1980-039t
j
8/29/80
ORDINANCE NO.80 -39
AN ORDINANCE AUTHORIZING THE BORROWING
OF MONEY FROM THE BANK OF ELK GROVE
WHEREAS, the Village of Buffalo Grove is a Home Rule Unit by virtue
of the provisions of the Constitution of the State of Illinois of 1970;
and
WHEREAS, the Village became a Home Rule Unit by referendum on March
1, 1980; and
WHEREAS, it is deemed advisable and necessary for the best interests
of the residents of the Village of Buffalo Grove to borrow money for
the construction of the building known as the Village of Buffalo Grove
North Fire Station; and
WHEREAS, the Bank of Elk Grove has offered to loan funds to the Village
in an amount not to exceed Three Hundred Thousand Dollars ($300,000.00)
for the construction of said building at an interest rate of six and
one -half percent (6- 1/2 %); and
WHEREAS, pursuant to the provisions of Section 6.(a) of Article 7 of
the Constitution of the State of Illinois of 1970, the Village as a Home
Rule Unit is authorized to incur debt.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT and BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK and LAKE COUNTIES, ILLINOIS, as
follows:
SECTION 1: It is hereby determined that it is essential and in the
public interest that the Village construct the North Fire Station in
order to provide facilities for the residents of the Village, all as
hereinabove described in the preambles of this ordinance and that for
the purpose of paying part of the construction cost thereof, the Village
borrow Three Hundred Thousand Dollars ($300,000.00) from the Bank of
Elk Grove pursuant to its Home Rule Power.
SECTION 2: Repayment of the amount borrowed shall commence within six
(6) months after the date borrowed and shall be repaid over a period not
to exceed ten (10) years. Payments shall be made every six (6) months un-
til the amount borrowed is repaid. The amount borrowed shall bear inter-
est at the rate of six and one -half (6 -1/2 %) per annum from September
y
8/29/80
-2-
j.
5, 1980
on the unpaid
balance due from time to time and
each six -month
payment
shall include
interest. All interest
shall be computed for the
actual
number of days
elapsed on the basis
of a year consisting of 360
days. The Village shall have the privilege
of prepaying
in multiples of
$1,000.00
at any time.
SECTION 3: Repayment of the amount borrowed
is to be
paid in semi-
annual
installments beginning on March 1,
1981, as follows:
PRINCIPAL
DATE
PRINCIPAL
INTEREST
TOTAL PAYMENT BALANCE REMAINING
3 -1 -81
$15,000.00
$9,587.50
$24,587.50
$285,000.00
9 -1 -81
$15,000.00
9,468.33
24,468.33
270,000.00
3 -1 -82
$15,000.00
8,823.75
23,823.75
255,000.00
9 -1 -82
$15,000.00
8,471.67
23,471.67
240,000.00
3 -1 -83
$15,000.00
7,843.33
22,843.33
225,000.00
9 -1 -83
$15,000.00
7,475.00
22,475.00
210,000.00
3 -1 -84
$15,000.00
6,900.83
21,900.83
195,000.00
9 -1 -84
$15,000.00
6,478.33
21,478.33
180,000.00
3 -1 -85
$15,000.00
5,882.50
20,882.50
165,000.00
9 -1 -85
$15,000.00
5,481.67
20,481.67
150,000.00
3 -1 -86
$15,000.00
4,902.08
19,902.08
135,000.00
9 -1 -86
$15,000.00
4,485.00
19,485.00
120,000.00
3 -1 -87
$15,000.00
3,921.67
18,921.67
105,000.00
9 -1 -87
$15,000.00
3,488.33
18,488.33
90,000.00
3 -1 -88
$15,000.00
2,957.50
17,957.50
75,000.00
9 -1 -88
$15,000.00
2,491.67
17,491.67
60,000.00
3 -1 -89
$15,000.00
1,960.83
16,960.83
45,000.00
9 -1 -89
$15,000.00
1,495.00
16,495.00
30,000.00
3 -1 -90
$15,000.00
980.42
15,980.42
15,000.00
9 -1 -90
$15,000.00
498.33
15,498.33
-0-
SECTION 4: The payments required under the terms of this ordinance
shall be a general obligation of the Village. The Village shall take
all necessary action to appropriate funds as are necessary to make the
principal and interest payments required under this Ordinance.
SECTION 5: The President, Clerk and Treasurer of the Village are au-
thorized and directed to sign all necessary documents to effect the bor-
rowing.
V
� ` 1
8/29/80
-3-
SECTION 6: This Ordinance shall be in full force and effect immediate-
ly upon its passage, approval and publication in pamphlet form.
AYES: 6 - Marienthal, Stone, O'Reilly, Hartstein, Kavitt, Gerschefske
NAYES : 0 - None
ABSENT: 0 - None
PASSED: September 2 ,1980.
APPROVED: September 2 ,1980.
PUBLISHED: September 3 ,1980.
ATTEST:
`— LV111age Clerk --'
APPROVE
Village Presidot
8/29/80
ORDINANCE NO.80 -39
AN ORDINANCE AUTHORIZING THE BORROWING
OF MONEY FROM THE BANK OF ELK GROVE
WHEREAS, the Village of Buffalo Grove is a Home Rule Unit by virtue
of the provisions of the Constitution of the State of Illinois of 1970;
and
WHEREAS, the Village became a Home Rule Unit by referendum on March
1, 1980; and
WHEREAS, it is deemed advisable and necessary for the best interests
of the residents of the Village of Buffalo Grove to borrow money for
the construction of the building knolan as the Village of Buffalo Grove
North Fire Station; and
WHEREAS, the Bank of Elk Grove has offered to loan funds to the Village
in an amount not to exceed Three Hundred niousand Dollars ($300,000.00)
for the construction of said building at an interest rate of six and
one -half percent (6- 1/2%); and
WHEREAS, pursuant to the provisions of Section 6.(a) of Article 7 of
the Constitution of the State of Illinois of 1970, the Village as a Home
Rule Unit is authorized to incur debt.
n; NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT and BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK and LAKE COUNTIES, ILLINOIS, as
follows:
SECTION 1: It is hereby determined that it is essential and in the
public interest that the Village construct the North Fire Station in
order to provide facilities for the residents of the Village, all as
hereinabove described in the preambles of this ordinance and that for
the purpose of paying part of the construction cost thereof, the Village
borrow Three Hundred Thousand Dollars ($300,000.00) from the Bank of
Elk Grove pursuant to its Horne Rule Power.
SE'C'TION 2: Repa.ymcnt of the arnount borrowed shall commence within six
(6) months after the date borrowed and shall be repaid over a period not
to exceed ten (10) ; e xs. Ps.ymerz #::s shall be mane every six (6) months un-
til the affto -kk.nt borrowed. is repaid. The amotint. borrowed shall bear inter-
est at the rate of six -,nd one- -lialf (6 -1 /2l) per annum from September
i
SECTION 4: The payments required under the terms of this ordinance
shall be a general obligation of the Village. The Village shall take
all necessary action to appropriate funds as are necessary to make the
principal and interest payments required under this Ordinance.
SECTION 5: The President, Clerk and Treasurer of the Village are au-
thorized and directed to sign all necessary documents to effect the bor-
rowing.
8/29/80
-2-
5, 1980
on the unpaid
balance due from time to time and
each six -month
payment
shall include
interest. All interest
shall be computed for the
actual
number of days
elapsed on the basis
of a year consisting of 360
days. The Village shall have the privilege
of prepaying
in multiples of
$1,000.00
at any time.
SECTION 3: Repayment of the amount borrowed
is to be
paid in semi-
annual
installments beginning on March 1,
1981, as follows:
PRINCIPAL
DATE
PRINCIPAL
INTEREST
TOTAL PAYMENT BALANCE REMAiNIP
3 -1 -81
$15,000.00
$9,587.50
$24,587.50
$285,000.00
9 -1 -81
$15,000.00
9,468.33
24,468.33
270,000.00
3 -1 -82
$15,000.00
8,823.75
23,823.75
255,000.00
9 -1 -82
$15,000.00
8,471.67
23,471.67
240,000.00
3 -1 -83
$15,000.00
7,843.33
22,843.33
225,000.00
9 -1 -83
$15,000.00
7,475.00
22,475.00
210,000.00
3 -1 -84
$15,000.00
6,900.83
21,900.83
195,000.00
9 -1 -84
$15,000.00
6,478.33
21,478.33
180,000.00
3 -1 -85
$15,000.00
5,882.50
20,882.50
165,000.00
9 -1 -85
$15,000.00
5,481.67
20,481.67
150,000.00
3 -1 -86
$15,000.00
4,902.08
19,902.08
135,000.00
9 -1 -86
$15,000,00
4,485.00
19,485.00
1201000.00
3 -1 -87
$15,000.00
3,921.67
18,921.67
105,000.00
9 -1 -87
$15,000.00
3,488.33
18,488.33
90,000.00
3 -1 -88
$15,000.00
2,957.50
17,957.50
75,000.00
9 -1 -88
$15,000.00
2,491.67
17,491.67
60,000.00
3 -1 -89
$15,000.00
1,960.83
16,960.83
45,000.00
9 -1 -89
$15,000.00
1,495.00
16,495.00
30,000.00
3 -1 -90
$15,000.00
980.42
15,980.42
15,000.00
9 -1 -90
$15,000.00
498.33
15,498.33
-0-
SECTION 4: The payments required under the terms of this ordinance
shall be a general obligation of the Village. The Village shall take
all necessary action to appropriate funds as are necessary to make the
principal and interest payments required under this Ordinance.
SECTION 5: The President, Clerk and Treasurer of the Village are au-
thorized and directed to sign all necessary documents to effect the bor-
rowing.
8/29/80
-3-
SECTION 6: This Ordinance shall be in full force and effect immediate -
ly upon its passage, approval and publication in pamphlet form.
AYES: 6 - Marienthal,�Stone, O'Reilly, Hartstein, Kavitt, Gerschefske
NAYES : 0 - None
ABSENT: 0 - None
PASSED: September 2 1980.
APPROVED: September 2� ,1980.
PUBLISHED: September 3 ,1980.
ATTEST:.
1
i age CC.erk-
APPROVED:
Vi age Presid t