1981-009ORDINANCE NO. 81 - 9
AN ORDINANCE AUTHORIZING THE BORROWING OF
MONEY FROM THE BUFFALO GROVE NATIONAL BANK
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, the Village of Buffalo Grove executed contracts dated
January 19, 1981 as part of Resolution No. 81 -2, that resolution being a
Resolution Authorizing the Purchase of IBM System /34 Data Processing System;
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
purchase of the IBM System /34 data processing system; and
WHEREAS, the Buffalo Grove National Bank has offered to loan funds
to the Village in an amount not to exceed Seventy -three Thousand One Hundred
Forty -six Dollars ($73,146.00) for the purchase of the IBM System /34 data
processing system at an interest rate not exceeding nine and three- quarters
percent (9.75%); 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 AA D BOAPJ OF TRU`.._ES
OF THE VII.'_AGE OF BUFFALO GROVE, COOK AND LAKE COUN-1 -IES, IL! 114015 as fcllc,.is:
SECTION 1. It i.s hereby determi.ncd that °t is e_�(n_ial ar, in tii-
public interest that the Village purchase :an IBM System /34 dc,ta processing
system f:r service to the residents of the Village, all hereinabove
described in the preambles of this Ordinance and that fcr the purpose of
purchasing the IBM System /34 data processing system the Village borrow Seventy -
three Thousand One Hundred Forty -six Dollars ($73,146.'00) from the Buffalo
Grove National Bank pursuant to its Home Rule Power.
4 r
0 9
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 five (5) 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 nine.and three - quarters percent (9.75%) as of March 17, 1981 on
the unpaid balance. All interest shall be computed for the actual number
of days elapsed on the basis of a year consisting of 360 days. The Village
shal'1 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 17, 1981, as follows:
Date
Principal
Interest
Total
Principal Balance Remaining
9 -17 -81
$7,314.60
$3,645.11
$10,959.71
$65,831.40
3 -17 -82
$7,314.60
$3,227.23
$10,541.83
$58,516.80
9 -17 -82
$7,314.60
$2,916.40
$10,23T.00
$51,202.20
3 -17 -83
$7,314.60
$2,510.47
$ 9,823.07
$43,887.60
9 -17 -83
$7,314.60
$2,187.76
$ 9,502:36
$36,573.00
3 -17 -84
$7,314.60
$1,803.62
$ 9,118.22
$29,258.40
9 -17 -84
$7,314.60
$1,457.28
$ 8,771.88
$21,943.80
3 -17 -85
$7,314.60
$1,075.14
$ 8,389.74
$14,629.20
9-17 -85
$7,314.60
$ 728.64
$ 8,043.24
$ 7,314.60
3 -17 -86
$7,314.60
$ 358.38
$ 7,672.98
$ 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 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 passage, approval, and publication in pamphlet form.
AYES: 6 - Marienthal, Stone, O'Reilly, Hartstein, Kayi.tt, Gerschefske
NAYES: 0 - None
ABSENT: 0 - None
PASSED: March 16 1981.
APPROVED: March 16 , 1981.
ATTEST:
Village Clerk
-2-
illage President
VILLAGE OF BUFFALO
1— GROVE
ORDINANCE NO.
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF UFFALO GROVE
THIS DAY OF Ct ti,,& , 19±Z.
Published in pamphlet form by authority of the
President and Beard of Trustees of the Village
of Buffalo Grove, Cook and Lake Counties, Illinois,
t i s ,/ 1,2 tAd day of 19.
i
r om
MIM _ _.
x
t
ORDINANCE NO. 81 - 9
AN ORDINANCE AUTHORIZING THE BORROWING OF
MONEY FROM THE BUFFALO GROVE NATIONAL BANK
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, the Village of Buffalo Grove executed contracts dated
January 19, 1981 as part of Resolution No. 81 -2, that resolution being a
Resolution Authorizing the Purchase of IBM System /34 Data Processing System;
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
purchase of the IBM System /34 data processing system; and
WHEREAS, the Buffalo Grove National Bank has offered to loan funds
to the Village in an amount not to exceed Seventy - three Thousand One Hundred
Forty -six Dollars'($73,146.00) for the purchase of the IBM System /34 data
processing system at an interest rate not exceeding nine and three - quarters
percent (9.75 %); 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 purchase an IBM System /34 data processing
system-for service to the residents of the Village, all as hereinabove
described in the preambles of this Ordinance and that for the purpose of
purchasing the IBM System /34 data processing system the Village borrow Seventy-
three Thousand One Hundred Forty -six Dollars ($73,146,00) from the Buffalo
'Grove National Bank 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 five (5) 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 nine and three - quarters percent (9.75 %) as of March 17, 1981 on
the unpaid balance. All interest shall be computed for the actual number
of days elapsed on the basis of a year consisting of 360 days. The Village
shal'1 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 17, 1981, as follows:
Date Principal Interest Total Principal; Balance Remaining
9 -17 -81 $7,314.60 $3,645,11 $10,959.71 $65,831.40
3 -17 -82 $7,314.60 $3,227.23 $10,541.83 $58,516.8o
9 -17 -82 $7,314.60 $2,916.4o $10,231.00 $51,202.20
3 -17 -83 $7,314.60 $2,510.47 $ 9,823.07 $43,887:60.
9 -17-83 $7,314.60 $2,187.76 $ 9,502,36 $36,573.00
3 -17 -84 $7,314.60 $1,803.62 $ 9,118.22 $29,258.40
9 -17 -84 $7,314.60 $1,457.28 $ 8,771.88 $21,943.80
3 -17 -85 $7,314.60 $1,075.14 $ 8,389.74 $14,629.20
9 -17 -85 $7,314.60 $° 728.64 $ 8,043.24 $ 7,314.60
3 -17 -86 $7,3i4.6o $ 358.38 $ 7,672.98 $ 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 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 fits passage, approval, and publication in pamphlet form.
AYES: 6 - Marienthal, Stone, O'Reilly, Hartstein, Kavitt, Gerschefske
NAYES: 0 - None
ABSENT: 0 - None
PASSED: March 16 1981
APPROVED: March 16 , 1981.
ATTEST: illage President
pillage Clerk
-- -- -- / rr-tvivilacivn 1 IVV I C r s egy� yr vur rgry eivly+�'' .Vt7 M
V� I r �3 - 73, i+FO
Bum 0 , Illinois 1.9 1981 Amount $
hve years -- - _ _
after date, for value received the JW igned Debtors, jointly and severally promise to pay to the
order of BUFFALO GROVE NATIONAL BAN$ I , (hereinafter called "Bank ") at its office in
Buffalo Grove , Illinois, the sum of Seventy -three thousand we hundred forty -six and no/lOG --- ^" "'" Dollars,
with interest thereon at the rate of 9• 75. per cent per annum from 3/19/81 until maturity, payable March 17i'- 19
and with interest after maturity until paid at the rate of 10.75 per cent per annum. Interest shall be computed on the basis of a 3 day -year
and charged for the. actual number of days elapsed. Undersigned agrees to pay reasonable attorneys' fees, costs and expenses incurred by Bank in the collection and
enforcement of this Note.
DISCLOSURE STq TEEMMENT See 9e a. Buffalo rave
73,146.00 Ord i na�lice 81 �9 ffllrnf4rmat i on . .
1. Proceeds ....... ........................ $ 7. Security. This note grants the Bank the right of set -off against and lien upon
any deposit, moneys, credits and other property held by the Bank belonging to
2. Other Charges, if any, itemized: Debtor and Guarantors (if any). A security interest in all of the goods, chattels
$ n/a and personal property of Debtor is created by the confession of judgment provi-
sion herein and a security interest in all of the goods, chattels and personal pro -
3. Prepaid Finance Charge,_ pertyof Guarantors (if any) is created by the confession of judgment provision in
if any .............. $
R%8 the guaranty on the reverse side hereof.
Required Deposit Balance,
if any .............. $
n7a
8. Prepayment Penalty, if any:
Norm.
Total Prepaid Finance Charge and 9. Rebate of Unearned Interest upon Prepayment:
Required Deposit Balance, if any ......... $ n/a E] Interest shall cease to accrue on the amount of any prepayment. Any unearned
interest theretofore collected will be computed proportionately and rebated
4. Amount Financed (Sum of 1 & 2 minus 3) ..... $
73,146.0—
.14b.Q0 when the loan is paid in full.
s' FINANCE CHARGE. •.....`.......... $ semi-annual Kother: Simple Interest cauMted dally_
consists of: Service Charge. $ n! a
Interest $ SeMI- 'annual 10. Payment Schedule: ( Completed item is applicable )
(For purpose of computing the finance charge a de- $ payable as a single payment on
mand note is considered to have a maturity of one -
half year) 19
6. Total of Payments .................... . $ 73,146.00+ ;E$- 7,314.60 pr i Est: i Phi Pius i nteres'
ANNUAL PERCENTAGE RATE ..... 9.75 % due semi - annually on each successive SePtember 8
interest March 17th beginning with Septe r- 7, 1981.
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 obliga-
tion or indebtedness due to the Bank; or on the death or incompetency of any Debtor or Guarantor hereon; or if the Bank 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 Debt-
ors, or Debtors' business or property, then, upon the happening of any of the foregoing events, at the option of the Bank, the unpaid balance of this Note including
all accrued interest and charges and all other indebtedness and obligations of Debtors to the Bank, shall become immediately due and payable without notice to or
demand on Debtors. In the event of acceleration, Debtor shall be credited with the same rebate of FINANCE CHARGE as for voluntary prepayment.
CONFESSION OF JUDGMENT: The Debtors, and each of them, hereby authorize irrevocably any attorney of any court of record to appear foranyoneor
more of them, in such court, in term time or vacation, after any default hereon and confess a judgment without process in favor of the holder hereof for.--such
amount as may appear unpaid hereon, together with costs of suit and reasonable attorneys' fees and to release and waive all 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 conz
fessed 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.
Demand, presentment for payment and notice of dishonor are hereby waived by Debtors and all endorsers and guarantors hereon. Bank is authorized to appro-
priate and apply toward the payment of this note any indebtedness due or to become due from Bank to Debtor and all moneys, credit or other property belonging
to any or all of the Debtors, endorsers and guarantors at any time held by Bank, on deposit or otherwise, and Bank is hereby granted a first lien upon such moneys,
credits or other property. All endorsers and guarantors consent that the time of payment may be extended or renewal notes taken by the holder hereof without
notice and that such extension or renewal shall not discharge their liability hereon.
Debtors acknowledge receipt of a completed copy of this instrument and disclosure statement prior to consummation of the loan.
ADDRESSES yl i tam aT R , nF BORROWERS)
V
50 Rat',>;pp Blvd. EX} F
y: Verna ay one - ..._res_, n
Buffalo Gr€gf , Illinois 60090 (xj
may: Japet S I rab I an, V 1 11 age C I e
_CC9 1960 44>;q -7gnr1
BORROWER'S COPY
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)re-
newal,, 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 encumbrance
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 performanceby
guarantors hereon. It is further agreed that holder shall have the exclusive right to determine where, in what manner and to which indebtedness all payments and
credits, including the proceeds of physical damage and credit insurance, shall be applied. The holder hereof may, at any time or times, appropriate and apply to-
ward payment of this guaranty any moneys, credits or other property belonging to guarantors, or any one of them, in possession or control of the holder including,
but without limitation, all•balances, credits, deposits and moneys; and holder is hereby granted a first and prior lien thereon.
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 or vacation, 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 fqr such amount as may appear to be unpaid thereon, together with costs of suit and reasonable attorneys' fees, and to waive and release all er-
rors that may intervene and consent to immediate execution thereon. Notwithstanding any provision hereof or of applicable law, holder irrevocably waives and re-
leases 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 no-
tice 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.