shall be appropriate, shall be
and are hereby authorized and directed to approve or execute, or both, such documents of sale of
the Bonds as may be necessary, including, without limitation, the contract for the sale of the
Bonds between the Village and the Purchaser (the "Purchase Contrac.' "). Prior to the execution
and delivery of the Purchase Contract, the Designated Representatives shall find and determine
that no person holding any office of the Villa<ze, either by election or appointment is in any
manner financially interested directly in his own name or indirectly in the name of any other
person, association, trust or colf)oration, in the Purchase Contract.
The use by the Purchaser of any Preliminary Official. Statement and any final Official
Statement relating to the Bonds fthe "OfReial Statement ") is hereby ratified, approved and
authorized; the execution and delivery of the Official Statement is hereby authorized; and the
officers of the Board are hereby authorized to take any action as may required on the part of
the Village to consummate the transactions contemplated by the Purchase Contract, this
Ordinance, said Preliminary Official Statement, the Official Statement and the Bonds.
Section 10. Securin) f)r zhe Bonds. 'he Bonds are a gtneral obligation of the `ti/?llag?,
for wi I i the full faith avid Cre ^ui or I c `tillage are Irl. .'oesiSi j' nice Led, and. are 4;aVaF',le from
the levy �:il` iaXeS on all of the taxdhle propL ,v in the, e Jtaoe, "W}th4)t[t 12n21taiioPl as to rate or
amount, and from any other lawfizlty availahle funds.
5 MWH ; r_ lay r in order m 7rovi e } zi d e cnil(, fon <i7 d rin t aTknLal ts'e:i
sui{ cleat to pay the interest on the Bonds as it falls due, and also to pay and discharge the
principal thereof at maturhy, there be and there is hereby levied upon all the taxable property
within the Village a direct annual tax for each of the years while the Bonds or any of them are
20-
outstanding, in amounts sufficient for that purpose, and that there be and there is hereby levied
upon all of the taxable property in the Village, the following direct annual tax, to -wit:
FOR THE YEAR A T Ax SUFFICIENT TO PRODUCE THE SUM OF:
2014
$211001000
for interest
and
principal up to and
including
December
15, 2015
2015
$2,100,000
for
interest
and
principal
2016
$2,100,000
for
interest
and
principal
2017
$2,100,000
for
interest
and
principal
2018
$2,100,000
for
interest
and
principal
2019
$2,100,000
for
interest
and
principal
2020
$2,10000
for
interest
and
principal
2021
$2,100,000
for
interest
and
principal
2022
$2,100,000
for
interest
and
principal
2023
$2,100,000
for
interest
and
principal
Principal or interest maturing at any time when there are not sufficient funds on hand
from the foregoing tax levy to pay the same shall be paid from the general funds of the Village;
and the fund from which such payment was made shall be reimbursed out of the axes hereby
levied when the same shall be collected.
The Village covenants and agrees with the purchasers and the holders of the Bonds that
so long as any of the Bonds remain outstanding, the Village will take no action or fail to take any
action which in any way would adversely affect the ability of the Village to levy and collect the
foregoing tax levy and the Village and its officers wi11 comply with all present and future
applicable laws in order to assure that the foregoimT taxes will be levied, extended and collected
as provided herein and deposited in the fund established to pay the principal of and interest on
the Bonds.
To the extent that the taxes levied above exceed the amount necessary to pay debt service
on the Fronds as set forth in the Bond Notification, the President, Village Clerk and Viiiage
Treasurer of the Village are hereby authorized to direct the abatement of such taxes to the extent
F fic excess of such levy in each year over the amount necessary to pay debt service on the
_21_
Bonds in the
following 5ond year. Proper
notice of such abatement
shall he filed with the
County Clerk
of The County of Cook, Illinois
(the "County Clerk"), in a
timely manner to effect
such abatement.
.`section
12. Filing of Ordinance and
Certificate of Reduction of
Taxes. Forthwith upon
the passage of this Ordinance, the Village Clerk of the Village is hereby directed to file a
certified copy of this Ordinance with the County Cleric, and it shall be the duty of the County
Clerk to annually in and for each of the years 2014 to 2023, inclusive, ascertain the rate
necessary to produce the tax herein levied, and extend the sane for collection on the tax books
against all of the taxable property within the Village in connection with other taxes levied in each
of said years for general municipal purposes, in order to raise the respective amounts aforesaid
and in each of said years such annual tax shall be computed, extended and collected in the same
manner as now or hereafter provided by law far the computation, extension and collection of
taxes for general municipal purposes of the Village, and when collected, the taxes hereby levied
shall be placed to the credit of a special fund to be designated "Bond and "merest Fund Account
of 2015" (the °I3orad Fund "), which a es are hereby revocably pledged to and shall be used
only for the purpose of paying the principal of and interest on the Bonds.
The Pre4ident, Vi11nye `Clers: and Villag" T! "ea'un-." oI 11 \�'i lj:a nF' be an the Same are
hel "ebv directed to preitare and the with tine County Cl x4., a. C 6` ate of 1:.c ,Ctn.Cel6n. oT i aX<;S
€erei:f7lU7e 1,t-;Vted Eli' ehC `a yS 4n e iroCQS Cn; ' n nUtE D c and
directing the abatement of the taxes heretofore levied for the years 2014 to 2022, inclusive, to
L)1 §v the Rff,luldcA bonds.
Section 13. Faxes ?leretofore Le led. All proc o, 'eceived or to be received
from any taxes heretofore levied to pay principal and interest on the Refinided Bonds, including
the proceeds received or to be received from the taxes levied for the year 2013 for such purpose,
shall be used to pay the principal of and interest on the Refunded Bonds and to the extent that
such proceeds are not needed for such purpose because of the establishment of the escrow
referred to in Section 14 hereof, the same shall be deposited into the Bond Fund and used to pay
principal and interest on the Bonds in accordance with all of the provisions of this Ordinance.
Section 14. Use of Bond Proceeds. Accrued interest received on the delivery of the
Bonds is hereby appropriated for the purpose of paying first interest due on the Bonds and is
hereby ordered deposited into the Bond Fund.
The principal proceeds of the Project Bonds and any premium received from the sale of
the Project Bonds are hereby appropriated to pay the costs of issuance of the Project Bonds and
far the purpose of paying the cost of the Project, and that portion thereof not needed to pay such
costs of issuance is hereby ordered deposited into the Series 2015 Project Fund of the `Jiilage
((he "ProtectTzind ").
Simultaneously with the delivery of the Bonds, the principal proceeds of the Refunding
Bonds, together with any premium received from the sale of the Refunding Bonds and such
additional arnounts as may be necessary from the general funds of the Village, are hereby
appropriated to pay tine costs of issuance of the Refunding Bonds and for the pumose of
re'f no MY the Re' n led. ponds. and that portion, the"eot not needed to nav such costs is hereby
ordered deposited in escrow pursuant to an Escrow Letter Agreement (the "Escroo) ASn"eeme7nt,.)
to be entered into hetween the Village and the Bond Registrar or tine bond regis�rar and paying
agent for the Refunded Bonds, as escrow agent (the "Escrow Agent "), in substantially the form
�1ttaChed hereto is A and nlade a p�-Tr Ilereof 1w th.
is 3c -,fere ce, nr lx"n sal 1. ::Elamrs
therein as shall be approved by the officers of the Village executing the Escrow agreement, such
execution to constitute evidence of the approval of such changes, for the purpose of paying the
principal of and interest on the Refunded Bonds when due aid upon redemption thereof. The
Board approves the form, terms and prow lions of the Escrow Agreement and directs the
President and Village Clerk of the Village to execute, attest and deliver the Escrow Agreement in
the naive and on behalf of the Village. Amounts in the escrow may be used to purchase U.S.
Treasury Securities — State and Local Government Series (the "Government Securities", ) to
provide for the principal and interest payable on when the Refunded Bonds are redeemed. The
Escrow Agent and the Purchaser are each hereby authorized to ac as agent for he Village i he
purchase of the Government Securities.
At the time of the issuance of the Bonds, the costs of issuance of the Bonds may be paid
by the Purchaser on behalf of the Village from the proceeds of the Bonds.
In accordance with the redemption provisions of the ordinance authorizing the issuance
of the Refunded Bonds, the Village by the Board does herebv make provision for the payment of
and does hereby call (subject only to the delivery of the Bonds) the Refunded Bonds for
redemption on their earliest possible and practicable recielmption date, all as provided by the
terns of the Escrow ASneentent.
Section 15. Nora- Arbitraae and Tax- Exemption. One purpose of this Section is to set
forth various facts regarding the Bonds and to establish the expectations of the Board and the
Vtlla?e as to funure events reLardin« he Bonds and tf c ce nr OTICI (1o1 -? f. The _t„n,,.ktion;.
Cf }VC'nantS and r 'preSentatlOns contained. herein and. at the time Or the Closinx r are made on. 1 halt
or the �Y il1aLe £or the benefit of the owner irolu tithe to innc tit the Bonds. to addition. to
providing the c rt fications, covenants and representations Contained herein, the Village hereby
anis that %i. will not like ;t.:i j
hereinafter defined Code or would otherwise cause the interest on the Bonds to be included in the
b oss income of the recipients thereof for federal income tax purposes. The Village
acknowledges that, in the event of an examination by the Internal Revenue Service (the `IRS ")
of the exemption from federal income taxation for interest paid on the Bonds, under present
rules, the Village may be treated as a "taxpayer" in such examination and agrees that it will
respond in a commercially reasonable manner to any inquiries from the IRS in connection with
such an examination. The Board and the Village certify, covenant and represent as follows:
1.1. Definitions. In addition to such other words and terms used and defined in
this Ordinance, the following words and terms used in this Section shall have the
following meanings unless, in either case, the context or use clearly indicates another or
different meaning is intended:
'Affiliated Person' means any Person that (a) at any time during the six months
prior to the execution and delivery of the Bonds, (i) has more than five percent of the
voting power of the governing body of the Village in the aggregate vested in its directors,
officers, owners, and employees or, (ii) has more Than five percent of the voting power of
its governing body in the aggregate vested in directors, officers, board members or
employees of the Village or (b) during the one -year period beginning six months prior to
the execution and delivery of the Bonds, (i) the composition of the governing body of
which is modified or established to reflect (directly or indirectly) representation of the
interests of the Village (or there is an agreement, understanding, or arrangement relating
to such a modification or establishment during that one -year period) or (ii) the
composition of the governing body of the Village is modified or established to reflect
(directly or indirectly) representation of the interests of such Person (or there is an
a(Treement, understanding, or arrangement relating to su. ^,h a n;odification or
establishment during that one -year period).
`Bond Counsel ° means Chapman and CUder T i 1 or any other nationally
recognized film of attorneys experienced in he field of municipal bonds whose opinions
are generally accepted by purchasers of municipal bonds.
�]7: ndi;7ures'' means Cests o 1 � ✓13e that would. he properi v chargeable
to a capital account under the Code (or would be so chargeable with a proper election)
under federal in onle tax principles if the Village were treated as a corporation subject to
federal income taxation,
taking IE1t0 account the definition (1I P laced- iIi- SeI'Viee set lorth.
herein
"Closing" means the first date on which the Village is receiving the purchase
Price for the Bonds.
-'J
"Code "means the Internal Revenue Code of 1986, as amended.
"Commingled Fund" means any fund or account containing both Gross Proceeds
and an amount in excess of $25,000 that are not Gross Proceeds if the amounts in the
fund or account are invested and accounted for, collectively, without regard to the source
of funds deposited in the fund or account. An open -ended regulated investment company
under Section 851 of the Code is not a. Commingled Fund.
"Control" means the possession, directly or indirectly through others, of either of
the following discretionary and non - ministerial rights or powers over another entity:
(a) to approve and to remove without cause a controlling portion of
the governing body of a Controlled Entity; or
o i to require the use of funds or assets of a Controlled Fmity for any
purpose.
"Controlled Entity" means any entity or one of a group of entities that is subject
to Control by a Controlling Entity or group of Controlling Entities.
"Controlled Group" means a group of entities directly or indirectly subject to
Control by the same entity or group of entities, including the entity that has Control of the
other entities.
"Gout oiling EntzOr" means any entity or one of a group of entities directly or
indirectly having Control of any entities or (roLip of cut; ties.
"Costs oj'Issuance" means the costs of issuing the Bonds, including underwriters'
discount and legal fees, but not including the fees for the Credit Facility descr bed in
paragraph 5.8 hereof.
L reala Fjlel rl Y" means the munlcilmd bond insurance }polio/ issued 10-71 ie Credit.
Facility Provider.
"Cl I-edit z CiIII FrDIrUeY n1edLS the insurance company, tt any. alsaring the
payment of all or a portion of the principai of and interest on the Bonus.
"De rnzninais .4rnount 0/ Or:('rinal h�sue Discount or 'r e.rn um " means vtth respect
to an obligation 1a) any on renal issue ,.t,. >U:Iln it" r e3i�lUni. that does no, C t—od t',i✓C
percent of the stated redemption price at maturity of the Bouds plus (b) any oTngnlal issue
premium that is attributable exclusively to reasonable underwriters compensation.
"Escrow Account" means the account established pursuant to the Escrow
Aereernent.
E:rerow,4gem" means the escrow agent under the Escrow Agreement.
_pd_
"Escrow Agreement" means the agreement between the Escrow Agent and the
Village providing for the deposit in trust of certain Government Securities for the purpose
of refunding in advance of maturity the Refunded Bonds.
"External Commingled Fund" means a Commingled Fund in which the Village
and all members of the same Controlled Group as the Village own, in the aggregate, not
more than ten percent of the beneficial interests.
" GIC" means (a) any investment that has specifically negotiated withdrawal or
reinvestment provisions and a specifically negotiated interest rate and (b) any agreement
to supply investments on two or more future dates (e.g., a forward supply contract).
"Government Securities" means the obligations held and to he held under the
Escrow Agreement.
"Gross Proceeds" means amounts in the Bond Fund, the Escrow Account and the
Project Fund.
"Net Sale Proceeds" ;means amounts actually or constructively received from the
sale of the Bonds reduced by any such amounts that are deposited in a reasonably
required reserve or replacement fund for the Bonds.
"Person ° means any entity with standing to be sued or to sue, including any
natural person, corporation, body politic. vovernmentai unit, agency, authority,
partnership, trust, estate, association, company, or ggoup of any of the above.
"Placed -in- Service" means the date on which, based on all facts and
circumstances (a) a facility has reached a degree of completion that would permit its
operation at substantially its design level and (b) the facility is, in fact, in operation at
such level.
" Prior
Bond
Fund"
means the fund or funds
established in connection with the
issuance of the
Prior
Bonds
to pay the debt service on
the Prior Bonds.
"Psi ^tor Bond Proceeds" means amounts actually or constructively received from
he sale of the Refunded Bonds and all other amounts properly treated as gross proceeds
of the Refunded Bonds under the Regulations, including (a) amounts used to pay
underwriters' discount or compensation and accrued interest, other than accrued interest
or a period not greater than one vear before 'the Refunded bonds wer.° is7suc i but oniv it
it is to be paid within one year after the Refunded Bonds were issued and (b) aanounts
derived from the sale of any right that is part of the terms of a Refunded Bond or is
otherwise associated with a. Refunded Bond (e.g., a redemption right).
"Prior Bonds" means the Village's outstanding issues being refunded by the
Bonds, as more particularly described in the preambles hereof.
"Prior Project" means the facilities % arced, directly or uidirectly with the
proceeds of the Prior Bonds.
"Private Business Use" means any use of the Project or the Prior Project by any
Person other than a state or local government unit, including as a result of (i) ownership,
(ii) actual or benencial use pursuant to a lease or a management, service, incentive
payment, research or output contract or (iii) any other similar arrangement, agreement or
understanding, whether written or oral, except for use of the Project or the Prior Project
on the same basis as the general public. Private Business Use includes any formal or
informal arrangement with any person other than a state or local govenmental unit that
conveys special legal entitlements to any portion of the Project or the Prior Project that is
available for use by the general public or that conveys to any person other than a state or
local governmental unit any special economic benefit with respect to any portion of the
Project or the Prior Project that is not available for use by the general public.
"Project Portion of the Bonds "means that portion of the Bonds to be used for the
Project.
"Oualif ed Ad7vini,strative Costs of InvesiMents" means (a) reasonable, direct
administrative costs (other than carrying costs) such as separately stated brokerage or
selling commissions but not legal and accounting fees, recordkeeping, custody and
similar costs; or (b) all reasonable administrative costs, direct or indirect, incurred by a
publicly offered regulated investinent company or an External Commingled Fund.
"Oualified pax Exempt Obligations" means (a) any obligation described in
Section 103(a) of the Code, the interest on which is excludable from gross income of the
owner thereof for federal income tax purposes and is not an item of t x preference for
Purposes of the alternative minimum tax unposed by Section 55 of the Code; (b) an
interest in a regulated investment company to the extent that at least ninety -five percent
of the income to the holder of the interest is interest which is excludable from gross
income under Section 103 of the Code of any owner- thereof for federal income tax
lllr Osc and. is not an neril of ?ice pre ference for" purposes of the alternative mimmurn t
imposed by Section 55 of the Code. and (c) certificates of indebtedness issued bv 'Lill e
United States i reasury pursuant to the Demand Deposit State and Local Government
Series program described in 31 C.F.R. pt. 344.
"Rebate Fund" means the band, if any, identified and defined in paragraph 4.2
herein.
"Rebate Provisions" means the rebate requirements contained in Section 14S(f
of the Code and in the Regulations.
Refunded Bonds" means those cerf-ain Prior Bonds being refunded by the Bands.
"Refunding Portion of the Bonds" means that portion of the Bonds to be used for
the refunding of the Refunded Bonds.
?P-
Regulations" means United States "Treasury Regulations dealing with the
tax - exempt bond provisions of the Code.
"Reimbursed Expenditures" means expenditures of the Village paid prior to
Closing to which Sale Proceeds or investment earnings thereon are or will be allocated.
"Reserve Portion of the Bond Fund" means the portion of the Bond Fund funded
in excess of the amount of debt service payable each year.
"Sale Proceeds" means amounts actually or constructively received from the sale
of the Bonds, including (a) amounts used to pay underwriters' discount or compensation
and accrued interest, other than accrued interest for a period not greater than one year
before Closing but only if it is to be paid within one year after Closing and (b) amounts
derived from the sale of any ria t that is part of the terns of a Bond or is otherwise
associated with a Bond (e- (r, a redemption right).
"Transferred Proceeds" means amounts actually or constructively received from
the sale of the Prior Bonds, plus investment earnings thereon, which have not been spent
prior to the date principal on the Refunded Bonds is discharged by the Refunding Portion
of the Bonds.
"Yield" means that discount rate which when
of all payments of principal and interest paid and
semiannual compounding on the basis of a 360 -day
the obligation's purchase price (or in the case of the
in pa-agraph 5.1 hereof), including accrued interest.
used in computing the present value
to be paid on an obligation (using
year) produces an amount equal to
Bonds, the issue price as established
"field Reduction Payment " means a rebate payment or any other amount paid to
the United States in the same manner as rebate amounts are required to be paid or at such
other time or in such manner as the IRS may prescribe that will be treated as a reduction
in Yield of an investment under the Regulations.
3 I Purpose (f the Bonds. The Bonds are being issued solely and exclusively
to finance the Project and to refund in advance of maturity the Refunded Bonds, each in a.
prudent manner consistent with the revenue needs of the Villavc. A breakdown of the
sources and uses of funds is set forth in the preceding Section of this Ordinance. Except
to pay the Refunded Bonds and except for any accrued interest on the Bonds used to pay
first interest due on the Bonds, no proceeds of the Bonds will be used more than 30 days
after *he date of issue o: ti.e Bands fc r tl.c purt,ose of Paying any pr .Cipai (it ,merest oil
any issue of bonds, notes, earn ficates or warrants or on aiy installment contract or other
obligation of the Village or for the purpose of replacing any funds of the Village used for
such purpose.
2.2. The Project — Binding Commitment and Timing. ?he Village has
incurred or will, within six months of the Closing, incur a substantial binding obligation
(not subject to contingencies within the control of the Village or any member of the same
-29-
Controlled Group as the Village) to a third party to expend at least five percent of the Fret
Sale Proceeds of the Project Portion of the Bonds on the Project. It is expected that the
work of acquiring and constructing the Project and the expenditure of amounts deposited
into the Project Fund will continue to proceed with due diligence through February 15,
2018, at which time it is anticipated that all Sale Proceeds of the Project Portion of the
Bonds and investment earnings thereon will have been spent.
?.3. Reimbursement. With respect to expenditures for the Project paid within
the 60 day period ending on this date and with respect to which no declaration of intent
was previously made, the Village hereby declares its intent to reimburse such
expenditures and hereby allocates Sale Proceeds in the amount indicated in the
Treasurer's Receipt to be delivered in connection with the issuance of the Bonds to
reimburse said expenditures. Otherwise, none of the Sale Proceeds or investment
earnings thereon will be used for Reimbursed Expenditures.
2.4. TfV )r^king Capital. All Sale Proceeds and investment earnings thereon will
be used, directly or indirectly, to finance Capital Expenditures or to nay principal of,
interest on and redemption premium, if any on the Refunded Bonds, other titan the
following:
(a? an amount not to exceed five percent of the Sale Proceeds of the
Project Portion of the Bonds for working capital expenditures directly related to
Capital Expenditures financed by the Project;
(b) payments of interest on the Bonds to the extent allocable to the
Project Portion of the Bonds for a period commencing at Closing and ending on
the later of the date three years after Closing or one year after the date on which
the 'Project is Placed -in- Service and interest on the Bonds to the extent allocable
to the Refunding Portion of the Bonds for the period commencing at Closing and
ending on the date one year after the date on which the Prior Project is Placed -in-
Service:
C) Costs of lssuanee and Qualified Administrative Costs of
Investments:
(d) payments of rebate or Yield Reduction Payments made to the
United States under the Regulations,
\'e) princirlal ) fir nt-resi on tile, Bonds paid. from uncvpec tr i 1-11` 5
Sate Proceeds and investment: earnings thereon;
investment earnings that are commingled with substantial other
revenues and are expected to be allocated to expenditures within six months; and
(g) fees for the Credit Facility.
_dd_
Consequences of Contrary L'xpenditure. The Village acla.owledges that if
Sale Proceeds and investment earnings thereon are spent for non- Capitai Expenditures
other than as permitted by paragraph 2.4 hereof, a like amount of then available funds of
the Village will be treated as unspent Sale Proceeds.
2.6. Payments to Pillage or Related Persons. The Village acknowledges that if
Sate Proceeds or investment earnings thereon are transferred to or paid to the Village or
any member of the same Controlled Group as the Villaae, those anounts will not be
treated as having been spent for federal income tax purposes. However, Sale Proceeds or
investment earnings thereon will be allocated to expenditures for federal income tax
purposes if the Village uses such amounts to reimburse itself for amounts paid to persons
other than the Village or any member of the same Controlled Group as the V11age,
provided that the original expenditures were paid on or after Closing or are permitted
under paragraph 23 of this Section, and provided that the original expenditures were not
otherwise paid out of Sale Proceeds or investment earnings thereon or the proceeds of
any other borrowing. In addition, investment earnings may be allocated to expenditures
to the extent provided in paragraph 2.4(f) of this Section. Any Sale Proceeds or
investment earnings thereon that are transf ned to or paid to the Village or any member
of the same Controlled Group as the Village will remain Sale Proceeds or investment
earnings thereon, and thus Gross Proceeds, until such amounts are allocated to
expenditures for federal income tax purposes. if the Village does not allocate any such
amounts to expenditures for the Project or other expenditures permitter) under this
Ordinance, any such amounts will be allocated for federal income tax purposes io the
next expenditures, not otherwise paid out of Sale Proceeds or investment earnings
thereon or the proceeds of any other borrowing, for interest on the Bonds prior to the later
of the date three years after Closing or one year after the date on which the Project is
Placed -in- Service. The Village will consistently follow this accounting method for
federal income tax purposes.
2.7. lnvestn2ent U/ Bond Proceeds, Not more than 50% of the Sale Proceeds of
the Proieet Portion of the Bonds and investment earnings thereon are of will be invested
in investments (other than .qualified r MDIpt Obligations) having a .Meld that is
substantially (maranteed for four years or more. No portion of the Bonds is being issued
solely for the purpose of investing a portion of Sale Proceeds or investment eannnn"
thereon at a Yield higher than the y'ieid on the Bonds.
It is expected that flw Sale Proceeds deposited into the Project Fund, including
investment earnings on the Project Fund, will be spent to ,say costs of the Project and
interest on the Bonds not 1st , nan d3c dat„ set Sohn in paragraph 2.2 he °,o (. th;
nvestneat earnings on the Bond Fund will be spent to pay niter, on the Bonds, or to,
the extent permitted by law, investment earnings on amounts in the Project Pond and the
Bond Fund will be commingled with substantial revenues mom the Governmental
operations or the Village, and the earnings are reasonably expected to be spent for
govermnentai purposes within six months of the date earned. Interest earnings on the
Project Fund and the Bond Fund have not been cannarked or restricted by the Board for a
designated purpose.
31-
2.8. No Grants. None of the Sale Proceeds or investment earnings thereon will
I e used to make grants to any person.
2.9. Hedges. Neither the Village nor any member of the same Controlled
Group as the Village has entered into or expects to enter into any hedge (e.g., an interest
rate swap, interest rate cap, futures contract, forward contract or an option) with respect
to the Bonds or the Prior Bonds. The Village acknowledges that any such hedge could
affect, among other things, the -calculation of Bond Yield under the Regulations. 'The IRS
could recalculate Bond Yield if the failure to accotmt for the hedge fails to clearly reflect
the economic substance of the transaction.
The Village also acknowledges that if it acquires a hedging contract with an
investment element (including e.g., an off - market swap agreement, or any cap agreement
for which all or a portion of the premium is paid at, or before the effective date of the cap
a(UTreement), then a portion of such hedging contract may be treated as an investment of
Gross Proceeds of the Bonds, and be subject to the fain market purchase price rules,
rebate and yield restriction. The Village agrees not to use proceeds of the Bonds to pay
for any such hedging contract in whole or m part. The Village also agrees that it will not
give any assurances to any Bond holder. the Credit Facility Provider, or any other credit
or liquidity enhancer with respect to the Bonds that any such hedging contact will be
entered into or maintained. The Village recognizes that if a portion of a hedging contract
is determined to be an investment of gross proceeds, such portion may not be fairly
priced even if the hedging contact as a whole is fairly priced.
2.10. IRS Audirs% The IRS has not contacted the Village regarding the Prior
Bonds or any other obligations issued by or on behalf of the Village. To the best of the
knowledge of the Village, no such obligations of the Village are currently under
examination by the IRS.
?1. Abusive
Controlled Group as
payments. having beer,
refunding of the Refur
Transaciions. Neither the Village nor any member of the same
the Village will receive a rebate or credit restating from any
made n connection with the issuance of the Bor ds the advance
ded Bonds.
,-roc(TCls. !_a) Tlne use o{ the Salle proceeds and in4v°stnnent
earnings thereon and the funds held under this Ordinance at the time of Closing are
described in the preceding Section of this Ordinance. i o Sale Proceeds and no
investment earnings thereon will be used to pre -pay for goods or services to be received
}ver a pe_rbd Ot ,.:.us i�� i6r �O the ilaT gu.C,rl rCiV:i.S .,A services i;'e fL7.� reC4l 'd, eXCe;?t
for any payment to the Credit Facility Provider. Igo Sale Proceeds and no investment
earnings thereon will be used to pay for or otherwise acquire goods or services from the
Village, any member of the same Controlled E roue as the Village. or an Affiliated
Person.
_;2
(h) Only
the funds and accounts
described
in said Section will be funded at
Closing. There are
no other funds or accounts created
under this Ordinance, other than
the Rebate Fund if it
is created as provided in
paragraph
4.2 hereof.
(c) Principal of and interest on the Bonds will be paid from the Bond Fund.
(d) Any Costs of Issuance incurred in connection with the issuance of the
Bonds to be paid by the Village will be paid at the time of Closing.
(e, The costs of the Project will be paid from the Project Fund and no other
moneys (except for investment earnings on amounts in the Project Fund) are expected to
be deposited therein.
(f) The Bonds will be allocated between the Refunding Portion of the Bonds
and the Project Portion of the Bonds based on the percentages of the issue price allocable
to each portion. Allocation of specific maturities to each portion will be made at such
time as is necessary.
3.2. Purpose of Bond Fund. The Bond Fund (other than the Reserve Portion of
the Bond Fund) will be used primarily to achieve a proper matching of revenues and
earnings with principal and interest payments on the Bonds in each bond year. It is
expected that the Bond Fund (other than the Reserve Portion of the Bond Fund) will be
depleted at least once a year, except for a reasonable cant' over arnount not to exceed the
greater of (a) the earnings on the investment- of moneys in the Bond Fund (other than the
Reserve Portion of the Bond Fund) for the immediately preceding bond year or (b) 1/12th
of the principal and interest payments on the Bonds for the immediately preceding bond
year.
The Village will levy taxes to produce an amount sufficient to pay all principal of
and interest on the Bonds in each bond year. To minimizc the likelihood of an
insufficiency, the amount extended to pay the Bonds may in most years be in excess of
the amount required to pay principal and interest within one year of collection. This
over - collection (if any) may cause the Bond Fund as a whole to fail to function as a bona
Fide debt service fund. Nevertheless, except for the Reserve Portion of the Bond Fund.
the Bond Fund will be depleted each year as described above. The Reserve Portion of the
Bond Fund will constitute a separate account not treated as part of the bona fide debt
service fund. The Reserve Portion of the Bond Fund is subject to yield restriction
requirements except as it may otherwise be excepted as provided in 5.2 below. it is also
subject to rebate requirernents.
3.3. The Prior Bonds. (a) As of the earlier of (i) the time of the Closing or
(ii) the date three years after the Prior Bonds were issued, all Prior Bond Proceeds;
including investment earnings thereon, were completely spent to pay the costs of Capital
Expenditures.
-33-
I
b) As of the date hereof. no Prior Bond Proceeds or money or property of any
kind (including cash) is on deposit in any fund or account, regardless of where herd or the
source thereof, with respect to the Prior Bonds or any credit enhancement or liquidity
device relating to the foregoing, or is otherwise restricted to pay the Village's obligations
other than amounts on deposit in the Escrow Account.
(c) The Prior Bond Fund was used primarily to achieve a proper matching of
revenues and earnings with principal and interest payments on the Prior Bonds in each
bond year. The Prior Bond Fund was depleted at least once a year, except for a
reasonable carry over amount not to exceed the greater of (i) the earnings on the
investment of moneys in such account for the immediately preceding bond year or
(ii) one - twelfth (1 /12th) of the principal and interest payments on the Prior Bonds.
(d) At the time the Prior Bonds were issued, the Village reasonably expected
to spend at least 85% of the proceeds (including investment earnings) of the Prior Bonds
to be used for non - refunding purposes for such purposes within three years of the date the
Prior Bonds were issued and such proceeds were so spent. Not more than 50 °/, of the
proceeds of the Prior Bonds to be used for non - refunding purposes was invested in
investments having a substantially guaranteed Yield for four years or more.
(e) The Refunded Bonds subject to redemption prior to maturity will be called
on the first optional redemption date of the Refunded Bonds.
(f) The Refunded Bonds do not include, directly or indirectly in a series, any
advance refundim< oblir ations.
(g) The Vlla(lye has not been notified that the Prior Bonds are under
examination by the IRS, and to the best of the Villages knowledge the Prior Bonds are
not under examination by the IRS.
(h) The Village ackn
the i or Bonds Inay lie required
and ; ii; the final rebate is due 60
}w} edges that (i) the final rebate payment with respect to
to be made- sooner than if the refunding had not occurred
days after the Prior Bonds are paid in fu21.
3.4. E ;crop- Account, 'a) The Escrow Account will be funded at the
Closing.
(b) The uninvested cash and anticipated receipts from the Government
:;nT1 t;. , ?r. , eprosiv IM the �'Scm)VV ACCount, without regartx w any emv stm ent tilcreot,
Will be sufficient to pay, when due, principal and interest on the Refunded Bands as such
become due and payable and to redeem the outstanding principal aanount of any callable
Refunded Bonds on the first optional redemption date of such callable Refunded Bonds,
at the applicable redemption price thereof.
(c) Any moneys remaining on deposit in the Escrow Account upon the final
disbursement of funds sufficient to pay principal and interest of the Refunded Bonds shall
-34-
be transferred by the Escrow Agent to the Bond Fund to be used to pay interest on the
Bonds.
3.5. No Other Gross Proceeds. (a) Except for the Bond Fund and the Project
Fund, and except for investment earnings that have been co - mungled as described in
paragraph 2.6 and any credit enhancement or liquidity device related to the Bonds, after
the issuance of the Bonds, neither the Village nor any member of the same Controlled
Group as the Village has or will have any property, including cash, securities or any other
property held as a passive vehicle for the production of income or for investment
proposes, that constitutes:
(i) Sale Proceeds;
(ii) amounts in any fund or account with respect to the Bonds (other
than the Rebate Fund);
Transferred Proceeds;
(iv) amounts that have a sufficiently direct nexus to the Bonds or to the
governmental purpose of the Bonds to conclude that the amounts would have
L used for that governmental purpose if the Bonds were not used or to be used
for that governmental propose (the mere availability or preliminary earmarking of
such amounts for a governmental purpose, however, does not itself establish such
a sufficient nexus);
(v) amounts in a debt service fund, redemption fund, reserve fund,
replacement fund or any similar nmd to the extent reasonably expected to be used
directly or indirectly to pay principal of or interest on the Bonds or any amounts
for which there is provided, directly or indirectly, a reasonable assurance that the
amount will be available to pay principal of or interest on the Bonds or any
Obligations under any credit enhancement or liquidity device with respect to the
Bonds, even if the Village encounters financial difficulties:
vi) any amounts held pursuant to any agreement (such as an agreement
to maintain certain levels of types of assets) made for the benefit of the
Bondholders or any credit enhancement provider, including any liquidity device
or negative pledge (e.g.. any amount pledged to pay principal of or interest on an
issue held under an agreement to maintain the amount at a particular level for the
itir C% of indIi'ect benefit Of hOldcr o, the Bonds or a. f_'uaramo of the Bonds }: or
(vii) amounts
actually
or constructively
received from the investment
and reinvestment of the
amounts
described in (i) or
(ii) above.
(b) No compensating balance,
liquidity account,
negative
pledge of
property
held for investment purposes required to
be maintained at
least at a
particular-
level or
similar arrangement exists with respect to, in any way, the Bonds or any credit
enhancement or liquidity device related to the Bonds,
(c) One hundred twenty percent of the average reasonably expected economic
life of the Project is at least ten years, and 120 percent of the average reasonably expected .
remaining economic life of the Prior Project is at least ten years. The weighted average
maturity of the Bonds does not exceed ten years and does not exceed 120 percent of the
average reasonably expected economic life of the Project or the Prior Project. The
maturity schedule of the Bonds (the "Principal Papinem Schedule "j is based on an
analysis of revenues expected to be available to pay debt service on the Bonds. The
Principal Payment Schedule is not -more rapid (i.e., having a lower average maturity)
because a more rapid schedule would place an undue burden on tax rates and cause such
rates to be increased beyond prudent levels, and would be inconsistent with the
governmental purpose of the Bonds as set forth in paragraph 2.1 hereof.
3.0. Final Allocation ofProceeds. Subject to the requirements of this Section,
including those concerning working capital expenditures in paragraph 2.4, the Village
may generally use any reasonable, consistently applied accounting method to account for
Gross Proceeds, investments thereon, and expenditures. The Village must account for the
final allocation of proceeds of the Project Portion of the Bonds to expenditures not later
than 18 months after the later of the date the expenditure is paid or the date the property
with respect to which the expenditure is made is Placed -in- Service. This allocation must
be made in any event by the date 60 days after the fifth anniversary of tlse issue date of
the Bonds or the date 60 days after the retirement of the Bonds, if earlier.
Reasonable accounting :methods for allocating funds inchme any of the following
methods if consistently applied: a specific tracing method; a Gross Proceeds spent first
method; a first -in, fast -out method; or a ratable allocation method. i he Village may also
reallocate proceeds of the Bonds ftom one expenditure to another until the end of the
period for final allocation. discussed above. Unless the Village has taken an action to use
a different allocation method by the end of the period for a 'final allocat on, proceeds of
e Bonds will lab treated as allocated to expenditures using the specific tracing method.
4.I. Compliance with Rebate Provisions. The Village covenants to take such
actions and make, or cause to be olade, all calculations, transfers and payments that may
be necessary to comply with the Rebate Provisions applicable to the Bonds. The Village
will make, or cause to be made, rebate payments with respect to the Bonds in accordance
with law.
4.2. Rebate Fund The Village is hereby authorized to create and establish a
special fund to be known as the Rebate Fund (the ''Rebate Fund"), which, if created,
shall be continuously held, invested, expended and accounted for in accordance with this
Ordinance. lvloneys in the =Rebate Fund shall not be considered moneys held for the
benefit of the owners of the Bonds. Except as provided in the Regulations, moneys in the
Rebate Fund (including earnings and deposits therein) shall be held in trust for payment
36-
to the United States as requited by the Rebate Provisions and by the Reaulations and as
contemplated under the provisions of this Ordinance.
4.3, Records. The Village agrees to keep and retain or cause to be kept and
retained for the period described in paragraph 7.9 adequate records with respect to the
investment of all Gross Proceeds and amounts in the Rebate Fund. Such records shall
include: (a) purchase price; (b) purchase date; (c) type of investment; (d) accrued interest
paid; (e) interest rate; (f) principal amount: (g) maturity date; (h) interest payment date;
(i) date of liquidation; and (j) receipt upon liquidation.
If any investment becomes Gross Proceeds on a date other than the date such
investment is purchased, the records required to be kept shall include the fair market
value of such investment on the date it becomes Gross Proceeds. If any investment is
retained after the date the last Bond is retired, the records required to be kept shall
include the fair market value of such investment on the date the last Mond is retired.
Amounts or investments will be segregated whenever necessary to maintain these
records.
4.4. Pair Market Value; Certificates of Deposit and Investment Agreements.
The Village will continuously invest all amounts on deposit in the Rebate Fund, together
with the amounts, if any, to be transferred to the Rebate Fund, in any investment
permitted under this Ordinance. In making investments of Gross Proceeds or of aanounts
in the Rebate Fund the Village shall take into account prudent investment standards and
the date on which such moneys may be needed. Except as provided in the next sentence,
all amounts that constitute Gross Proceeds and all amounts in the Rebate Fund shall be
invested at all times to the grreatest extent practicable, and no amounts may be held as
cash or be invested in zero yield invesunents other than obligations of the United States
purchased directly from the United States. In the event moneys cannot be invested, other
Chart as provided in this sentence dine to the denomination, price or availability of
investments, the amounts shall be invested in an interest bearing deposit of a bank with a
yield not less than that paid to the general public or held uninvested to the minimum
extent necessary.
Gross Proceeds and any amounts in the Rebate Fund that are invested in
certificates of deposit or in GICs shall be invested only in accordance with the followin o
provisions:
(a) investments in cerificates of deposit of banks or savings and loan
associations That it ive a iixed interest rate, fixed payment schedule,, alld
substantial penalties for early withdrawal shall be made only if either (i) the Yield
on the certincate of deposit (A) is not less than the Yield on reasonably
comparable direct obligations of the United States and (B) is not less than the
highest Yield that is published or posted by the provider to be currently availaole
from file provider on reasonably comparable certificates of deposit offered to the
public or (ii) the investment is an investment in a GIC and qualifies under
paragraph (b) below.
-37-
(b) Investments in GICs shall be made only if
(i) the bid specifications are in writing, include all material
terms of the bid and are timely forwarded to potential providers (a term is
material if it may directly or indirectly affect the yield on the GIC);
(ii) the terms of the bid specifications are commercially
reasonable (a term is commercially reasonable if there is a leaifirnate
business purpose for the term other than to reduce the yield on the GIC);
(iii) all bidders for the GIC have equal opportunity to bid so
that, for example, no bidder is given the opportunity to review other bids
(a last look) before bidding;
(iv) any agent used to conduct the bidding for the GIC does not
bid to provide the GIC;
(v) at !cast three of the providers solicited for bids for the GIC
are reasonably competitive providers of investments of the type purchased
(i.e., uroviders that have established industry reputations as competitive
providers of the t)Zae of investments being purchased);
(vi' ) at least three of the entities that submit a bid do not have a
financial interest in the Bonds;
(vii) at least one of the entities that provided a bid is a
reasonably competitive provider that does not have a financial interest in
the Bonds;
(viii) the bid specifications include a statement notifying
potential providers that submission of a bid is a representation that the
potential . provider did not consult with anv other provider about its bid,
that th e bid was Bete an-ined without regard to any other formal or informal
ag=reement that the potential provider lies with the Viliaee or any other
person (whether or not in connection with the Bonds; and that the bid iS
not being submitted solely as a courtesy to the Village or any other person
for proposes of satisfying the federal income tax requirements relating to
the bidding for the €:IC';
(ix) the detcmiination of the terms of the GIC takes into
account file reasonabiv expected deposit and drawdown schedule for the
amounts to be invested;
(x) the highest - yielding GIC for which a qualifying bid is made
(detemnined net of broker's tees) is in fact purchased; and
(xi) the obligor on the GIC certifies the administrative costs that
it is paying or erects to 'pay to third parties in connection with the GIC.
(c) If a GIC is purchased, the Village will retain the following records
with its bond documents until three years after the Bonds are redeemed in their
entirety:
a copy of the GIC;
(ii) the receipt or other record of the amount actually paid for
the GIC, including a record of any administrative costs paid, and the
certification under subparagraph (b)(xi) of this paragraph;
(iii) for each bid that is submitted, the name of the person and
entity submitting the bid, the time and date of the bid, and the bid results;
and
(iv) the bid solicitation form and, if the terms of the GIC
deviated from the bid solicitation form or a submitted bid is modified, a
brief statement explaining the deviation and stating the purpose for the
deviation.
Moneys to be rebated to the United States shall be invested to mature on or prior
to the anticipated rebate payment date. All investments made with Gross Proceeds or
amounts in the Rebate Fund shall be bought and sold at fair market value. Tine fair
market value of an investment is the price at which a willing buyer would purchase the
investment from a willing seller in a bona fide, arn's length transaction. Except for
investments specifically described in this Section and United States Treasury obligations
that are purchased directly from the United States Treasury, only investments that are
traded on an established securities market:, within the meaning of regnilat ors promulgated
under Section 1273 of the Code, will be purchased with Gross Proceeds, hn general, an
" eslablished securities market includes: (ill properly that is 'listed on a national securhies
exchange, an interdealer quotation systein or certain foreign exchanges; (ii) property that
is traded on a Commodities Futures Trading Commission designated board of trade or an
interbank nnarket; (iii) property that appears on a quotation medium: and (iv) property ',or
which price quotations are readily available from dealers and brokers. A debt instrument
is not treated as traded on an established market solely because it is convertible into
property which is so traded.
An investment of Gross Proceeds in an External Commingled Fund shall be made
only to the extent that such investment is made without an intent to reduce the amount to
be rebated to the United States Government or to create a smaller profit or a larger loss
than would have resulted if the transaction had been at arm's length and had the rebate or
Yield restriction requirements not been relevant to the Village. An investment of Gross
Proceeds shall be made in a Commingled Fund other than an External Commingled Fund
39-
only if the investments made by such Commingled Fund satisfy the provisions of this
paragraph.
A single investment, or multiple investments awarded to a provider based on a
single bid may not be used for funds subject to different rules relating to rebate or yield
restriction.
The foregoing provisions of this paragraph
the Regulations relating to the valuation of certain
provisions of this paragraph are contained herein
has covenanted not to take any action to adverse
interest on the Bonds. The Village will contact
comply with the provisions of this paragraph and
safe harbors provided herein.
satisfy various safe harbors set forth in
types of investments. The safe harbor
for the protection of the Village, who
Jv affect the tax- exempt status of the
Bond Counsel if it does not wish to
forego the protection provided by the
4.5. Arbitrage E'Ieciions. The Village hereby waives its right to invest Sale
Proceeds of the Bonds and investment earnings thereon in the Escrow Account in
investments with Yields higher than Bond Yield. The President, Village Clerk and
Village Treasurer of the Village are hereby authorized to execute one or more elections
regarding certain matters with respect to arbitrage.
5.1. Issue Price. For purposes of determining the Yield on the Bonds, line
purchase price of the Bonds is equal to the first offering price Oneluding accrued interest}
at which the Purchaser reasonably expected to sell at least ten percent of the principal
amount of each maturity of the Bonds to the public (excluding bond houses, brokers or
similar persons or organizations acting in the capacity of underwriters, placement agents
or wholesalers). All of the Bonds have been the subject of a bona fide initial offering to
the public (excluding bond houses, brokers, or similar persons or organizations acting in
the capacity of underwriters, placement agents or wholesalers) at prices equal to those set
far th in the Official Statement. Based upon prevailing market conditions, such prices are
not less than the fair market value of each Bond as of the save date for the Bonds.
Pield Limits. Except as provided a paragraph (al or (b ), all Gross
Proceeds shall be invested at market prices and at a Yield (after taking into account any
Yield Reduction. Pavmentsj not in . oxc ss of the Yield on the Bonds, plus, lfonly amoums
in the Project Fund, are subject to this yield limitation, 1 /8ffi of one percent.
The following may be invested without `field restriction:
(a)(i) amounts on deposit in the ?Bond fund (excel) or capitalized
interest and any Reserve Portion of the Bond Fund) that have not been on deposit
under the Ordinance for more than 13 months. so long as the Bond _vend (other
than the Reserve Portion of the Bond Fund) continues to qualify as a bona fide
debt service fund as described in paragraph 3.2 hereof;
_40-
(ii) amounts on deposit in the Project fund that are reasonably_
expected to pay for the costs of the Project, costs of issuance of the Bonds, or
interest on the Bonds during the three year period beginning on the date of issue
of the Bonds prior to three years after Closing;
(iii) amounts in the Bond Fund to be used to pay capitalized interest on
the Project Portion of the Bonds prior to the earlier of three years after Closing or
the payment of all capitalized interest;
(b)(i) An amount not to exceed the lesser of $100,000 or five percent of
the Sale Proceeds;
(ii) amounts invested in Qualified Tax Exempt Obligations (to the
extent permitted by law and this Ordinance);
amounts in the Rebate Fund;
(iv) all amounts other than Sale Proceeds for the first 30 days after they
become Gross Proceeds; and
(v) all amounts derived from the investment of Sale Proceeds or
investment earnings thereon other than those on deposit in the Escrow Account
for a period of one year from the date received.
S. �. Kield Limits on Prior bond Proceeds. Except for an amount not to exceed
the lesser of $100,000 or five percent of Prior Bond Proceeds, the Village aciimowiedges
that all Prior Bond Proceeds must be invested at market prices and at a Yield not in
excess of the Yield on the Prior Bonds.
5.4. Continuing Nature of Yield Limits. Except as provided in paragraph 7.10
hereof, once moneys are subject to the Yield limits of paragraph 5.2 hereof, such moneys
remain 'field Tes-M tied anti: they cease to be Gross Proceeds.
5 `e. Federal Guarantees. Except for investments meeting the requirements of
Para ph 5.2(a} hereof and except for investments in the Escrow Account, investments
of Gross Proceeds shall not be made in (a) investments constituting obligations of or
guaranteed, directly or indirectly, by the United States (except obligations of the United
States Treasury or investments in obligations issued pursuant to Section 21B(d)(3) of the
7eoeral ti<inle iodl; BaniC, as amended (F, fcolla Sirens)); or (b) feae all; insured
deposits or accounts (as defined in Section 149(b)(4)(B) of the Code). Except as
otherwise permitted in the immediately prior sentence and in the Reglnlations, no portion
of [lie payment of principal or interest on the Bonds or any credit enhancement or
liquidity device relating to the foregoing is or will be guaranteed, directly or indirectly (in
whole or in part), by the United States (or any agency or instrumentality thereof),
including a lease, incentive payment, research or output contract or any similar
arrangement, agreement or understanding with the United States or any agency or
instrumentality thereof. No portion of the Gross Proceeds has been or will be used to
make loans the payment of principal or interest with respect to which is or will be
guaranteed (in whole or in part) by the United States (or any agency or instrumentality
thereof). Neither this paragraph nor paragraph 5.6 hereof applies to any guarantee by the
Federal Housing Administration, the Federal National Mortgage Association, the Federal
Horne Loan Mortgage Corporation, the Government National Mortgage Association, the
Student Loan Marketing Association or the Bonneville Power Administration pursuant to
the Northwest Power Act (16 U.S.C. 839d) as in effect on the date of enactment of the
Tax Reform Act of 19 84.
.6. Investmentsnjier° the Expiration ofTemporary Periods, Etc. Amy amounts
other than amounts in the Escrow Account, that are subject to the yield limitation in
Section 5.2 because Section 5.2(a) is not applicable and amounts not subject to yield
restriction only because they are described in Section 5?(b) cannot be invested in
(i) federally insured deposits or accounts (as defined in Section 149(b)(4)(B) of the Code)
or (ii) investments constituting obligations of or guaranteed, directly or indirectly, by the
United States (except obligations of the United States Treasury or investments in
obligations issued pursuant to Section 21B(d)(3) of the Federal Home Loan Bank Act. as
amended (e.g., Refcorp Strips)).
5.7. Escrow ) I old. The yield on the Goverrmrent Securities purchased with
Sale Proceeds of +due Bonds, taking into account any 'transferred Proceeds, has been
computed by the Purchaser to be not ,greater than the Yield on the Bonds computed by the
Purchaser.
d.s. Treatment of Certain Credit Facility Fees. The fee paid to the Credit
Facility Provider with respect to the Credit Facility may be treated as interest in
computing Bond Yield.
Neither the Village nor any member of the same Controlled Group as the Village
is a Related Person as defined in Section 144(a)(3) of the Code to fihe Credit Facility
Provider. The fee paid to the Credit Facility Provider does not exceed ten percent of the
Sale Proceeds. Other than the fee paid to the Credit Facility Provider, neither the Credit
,r, iity Provider nor any Person who is a Related Person to the Credit Facility Provider
within the meaning of Section 144(x)(3) of' the Code will use any Safe Proceeds or
nvestment eannuigs thereon. 'i ze fee Vaid for the Credit Facility does not exceed a
reasonable, arm's length charge for the transfer of credit risk. The fee does not include
any payment for any direct or indirect services other than the transfer of credit risk.
0.1. Payment and Use vests. (a) No more than five percent of the proceeds of
each issue of the Prior Bonds and investment earnings thereon were used, and no more
than five percent of the Sale Proceeds of the Project Portion of Bonds phis investment
earnings thereon will be used, directly or indirectly, in whole or in part, in any Private
Business Use, The Village acknowledges that, for purposes of the preceding sentence,
Gross Proceeds used to pay costs or issuance and other common costs (such as
capitalized interest and fees paid for a qualified guarantee or qualified hedge) or invested
-42-
in a reserve or replacement fund must be ratably allocated arnong all the purposes for
which Gross Proceeds are being used..
(b) The payment of more than five percent of the principal of or the interest
on the Bonds or on each issue of the Prior Bonds considered separately will not be,
directly or indirectly (i) secured by any interest in (A) property used or to be used in any
Private Business Use or (B) payments in respect of such property or (ii) on a present
value basis, derived from payments (whether or not to the Village or a member of the
same Controlled Group as the Village) in respect of property, or borrowed-money, used
or to be used in any Private Business Use.
(c) No more than the lesser of $5,060,000 or five percent of the sum of the
proceeds of each issue of the Prior Bonds and investment earnings thereon were used,
and no more than the lesser of $5,000,000 or five percent of the sum of `tie Sale Proceeds
of the Project Portion of the Bonds and investment earnings thereon will be used. directly
or indirectly, to make or finance loans to any persons. The Village acknowledges that,
for purposes of the preceding sentence, Gross Proceeds used to pay costs of issuance and
other common costs (such as capitalized interest and fees paid for a qualified guarantee or
qualified hedge) or invested in a reserve or replacement fund must be ratably allocated
among all the purposes for which Gross Proceeds are being used.
(d) No user of the Project or the Prior Project other than a state or local
governmental unit will use more than five percent of such facilities, considered
separately, on any basis other than the same basis as the general public.
6.2. Form 8038 -G. The information contained in the Information Return
for Tax - Exempt Governmental Obligations, Form 8038 -G, is true and complete. The
Village will file Form 8038 -G (and all other required information reporting forms) in a
timely manner.
7.1. Termination, Interest of Village in Rebate Fund. The ternrs and
provisions set forth in this I eror shall terminate at the later of (a) ?5 days after the
Bonds have been fully paid and retired or (b) the date on which all amounts remaining on
deposit in the Rebate Fund, if any, shall have been paid to or upon the order of the United
States and any other payments required to satisfy the Rebate Provisions of fl e Code have
been made to the United states. Notwithstanding the foregoing, the provisions of
paragraphs 4.3, 4.4(c) and 7.4 hereof shall not terminate until the third anniversary of the
date the Bonds are fully paid and retired.
7.?. 8:eparate Issue. Since a date that is 15 days prior to the date of sale of the
Bonds by the Village to `he Purchaser, neither the Village nor any member of the same
Controlled Group as the Village has sold or delivered any tax- exempt obligations other
than the Bonds that are reasonably expected to be paid out of substantially the same
source of funds as the Bonds. Neither the Village nor any member of the same
Controlled Group as the Village will sell or deliver within 15 days after the date of sale of
-43-
the Bonds any tax- exempt obligations other than the Bonds that are reasonably expected
to be paid out of substantially the same source of funds as the Bonds.
7.3. No Sale of the Project or Prior Project. (a) Other than as provided in the
next sentence, neither the Project, the Prior Project nor any portion thereof has been, is
expected to be, or will be sold or otherwise disposed of, in whole or in part, prior to the
earlier of (i) the last date of the reasonably expected economic life to the Village of the
property (determined on the date of issuance of the Bonds) or (ii) the last maturity date of
the Bonds. The Village may dispose of personal property in the ordinary course of an
established government program prior to the earlier of (i) the last date of the reasonably
expected economic life to the Village of the property (determined on the date of issuance
of the Bonds) or (ii) the last maturity of the Bonds, provided: (A) the weighted average
maturity of the Bonds unanchrg the personal property is not greater than 126 percent of
the reasonably expected actual use of that property for governmental purposes; (B) the
Village reasonably expects on the issue date that the fair market value of that property on
the date of disposition will be not greater than 25 percent of its cost; (C) the property is
no longer suitable for its governmental purposes on the date of disposition; and (D) the
Village deposits amounts received from the disposition in a commingled nand with
substantial tax or other governmental revenues and the Village reasonably expects to
spend the amounts on governmental programs within six months from the date of the
commingling.
(b) The Village acknowledges that it property financed with the Bonds or
with the Prior Bonds is sold or otherwise disposed of in a manner contrary to (a) above,
such safe or disposition may constitute a "deliberate action" within the meaning of the
Regulations that may require remedial actions to prevent the Bonds from becoming
private activity bonds. The Village shall promptly contact Bond Counsel if a sale or
other disposition of bond - financed property is considered by the Village.
7.4. Purchase of Bonds by Village. The Village will not purchase any of the
Bonds except to cancel such Bonds.
7.5. Final vlatuni . The period between the date of Closing and
the
final
maturity of the Bonds is not more thane 10 -t /2 years.
7.6. Registered Form. The Village recognizes that Section
149(a) of
the
Code
requires the Bonds to be issued and to remain in fully registered
form in order
that
interest thereon be exempt from federal income taxation under laws
in force at
the
time
the Bonds are dehv re In this „ nnvc ice, 1hc V,rmg a?retS t; a"
it will not
take;
any
action to permit the Bonds to be issued in, or converted into, bearer or
coupon form.
7.7. First Amendment. Tile Village acknowledges and agrees that it will not
fire, or allow the Project or the Prior Project to be used, in a manner which is prohibited
by the Establishment of Religion Clause of the First Amendment to the Constitution of
the United States of America or by any comparable provisions of the Constitution of the
State of Illinois.
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7.8. Future Events. The Village acknowledges that any changes in facts or
expectations from those set forth herein may result in different Yield restrictions or rebate
requirements from those set forth herein. The Village shall promptly contact Bond
Counsel if such changes do occur.
79. Records Retention. The Village agrees to keep and retain or cause to be
kept and retained sufficient records to support the continued exclusion of the interest paid
on the Bonds from federal income taxation, to demonstrate compliance with the
covenants in this Ordinance and to show that all tax returns related to the Bonds
submitted or required to be submitted to the IRS are correct and timely filed. Such
records shall include, but are not limited to, basic records relating to the Bond transaction
(including this Ordinance and the Bond Counsel opinion); documentation evidencing the
expenditure of Bond proceeds; documentation evidencing the use of Bond - financed
property by public and private entities (i.e., copies of leases, management contracts and
research agreements); documentation evidencing all sources of payment or security for
the Bonds; and documentation pertaining to any investment of Bond proceeds (including
the information required under paragraphs 43 and 4.4 hereof and in particular
information related to the purchase and sale of securities, SLGs subscriptions, yield
calculations for each class of investments, actual investment income received from the
investment of proceeds, guaranteed investment contracts and documentation of any
bidding procedure related thereto and any fees paid for the acquisition or management of
investments and any rebate calculations). Such records shall be kept for as long as the
Bonds are outstanding, plus three (3) years after the later of the final payment date of the
Bonds or the final payment date of any obligations or series of obligations issued to
refund directly or indirectly all or any portion of the Bonds.
7.10. Permitted Changes,- Opinion of Bond Counsel, The Yield restrictions
contained in paragraph 5.2 hereof or any other restriction or covenant contained herein
need not be observed or may be changed if such nonobservance or change will not result
in the loss of any exemption for the purpose of federal income taxation to which interest
on the Bonds is otherwise entitled and fine Vflaac receives an opinion of Bond Counsel
to such effect.
7.11. Excess Proceeds. Gross Proceeds allocable to the Refunding Portion of
the Bonds and investment earnings thereon and all unspent Prior Bond Proceeds as of the
date of Closing and investment earnings thereon do not exceed by more than one percent
of the Saie Proceeds of the Bonds allocable to the Refunding Portion of the Bonds the
amount that will be used for:
(i) paym cm of principal of or interest or call premium on the
Refunded Bonas;
(ii) payment of pre - issuance accrued interest on the Refunding Portion
of the Bonds and interest on the Refunding Portion of the Bonds that accrues for a
period up to the completion date of any capital prgject for which the prior issue
was issued, plus one year;
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payment of cost of issuance of the Refunding Portion of the Bonds;
(iv) payment of administrative costs allocable to repaying the Refunded
Bonds, carrying and repaying the Refunding Portion of the Bonds or investments
of the Refunding Portion of the Bonds;
(v) Prior Bond Proceeds that wiH be used or maintained for the
governmental D rpose of the Refunded Bonds;
(vi) interest on purpose investments; and
(vii) costs of the Credit Facility allocable to the Bonds.
7.12. Successors and Assigns. The terms, provisions, covenants and conditions
of this Section shall bind and inure to the benefit of the respective successors and assigns
of the Board and the Village.
7.13. Expectations. The Board has reviewed the facts, estimates and
circumstances in existence on the date of issuance of the Bonds. Such facts, estimates
and circumstances, together with the expectations of the Village as to future events, are
set forth in summary form in this Section. Such facts and estimates are true and are not
incomplete in any material respect. On the basis of the facts and estimates contained
herein, the Village has adopted the expectations Contained herein. On the basis of suc'n
facts, estimates, circumstances and expectations, it is not expected that Sale Proceeds,
investment earnings thereon or any other moneys or property will be used in a manner
that will cause the Bonds to be arbitrage bonds within the meaning of the Rebate
Provisions and the Regulations. Such expectations are reasonable and there are no other
facts, estimates and circumstances that would materially change such expectations.
The Village also agrees and covenants with the purchasers and holders of the Bonds from
time to tine outstanding that. to the e lent possible under iil.ino:.s law, it Will comply with
whatever federal tax law is adopted in the future which applies to the Bona's and affects Ile
mx- exemm: status of the Bonds.
The Board hereby authorizes the officials of the Village ,responsible for issuing the
Bonds. the same b-ingy the Prcsidtnit, Village Clerk and ' lla'=e Trcas rer of the Village, to mak:
such further covenants and certifications as may be necessary to assure that the use thereof will
not cause the Boncis to be arbitrage bonds and to assure that the interest in the Bonds will be
exempt from federal income taxation. In con tot on herewith, the Village and the Board further
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agree: (a) through their officers, to make such further specific covenants, representations as shall
be truthful, and assurances as may he necessary or advisable; (b) to consult with counsel
approving the Bonds and to comply with such advice as may be given: (c) to pay to the United
States, as necessary, such sums of money representing required rebates of excess arbitrage
profits relating to the Bonds; (d) to file such forms, statements, and supporting documents as
may be required and in a timely mapper; and (e) if deemed necessary or advisable by their
officers, to employ and pay fiscal agents, financial advisors, attorneys, and other persons to assist
the Village in such compliance.
Section 16. Bank Qual /ication. To the extent permitted by law, the Designated
Representatives in the Bond Notification are hereby authorized to designate the Bonds as
"qualified tax - exempt obligations" for the purposes and within the meaning of Section 265(b)(3)
of the Code.
Section 17. fist of Bondholders. The Bond Registrar shall maintain a list of the names
and addresses of the holders of all Bonds and upon any transter shall add the name and address
of the new Bondholder and eliminate the name and address of the transferor Bondholder.
Section 18. Duties of Bond Regzsirar. if requested by the Bond Registrar, the President
and Village Clerk of the Vlllaae are authorized to execute the Bond R.e:*?strar's standard Form of
agreement between the Village and the Bond Registrar with respect to the obligations aid duties
of the Bond Registrar hereunder- which may include the following:
(a) to act as bond registrar, authenticating agent, paying agent and transfer
anent as provided herein:
(b) to maintain a list of Bondholders as set forth herein and to furnish such list
to the 4Tll
age upon regneS�, but oth ^ is w keep such ITSt Conu enilat
c) to give notice of redemption of the Bonds as provided herein;
(d) to cancel and/or destroy Bonds which have been paid at maturity or
submitted for exchange or transfer:
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(e) to furnish the Village at least annually a certificate with respect to Bonds
cancelled and /or destroyed; and
(f) to furnish the Village at least annually an audit confirmation of Bonds
paid, Bonds outstanding and payments made with respect to interest on the Bonds.
Section 19. Continuing Disclosure ZJndertak n,;. The President or Village Treasurer is
hereby authorized. empowered and directed to execute and deliver a Continuing Disclosure
Undertaking (the "Continuing Disclosure Underfaking ") in connection with the issuance of the
Bonds, with such provisions therein as he or she shall approve, his or her execution thereof to
constitute conclusive evidence of his or her approval of such provisions. When the Continuing
Disclosure Undertaking is executed and delivered on behalf of the Village as herein provided,
the Continuing Disclosure Undertaking will be binding on the Village and the officers,
employees and agents of the Village, and the officers, employees and agents of the Village 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 Continuing
Disclosure Undertaking as executed. Notwithstanding any other provision of dais Ordinance, the
sole remedies for failure to comply with the Continuing Disclosure Undertaking shall be the
ability of the beneficial owner of any Bond to seek mandamus or specific performance by court
order, to cause the Village to comply with its obligations under the Continuing Disclosure
[iuderiaking.
etion 20. Bond yurance. In Inc ever r ' pa`.'nent of p. nc.pai and
interest: on the Bonds is insured pursuant to a municipal bond insurance policy (the "Municipal
Bond i suronce Policy ") issued by
a bond insurer (tire
"Bond insure!"),
and as long as such
Municipal Bond
Insurance f oliev shall
be in full force
and effect, the
Village and the Bond
Registrar aizree
to comply with such
usual and reasonable
provisions regarding
presentment and
payment of the
Bonds, subrogation
of the rights of the
Bondholders to
the Bond insurer upon
payment of the
Bonds by the Bond
insurer, amendment
hereof, or other
terms, as approved by
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the President of the Village on advice of counsel, his or her approval to constitute hall and
complete acceptance by the Village of such terms and provisions under authority of this Section.
Section 21. Superseder and Effective Date. All ordinances, resolutions, and orders, or
parts thereof, in conflict herewith, are to the extent of such conflict hereby superseded; and this
Ordinance shall be in full force and effect immediately upon its passage, approval, and
publication.
ADOPTED: February 9, 2015
AYES: TRUSTEES GREAR, MARCUS, PIETRON, THILL, TOTH, WITKO
NAYS: NONE
ABSENT: NONE
Approved: February 9, ?015
r
Daniel P. DiMaria, Village president
Village of Morton Grove, Cook County, Illinois
ATTEST:
Ed Ramos, Village Clerk
Village ofMorton Grove, Cook County.
Illinois
Recorded in the Village Records on February 9, 201 �.
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EXHIBIT A
2015
[Name and address of Escrow Agent]
Re: Village of Morton Grove.,
Cook County, Illinois
General Gbliaation Bonds. Series 2015
Ladies and Gentlemen:
The Village of Morton Grove, Cook County, llinois (the "0'iliage "), by Ordinance
No. _ adopted by its President and Board of Trustees (the "Board °) on February 9, 2015 ('the
"Bond Ordinance "), has authorized the issue and delivery of S _ General Obligation
Bonds, Series ?015, dated 2015 (the "Bonds"). The Village has authorized by the
Bond Ordinance that proceeds of the Bonds be used to pay the principal of and interest on
$_ principal amount of the Village's outstanding and unpaid General Obligation
Bonds, Series 2007. dated November 1, 2007, maturing on December 1 of each of the vears 2016
to 2024, inclusive (the "Reloaded Bonds ") when due and upon redemption prior to maturity on
Lecember 1.2015.
The Village hereby deposits with you S _ from the proceeds of the Bonds
and S from funds of the Viitage on '_land and lawfully available and you are hereby
instructed as follows with respect thereto:
1. Upon deposit. you are directed to
purchase J.S.
Treasury Sccurties
State
and Local Govemment Series Cenificates of
indebtedness
(the 'Secoriries "I in
the
amount of $ _ and maturing as descr bed in CxhihaA hereto. V ou are farther
instructed to fund a beginning cash escrow deposit on demand in the amount of S
The beginning deposit and the Securities are io be held in an irrevocable trust find
account (the 'Trust Account ") for the Village to the benefit of the holders of the
Refunded Bonds.
t'ru .,hail void the proceeds one: interest income or nrorft aerived
therefrom and all uninvested cash in the Trust Account for the sole and exclusive benefit
of the holders of the Refianded Bonds until pat=ent of the Refunded Bonds on June',
2015, and December 1, 2015, is made.
3. You shall promptly collect the principal, interest or profit from the
proceeds deposited in the Trust Account and promptly apply the same as necessary to the
payment of the Refunded Bonds as herein provided.
,2015
Page 2
4. You shall remit the sum of $ on June I, 3015, to the paying
agent for the Refunded Bonds, Chicago, Illinois
(the `Bond Registrar "), such sum being sufficient to pay the interest on the Refunded
Bonds on such date.
5. You shall remit the sum of $
on December 1, 2015, to
the
Bond Registrar,
such sum being sufficient to pay
the principal of and interest on
the
Refunded Bonds
on such date, and such remittance
shall fully release and discharge
you
from any further
duty or obligation thereto under this Agreement.
6. The Village has called the Refunded Bonds for redemption on
December 1, 2015. You are hereby directed to (i) give or cause the Bond Registrar to
give timely notice of the call for redemption of the Refunded Bonds, and (ii) give or
cause the Bond Registrar to give notice of the call of the Refunded Bonds, on or before
the date the notice of such redemption is given to the holders of the Refunded Bonds, to
the Municipal Securities Rulemaking Board (the "MSRB ") through its Electronic
Municipal Market Access system for municipal securities disclosure or through any other
electronic format or system prescribed by the MSRB for purposes of Rule 15c2 -12
adopted by the Securities and Exchange Commission under the Securities Exchange Act
of 1934, as amended. Information with respect to procedures for submitting notice can
be found at https: / /msrb.org.
7. You shall make no payment of fees, due or to become due, of the Bond
Registrar or the bond registrar and paying agent for the Bonds. The Village shall 1 ay the
same as they become due
S. If at any time it shall appear to you that the available proceeds of die
deposits on demand in the Trust Account will not be sufficient to pay the principal of and
interest on the Refunded Bonds, you shall notify the Village not less than five (5) days
prior to the June I, 2015, and December 1, 2015, payment dates and the Village shall
make up the anticipated deficit from any funds legally available for such purpose so that
no default in the making of any such payment will occur.
.2015
Page.')
9. That, upon final disbursement of funds sufficient to pay the Refunded
Fonds as hereinabove provided for, you shall transfer any balance remaining in the Trust
!Account to the Village and thereupon this Aareement shall terminate.
Very truly yours;
VILLAGE OF MORTON GROVE,
Cools County, Illinois
Daniel P. DiMaria, Village President
By:
Accepted this day of , 2015.
By:
I
ts
Ed Ramos, Village Clerk
Illinois
Trustee _ moved and Trustee seconded the -
motion that said ordinance as presented be adopted.
After a full and complete discussion thereof, the President directed that the roll be called
for a vote upon the motion to adopt said ordinance.
Upon the roll being called, the following Trustees voted AYE: Trustees William Grear
Sheldon Marcus. John Pietron, John Thill. Maria. Toth, and Janine Witko,
MAY: None.
Whereupon the President declared the motion carried and said ordinance was adopted and
approved by the President, and the President directed the Village Cleric to record the same in full
in the records of the President and Board of Trustees of the Village of Morton Grove, Cook
County, Illinois, which was done.
Other business not pertinent to the adoption of said ordinance was duly transacted at the
meeting.
Upon motion duly made, seconded and carried, the meeting was adjourned.
Ed Ramos, Village Clerk
STATE OF ILLINOIS
SS
COUNTY OF COOK )
CERTIFICATION of ORDINANCE AND MINUTES
I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk
of the Village of Morton Grove, Cook County, Illinois (the "Fillage "), and as such official I am
the keeper of the records and files of the President and Board of Trustees of the Village (the
"Board
I do further certify that the foregoing constitutes a fill, true and complete transcript of the
minutes of the meeting of the Board held on the 9th day of February 20 15, insofar as same
relates to the adoption of 0rdhmnec No. 15 -02 entitled:
AN ORDINANCE providing for the issuance of not to exceed
$1I,500,000 General obligation Bonds, Series 2015, of the Village
of Morton Grove, Cook County, Illinois, to pay costs of general
municipal improvements within said Village and to refund certain
outstanding bonds of said Village, providing for the levy of a direct
annual tax sufficient to pay the principal of and interest on said
bonds, and author z nff the sale of said bonds to Willies n Blair &
Company, L.L.C., Chicago, Illinois.
a true, correct and complete copy of which said ordinance as adopted at said meeting an in
the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the Board on the adoption of said ordinance
were conducted openly, that the vote on the adoption of said ordinance was taken openly, that
said meeting was held at a specified time and place convenient to the public, that notice of said
meeting was duly given to all of the news media requesting such notice, that an agenda for said
meeting was posted at the location where said meeting was held and at the principal office of the
Board at least 72 hours in advance of the holding of said meeting, that at least one copy of said
agenda was conrinuously available for public review during the entire 72 -hour period preceding
said meeting, that said agema contained a separate specific item concerning the proposed
adoption of said ordinance, a true, correct and complete copy of the agenda as so posted being
attached hereto as Exhihit A, that said meeting was called and held in strict compliance with the
provisions the Open Meetings Act of the State of Illinois, as amended, and with the provisions of
the Illinois Municipal Code, a5 amended, and that the Board has conipiied wish all oa trie .
applicable provisions of said Act and said Code and its procedural rules in the adoption of said
ordinance.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village,
this 9th day of February 2015.
[SEAL)
Ed Ramos, Village Clerk
STATE OF ILLINOIS )
- SS
COUNTY OF COOK
FILING CERTIFICATE
I, the undersigned, do hereby certify that I run the duly qualified and acting County Cleric
of the County of Cook, Illinois, and as such official I do further certify that on the 10th day of
February 2015, there was filed in my office a duly certified copy of Ordinance No. 15 -02
entitled:
AN ORDINANCE providing for the *issuance of not to exceed
11,500,000 General Obligation Bonds, Series 2015, of the Village
of Morton Grove, Cook County, Illinois, to pay costs of general
municipal improvements within said Village and to refund certain
outstanding bonds of said Village, providing for the levy of a direct
annual tax sufficient to pay the principal of and interest on said
bonds, and authorizing the sale of said bonds to William Blair &
Company, L.L.C., Chicago, Illinois.
duly adopted by the President and Board of Trustees of the Village of Morton Grove, Cook
County, Illinois, on the 9th day of February 2015, and approved by the President, and that the
same has been deposited in (and all as appearing from) the official riles and records of my office.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of said County,
this day of 2015.
County Clerk of the Cour ty of ,Cook.. Illinois
[SEAL[
STATE OF 11.LI1vlOIJ
COUNTY OF COOK
CERTIFICATE of PUBLICATION IN PAMPHLET FORM
I, the undersigned, do hereby certify that i am the duly qualified and acting Village Clerk
of the Village of Morton Grove, Cook County, Illinois (the "Village "), and as such official I am
the keeper of the official journal of proceedings, books, records, minutes and files of the Village
and of the President and Board of Trustees (the "Board") of the Village,
i do further certify that on the 10'"' day of February 2015, there was published in pamphlet
fowl, by authority of the Board a true, correct, and complete copy of Ordinance 15 -02 of the
Village entitled:
AN ORDMANCE providing for the issuance of not to exceed
511,500,000 General Obligation Bonds, Series 2015, of the Village
of Morton Grove, Cook County, Illinois, to pay costs of general
municipal improvements within said Village and to refund certain
ouistanding bonds of said Village, providing for the levy of a direct
annual tar sufficient to pay the principal of and interest on said
bonds, and authorizing the sale of said bonds to William Blair &
Company, L.L.C., Chicago, Illinois.
and providing for the issuance of said bonds, and that the ordinance as so published was on that
ate 1'f adaty avarlable for pa� bh�� to p�.cfon and d „tr:bution, nl Saffi nt number so 5 to meet
the necds or me renerai 1Public, at my offFcc as Village Clerk located ill the Village.
IN WiTi ENS WHEREOF 1. havt ayfaxed hereto my official. 7 miatS.Sre and the scal of the
Village this 10`i' day of February 2015.
fid Ramos, Villaae Clerk
[SE,ar_i