1970-032No. 3 Wednesday Sept 23
Legal 4141 - 1st galley
Ordinance No. 0 -70-32 - 18 bb cle 22.2
AN ORDINANCE authorizing and providing for the issue of Four,
'Million Dollars ($4,000,000) Waterworks and Sewerage Refunding
Revenue Bonds of the Vilda.ge of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refunding its outstanding
Waterworks and Sewerage Revenue Bonds, Series of 1969, dated
January 1, 1969; prescribing all the details of said bowls, and
providing for the collection, segregation and distribution of the
revenues of the combined waterworks and sewerage system of
said Village for the purpose of paying the cost of the operation
and maintenance thereof, providing an adequate depreciation .
fund therefor and paying the principal and interest of said bonds.
WHEREAS,. the Village of Buffalo Grove, Cook and Lake Counties,
Illinois, has heretofore, by ordinance, .provided for the combination of its..
existing municipally -owned waterworks and sewerage systems into a
combined waterworks and sewerage system and is now operating the
same. as a single utility, all in accordance-with the provisions of Division
139 .of Article 11 of the Illinois Municipal Code, approved May 29, 1961, as
amended; and
WHEREAS, pursuant to Ordinance No. 0 -69 -13 adopted by the Presi-
dent and Board of Trustees on August 25, 1969, there was issued $4,000,000•.
Waterworks and Sewerage Revenue Bonds; Series of 1969; all of which
bonds are presently outstanding, said bonds being dated January 1, 1963.
and due serially on May 1 of each of the years 1973 to 1998,. inclusive, and
on May 1, 2008; and
WHEREAS, for the purpose. of accelerating the retirement of said
bonds and accomplishing a saving in total interest cost to the Village, by
revising the schedule of maturities in order that the last bonds will
become due in 2000 instead of 2008 as provided in Ordinance No. 0- 69 -13,,
it is deemed advisable, necessary and in the best interests of said Village
that all of said Waterworks and. Sewerage Revenue Bonds, Series of 1969,
dated January 1, 1959, and hereinabove described, be refunded. into a new
issue of bonds with a shorter schedule of maturities and
WHEREAS, the owners and holders of said Waterworks and Sewer-
age Revenue Bonds,. Series of 1969, dated January 1, 1969, proposed to be,:
refunded, and as hereinabove referred to and described, have agreed to
surrender said bonds in exchange for new Waterworks and Sewerage.,
Refunding Revenue Bonds in the principal amount of $4,000,000, with
shorter maturities, and such exchange to be on. the basis of par for par;
and
WHEREAS, pursuant to the provisions of Division 4 of Article 8 of
the Illinois Municipal Code, approved May 29, 1961, and all laws amen-
datory thereof and supplementary thereto, this Village is - authorized to
issue waterworks and sewerage. revenue bonds for the purpose of refund-
ing and paying its outstanding Waterworks and Sewerage Revenue
Bonds, Series of 1969, dated January 1, 1969, and hereinabove described:
NOW, THEREFORE, Be It and It Is Hereby Ordained by the Presi=
dent and Board of Trustees of the Village of Buffalo Grove, Cook and
Lake Counties, Illinois, as follows:
Section 1; That the existing municipally -owned waterworks and sew-
erage systems of the Village of Buffalo Grove, Cook and Lake, Counties,
- Illinois, shall continue to be operated and maintained as a combined
waterworks and sewerage system, and said' combined system shall in-
elude the entire waterworks and sewerage systems of said Village, in-
eluding all future improvements. and extensions thereto.
Section 2. That it is deemed advisable, necessary and in the best
interests of said Village that the outstanding Waterworks and Sewerage
Revenue Bonds, Series of 1969, dated January 1, :1969, in the amount of
$4,000,000, be refunded and exchanged for bonds with a shorter schedule
of maturities.
Section 3 That the President and Board of Trustees do hereby deter-
mine the period of usefulness of such combined waterworks and sewerage ®1V
system to be forty (40) years'from the date of the bonds herein author -day
ized: t
Section 4. That for the purpose of refunding the outstanding
unpaid Waterworks and Sewerage Rev ds, Series B9, of said
Village, in the principal amount of a issued revenue,
bonds of said Village of Buffalo Grove in the principal amount of Four
Million Dollars ($4,000,000), which said bonds shall each be designated
'-'Waterworks and Sewerage Refunding Revenue Bond," be dated October.
1, 1970, be of the denomination of $5,000 each, be numbered consecutively
from 1 to 800; inclusive, bear interest at the rate of seven per cent (7 %)
per annum,'payable November 1, 1970, and semiannually thereafter-on
the first days of May and November in each year, and mature serially on.
May 1. of the years and in the amounts as follows:
_ MORE TO COME LEGAL 1/21/2
R
STATE OF ILLINOIS
SS
COUNTY OF COOK
I, the undersigned, do hereby certify that I am the duly
qualified and acting Clerk of the Village of Buffalo Grove, in the
Counties of Cook and Lake and State of Illinois, and as such Clerk
I am the keeper of the journals, records and files of the President
and Board of Trustees of said Village.
I do further certify that the attached and foregoing is a
full, true and correct copy of an ordinance entitled:
"AN ORDINANCE authorizing and providing for the
Issue of Four Million Dollars ($4,000,000)
Waterworks and Sewerage Refunding Revenue Bonds
of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refund-
ing its outstanding Waterworks and Sewerage
Revenue Bonds, Series of 1969, dated January 1,
1969, prescribing all the details of said bonds,
and providing for the collection, segregation
and distribution of the revenues of the com-
bined waterworks and sewerage system of said
Village for the purpose of paying the cost of
the operation and maintenance thereof, provid-
ing an adequate depreciation fund therefor and
paying the principal and interest of said bonds.
as adopted by the President and Board of Trustees of the V la e of
Buffalo Grove at its regularly convened meeting held on
, 1970, d as igned -by the President of said V age on
e `'^day of , 1970, all as appears from the offi-
cial records of sa V 1 age, in my care and custody.
I do further certify that said ordinance was and
pr pe y ublished by publication thereof on the day of
d2same 1970, in the Buffalo Grove Herald, being a
'n spaper published in and having a general circulation in said
Village
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and he`rpora�e —se 1 f s id Village of Buffalo Grove,
Illinois, this day of , 1970.
V,, - Z/� 2� ,,/ "
ill e Jerk
(VILLAGE SEAL)
RWS:rd
9/x-/70
ORDINANCE NO. 0-
AN ORDINANCE authorizing and providing for the
issue of Four Million Dollars ($4,0000000)
Waterworks' and Sewerage Refunding Revenue Bonds
of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refund-
ing its outstanding Waterworks and Sewerage
Revenue Bonds, Series of 1969, dated January 11
1969, prescribing all the details of said bonds,
and providing for the collection, segregation
and distribution of the revenues of the com-
bined waterworks and sewerage system of said
Village for the purpose of paying the cost of
the operation and maintenance thereof, provid-
ing an adequate depreciation fund therefor and
paying the principal and interest of said bonds.
WHEREAS, the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, has heretofore, by ordinance, provided for the
combination of its existing municipally -owned waterworks and sewer-
age systems into a combined waterworks and sewerage system and is
now operating the same as a single utility, all in accordance with
the provisions of Division 139 of Article 11 of the Illinois Munic-
ipal Code, approved May 29, 1961, as amended; and
WHEREAS, pursuant to Ordinance No. 0 -69 -13 adopted by the
President and Board of Trustees on August 25, 1969, there was
issued $4,000,000 'Waterworks and Sewerage Revenue Bonds, Series of
1969, all of which bonds are presently outstanding, said bonds being
dated January 1, 1969 and due serially on May l of each of the years
1973 to 1998, inclusive, and on May 1, 2008; and
WHEREAS, for the purpose of accelerating the retirement
of said bonds and accomplishing a saving in total interest cost to
the Village, by revising the schedule of maturities in.order that
the last bonds will become due in 2000 instead of 2008 as provided
in Ordinance No. 0- 69 -13, it is deemed advisable, necessary and in
the best interests of said Village that all of said Waterworks and
t
Sewerage Revenue Bonds, Series of 1969, dated January 1, 1969, and
hereinabove described, be refunded into a new issue of bonds with a
shorter schedule of maturities; and
WHEREAS, the owners and holders of said Waterworks and
Sewerage Revenue Bonds, Series of 1969, dated January 1, 1969, pro-
posed to be refunded, and as hereinabove referred to and described,
have agreed to surrender said bonds in exchange for new Waterworks
and Sewerage Refunding Revenue Bonds in the principal amount of
$4,000,000, with shorter maturities, and such exchange to be on the
basis of par for par; and
WHEREAS, pursuant to the provisions of Division 4 of
Article 8 of the Illinois Municipal Code, approved May 29, 1961,
and all laws amendatory thereof and supplementary thereto, this
Village is authorized to issue waterworks and sewerage revenue bonds
for the purpose of refunding and paying its outstanding Waterworks
and Sewerage Revenue Bonds, Series of 1969, dated January 1, 19692
and hereinabove described:
NOW, THEREFORE, Be It and It Is Hereby Ordained by the
President and Board of Trustees of the Village of Buffalo Grove,
Cook and Lake Counties, Illinois, as follows:
Section 1. That the existing municipally -owned waterworks
and sewerage systems of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, shall continue to be operated and maintained as
a combined waterworks and sewerage system, and said combined system
shall include the entire waterworks and sewerage systems of , said
Village, including all future improvements and extensions thereto.
Section 2. That it is deemed advisable, necessary and in
the best interests of said Village that the outstanding Waterworks
and Sewerage Revenue Bonds, Series of 1969, dated January 1, 19691
i _2-
in the amount of $4,000,000, be refunded and exchanged for bonds _
with a shorter'schedule of maturities.
Section 3. That the President and Board of Trustees do
hereby determine the period of usefulness of such combined water -
works and sewerage system to be forty (40) years from the date of
the bonds herein authorized.
Section 4. That for the purpose 1
_ pu pos of ref ing the out-
standing and unpaid Waterworks and Sewerage Revenue nds, Series
of 1969, of said Village, in the principal amount of *..0o0,000,
there be issued revenue bonds of said Village of Buffalo drove in
the principal amount of Four Million Dollars ($4,000,000), which
said bonds shall each be designated "Waterworks and Sewerage Re-
funding Revenue Bond", be dated October 1, 1970, be of l \the denom-
ination of $5,000 each, be numbered consecutively from,l to.800,
inclusive, bear interest at the rate of seven per cent (7%) per
annum, payable November 1, 1970, and semiannually thereafter on the
first days of May and November in each year, and mature serially on
May 1 of the years and in the amounts as follows:
Serial Numbers, Principal Year of
Both Inclusive Amount Maturity
1 to 4
5 to to $ 20,000 1974
11 to 18 30,000 1975
4o,000 1976
19 to 26 4o,000 1977
27 to 34
35 to 42 �0, 000
1978
4o,000 1979
43 to 50 4o, 000 1980
51 to 60 50,000 1981
61 to 70 50,000
1982
71 to 80 50,000 1983
81 to 92 6o,000 1984
6
93 to 104 o,000 1985
105 to 118 70,000 1986
119 to 132 70, 000 19s7
162 i�
133 to :L 70,000 1988
17 to 62 8 0 ,000 1989
163 to 180 90,000 1990
Serial Numbers,
Principal
Year of
Both Inclusive
Amount
Mat
181 to 198
$
199 to 218
100;000
1992
219 to 238
100,000
1993
239 to 260
110,000
199.
261 to 284
120,000
1995
285 to 310
130,000
1996
311 to 338
14o,000
1997
339 to.368
150,000
1998
369 to 000
16o,000
1999
401 to 800-
2,000,000
2000
provided, however, that of
said bonds, bonds.numbered
181 to 80o,
inclusive, in the aggregate
principal amount
of $3,100,000 and due
in the years 1991 to 2000,
inclusive, shall
be subject to redemp-
tion and payment prior to their
maturity, at
the option of the Vil-
lage, at par and accrued interest on May 1, 1990, or on any interest
payment date thereafter, in the inverse order in which they are
numbered; that is to say, bond number 800�shall first be redeemed
before bond number 799 is redeemed, and so on, continuing such
priority of redemption as to all of said bonds subject to redemp-
tion prior to maturity.
Written notice of its option to redeem and pay prior to
their maturity any or all of said bonds, in accordance with their
terms, shall be given by the Village to the holder of each of such
bonds called for redemption, if known, by registered mail at; least
i
thirty (30) days prior to the date of redemption, or if the holders
of any such bonds are unknown, then notice of such redemption shall
be given by publication of such notice at least once in a newspaper
published and of general circulation in the City of Chicago, Illi-
nois, and the date of the publication of such notice shall be not
less than thirty (30) days prior to such redemption date, and any
such notice shall designate the date and place of redemption of,
-4-
i
said bonds, shall designate the serial numbers and the aggregate
principal amount of the bonds to be redeemed, and shall indicate
that on the designated date of redemption said bonds will be re-
deemed by payment of the principal thereof and accrued interest
thereon, and that from and after the designated redemption date
interest in respect of said bonds so called Jfor redemption shall
cease.
Section That both principal of and interest on said
Waterworks and Sewerage Refunding Revenue Bonds shall be payable
i
in lawful money of the United States of America at Abe any Bank Trust
Company to be hereinafter designated by Resolution to be adopted by
the President and Board of Trustees of the Village of Buffalo Grove
Said bonds shall be signed by the President, sealed with the cor-
porate seal of said Village, and attested by the Village Clerk, and
the interest coupons attached to said bonds shall be executed by
the facsimile signatures of said President and said Village Clerk,
and said officials, by the execution of said bonds, shall adopt as
and for their own proper signatures their respective facsimile
signatures appearing on said coupons.
Said bonds, together with interest thereon, shall�b pay -
able solely from the revenues derived from the operation of the
combined waterworks and sewerage system of said Village, and said
bonds shall not in any event constitute an indebtedness of said
Village within the meaning of any constitutional provision or,any
constitutional or statutory limitation.
Any of said bonds may be registered at the option of ',the
holder as to principal only, at any time prior to maturity, inthe
name of the holder, on the books of said Village in the office of
the Village Treasurer, such registration to be noted on the reverse
side of the bonds by'the Village Treasurer, and thereafter the
..
PIP
�"V
principal of such registered bonds shall be payable only to the
registered holder, his legal representatives or assigns. Such
registered bonds may be transferable to another registered holder
or back to. bearer only upon on P presentation to the Village Treasurer
with a legal assignment duly acknowledged or approved. Registra-
tion of any of such bonds shall not affect the negotiability ,of the
coupons thereto attached, but such coupons shall be transferable
by delivery merely.
Section 6. That said bonds and coupons attached thereto
shall be in substantially the following form
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTIES OF COOK AND LAKE
VILLAGE OF BUFFALO GROVE
WATERWORKS AND SEWERAGE REFUNDING REVENUE BOND
Number
$5.,000
KNOW ALL MEN BY TBESE PRESENTS, that the Village of
Buffalo Grove, Cook and Lake Counties, Illinois, for value received
hereby promises to pay to bearer, or if this bond be registered as
to principal as hereinafter provided, then to the registered holder
hereof, solely from the Waterworks and Sewerage Fund of said Vil-
lage of Buffalo Grove, as hereinafter provided and not otherwise,
the sum of FIVE THOUSAND DOLLARS
($5,000), on May 1, , together
with interest on such principal sum from the date hereof until paid
at the rate or seven per cent (7 %) per annum, payable November 1,
19 70 and semiannually thereafter on May 1 and ,November i;in each
year, upon presentation and surrender of the Interest coupons hereto
-6-
attached as they severally become due.
Both principal of and interest on this bond are hereby
made payable in lawful money of the United States of America at
This bond and the series of which it forms a part, to-
gether with the interest that will accrue thereon, is payable
solely from the revenues derived from the operation of the combined
waterworks and sewerage system of said Village and not otherwise,
and is issued under authority of Division 4 of Article 8 of the
Illinois Municipal Code, approved May 29, 1961, and all laws amend-
atory thereof and supplementary thereto, for the purpose of refund-
ing all of the presently outstanding Waterworks and Sewerage Revenue
Bonds, Series of 1969, dated January 1, 1969, of said Village, and
this bond does not constitute an indebtedness of said Village with-
in any constitutional or statutory limitation.
This bond is one of an authorized issue of Four Million
Dollars ($4,000,000), numbered from 1 to 800, inclusive, of the
denomination of Five Thousand Dollars ($5,000) each, and bonds num-
bered 181 to 800, inclusive, in the aggregate principal amount of
$3,100,000 and due in the years 1991 to 2000, inclusive, are subject
to redemption and payment prior
the Village, at par and accrued
May 1, 1990, or onNany interest
inverse order in which they are
ber 800 shall first be redeemed
and so on, continuing such prio:
to their maturity, at the option of
interest to date of redemption on
payment date thereafter, in the
numbered; that is to say, bond num-
before bond number 799 is redeemed,
city of redemption as to all bonds
so redeemable. Notice of the redemption of any or all of said
bonds which by their terms shall have become subject to redemption
i
-7
shall be given by the Village to the holder thereof,if known, by
registered mail at least thirty (30) days prior to the date of re-
demption, or if the holder thereof be unknown, such notice shall be
published at least once in a newspaper published and of general
circulation in the City of Chicago, . Illinois, the date` of the pub -
lication of such notice to be not less than thirty (30) days prior
to such redemption date, and when any or ail of said- ;fonds which by
their terms have become subject to redemption and payment prior to
their maturity shall have been called for redemption, and payment
made or provided for, interest thereo shall cease from and after
the date so specified.
Under said Code and the ordinance adopted pursuant there-
to, authorizing the issuance of this bond and the series of which it
forms a part,,the revenues from the operation of the combined water-
works and sewerage system of said Village shall be deposited in a
separate fund designated as the "Waterworks and Sewerage 'Fund" of
said Village, which shall be used only and is hereby pledged for
paying the cost of operation and maintenance of said combs 7 ed sys-
tem, providing an adequate depreciation fund and paying the prin-
cipal of and interest on the bonds of said Village that are issued
under authority of said Code and are payable by their terms only
from the revenues of said combined waterworks and sewerage system,
and in making all payments required to maintain the accounts created
under the terms of the ordinance pursuant to which this bond is
issued.
It is hereby certified and recited that all acts, condi-
tions and things required to be done precedent to and in the'issu-
ance of this bond have been done and have happened and have been
performed in regular and due form of law, and that provision has
-8-
been made for depositing in said Waterworks and Sewerage Fund the
revenues received from the operation of said combined waterworks
and sewerage system to be applied in the manner as hereinabove',set
forth, and said Village hereby covenants and agrees that it will fix,
and maintain rates for the use and service of said combined water-
works and sewerage system and collect and account for revenues from
said combined waterworks and sewerage system sufficient at all times
to pay the cost of operation and maintenance of said combined sys-
tem, provide an adequate depreciation fund, and to promptly pay
principal of and interest on all bonds issued by said Village which
by their, I terms are payable solely from the revenues of said combined
waterworks and sewerage system, and to .comply with all of the cov-
enants of, and to maintain the accounts created by, the ordinance
pursuant to which this bond and the series of which it forms a part
were issued.
This bond may be registered as to principal only in the
name of the holder, on the books of said Village in the office of
the Village Treasurer, such registration to be evidenced by nota-
tion of said Treasurer on the back hereof, after which no transfer
hereof shall be valid unless made on said books and similarly noted
hereon, but it may be discharged from such registration by being
transferred to bearer, after which it,shall be transferable by de
livery merely, but it may be again registered as before. Registra-
tion hereof shall not affect the negotiability of the coupons here
to attached, which shall continue negotiable by delivery merely,
notwithstanding registration hereof.
IN WITNESS WHEREOF, said Village of Buffalo Grove, Cook
and Lake Counties, Illinois, by its President and Board of Trustees,
has caused this bond to be signed by its President, its corporate
seal to be hereto affixed and attested by the Village Clerk, and
the coupons hereto attached to be signed by the facsimile signatures
of said President and said Village Clerk, which officials, by the
execution of this bond, do adopt as and for their own proper signa-
tures their respective facsimile signatures appearing on said cou-
pons, and this bond to be dated as of the first day of October,
1970.
Attest:
Tillage Clerk
(Form of Coupon)
President
Number $
On the first day of , 19` *(unless the bond to
which this coupon is attached has been called for payment prior to
said date as therein provided for and payment made or provided for),
the Village of Buffalo Grove, Cook and Lake Counties, Illinois, will
pay to bearer out of the Waterworks and Sewerage Fund of said Vil
lage Dollars ($ ) in law-
ful money of the United States of America at
}
being interest then due on its Waterworks and Sewerage Refunding
Revenue Bond, dated October 1, 1970, Number
President
Village Clerk
*(The clause within the parenthesis shall be inserted in all coupons
attached to bonds numbered from 181 to 800, inclusive, represent-
ing interest maturing after the optional date of the bond to which
it is attached.)
-10-
(Form for Registration)
Date of Signature of
Registration In Whose Name Registered Village Treasurer
Section 7. That upon the issuance of any of the Water-
works and Sewerage Refunding Revenue Bonds herein provided for, the
entire combined municipal waterworks and sewerage system of said
Village of Buffalo Grove, for the purpose of this ordinance, shall
be operated on a fiscal year basis commencing the first day of May
and ending the last day of April of each succeeding year. From and
after the delivery of any bonds issued under the provisions of this
ordinance, all of the revenues from any source whatsoever derived
from the operation of the combined waterworks and sewerage system of
said Village of Buffalo Grove, including all future improvements and
extensions thereof, shall be set aside as collected and be deposited
in a separate fund which is hereby created to be designated as the
"Waterworks and Sewerage Fund" of the Village of Buffalo Grove,
which shall constitute a trust fund for the sole purpose of carry-
ing out the covenants, terms and conditions of this ordinance, and
shall be used only in paying the reasonable cost of operation and
maintenance of said combined waterworks and sewerage system, includ-
ing salaries, wages, cost of materials and supplies, insurance and
the reasonable repairs and extensions necessary to render efficient
service, providing an adequate depreciation fund, and paying the
principal of and interest upon all revenue bonds of said.Village, of
Buffalo Grove, which by their terms are payable solely from the rev-
enues derived from the combined waterworks and sewerage system of
Ff" ..
a�
4 77
said Village, and for the creation and expenditure of the respec-
tive accounts as hereinafter provided for.
Section 8 That there be and there are hereby created
and established separate special accounts to be designated several-
ly "Operation and Maintenance Account ", "Bond and Interest Account ",
"Term Bond,ginking Fund Account ", "Depreciation and Contingencies
Account".. "Bond Reserve Account", and "Surplus Account"., to which
there shall be credited on the first business day of each month,
without any further official action or direction, and in the order
hereinafter mentioned, all moneys held in the Waterworks and Sewer-
age Fund of said Village, in accordance with the following provi-
sions:
(a) There shall be credited to the OPERATION AND MAIN-
TENANCE ACCOUNT an amount sufficient to pay they reason-
able expenses of operation, maintenance and repair of
said waterworks and sewerage system for that month which
shall include, without limiting the generality of the
foregoing, salaries, wages, costs of materials, *pplies,
purchase of power, and all other incidental expenses,
including one - twelfth of any operating costs to''be paid
on an annual basis.
(b) There shall be credited to the BOND AND INTEREST
ACCOUNT an amount equal to not less than one -fifth of
the next maturing interest and sufficient to.paypromptly
all interest due May 1 and November 1 of each year on
all outstanding bonds authorized hereunder and including
interest to become due on all bonds that may be issued
in the future to share ratably and equally in the earn -
ings of the waterworks and sewerage system with'the bonds
herein authorized and such bonds to be issued in the
future being hereinafter referred to'as "Parity Bonds
and beginning not later than May 1, 1973, and monthly
thereafter, there shall be credited to said account an
amount equal to not less than one - tenth,of the aggregate
yearly amount of principal due and payable on all out-
standing bonds, including all Parity Bonds, on the next
succeeding principal maturity date, until there shall be
accumulated in the Bond and Interest Account on or before
thirty (30) days preceding such current maturity date of
such principal or interest, or both, an amount sufficient
to pay such principal or interest, or-both, on all bonds
issued and maturing by,their terms on such current matur-
ity date.
Payments into the Bond and Interest Account may be sus-
pended in any fiscal year at such time as there shall be
sufficient money,in said account to pay principal and
interest on all outstanding bonds for the balance of such
fiscal year. Principal and interest due May 1 shall be
considered as part of the requirements of the immediately
preceding fiscal year. Such payments shall again be re
sumed at the beginning of each fiscal year. All moneys
in said account shall be used only for the purpose of
paying principal and interest on the bonds of this issue
or any Parity Bonds which by their terms are payable from
the revenues of the waterworks and sewerage system as the
same shall become due. Funds sufficient to pay principal
or interest, or both, of said bonds, together with paying
agency fees, shall be transmitted to the paying agent not
less than fifteen (15) days prior to each.current maturity
date of such principal or interest, or both. All paying
agency fees shall be charged as a maintenance and opera-
tion expense.
Upon the issuance of any of the bonds hereby authorized
and receipt of the purchase price therefor, there shall
be credited to the Bond and Interest Account all accrued
interest derived from the sale of said bonds plus an
amount which, together with said accrued interest will be
sufficient to pay interest up to November 1, 1971, on all
of said bonds, being the interest to accrue during the
period of construction of the improvements and extensions
contemplated by the provisions of Ordinance No. 0 -69 -13
which authorized the issuance of the bonds now being re-
funded.
(c) Beginning on July 1, 1979, there shall be credited
to the TERM BOND SINKING FUND ACCOUNT the sum of $8,000
each month and all moneys so credited to said account
shall be held and used only for the calling and redeeming
Prior to their maturity bonds numbered 401 to 800, inclu-
sive, herein authorized and which may then be outstanding,
and thereafter no further credits need be made into said
Term Bond Sinking Fund Account and all amounts so credited
to said account shall be used for the payment of such
bonds on the dates that they become subject to redemption.
(d) Beginning on January 1, 1971, there shall be credited
to the DEPRECIATION AND CONTINGENCIES ACCOUNT the sum of
$2,000 each month, until such account aggregates the sum
of $200,000, and thereafter no additional funds shall be
credited to said account, except that when any money is
paid out of said account credits to said account shall be
resumed and continued until such account has been restored
to the aggregate amount of $200,000. The moneys to the
credit of said account shall be used for the payment of the
cost of necessary renewals and replacements of the combined
waterworks and sewerage system, for the payment of which .
no other funds are available, in order that such system ,
may at all times be able to render efficient service. Each
expenditure to be made from such Depreciation and Contin-
gencies Account- shall be made only after certification by
13
j
the Village Engineer that such expenditure is necessary
to the continued and efficient operation of the system.
In addition to the foregoing, funds of this account shall
be used to pay interest or principal of any outstanding
bonds which by their terms are payable from the revenues
of the waterworks and sewerage/ system, but only when there
are no other funds available for that purpose.
(e) Beginning on January 1, 1971, there shall be credited
to the BOND RESERVE ACCOUNT the sum of $4 000 each month
until such..account aggregates the sum of 400,000, and
thereafter`"no additional funds shall be credited to said
account except that when any money is paid out of said -
account, then credits to said account shall be resumed
and continued until the total moneys credited to said ac-
count have been restored to the aggregate amount of
$400,000. The Village covenants and agrees to maintain
said account throughout the life of the bonds authorized
to be issued under the terms of this ordinance and inclul-
ing the life of all bonds which may hereafter be issued
and by their terms be on a parity with the bonds herein
authorized and until such time as the aggregate amount
to the credit of such account, together with any other
moneys which may be available, are equal to the aggregate
amount of all interest and principal requirements to ma-
turity of the then outstanding bonds authorized under the
terms of this ordinance and including all interest and
principal requirements to maturity of the then outstand
ing bonds which may hereafter be issued and be on a parity
with the bonds herein authorized and thereafter no further
credits shall be made to said account and the moneys to
the credit of said account, together with any other moneys
which may be available, shall be used 'for the payment of .
the principal and interest of the then balance of the out-'
standing bonds as the principal thereof and interest there-
on mature. The funds to the credit of said account shall
be used only to'pay the maturing principal of or interest
on all bonds of the Village issued under the provisions
of this ordinance and including the payment of principal
of or interest on all bonds of the Village which may here-
after be issued and be on a parity with the bonds herein
authorized, all of such bonds being payable .from the rev-
enues of the waterworks and sewerage system of the Village
and whenever sufficient funds are not available in the
Bond and Interest Account for that purpose.
(f) After all the re uirements hereinabove set forth in
subparagraphs (a) to je), inclusive, have been made as
hereinbefore required, including any deficiencies as here
inabove provided, the balance of funds then remaining in
the Waterworks and Sewerage Fund, each month, shall be
credited to the SURPLUS ACCOUNT. The funds to the credit
of said Surplus Account shall be used or accumulated only
for the purpose of making improvements or extensions of
the waterworks and sewerage system or the calling and re-
deeming or the purchase in the open market at a price of
not.more than par and accrued interest to date of redemp-
tion any of the bonds of this issue, or any bonds which
j
may hereafter be issued and be on a parity with the
!III
bonds herein authorized and all of which bonds by their
terms are payable from the revenues to be derived from
the operation of the waterworks and sewerage system;
provided, however, that the Village shall not purchase
any such bonds within sixty (60) days prior to any in-
terest payment date on which any of such bonds may be
redeemable but :,?hall use such available money to call and
redeem such bonds to the full extent of such available
excess; and provided further, that no bonds of the Vil-
lage shall be called or redeemed or purchased or paid
prior to their maturity until all the bonds herein auth: - "�:,'
orized and being numbered 401 to 800, inclusive, in the
aggregate amount of $2,000,000 and due on May 1, 2000,
shall have been 'paid in full.
Sg The moneys in the accounts created by subparagraphs set
created lc�� (d), (e) and (f), as hereinsolution adopteddby the
forth in this section, may by
President and Board of Trustees of the Village be in-
vested from time to time by the Treasurer of said Village
in interest bearing bonds or other direct and general
obligations of the United States Government, and such
securities shall be sold from time to time by said Treas-
urer pursuant to a resolution of the President and Board
of Trustees as funds may be needed for the purpose for
which said accounts have been created. Inter4st earned
on any invet�editedlto thehaccountrfornwhichftheeinsys-
tem and then
vestment was made.
All money on hand shall be deposited in banks
siselected
d
as depositaries from time to time y the
Board of Trust. other bank-accounts be kept
separate from all
Section 9. That it is hereby covenanted and agreed that
the revenues of the combined waterworks and sewerage system are to
be paid into the various special accounts hereinabove established
and created in the order in which said accounts have been listed,
and if within any period of time the revenues are insufficient to
place the required amounts in any of said accounts the deficiencies
shall be made up the following period or periods after payments into'
all the accounts enjoying a prior claim of revenues have been made
in full.
.Sec_ 10 That the Village of Buffalo Grove covenants
and agrees with the holders of said bonds and.coupons hereby
authorized that so long as the bonds or any of them remain outstand-
ing and unpaid, either as to principal or interest:
(a) That the Village will maintain the said combined
waterworks and sewerage system and all improvements and
extensions thereto in good repair and working order,
will operate the same efficiently and faithfully, and
will punctually perform all duties with respect thereto
required by the Constitution and laws of the State of
Illinois.
(b) That the Village will establish and maintain at
all times reasonable fees, charges and rates for all
users of the service of said system, and will provide
for the collection thereof and for the segregation and
application of the revenues of said system in the man-.
ner provided by this ordinance and sufficient at all
times to pay the reasonable costs of operation and main -
tenance, and to pay the.interest of and principal on
all revenue bonds of said Village which by their terms
are payable from the re venue s of said system, and to
provide for the creation of the respective accounts as
provided in Section 8 of this ordinance, and from time
to time make all needful and proper repairs, replace-
ments, additions and betterments thereto so that it may
at all times be operated properly and advantageously,
and when any equipment or facility shall have been worn
out, destroyed or otherwise is insufficient for proper
use it shall be promptly replaced or repaired so-that
the value and efficiency of said system shall be' at all
times fully maintained. Charges for services rendered
the Village shall be made against the said Village and
payment for the same from the corporate funds shall be
made monthly into the Waterworks and Sewerage Fund
created by this ordinance, as revenues derived from the
operation of the combined waterworks and sewerage; system,
in the same manner as other revenues are required'\to be
deposited. No free service of the system shall be fur-
nished to any persons, firm, organization, or corpora-
tion, public or private, and to the extent permitted by
law, it is expressly herein covenanted that said`Village
will not grant a franchise for the operation of any other
or competing waterworks system or sewerage system or com-
bination thereof within the Village of Buffalo Grove.
(c) That the Village will establish such rules and regu-
lations for the control and operation of said system
necessary for the efficient and economical operation
thereof, and rates and charges shall be fixed and revised
from time to time as may be necessary to produce funds
sufficient for all purposes herein provided until all of
the bonds authorized by this ordinance have been paid in
full, both as to principal and interest.
(d) That the Village will make and keep proper, books
and accounts (separate and a art from all other records
and accounts of said Villagep}, in which omplet� entries
shall be made of all transactions relating to said sys-
tem, and hereby covenants that it will cause thei books
and accounts of said system to be audited annually by
certified public accountants showing the receipts and
disbursements on account of said system, and that said
audit will be available for inspection by the holders
of any of the bonds. Each such audit, in addition to
whatever matters may be thought proper by the account-
ants to be included therein, shall, without limiting the
generality of the foregoing, include the following:
(1) A statement in detail of the income and expenditures
of the system for such fiscal year.
r
(2) A balance sheet as of the end of such fiscal year.
(3) The accountant's comment regarding the manner in
which the Village has carried out the requirements
of this ordinance, and the accountant's recommend-
ations for any changes or improvements in the op-
eration of the system.
(4) A list of all the insurance policies in force at
the end of the fiscal year,'setting out as to each
policy the amount of the policy, the risks covered,
the name of the insurer and the expiration date of
the policy.
(5) The number of properties served by the combined
waterworks and sewerage system at the end of the
year, the number of metered customers at the end'
of the year who use both water and sewer services
and the number of customers using only the water
services, the number of unmetered customers at the
end of the year who use both water and sewer ser-
vices and the number of customers using only the
water services and the number of customers using
only the sewer services, and the quantity of water
pumped.
All expenses incurred in the making of the audit required
by this section shall be regarded and paid as an opera-
tion and maintenance expense, and it is further covenanted
and agreed that a copy of each such audit shall be fur -
nished to the holder of any of the bonds at his request,
and any holder of a bond or bonds authorized under this
ordinance shall have the right to discuss with the account-
ant making the audit the contents of the audit and to ask',
for any additional information he may reasonably require.`;
Quarterly statements of receipts and disbursements of the
combined system shall be furnished the President and Board`
of Trustees, and a copy of such quarterly statement shall
be mailed each quarter to Midwest Securities Co., Chicago,
Illinois, the original holder of the bonds authorized by
this ordinance
i
-17
(e) That so long as any of the bonds authorized here-
under are outstanding, the Village will not sell, lease,
loan, mortgage, or in any manner dispose of or encumber
said system subject to the reserved right of said Vil-
lage to issue additional obligations as provided in
Section 11 hereof),, or any improvements and extensions
thereto, until all of said bonds hereby authorized shall
be paid in full, both principal and interest, or unless
and until provision shall have been made for the payment
thereof, and that said Village will take no action in
relation to said system which would unfavorably affect
the security of the bonds or the prompt payment of the
principal and interest thereon; provided, however, that
the covenants in this paragraph shall not prevent the
Village from disposing of any property of said system
which in the judgment of the President and Board of Trus-
tees is no longer useful or profitable in the operation
of said facilities. i
j
(f) Any holder of a bond or bonds, or any of the coupons
of any bond or-bonds, issued hereunder, may either in
law or equity, by suit, action, mandamus or other pro-
ceedings, enforce or compel performance by the officials
of said Village of all duties required by law and by this
ordinance, including the making and collecting of suffi-
cient charges and rates for the water and sewerage ser-
vices supplied by said system, and the application of the
income and revenue therefrom.
(g) That the Village will carry insurance on said system
of the kinds and in the amounts which are usually carried
by private parties operating similar properties, includ-
ing, without limiting the generality of the foregoing,
fire, windstorm insurance, public liability, and all ad-
ditional insurance covering such risks as shall be recom-
mended by a competent consulting engineer employed for
the purpose of making such recommendations, and all moneys
received for loss under such insurance policies shall be
deposited in the Depreciation and Contingencies Account
and used in making good the loss or damage in respect of
which they were paid, either by repairing the property
damaged or replacing the property destroyed, and provision
for making good such loss or damage shall be made within
ninety (90) days from date of loss. The payment of pre-
miums for all insurance policies required under the pro-
visions of this covenant shall be considered an operation'
and maintenance expense.
The proceeds derived from any and all policies ,for public
liability shall be paid into the Operation and'Maintenance
Account and used in paying the claims on accoun of which
they were received.
F
Section 11. That it is hereby covenanted an agreed that
while any of the bonds issued hereunder are outstanding and unpaid,
r
3
�F
no additional waterworks and sewerage revenue bonds to pay the cost
of improvements and extensions shall be issued to share ratably and
equally in the revenues to be derived from the operation of the com-
bined waterworks and sewerage system of said Village unless all of
the amounts required to be credited to the respective accounts de-
scribed in Section 8(a) to (f), inclusive, of this ordinance have
been credited in full to the first day of the month in which an or-
dinance may be adopted authorizing such additional bonds, and moneys
are available and set aside to pay all of the bonds theretofore
called for prior redemption but not yet redeemed, and unless and
until it is evidenced by a certificate of an independent certified
public accountant that the revenues derived from the operation of
the system for the fiscal year then next preceding, or the adjusted
revenues if such revenues are adjusted as hereinafter .provided, were
sufficient to pay all costs of operation and maintenance and to
leave a balance equal to one hundred thirty per cent (130%) of the
maximum principal and interest requirements in any succeeding fiscal
year on all bonds then outstanding payable from the revenues of the
combined waterworks and sewerage system and such additional bonds
then proposed to be issued. For the purpose of this computation,
the $2,000,000 principal amount of bonds shall not be considered as
a principal requirement in the year 2000, but the principal payments
required to be made each year to the Term Bond Sinking Fund Account
shall be considered as the principal requirements for each of said
respective years 1979 to 2000, inclusive.
In the event there shall have been a change in the rates
of the system from the rates in effect for the preceding fiscal
year, which change is in effect at the time of the issuance of any
such additional bonds, then the revenues as provided above shall be
r
adjusted to reflect the revenues of the system for the immediately.
preceding fiscal year as they would have been had said then exist-
ing rates been in effect during all of said fiscal year. Any such
adjustment shall be evidenced by the certificate of an independent
consulting engineer employed for that purpose, which certificate
shall be filed with the Village Clerk for public inspection upon
its approval by the President and Board of Trustees prior to the
adoption of an ordinance authorizing such additional bonds.
Further, notwithstanding the restrictions hereinabove set
forth in this Section 11, additional bonds may be issued by the
President and Board of Trustees of said Village to share ratably
and equally in the revenues of the combined waterworks and sewerage
system of said Village with the revenue bonds authorized to be
issued under the terms of this ordinance for the purpose of con-
strutting improvements and extensions to said combined system; pro-
vided, that such additional bonds shall be issued only upon submis-
sion to the President and Board of Trustees of a certificate pre-
pared by the consulting engineer employed by the Village stating
that in his opinion the revenues of the combined system as projected
for the next complete fiscal year following the completion of the e.
construction of such proposed improvements and extensions to the
system (such projection to be based on the number of additional
users to be served by the said proposed improvements and extensions
and the rates for water and sewerage service then in effect) will
be not less than one hundred thirty per cent (130 %) of the maximum
combined principal and interest requirements for any succeeding
fiscal year on all bonds then outstanding and on the additional
bonds then proposed to be issued. For the purpose of this computa-
tion, the $2,000,000 principal amount of bonds shall not be' con -
sidered as a principal requirement in the year 2000, but the
principal payments required to be made each year to the Term Bond
Sinking Fund Account shall be considered as the principal require-
ments for each of said respective years 1979 to 2000, inclusive,
Said certificate of the consulting engineer shall be approved by
the President and Board of Trustees and filed with the Village
.Clerk for public inspection prior to the adoption of an ordinance
authorizing such additional bonds.
If prior to the payment of any of the bonds hereby auth
orized it shall be found desirable to refund all or a part of the
bonds hereby authorized, said bonds may be refunded notwithstand-
ing the restrictions as to the issuance of additional bonds set
forth in this section (with the consent of the holders thereof un-
less the bonds to be refunded are subject to redemption and provi-
Sion for call and redemption thereof is duly made), and any refund-
ing bonds so issued shall share ratably and equally in the revenues
of said combined waterworks and sewerage system and the pledge
thereof under this ordinance with the portion of the bonds hereby
authorized which are not refunded; provided, however, that if any
such bonds are refunded in such manner that the interest rate is
increased or the refunding bonds mature at a date earlier than the
maturity of the bonds not refunded, then such refunding bonds shall
not share ratably and equally in the revenues of said system with
the portion of the bonds remaining outstanding authorized under'
this ordinance.
Section 12. That the provisions of this ordinance shall
constitute a contract between the Village of Buffalo Grove and the
holders of the bonds herein authorized to be issued, and after the
issuance of said bonds no changes, additions or alterations of any
kind shall be made hereto, except as hereinbefore provided, until
all of said bonds and the interest thereon shall have been paid in
full, or unless and until provision shall have been made for the'
payment thereof.
Section 13.j That as soon as may be after this ordinance
becomes effective, the bonds herein authorized shall be executed by
the officials of said Village as provided by this ordinance and
shall be deposited with the Village Treasurer and be by him deliv-
ered to Midwest Securities Co., the owners and holders of the out-
standing and unpaid Waterworks and Sewerage Revenue Bonds.. Series
of 1969, of said Villa Sp, proposed to be refunded and as described
in the preambles hereof, and in exchange for and on the basis of
par for par for such bonds proposed to be refunded. Simultaneous
with such exchange, the said outstanding and unpaid bonds shall be
cancelled by perforation and thereafter be filed with the Village
Treasurer as a part of his official records.
Section 14. That the Village of Buffalo Grove further
agrees with the owners and holders of the bonds herein authorized
that, upon the delivery of such-bonds as herein provided, all
moneys, not otherwise provided for and then remaining in the sev-
eral special accounts established pursuant to the provisions of the
ordinances heretofore adopted and authorizing the issuance of
Waterworks and Sewerage Revenue Bonds of said Village, Series of
1966 and Series of 1969, shall immediately be transferred to the
corresponding special accounts of the "Waterworks'and Sewerage Fund"
as herein established in Section 8 of this ordinance, and such funds
so transferred shall be held and used in the manner and for the pur-
poses herein prescribed and for which such several special accounts
have been established.
Section 15.1; That the Village of Buffalo. Grove further
agrees with the owners and holders of the bonds herein authorized'
that the terms and provisions of Section 3.03 of Ordinance No.
0 -69 -13 adopted on August 25, 1969, pertaining to the Disposition
of Bond Proceeds received from the sale of the bonds authorized by
said Ordinance and the administration of the "Construction Trust
Fund" established by said Section 3.03 of said Ordinance, shall
remain in full force and effect for the benefit and protection of
the owners and holders of the bonds authorized hereby.
Section 16. That if any section, paragraph, clause or
provision of this ordinance shall be held invalid, the invalidity
of such section, paragraph,.clause or provision shall not affect
any of the other provisions of this ordinance.
Section 17. That all ordinances, resolutions or orders,
or parts thereof, in conflict with the provisions of this ordi-
nance, are to the extent of such conflict hereby repealed.
Section 18. This ordinance, within ten (10) days after.
its passage by the President and Board of Trustees, shall be pub-
lished once in the Buffalo Grove Herald, being a newspaper published.
in and having a general circulation in said Village, and shall be
in full force and effect as provided by law.
PASSED.by the President and Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties, Illinois,on the
14th day of September , 1970, and recorded, deposited'Iand
f
filed in the office of the Village Clerk of said Village this 14th..
day of _ September 1970.
Aye i President Thompson; Trustee Felten,
Trustee Gleeson, Trustee Thorud, Trustee
Armstrong, Trustee Fabish ,Truste� a Cimaglio
Nays:
ro a d n
Attest
A p
V llage Cyrk
( SEAL)
CERTIFICATE OF PUBLICATION
PADDOCK PUBLICATIONS, INC.
A Corporation organized and existing under and by virtue of the laws of the
State of Delaware, DOES HEREBY CERTIFY That it is the publisher. -
of Buffalo Grove Herald
That said Buffalo Grove Herald ;a a secular
newspaper and has been published daily in the Village of
Buffalo Grove County of Cook
and State of Illinois, continuously for more than one year prior to, on and since
the date of the first publication of the notice hereinafter referred to and is of gen-
eral circulation throughout said Village, County and State. I
I further certify that Buffalo Grove Herald !
is a newspaper as defined in "an Act to revise'. the law in relation to notices" as
amended by Act approved July 17, 1959 —Ill. Revised Statutes, i `, Chap. 100,
Para. 1 and 5.
That a notice of which the annexed printed slip is a true copy, was published in
said Buffalo Grove Herald on the
23rd day of_SgRl_er ber , A.D. 19 70 .
IN WITNESS WHEREOF, the undersigned, the said PADDOCK PUBLICA-
TIONS, Inc., has caused this certificate to be signed and its corporate seal affix-
ed hereto, by FRANCIS E. STITES, its Secretary, at Arlington Heights, Illinois,
this> Yd__day oft:ej(ilbe___ A.D.
PADDOCK PUBLICATIONS, INC.
B .� ��
y tart'.
t /
0�-*D
CERTIFICATE OF PUBLICATION
PADDOCK PUBLICATIONS, INC.
A Corporation organized and existing under and by virtue of the laws of the
State of Delaware, DOES HEREBY CERTIFY That it is the publisher
of Buffalo Grove Herald
That said Buffalo Grove Herald in a secular
newspaper and has been published daily in the Village of _
Buffalo Grove County of Cook
and State of Illinois, continuously for more than one year prior to, on and since
the date of the first publication of the notice hereinafter referred to and is of gen-
eral circulation throughout said Village, County and State.
I further certify that Buffalo Grove Herald
is a newspaper as defined in "an Act to revise the law in relation to notices" as
amended by Act approved July 17, 1959 —I11. Revised Statutes, Chap. 100,
Para. 1 and 5.
That a notice of which the annexed printed slip is a true copy, was published in
said Buffalo Grove Herald on the
23rd day of September , A.D. 19 ZO
IN WITNESS WHEREOF, the undersigned, the said PADDOCK PUBLICA-
TIONS, Inc., has caused this certificate to be signed and its corporate seal affix-
ed hereto, by FRANCIS E. STITES, its Secretary, at Arlington Heights, Illinois,
this 23rd _day of— Se-ptembe.r—_ , A.D. 19_7Q___.
PADDOCK PUBLICATIONS, INC.
By ��:- Qecre
No. 3 Wednesday Sept. 23 1
Legal 4141 - 2nd galley
Serial Numbers,
Both ]Inclusive Principal Year of
-
I to 4 Amount Maturity
b to 10 $ 20;000 1974 .
11 to 1g 30,000 1975
19 to 26 40,000 1976 ;
27 to 34 40,000 1977 - :>
35 to, 42 40.000 1978
43 to 50 40,000 1979
51'to 60 40,000 1980
61 to 70 " 50,000 1681
71 to 80 50,000 1982
81 to 92 50,000 1983 ry.
93 to 104 60,000 1984
105 to 118. 60,000 1985
119 to 132 70;000 1986
133 to 146 70,000 1987
147 to 162 70,000 1988
163 to 18o 80,000 1989
181 to 198 90,000 1990 .
199 to 21g 90,000 1991
219 to 238 100,000 - 1992-
239 to 260 1001000 - 1993
-
261 0284 110,000 1994
28b to 310 120,000 1995
_.
311. to 338 130,000 1996
339 to 368 140,000 1997
369 to 400 150,000. 1998
401 to 800 160,000 1999
Provided, however, that of said bonds, bondsanumbered 1812t0000g00 in..
elusive, in the aggregate principal. amount of $3.100,000 and due in the.
years 1991 to 2000, inclusive, shall be subject to redemption and
Prior to their maturity, at the option of- the Village, at payment f
interest on May 1, 1990, or on any interest pm and accrued' 1
the inverse order in which Payment date hereafter, in {�
number 800. shall first be redeemed numbered; that is to say, `bond 4
deemed, . and so on continuing such before bond' number 799 is re, I
said bonds subject to redemption riority of redemption as to all of
Written notice of its Option opredem and may
any or all of said bonds, in -accordance with heirpesms� hall maturity
by the Village to the holder of each of such bonds called for redemption,
If known, by registered mail at leastthirty (30)
redemption, or' if the holders of days prior to the date of
any`such bonds are unknown hen notice
of such redemption shall be given by publication of such notice at least
once in a newspaper published and of general circulation in the t least
Chicago, 171inois, and the date of the publication of such notice shall be
not less than: thirty (30) days prior .to such .redem of
such :notice shall designate the date and redemption date, and any .
bonds, shall designate he serial n Place of ,redemption of '
amount of the bonds :to be redeem doers' and the a
said
desi and shall indicate that P on rtpire
grated date of redemption said bonds will be redeemed b
of the principal and accrued interest thereon,
after he designated redemption date interest in respect of said bonds so
called for redemption shall cease . and that from and.
Section 5. That both principal` of and interest on said
Sewerage Refunding Revenue Bonds shall be a Waterworks and
the United States of America 'at
payable in lawful money of
hereinafter designated by Resolution $ &Vfr st
Board of - Trustees of the Village of Buffalo to be
Y the President and
signed by the President `sealed with the corpora Grove. Said bonds shall be
and attested by he Village Clerk; te. seal of said Village,
said bonds shall be executed b and the interest, coupons attach
dent and said Village Clerk, Y the facsimile signatures
bonds; shall adopt and said officials, b f `said Press
P as and for their own proper si y the execution of said
facsimile - signatures appearing on said coupons. gnatures heir respective
Said bonds, together with interest_ th,
from the revenues derived from the operation shall be
works and sewer system payable solely j
of said Village id combined water-
age 1{
any event constitute an indebtedness of said Villa e
g and said bonds shall not in..
of any eonstrtutional provision or_ any constitutional . or tstatuto not
tfon.
Any of said bonds may be registered at the option of the holder as to'
Principal only, at any time prior to
on the books of said maturity, in the name of the holder, {
registratiory to be Village in the office of the Village Treasurer, such
Treasurer, and noted on the reverse side of the bonds by 'the Village
Payable only thereafter he principal of such registered bonds shall be
Y to the registered holder; his legal
signs. 'Such registered bonds mrepresentatives.,or as-
ay be transferable to
holder or back to bearer only upon presentation to
with a legal another registered -
assignment duly acknowledged or approved Registration rof
any of such bonds shall not affect the negotiability attached, but such coupons shall be transferable °f he coupons thereto
Section 6. That -said bonds ansferable by delivery merely.
substantially the following form: coupons attached hereo shall be in
UNITED (Form of Bond)
STATE OF ILLINOIS STATES OF AMERICA
VILLAGE OF
'COUNTIES GROVE AND LAKE
Numb�RWOR . AND SEWERAGE REFUNDING REVENUE BONA `
KNOW ALL MEN BY -
Buffalo .Grove, Cook and L THESE PRESEIV7 S that the
by Promises to a eke Counties, Illinois, for value received hercx
as hereinafter provided, ether, or if this bond be registered as to _
then to the registered holder hereof, pnrtcrpal
the Waterworks arud Sewerage Fund of said
hereinafter provided and solely from .
DOLLARS not otherwise, Village of Buffalo Grove, as
($5,000) on May the sum of F AND
Principal sum, from the date hereof together with FIVE Tl�On =
cent (7 %) Per annum, - interest on such,
until Paid at he rate of seven per
after on - May l and payable November 1, '1970 'and semiannuall
surrender of the in November 1 in each Yeas, u there
come due. terest coupons hereto attached upon Presentation and
Both principal of y severally be-
in lawful more of � interest on this bond are hereby
a the United States of America at made payable
This bond and the series of which it forms a part together with Interest that will accrue
derived from the thereon, is payable solely from the
system of said operation of he combined the revenues
Village and not ohe waterworks and sewerage
Division 4 of Article 8 of the rwise, and is issued
1961, and all laws Illinois Municipal under authority of
Purpose of refundiamendatory thereof and su Code, approved May 29;
Sewerage all oP the presently pltanditary thereto, for. the
Village, ge Revenue Bonds, Series of 1969, Y outstanding Waterworks and
and this bond does not constitute dated Jams
vmthin any constitutional or -statutory noan indebte January 1 1969, of said
limitation: dress of said Village,
MORE "Tp COME'`LE6A 4141
candNa 14, Wednesday 9-23 — -
Legal no 4141 Galley three
This bond is. one of an authorized issue of Four Million Dollars
($4,000,000), numbered from l to 800, inclusive, of the denomination of
Five Thousand Dollars ($5,000) each, and bonds numbered 181 to 800;
Inclusive, in the aggregate principal amount of $3,100,000 and due in the.
years 1991 to 2000, inclusive, are subject to redemption and payment
prior to their maturity, at the option of thie Village,, at par and accrued
interest to date of redemption on May 1, 1990, or on any interest, payment
date thereafter, in the inverse order in_ which they are numbered, that is
to say, bond number 800 shall first be redeemed before bond number 799:
Is redeemed, and so on, continuing such priority of redemption as to all
bonds so redeemable. Notice of the redemption of any or all of said
bonds which by their terms shall have become subject to redemption
shall be given by the Village 16, the holder thereof, ' if known, by regis-
tered mail at least thirty (30) days-prior to the date of redemption, or if'
the holdeir thereof be unknown, such notice shall be published at least
once in a newspaper - published` and of general circulation in the City of
Chicago, Illinois, the date-of the publication of such notice to be not less
than thirty (30) days prior to such redemption date, and when any or all
of said bonds which by their terms have become subject to redemption
and payment prior to their maturity shall have been called for redemp -.
tion, and payment made or provided 'for; interest thereon shall cease
from and after the date so specified.
Under said Code and the ordinance :adopted ' pursuant thereto,.author-
izing the issuance of this bond and the series of which it forms. a part,
the revenues from the operation of the combined waterworks and'sewer-
age system of said Village shall be deposited in.a separate fund desig-
nated as the "Waterworks and Sewerage Fund "` of said Village, which
shall be used only and is hereby pledged for paying the cost of operation
and maintenance of said combined system, providing an adequate depr-
eciation fund and paying, the principal of and interest on the bonds of
said Village that are issued under authority of said Code and are payable l
by their terms only from the revenues of.said combined waterworks and
sewerage system, and in making all payments required to maintain the
accounts created under the terms of the ordinance pursuant to which this
bond is issued, -
It is hereby certified and recited that all acts, .conditions' and things
'required to be done, precedent to and in the issuance of this bond' have
been done and have happened and have been performed in' regular ,and-
due form of law, and that provision has been made -for depositing in said
Waterworks and .Sewerage Fund the :revenues received from the oper
ined waterworks and sewerage .system to be anolied in
the manner as here above ,set forth, -and said Village herby covenants
and agrees: that it will "fix and` maintain rates for the use and service of
said combined waterworks and sewerage system and collect and account
for revenues from said combined waterworks and sewerage` system suf-
ficient at all times to pay the cost of operation and maintenance of said
combined system, provide an adequate depreciation fund, and to
promptly pay principal of and interest on all bonds issued by said Village
which by their terms are - payable.' solely from the revenues• of. said com-
bired waterworks and sewerage system, and to comply with all of the .
covenants of, and to maintain' the accounts created by, the ordinance
Pursuant to which this bond and the series of..which it forms a part were
issued:
This bond may be registered as to principal only`in the name of the
holder, on the books of said Village in the office of the Village Treasurer,
such registration to be evidenced by notation of said Treasurer on the
back hereof, after which no transfer hereof shall be valid unless made on
said books and similarly noted hereon, but it may be discharged from
such registration by. being transferred to bearer, after which it shall. be
transferable :by delivery merely, but it may be again. registered as be-
fore. Registration hereof shall not affect the negotiability of the coupons
hereto attached, which shall continue negotiable by delivery merely, not-
withstanding registration hereof.
MORE MORE MORES
No. 14 Wednesday'9 -2$
Legal no 4I41 Gal 4
IN WITNESS WHEREOF, said Village -of, Buffalo Grove, Cook and
Lake 'Counties, Illinois, by its President and Board of Trustees, has -
caused this bond to be signed by its President, its corporate seal to be
hereto affixed and attested by the Village Clerk, and the coupons hereto
attached to be signed by the facsimile signatures of said President and
said Village Clerk, which officials, by the execution of this bond, do adopt:.
as and for their own proper `signatures their, -respective facsimile sigma
tures appearing on said coupons, and this bond to be dated as pf the first
day of October, 1970.
President
Attest:
Village Clerk,
(Form of Coupon)
Number
On the first day of 19 *(unless the bond to which this
coupon is attached has been calied for ,payment prior to said date as
therein provided for and payment made or provided. for), the Village,of
Buffalo Grove, Cook and Lake Counties; Illinois, will pay to .bearer out of
the Wate- rworks. and` S.ewe.rage Fund of said V11
lag Dollars ($ : ) in lawful money of '
t h e 'U n i t e d States of America at
being interest then due,,on its Waterworks, and Sewerage. Refunding Reve;
nue Bond, .dated October 1, 1970; Number ---.
President
Village Clerk
*(The clause within the parenthesis shall be inserted in all coupons
attached to bonds numbered from I81 to 800, inclusive, representing inter
est maturing after the .optional date 'of the bond to which it is attached.)
(Form for Registration)
Date of Signature of
Registration' In Whose Name Registered village Treasurer
Section '7. That upon the issuance of any of the Waterworks . and
Sewerage Refunding Revenue Bonds herein provided for, the entire com '
bined municipal waterworks and sewerage system of said Village of Buf-
falo Grove, fdr th' rose of this ordinance, shall be operated on a
4is 1.3e is commence <rhe, firs�day of May and ending the last
on of April of each: a proving ye'd orn and after the delivery of any
bonds issued under the provisions df_"this ordinance, all of the .revenues .
from any source whatsoever derived from the operation of the combined
waterworks and sewerage 'system of said Village of Buffalo Grove, in-
cluding all future improvements and extensions thereof, shall be set aside
as: collected and be deposited in a separate fund which As.hexeby created
to be designated as the "Waterworks and Sewerage Fund" of the Village .
of Buffalo' Grove,- which shall constitute a trust fund for the sole purpose
Of carrying out the covenants, - terms and conditions of. this ordinance and
shall be used only in,. paying -the treasonable cost of operation and mainte-
nance of said combined waterworks and sewerage system, including sala-
ries, wages, cost of materials and supplies, insurance and the reasonable
repairs and extensions, necessary to render efficient service, providing an
adequate depreciation fund, and paying the principal of and interest upon .
all revenue bonds of said Village of Buffalo Grove, which by their terms'
are "payable solely from the revenues derived from the combined water -
works and 'sewerage system of said Village, and for the :creation and
expenditure of the respective: accounts as hereinafter provided for.
TWOR.F. MORE MORES- aoffidNk
No. 15 wed 9/23—
Legal No. 4141—
Galley five —
Section 8. That there be and there are hereby created and established, :
separate special accounts to be designated severally "Operation and
Maintenance Account," . "Bond and Interest Account, "Term Bond Sink -
ing Fund Account," "Depreciation and Contingencies. Account," `?Bond
Reserve Account," and "Surplus Account," to which there shall be credit- .
ed on the first business -day of, each. month, ; without any further. official
action or direction, and in the order hereinafter mentioned, all moneys -
held in the. Waterworks and Sewerage Fund of said Village, in accor-
dance _
_ with the following provisions: :
(a) There shall be credited' to the OPERATION AND MAINTE-
NANCE ACCOUNT an amount sufficient to pay the reasonable expenses _
of operation; maintenance and - repair of said waterworks and sewerage
system for that month which shall include, without limiting the generality .
of the foregoing; salaries; wages, costs of materials, supplies, purchase of
power, and all other incidental expenses, including one- twelfth of ' any
operating costs to be paid on an annual basis:
(b) There shall be credited to the BOND, AND INTEREST ACCOUNT,
an amount equal to . not less than one -fifth of the next maturing interest
and sufficient to pay promptly all interest due May 1 and November 1 of
each year on all outstanding bonds authorized hereunder and including
Interest to become due on all bonds that may be issued in the future to,
share ratably and equally in - -the earnings of'the-waterworks and sewer -
age system with the,.bonds herein authorized and such bonds to be issued
in the future being hereinafter' referred to as "Parity Bonds,!' and begin:
ning not later than May 1,: 1973, and monthly thereafter; there shall : be
credited to said account an amount equal to not Iess than one -tenth of the.
aggregate yearly amount of principal due and payable' on all outstanding r
bonds, including all Parity Bonds,' on the next succeeding principal ma =..
turity date, until there shall . be accumulated : in the Bond and Interest
Account on or before thirty. (30) days - preceding such current maturity
date of such principal or interest; or both, an amount sufficient to paw
such principal or interest, or both, on all bonds issued and maturing, by
their terms on such current maturity date.
Payments into the Bond and Interest Account may be suspended `in
any fiscal year at such time as there shall be sufficient money in said-
account. to ' pay principal- and interest on all outstanding bonds: for 'the.'
balance of such "fiscal year. Principal' and interest due May 1 shall be-
considered as part of the requirements of the immediately preceding
fiscal year. Such payments shall again be resumed at the beginning -of
each fiscal year. All moneys in said account :shall be used only for the
purpose of paying principal' and interest on the bonds of this issue or any .
Parity Bonds which by.their terms are payable from'the revenues of the
waterworks' and sewerage. system as the same shall become due. Funds
sufficient to pay principal or interest, or both, of said bonds, together
with paying agency fees, shall be transmitted to the paying agent not less
than fifteen (15) days prior to each current maturity date ":of such princi-:: :
pal or interest, or both. All paying agency fees shall be charged as a
maintenance and operation, expense:
Upon the issuance of any of the bonds hereby authorized and receipt--
of the purchase price therefor, there shall be credited to the Bond and
Interest Account all accrued interest derived from the sale of said bonds.
plus an amount which, together with said :accrued interest will be suf-
ficient to pay interest up to November 1, 1971, on all of said bonds, being d
the interest to accrue during the period of construction of the improve
ments and extensions contemplated by the provisions of Ordinance No, -
0,69 -13 which authorized the issuance of the bonds now being refund2d.
- (c) Beginning on July 1, 1979, there shall be credited to the TERM
BOND SINKING FUND ACCOUNT the sum of $8;000 each month.and all
moneys :so credited to said account shall be held and used only for the
calling and redeeming prior, to their maturity bonds numbered 401 to 800,
inclusive, : herein authorized and -which may then be outstanding, and
thereafter no further credits need be made into said Term Bond Sinking
Find Account and all amounts so credited to said account. shall be used
for the payment of such bonds on the dates that they, become subject to
redemption.
(d) Beginning on January 1, 1971; there shall` be credited to the
DEPRECIATION AND CONTINGENCIES' ACCOUNT the sum of $2,000
each month, until such account aggregates the sum of $200,000, and there- .
after no additional funds < shall be credited to said account; except, that',
when any money is paid out of said account credits to said account shall
be resumed and- continued .until such account has been restored- to the'
aggregate amount of $200,000. The moneys to the. credit of said account -
shall be used for the payment of the cost of necessary: renewals and -
replacements of the combined waterworks- and ,sewerage system, for the
payment of which no other funds are- available; in order that such system
may at all times be able to render efficient service. Each expenditure to
be made from such Depreciation, Contingencies Account shall be
made only . after certification by the Village Engineer that such ex-
penditure is necessary to the continued and efficient operation of the
system. In addition to the foregoing, funds of this account shall be used
to pay interest or principal of any outstanding bonds which by their
terms are payable from the revenues of the waterworks and sewerage
system, but only when there are,no other funds available for that pur-
pose:
(e) Beginning on January 1, 1971, there shall be credited to the
BOND RESERVE ACCOUNT the sum of ,$4,000 each-month until' such
account aggregates the sum of $400,000, and thereafter no additional :
funds shall be credited to said account except that when.any money Is-
paid out of said account, then credits to said account shall be resumed '
and contlnued until the total moneys credited to said account have -been
restored to the aggregate amount of $400,000. The Village covenants. and
agrees. to maintain said account throughout the life of the bonds auth-
orized to be issued under the terms of this ordinance and- including the
life of all bonds which may hereafter be issued and by their terms be
on a parity with the - bonds herein: authorized and until such time as the '
aggregate amount to the credit of such account together with any other ;
moneys which may be available, are equal. to the aggregate amount of
iii interest and principal requirements to maturity of the then out
standing bonds authorized under the terms of this ordinance and include
ing all interest and principal requirmentS to maturity of the then out-
standing bonds which may hereafter be issued and be on a parity with
the bonds herein authorized and thereafter no further credits shall be
made to said 'account and the moneys to the credit of said account, to-
gether with any other moneys which may be available, shall be used
for the payment of the principal and interest of the then balance of the
outstanding bonds as the principal thereof and interest thereon mature ,.
The funds to the credit of said.account shall be used only to pay the 3
maturing principal of or interest on all b ^nds of the Vjlls P ,.- ;i
the provisions- of this ordinance and including the payment of principal of
or interest on all bonds of the Village which may hereafter be .issued and
be on a parity with the bonds herein_ authorized, all of such b_,nds being
payable from the revenues of the waterworks and sewerage system of
the Village and whenever sufficient funds are not available in the. Bond i
and Interest Account fdr that purpose.
f). After all the requirements hereinabove set forth in subparagraphs
(a) to (e); inclusive, have been made as hereinbefore required, including _
any deficiencies• as hereinabove :provided, the balance of funds then re
maining in the Waterworks and Sewerage Fund, each month, shall be
credited to the SURPLUS ACCOUNT. The funds to the 'credit of said
Surplus Account shall be used or accumulated only for the purpose of
making improvements or extensions of the waterworks and sewerage
system or the calling and redeeming or the purchase in- the open market
at a price of not more than par and accrued interest to date of redemp
tion any of the bonds of this issue, or any bonds which may hereafter be
issued and be on a parity with the bonds, herein authorized and all of
which bonds by their terms are payable from the revenues to.be derived
from the operation of the waterworks and sewerage system; provided,
however, that the Village shall not'purchase any such bonds within sixty
(60) days prior to any interest payment date on which any of such bonds :
may be redeemable but shall use such available' money to calf and
redeem such bonds to the full extent of such available excess; and pro-."
vided further, that no 'bonds of the Village shall be called or redeemed' or
purchased' or paid prior to their maturity until all the bonds - herein '
authorized- .and being numbered 401 to 800,' inclusive; in the aggregate
amount-of $2,000,060 and due on May 1, 2000, shall have been paid in full.
(g) The- moneys in the accounts created by subparagraphs .(c),: (d),
(e) and (f), as hereinabove created and set forth in this section, may. by
resolution adopted by the President and Board of Trustees of the Village _ ='
b e invested from time to time by the Treasurer of said Village in interest- -
bearing bonds or other direct and general obligations of the United States
.Government; and such securities shall be sold from.time to time by said
Treasurer pursuant to, a resolution of the President` and Board of
Trustees as funds may be needed -for the purpose for which said accounts
have been created. Interest earned on any investment shall be shown as
revenues of the system and then credited to the account for which the
Investment was made.
All money on hand shall, be deposited in banks selected as depos=.
itaries;;.from time to time by. the President and Board of Trustees. Such i
bank accounts shall be kept separate from all ether Village accounts.
F
No. 12 Wed. 9`23'—
Galley No. 8 LegallNo. 4141 —
If prior to the payment of any of the bonds hereby authorized it shall
be found desirable to' refund all or a part of the bonds hereby authorized;
said bonds may be refunded notwithstanding the restrictions as to the
Issuance of additional bonds set forth in this section (with the consent of`
the holders thereof unless the bonds to be Irefunded are subject to re-
s
demption and provision for call and redemption thereof is duly made),
and any refunding bonds so issued shall share ratably and equally in the'.
revenues of said combined waterworks and sewerage system and the,
- pledge thereof under this ordinance with the portion of the bonds `hereby `.
authorized which alre not refunded; provided; however, that if any such
,
bonds are refunded in such manner that the. interest rate is increased or .
the refunding bonds mature at a date earlier .than the maturity of the:
bonds not refunded, then such refunding bonds shall not share ratably
r
and equally in the revenues of said system with the portion of the bonds
Iremaining outstanding authorized under this ordinance.
=`
Section 12. That the provisions of this ordinance shall constitute a
x
contract between the Village of Buffalo Grove and the holders of the
bonds herein authorized to be issued; and after the issuance of said bonds
no changes, additions. or alterations of any kind shall be made hereto, +.
except as hereinbefore provided, until all of said bonds and the Interest:
thereon shall have been paid in full, or unless and until provision shall
have been made for the payment thelreof.'
Section 13. That as soon as may be after this ordinance -becomes
effective, the bonds herein authorized shall be executed by the officials of.
said Village as provided by this ordinance and shall be de posited- with the .
Village Treasurer and be by him delivered to Midwest Securities Co.,' the
t
owners and holders of the outstanding and unpaid Waterworks and Sew-
?` ;-
erage Revenue Bonds, Series of 1969, of said Village, g proposed to be re-
funded and as described in the preambles hereof, and in exchange for
"
and on the basis of par for par for such bonds proposed to be refunded.
Simultaneous with such exchange, the said outstanding and unpaid .bonds.
shall be cancelled by perforation and thereafter be filed with the Village
`
Treasurer as a paIrt of his official records. - `•
'.Section 14. That the Village of Buffalo Grove further agrees with the
owners and holders of the bonds herein authorized that, upon the delivery
of such bonds as herein provided, all moneys, not otherwise provided'for
and then remaining in the several special - accounts. established pursuant
to the provisions of the ordinances -.heretofore adopted and authorizing the
issuance of Waterworks and Sewerage Revenue Bonds of said Village,
Series of 1966 and Series of 1969, shall immediately be transferred to the
corlresponding special accounts of the "Waterworks and Sewerage Fund ";
as herein established in Section 8 of this ordinance, and such funds so
transferred, shall be held and used in the manner and for the purposes
U.,
herein prescribed and for which such several special accounts have been.
established.
Section 15. That the Village of Buffalo Grove further agrees with the
owners and holders of the bonds herein authorized that the terms and
provisions of Section 3.03 of Ordinance No. 0- 6943 adopted on Au gust 25,
'
1969, pertaining to the .Disposition of Bond Proceeds .received from the
sale of the bonds authorized by said Ordinance and the administration of
the `, `Construction Trust Fund" established by said Section 3.03 of said;
i=
Ordinance, shall remain in full force, and effect for the -benefit and pro-', '
tection of the. owners and holders of the bonds authorized hereby.
Section 16. That if any section, .paragraph, clause or provision of this.
ordinance shall be held invalid, the invalidity of such section, paragraph;
clause or provision shall not affect any of the other. provisions of this
ordinance. _ —
_
Section 17. That all ordinan resoltuio r orders, olr parts there -
of, in conflict with the provisions o is ordinance, are to the extent of
_
z
such conflict hereby repealed,
Section 18. This ordinance, within, ten (10) days after its passage by
the President and Board of Trustees, shall be published once in . the
Bixffalo Grove Herald,. being• a' newspaper published in and having
,a
general circulation in said Village, and shall be in full force_ and effect as
's
provided by law.
PASSED by the President and Board of Trustees of the Village of
Buffalo Grove; Cook and Lake Counties; Illinois, on the 14th day. of Sep -:
tember, 1970, and recorded, deposited and filed in the office of the Village
Clerk of said Village this 14th day of September, 1970.
Ayes: President Thompson; Trustee Felten,. Trustee Gleeson,
§ =
Trustee
Thorud, Trustee Armstrong; Trustee Fabish, Trustee Cimagllo
"
Nays: NONE
DONALD J. TIIOMPSO14
President`
ATTEST:
ROSALIE L. KASZUBOWSKI
Village Clerk
h
(SEAL)
Published in Buffalo Grove herald Sept. 23, 1970.
No. 12 wed. 9 -23
Legal No. 4x41 —
Galley No 6 —
Section 9. That it is hereby covenanted and agreed that the'reveriues
of the .combined waterworks and sewerage system are to be paid into the-
various special accounts hereinabove established and created in the order-
in which said accounts have been listed, and if within any period of time
the revenues are insufficient to place the required amounts in any of said
accounts the deficiencies shall be made up the following period or periods
after payments into all the accounts enjoying a prior claim of revenues
have been made in fUll:
Section 10. That the Village of Buffalo Grove . covenants and agrees
with. the holders of said bonds and coupons _ hereby authorized that so
long as the bonds or any of them remain outstanding and unpaid, either -
as to principal or interest:,. -
(a) That the Village will maintain the said combined waterworks and
sewerage system and all improvements and extensions thereto in good
repair and working order, will operate the same efficiently and faithfully,_
and will punctually perform all duties with respect thereto required by
the Constitution and laws of the State of Illinois.
(b) That the Village will establish and maintain at all times reason-
able fees, charges and rates for. all users of the service of said system,
and .will provide for the collection thereof and for the segregation and
application of the revenues of said system in the manner provided by this _
ordinance and sufficient at all times to pay the reasonable costs of oper-
ation and maintenance, and to pay the interest of and principal on all-
revenue bonds of said Village which by their terms are payable from the
revenues of said system, and to provide for the creation of the respective
accounts as provided in Section 8 of this ordinance, and from time to
time make all needful and proper repairs, replacements, additions and
betterments thereto so that it may at all times be operated properly and
advantageously, and when any equipment or facility shall have been woril
out, destroyed or otherwise Is insufficient for proper use it shall be
promptly replaced or repaired so that the value and efficiency of said
system shall be at all times fully maintained.
Charges for services rendered the Village shall be made against the
said Village and payment for the same from the corporate funds shall be
made monthly into the Waterworks and Sewerage Fund created by this =
ordinance, as revenues derived from the operation of the combined wa- .
terworks and sewerage system, in the same manner as other ' revenues
are required to be deposited. No free service of the system shall be
furnished to any persons, firm, organization, or corporation,. public or
Private, and to the extent: permitted by law, it is expressly herein cov-
enanted that said Village will not grantor franchise for the operation of
any other or competing waterworks; systeni. or sewerage system or . com-
bination thereof within the Village of Buffalo Grove.
(c) That the Village will; establish such rules and regulations for the
control and. operation of said system necessary, for the efficient and
economical operation thereof, and rates and charges shall be -fixed and
revised from time to time as may be necessary to produce funds suf-
ficient for . aIP. purposes herein provided until all of the bonds authorized
by this ordinance have been paid in full,' both as to principal and interest;
(d) That the Village will make and keep proper books and accounts
(separate and apart from all other records and accounts of said Village),
in which complete entries shall be 'made of all transactions relating to
said system, and hereby covenants that it will- cause the books and
accounts of said system to be audited annually by certified public ac --
countants showing the receipts and disbursements on account of said j
system, and that said audit will be available for inspection by the holders
of any of the, bonds. F,ach such "audit, in addition to whatever matters
may be thought proper by the accountants to be included therein, shall,,_
without limiting the generality of the foregoing, include the following:
(1)'A statement in detail of the income and expenditures -of -the sys ,
Aem for such fiscal year.
(2) A balance sheet as of the end of such fiscal year.
(3) The accountant's comment ,regarding the manner in which the --
Village, has carried out the requirements : of this ordinance, and the ao
countant's, recommendations for any changes or improvements in the
operation of the system.
�- - ---� (4) A list of all the insurance policies in force at the end of .the fiscal
Year, - setting out as to each policy, the amount of the policy, the risks
covered, the name of the insurer and the expiration date of the policy.
(5) The number of properties served by the combined waterworks
and sewerage -system at the end of the year; the number of metered'
customers at the end of the year who use both water and sewer services
and the number of customers using only the water services, the number
of unmetered customers at the end of the year who use both water and"
sewer services and the number of cu
vices and the number of c stomers using only the water ser-
ustomers using only the sewer `services, and
the quantity of water pumped.
All expenses incurred in the making of the audit required by this
section shall be regarded and paid as., an operation and maintenance
expense, and it is further covenanted and agreed, that . a copy of
such audit shall be furnished to the holder of any of the bonds at his.:
request, and any 'holder of a bond or bonds authorized under this ordi-
nance shall have the right to discuss with the accountant making the-
and to ask for any additional information
he may reasonably require &Quarterly, statements of receipts and dis-
bursements of the combined- system shall be • Wrnished the President and
Board of Trustees, and a' copy of such quarterly statement shall be
mailed each 'quarter to Midwest Securities Co., Chicago, Illinois, the.
original holder of. the bonds authorized bey this ordinance...
'MORE TO COME = -
No. 12 Wed. 9-23 —
Legal No. 4141 Galley No. 7 — ;
(e) That so long as any of the bonds authorized. hereunder are out-
standing, the Village'will not sell, lease, loan, mortgage, or in any man -
ner dispose of or encumber said system (subject to the reserved right of
said Village to Issue additional obligations as provided in Section 11
hereof), or any improvements and extensions thereto, until all of said
bonds hereby authorized shall be. paid in full, both: principal and interest,
or unless and until provision shall have been made for the payment
thereof, and that said Village will take no action in relation to said
system which would unfavorably affect the security of the bonds or the
prompt payment of the principal and Interest thereon; provided, however '
that the covenants in this paragraph shall not..prevent the Village from
disposing of any property of said system which .in the, judgment of the _
President and Board of Trustees is no longer useful or profitable in the,
operation of said facilities.
(f) Any holder of a bond or bonds,.or any of the coupons of any bond;
or bonds, issued - hereunder, may either in law or equity, by suit, action,
mandamus or other proceedings, enforce or compel performance by the
officials of said Village of all duties required by law and by this ordi -'
narice, including the making and collecting of sufficient charges and rates .
for the water and sewerage. services supplied by said •system, and the
application of the income and revenue therefrom. .
(g) That the Village will carry insurance on said system of the kinds
and in the amounts which are usually carried by private parties oper-
ating similar properties, including, without limiting the generality of the
foregoing, fire, 'windstorm insurance, public 'liability, and all additional
Insurance covering such -risks as shall be recommended by a competent
consulting engineer employed for the purpose of making such recommen -`
dations, and all moneys received for loss under such insurance policies
shall be 'deposited ` in the Depreciation and Contingencies -Account and
used in making good the loss or damage in respect of which they were'
paid, either by repairing the property damaged or replacing the property'
destroyed; and provision for making good such loss or damage shall be
made within ninety (90) days from date of loss. The payment of pre -'
miums for all insurance policies required under the provisions of this
covenant shall be considered ;an: operation and maintenance . expense.
The proceeds derived from any and all policies for public .liability`
shall be paid into the Operation and Maintenance Account and used in
paying the claims on account of which they were received
Section 11. That it is hereby- covenanted and agreed that while any of,
the bonds issued hereunder are outstanding and unpaid, no additional
waterworks and sewerage revenue bonds to pay the cost of improvements
and extensions shall be _issued to share .ratably- and equally'in the reve-
nues to be derived from the operation of the combined waterworks and
sewerage; system of said Village unless all. of, the amounts required to be
credited to the respective accounts described in Section 8 (a) to (f),
inclusive, of this ordinance have been credited in full to the first day of.
the month in which an ordinance may be adopted authorizing such addi-
tional bonds, and moneys are available and set aside to pay all of the
bonds theretofore called for prior redemption but not yet redeemed, and _.
unless and until it is evidenced by a certificate of an independent certi
fied public accountant that the revenues derived from the operation of
the system for the fiscal year then next preceding, or the adjusted reve-
nues if such revenues are adjusted as hereinafter provided, were suf-
ficient to pay all costs of operation and maintenance and to leave a
balance equal to one. hundred thirty per cent (130 %) of-the maximum
principal and interest requirements in any succeeding. fiscal, year on all
bonds then outstanding payable from the revenues of the combined wa
terworks and sewerage system and such additional bonds:then proposed
to be issued. For the purpose of :this computation, the $2,000,000 principal i
amount of bonds shall not be considered -as a principal requirement in
the year 2000, but the principal payments required to be made each year
to the Term Bond- Sinking Fund Account shall be considered as the
principal requirements for each of said respectiv years 1979 to 2000
inclusive.
In the event there shall have been a change in the of the
system from the rates in effect for the preceding fiscal year, which
change is in effect at the time of the issuance of any such additional
bonds, then the revenues as provided -above shall be adjusted to reflect
the revenues of the system for, the immediately preceding fiscal year as'`` _
they would have been had said then existing rates been in effect during
all of said fiscal year. Any such . adjustment shall be evidenced by the' "
certificate of an independent consulting engineer employed for that pur-
pose, which certificate shall . be filed with the Village Clerk for public
inspection upon its approval by the President and Board of Trustees
prior to the adoption of. an ordinance authorizing such additional bonds.
Further, notwithstanding the restrictions h
erei
nab
ove set forth in this
Section 11, additional bonds may issued by the President and -Board of
Trustees of said Village to share ratably and equally in the revenues of
the combined - waterworks and sewerage system of said Village with the.'
revenue bonds authorizedto.be issued under the terms of this ordinance
for the purpose - of -constructing improvements and extensions to said
combined system; provided, that such additional bonds shall be issued
only upon submission to the President and Board of Trustees. of a certifi-
cate prepared by, the consulting engineer employed by the Village' stating
that in his opinion the revenues of the combined system as projected for
the next complete fiscal year following the completion of the construction
of such proposed improvements and extensions to the system (such pro-
jection. to be based on the number of additional users to be ..served by the
said proposed improvements and extensions and the rates for water and
sewerage' service then in effect)' will be not less "than one hundred thirty
Der cent (130olm of tha mav,ml,w ; ; a
No. 12 Wed. 9 -23
Legal No. 4141 Galley No. 7 —
(e) That so long as any of the bonds authorized: hereunder are out:
standing, the Village'will not sell, lease, loan, mortgage, or in any man-
ner dispose of or encumber said .system (subject to the reserved right of
said Village to issue additional obligations as provided in Section '11
hereof), or any improvements and extensions thereto, until all .of said
bonds hereby authorized shall be paid in full, both, principal and interest,
or unless and until provision shall have been made for. the payment
thereof, and that said Village will take no action in relation to said
system which would unfavorably affect the security of the bonds or the
prompt payment of the. principal and interest thereon provided, however '
that the covenants in this' paragraph shall not prevent the Village from
disposing of any property of said system which in the judgment of the _
President and Board of Trustees is no longer useful or profitable in the,
operation of said facilities:
(f) Any holder of a bond or bonds,.or any of the coupons of any bond,._
or bonds, issued- hereunder, may either in law or equity, by suit, action,
mandamus or other proceedings, enforce or compel performance by the
officials of said Village of all - duties required by law and by this ordi -'
nance, including the making and collecting of sufficient charges and rates.
for', the water and sewerage- 'services supplied by said system, and the
application of the income and revenue therefrom.
(g) That the Village will ,carry insurance on said system of the kinds
and in the amounts which are usually carried by private parties oper-
sting similar. properties, including, without limiting the generality of the
foregoing; fire, windstorm insurance, public liability, and all additional
Insurance covering such- risks as shall be recommended by a competent
consulting engineer employed for the
..purpose of making such recommen -' -
dations, and all moneys received for loss under such insurance policies
shall be deposited in the Depreciation and Contingencies . Account and
used in making good the loss or damage in. respect of which they were
paid, either by repairing the property `damaged or replacing the property',_ -
destroyed; and provision for making good such loss or damage shall be
made within ninety (90) days from date of loss. The payment of pre
miums for all insurance policies` required under the provisions of this i
covenant shall be considered an.operation and maintenance _expense.
The .proceeds derived from any and all policies 'for public - liability,
shall be paid into the Operation and Maintenance Account and used in -
paying the claims on account of which they were received. x
Section 11. That it is hereby covenanted and agreed that while any of
the bonds issued hereunder are outstanding and unpaid, no . additional
waterwolrks and sewerage revenue bonds to pay the cost . of improvements
and extensions shall be issued to share ,ratably- and equally -in the reve r
nues to be derived from the operation-of the combined waterworks and
sewerage system of said Village unless all of the amounts required ,to be
credited to the respective accounts -described in Section 8• (a) to (f),
inclusive, of this ordinance have been credited in full to the first day of,
the month in which an ordinance, may be adopted authorizing such add!-
tional bonds, and moneys are available and set aside to pay -all of the
bonds theretofore called for prior redemption but not yet redeemed, and
unless and until it is evidenced by a certificate of an independent certi
fled public accountant that the revenues derived from the operation of
the system for the fiscal year then next preceding, or the adjusted rove- _
nues if sixth revenues are adjusted as hereinafter provided, were suf-
ficient to pay all costs' of operation and maintenance and to leave a =
balance equal to one. hundred thirty per cent (130 %). of-the maximum
principal and interest requirements in any succeeding, fiscal year on all
bonds then outstanding payable from the revenues of the combined wa-
terworks and sewerage' system and .such additional bonds then proposed ...
to be issued. For the purpose of this computation, the $2;000,000 principal
amount of bonds shall not be considered -as a principal requirement in
the year,2000, but the principal payments required to be made each year
to the Term Bond Sinking Fund Account shall be considered as the
principal requirements for each of said respectiv` years 1979 to 2
- inclusive. _ ,
In the event there shall .have been a change in the rates of the
system from the rates in effect- for the preceding fiscal year, which
change is in effect at the time of the issuance of any such additional
bonds, then the revenues as provided =above shall be, adjusted to reflect=
the revenues of the system for. the immediately preceding fiscal year as'-, J.
they would have been had said then existing rates been in effect during
all of said fiscal year. Any, such adjustment shall be evidenced by the
certificate of'. an independent consulting engineer employed for that pug` --
pose, which certificate ° shall be filed with the Village Clerk for public
inspection upon its approval' by the President and Board of Trustees
prior to the adoption of. an ordinance authorizing such additional bonds.
Further, notwithstanding the restrictions hereinabove set forth in this
Section 11, additional bonds may be issued by the President and, Board of
Trustees of said Village to share ratably and equally in the revenues of
the combined waterworks and sewerage system of said Village with the -
revenue bonds authorized to be issued under the, terms .of this ordinance ;
for the purpose' of constructing improvements -and extensions to said
combined system; provided, that such additional bonds shall be issued
only upon submission to the President and Board of Trustees.. of a certifi-
cate prepared by-the consulting engineer. employed by the Village stating
that in his opinion the revenues of the combined system as projected for
the next complete fiscal year following . the completion of the construction
of such proposed improvements and extensions to the system (such pro-
jection to be based on the number of
said proposed improvements and e additional users to be served by the
additional
and the rates for water and
sewerage' service then in effect) will be not less -than one hundred thirty
Per cent (130 %) of the maximum combined principal and interest re-
quirements for any succeeding fiscal year on all bonds then outstanding -
and on the additional bonds then. proposed to be issued. For the purpoge
of this computation, the $2,000,000 principal' amount of bonds' shall not be
considered as a principal requirement in the year 2000, but the principal
payments required to'be made each year to the Term Bond. Sinking Fund
Account shall be considered as the principal requirements for each of
said respective years 1979 to 2000, inclusive. Said certificate of the :con-
sulting engineer shall be approved by the President and Board of
Trustees and filed with the Village Clerk for public inspection prior to
the adoption of as ordinance authorizIng such additional bonds,
MORE To OOME — —
CERTIFICATE OF PUBLICATION
PADDOCK PUBLICATIONS, INC.
A Corporation organized and existing under and by virtue of the laws of the
State of Delaware, . DOES HEREBY CERTIFY That it is the publisher
Of. Buffalo Grove Herald
That said Buffalo Grove Herald ;A a secular
newspaper and has been published daily in the Village of
Buffalo Grove County of Cook
and State of Illinois, continuously for more than one year prior to, on and since
the date of the first publication of the notice hereinafter referred to and is of gen-
eral circulation throughout said Village, County and State.
I further certify that Buf f 11 o Grove Herald
is a newspaper as defined in "an Act to revise the law in relation to notices,, as
amended by Act approved July 17, 1959 —Ill. Revised Statutes, Chap. 100,
Para. 1 and 5.
That a notice of which the annexed printed slip is a true copy, was published in
said Buffalo Grove Herald on the
23rd day of__September , A.D; 19 70
IN WITNESS WHEREOF, the undersigned, the said PADDOCK PUBLICA-
TIONS, Inc., has caused this certificate to be signed and its corporate seal affix-
ed hereto, by FRANCIS E. STITES, its Secretary, at Arlington Hej$hta, Illinois,
this 23rd day of September _ A.D. 19 70
PADDOCK PUBLICATIONS, INC.
secretary.
i
I
STATE OF ILLINOIS
SS
COUNTY OF COOK
I, the undersigned, do hereby certify that I am the duly
qualified and acting Clerk of the Village of Buffalo Grove, in the
Counties of Cook and Lake and State of Illinois, and as such Clerk
I am the keeper of the journals, records and files of the President
and Board of Trustees of said Village.
I do further certify that the attached and foregoing is a
full, true and correct copy of an ordinance entitled:
"AN ORDINANCE authorizing and providing for the
I–ssTe' of Four Million Dollars ($4,000,000)
Waterworks and Sewerage Refunding Revenue Bonds
of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refund-
ing its outstanding Waterworks and Sewerage
Revenue Bonds, Series of 1969, dated January 1,
1969, prescribing all the details of said bonds,
and providing for the collection, segregation
and distribution of the revenues of the com-
bined waterworks and sewerage system of said
Village for the purpose of paying the cost of
the operation and maintenance thereof, provid-
ing an adequate depreciation fund therefor and
paying the principal and interest of said bonds.
as adopted by the President and Board of Trustees of the Village of
Buff o Grove at its regularly convened meeting held on
1970, s s gned by the President of said V age on
e day of , 1970, all as appears from the offi-
cial records of saicVVillage, in my care and custody.
I do further certify that said ordinance was duly and
p e Ily published by publication thereof on the P3 7 day of
, 1970, in the Buffalo Grove Herald, a same being a
ne spaper published in and having a general circulation in said
Village.
IN WITNESS WH�ERE.QF, I have hereunto affixed my official
signature and h`�' a o'rporate se 1 f s id Village of Buffalo Grove,
Illinois, this,— day of , 1970.
FAA "I
=i
(VILLAGE SEAL)
RWS:rd
9/4/70
STATE OF ILLINOIS
SS
COUNTY OF COOK
I, the undersigned, do hereby certify that I am the duly
qualified and acting Clerk of the Village of Buffalo Grove, in the
Counties of Cook and Lake and State of Illinois, and as such Clerk
I am the keeper of the journals, records and files of the President
and Board of Trustees of said Village.
I do further certify that the attached and foregoing is a
full, true and correct copy of an ordinance entitled:
"AN ORDINANCE authorizing and providing for the
Is—sue of Four Million Dollars ($4.,000,000)
Waterworks and Sewerage Refunding Revenue Bonds
of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refund-
ing its outstanding Waterworks and Sewerage
Revenue Bonds, Series of 1969, dated January 1,
1969, prescribing all the details of said bonds,
and providing for the collection, segregation
and distribution of the revenues of the com-
bined waterworks and sewerage system of said
Village for the purpose of paying the cost of
the operation and maintenance thereof, provid-
ing an adequate depreciation fund therefor and
paying the principal and interest of said bonds.
as adopted by the President and Board of Trustees of the Village of
Buffal Grove at its regularly convened meeting held on
1970, nd s igned by the President of said V age on
e -day of _ , 1970, all as appears from the offi-
cial records of sa-tA Village, in my care and custody.
I do further certify that said ordinance was duly and
operly published by publication thereof on the 3 day of
1970, in the Buffalo Grove Herald, a same being a
wspaper published in and having a general circulation in said
Village.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and h� erpor�a a —sea of sa d Village of Buffalo Grove,
Illinois, this �5.— day of , 1970.
(VILLAGE SEAL)
RWS:rd
9/x+/70
STATE OF ILLINOIS
SS
COUNTY OF COOK
I, the undersigned, do hereby certify that I am the duly
qualified and acting Clerk of the Village of Buffalo Grove, in the
Counties of Cook and Lake and State of Illinois, and as such Clerk
I am the keeper of the journals, records and files of the President
and Board of Trustees of said Village.
I do further certify that the attached and foregoing is a
full, true and correct copy of an ordinance entitled:
"AN ORDINANCE authorizing and providing for the
Is—sue of Four Million Dollars ($4,000,000)
Waterworks and Sewerage Refunding Revenue Bonds
of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refund-
ing its outstanding Waterworks and Sewerage
Revenue Bonds, Series of 1969, dated January 1,
1969, prescribing all the details of said bonds,
and providing for the collection, segregation
and distribution of the revenues of the com-
bined waterworks and sewerage system of said
Village for the purpose of paying the cost of
the operation and maintenance thereof, provid-
ing an adequate depreciation fund therefor and
paying the principal and interest of said bonds."
as adopted by the President and Board of Trustees of the Vi ,,Ilagp of
Buf fa7,,o Grove at its regularly convened meeting held on
1970, a a signed by the President of said i age on
the ��ay of , 1970, all as appears from the offi-
cial records of said(jVillage, in my care and custody.
I do further certify that said ordinance warms duly and
MX=,lished by publication thereof on the .� -day of
1970, in the Buffalo Grove Herald, a same being a
neldspaper published in and having a general circulation in said
Village.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and hrporra a —se of sa d Village of Buffalo Grove,
Illinois, this day of t, 1970.
(VILLAGE SEAL)
RWS :rd
9/x+/70
fi
STATE OF ILLINOIS
SS
COUNTY OF COOK
I, the undersigned, do hereby certify that I am the duly
qualified and acting Clerk of the Village of Buffalo Grove, in the
Counties of Cook and Lake and State of Illinois, and as such Clerk
I am the keeper of the journals, records and files of the President
and Board of Trustees of said Village.
I do further certify that the attached and foregoing is a
full, true and correct copy of an ordinance entitled:
"AN ORDINANCE authorizing and providing for the
issue of Four Million Dollars ($4,000,000)
Waterworks and Sewerage Refunding Revenue Bonds
of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refund-
ing its outstanding Waterworks and Sewerage
Revenue Bonds, Series of 1969, dated January 1,
1969, prescribing all the details of said bonds,
and providing for the collection, segregation
and distribution of the revenues of the com-
bined waterworks and sewerage system of said
Village for the purpose of paying the cost of
the operation and maintenance thereof, provid-
ing an adequate depreciation fund therefor and
paying the principal and interest of said bonds.
as adopted by the President and Board of Trustees of the V la e of
Buffa� Grove at its regularly convened meeting held on
1970, a a signed by the President of said Vi age on
the
�^ day of , 1970, all as appears from the offi-
cial records of m0fqVVillagE, in my care and custody.
I do further
certify that said ordinance was Auly and
p pe ly published by
1970, in
ne paper published in
publication
the Buffalo
and having
thereof on the
Grove Herald, a same
a general circulation
ay of
being a
in said
Village.
IN WITNESS WHEREOF, I have hereunto affixed my official
signature and h' ee c rporra a sealf of said Village of Buffalo Grove,
Illinois, this Z5_ day of , 1970.
/a Rrwi
(VILLAGE SEAL)
RWS:rd
9/4/70
Wednesday, Sept. 23, 1970 PADDOCK PUBLICATIONS
Ordinance No. 0 -70 -32 Izing
the r
AN ORDINANCE authorizing and providing for the issue of Four age
Million Dollars ($4,000,000) Waterworks and Sewerage Refunding note
Revenue Bonds of the Village of Buffalo Grove, Cook and Lake shall
Counties, Illinois, for the purpose of refunding its Outstading and
Waterworks and Sewerage Revenue Roads, Series of 1969, dated
and said
January 1, 1969, prescribing all the details of said bonds,
providing for the collection, segregation and distribution of the - be
revenues of the combined waterworks and sewerage system of sew
said Village for the purpose of paying the cost of the operation acco
and maintenance thereof, providing an adequate depreciation bon
fund therefor and paying the principal and interest of said bonds.
requ
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, been
Illinois, has heretofore, by ordinance, provided for the combination of its due
existing municipally-owned waterworks and sewerage systems into a Wat
combined waterworks and sewerage system and is now operating the olio
same As a single utility, all in accordance with the provisions of Division the
139 of Article 11 of the Illinois Municipal Code, approved May 29, 1961, as and
said
amended; and
WHEREAS, Pursuant to Ordinance No. 0 -69-13 adopted by the Presi- for
dent and Board of Trustees on August 25, 1969, there was issued $4,000.000
Waterworks and Sewerage Revenue Bonds, Srles of 1969, all of which 00
bonds are presently outstanding, said bonds being dated January •1, 19fi9 Pro
inclusive, and b
and due serially on May 1 of each of the years 1973 m 1998,
on May 1, 2008; and the retirement of said C0v
WHEREAS, for the purpose of accelerating
bonds and accompl dlmg a saving in total interest cost to the Village, by p sr
revising the schedule of maturities in order that the last bonds will
become due in 2000 istead,of 2008 as provided in Ordinance No. 0.69 -13.
it is deemed advisable, necessary and in the best interests of said Village hold
that all of said Waterworks and Sewerage Revenue Bonds, Series of 1969, sue
dated January 1, 1969, and hereinabove described, be refunded into a new be
issue of bonds with a shorter schedule of maturities; and
WHEREAS, the owners and holders of said Waterworks and Sewer sue
age Revenue Bonds, Series of 1969, dated January 1, 1969, proposed to be ter
refunded, and as hereinabove referred to and described, have agreed W for
surrender said bonds in exchange for new Waterworks and Sewerage her
Refunding Revenue Bonds in the principal amount Of $4,000,000, with wit
shorter maturities, and such exchange to be on the basis of par for par; L
and
WHEREAS, pursuant to the Provisions of Division 4 of Arti cle 8 of he
the Illinois Municipal Code, approved May 29, 1961, and all laws at, ae
datory thereof and supplementary thereto, this Village is authorized to at
issue waterworks and sewerage revenue bonds for the purpose of refund -sin
Ing and paying its outstanding Waterworks and Sewerage Revenue is
Bonds, Series of 1969, dated January L 1969, and hereinabove described:
NOW, THEREFORE, Be It and It Is Hereby Ordained by the Presi- do
dent and Board of Trustees of the Village of Buffalo Grove, Cook and
Lake Counties, Illinois, as follows:
Section 1: That the existing munfcipallY -owned waterworks and sew-
erage systems of the Village of Buffalo Grove, Cook and Lake Counties, -
Illinois, shall Combine to be operated and maintained s a combined VP
waterworks and sewerage system, and said Combined system shall In
elude the entire waterworks and sewerage systems of said Village, in-
cluding all future improvements and extensions therein. and In the best Co'
Section 2. That it is deemed advisable, necessary
Interests of said Village that the outstanding Waterworks and Sewerage tb
Revenue Bonds, Series of 1969, dated January 1, 1969, in the amount of Ba
$4000000, be refunded and exchanged for bonds with a shorter schedule fan
oFinaturities.
Section 3 That the President and Board of Trustees do hereby deter- t I And mine the period of (40) years from the date of the bonds herein author- net
system to be forty (40) Y
ized.
Section 4. That for the purpose of refunding the outstanding and
unpaid Waterworks and Sewerage Revenue Bonds, Series of 1969, of said
Village, in the principal amount of. $4,000,000, there be issued revenue V
bonds of said Village of Buffalo Grove in the principal amount of Four
Million Dollars ($4,000,000), which said bonds shall each be designated of
be dated October e`
"Waterworks and Sewerage Refunding Revenue achb Bond,"
numbered consecutively
1,. 190, be of the denomination of $5,000
from 1 to 800, inclusive, bear interest at the rate of seven per coat (7 %)
per annum, payable November 1, 1970, and semiannually thereafter on R
the first days of May and November in each year, and mature serialy on
May 1 of the years and in the amounts as follows: _
Serial Numbers, Principal Year of
Both Inclusive 20,00 Ma 1974 Amount
' 1 to 4 $ 00'� 1975 S,
5 to 10 . 30,000 bi
11 h 18 40,000 1976 if
19 to 26 40,060 1977 if
27 to 34 40,000 1978 d
35 to 42 40,000 199 b,
43 a 50 40,000 1980 n
51 to 60 50.000 1981 w
61 to 70 50,000 1982 .
50,000 1983 c
71 to 90 60,000 1984 . a
81 to 92 60,000 less d
93 to 104 4U 000 1986 0
105 to 118 70,000 1967 0
119 to 132 70,000 1988 . s
133 to 146 1989 n
147 to 162 80,000 1990 r
163 to 180 90,000 r
181 a 198 90,000 1991 a
199 to 218 100,000 1992
100,000 1993 a
219 to 238 a
2'39 to 284 110,000 1994
261 to 284 120,000 1995 e
285 to 310 130,000 1996
311 to 338 140,000 1997
1998
339 to 368 150,000 1
369 to 400 160,000 1999
401 to 800 2.000.000 2000
Provided, however, that of said bonds, bonds numbered 181 m 800, in- i
elusive, in the aggregate Principal amount of $3,100,000 and due fn the'
lion and
a CutI
redemption P Yin
shall be subject to P
2 0 inclusive, 1991m 00.
years
prior to their maturity, at the option to the Village, at par and accrued'
interest rs May 1, 1990, or on any merest payment data thereafter, in '
the inverse order In which they are numbered; that mis to say, bond.
number 800 shall first in redeemed before bond number 799 is re--
.deemed, and so on, continuing such priority of redemption as to all of
said bonds subject to redemption prior a maturity.
Written notice of its option to redeem and pay prior to their maturity
any or all of said bonds, in accordance with their terms, shall be given
called for redemption,
rids call
4 such bo
teach o
by the Village to the holder o
H known, by registered mail of least thirty bonds days prior to the date notice
of redemption
rea Or ti the holders of any such bonds are unknown,
no then notice
o such [dewspap shall be given by publication ecirculation of such notice at least
once in a newspaper published and of general circulation of the City of
Chicago, Illinois, and the date of the publication of such notice shall be
not less than thirty (ign days prior to such redemption date and and
such , shall shall designate the date and place he redemption said
bonds, soul designate the serial numbers and the aggregate principal te
amount of the bonds to be redeemed, and shall indicate that on the
designated date of redemption said bonds will be redeemed. by payment
of the principal thereof and accrued interest thereon, and that from and
after the designated redemption date interest in respect of said bonds so
called for redemption shall cease.
Section 5. That both Principal of and interest on said Waterworks and
money of
a able
in lawful Y
be
df Revenue
Bonds shall P Y
Refun rig
Sewerage
a to be
hereafter
t Company States of America at
a bank
or fetus p
h United
teU
the President and
designated by Resolution to be adopted by
Board of Trustees id the Village of Buffalo Grove. Said bonds shall e,
,signed es the President, sealed with the corporate seal of said Village,
and attested by the Village Clerk, and the interest coupons attached to
said bonds shall be executed by the facsimile signatures of said f sm'd
dent and said Village Clerk, and said officals, by the execution of. said
.bonds, shall adopt as and for their own Proper signatures their respective
facsimile signatures appearing on said coupons.
Said bonds, together with interest thereon, shall be payable solely
Erom the revenues derived fro m the operation of the combined water
works and sewerage system of said Village, and said bonds shall not It
any event Constitute an indebtedness of said Village V al on statutory Smite
of any constitutional provision r any
Ban. '
Any of said bonds may be registered at the option Of the holder as tc
principal only, at any time prior to maturity, in the name of the holder
tin the books of said Village in the office of the Village Treasurer, sort
registration to be noted on the reverse side of the bonds by the Village
Treasurer, and thereafter the principal of such registered bonds shall m
payable only to the registered holder, his legal representatives or as
signs. Such registered bonds may be transferable to another registers(
,older or back to bearer only upon presentation to the Village Treasure .
with a legal assignment duly aclmowledged r approved. Registration o
any of such bonds shall not affect the negotiability, of the coupons thereb
attached, but such coupons shall be transferable by delivery merely.
Section 6. That said bonds and coupons attached thereto shall be b
Substantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTIES OF COOK AND LAKE
VILLAGE OF BUFFALO GROVE
WATERWORKS AND SEWERAGE REFUNDING REVENUE BOND
Number-
RNOW ALL MEN BY THESE PRESENTS, that the Village c
Buffalo Grove, Cook and Lake Counties, Illinois, for value received ben
by premises to pay to bearer, or if this bond be registered as to pilnell a
s hereinafter provided,:. then to the registered holder hereof, solely fror
the Waterworks and Sewerage Fund of said Village of Buffalo Grove, e
hereinafter provided and not otherwise, the sum of FIVE THOUSAN
.DOLLARS ($5,000) on May L--together with interest on sue
principal sum from the date hereof until pod at the rate of seven pc
Cent (7 %) per annum, payable November 1, 1970 and n semiannually
nnuall en
after on May 1 and November 1 in each year, pq presentation
surrender of the interest Coupons hereto attached as they severally In
come due.
Both principal of and interest on this bond Are hereby made paywo
In lawful money of the United States of America at together with it
This bond and the series of which it forms a part,
f inerest that will accrue thereon, is payable solely from the revenm
derived from the operation of the Combined waterworks and sewera€
system of said Village and not otherwise, and is issued under authority
Dlvisfon 4 of Article 8 of the Illinois Municipal Code, approved May U
1961, and all laws amendatory thereof and supplementary thereto,
,purpose of rounding all of the Presently outstanding Waterworks m
- Sewerage Revenue Bonds, Series of 1969: dated January 1, 1969, of so
- Village, and this bond does not constitute an indebtedness of said Villal
within any Constitutional or statutory limitation.
This bond is one of an authorized issue of Four Million Dolla
($4,000,000). numbered from 1 to 800, inclusive, of the denomination
tiered 181 to in
gum
000 each.
and bonds
5
Dollars ( )
Thousand $
Five
due in b
t of 3
Y00 000 and
amour $
rinci al
re ate P
In the g P
'inclusive egg
and a e
P Ym
b act to redemption
e subject ar j
.ears 199
1 to
20(10 Inclusive,
Y
rid accru
Village, at par a
the V P
the option of g .
maturity, at P
nor
to
their Y.
a interest ayme
on May
1 1990 or on any P
Y
teres
trod
ate of redemption
m
are numbered that
date thereafter, in the inverse order In which they
to say, bond number 800 shall first be redeemed before bond number 7
is redeemed, and bi . Continof t such priority of redemption as to
bonds w redeemable. Nolte h the redemption of any or all of sa
bonds which by heir teens Shall have become Subject to known, by red
shot be given as the Village da the holder thereof, of redem redemption, rag
tiered mail at ]east be unknown, (30) days prior is the date oY redemption, or
'the holder thereof r bished such notice shall ul published at lea
„once in a newspaper published and li genera circulation in the otl
- Chicago, Illinois, the date of the publication of such notice a be not s
-than thirty (30) days prior a such redemption date, and when any p
'at said bonds prior t their terms have become subject to or rodent
..and payment prior to their maturity shall have been called for shall me
lion, and payment made or provided for, interest thereon shag tea
' "from and after the date so specified.
rider said Code and the ordinance adopted pursuant thereto, author
the issuance of this bond and the Series of which it forms a par
avenues from the operation of the combined waterworks and sews !
system of said Village shall be deposited in a separate fund dealt
d as the "Waterworks and Sewerage Fund" of said Village, whit
be used only and is hereby pledged for paying the cost of operatic
maintenance o said combined system, Providing an adequate dep
tion fund and paying the principal of and Interest on the bonds I
Village that are issued under authority of said Code and Are Payab:
their terms only from the revenues of said combined waterworks at
erage system, and in making all payments required to maintain ti
ants created under the terms of the ordinance Pursuant m which th
d fns issued. Conditions and thin
It is hereby certified and recited that all acts,
ired -to be done precedent to and in the issuance of this bond ha'
n done and have happened and have been performed in regular a,
form of law, and that provision has been made for depositing in so
,marks and Sewerage Fond the revenues received from the op(
A of said combined waterworks and sewerage system to be applied
manner as hereinabove set forth, and said Village hereby covenaz
agrees that it will fix and maintain rates for the use and service
combined waterworks and sewerage system and collect and mean
revenues from said combined waterworks and sewerage system s
end at all times to pay the cost of operation and maintenance of at
Win System, provide an adequate depreciation fund, and
mpiy pay principal of and interest on all bonds issued by said Villa
Ch by their terms are payable solely from the revenues of said co
ed waterworks and sewerage system, and to comply with tall of 1
Agents of, and to maintain the accounts created by, the manner
suanth which this bond and the series of which it forms a part WE
uad.
This bond may be registered as to principal only in the name of €
dr, on the books of said Village in the office of the Village Treasur
h registration a be evidenced by notation of said Treasurer on
ck hereof, after which no transfer hereof shall be valid unless made
d books and similarly noted hereon, but it may be discharged in
h registration by being transferred to bearer, after which it shall
train by delivery merely, but it may be again registered as
e. Registration hreof shall not affect the negotiability of the coup
eto attached, which shall continue negotiable by delivery merely, I
hstanding registration hereof.
IN WITNESS WHEREOF, said Village of Buffalo Grove, Cook
eke Counties, Illinois, by its President and Board of Trustees,
used this bond to be signed by its President, its corporate seal to
her
affixed and attested by the Village Clerk, and the coupons her
inched h be signed by the facsimile signatures of said President
d Village Clark, which officials, by the execution of this bond, do ad
and for their own proper signatures their respective facsimile all
ores appearing on said coupons, and this bond to be dated as of the f
y of October; 1970.
President
Clerk
(Form of Coupon)
-J I I ill.. )IU.4m. aWO
the Village and whenever ,sufficient funds are not available in the Bordner cent (130%) of the maximum combined principal and Interest re-
and Interest Account for that purpose qui[ements for any succeeding fiscal year on all bonds then outstanding
( I After all the requirements heremabove set forth in subparagraphs and on the p Additional bonds then propose issued. For the
bonds shall not be
(a) to (a), inclusive; have been made as hereinbefore required, inGadfng of this com initiation, the $2, principal
any deficiencies s hereinabove provided, the balance aft. funds then re- considered as a principal requirement in the year 2000, but the principal
,- mafnlng in the Waterworks and Sewerage Fund, each month, shalt be payments required to be made each year to the Term Bond Sinking Fund
p credited to the SURPLUS ACCOUNT. The funds to the credit o4 said Account shall be considered s the principal requirements
eNficate for of the coat
A Surplus Account shall be used or accumulated only for the purpose of said respective years 1979 to 2000.
._ making improvements or extensions of the waterworks and sewerage suiting engineer shall be approved by the President and Board of
ifsystem or he calling and to or the purchase in the open market Trustees and filed with the Village Clerk for public inspection prior to
e at a price of not more than par and accrued interest to date of redemp the adoption of an ordinance authorizing such additional bonds.
d lion any o4 the bonds of this issue, or any bonds which may hereafter be It prior to the payment of any of the bonds hereby authorized it shall
:e issued and be on a parity with the bonds herein - authorized and all of be found desirable h refund al or a part of the bonds hereby authorized,
Is which bonds by their terms are payable from the revenues h be derived said bonds may be refunded notwithstanding he restrictions as to the
from the operation of the waterworks and sewerage system; provided, issuance of additional bonds set forth in this section (with the consent of
s however, that the Village shall not purchase any such bonds within sixty the polders thereof unless the bonds to be funded are subject adre-
;e (60) days prior to any Interest payment date on which any of such bonds dem tion and provision for call and redemption thereof is duly
,d may be redeemable but shall use such available money to call and and any refunding bonds so issued shall share ratably and equally In the
(d redeem such bonds to the full extent of such available excess; and pro- revenues of said combined waterworks and sewerage system and the
r_ vided further, that no bonds of the Village shall be called or redeemed. or. pledge thereof under this ordinance with the portion of that if anyesnch
purchased or paid prior to their .maturity until all the bonds herein authorized which are not refunded; provided,
1, authorized and being numbered 401 to 800, inclusive, in the aggregate bonds are refunded in such manner that the interest rate Is increased or
of amount of $2,000.000 and due on May 1, 2000, shall have been paid in full. the refunding bonds mature at a data earlier than the maturity of the
bonds not refunded, then such refunding bonds shall not share ratably
At (a) The moneys in the accounts created by subparagraphs (c), (d), and equally In the revenues of said system with the portion of the bonds
,f- (e) and (fl, as hereinabove Created And set forth in this section, may by 4
id resolution adopted by the President and Board of Trustees of the Village remaining outstanding authorized under this ordinance.
to be invested from time to time by the Treasurer of said Village in interest Section 12. That the Previsions of this ordinance shall constitute a
p¢ bearing bonds or other direct and general obligations of the United States contract between the Village of Buffalo Grove and the holders of the
n_ Government, and such securities shall be sold from time to time by said bonds herein authorized to be issued, and after the issuance of said bonds made
he Treasurer pursuant to a resolution of the President and Board of no changes. additions or alterations ➢ny said bonds be the Merest shall
cc Trustees as funds may be needed for the purpose for which said accounts except as herembefore provided, until a
re have been cleated. Interest earned on any investment shall be shown as thereon shall have been paid in full, or unless and until provision shall
revenues of the system And then Credited to the account for which the have been made for the payment thereof
e investment was made. Section 13. That as soon as may be after this ordinance becomes
h
h All money on hand shall be deposited in banks selected as depots- effective, the bonds herein authorized shall be executed by the officials of
he haries from tire& to time by the President and Board of Trustees. Such said Village as provided by this ordinance and shall be deposited With the
he accounts shall be kept separate from al other Village accounts. Village Treasurer and be by him delivered to Midwest Securities Co., the
ma Section 9. That it is hereby covenanted and agreed that the revenues owners and holders of the outstanding and unpaid Waterworks o to bees- -
be of the combined waterworks and sewerage system are to be paid into the erage Revenue Bonds, Series of ]pre of said Village, nd in exchange for
oe- various special accounts hereinabove established and reated In the order funded and s described in the preambles hereof,
ms in which said accounts have been listed, and if within any period of time and on the basis of par for par for such bonds proposed to be refunded.
aft- the revenues are insufficient to place the required amounts in any of said Simultaneous with such exchange, the said outstanding and. unpaid bonds
accounts the deficiencies shall be made up the following period r Periods shall be cancelled by perforation and thereafter be tiled with the Village
and after payments into all the accounts enjoying a prior claim of revenues Treasurer AS a part of his official records.
s have been made Section 14. That the Village of Buffalo Grove further agrees with the
In full.
to Section 10. That the Village of Buffalo Grove covenants and agrees owners and holders of the bonds herein authorized otherwise pmevaded for of
ato with the holders of said bonds And coupons hereby authorized that And then bonds she in the special accounts established pursuant
End long as the bonds or any of them remain outstanding and unpaid,
Dpt as to principal or interest: to the provisions of the ordinances heretofore adopted and authorizing the And
na- era Thal the Village will maintain the and theretoinsgood Series of 1966 and Series of 1969, shall immediately be transfer ed too he
isl sewerage system and all improvements
repair and working order, will operate the same get thereto and faithfully, corresponding special amounts of the "Waterworks and Sewerage Fund"
a.
and will punctually perform all duties with respect thereto required by transferred shall be held6and oused in tthe manner andnfor the Purposes
the Constitution and laws of the State of Illinois.
(b) That the Village will establish and maintain at all times reason -herein prescribed and for which such several special accounts have been
able fees, charges and rates for all users of the service of said system; established.
and will provide for the collection thereof and for the segregation and Section 15. That the Village of Buffalo Grove further agrees with the
application of the revenues of said system in the manner provided by this owners and holders of the bonds herein authorized that the terms and
- ordinance and sufficient at all times to pay the reasonable Coss of oper - Provisions of Section 3.03 of Ordinance No. 0 -69 -13 adopted on August 25,
Hoer pertaining to the Disposition of Bond Proceeds received from the It
On the first day of 19- *(unless the bond to which this ation and maintenance, and to pay the interest of and principal. an a111969,p
on is attached has been called for payment prior m said date as revenue sslof said Vill d hhich by for tercmi'eation of tha respective the- �CostructionaTrust Fund' sestablished by sa dtSection 13.03 of said
P
rem provided for and payment made or provided for), the Village of rev
falo Grave, Cook and Lake Counties, Illinois, will pay to bearer out Of accounts rtime make al needful and piroper repairs,oreal aca ants, ad itiwas and tectio of the owners and section, the bonds Claus authorized hereby. an prO-
Waterworks . and 5 e w e rage Fund of said Vil paragraph, clause or provision of this
Dollars ($ ) in lawful money of betterments thereto so that it may at all times be operated properly and Section 16. That if -any section,
e United States o1 America at , advantageously, and when any equipment or facility shall have been worn ordinance pall be held Invalid, the fnvalidofythee such her previsions of paragraph,
ag interest then due t its Waterworks and Sewerage Refunding Reve- out, destroyed or otherwise is insufficient for Proper use it shall be clause or rovision shall not affect any
Bona, dated October 1, 1970, Number -. it
replaced or repaired so that the value and efficiency'of said ordinance.
system shall be at all times fully maintained. Section 17. That all ordinances, resolutions n orders, or parts there-
, President Charges for services rendered the Village shall be made against the o4, in conflict with the provisions Of
this ordinance, are to the extent o2
said Village and payment for the same from the corporate funds shall be such Conflict hereby repealed. by
rage Clerk made monthly into the Waterworks and Sewerage Fund reated by this Section 18. This ordinance, within ten (10) days after its passage he reve
• The clause within the parenthesis shall be inserted in all coupons ordinance and sewerage
derived
ystem, in the samermanner aseotherb sec ies Buffalo President rove HerodazbeIng arenewspaperlpublishefllni in eand having na And
ached to bonds numbered from 181 to 800, inclusive, representing Inter- temOrks
maturing after the optional date of the bond m which it is attached.) are required to be deposited. No free service oP the system shall be general circulation in said Village, and shall be in full force and effect as
(Form for Registration)
furnished to any Persons, firm, Organization, or corporation, public or provided by law. It .
.° of private, and to the extent permitted by law, it is expressly herein Coof PASSED b the President and Board of Trustees of the Village Of
Data of
egistration Iv Whose Name Registered Vilage
Section L That upon the issuance of any of the Waterworks
verage Refunding Revenue Bonds herein provided for, the entire
fed municipal waterworks and sewerage system of said Village of
o Grove, for the purpose of this ordinance, shall be operated
cal year basis commencing he first day If and ending the
y of April of each succeeding year. From and at the delivery of
ads issued under the provisions of this ordinance, a11 of the rave
m any source whatsoever derived from the operation of the coin
.terevorks and sewerage system of said Village of Buffalo Grove
,ding all future improvements and extensions thereof, shall be set
collected and be deposited in a separate fund which is hereby er
be designated s the 'Waterworks and Sewerage Fond" of the VI
Buffalo Grove, which shall Constitute a trust fund for the sole Fo
carrying out the Covenants, terms and conditions of this ordinance
all be used only in paying the reasonable cost of operation and m
nee of said combined waterworks and sewerage system, including
:s, wages, Cost of materials and supplies, insurance and the reaso
pair, And extensions necessary to render efficient service,. Provldi
[equate depreciation fund, and paying the principal of and Interest
I revenue bonds of said Village of Buffalo Grove, which Is their
e payable sdlely from the revenues derived tram the combined
asks and sewerage system of said Village, and for the creation
;penditure of the respective accounts as hereinafter provided for.
Section 8. That there be and there Are hereby reated and estala
instate special, accounts to be designated severally "Operation
Account " 'Te
Term Bond
:aintend A Account," "Bond and Interest tinge
eFund Account," dDepredation and Contingencies Accountb
(serve Account," u and "Surplus Account" n to which there shall r
I on the first business day of each monk, without any further o
:Lion or direction, and in the order hereinafter mentioned, all m
f said Village, a in
Fund 0 g
Sewerage orks and g
Ad in the efollo
once with the following previsions:
(a) There NT n mount 'm the OPERATION AND
ANCE ACCOUNT an amount repair of is pay the reasonable ex
C operation, maintenance and repair of said waterworks and e
f the for that month which shall Include, without ,muting s, gene
f the foregoing, Cheri in wages, cuss s materials, supplies, Parch
cover, and all other incidental expenses, including one- twelfh o
perating Costs to he paid on an annual basis.
T AC
INTERES
the BOND AND
credited to
There shall be
(b)
n amount equal a not less than unrest u the next maturing
Ed. sufficient to pay promptly all interest due May a and Novemb
aer year be all outstanding bonds authorized hereunder end in
aterest to become due on all bonds that may be issued in the fu
here ratably and equally in the earnings of the waterworks aria
a t efutu with the boons herein authorized and such bonds to be system
a the future being hereinafter referred to th "Parity Bonds," and
king not later than May 1, 1973, and monthly thereafter, than, there s
retitled to said account o amount equal to not less than one -tenth
aggregate yearly amount of Bonds, a due and payable on all oust
rands, including of m shall Obesacc the next succeeding pang I
urity date until there shall be accumulated n the Bond and I
late of such or before thirty (3es days preceding such current m
ate of such principal or interest, or both, an amount sufficient nM
issued and mafu
on all bonds ass
'tares or both a or h principal n sum t,
uc
start date.
terms on such current maturity heir to
may be suave
Payments r at the Bond and Interest Account e P
summit fiasco year at such times there on be sufficient money
account to pay principal ic y and interest on all Outstanding bonds
)glance of such fiscal year. Principal and interest i due May 1 s
iscalyea as part of the requirements of the immediately pr
kcal year. Such payments shall agog be resumed at the begin
each fiscal year. All moneys in said account shall be used only
purpose of paying principal thei and interest on the bonds of this issue
water Bonds which er their terms are payable from the revenues
waterworks and sewerage system re the same shall become due.
sufficient to Pay Principal shall interest, it both, a said bonds,
with Paying agency fees, shall a transmitted to the paying agent
than fifteen ante (15) days prior a each current maturity date Of such
pal or interest, or both. All paying agency fees shall be charge
maintenance and operation expense.
Upon the issuance of any of the bonds hereby authorized and
of the purchase price therefor, there shall be "edited to the Be
Interest Account all accrued interest derived from the sale of said
plus an amount which, together with said accrued interest will
ticient to pay interest up to November 1, 1971, on all of said bond
the interest to accrue timing the period of Construction of the
ments and extensions contemplated by the provisions of Ordin
5-69.13 which authorized the issuance of the bonds now being refund
(c) Beginning on July 1, 1979, there shall be credited to the
BOND SINKING FUND ACCOUNT the sum of $8.000 each month
moneys so credited to said account shall be held and used only
calling and redeeming prior to their maturity bonds numbered 401
Inclusive, herein authorized and which may then be outstandi
thereafter no further "edits need be made into said Term Bond
,Fund Account and all amounts so credited to said account shall
for the payment of such bonds on the dates that they become su
wer maned that said Village will not grant a franchise for the operation o Y Illinois, on the 14th day Of Sep-
- any other or competing waterworks system or sewerage system or com- Bmber, 1970,eand recorded, deposCounties,
ted eand filed In the office of the Village
- lunation thereof within the Village of Buffalo Grove.
(c) That the Village will establish such rules and regulations for the Clerk of said Village this 14th day of September, 1970.
control and operation of said system necessary for the efficient and Ayes: President Thompson: Trustee Felten, Trustee Gleason, Trustee
and economical operation hereof, and rates and charges shall be fixed and Thorud, Trustee Armstrong, Trustee Fabsh, Trustee Cimaglio
core- revised from time to time s may be necessary to produce funds suf- Nays: NONE DONALD J. THOMPSON
But- ficuent for all purposes herein provided until all of the bonds authorized President
on a by this ordinance have been paid jets full, both as to principal and interest.
last (d) That the Village will make and keep proper books and accounts ATTEST:
any (separate and apart from all other records and accounts of said Village), ROSALIE L. KASZUBOWSHI
Hues fn which Complete entries shall be made of all transactions relating to Village Clerk
bind said system, and hereby covenants that it will cause the books and (SEAL)
in- accounts of said system to be audited annually by certified public an Published in Buffalo Grove Herald Sept. 23, 1970.
aside countants showing the receipts and disbursements on account of said _ re f.
sated system, and that said audit will be available for inspection by the holders I f
liege of any of the bonds. ,Each such audit, in addition to whatever matters k
For may be thought proper by the accountants to be included therein, shall, I
and without limiting the generality of the foregoing, Include the following: '
ainte- (1) A statement in detail of the income and expenditures of the sys-
sale- tern for such fiscal year. t,
gable (2) A balance sheet as of the end of such fiscal year. i I Y
rig an (3) The accountant's Comment regarding the manner In which the I'. I
upon Village has carried out the requirements of this ordinance, and the m --
terms mantant's recommendations for any changes or improvements in the
water- operation of the system.
and (4) A list of all the insurance policies in force at the end of the fiscal ,
year, setting out as to each policy the amount of the Policy, the risks I'
Bashed covered, the name of the insurer and the expiration date of the policy.
and (5) The number of properties served by the Combined waterworks I ,� I'.
Sink- and sewerage system at the end of the year, the number of metered t; I�
'Bond cogromers at the end of the year who use both water and sewer services
relit- and the number o1 customers using only the water services, the number
Heist of unmetered customers at the end of the year who use both water and ( i
oneys ee services and the number of customers using only the water see-
saw and
only the
sewer sery ices, Ices
actor -vices and the number of customers using o y
the quantity of water pumped. I I
MANTE. All expenses incurred in the making of the audit required by this
penes section shall be regarded and paid as an operation and maintenance
anted
an
d agreed that a Copy o4 each
era a coven g
we r
g it is
furthe
e an
d .
e ens I
expense,
at
his
bonds II7
04 the I
ase Of such audit shag be furnished to the honer of any
ass y request, and any holder of a bond of bonds authorized under this the
f any Hance shall have the right it discuss with the accountant making the
audit the contents of the audit and to ask for any additional repo information
COUNT he may reasonably require. Quarterly statements of receipts and dins -
mterestBoard ens of the combined system shall. be quarterly the President and
er 1 of guard of Trustees, and a copy of such quarterly statement shall be �� � � I
eluding mailed each quarter to Midwest Securities Co., Chicago, Illinois, the I
ordinan ce. ce.. I
'sea 53 this
authorized tore to f the bonds Y
holder o
I hod
original na
are
out -
sever- (e) That so long as any of the bonds authorized hereunder
issued standing, the Village will not sell, lease, loan, mortgage, or in any man -
begin- nor dlspose of or encumber said system (subject to the reserved right of 1,
hall be said Village to issue additional' obligations as provided In Section 11 ,14
of the hereof), or any Improvements and extensions thereto, until all of sod I I,..I:
ceding bonds hereby authorized shall be pod in full, both principal and interest,
al me- or unless and until provision shall have been made fof the payment)
merest thereof, and that said Village will take no action in relation to sod
Shortly system which would unfavorably affect the security of the bonds or the'. i I
to Pay prompt payment of the principal and interest thereon; provided, however,
ring by that the covenants in this paragraph shall not prevent the Village from) I ! I; ''!1,'
disposing of any property of said system which in the judgment of the ,,.,
rttied 1n President and Board of Trustees is no longer useful or profitable In the '1.
fo said operation of said facilities:
of the coupons of any bond
for the older of a bond or bonds or any Po
fl Any
h
n
re
equity,
b suit, action, either in law o 4 ty. Y
may ei
hall be issued hereunder, Y
or
bonds issu
�b
the
I
nuance
or compel
erfo Y
n s amore P
e -din other
proceedings, c o[ o g .
g taus
manna P
ping eottice, i of said Village of all duties required by law and by this aide- I
for the nonce, including the making and collecting
ic a supplied of sufficient charges and rates I 1 I
or any for the water and sewerage services supplied by said system, and the
Of the application of the income and revenue therefrom.
Funds (g) That the Village will carry insurance on said system of the kinds I
to
and in the amounts which are usually carried by private Parties open
not less ating sunder properties, including, without Smiting the generality of the � I,
Princl- foregoing, fire, windstorm insurance, Public liability, and all additional
A as a insurance covering such risks as shall be recommended by a Competent
consulting engineer employed for the purpose of making such recommen- i
receipt dations, and all moneys received for loss under such insurance policies
nd and shall be deposited in the Depreciation and Contingencies Account and I
d bonds used in making good the loss or damage in respect of which they were I
be sot- paid, either by repairing the property damaged or replacing the property.
s, being destroyed, and provision for making good such loss or damage shall be
nnprove -made within ninety (90) days from date of loss. The payment of pre
ante Na. miums for aft insurance Policies required under the provisions of this
ad. covenant shall be Considered an operation and maintenance expense.
TERM The proceeds derived from any and all policies for public liability
and all shall be pod into the Operation and Maintenance Account and used in
for the paying the claims on account of which they were received.
to 800• Scotto. 11. That it is hereby covenanted and agreed that while any of
rig, and the bons issued hereunder Are outstanding and unpaid, no additional '.
Sinking waterworks and sewerage revenue bonds to pay the cost of improvements !'
be used and extensions shall be Issued to share ratably and equally in the revs- Y {, Ili:
bject to nues to be derived from the operation of the combined waterworks and h
sewerage system of said Village unless all of the amounts required to be
(d) Beginning on January 1, 1971, there shall be "edited to the credited to the respective accounts described in Section 8 (a) to (O.
)EPRECIATION AND CONTINGENCIES ACCOUNT the sum of $2,000 inclusive, of this ordinance have been "edited in full to the first day of
Iach month, until such account aggregates the sum of $200,000, and there -the month In which an ordinance may be adopted authorizing such addi-
titer no additional funds shall be "edited to said account, except that tonal bonds, and moneys are available and set side to pay all of the '
vhen any money is paid out of said account credits to said account shall bonds theretofore called for prior redemption but not yet redeemed, and
,e resumed and continued until such account has been restored m the unless and until It is evidenced by a certificate of an independent earn- ` ,.j I. I`..,
aggregate amount of $200,000. The moneys to the "edit of said account tied public accountant that the revenues derived from the operatlon of k I I!
;hall be used for the payment of the Cost of necessary renewals and the system for the fiscal year then next preceding, or the adjusted reve- I I i I'
,eplacements of the combined waterworks and sewerage system, for the Hues if such revenues are adjusted s hereinafter provided, were suf- I 1
)ayment of which no other funds are available, in order that such system ficient to pay all Costs of operation and maintenance and to leave a
nay at all times be able to render efficient service. Each expenditure to balance equal to one hundred thirty per cent (13WO 04 the maximum
)e made from such Depreciation and Contingencies Account shall be principal and interest requirements in any succeeding fiscal year on all ! I
nade only after certification by the Village Engineer that such ex -bonds then outstanding payable from the revenues of the Combined ova -
penditure is necessary to the continued and efficient operation of the terworks and sewerage system and such additional bonds then proposed I JI
system. In addition to the foregoing, funds of this account shall be used to be issued. For the purpose of this computation, the $2,000,000 principal I d „ I - _
to pay interest or principal of any outstanding bonds which by their amount of bonds shall not be Considered as a principal requirement in f N
terms are payable from the revenues of the waterworks and sewerage the year 2000, but the principal payments required to be made each year I I'.
system, but only when there are no other funds available for that Pur- to the Term Bond Sinking Fund Account shall be Considered as the
Y Y
time. principal requirements fur each o4 said respective yeas 199 to 2000,
(e) Beginning on January 1, 1971, there shall be credited to the
BOND RESERVE ACCOUNT the sum of $4,000 each month until such
account aggregates the sum of $400,000, and thereafter no additional
funds shall be credited to said account except that when any money is
paid .out of said account, then redits to said account shall be resumed
and Continued until the total moneys Credited to said account have been
restored to the aggregate amount of $400,000. The Village covenants and
agrees to maintain said account throughout the
life of the
bonds auth-
Including the
'Hance and inc
e sued under the terms
of this ordinance g
rased to b 1
0
be Issued and b their terms be
which m
9 hereafter Y
of all bonds Y
life
onaParity with the
bonds herein authorized and until such times the
n o
er eth with an Y other
f such aecou t t g
to the "edit o
a e ate amount
ggr g
eat amount t-
lto�hea e
' ble are a ua ggr g
b ovals q
move which may e
Ys
f ce then out -
m nts t
o maturit o e
all Interst and principal req
ulre e Y
standing bonds authorized ssnder the terms of ths ordinance and induc-
ing all Interest and principal roquirmens to maturit on the then out-
y
standing bonds which may hereafter be issued and be on itsrs with
the bonds .harem authorized and thereafter no further credits shall
mane to said account and the moneys Lo the credit o4 said account, to,
gather with any other moneys which may. be available,. shall sed
for the payment oY the principal and interest of the then balance u
the
outstanding bonds s the principal thereof and interest thereon mature
The funds to the credit of said account shall be used only to pay the
maturing ions of of interest on all bonds of the Village sued pride,
the Provisions al this ordinance and including the Payment of principal ud g
or interest on all bonds of the Village which may hereafter be issued ant
be on a parity with the bonds herein authorized, all of such bonds beini
payable from the revenues of the waterworks and sewerage system o
In the event there shall have been a change to the rates of he
m
re from the rates in effect for the preceding Instal year, which
age is in effect at the time of the issuance of any such additional
IS, then the revenues as provided above shall be adjusted to reflect)
revenues of the system for the immediately preceding fiscal year as
y would have been had said then existing rates been in effect during
of said fiscal year. Any such adjustment shall be evidenced by the
incite of an Independent Consulting engineer der em 1 ed for that pur,
Village Clerk for able
flied. with the V P
shall be g
hick certificate
e W
I b the President and Board of Trustees
is approval )ec0on upon PP Y
such additional bonds.
ordinance authorizing s
ofan O g
r the adoption ) [o P
et forth in this
hereinabove s
din the bissued restrictions
Fur
ther notwithstanding
and Board of
lion ill, additional bonds may be tabled n the ally President
sloes in said Village to share ratably and equally in he revenues of
combined waterworks thoriz d and sewerage system of said Village with the
-the bonds authorized to ti issued under the terms t this s to said
the purpose ; constructing improvements and extensions t i said
abased systems provided, that such id Board bonds shall be issued
y upon submission co the President and Board of Trustees la e carting
e in his opinion the consulting engineer employed by the Village stating
t in his opinion the revenues of the combined system as projected for
next complete fiscal year following the completion of the construction. ,
such proposed improvements and extensions to the system (such ch Pro,
tion to be based on the number additional users to served the
A proposed improvements and. extensions and the rates es for water er ant
,stage service than in effect) will be not less than one hundred thirty
i
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Wednesday, Sept. 23, 1970
Ordinance No. 0 -70 -32
AN ORDINANCE authorizing and providing for the issue of Four
Million Dollars ($4,000,000) Waterworks and Sewerage Refunding
Revenue Bonds of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refunding its outstanding
Waterworks and Sewerage Revenue Bonds, Series of 1969, dated
January 1, 1969, prescribing all the details of said bonds, and
Providing for the collection, segregation and distribution of the
revenues of the combined waterworks and sewerage system of
said Village for the purpose of paying the cost of the operation
and maintenance thereof, providing an adequate depreciation
fund therefor and paying the principal and interest of said bonds.
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counts
Blunts, has heretofore, by ordinance, provided for the Combination of
existing municipally -owned waterworks and sewerage systems into
Combined waterworks and sewerage system and is now operating
same as a single utility, all in accordance with the provisions of Divis.
139 of Article 11 of the Illinois Municipal Code, approved May 29, 1961,
amended; and
WHEREAS, pursuant to Ordinance No. 0 -69-13 adopted by the Prl
dent and Board of Trustees on August 25, -1969, there was Issued $4,000,1
Waterworks and Sewerage Revenue Bonds, Series of 1969, all of win
bonds are presently outstanding, said bonds being dated January 1, V
and due serially on May 1 of each of the years 1973 to 1998, inclusive, a
on May 1, 2008; and
WHEREAS, for the purpose of accelerating the retirement of si
bonds and accomplishing a saving in total interest Cost to the Village,
revising the schedule of maturities in order that the last bonds u
become due in 20M instead of 2008 as provided in Ordinance No. 0.63:
it is deemed advisable, necessary and in.the best interests of said Villa
that all of said Waterworks and Sewerage Revenue Bonds, Series of 191
dated January 1, 1969, and hereinabove described, be refunded into a in
issue of bonds with a shorter schedule of maturities; and
WHEREAS, the owners and holders of said Waterworks and Sew,
age Revenue Bonds, Series of 1969, dated January 1, 1969, proposed to
refunded, and as hereinabove referred to and described, have agreed
surrender said bonds In exchange for new Waterworks and Sewera,
Refunding Revenue Bonds in the principal amount of $4,000,000, wf
shorter maturities, and such exchange to be on the basis of par for pa
and
WHEREAS, pursuant to the provisions of Division 4 of Article 8
the Illinois Municipal Code, approved May 29, 1961, and all laws ame
datory thereof and supplementary thereto, this Village is authorized
issue waterworks and sewerage revenue bonds for the purpose of refun
Ing and paying its outstanding Waterworks and Sewerage Reveal
Bonds, Series of 1969, dated January 1, 1969, and hereinabove described:
and H
NOW, THEREFORE, Be It It Is ereby Ordained by the Pre:
dent and Board of Trustees of the Village of Buffalo Grove, Cook at
Lake Counties, Illinois, n follows:
. Section 1: That the existing municipally -owned waterworks and sec
stage systems of the Village of Buffalo Grove, Cook and Lake Countie
Illinois, shall Continue to be operated and maintained as a Combine
waterworks and sewerage system, and said Combined system shall b
elude the entire waterworks and sewerage systems of said Village, h
eluding all future improvements and extensions thereto.
Section 2. That it is deemed advisable, necessary and in the be!
Interests of said Village that the outstanding Waterworks and Sewerag
Revenue Bonds, Series of 1969, dated January 1, 1969, in the amount (
$4000,000, be refunded and exchanged for bonds with a shorter schedm
of maturities.
Section 3 That the President and Board of Trustees do hereby deter
mine the period of usefulness of such combined waterworks and sewerag
system to be forty (40) years from the date of the bonds herein author
led.
. Section 4. That for the purpose of refunding the outstanding arr
unpaid Waterworks and Sewerage Revenue Bonds, Series of 1969; of sail
Village, in the principal amount of $4,000,000, there be issued revenm
bonds of said Village of Buffalo Grove in the principal amount of Fou:
Million Dollars ($4,000,000), which said'bonds shall each be designate(
"Waterworks and Sewerage Refunding Revenue Bond," be dated Octobe:
1, "1970, be of the denomination of $5,000 each, be numbered Consecutive13
from 1 to 800, inclusive, be" Interest at the rate of seven per cent (79l,;
per annum, payable November 1, 1970, and semiannually thereafter or
the first days of May and November in each year, and mature serially or
May 1 of the years and in the amounts as follows: -
, Serial Numbers, Principal Year of
Both Inclusive Amount Maturity
1 to 4 $ 20,000 1974
5 to 10 30,000 1975
11 to 18 - 40,000 1976
19 to 26 40,000 1977
27 to 34 40,000 1978
35 to 42 � 40,000 1979
43 to 50 40,000 1980
51 to 60 50,000 1981
61 to 70 50,000 1982
71 to 80 50,000 1983
81 to 92 1 60,000 1984
93 to 104 60,000 1985
105 to 118 70,000 1986
119 to 132 70,000 1987
133 to 146 70,000 1988
147 to 162 80,000 1989
163 to 180 90,000 1990
181 to 198 90,000 1991
IN to 218 100,ODO 1992
219 to 238 1001000 1993
239 to 260 110,000 1994
261 to 284 120,000 1995
285 to 310 130,000 1996
3U to 338 140,000 1997
339 to 368 150,000 1998
369 to 400 160,000 1999
401 to 800 21000,000 2000
provided, however, that of said bonds, bonds numbered 181 a 800, in-
clusive, in the aggregate principal amount of $3,100,000 and due in the
years,1991 to'2000, inclusive, shall be subject to redemption and payment
Prior to their maturity, at the option of the Village, at par and accrued
interest on May 1, 1990, or on any interest payment date thereafter, in
the inverse order in which they are numbered; that is to say, bond
number 800 shall first be redeemed before bond number 799 is re-
deemed, and so on, Continuing such priority of redemption as to all of
Sold bonds
subject a
j redemption
ion t prior to maturity.
Written notice of its option to redeem and pay prior to their maturity
any or an of said bonds, in accordance with their terms, shall be given
by the Village to the holder of each of such bonds called for redemption,
if. known, by registered mail at least thirty (30) days prior a the date oP
redemption, or if the holders of any such bonds are unknown, then notice
Of such redemption shall be given by publication of such notice at least
once n a newspaper published and of general circulation in the City of .
Chicago, Rituals, and the date of the publication of such notice shall be
not less than thirty (30) days prior to such redemption date, and any s
such notice shall designate the date and place of redemption of said .
bonds, shall designate the serial numbers and the aggregate principal
amount of the bonds to be redeemed, and shall Indicate that on the
designated date of redemption said bonds will be redeemed by payment e
of the principal thereof and accrued interest thereon, and that from and
after the designated redemption date interest in respect of said bonds so b
called for redemption shall cease.
Section 5. That both principal of and interest on said Waterworks and A
Sewerage Refunding Revenue Bonds shall be payable in lawful money of d
the United Sates of America at a bank or trust company to be hereafter a
- designated by Resolution to be adopted by the President and
Board of Trustees of the Village of Buffalo Grove. Said bonds shall be
signed by the President, sealed with the Corporate seal of said Village,
And attested by the Village Clerk, and the interest coupons attached to a
said bonds shall be executed by the .facsimile signatures of said Presi -b
dent and said Village Clerk, and said officials, by the execution of said (
bonds, shan adopt n and for their own proper signatures their respective fi
facsimile signatures appearing on said coupons. e
Said bonds, together with interest thereon, shall be payable solely p
from the revenues derived fmm the operation of the combined water -P
works and sewerage system of said Village, and said bonds shall not n w
any event. renstithte an indebtedness oPsaid Village within the meanings
of env constitutional provision or any constitutional or statutory, limits- h
tlon.
Any of stud bonds may be registered at the option of the holder as to p
principal soil, at any time prior a maturity, in the name s,f the holder, m
re the books of said Vllage a the office of the Village Treasurer, such
registration to be noted on the reverse side of tae bonds by the Village of
Treasurer, and thereafter the principal of such registered bonds shall be In
payable only to the registered holder, his legal representatives or as- Pl
signs. Such registered bonds may be transferable to another registered fl
holder or back to bearer only upon presentation a the Village Treasurer
with a legal assignment duly acknowledged or approved Registration ofm
any of such bonds shall not affect the negotiabillty of the coupons therein 0.6
attached, but such coupons shall be transferable by delivery merely.
Section 6. That said bonds and coupons attached th ereto shall be in B
substantially the following form: m
(Form of Bond) c
UNITED STATES OF AMERICA In
STATE OF ILLINOIS COUNTIES OF COOK AND LAKE th e
VILLAGE OF BUFFALO GROVE F
WATERWORKS AND SEWERAGE REFUNDING REVENUE BOND 11
Number- ev
RNOW ALL MEN BY TBESE PRESEYTS, that the Village of
Buffalo Grove, Cook and Lake Counties, Illinois for value received here- DE
by promises to pay to bearer, or If this bond be registered as to principal se
as hereinafter provided, then to the registered holder hereof, solely from aft
the Waterworks and Sewerage Fund of said Village oP. Buffalo Grove, as win
hereinafter provided and not otherwise, the sum of FIVE THOUSAND be
DOLLARS ($5,000) on May L together with interest on such tag
) Zrncfpal sum from the date hereof until paid at the rate of seven per sh
cent (7 %) per annum, payable November 1, 1970 and semiannually there rep
after on May 1 and November 1 In each year, upon Presentation and Pay
surrender of the interest coupons hereto attached as they severally be-be
come due. me
Both principal of and interest on this bond are hereby made payable ma
In lawful money of the United States of America at en
This bond and the series of which it forms a part, together with the sys
fhterest that will accrue thereon, is payable solely from the revenues to
derived from the operation of the combined waterworks and sewerage
.System of said Village and not otherwise, and Is issued under authority of sys
Division 4 of Article 8 of the Illinois Municipal Code, approved May 29, pose
1961, and all laws amendatory thereof and supplementary thereto, for the
urPose of refunding an of the presently outstanding Waterworks and BO
ewerage Revenue Bonds, Series of 1969, dated January 1, 1969, of said ace
Vfllage, and this bond does not Constitute an indebtedness of said Village fun
within any constitutional or statutory lfrriation. pat
This bond is one of an authorized issue of Four Million Dollars and
($4,000,000), numbered from 1 to 800, Inclusive, of the denomination of rest
Five Thousand Dollars ($5,000) each, and bonds numbered 181 to 800, a
.Inclusive, n the aggregate principal amount of $3,100,000 and due in the O11z
years 1991 a 2000, inclusive, are subject to redemption and payment life
prior to their maturity, at the option of the Village, at par and accrued on a
[juiciest a date of redemption on May 1, IM, or on any interest payment aggr
date thereafter, In the inverse order in which they are numbered; that is Coon
to say, bond number 800 shall first be redeemed before bond number 799 ORnI
is redeemed, and so on, continuing such priority of redemption as a all in
bonds so redeemable. Notice of the redemption of any or all of said stern
bonds which by their terms shall have become subject to redemption the
shall be given by the Village a the holder thereof, if known, by regls- read
` teeed mail at least thirty (30) days prior to the date of redemption, or if
the holder thereof be unknown, such notice shall be for
published at least for
Mice in a newspaper published and of general circulation In the City of outs
Chicago, Rlnois, the date of the publication of such notice to be not less The
than thirty (30) days prior to such redemption date, and when any or an main
of said bonds which by their terms have become subject a redemption the p
and payment prior to their maturity shall have been Called for redemp- or nt
tion, and payment made or provided for, interest thereon shall cease be on
from and after the date so specified. ,,,,
. _ __ . _
�! I'.Ilt
PADDOCK PUBLICATIONS the Village and whenever sufficient funds are not available In the Bondper cent (130%) of the maXnmum combined princi Of d In
and Interest Account for that
Under said Code and the ordinance adopted pursuant thereto, a
Wng the issuance of this bond and the series of which it forms a
the revenues from the operation of the combined waterworks and s
age system of said Village shall be deposited in a separate fund
noted as the "Waterworks and Sewerage Fond" of said Village,
shall be used only and is hereby pledged for paying the rest of oper
and maintenance of said combined system, providing an adequate
eciation fund and paying the Principal of and interest on the bon
said Village that are issued under authority of said Code and are pa
by their terms only from the revenues of said combined waterworks
sewerage system, and in making all payments required to maintain
accounts created under the terms of the ordinance pursuant to which
bond is issued.
It is hereby certified and recited that all acts, conditions and
required to be done precedent to and in the issuance of this bond
been done and have happened and have been performed in regular
due form of law, and that provision has been made for depositing In
Waterworks and Sewerage Fund the revenues received from the
ation of said combined waterworks and sewerage system to be appli
the manner as hereinabove set forth, and said Village hereby coven
and agrees that it will fix and maintain rates for .the use and servf
said combined waterworks and sewerage system and collect and ace
for. revenues from said combined waterworks and sewerage system
ficient at all times to pay the Cost of operation and maintenance of
combined system, provide an adequate depreciation fund, and
Promptly pay principal of and interest on all bonds issued by said V-
which by their terms are payable solely from the revenues of said
bined waterworks and sewerage system, and to Comply with all of
Covenants of, and to maintain the accounts created by, the ordn
pursuant to which this bond and the series of which it forms a part
issued.
This bond may be registered as to principal only in the name of
holder, on the books of said Village in the office of the Village Treasu
such registration to be evidenced by notation of said Treasurer i
back hereof, after which no transfer hereof shall be valid uniess mad
said books and similarly noted hereon, but it may be discharged
such registration by being transferred to bearer, after which it shat
transferable by delivery merely, but it may. be again registered as
fore. Registration hereof shall not affect the negotiability of the Coup
hereto attached, which shall Continue negotiable by delivery merely,
withstanding registration hereof.
IN WITNESS WHEREOF, said Village of Buffalo Grove, Cook
Lake Counties, Illinois, by its President and Board of Trustees,'
caused this bond to be signed by its President, its Corporate seal to
cereto affixed and attested by the Village Clerk, and the coupons he
ittached to be signed by the facsimile signatures of said President
,aid Village Clark, which officials, by the execution of this bond, do ad
is and for their own proper signatures their respective facsimile sig
ores appearing on said Coupons, and this bond to be dated as of the f
lay of October, 1970.
President
Dttest:
Tillage Clerk
lumber (Form of Coupon)"
On the first day of , 19- *(unless the bond to which
oupon is attached has been called for payment prior to said date
herein provided for and payment made or provided for), the Village
wffalo Grove, Cook and Lake Counties, Illinois, will pay to bearer out
he Waterworks and Sewerage Fund of said
to Dollars ($ ) in lawful money
he United States of America at
eing interest then due on its Waterworks and Sewerage Refunding Re
are Bond, dated October 1, 1970, Number -.
President
illage Clerk
`(The clause within the parenthesis shall be inserted in all coups,
!ached to bonds numbered from 181 to 800, inclusive, representing In
A maturing after the optional date of the bond to which it is attached.)
(Form for Registration)
Date of Signature of
egistration In Whose Name Registered Village Treasure
Section 7. That upon the issuance of any of the Waterworks s
Sewerage Refunding Revenue Bonds herein provided for, the entire cc
bined municipal waterworks and sewerage system of said Village of B
fate Grove, for the purpose of this ordinance, shall be operated on
fiscal year basis commencing the first day of May and ending the L
day of April of each succeeding year. From and after the delivery of a
bonds issued under the previsions of this ordnance, all of the revert
from any source whatsoever derived from the operation of the combfn
waterworks and sewerage system of said Village of Buffalo Grove,
eluding all future improvements and oxtenslon thereof, shall be set ass
as Collected and be deposited in a separate fund which is hereby Great
to be designated as the "Waterworks and Sewerage Fund" of the Villa
of Buffalo Grove, which shall Constitute a trust fund for the sole poetic
of carrying out the Covenants, terms and Conditions of this ordinance a
shall be used only in paying the reasonable rest of Operation and main
nance of said Combined waterworks and sewerage system, including sin
ties, wages, rest of materials and supplies, insurance and the reasonat
repairs and extensions necessary a render efficient service, providing
all erevenue ebonds of said Village of Buffalo o Grove, which by interest tterr.r.
are payable. solely from the revenues derived from the combined orate
works and sewerage system of said Village, and for the creation m
expenditure of the respective accounts as hereinafter provided for. .
Section 8. That there be and there are hereby created and establish,
separate special accounts to be designated severally "Operation m
Maintenance Account, ". "Bond and Interest Account," Term Bond Sin
Ing Fund Account," 'Depreciation and Contingencies Account" "Bor
Reserve Account," and "Surplus Account" m which there shall be cre di
ed on the first business day of each month, without any further of id
action or direction, and n the order hereinafter mentioned, all mone,
held n the Waterworks and Sewerage Fund of said Village, in Seen
dance with the following provisions:
(a) There shall be credited to the OPERATION AND MAINTI
NANCE ACCOUNT an amount sufficient to pay the reasonable expense
of Operation, anon
tie maintenance and repair £sin
P o d waterworks and
sewerag
system for that month which shall include, without limiting the purchase l
of the lord all, salaries, wages, Costs of materials, supplies, purchase r
Power, and all other incidental expenses, including one - twelfth of an
operating costs to be paid on an annual basis.
(b) There shall be credited to the BOND AND INTEREST ACOUN
I amount equal to not less than one -fifth of. the next maturing inters:
and sufficient to pay PmmptiY an interest due May 1 and November 1 c
each year on an outstanding bonds authorized hereunder. and ncludn,
interest to become due on all bonds that may be issued n the future t
here ratably and equally in the earnings of the waterworks and sewer
age system with the bonds herein authorized and such bonds to be issue.
m the future being hereinafter referred to as "Parity Bonds," and begin
tying not later than May 1, 1973, and monthly thereafter, there shall b.
redited a said account an amount equal to not less than one -tenth of th(
aggregate yearly amount of Principal due and payable on all outstandinf
onds, including all Parity Bonds, on the next succeeding principal me
to date. until there shall be accumulated in the Bond and nteres
(Count on or before thirty (30) days preceding such current maturR3
ate o4 such principal or interest or both, an amount sufficient a pal
uch Principal or interest, or both, on all bonds issued and maturing b3
their terms on such current maturity date. -
Payments Into the Bond and Interest Account may be suspended in
any fiscal year at such time as there shall be sufficient money in said
ecount to pay principal and interest on all Outstanding bonds for the
stance of such fiscal year. Principal and interest due May 1 shall be
onsidered as part oP the requirements of the immediately preceding
seal year. Such payments shall again be resumed at the beginning of
inch fiscal year, All moneys in said account shall be used only for the
uipose of pSying prncipmand interest on the bonds of this issue or any
silty Bonds winch by their arms are payable from the revenues of the
aterworks and sewerage system
as the same shall become due. Funds
efficient a paY prncipal or interest, or both, of said bonds, together
th paying agency Pees, shan be transmitted a the paying agent not less
an fifteen (15) days prior a each current maturity date of such prncf-
al or interest, or both. AB paying agency fees shall be charged n a
aintenance and operation expense.
Upon the issuance oY any of the bonds hereby authorized and receipt
the purchase price therefor, there shall be credited to the Bond and
terest Account all accrued interest derived from the sale of said bonds
us an S IMMI which, together with said accrued interest win be suf -
cient to pay interest up to November 1, 1971, on all of sold bonds, being
e interest to accrue during the period of construction of the ds, being
B-
ents and extensions Contemplated by the provision of Ordnance Improve-
9-18 which authorized the issuance of the bonds now being refunded.
(c) Beginning on July 1,- 1979, there shall be credited a the TERM
OND SINKING FUND ACOUNT the sum of $8,000 each month and all
oneya so credited to said account shall be held and used only Yor they
ailing and redeeming prior a their maturity bonds numbered 901 to 800,
eusive, herein authorized and which may then be outstanding, and 1
reafter no further credits need be made into said Term Bond Sinking
umd Account and ail amoonts so ere led to said acreunt shan be used
the payment of such bonds on the dates that they become subject to t
demption.
PRECrA OIN AND CONTINGENCIES aNTINGE CIES ACOUNTbthea= of $2,000]
ch month, until such account aggregates the sum of $200,000, and there -t
er no additional funds shall be credited to said account,. except that en any money is paid out of said account credits to said account shall[
resumed and continued until such account has been restored to the u
gregate amount of $200,000. The moneys to the credit of said account I
all be used for the payment of the cost of necessary renewals and t
sold of the combined waterworks and sewerage system, for the n
Trent of which no other funds are available, n order that such system fi
Y at an times be able to render efficient service. Each expenditure to b
made from such Depreciation and CoMingenefes Account shall be p
de oniy after certification by the Village Engineer that such ex -b
diture is necessary to the continued and efficient operation of the I
rem. In addition to the foregoing, funds of this account shall be used k
Pay interest or princtpai of any outstanding bonds which by their a
ems are payable from the revenues of the waterworks Sod sewerage A
tore, but only when there are no other funds available for that pur -is,
.
ND) RESERVE ACCOUNT the sumoltlrere shall be credited to the Ni
ount aggregates the sum of and each month until such
$900.000, and thereafter no additional
ds shall be credited to said account except that when any money is el
d out of said account then credits to said account shall be resumed ct
continued until the total moneys credited to said account have been be
ored to the aggregate amount of $900,000, The Village covenants and th
grce9 to maintain said account throughout the life of the bonds auth- th
arise to be Issued under the terms of this ordinance and including the al
of all bonds which may hereafter be issued and by their terms be cc
Parity with the bonds herein authorized and until such time as the PO
egate amount to the credit of such account together with any other im
eys which may be available, are equal to the aggregate amount of pr
interest and principal requirements to maturity of the then out -
dng bonds authorized under the terms of this ordinance and Includ- Se
all interest and principal requirments to maturity of the then out - Tr
ding bonds which may hereafter be issued and be on a parity with the
bonds herein authorized and thereafter no further credits shan be re,
e to said account and the moneys to the credit of said account, to- for
er with any other moneys which may be available, shall be used cot
be payment of the Principal and interest of the then balance of the oni
ending bonds as the principal thereof and Interest thereon mature, cat
funds a the credit of said account shah be used only to pay the tha
ring principal Of or interest on an bonds of the Village issued under the
revisions of this ordinance and including the payment of principal of of
crest on all bonds of. the Village which may hereafter be. issued and jec'
a parity with the bonds herein authorized, all of such bonds being sail
lie from the revenues of the waterworks and sewerage system ofsew
or a purpose.
uthor- R) After all the requirements hereinabove set forth in subparagraphs
part (a) to (e), inclusive, have been made as hereinbefore required, including
ewer - any deficiencies as hereinabove provided, the balance of funds then re
desig- Training in the Waterworks and Sewerage Fund, each month, shall be
which credited to the SURPLUS ACCOUNT. The funds try the credit of said
ation Surplus Account shall be used or accumulated only for the purpose of
depr= making improvements or extensions of the waterworks and sewerage
bond of system or the calling and redeeming or the Purchase in the open market
gable at a price of not more than par and accrued interest to date of redemp-
and tion any of the bonds of this issue, or any bonds which may hereafter be
the Issued and be on a parity with the bonds herein authorized and all of
this which bonds by their terms are payable from the revenues to be derived
from the operation of the waterworks and sewerage system; provided,
tlrings however, that the Village shall not purchase any such bonds within sixty
have "ll days prior a any Interest payment date on which any of such bonds
and may by redeemable but shall use such available money a call and
said redeem such bonds to the full extent of such available excess; and pre-
oper-vided further, that no bonds of the Village shall be called or redeemed or
ed n Purchased or paid prior to their maturity until all the bonds herein
ants authorized and being numbered 401 to 800, inclusive, in the aggregate
ce of amoant of $2,000,000 and due on May 1, 2000, shall haves been paid in full.
ount (g) The moneys in the accounts created by subparagraphs (c), (d),
nut- (e) and (O, as hereinabove created and set forth in this section, may by
said resolution adopted by the President and Board of Trustees of the Village
to be invested from time to time by the Treasurer of said Village in interest
Wage bearing bonds or other direct and general obligations of the United States
com- Government, and such securities shall be sold from time to time by said
the Treasurer pursuant to a resolution of the President and Board of
once Trustees as funds may be needed for the purpose for which said accounts
were have been created. Interest earned on any investment shall be shown as'
revenues of the system and then credited to the account for winch th e:
the investment was made.
ter, All money On hand shall be deposited in banks selected as depos -.
the Itaries from time to time by the President and Board of Trustees. Such (
eon bank accounts shall be kept separate from all other Village accounts.
from Section 9. That it is hereby covenanted and agreed that the revenues,
1 be of the Combined waterworks and sewerage system are to be paid into the,
be- various special accounts hereinabove established and created in the order)
ons in which said accounts have been listed, and if within any period of time e
not- the revenues are insufficient to place the required amounts in any of said E
accounts the deficiencies shall be made up the following period or periods s
and after payments into all the accounts enjoying a prior claim of revenues ^.
has have been made in full.
be Section 10. That the Village of Buffalo Grove Covenants and agrees c
rate with the holders of said bonds and Coupons her authorized that so c
and long as the bonds or any of them remain outstanding and unpaid, either a
opt as to principal or interest: - t
no - (a) That the Village will maintain the said Combined waterworks and is
Cal sewerage system and all improvements and extensions thereto in good S
repair and working order, will operate the same efficiently and faithfully, c
and will punctually perform all duties with respect thereto required by a
the Constitution. and laws of the State of Illinois. t
(b) That the Village will establish and maintain at all times reason - h
able fees, charges and rates for all users of the service of said system; e
and will provide for the collection thereof and for the segregation and
application of the revenues of said system in the manner provided by this o
ordinance and sufficient at all times to pay the reasonable costs of oper- p'.
this ation and maintenance, and to pay the interest of and principal on all 1!
as revenue bonds of said Village which by their terms are payable from the s(
of revenues of said system, and to provide for the creation of the respective U
of accounts as provided in Section 8 of this ordinance, and From time to O
111-time make all needful and proper repairs, replacements, additions and to
of betterments thereto so that it may at all times be operated properly and
advantageously, .and when any equipment or facility shall Dave been worn m
Rev out, destroyed or otherwise is insufficient for proper use it shall be d
promptly replaced or repaired so that the value and efficiency of said m
system shall be at all times fully maintained.
Charges for services rendered the Village shall be made against the of
said Village and payment for the same from the corporate funds shall be at
made monthly into the Waterworks and Sewerage Fund created by this
as ordinance, as revenues derived from the operation of the ombined win- th
ter- terworks and sewerage system, in the same manner as o r revenues B(
are required to be deposited. No free service of the syste shall beg(
furnished to any persons, firm, organization, or Corporation, public or pi
private, and to the extent permitted by law, it is expressly herein Cov-
r enacted that said Village will not grant a franchise for the operation of
- any other or competing waterworks system or sewerage system or com - Bt
- bination thereof within the Village of Buffalo Grove. te;
- (c) That the Village will establish such rules and regulations for the Cl
control and operation of said system necessary for the efficient and
,d economical operation thereof, and rates and charges shall be fixed and Tb
'-revised from time to time as may be necessary to produce funds suf -
f- Relent for all purposes herein provided until all of the bonds authorized
a by this ordinance have been paid in full, both as to principal and interest.
it (d) That the Village will make and keep proper books and accounts Al
Y (separate and apart from all other records and accounts of said Village) R(
s In which Complete entries shall be made of all transactions relating to Vil
d said system, and hereby Covenants that it will cause the books and (S
r accounts of said system to be audited annually, by certified public ac-
e counots showing the receipts and disbursements on account o[ sold
d system, and that said audit will be available for inspection by the holders
I of any of the bonds. Each such audit in addition to whatever matters
e may be thought proper by the accountants to be included therein, shall,
d without limiting the generality of the foregoing, Include the following:
(1) A satement in detail of the income and expenditures of the sys-
' tem for such fiscal year
a (2) A balance sheet as of the end of such fiscal year.
° (3) The accountant's Comment regarding the manner In which the
'Village has carried Out the requirements of this ordinance, and the ac- 1
s envntant's recommendations for any, changes or improvements n the 1
operation of the system.
(4) A list of all the Insurance policies in force at the end of the fiscal
Iyear, setting out as to each policy the amount of the policy, the risks
Covered, the name of the insurer and the expiration date of the policy.
(5) The number of properties served by the Combined waterworks
- and sewerage system at the end of the year, the number of metered
i customers at the end of the year who use both water and sewer services
and the number oY customers using only the water services, the number
I of urunetered customers at the end of the year who use both water and
sewer services and the number of customers using only the water ser- �'
'vices and the number of customers using only the sewer services, and 11
the quantiTy of water pumped.
All expenses incurred in the making of the audit required by this I {
'section shall be regarded and paid as an operation and maintenance
expense, and It 1s further covenanted and agreed that a Copy of each
such audit shall be furnished to the holder of any of the bonds at his
request and any holder of a bond or bonds authorized under this ordi-
nance shall ail h
sve
the ri ght a discuss uss w th
the accountant n
a t makin
g
the
audit the contemn of the audit and a ask for any additional information l
he may - reasonably require. Quarterly statements of receipts and and n
Bo r d of of the combined system shall be furnished the President and
Board of Trustees, and a copy Of such quarterly statement Shan be
mailed each quarter n Midwest Securities roll Chicago, Illinois, the
original holder of the bonds authorized by this ordinance.
(e) That so long as any of the bonds authorized hereunder are ou1, I'
standing, the Village will not sell, lease, loan, mortgage, or n any man-
ner dispose of or encumber said system (subject a the reserved right of i
said Village to issue additional obligations as provided In Section 11
hereof), or any improvements and extensions thereto, until all of said.'
bonds hereby authorized shall be paid in full, both principal and interest
or unless and until provision shall have been made for the payment
thereof, and that said Village -will take no action in relation to said
system which would unfavorably affect the security of the bonds or the
prompt payment of the principal and interest thereon; provided, however
that the Covenants In this paragraph shall not prevent the Village from
disposing of any property of said system which n the judgment of the
President and Board of Trustees is no longer useful or profitable In the
rperation of said facilities.
(f) Any holder of a bond or bonds, or any of the coupons of any bond
w bonds, issued hereunder, may either n law or equity, by suit action,
eandsmus or other proceedings, enforce or compel performance by the
ifficials of said Village of all duties required by law and by this ordi-
lance, Mcquding the making and Collecting of sufficient charges and rates
or the water and sewerage services supplied by said system, and the
tpplication of the income and revenue therefrom.
(g) That the Village will carry insurance on said system of the kinds
and in the amounts which are usually carried by private parties oper -
.[ng similar properties, including, without limiting the generality of the
oregoing, fire, windstorm insurance, public liability, and all addition
insurance Covering such risks as shall be recommended by a Competent
onsulting engineer employed for the purpose of making such reenmmen-
ation, and all moneys received for loss under such insurance policies
hall be deposited in the Depreciation and Contingencies Account and
sed in making good the loss or damage do respect of which they were
aid, either by repairing the property damaged or replacing the property
estroyed, and provision for making good such loss or damage shall be
Mile within ninety (90) days from date of loss. The payment of pre -
dome for all insurance policies required under the provisions of this
eve oia shan be considered an operation and maintenance expense.
The proceeds derived from any and all .policies for public liability
call be paid Into the Operation and Maintenance Account and used in
eying the claims on account of which they were received.
Section 11. That it is bereby covenanted and agreed that while any of
.e bonds issued hereunder are outstanding and unpaid, no additional
aterveorks and sewerage revenue bonds to pay the Cost of improvements
m extensions shall be issued to share ratably and equally in the reve-
res to be derived from, the operation of the combined waterworks and
werage system of said Village unless all of the amounts required to be
edited to the respective accounts described in Section 8 (a) to (f),
elusive, of this ordinance have been credited n full to the first day of
e month n which an ordinance may be adopted authorizing such add!-
)net bonds, and moneys are available and set aside a pay all of the
nds...theretofore caned for. prior redemption but not yet redeemed, and !
less and until it is evidenced by a certificate of an independent certi
,d public accountant that the revenues derived from the operation of .
e system for the fiscal year then next preceding, or the adjusted reve
es if such revenues are adjusted as herenaftar provided, were suf -i
dent to pay all costs of operation and maintenance and to leave a,
lance equal to one hundred thirty per cent (130 %) of the maximum'
incipal and interest requirements in any succeeding fiscal year on alit.
hits then outstanding payable from the revenues of .file combined win -i,
works and sewerage system and such additional bonds then proposed'
be issued. For the purpose of this Computation, the $2,000,000 principal,
Munk of bonds shall not be Considered as a principal requirement lu
, year 2000, but the principal payments required to be made each year
the Term. Bond Sinking. Fund Account shall be Considered as the
nclpad requirements for each of said respective years 1979 to 2000,
lusfve.
In the event there shall have been a change in the rates of the
tea from the rates in effect for the preceding fiscal year, which
urge is In effect at the time of the issuance of any such additional
,its, then the revenues as provided above shall be adjusted to reflect;
revenues of the system for the immediately preceding fiscal year as
Y would have been had said then existing rates been in effect during
of said fiscal year. Any such adjustment shall be evidenced by the
tificate Of an independent Conmting engineer employed for that pur-
e, which certificate shall be filed with the Village Clerk for public
uection upon its approval by the President and Board of Trustees
,r to the adoption of an ordinance authorizing such additional bonds.
Further, notwithstanding the restrictions hereinabove set forth in this
non 1L additional bonds may be issued by the President and Board of
stees of said Village to share ratably and equally in the revenues of
Combined waterworks and sewerage system of said Village with the
True bonds authorized to be issued under the terms of this ordinance i
the purpose of constructing improvements and extensions to said
bined system; provided, that such additional bonds shall be issued
upon submission to the President and Board of Trustees of a certiff-
prepared by the Consulting engineer employed by the Village sating
,in his opinion the revenues of the Combined system as projected for
next complete fiscal year following the Completion of the Construction
rch Proposed improvements and extension a the system (such pro.
on to be based on the number of additional users to be served by the
proposed improvements and extensions and the rates for water and
rage service then n effect) will be not less than one hundred thirty
quirements for any succeeding iscal P an terest re-
and t is the additional bonds then proposed a be Issued. For the purpose
if this computation, the l $2,000,000
quire principal amount of bonds shall not be
considered eq i principal requirement in the year 2000. but the principal
payments required to be made each year a the Term Bond Sinking Fund
4ccount shall be Considered as the principal requirements for each of
maid respective years 1979 to 2000, inclusive. Said certificate of the Can -
ulting engineer shall be approved by the President and Board of
trustees and filed with the Village Clerk for public inspection Prior to
:he adoption of an ordinance authorizing such additional bonds.
If prior to the payment of any of the bonds hereby authorized it shall
ie found desirable to refund all or a part of the bonds hereby authorized,
'.aid bonds may be refunded notwithstanding the restrictions as to the
ssuance of additional bonds set forth in this section (with the consent of
he holders thereof unless the bonds to be refunded are subject to re-
lemption and .provision for call and redemption thereof is duly made).
nd any refunding bonds so issued shall share ratably and equally In the
evenues of said combined waterworks and sewerage system and the
ledge thereof under this ordinance with the portion of the bonds hereby
uthorized which are not refunded; provided, however, that if any such
ends are refunded in such manner that the interest rate is increased or
he refunding bonds mature at a date earlier than the maturity of the
ends not refunded, then such refunding bonds shall not share ratably
nd equally in the revenues of said system with the Portion of the bonds
Smalli ng outstanding authorized under this ordinance.
Section 12. That the provisions of this ordinance shall constitute a
ontract between the Village of Buffalo Grove and the holders of the
ends herein authorized to be issued, and after the issuance of said bonds
D changes, additions or alterations of any kind shall be made hereto,
scept as herenbefore provided, until all of said bonds and the interest
Liman shall have been paid in fall, or unless and until provision shall
sve been made for the payment thereof.
Section 13. That as soon as may be after this ordinance becomes
'Pective, the bonds herein authorized shall be executed by the officials of
Lid Village as provided by this ordinance and shell be deposited with the
illage Treasurer and be by him delivered to Midwest Securities Co., the
costs and holders of the outstanding and unpaid Waterworks and Sew-
age Revenue Bonds, Series of 1969, of said Village, proposed to be re-
tided and as described in the preambles hereof, and in exchange for
id on the basis of par for par for such bonds proposed to be refunded.
multaneon with such exchange, the said outstanding and unpaid bonds
all be cancelled by Perforation and thereafter be filed with the Village
•easurer as a part of his official records.
Section 14. That the Village of Buffalo Grove further agrees with the
mers and holders of the bonds herein authorized that, upon the delivery
such bonds as herein provided all moneys, not otherwise provided for
d then remaining in the several special accounts established pursuant
the provisions of the ordinances heretofore adopted and authorizing the
wince of Waterworks and Sewerage Revenue Bonds of said Village,
ties of 1966 and Series of 1969, shall immediately be transferred to the
rresponding special accounts of the " Waterworks and Sewerage Fund'
herein established In Section 8 of this ordinance, and such funds so
Malerred. shall be held and used In the manner and for the purposes
rein prescribed and for which such several special accounts have been
abhshed
Section 15. That the Village of Buffalo Grove further agrees with the
ners and holders of the bonds herein authorized that the terms and
w1alOn of Section 3.03 of Ordinance No. 0.69 -13 adopted on August 25,
19, pertaining to the Disposition of Bond Pme6eds received from the
e of the bonds authorized by said Ordinance and the administration of
"Construction Trust Fund' established by said Section 3.03 of said
dfnnce, shall remain in full force and effect for the benefit and pro -
lion of the owners and holders of the bonds authorized hereby.
Section 1& That if any section, paragraph, clause or provision of this
linance shall be held invalid, the invalidity of such section, paragraph,
use or provision shall not affect any of the other - provisions of this
linance
Section 17. That all ordinances, resolutions or orders, or parts there-
in conflict with the provisions of this ordinance, are to the extent of
'h Conflict hereby repealed.
Section 18. This ordinance, within ten (10) days after Its passage by
President and Board of Trustees, shall be published once in the
Yale Grove Herald, being a newspaper published In and having a
feral circulation In said Village, and shall be In full force and effect as
vided by law.
PASSED by the President and Board of Trustees of the Village of
into Grove, Cook and Lake Counties, Blhads, on the 14th day of Sep -
,bar, 1970, and recorded, deposited and filed fn the office of the Village
rk of said Village this 14th day of September, 1970.
Ayes: President Thompson; Trustee Felten, Trustee Gleason, Trustee
red, Trustee Armstrong, Trustee Fabish, Trustee Cimaglio
Nays: NONE
DONALD J. THOMPSON
President
L. KASZUBOWSKI
In Buffalo Grove Herald Sept. 23, 1970.
Wednesday, Sept. 23, 1970 PADDOCK PUBLICATIONS
Ordinance No. 0 -70-32
AN ORDINANCE authorizing and providing for the issue, of Four
Million Dollars ($4,000,000) Waterworks mid Sewerage Refunding
Revenue Bonds of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, for the purpose of refunding its outstanding
Waterworks and Sewerage Revenue Bonds, Series of 1969, dated
January 1, 1969, prescribing all the details of said bonds, and
providing for the collection, segregation and distribution of the
revenues of the combined waterworks and sewerage system of
said Village for the purpose of paying the cost of the operation
and maintenance thereof, providing an adequate depreciation
fund therefor and paying the principal and interest of said bonds.
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counti
Illinois, has heretofore, by ordinance, provided for the combination of
existing municipally-owned waterworks and sewerage systems into
combined waterworks and sewerage system and is now operating I
same as a single utility, all in accordance with the previsions of Divisi
139 of Article 11 of the Illinois Municipal Code, approved May 29, 1961,
amended; and
WHEREAS, pursuant to Ordinance No. 0 -6913 adopted by the Pre
dent and Board of Trustees on August 25, 1969, there was issued $4,000,1
Waterworks and Sewerage Revenue Bonds, Series of 1969, all of whi
bonds are presently outstanding, said bonds being dated January 1, 11
and due serially on May 1 of each of the years 1973 to 1998, Inclusive, a
on May 1, 2008; and
WHEREAS, for the purpose of accelerating the retirement of at
bonds and accomplishing a saving in total interest cost to the Village,
revising the schedule of maturities in order that the last bonds u
become due in 2000 instead of 2008 as provided in Ordinance No. 0-69
it is deemed advisable, necessary and in the best interests of said Villa
that all of said Waterworks and Sewerage Revenue Bonds, Series of 19
dated January 1, 1969, and herelnabove described, be refunded into a n
issue of bonds with a shorter schedule of (naterities; and
WHEREAS, the owners and holders of said Waterworks and Sews
age Revenue Bonds, Series of 1969, dated January 1, 1969, proposed to
refunded, and as herelnabove referred Wand described, have agreed
surrender said bonds in exchange for new Waterworks and Sewers
Refunding Revenue Bonds in the principal amount of $4,000,000, w
shorter maturities, and such exchange ut be on the basis of par for In
and
WHEREAS, pursuant to the provisions of Division 4 of Article 8
the Illinois Municipal Code, approved May 29, 1961, and all laws am,
datory thereof and supplementary thereto, this Village is authorized
issue waterworks and sewerage revenue bonds for the purpose of term
Ing and paying its outstanding Waterworks and Sewerage Reven
Bonds, Series of 1969, dated January 1, 1969, and hereinabove described:
NOW, THEREFORE, Be It and It Is Hereby Ordained by The Pre
dent and Board of Trustees of the Village of Buffalo Grove, Cook a
Lake Counties, Illinois, as follows:
Section 1: That the existing municipally -owned waterworks and as
drag¢ systems of the Village of Buffalo Grove, Cook and Lake Countii
IOfnafs, shall continue to be operated and maintained as a combin
waterworks and sewerage system, and said combined system shall
elude the entire waterworks and sewerage systems of said Village,
eluding all future improvements and extensions thereto.
Section 2. That it is deemed advisable, necessary and in the In
Interests of said Village that the outstanding Waterworks and Sewera
Revenue Bonds, Series of 1969, dated January 1, 1969, in the amount
$4,000,000, be refunded and exchanged for bonds with a shorter schell
of maturities.
Section 3 That the President and Board of Trustees do hereby deli
mine the period of usefulness of such combined waterworks and sewers
system to be forty (40) years from the date of the bonds herein auth(
!md.
Section 4. That for the purpose of refunding the outstanding a
unpaid Waterworks and Sewerage Revenue Bonds, Series of 1969, of as
Village, in the principal amount of $4,000,000, there be issued revert
bonds of said Village of Buffalo Grove in the principal amount of FO
Million Dollars ($4,000,000), which said bonds shall each be designat
"Waterworks and Sewerage Refunding Revenue Bond," be dated Octob
1; 1970, be of the denomination of $5,000 each, be numbered consecutive
from 1 to 800, inclusive, bear interest at the rate of seven per cent (7°
per annum, payable November 1, 1970, and semiannually thereafter
the first days of May and November in each year, and mature serially ,
May 1 of the years and in the amounts as follows:
Serial Numbers, Principal Year of
Both Inclusive Amount Maturity
1 to 4 $ 20,000 1974
5 to 30 30.000 1975
11 to 18 40,000 1976
19 to 26 40,000 1977
27 to 34 40,000 1978
35 to 42 40,000 1979
43 to 50 40,000 1980
51 to 60 1 50,000 1981
61 to 70 50,000 1982
71 to 80 50,000 1983
81 to 92 60,000 1984
93 to 104 60,000 1985
105 to 118 70,000 1986
119 to 132 70,000 1987
.133 to 146 70,000 1988
147 to 162 80,000 1989
163 to 180 90,000 1990
181 to 198 90,000 1991
199 to 218 100,000 1992
219 to 238 100,090 1993
239 to 260 1-10,000 1994
261 to 284 120,000 - 1995
285 to 310 1301000 1996
311 to 338 140,000 1997
339 to 368 150,000 1998
_ 1 369 to 400 160,000 1999
401 to 800 2,000,000 2000
_provided, however, that of said bonds, bonds numbered 181 to 800, t.
elusive, in the aggregate principal amount of $3,100,000 and due in it
Years 1991 to 2000, . inclusive, shall be subject to redemption and payme
prior to their maturity, at the option of the Village, at par and scram
Interest on May 1, 1990, or on any interest payment date thereafter,
the inverse order in which they are numbered; that is to say, bar
number 800 shall first be redeemed before bond number 799 Is r
-deemed, and so on, continuing such priority of redemption as to all t
said bonds subject to redemption prior to maturity.
Written notice of its option to redeem and pay prior to their maturil
any or all of said bonds, in accordance with their terms; shall be give
by the Village to the holder of each of such bonds called for redemptihr
if known, by registered mail at least thirty (30) days prior to the date i
,redemption, or If the holders of any such bonds are unknown, then nod(
Of such redemption shall be given by publication of such notice at lea:
'once in a newspaper published and of general circulation in the City t
.Chicago, Illinois, and the date of the publication of such notice shall h
net less than thirty (30) days prior to such redemption date, and an
'such notice Shall designate the date and place of redemption of sal
,bonds, shall designate the serial numbers and the aggregate Principe
amount of the bonds to be redeemed, and shall indicate that on th
designated date of redemption said bonds will be redeemed by paymei
of the principal thereof and accrued interest thereon, and that from all
after the designated redemption date interest in respect of said bonds s
Galled for redemption shall cease.
Section 5. That both principal of and interest on said Waterworks an
- Sewerage Refunding Revenue Bonds shall be payable in lawful money (
.the United States of America at a bank or trust company to be hereafte
designated by Resolution to be adopted by the President an
Board of Trustees of the Village of Buffalo Grove. Said bonds shall b
,aigned by the President, sealed with the corporate seal of said Vi118g(
.and attested by the Village Clerk, and the interest coupons attached t
said bonds shall be executed by the facsimile signatures of said Pres:
'dent and said Village Clerk, and said officials, by the execution of saf
,bonds, shall adopt as and for their own proper signatures their respectiv
facsimile signatures appearing on said coupons.
Said bonds, together with interest thereon shall be payable solel
from the revenues derived from the operation of the combined warm
works and sewerage system of said Village, and said bonds shall not I.
any event constitute an indebtedness of said Village within the meanin
Of any constitutional provision or any, constitutional or statutory limits
tion.
Any of said bonds may be registered at the option of the holder as t
Principal only, at any time prior to maturity, in the name of the holder
on the books of said Village in the office of the Village Treasurer, sucl
registration to be noted on the reverse side of the bonds by the Village
Treasurer, and thereafter the principal of such registered bonds shall b
payable only to the registered holder, his legal representatives or as
Signs. Such registered bonds may be transferable to another registere,
holder or back to bearer only upon presentation to the Village Treasure'.
with a legal assignment duly acknowledged or approved. Registration o
Any of such bonds shall not affect the negotiability of the coupons themb
Attached, but such coupons shall be transferable by delivery merely.
Section 6. That said bonds and coupons attached thereto shall be Is
substantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTIES OF COOK AND LAKE
VILLAGE OF BUFFALO GROVE
WATERWORKS AND SEWERAGE REFUNDING REVENUE BOND
Number
KNOW ALL MEN BY THESE PRESENTS, that the Village o
Buffalo Grove, Cook and Lake Counties, IDfnols, for value received here
by promises to pay to bearer, or if this bond be registered as to principa
as hereinafter provided, then to the registered holder hereof, solely from
the Waterworks and Sewerage Fund of said Village. of Buffalo Grove, at
hereinafter provided and not otherwise, the stem of FIVE THOUSANI
DOLLARS ($5,000) on May L together with interest on suck
principal sum from the Sate hereof unfit paid at the rate of seven pm
cent (7%) per annum, payable November 1, 1970 and semiannually there
after on May 1 and November 1 in each year, upon presentation ant
Surrender of the interest coupons hereto attached as they severally be
come due.
. Both principal of and interest on this bond are hereby made payabl(
In lawful money of the United States of America at
This bond and the series of which it forms a part, together with th(
Interest that will accme thereon, is payable solely tram the revenue¢
derived from the operation of the combined waterworks and sewerage
system of said Village and not otherwise, and is issued under authority of
Division 4 of Article 8 of the Imnofs Municipal Code, approved May 29,
1961, and all laws amendatory thereof and supplementary thereto, for the
purpose of refunding all of the presently outstanding Waterworks and
'Sewerage Revenue Bonds, Series of 1969, ddted January, 1969, of said
.Village, and this bond does not constitute an indebtedness of said Village
within any constitutional or statutory limitation
This bond is one of an authorized issue of Four Million Dollars
($4,000,000), numbered from 1 to 800, inclusive, of the denomination of
Five Thousand Dollars ($5,000) each, and -bonds numbered 181 to 800,
-Inclusive, in the aggregate principal amount of $3,100,000 and due in the
,years 1991 to 2000, Inclusive, are subject to - redemption and payment
prior to their maturity, at the option of the Village, at par and accrued
interest to date of redemption on May 1, 1990, or on any interest payment
date thereafter, in the inverse order in which they are numbered; that is
to say, bond number 800 shall first be redeemed before bond number 799
Is redeemed, and so on, continuing such priority of redemption as to all
bonds so redeemable. Notice of the redemption of any or all of said
"bonds which by their terms shall have become subject to redemption
, Shall be given by the Village to the holder thereof, if known, by regis-
tered mail at least thirty (30) days prior to the date of redemption or 1Y.
the holder thereof be unknown, such notice shall be published at least'
once in a newspaper published and of general circulation in the City of
,Chicago, Illinois, the date of the publication of such notice to be not less
than thirty (30) days prior to such redemption date, and when any or all
of said bonds which by their terms have become subject to redemption
and payment prior to their maturity shall have been called for redemp-
Ition and payment made or provided for, interest thereon shall cease
..from and after the date so specified.
Under said Code and the ordinance adapted pursuant thereto, author-
izing the Issuance of this bond and the series of which It forms a part,
the revenues from the operation of the combined waterworks and sewer-
age system of said Village shall be deposited in a separate fund desig-
nated as the "Waterworks and Sewerage Fund" of said Village, which
shall be used only and is hereby pledged for paying the cost of operation
and maintenance of said combined system, providing an adequate depr-
eciation fund and paying the principal of and interest on the bonds of
said Village that are issued under authority of said Code and are payable
by their terms only from the revenues of said combined waterworks and
sewerage system, and in making all payments required to maintain the
accounts created under the terms of the ordinance pursuant to which this
bond is issued.
It is hereby certified and recited that all acts, conditions and things
required to be done precedent to and in the issuance of this bond have
been done and have happened and have been performed in regular and
due form of law, and that prevision has been made for depositing in said
Waterworks and Sewerage Fund the revenues received from the oper-
ation of said combined waterworks and sewerage system to be applied in
the manner as hereinabove set forth, and said Village hereby . covenants
and agrees that it will fix and maintain rates for the use and service of
said combined waterworks and sewerage system and collect and account
for revenues from said combined waterworks and sewerage system suf-
ficient at all times to pay the cost of operation and maintenance of said
combined system, provide an adequate depreciation fund, and to
promptly pay principal of and interest on all bonds issued . by said Village
which by their terms are payable solely from the revenues of said com-
bined waterworks and sewerage system, and to comply with all of the
covenants of, and to maintain the amounts created by, the ordinance
pursuant to which this bond and the series of which it forms a part were
This bond may be registered as to principal only in the name of the
holder, on the books of said Village in the office of the Village Treasurer,
such registration to be evidenced by notation of said Treasurer on the
back hereof, after which no transfer hereof shall be valid unless made on
laid books and similarly noted hereon, but it may be discharged from
such registration by being transferred to bearer, after which it shall be
transferable by delivery merely, but it may be again registered as be.
fore. Registration hereof shall not affect the negotiability of the coupons
hereto attached, which shall continue negotiable by delivery merely, not-
withstanding registration hereof.
IN WITNESS WHEREOF, said Village of Buffalo Grove, Cook and
Lake Counties, Illinois; by its President and Board of Trustees, has
caused this bond to be signed by its President, its .corporate seal to be
hereto affixed and attested by the Village Clerk, and the coupons hereto
attached to be signed by the facsimile signatures of said President and
said Village Clerk, which officials, by the execution of this bond, do adopt
is and for their own proper signatures their respective facsimile signa-
tures appearing on said coupons, and this bond to be dated as of the first
day of October, 1970..
President
Clerk
(Form of Coupon)
On the first day of , 19- `(unless the bond M which thi:
minor is attached has been called for payment prior to said date a!
Ierein provided for and payment made or provided for), the Village o
Buffalo Grove, Cook and Lake Counties, Illinois, will pay to bearer out o'.
he Waterworks and Sewerage Fund of said Vil
tge Dollars (I-) in lawful money a.
he United States of America at
sing interest then due on its, Waterworks and Sewerage Refunding Reve
ue Bond, dated October 1, 1970, Number -.
President
age Clerk
`(The clause within the parenthesis shall be inserted in all coupo
,ched to bonds numbered from 181 to 800, inclusive, representing Intl
maturing after the optional date of the bond to which it is attached.)
(Form for Registration)
ate of Signature of
istration In Whose Name 'Registered Village Treanor
Section 7. That upon the issuance of any of the Waterworks a
Sewerage Refunding Revenue Bonds herein provided for, the entire or
bined municipal waterworks and sewerage . system of said Village of B
falo Grove, for the purpose of this ordinance, shall be operated on
fiscal year basis commencing the first day of May and ending the I
day of April of each succeeding year. From and after the delivery of a
bonds issued under the provisions of this ordinance, all of the revem
from any source whatsoever derived from the operation of the combs
waterworks and sewerage system of said Village of Buffalo Grove,
eluding all future improvements and extensions thereof, shall be set as
as collected and be deposited in a separate fund which is hereby creal
to be designated as the "Waterworks and Sewerage Fund' of the Villa
of Buffalo Grove, which shall constitute a trust fund for the sole purp,
of carrying out the covenants, terms and conditions of this ordinance a
shall be used only In paying the reasonable cost of operation and main
nance of said combined waterworks and sewerage system, including as
ries, wages, cost of materials and supplies, insurance and the reasons
repairs and extensions necessary to render efficient service,, providing
adequate depreciation fund, and paying the principal of and interest ul
all revenue bonds of said Village of Buffalo Grove, which by their ter
are payable solely from the revenues derived from the combined wat
works sod sewerage system of said Village, and for the creation a
expenditure of the respective accounts as hereinafter provided for.
Section 8. That there be and there are hereby created and establisl
separate special accounts to be designated severally "Operation a
Maintenance Account," "Bond and Interest Account." "Term Bond SL
ing Fund Account." "Depreciation and Contingencies Account" 'Sc
Reserve Account," and "Surplus Account," to which there shall be ere(
ed on the first business day of each month, without any further offic
t action or direction, and in the order hereinafter mentioned, all man(
I held in the Waterworks and Sewerage Fund of said Village, in acc
) dance with the following previsions:
(a) There shall be credited to the OPERATION AND MAINT
I NANCE ACCOUNT an amount sufficient to pay the reasonable expem
f of operation, maintenance and repair of said waterworks and sewers
system for that month which shall include, without limiting the general
of the foregoing, salaries, wages, costs of materials, supplies, purchase
t power, and all other incidental expenses, including one - twelfth of a
operating costs to be paid on an annual basis.
f (b) There shall be credited to the BOND AND INTEREST ACCOUI
an amount equal to not less than one -fifth of the next maturing Inter,
i and sufficient to pay promptly all interest due May 1 and November 1
f each year on all outstanding bonds authorized hereunder and inclu ll
Interest to become due on all bonds that may be issued in the future
share ratably and equally in the earnings of the waterworks and sews
1 age system with the bonds herein authorized and such bonds to be !San
in the future being hereinafter referred to as "Parity Bonds," and beg'.
ning not later than May 1, 1978, and monthly thereafter, there shall
credited to said account an amount equal to not less than one -tenth of t
1 aggregate yearly amount of-principal due and payable on all outstandf:
)bonds, including all Parity .Bonds, on the next succeeding principal an
tority date, until there shall be accumulated in the Bond and Inter(
l Account on or before thirty (30) days preceding such current maturf
f date of such principal or interest, or both, an amount sufficient to p.
such principal or interest, or both, on all bonds issued and maturing I
their terms on such current maturity date.
Payments into the Bond and Interest Account may be suspended
any fiscal year at such time as there shall be sufficient money in as
account to pay principal and interest an all outstanding bonds for t:
balance of such fiscal year. Principal and Interest due May 1 shall I
considered as part of the requirements of the immediately precedil
fiscal year. Such payments shall again be resumed at the beginning
each fiscal year. All moneys in said account shall be used only for t
. purpose of paying principal and interest on the bonds of this issue at at
Parity Bonds which by their terms are payable from the revenues of t1
waterworks and sewerage system as the same shall become due. Fun
sufficient to pay principal or interest, or both, of said bonds, togeth
with paying agency fees, shall be transmitted to the paying agent not le
than fifteen (15) days prior to each current maturity date of such print
pal or interest, or both. All paying agency fees shall be charged as
maintenance and operation expense.
.Upon the issuance of any of the bonds hereby authorized and Mee!
of the purchase price therefor, there shall be credited to the Bond m
Interest Account all accrued interest derived from the sale of said bon,
Plus an amount which, together with said accrued interest will be at
ftcient to pay interest up to November 1, 1971, on all of said bonds, bell
the interest to accrue during the period of construction of the improv
unions and extensions contemplated by the provisions of Ordinance N
0-6913 which authorized the issuance of the bonds now being refunded_
(c) Beginning on July 1: 1979, there shall be credited to the TER:
BOND SINKING FUND ACCOUNT the Sam of $8,000 each month and a
moneys so credited to said account shall be held and used only for ft
calling and redeeming prior to their maturity bonds numbered 401 to 80
inclusive, heroin authorized and which may then be outstanding, ar
thereafter no further credits need be made into said Term Band SInkit
Fund Account and all amounts so credited to said account shall be us(
for the payment of such bonds on the dates that they become subject
redemption
(d) Beginning on January 1, 1971, there shall be credited to U
DEPRECIATION AND CONTINGENCIES ACCOUNT the sum of $2,01
each month, until such account aggregates the sum of $200,000, said them
after no additional funds shall be credited to said account, except that
when any money is paid out of said account credits to said account she
be resumed and continued until such account has been restored to it
aggregate meant of $200,000 The moneys to the credit of said accom
shall be used for the payment of the cost of necessary renewals an
replacements of the combined waterworks and sewerage system, for If
.payment of which no other funds are available, in order that such syster
may at all times be able to render efficient service. Each expenditure t
be made from such Depreciation and Contingencies Account shoji h
made only after certification by the Village Engineer that such m
penliturs is necessary to the continued and efficient operation of th
system. In addition to the foregoing, funds of this account shall be use
to pay interest or principal of any outstanding bonds which by the!
terms are payable from the revenues of the waterworks and sewerag
system, but only when there are no other funds available for that pm
pose.
(e) Beginning on January 1, 197, there shall be credited to th
BOND RESERVE ACCOUNT the sum of $4,000 each month until sue]
account aggregates the sum of $400,000, and thereafter no additions
funds shall be credited to said account except that when any money 1
paid out of said account, then credits to said account shall be resume,
and continued until the total moneys credited to said account have beet
restored to the aggregate amount of $400,000. The Village covenants ant
agrees to maintain said account throughout the life of the bonds auth
orized to be issued under the terms of this ordinance and including the
life of all bonds which may hereafter be issued and by their terms b,
on a parity with the bonds herein authorized and until such time M th,
aggregate amount to the credit of such account together with any other
moneys which may be available, are equal to the aggregate amount o
all interest and principal requirements to maturity of the then out
standing bands authorized under the terms of this ordinance and includ
ing all interest and principal requirments to maturity of the then out
standing bonds which may hereafter be issued and be on a parity will
the bonds herein authorized and thereafter no further credits shall IS
made to said account and the moneys to the credit of said account, to
gether with any other moneys which may be available, shall be used
for the payment of the principal and interest of the then balance of th(
outstanding 'bonds as the principal thereof and interest thereon mature.
Me funds to the credit of said account shall be used only to pay th(
maturing principal of or interest on all bonds of the Village issued uncles
:he provisions of this ordinance and including the payment of principal o
or interest on all bonds of the Village which may hereafter be issued ant
)e on a parity with the bonds herein authorized, all of such bonds being
)ayable from the revenues of the waterworks and sewerage system m
the Village and whenever sufficient funds are not available in the Bo
and Interest Account for that purpose.
(f) After all the requirements herelnabove set forth in subparagraph
(a) to (e), inclusive, have been made as hereinbefore required, mcludin
any deficiencies as herelnabove provided, the balance of funds then r
training in the Waterworks and Sewerage Fund, each month, shall b
credited to the SURPLUS ACCOUNT. The funds to the credit of so!
Surplus Account shall be used or accumulated only for the purpose
making Improvements or extensions of the waterworks and sewing
system or the calling and redeeming or the purchase in the open mark
at a price of not more than par and accrued Interest to date of redem
lion any of the bonds of this issue, or any bonds which may hereafter b
issued and be on a parity with the bonds herein authorized and all
which bonds by their terms are payable from the revenues to be derive
from the operation of the waterworks and sewerage system; provide
however, that the Village shall not purchase any such bonds within sixt
(60) days prior to any interest payment date an which any of such bon
may be redeemable but shall use such available money to call an
redeem such bonds to the full extent of such available excess; and pr
vided further, that no bonds of the Village shall be called or redeemed o
purchased or paid prior .to their maturity until all the bonds here'
authorized and being numbered 401 to 800, inclusive, in the aggregat
amount of $2,000,090 and due on May 1, 2000, shall have been paid m full.
(g) The moneys in the accounts created by subparagraphs (c), (d)
(e) and (D, as herelnabove created and set forth in this section, may b
resolution adopted by the President and Board of Trustees of the Village
be invested from time to time by the Treasurer of said Village in inhere
bearing bonds or other direct and general obligations of the United State
Government, and such securities shall be sold from time to time by sat
Treasurer pursuant to a resolution of the President and Board o
Trustees as funds may be needed for the purpose for which said account
have been created. Interest earned on any investment shall be .shown
revenues of the system and then credited to the account for which th
investment was made.
All money on hand shall be deposited in banks selected as depo
thanes from time to time by the President and Board ge Trustees. Such
bank accounts shall be kept separate from all other Village accounts.
Section 9. That it is hereby covenanted and agreed that the revenue
of the combined waterworks and sewerage system are to be paid into th
various special accounts herelnabove established and created in the orde
in which said accounts have been listed, and if within any period of tiro
the revenues are insufficient to place the required amounts. in any of sal
accounts the deficiencies shall be made up the following period or period
after payments into all the accounts enjoying a prior claim of revenue
have been made in full.
Section 10. That the Village of Buffalo Grove covenants and agree
with the holders of said bonds and coupons hereby authorized that s
long as the bonds or any of them remain outstanding and unpaid, efthe
as to principal or interest:
(a) That the Village will maintain the said combined waterworks an
sewerage system and all improvements and extensions thereto in goo
repair and working order, will operate the same efficiently and faithfully
and will punctually perform all duties with respect thereto required b
lie Constitution. and laws of the State of Illinois.
(b) That the Village will establish and maintain at all times reason
able fees, charges and rates for all users of the service of said system
and will provide for the collection thereof and for the segregation an
application of the revenues of said system in the manner provided by thf
ordinance and sufficient at all times to pay the reasonable costs of oper
anon and maintenance, and to pay the interest of and principal on at
•evenue bonds of said Village which by their terms are payable from th
•emaues of said system, and to provide for the creation of the respectiv
accounts as provided In Section 8 of this ordinance, and from time t
lure make all needful and proper repairs, replacements, additions an
)etterments thereto so that it may at all .times be operated properly an
advantageously, and when any equipment or facility shall have been were
rut, destroyed or otherwise is insufficient for proper use it shall b
)romptly replaced or repaired so that the value and efficiency of so!(
system shall be at all times fully maintained.
Charges for services rendered. the Village shall be made against the
:ofd Village and payment for the same from the corporate funds shall m
made monthly into the Waterworks and Sewerage Fund created by thit
ordinance, as revenues derived from the operation of the combined we
:erworks and sewerage system, In the same manner as other revenue:
in required to be deposited. No free service of the system shall N
'uraished to any persons, firm, organization, or corporation, public m
)rivate, and to the extent permitted by law, it is expressly herein cov
nianted that said Village will not grant a franchise for the operation o
my other or competing waterworks system or sewerage system or com
nnation thereof within the Village of Buffalo Grove.
(c) That the Village will establish such rules and regulations for th(
:ontrol and operation of said system necessary for the efficient ant
;conomical operation thereof, and rates and charges shall be fixed ant
coked from time to time as may be necessary to produce funds suf
icient for all purposes herein provided until all of the bonds authorized
,y this ordinance have been paid in full, both as to principal and Interest
(d) That the Village will make and keep proper books and accounts
separate and apart from all other records and accounts of said Village),
n which complete entries shall be made of all transactions relating to
aid system, and hereby covenants that it will cause the books and
accounts of said system. to be audited annually by certified public tic.
ountants showing the receipts and disbursements on account of said
ystem, and that said audit will be available for inspection by the holders
,f any of the bonds. Each such audit, in addition to whatever matters
nay be thought proper by the accountants to be included therein, shall,
vitbout limiting the generality of the foregoing, include the following:
(1) A statement m detail of the income and expenditures of the sys-
em for such fiscal year
(2) A balance sheet as of the end of such fiscal year.
(3) The accountant's comment regarding the manner in which the
tillage has carried out the requirements of this ordinance, and the ac-
ountant's recommendations for any changes or improvements in the
operation of the system.
(4) A list of all the insurance policies in force at the end of the fiscal
'ear, setting out as to each policy the amount of the policy, the risks
Livered, the name of the Insurer and the expiration date of the policy.
(5) The number of properties served by the combined waterworks
nd sewerage system at the end of the year, the number of metered
natation at the end of the year who use both water and sewer services
ad the number of customers using only the water services, the number
f unmetered customers at the end of the year who use both water and
ewer services and the number of customers using only the water set-
lees and the number of customers using only the sewer services, and
he quantity of water pumped.
All expenses incurred in the making of the audit required by this
ecton shall be regarded and paid as an operation and maintenance
.Dense, 'and it is further covenanted and agreed that a copy of each
uch audit shall be furnished to the holder of any of the bonds at his
squest, and any holder of a bond or bonds authorized under this ordf-
ance shall have the right to discuss with the accountant making the
udit the contents of the audit and to ask for any additional information
e may reasonably require. Quarterly statements of receipts and dis-
ursements of the combined system shall be furnished the President and
;oard of Trustees, and a copy of such quarterly statement shall be
railed each quarter to Midwest Securities Co., Chicago, Blinofs, the
rigmal holder of the bonds authorized by this ordinance.
(e) That so long as any of the bonds authorized hereunder are out-
binding, the Village will not sell, lease, loan, mortgage, or in any man -
er dispose of or encumber said system (subject to the reserved right of
aid Village to issue additional obligations as provided m Section 11
meof), or any improvements and extensions thereto, until all of said
ands hereby authorized shall be paid in full, both principal and Interest,
r unless and until prevision shall have been made for the payment
iereof, and that said Village will take no action in relation to said
,stem which would unfavorably affect the security of the bonds or the
rompt payment of the principal and interest thereon; provided, however
tat the covenants in this paragraph shall not prevent the Village from
ispusing of any property of said system which in the judgment of the
resident and Board of Trustees is no longer usetul or profitable In the
Serration of said facilities.
(f) Any holder of a bond or bonds, or any of the coupons of any bond
bonds, issued hereunder, may either in law or equity, by suit, action,
,andamus or other proceedings, enforce or compel performance by the
licials of said Village of. all duties required by law and by this ordf-
Mee, including the making and collecting of sufficient charges and rates
,r the water and sewerage services supplied' by said system, and the
ppluation of the income and revenue therefrom.
(g) That the Village will carry insurance on said system of the kinds
rd in the amounts which are usually carried by private parties oper-
ing similar properties, including, without limiting the generality of the
regoing, fire, windstorm insurance, public liability, and all additional
smance covering such risks as shall be recommended by a competent
insulting engineer employed for the purpose of making such recommen-
ttions, and all moneys received for loss under such Insurance policies
,all be deposited in the Depreciation and Contingencies Account and
,ad in making good the loss or damage in respect of which they were
tid, either by repairing the property damaged or replacing the property
rstroyed, and provision for making good such loss or damage shall be
ade within ninety (90) days from date of loss. The payment of Pre-
forms for all insurance policies required under the previsions of this
,venant shall be considered an operation and maintenance expense. ,
The proceeds derived from any and all policies for public liability
all be paid into the Operation and Maintenance Account and used in ;
Lying the claims on account of which they were received.
Section 11. That it is hereby covenanted and agreed that while any of ;
e bonds issued hereunder are outstanding and unpaid, no additional ;
oterworks and sewerage revenue bonds to pay the cost of improvements i
,d extensions shall be issued to share ratably and equally m the rear¢ - t
,es to be derived from the operation of the combined waterworks and+
werage system of said Village unless all of the amounts required to be I
edited to the respective accounts - described in Section 8 (a) to (f), I
elusive, of this ordinance have been credited in full to the first day of 1
e month in which an ordinance may be adopted authorizing such addi -;
coal bonds, and moneys are available and set aside to pay all of the'
nds theretofore called for prior redemption but not yet redeemed, and
less and until it is evidenced by a certificate of an independent certf-
;d public accountant that the revenues derived from the operation of
e system for the fiscal year then next preceding, or the adjusted reve-
es if such revenues are adjusted as hereinafter provided, were Sol - I
;lent to pay all costs of operation and maintenance and to leave a 4
lance equal to one hundred thirty per cent (130%) of the maximum 4
inelpal and interest requirements in any succeeding fiscal year an all 4
ads then outstanding payable from the revenues of the combined we -4
works and sewerage system and such additional bonds then proposed 4
be issued. For the purpose of this computation, the $2,000,000 principal 4
daunt of bonds shall not be considered as a principal requirement in
year 2000, but the principal payments required to be made each year 4
the Term Bond Sinking Fond Account shall be considered as the
ncipal requirements for each of said respective years 1979 to 2000,
lusive.
In the event there shall have been a change in the rates of the p
dam from the rates in effect for the preceding fiscal year, which 5
urge is in effect at the time of the issuance of any such additional
ids, then the revenues as provided above shall be adjusted to reflect 51
revenues of the system for the immediately preceding fiscal year as 5;
y would have been had said then existing rates been in effect during 5
of said fiscal year. Any such adjustment shall be evidenced by the
tificate of an Independent consulting engineer employed for that pur- 5�
e, which certificate shall be filed with the Village Clerk for public
portion upon its approval by the President and Hoard of Trustees
ar to the adoption of an ordinance authorizing such additional bonds.
Further, notwithstanding the restrictions herelnabove set forth in this
lion 11, additional bonds may be issued by the President and Board of
stees of said Village to share ratably and equal(v in the revenues of
combined waterworks and sewerage system of said Village with the l
enue bonds authorized to be issued under the terms of this ordinance c
the purpose of constructing improvements and extensions to said I
ibined system; provided, that such additional bonds shall be Issued
v upon submission to the President and Board of Trustees of a certiff-
a prepared by the consulting engineer employed by the Village stating
t in his. opinion the revenues of the combined system as projected for
next complete fiscal year following the completion of the contraction
mch proposed improvements and extensions to the system (such pro- F
ion to be based on the number of additional users to be served by the /
I proposed improvements and extensions and the rates for water and:
¢rage service than in effect) will be not less than one hundred thirty
Bon cent (130%) of the maximum combined principal and Interest re.
quirements for any succeeding fiscal year on all bonds then outstanding
s and on the additional bonds then proposed to be issued. For the purpose
g of this computation, the $2,000,000 principal amount of bonds shall not be
e- considered as a principal requirement in the year 2000, but the principal
e payments required to be made each year to the Term Bond Sinking Fund
d Account shall be considered as the principal requirements for each of
of said respective years 1979 to 2000, inclusive. Said certificate of the con-
e sulting engineer shall be approved by the President and Board of
et Trustees and filed with the Village Clerk for public inspection prior to
p- the adoption of an ordinance authorizing such additional bonds.
e If prior to the payment of any of the bonds hereby authorized it shall
of be found desirable to refund all or a part of the bonds hereby authorized,
d said bonds may be refunded notwithstanding the restrictions as to the
d, issuance of additional bonds set forth in this section (with the consent of
y the holders thereof unless the bonds' to be refunded are subject to re-
demption and provision for call and redemption thereof is duly madr).
d and any refunding bonds . co issued shall share ratably and equally m the
pro
vided of said combined waterworks and sewerage system and the
r pledge thereof under this ordinance with the portion of the bonds hereby
m authorized which are not refunded; provided, however, that if any such
e bonds are refunded In such manner that the interest rate is increased or
the refunding bonds mature at a date earlier than the maturity of the
, bonds not refunded, then such refunding bonds shall not share ratably
y and equally in the revenues of said system with the portion of the bonds
remaining outstanding authorized under this ordinance.
Inheres
rl
Section 12. That the provisions of this ordinance shall "constitute a
S contract between the Village of Buffalo Grove and the holders of the
d bonds herein authorized to be issued, and after the issuance of said bonds
I no changes, additions or alterations of any kind shall be made hereto,
s except as herembefore provided, until all of said bonds and the interest
as thereon shall have been paid In full, or unless and until prevision shall
e have been made for the payment thereat
Section 13. That as soon as may be after this ordinance becomes
s- effective, the bonds herein authorized shall be executed by the officials of
ch said Village as provided by this ordinance and shall be deposited with the
Village Treasurer and be by him delivered to Midwest Securities Co., the
s owners and holders of the outstanding and unpaid Waterworks and Sew -
e erase Revenue Bonds, Series of 1969, of said Village, proposed to be re-
r funded and as described in the preambles hereof, and in exchange for
e and on the basis of par for par for such bonds proposed to be refunded.
d Simultaneous with such exchange, the said outstanding and unpaid bonds
s shall be cancelled by perforation and thereafter be filed with the Village
s Treasurer as a part of his official records.
Section 14. That the Village of Buffalo Grove further agrees with the
s owners and holders of the bonds herein authorized that, upon the delivery
0 of such bonds as herein provided, all moneys, not otherwise provided for
r and then remaining in the several special accounts established pursuant
to the previsions of the ordinances heretofore adopted and authorizing the
d issuance of Waterworks and Sewerage Revenue Bonds of said Village,
d Series of 1966 and Series of 1969, shall immediately be transferred to the
, corresponding special accounts of the "Waterworks and Sewerage Fund"
y as herein established in Section 8 of this ordinance, and such funds so
transferred shall be held and used in the manner and for the purposes
- herein prescribed and for which such several special accounts have been
, established.
d Section 15. That the Village of Buffalo Grove further agrees with the
s owners and holders of the bonds herein authorized that the terms and
- provisions of Section 3.03 of Ordinance No.. 0 -69 -13 adopted on August 25,
11969, pertaining to the Disposition of Bond Proceeds received from the
e sale of the bonds authorized by said Ordinance and the administration of
e the "Construction Trust Fund" established by said Section 3.03 of said
o Ordinance, shall remain in full fares and effect for the benefit and pro-
d tecton of the owners and holders of the bonds authorized hereby.
d Section 16. That it any section, paragraph, clause or provision of this
ordinance shall be held invalid, the invalidity of such section, paragraph,
e clause or provision shall riot affect any of the other previsions of this
Section 17. That all ordinances, resolutions or orders, or parts there-
in conflict with the previsions of this ordinance, are to the extent of
h conflict hereby repealed.
Section 18. This ordinance, within ten (10) days after its passage by
President and Board of Trustees, shall be published once In the
fala Grove Herald, being a newspaper published in and having a
oral circulation in said Village, and shall be in fall force and effect as
vided by law.
PASSED by the President and Board of Trustees of the Village of
falo GMVe, Cook and Lake Counties, Ilinofs, on the 14th day of Sep -
her, 1970, and recorded, deposited and filed in the office of the Village
rk of said Village this 14th day of September, 1970.
Ayes: President Thompson; Trustee Felten, Trustee Gleeson, Trustee
red, Trustee Armstrong, Trustee Fattish, Trustee Cimaglio
Nays: NONE
. DONALD J. THOMPSON
President
TEST:
iALIE L. KASZUBOWSKI
in Buffalo Grove Herald Sept. 23, 1970.