Loading...
1981-010ORDINANCE NO. 81 10 AN ORDINANCE AUTHORIZING THE BORROWING OF MONEY FROM THE BANK OF BUFFALO 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 of Buffalo Grove executed a contract dated February 3, 1981 taking title to certain personal property of Buffalo Grove Fire Department, Inc., said contract attached hereto as Exhibit A; and WHEREAS, it is deemed advisable and necessary for the best inter- ests of the Village of Buffalo Grove to borrow money for the retirement of debt on certain personal property of the Buffalo Grove Fire Department, Inc; and WHEREAS, the amounts currently owed the Bank of Buffalo Grove are shown in Exhibit B, attached hereto; and WHEREAS, the Bank of Buffalo Grove has offered to loan funds to the Village in an amount not to exceed One Hundred Thirty Seven Thousand Dollars ($137,000) for the assumption of debt of said personal property at an interest rate of 70% of the prime commercial rate of interest adjusted at the beginning of each month except for the period of March 16, 1981 to June 8, 1981 when inter- est will be at a flat rate of 10 %; 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 I. It is hereby determined that it is essential and in the public interest that the Village obtain fire and emergency medical vehicles for service to the residents of the Village, all as hereinabove described in the preambles of this Ordinance and that for the purpose of paying the debt service on certain pieces of the rolling stock, the Village borrow One Hundred Thirty Seven Thousand Dollars ($137,000) from the Bank of Buffalo Grove pursuant to its Home Rule Power. -2- 0 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 two (2) years. Payments shall be made every six (6) months until the amount borrowed is repaid. The amount borrowed shall bear interest at the rate of 70% of the prime commercial rate of interest adjusted at the beginning of each month except for the period March 16, 1981 to June 8, 1981 when interest shall be at a flat rate of 10% on the unpaid balance until the amount borrowed . is repaid. 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 option of prepaying this loan at any time. SECTION 3. Repayment of the amount borrowed is to be paid in semi- annually installments beginning on September 16, 1981, as follows: Date Principal Interest Principal Balance Remainin 9 -16 -81 $34,250.00 variable $102,750.00 3 -16 -82 34,250.00 variable 68,500.00 9 -16 -82 34,250.00 variable 34,250.00 3 -16 -83 34,250.00 variable -0- The interest due on said payments will be variable in that adjusted on the beginning of each month at a rate of 70% of the prime commercial rate of inter- est except for the period March 16, 1981 to June 8, 1981 when interest shall be at a flat 10% rate. 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 and Clerk of the Village are authorized and directed to sign all necessary documents to effect the borrowing. SECTION 6. This Ordinance shall be in full force and effect immediately upon its approval. AYES: 6 - Marienthal, Stone, O'Reilly, Hartstein, Kavitt, Gerschefske NAYES: ;0 - None ABSENT: 0 - None PASSED: March 16 , 1981 APPROVED: March 16 . 1981 ATTEST: ka IM, &A, illage Clerk Village President 4. EXHIBIT A e• AGREcMENT This Agreement entered into this 2nd day of February, 1981, by and between the Village of Buffalo Grove, Cook and Lake Counties, Illinois, hereinafter described as the "Village" and the Buffalo Grove Fire Depart - ment, Inc. an Illinois non - profit corporation hereinafter described as the "Department ". W I T N E S S E T H WHEREAS, the Village and the Department are parties to an agree - ment dated May 19, 1980, for the implementation of a Municipal Fire Depart- ment, and WHEREAS, one condition of said agreement requires that the Department, on May 1, 1981, convey to the Village title to certain per- sonal property, and WHEREAS, it is now in the Village's and Department's best inter - ests to immediately convey said personal property to the Village. NOW, THEREFORE, in consideration of these stipulations and con - ditions herein set forth, it is covenanted and agreed by and between the parties hereto as follows: 1. That the Department holds title to the personal property listed in Exhibit A, which is attached hereto and made a part hereof, and that there are no liens against the personal property listed in Exhibit A except for Unit e, a 1974 Howe Fire Truck, Unit 226, a 1977 Chevrolet Ambulance, and Unit 246, a 1978 GMC Squad Truck. 2. That the Department on the 3rd day of February, 1981, will convey to the Village title to the personal property in Exhibit A. 3. That the Village will from the 3rd day of February, 1981 until April 30, 1981, permit the Department to use the personal property listed in Exhibit A at no cost to the Department. 4. That the Department will from the 3rd day of February 1981, until April 30, 1981, repair and maintain the personal property listed in Exhibit A at no cost-to the Village. Further, the Department will take all due consideration for fair wear and tear, and safety. e 5. That the Village will provide general liability insur- ance for the personal property listed in Exhibit A beginning on the 3rd day of February, 1981. IN WITNESS WHEREOF, the parties hereto cause this agreement to be signed by its proper officers, the day and year first above written. VILLAGE OF BUFFALO GROVE 1 age President ATTEST: `in • &A.,,U Village Jerk BUFFALO GROVE FIRE DEPARTMENT, INC. Pre ident ATTEST: C;#ecl�rettary Number Car 200 Engine 212 Engine 213 Engine 211 Truck 235 Squad 246 Squad 248 Ambulance 224 Ambulance 226 EXHIBIT "A" Make Model Year Ford E150 1977 Howe FTCO2070 1975 Howe 1250CF 1970 Howe HR -72 1967 Howe HR -122 1970 E -One 6500 1978 Dodge W200. 1972 Chevrolet C30 1975 Chevrolet C30 1977 0 EXHIBIT B Number Make Model Year Balance Due Ambulance 226 Chevolet C30 1977 $32,000 Engine 212 Howe FTCO2070 1975 60,000 Squad 246 E -One 6500 1978 45,000 PROMISSORY NOTE No.. AmQdR Gr>QVe ijjiiors .,: 1fth.:6 19 81 Amount $ 237af3.0 On Demilind �AtiAr after date: for_value received,. the under Debtors. jointly and severally. promise to pay to the order of Saute of Buffalo Ormo ( "Creditor:') (hereinafter called "Lender") at its office in Buffa o Grape.` ` Illinois the sum of --s-Om Hundred Wrty Seviia Thommd oaiars with interest thereon at the rate of per cent -per annum from 3 I5 8! until maturity, payable at del d and with interest after maturity until paid at the rate ofA _per cent per annum; Interest shall be computed on the basis of a day year and charged for the actual number of days elapsed. Debtors agree to pray reasonable attorneys' fees, costs and expenses incurred by °Lender in the collection and enforcement of this Note: To secure payment of this note to Lender and all other existing and futur in ebtedness and obligations of Debtors, or "any .6f them, Debtors hereby pledge and grant to Lender security interest in the following property: *70% of flo8tin ria®e .. _ B�aept roM 3116f5l toWN731 tue interest Bill:a together with all other property of Debtors, or any of them, now or hereafter in the possession of or pledged to Lender, (all of. such property being hereinafter called "Collateral ") DISCLOSURE STATEMENT 7 b DD 1. Amount of Loan (Proceeds) 2:'Other Char es: To be Paid in Cash To be Financed Credit Life Insurance Premium ........................... ............................... $ $ Credit Disability Insurance Premium .... ............................ ......,:..... $ $ Other. $ -, $ Total: Other Amounts Financed .......... ....................... ......... ......... °....... ......... $. (Items not completed are inapplicable) 3: Less any prepaid FINANCE CHARGES: $ Total prepaid FINANCE CHARGE .................................... ..................... : ......... ......... . :......: ......... ................. 4. Amount Financed (sum. of 1 & 2 minus 3) ........ „•,; $ :. s. FINANCE CHARGE ............. ......... ......... :....:.. ................... :. consists of: Service Charge ... 8. Security: This loan is secured by a security interest in the property Interest :. described above. Lender's security- interest secures all other - existing the b and future indebtedness and obligations of. Debtors to Lender. This note Interest shall be computed on the basis of a day year and charged grants Lender the right of set -off: against and lien upon= any deposit. for the. actual number of days elapsed: (For purpose of computing finance moneys: credits and otherproperty held by Lender belonging to:Debtors charge a demand note is considered to have a maturity of one -half year.) and Guarantors (if any). A security interest mall Of the goods Chattels 6. Total of Payments ................ ................. $ and personal property of Debtors is created by the confession of ANNUAL PERCENTAGE RATE. . % judgment provision herein and a security interest in all of the goods; chattels and personal property O Guarantors (if any) s created 'by the: . Z Payment Schedule: (Completed item is applicable) confession of judgment provision, in the guaranty on the reverse side, CIS hereof. ,Lender is hereby granted a security interest in any insurance payable as a single payment on .- purchased in connection with this loan. 19 9. Prepayment Penalty, if any El$ 137,004.104 payable on demand. I/A 10. Rebate of Unearned Interest upon Prepayment : - **For ;Cep8j►wt3t ` schedule attached ❑ Interest shall cease to accrue on the amount of any prepayment. Any 4ddiitailce #82 - unearned interest or insurance theretofore collected will be computed- proportionately and rebated when the loan is paid in full. ❑ Other: ACCELERATION: If Debtors shall default in the payment, when due, of any amount payable on this Note or in the payment or performance of any other obligation or indebtedness due to Lender; or on the death or incompetency of any Debtor or Guarantor hereon; or if the Lender shall deem itself reasonably insecure; or if any proceeding shall be instituted by or against Debtors, or any of them, or against any Guarantor hereon under any.bankruptcy, or insolvency statute or for an arrangement; or if Debtors, or any of them, or any Guarantor hereon shall make an assignment for benefit of creditors: or if a receiver shall be appointed for Debtors. or Debtors' business or property. then, upon the happening of any of the foregoing events, at the option of the Lender, the unpaid balance of this Note including all accrued interest and charges and all other indebtedness and obligations of Debtors to the Lenders. shall become immediately due and payable without notice to or demand on Debtors. in the event of acceleration, Debtors shall be credited with the same rebate of unearned Finance Charge as for voluntary prepayment. LIOMNT: The Debtors, and each of them, hereby authorize irrevocably any attorney of any court of record to a more of them, in such court. in er default hereon and c�here a judgment wi o e holder hereof for such amount as may appear unpaid hereon, together with cos s o ees and to release and waive all errors that may intervene and consent to immediate execution t g any provisioor o ap abl waive s and releases all rights to make a ' ereon a lien on any real property now or howned by the undersigned or in whic er ave an interest. INSURANCE AGREEMENT Credit insurance is not required by Lender nor is it a factor in approval of the extension of credit. No credit insurance is to be provided unless the Debtor signs the appropriate authorization below. Group Credit insurance is available for the term of the credit at the costs shown above in item 2. I. desire Credit Life and Disability Insurance. I desire Credit Life Insurance only. I DO NOT want Credit Life or Disability Insurance. (Date) (Signature) (Date) (Signature) (Date) (Signature) (Date) (Signature) 1 (Date) (Signature) I (Date) (Signature) DEBTORS AGREE THAT THE ADDITIONAL TERMS AND PROVISIONS ON THE REVERSE SIDE HEREOF SHALL CONSTITUTE A PART OF THIS NOTE AND SECURITY AGREEMENT AND ARE INCORPORATED HEREIN. Debtors acknowledge receipt of a completed copy of this instrument and disclosure statement prior to-consummation of the loan. ADDRESSES SIGNATURE(S) OF DEBTOR(S) VILLA 99 OF BUFFALO ' G8D9S Villa AIR claytnn —President Village ,Janet M. Sirabian. Cleric BORROWER'S COPY ADNAL TERMS AND PROVISIONS` Without waiver of any remedies available hereunder, Lender, at its option, may, in the event the Collateral sot oepreciate in value or become subject to any adverse lien or encumbrance, demand and accept from Debtors and Debtors agree on demand to pledge and deliver to Lender new or additional Collateral so that the aggregate of Collateral pledged from time to time hereunder shall not be less in value than the Collateral first.deposited hereunder. The Lender shall have exercised reasonable care in the custody and preservation of the Collateral if it takes such action for that purpose as-Debtors shall request in- writing, but-the failure to comply with any such request shall not be deemed a failure to exercise reasonable care. The Debtors shall have the sole responsibility for taking such steps as may be necessary from time to time to preserve all rights of the Debtors and the Lender in the Collateral against prior parties. The Lender may take such action from time to time as it may deem appropriate to maintain or protect the Collateral, and may, in particular, (i) transfer the whole or any part of the Collateral into the name of itself or its nominee; (u) collect any amounts due on the Collateral directly from the persons obligated thereon; (iii) vote the Collateral; (fv) take possession and control of the Collateral and proceeds thereof; or (v) sue or make any compromise or settlement with respect to any of the Collateral Upon the occurrence of any event of default, the parties shall have all of the rights and remedies provided by the Uniform Commercial Code including, but not by way of limitation; the right of the Lender to sell, assign, lease or otherwise dispose of the Collateral, or any part thereof. Disposition of the Collateral may be by public or private proceedings or sale. Unless the Collateral is of a type customarily sold in a recognized market; the Lender shall give the Debtors at least five (5) days' prior written notice of the time and place of any public sale thereof or the time after which any private sale or any other intended disposition is to be made. The Lender may buy at a Public sale, and if the Collateral is of a type customarily sold in a recognized market or is a type which is the subject of widely distributed standard price quotations, the Lender may buy at a private sale. The net proceeds realized upon any sale or other disposition of the Collateral, after deducting expenses of the sale or other disposition and reasonable attorneys' fees and legal expenses incurred by Lender, shall be applied to.the payment of this note and all other indebtedness and obligations of the Debtors to the Lender as the Lender shall elect. Lender shall account to Debtors for any surplus realized on such disposition. Debtors shall remain liable for any deficiency which Debtors agree to pay forthwith: nt for payment and notice of dishonor are hereby waived by Debtors and all endorsers and guarantor authorized to appropriate an of this note any indebtedness due er o ebtor and all moneys, Credit or other property belonging to any or all of the �ed n time held by Lender, on depositor otherwise. and Lender is hereby granted a fir cother property All end orsers an gu ime of payment may be ewa notes taken by the holder heret notice and that such extension or renewal shall not discharge their �a GUARANTY For value received, the undersigned, jointly and severally. unconditionally guarantee the full and prompt payment of the within note; and agree to pay all costs, expenses and attorneys' fees incurred by holder in collecting the same and in enforcing this guaranty. The undersigned agree that their liability hereunder shall in nowise be affected or impaired. nor shall any guarantor be discharged, in whole or in part. by any of the following occurrences; (1) the death, incompetency. insolvency. bankruptcy. liquidation, dissolution or withdrawal of maker or of any guarantor; or (2) renewal, refinancing or extension of the time of payment of any installment or installments of the within note or of any other indebtedness of maker to holder; or (3) acceptance by holder of part payment of any installment of the within note; or (4) release, surrender, sale, exchange or substitution by holder of all or any part of the collateral of maker or of any other guarantor; or (5) release by holder of any one or more of the undersigned guarantors or acceptance of new and additional guarantors; or (6) failure of holder to perfect any security interest in the collateral of maker or of any guarantor or to record or. register any lien or encumberance thereon; or (7) unenforceability of any document or instrument executed by maker. It is expressly agreed by the undersigned, and each of them. that it shall not be necessary for holder to proceed first against the maker or any other guarantor, or to have recourse to the collateral of maker or any other guarantor. before proceeding to enforce this guaranty or as a condition to payment or performance of guarantors hereon. It is further agreed that holder shall have the exclusive right to determine where. in what manner and to which indebtedness all payment and credits, including the proceeds of physical damage and credit insurance. shall be applied. The undersigned, jointly and severally, hereby authorize, irrevocably. any attorney of any court of record to appear for the undersigned, or any of them in such court, in term time orvacation, at any time hereafter, and confess a judgment against the undersigned. or any of them, without process in favor of the legal holder of the within note for such amount as may appear to be unpaid thereon, together with costs -of suit and reasonable attorneys' fees, and to waive and release alf errors that may intervene and-consent to immediate execution thereon. Notwithstanding any provision hereof or of applicable law, holder irrevocably waives and - releases all rights to make a judgment confessed hereon a lien on any real property now or hereafter owned by the undersigned or in which the undersigned may now or hereafter have an interest: The undersigned, jointly and severally, waive demand, notice of dishonor, presentment for payment. diligence in collection acceptance of this guaranty and notice of any adverse change in the financial condition of maker or any guarantor or of any other fact that might materially increase the risk of the guarantors hereon. This guaranty shall be binding upon the undersigned, jointly and severally, and upon the heirs, legal representatives. successors and assigns of the undersigned. and of each of.them, and shall inure to the benefit of holder: its successors and assigns. The validity and construction of this guaranty shall be governed by the laws of the State of Illinois. VILLAGE OF BUFFALO GROVE ORDINANCE NO. jZ-10 ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE THIS DAY 0 , 199. Published in pamphlet form by authority of the President and Board of Trustees of the Village of Buffalo Grove, Cook and Lake Counties, Illinois, this day of :z22zQz'&-4— , 19 � . i I ]age Clerk ORDINANCE NO. 81- 10 AN ORDINANCE AUTHORIZING THE BORROWING OF MONEY FROM THE BANK OF BUFFALO 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 of Buffalo Grove executed a contract dated February 3, 1981 taking .title to certain personal property of Buffalo Grove Fire Department, Inc., said contract attached hereto as Exhibit A; and WHEREAS, it is deemed advisable and necessary for the best inter- ests of the Village of Buffalo Grove to borrow money for the retirement of debt on certain personal property of the Buffalo Grove Fire Department, Inc; and WHEREAS, the amounts currently owed the�Bank of Buffalo Grove are shown in Exhibit B, attached hereto; and WHEREAS, the Bank of Buffalo Grove has offered to loan funds to the Village in an amount not to exceed One Hundred Thirty Seven Thousand Dollars ($137,000) for the assumption of debt of said personal property at an interest rate of 70% of the prime commercial rate of interest adjusted at the beginning of each month except for the period of March 16, 1981 to June 8, 1981 when inter- est will be at a flat rate of 10 %; 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 obtain fire and emergency medical vehicles for service to the residents of the Village, all as hereinabove described in the preambles of this Ordinance and that for the purpose of paying the debt service on certain pieces of the rolling stock, the Village borrow One Hundred Thirty Seven Thousand Dollars ($137,000) from the Bank of Buffalo Grove pursuant to its Home Rule Power. -1- x -2- 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 two (2) years. Payments shall-be made every six (6) months until the amount borrowed is repaid. The amount borrowed shall bear interest at the rate of 70% of the prime commercial rate of interest adjusted at the beginning of each month except for the period March 16, 1981 to June 8, 1981 when interest shall be at a flat rate of 10% on the unpaid balance until the amount borrowed is repaid. 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 option of prepaying this loan at any time. SECTION 3. Repayment of the amount borrowed is to be paid in semi- annually installments beginning on September 16, 1981, as follows: Date Principal Interest Principal Balance Remaining 9 -16 -81 $34,250.00 variable $102,750.00 3 -16 -82 34,250.00 variable .68,500.00 9 -16 -82 34,250.00 variable 34,250.00 3 -16 -83 34,250.00 variable -0- The interest due on said payments will be variable in that adjusted on the beginning of each month at a rate of 70% of the prime commercial rate of inter- est except for the period March 16, 1981 to June 8, 1981 when interest shall be at a flat 10% rate. 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 and Clerk of the Village are authorized and directed to sign all necessary documents to effect the borrowing. SECTION 6. This Ordinance shall be in full force and effect immediately upon its approval. AYES: 6 - Marienthal, Stone, O'Reilly, Hartstein, Kavitt, Gerschefske NAYES: 0 - None ABSENT: 0 - None PASSED: March 16 1981 APPROVED: March 16 1981 ATTEST: �A illage Clerk. Village President , f Y EXHIBIT A AGREEMENT This Agreement entered into this 2nd day of February, 1981, by and between the Village of Buffalo Grove, Cook and Lake Counties, Illinois, hereinafter described as the "Village" and the Buffalo.Grove Fire Depart- ment, Inc. an Illinois non - profit corporation hereinafter described as the "Department ". W I T N E S S E T H WHEREAS, the Village and the Department are parties to an agree- ment dated May 19, 1980, for the implementation of a Municipal Fire Depart'- ment, and WHEREAS, one condition of said agreement requires that the Department, on May 1, 1981, convey to the Village title to certain per - k sonal property, and WHEREAS, it is now in the Village's and Department's best inter- ests to immediately convey said personal property to the Village. NOW, THEREFORE, in consideration of these stipulations and con- e ditions herein set forth, it is covenanted and agreed by and between the parties hereto as follows: 1. That the Department holds title to the personal property listed in Exhibit A, which is attached hereto and made a part hereof, and that there are no liens against the personal property listed in Q l a- r - -k gCQ ­-L" Exhibit A except for Unit , a 1974 Howe Fire Truck, Unit 226, a 1977 Chevrolet. Ambulance, and Unit 246, a 1978 GMC Squad Truck. 2. That the Department on the 3rd day of February, 1981, will convey to the Village title to the personal property in Exhibit A. • 3. That.the Village will from the 3rd day of February, 1981 until April 30, 1981 permit the Department to use the personal property listed in Exhibit A at no cost to the Department. 4. That the Department will from the 3rd day of February 1981, until April 30, 1981, repair and maintain the personal property listed in Exhibit A at no cost-to the Village. Further, the Department will take all due consideration for fair wear and tear, and safety. 5. That the Village will provide general liability insur- ance for the personal property listed in Exhibit A beginning on the 3rd day of February, 1981. IN WITNESS WHEREOF, the parties hereto cause this agreement to be signed by its proper officers, the day and year first above wri.tten. VILLAGE OF BUFFALO GROVE °�. Ii. 4i—age resident ATTEST: • •au V!11ageLZ1erk BUFFALO GROVE FIRE DEPARTMENT, INC. Pre ident ATTEST: . 6eciretary EXHIBIT "All Number Make Model Year Car 200 Ford E150 1977 Engine 212 Howe FTCO2070 1975 Engine 213 Howe 1250CF 1970 Engine 211 Howe HR -72 1967 Truck 235 Howe HR -122 1970 Squad 246 E -One 6500 .. 1978 Squad 248 Dodge W200. 1972 Ambulance 224 Chevrolet C30. 1975 Ambulance 226 Chevrolet C30 1977 r a EXHIBIT B Number Make Model Year Balance Due ,Ambulance 226 Chevolet C30 1977 $32,000 Engine 212 Howe FTCO2070 1975 60,000 Squad 246 E -One 6500 1978 45,000 ORDINANCE NO. 81- 10 AN ORDINANCE AUTHORIZING THE BORROWING OF MONEY FROM THE BANK OF BUFFALO 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 of Buffalo Grove executed a contract dated February 3, 1981 taking title to certain personal property of Buffalo Grove Fire Department, Inc., said contract attached hereto as Exhibit A; and WHEREAS, it is deemed advisable and necessary for the best inter- ests of the Village of Buffalo Grove to borrow money for the retirement of debt on certain personal property of the Buffalo Grove Fire Department, Inc; and WHEREAS, the amounts currently owed the Bank of Buffalo Grove are shown in Exhibit B, attached hereto; and WHEREAS, the Bank of Buffalo Grove has offered to loan funds to the Village in an amount not to exceed One Hundred Thirty Seven Thousand Dollars ($137,000) for the assumption of debt of said personal property at an interest rate of 70% of the prime commercial rate of interest adjusted at the beginning of each month except for the period of March 16, 1981 to June 8, 1981 when inter- est will be at a flat rate of 10 %; 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 obtain fire and emergency medical vehicles for service to the residents of the Village, all as hereinabove described in the preambles of this Ordinance and that for the purpose of paying the debt service on certain pieces of the rolling stock, the Village borrow One Hundred Thirty Seven Thousand Dollars ($137,000) from the Bank of Buffalo Grove pursuant to its Home Rule Power. -1- -2- 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 two (2) years. Payments shall be made every six (6) months until the amount borrowed is repaid. The amount borrowed shall bear interest at the, rate of 70% of the prime commercial rate of interest adjusted at the beginning of each month except for the period March 16, 1981 to June 8, 1981 when interest shall be at a flat rate of 10% on the unpaid balance until the amount borrowed is repaid. 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 option of prepaying this loan at any time. SECTION 3. Repayment of the amount borrowed is to be paid in semi - annually installments beginning on September 16, 1981, as follows: Date Principal Interest Principal Balance Remaining 9 -16 -81 $34,250.00 variable $102,750.00 3 -16 -82 34,250.00 variable 68,500.00 9 -16 -82 34,250.00 variable 34,250.00 i 3 -16 -83 34,250.00 variable -0- The interest due on said payments will be variable in that adjusted on the beginning of each month at a rate of 70% of the prime commercial rate of inter- est except for the period March 16, 1981 to June 8,.1981 when interest shall be at a flat 10% rate. 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 and Clerk of the Village are authorized and directed to sign all necessary documents to effect the borrowing. SECTION 6. This Ordinance shall be in full force and effect immediately upon its approval. AYES: 6 - Marienthal, Stone, O'Reilly, Hartstein, Kavitt, Gerschefske NAYES: 0 - None ABSENT: 0 - None PASSED: March 16 1981 APPROVED: March 16 1981 ATTEST: A ` I�N1 lage Clerk Village President/,,' EXHIBIT A , AGREEMENT This Agreement entered into this 2nd day of February, 1981, by and between the Village of Buffalo.Grove, Cook and Lake Counties, Illinois,` hereinafter described as the "Village" and the Buffalo Grove Fire Depart- ment, Inc. an Illinois non - profit corporation hereinafter described as the "Department ". W I T N E S S E T H WHEREAS, the Village and the Department are parties to an agree- ment dated May 19, 1980, for the implementation of a Municipal Fire Depart ment, and WHEREAS, one condition of said agreement requires that the Department, on May 1, 1981, convey to the Village title to certain per- sonal property, and WHEREAS, it is now in the Village's and Department's best inter- ests to immediately convey said personal property to the Village. NOW, THEREFORE, in consideration of these stipulations and con - ditions herein set forth, it is covenanted and agreed by and between the parties hereto as follows: 1. That the Department holds title to the personal property listed in Exhibit A, which is attached hereto and made a part hereof, and that there are no liens against the Personal property listed in �1 a- rA����- Exhibit A except for Unit , a 1974 Howe Fire Truck, Unit 226, a 1977 Chevrolet Ambulance, and Unit 246, a 1978 GMC Squad Truck. 2. That the Department on the 3rd day of February, 1981, will convey to the Village title to the personal property in Exhibit A. 3. That the Village will from the 3rd day of February, 1981 until April 30, 1981, permit the Department to use the personal property listed in Exhibit A at no cost to the Department. 4. That the Department will from the 3rd day of February 1981, until April 30, 1981, repair and maintain the personal property listed in Exhibit A at no cost-to the Village. Further, the Department will take all due consideration for fair wear and tear, and safety. -2- 5. That the Village will provide general liability insur- ance for the personal property listed in Exhibit A beginning on the 3rd day of February, 1981. IN WITNESS WHEREOF, the parties hereto cause this agreement to be signed by its proper officers, the day and year first above written. VILLAGE OF BUFFALO GROVE 1 age President ATTEST: VillageL-Zlerk BUFFALO GROVE FIRE DEPARTMENT, INC. Pre ident ATTEST: C-� ecretary EXHIBIT "A" Number Make Model Year Car 200. Ford E150 1977 Engine 212 Howe FTCO2070 1975 Engine 213 Howe 1250CF 1970 Engine 211 Howe HR -72 1967 Truck 235 -_ - -- Howe HR -122 1970 Squad 246 E -One 6500 1978 Squad 248 Dodge W200.. 1972 Ambulance 224 Chevrolet C30 1975 Ambulance 226 Chevrolet C30 1877 EXHIBIT B Number Make Model Year Balance Due 'Ambulance 226 Chevolet C30 1977 $32,000 Engine 212 Howe FTCO2070 1975 60,000 Squad 246 E -One 6500 1978 45,000 e i f r