2009-035ORDINANCE NO. 2009- 35
�11
AN ORDINANCE AUTHORIZING LOAN AGREEMENT
(PUBLIC WATER SUPPLY LOAN PROGRAM — HOME RULE ENTITY)
AN ORDINANCE authorizing the Village of Buffalo Grove, Cook and Lake Counties,
Illinois, to borrow funds from the Public Water Supply Loan Program
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois, operates its
public water supply system ( "the System ") in accordance with the provisions of the Home Rule
Article of the Illinois Constitution and the Local Government Debt Reform Act, 30 ILCS 350/1
et seq. (collectively "the Act "); and
WHEREAS, the VILLAGE PRESIDENT and VILLAGE BOARD OF TRUSTEES of
the Village of Buffalo Grove ( "the Corporate Authorities ") have determined that it is advisable,
necessary, and in the best interest of the public health, safety, and welfare to improve the System,
including the following:
The design, construction and installation of approximately 2,100 lineal feet of
20 -inch diameter water main in Arlington Heights Road and Lake Cook
Road; and approximately 125 lineal feet of 8 -inch diameter water main in
Grove Drive, just north of Dundee Road; including all fittings and
appurtenances, excavation and site work. Three (3) existing pressure
reducing valves that are no longer necessary will also be removed and
replaced with appropriate sized water mains.
together with any land or rights in land and all other services necessary, useful or advisable to the
construction and installation ( "the Project "), all in accordance with the plans and specifications
prepared by the consulting engineers AECOM USA, Inc, which Project has a useful life of 75
years; and
WHEREAS, the estimated cost of construction and installation of the Project, including
engineering, legal, financial and other related expenses is $1,020,000, and there are insufficient
funds on hand and lawfully available to pay these costs; and
WHEREAS, the loan shall bear an interest rate as defined by 35 Ill. Adm. Code 662,
which does not exceed the maximum rate authorized by the Bond Authorization Act, as
amended, 30 ILCS 305/0.01 et seq., at the time of the issuance of the loan; and
WHEREAS, the principal and interest payment shall be payable semi - annually, and the
loan shall mature in 20 years, which is within the period of useful life of the Project; and
WHEREAS, the costs are expected to be paid for with a loan to the Village of Buffalo
Grove from the Public Water Supply Loan Program through the Illinois Environmental
Protection Agency, the loan to be repaid from the Waterworks and Sewerage Fund and the loan
is authorized to be accepted at this time pursuant to the Act; and
WHEREAS, in accordance with the provisions of the Act, the Village of Buffalo Grove
is authorized to borrow funds from the Public Water Supply Loan Program in the aggregate
principal amount of $1,020,000 to provide funds to pay the costs of the Project; and
WHEREAS, the loan to the Village of Buffalo Grove shall be made pursuant to a Loan
Agreement, including certain terms and conditions between the Village of Buffalo Grove and the
Illinois Environmental Protection Agency;
NOW THEREFORE, be it ordained by the Corporate Authorities of the Village of
Buffalo Grove, Cook and Lake Counties, Illinois, as follows:
SECTION 1. INCORPORATION OF PREAMBLES
The Corporate Authorities hereby find that the recitals contained in the preambles are
true and correct, and incorporate them into this Ordinance by this reference.
SECTION 2. DETERMINATION TO BORROW FUNDS
It is necessary and in the best interests of the Village of Buffalo Grove to construct the
Project for the public health, safety, and welfare, in accordance with the plans and specifications,
as described; that the System continues to be operated in accordance with the provisions of the
Illinois Environmental Protection Act, 415 ILCS 511 et seq.; and that for the purpose of
constructing the Project, it is hereby authorized that funds be borrowed by the Village of Buffalo
Grove in the aggregate principal amount (which can include construction period interest financed
over the term of the loan) not to exceed $1,020,000.
2
SECTION 3. ADDITIONAL ORDINANCES
The Corporate Authorities may adopt additional ordinances or proceedings supplementing or
amending this Ordinance, providing for entering into the Loan Agreement with the Illinois
Environmental Protection Agency, prescribing all the details of the Loan Agreement, and
providing for the collection, segregation and distribution of the Waterworks and Sewerage Fund,
so long as the maximum amount of the Loan Agreement as set forth in this Ordinance is not
exceeded and there is no material change in the project or purposes described herein. Any
additional ordinances or proceedings shall in all instances become effective in accordance with
the Act or other applicable laws. This Ordinance, together with such additional ordinances or
proceedings, shall constitute complete authority for entering into the Loan Agreement under
applicable law.
However, notwithstanding the above, the Village of Buffalo Grove may not adopt
additional ordinances or amendments which provide for any substantive or material change in
the scope and intent of this Ordinance, including but not limited to interest rate, preference or
priority of any other ordinance with this Ordinance, parity of any other ordinance with this
Ordinance, or otherwise alter or impair the obligation of the Village of Buffalo Grove to pay the
principal and interest due to the Public Water Supply Loan Program without the written consent
of the Illinois Environmental Protection Agency.
SECTION 4. LOAN NOT INDEBTEDNESS OF VILLAGE OF BUFFALO
GROVE
Repayment of the loan to the Illinois Environmental Protection Agency by the Village of
Buffalo Grove pursuant to this Ordinance is to be solely from the revenue derived from the
Waterworks and Sewerage Fund and the loan does not constitute an indebtedness of the Village
of Buffalo Grove within the meaning of any constitutional or statutory limitation.
SECTION 5. APPLICATION FOR LOAN
The Village Manager is hereby authorized to make application to the Illinois
Environmental Protection Agency for a loan through the Public Water Supply Loan Program, in
accordance with the loan requirements set out in 35 Ill. Adm. Code 662.
SECTION 6. ACCEPTANCE OF LOAN AGREEMENT
The Corporate Authorities hereby authorize acceptance of the offer of a loan through the
Public Water Supply Loan Program, including all terms and conditions of the Loan Agreement
as well as all special conditions contained therein and made a part thereof by reference. The
Corporate Authorities further agree that the loan funds awarded shall be used solely for the
3
purposes of the project as approved by the Illinois Environmental Protection Agency in
accordance with the terms and conditions of the Loan Agreement.
SECTION 7. AUTHORIZATION OF VILLAGE MANAGER TO EXECUTE
LOAN AGREEMENT
The Village Manager is hereby authorized and directed to execute the Loan Agreement
with the Illinois Environmental Protection Agency. The Corporate Authorities may authorize by
resolution a person other than the Village Manager for the sole purpose of authorizing or
executing any documents associated with payment requests or reimbursements from the Illinois
Environmental Protection Agency in connection with this loan.
SECTION 8. SEVERABILITY
If any section, paragraph, clause or provision of this Ordinance is held invalid, the
invalidity of such section, paragraph, clause or provision shall not affect any of the other
provisions of this Ordinance.
SECTION 9. REPEALER
All ordinances, resolutions, orders, or parts thereof, which conflict with the provisions of
this Ordinance, to the extent of such conflict, are hereby repealed.
THE REST OF THIS PAGE IS LEFT INTENTIONALLY BLANK.
4
PASSED by the Corporate Authorities
on June 15 ,2009
CJ
APPROVED June 15 , 2009.
4illage President
Village of Buffalo Grove
Cook and Lake Counties, Illinois
AYES: 5 - Braiman, Berman, Trilling, Stone, Sussman
NAYS: 0 - None
ABSENT:1 - Glover
RECORDED in the Village of Buffalo Grove Records on June 15 '2009.
ATTEST:
Village Clerk
Village of Buffalo Grove
Cook and Lake Counties, Illinois
B
STATE OF ILLINOIS) ss.
COUNTY OF COOK )
CERTIFICATE
I, Janet M. Sirabian, certify that I am the duly elected
and acting Village Clerk of the Village of Buffalo
Grove, Cook and Lake Counties, Illinois. I further
certify that on, June 1, 2009 the Corporate
Authorities of the Village passed and approved
Ordinance No. 2009 -35, AN ORDINANCE
AUTHORIZING LOAN AGREEMENT (PUBLIC
WATER SUPPLY LOAN PROGRAM -HOME
RULE ENTITY) provided by its terms that it should
be published in pamphlet form.
The pamphlet form of Ordinance No. 2009 -35,
including the Ordinance and a sheet thereof, was
prepared, and a copy of such Ordinance was posted
in and at the Village Hall, commencing on June 1,
2009 and continuing for at least ten days thereafter.
Copies of such Ordinance were also available for
Public inspection upon request in the Office of
Village Clerk.
Dated at Buffalo Grove, Illinois, this 2nd day of
June, 2009.
Vill Clerk
By
ORDINANCE NO. 2009- 35
AN ORDINANCE AUTHORIZING LOAN AGREEMENT
(PUBLIC WATER SUPPLY LOAN PROGRAM — HOME RULE ENTITY)
AN ORDINANCE authorizing the Village of Buffalo Grove, Cook and Lake Counties,
Illinois, to borrow funds from the Public Water Supply Loan Program
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois, operates its
public water supply system ( "the System ") in accordance with the provisions of the Home Rule
Article of the Illinois Constitution and the Local Government Debt Reform Act, 30 ILCS 350/1
et seq. (collectively "the Act "); and
WHEREAS, the VILLAGE PRESIDENT and VILLAGE BOARD OF TRUSTEES of
the Village of Buffalo Grove ( "the Corporate Authorities ") have determined that it is advisable,
necessary, and in the best interest of the public health, safety, and welfare to improve the System,
including the following:
The design, construction and installation of approximately 2,100 lineal feet of
20 -inch diameter water main in Arlington Heights Road and Lake Cook
Road; and approximately 125 lineal feet of 8 -inch diameter water main in
Grove Drive, just north of Dundee Road; including all fittings and
appurtenances, excavation and site work. Three (3) existing pressure
reducing valves that are no longer necessary will also be removed and
replaced with appropriate sized water mains.
together with any land or rights in land and all other services necessary, useful or advisable to the �•
construction and installation ( "the Project "), all in accordance with the plans and specifications
prepared by the consulting engineers AECOM USA, Inc, which Project has a useful life of 75
years; and
WHEREAS, the estimated cost of construction and installation of the Project, including
engineering, legal, financial and other related expenses is $1,020,000, and there are insufficient
funds on hand and lawfully available to pay these costs; and
WHEREAS, the loan shall bear an interest rate as defined by 35 Ill. Adm. Code 662,
which does not exceed the maximum rate authorized by the Bond Authorization Act, as
amended, 30 ILCS 305/0.01 et seq., at the time of the issuance of the loan; and
WHEREAS, the principal and interest payment shall be payable semi - annually, and the
loan shall mature in 20 years, which is within the period of useful life of the Project; and
WHEREAS, the costs are expected to be paid for with a loan to the Village of Buffalo
Grove from the Public Water Supply Loan Program through the Illinois Environmental
Protection Agency, the loan to be repaid from the Waterworks and Sewerage Fund and the loan
is authorized to be accepted at this time pursuant to the Act; and
WHEREAS, in accordance with the provisions of the Act, the Village of Buffalo Grove
is authorized to borrow funds from the Public Water.Supply Loan Program in the aggregate
principal amount of $1,020,000 to provide funds to pay the costs of the Project; and
WHEREAS, the loan to the Village of Buffalo Grove shall be made pursuant to a Loan
Agreement, including certain terms and conditions between the Village of Buffalo Grove and the
Illinois Environmental Protection Agency;
NOW THEREFORE, be it ordained by the Corporate Authorities of the Village of
Buffalo Grove, Cook and Lake Counties, Illinois, as follows:
SECTION 1. INCORPORATION OF PREAMBLES
The Corporate Authorities hereby find that the recitals contained in the preambles are
true and correct, and incorporate them into this Ordinance by this reference.
SECTION 2. DETERNIINATION TO BORROW FUNDS
It is necessary and in the best interests of the Village of Buffalo Grove to construct the
Project for the public health, safety, and welfare, in accordance with the plans and specifications,
as described; that the System continues to be operated in accordance with the provisions of the
Illinois Environmental Protection Act, 415 ILCS 511 et seq.; and that for the purpose of
constructing the Project, it is hereby authorized that funds be borrowed by the Village of Buffalo
Grove in the aggregate principal amount (which can include construction period interest financed
over the term of the loan) not to exceed $1,020,000.
OA
r
SECTION 3. ADDITIONAL ORDINANCES
The Corporate Authorities may adopt additional ordinances or proceedings supplementing or
amending this Ordinance, providing for entering into the Loan Agreement with the Illinois
Environmental Protection Agency, prescribing all the details of the Loan Agreement, and
providing for the collection, segregation and distribution of the Waterworks and Sewerage Fund,
so long as the maximum amount of the Loan Agreement as set forth in this Ordinance is not
exceeded and there is no material change in the project or purposes described herein. Any
additional ordinances or proceedings shall in all instances become effective in accordance with
the Act or other applicable laws. This Ordinance, together with such additional ordinances or
proceedings, shall constitute complete authority for entering into the Loan Agreement under
applicable law.
However, notwithstanding the above, the Village of Buffalo Grove may not adopt
additional ordinances or amendments which provide for any substantive or material change in
the scope and intent of this Ordinance, including but not limited to interest rate, preference or
priority of any other ordinance with this Ordinance, parity of any other ordinance with this
Ordinance, or otherwise alter or impair the obligation of the Village of Buffalo Grove to pay the
principal and interest due to the Public Water Supply Loan Program without the written consent
of the Illinois Environmental Protection Agency.
SECTION 4. LOAN NOT INDEBTEDNESS OF VILLAGE OF BUFFALO
GROVE
Repayment of the loan to the Illinois Environmental Protection Agency by the Village of
Buffalo Grove pursuant to this Ordinance is to be solely from the revenue derived from the
Waterworks and Sewerage Fund and the loan does not constitute an indebtedness of the Village
of Buffalo Grove within the meaning of any constitutional or statutory limitation.
SECTION 5. APPLICATION FOR LOAN
The Village Manager is hereby authorized to make application to the Illinois
Environmental Protection Agency for a loan through the Public Water Supply Loan Program, in
accordance with the loan requirements set out in 35 111. Adm. Code 662.
SECTION 6. ACCEPTANCE OF LOAN AGREEMENT
The Corporate Authorities hereby authorize acceptance of the offer of a loan through the
Public Water Supply Loan Program, including all terms and conditions of the Loan Agreement
as well as all special conditions contained therein and made a part thereof by reference. The
Corporate Authorities further agree that the loan funds awarded shall be used solely for the
3
purposes of the project as approved by the Illinois Environmental Protection Agency in
accordance with the terms and conditions of the Loan Agreement.
SECTION 7. AUTHORIZATION OF VILLAGE MANAGER TO EXECUTE
LOAN AGREEMENT
The Village Manager is hereby authorized and directed to execute the Loan Agreement
with the Illinois Environmental Protection Agency. The Corporate Authorities may authorize by
resolution a person other than the Village Manager for the sole purpose of authorizing or
executing any documents associated with payment requests or reimbursements from the Illinois
Environmental Protection Agency in connection with this loan.
SECTION 8. SEVERABILITY
If any section, paragraph, clause or provision of this Ordinance is held invalid, the
invalidity of such section, paragraph, clause or provision shall not affect any of the other
provisions of this Ordinance.
SECTION 9. REPEALER
All ordinances, resolutions, orders, or parts thereof, which conflict with the provisions of
this Ordinance, to the extent of such conflict, are hereby repealed.
THE REST OF THIS PAGE IS LEFT INTENTIONALLY BLANK.
4
4. .
PASSED by the Corporate Authorities
on June 15 ,2009
APPROVED June 15 , 2009.
illage President
Village of Buffalo Grove
Cook and Lake Counties, Illinois
AYES: 5 - Braiman, Berman, Trilling, Stone, Sussman
NAYS: 0 - None
ABSENT:1 - Glover
RECORDED in the Village of Buffalo Grove Records on June 15 .2009.
ATTEST:
P�oa .
Village Clerk
Village of Buffalo Grove
Cook and Lake Counties, Illinois
M