1982-035d o
ORDINANCE NO. 82-35
ORDINANCE PROVIDING FOR THE ISSUANCE OF
$5,025,000 OF CORPORATE PURPOSE BONDS,
SERIES 1982 -A, OF THE VILLAGE OF BUFFALO
GROVE, COOK AND LAKE COUNTIES, ILLINOIS,
AND PROVIDING FOR THE LEVY OF A DIRECT
ANNUAL TAX FOR THE PAYMENT OF PRINCIPAL
AND INTEREST ON THE BONDS
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 found and declared by the Presi-
dent and Board of Trustees of the Village of Buffalo Grove,
Cook and Lake Counties, Illinois (the "Village "), as follows:
(a) In order to accomodate Lake Michigan water to
be supplied through the Northwest Water Commission and
to better and expand the Village's own water distribu-
tion system, various improvements and extensions to the
Village's water distribution system are required.
These include, without limitation, the construction of
approximately 29,770 lineal feet of arterial water
mains and appurtenances in connection with such mains.
The costs of engineering, land acquisition and con-
struction of these improvements and extensions which
will need to be undertaken promptly is estimated to be
$2,800,000.
(b) In order to maintain and better the Village's
streets, various improvements to the Village's streets
are required. These include, without limitation, the
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resurfacing of certain streets within the Village
identified as the first phase in the Baxter and Woodman
Engineering Recommendations approved by the Village
Board on November 15,1982. The costs of engineering,
land acquisition and construction of these street
improvements which will need to be undertaken promptly
is estimated to be $2,000,000.
(c) It is necessary and in the best interests of
the Village to capitalize the interest to be due on
bonds issued to fund the Village's water distribution .
system improvements described in paragraph (a) above
and its street improvements described in paragraph (b)
above for the six month period from the date of issuance
through June 1, 1983 in order to avoid an increase in
tax rates during the construction of such improvements.
The sum so needed to be capitalized is estimated to be
$225,000.
(d) The Village does not have sufficient funds on
hand or available from other sources with which (i) to
pay costs of engineering, land acquisition and construc-
tion for the water distribution system improvements
described in paragraph (a) above and the street improve-
ments described in paragraph (b) above, (ii) to pay the
costs of capitalized interest on the bonds of the
Village to be issued to pay for such improvements as
described in paragraph (c) above, and (iii) to pay the
Village's own costs in connection with those purposes
and in connection with the borrowing of money as author-
ized by the Bond Ordinance. The borrowing of the sum
of $5,025,000 and the issuance of general obligation
corporate purpose bonds of the Village in that amount
for the purpose of paying these various costs is neces-
sary for the welfare of the government and affairs of
the Village, is for a proper public purpose of the
Village and is in the public interest.
Section 2. The sum of $5,025,000 shall be borrowed
by the Village for its corporate purposes, including (a)
paying costs of the Village for engineering, land acquisi-
tion and construction of water distribution system improve-
ments and extensions described in Section 1(a) above; (b)
paying costs of the Village for engineering, land acquisi-
tion and construction of street improvements as described in
Section 1(b) above; (c) paying the costs of capitalized
interest on the bonds of the Village to be issued for such
improvements as described in Section 1(c); and (d) paying
costs to the Village in connection with those various pur-
poses and with the issuance of the bonds authorized by this
Ordinance. In evidence of such borrowing, negotiable coupon
bonds of the Village in the aggregate principal amount of
$5,025,000 (the "Bonds ") shall be issued as provided in this
Ordinance. Each Bond shall be designated "Corporate Purpose
Bond, Series 1982 -A", shall be dated December 1, 1982, and
shall be in the denomination of $5,000. The Bonds shall be
numbered, shall mature on December 1 in each of the years
and amounts and shall bear interest from their date until
paid at the rates per year as follows:
Interest on the Bonds shall be payable on June 1 and Decem-
ber 1 in each year, with the first interest payment date
being June 1, 1983, the interest to be paid as described
more fully on the face of the bond form provided in Sec-
tion 3 of this Ordinance.
Bonds numbered 1 to 725, inclusive, maturing on
December 1 of each of the years 1984 to 1992, inclusive, are
not redeemable prior to their maturity.
Bonds numbered 726 to 1005, inclusive, maturing on,
December 1 of each of the years 1993 to 1996, inclusive, are
redeemable prior to their maturity at the option of the
Village, in whole or in part in the inverse order of matur-
ity and within a maturity by lot if less than a whole matur-
ity is redeemed, on any interest payment date on or after
December 1, 1992, at par plus the respective redemption
Maturity
Amount Maturing
Interest
Numbers
(December 1)
Each Year
Rate
1 -55
1984
275,000
10.25
56 -115
1985
300,000
10.25
116 -180
1986
325,000
10.25
181 -250
1987
350,000
10.25
251 -330
1988
400,000
10.25
331 -415
1989
425,000
8.25
416 -510
1990
475,000
8.50
511 -615
1991
525,000
8.75
616 -725
1992
550,000
9.00
726 -845
1993
600,000
9.20
846 -895
1994
250,000
9.40
896 -950
1995
275,000
9.60
951 -1005
1996
275,000
8.25
Interest on the Bonds shall be payable on June 1 and Decem-
ber 1 in each year, with the first interest payment date
being June 1, 1983, the interest to be paid as described
more fully on the face of the bond form provided in Sec-
tion 3 of this Ordinance.
Bonds numbered 1 to 725, inclusive, maturing on
December 1 of each of the years 1984 to 1992, inclusive, are
not redeemable prior to their maturity.
Bonds numbered 726 to 1005, inclusive, maturing on,
December 1 of each of the years 1993 to 1996, inclusive, are
redeemable prior to their maturity at the option of the
Village, in whole or in part in the inverse order of matur-
ity and within a maturity by lot if less than a whole matur-
ity is redeemed, on any interest payment date on or after
December 1, 1992, at par plus the respective redemption
Q -5- 0
premiums (expressed as percentages of the principal amount
of the Bonds to be redeemed) set forth below, plus in each
case, accrued interest to the date of redemption.
Date of Redemption Redemption Premium
On
December 1, 1992
1%
On
June 1 or December
1, 1993
3/40%
On
June 1 or December
1, 1994
1/2%
On
June 1 or December
1, 1995
1/4%
Notice of the redemption of any of the Bonds,
which by their terms shall have become subject to redemp-
tion, shall be given by the Village by publication at least
once not less than thirty (30) days prior to the date of
redemption in The Bond Buyer, published in the City of New
York, New York, or in the event that journal ceases publica-
tion, then in a financial journal published and of general
circulation either in the City of New York, New York, or
Chicago, Illinois. Such notice of redemption shall desig-
nate the date and place of redemption of the Bonds, which
shall be at the paying agent to be hereinafter designated,
shall designate the serial number and the aggregate princi-
pal amount of the Bonds to be redeemed, and shall indicate
that on the designated date of redemption such Bonds will be
redeemed by payment of the principal thereof, premium, if
any, and accrued interest thereon, and that from and after
the designated redemption date interest in respect of the
Bonds so called for redemption shall cease. Notice of
redemption shall also be given by the Village to the regis-
tered owner of each Bond called for redemption which is
a -6- 0
registered as to principal by registered or certified mail
at the owner's last address, if any, appearing on the regis-
try books, but such a mailing shall not be a condition
precedent to such redemption and failure so to mail any such
notice shall not affect the validity of the proceedings for
the redemption of Bonds.
Each Bond shall be executed by the facsimile
signature of the Village President and the manual signature
of the Village Clerk, and shall have the corporate seal of
the Village affixed to it (or a facsimile of such seal
printed on it). Each Bond shall have interest coupons
attached to it representing interest coming due on and prior
to the maturity of the Bond. The coupons shall each bear
facsimile signatures of the Village President and the Village
Clerk. The Village President is authorized and directed to
file with the Illinois Secretary of State her manual signa-
ture certified by him pursuant to the Uniform Facsimile
Signatures of Public Officials Act, as amended, which shall
authorize the use of the Village President's facsimile
signature to execute the Bonds and coupons. Each Bond and
coupon so executed by the Village President shall be as
effective as if manually executed by him. By the manual
execution of each Bond the Village Clerk shall adopt the
facsimile of her signature appearing on the coupons attached
to such Bond as her signature. Each such coupon shall
thereafter be as effective as if manually executed by the
Village Clerk. In case any officer of the Village whose
0 -7- 0
signature or a facsimile of whose signature shall appear on
the Bonds or the coupons pertaining to the Bonds shall cease
to be such officer before delivery of any of the Bonds, such
signature or facsimile signature shall nevertheless be valid
and sufficient for all purposes, the same as if the officer
had remained in office until delivery.
The Bonds shall constitute the general obligations
of the Village. The full faith and credit of the Village
are pledged to the payment of the principal of and interest
on the Bonds.
Each Bond shall be payable to bearer but may be
registered as to principal in the manner and with the effect
stated on the face of the bond form provided in Section 3 of
this Ordinance. The Bonds and coupons attached to the Bonds
shall be payable at The Northern Trust Company
in Chicago Illinois, in lawful money of the United
States of America.
Section 3. The Bonds and coupons and the regis-
tration certificate shall be in substantially the following
forms:
No.
-8-
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF ILLINOIS COUNTIES OF COOK AND LAKE
VILLAGE OF BUFFALO GROVE
CORPORATE PURPOSE BOND, SERIES 1982 -A
$5,000
The Village of Buffalo Grove, Cook and Lake Counties,
Illinois (the "Village "), for value received, promises to
pay to bearer, or if this bond be registered as to principal
then to the registered owner of this bond, on the first day
of December, 19_, the sum of Five Thousand Dollars ($5,000),
and to pay interest on such sum from the date of this bond
until such sum shall be paid, at the rate of
percent ( %) per year, payable semi- annually on June 1 and
December 1 in each year, with the first interest payment
date being June 1, 1983. Interest accruing on this bond on
and prior to its maturity date shall be paid only in accor-
dance with and upon presentation and surrender of the attached
interest coupons as they severally become due. No interest
shall accrue on this bond after its maturity date unless
this bond shall have been presented for payment at maturity
and shall not then have been paid. Both the principal of
and the interest on this bond shall be payable at
-9-
in
Illinois, in lawful money of the United States of America.
This bond is one of an authorized issue of bonds
in the aggregate principal amount of $5,025,000, the pro-
ceeds of which are to be used for various corporate purposes
of the Village as described in the Ordinance of the Village
authorizing the issuance of this bond and the issue of bonds
of which it is a part. This bond was issued in accordance
with the Illinois Constitution and pursuant to an ordinance
properly adopted by the Village. This bond and the issue of
which it is a part have been issued by the Village upon full
payment therefor as provided in such ordinance. The full
faith and credit of the Village and the tax levy referred to
below are irrevocably pledged to the punctual payment of the
principal of and the interest on this bond. This bond is a
general obligation of the Village.
Bonds numbered 1 to 725, inclusive, maturing on
January 1 of each of the years 1984 to 1992, inclusive, are
not redeemable prior to their maturity.
Bonds numbered 725 to 1005, inclusive, maturing on
January 1 of each of the years 1993 to 1996, inclusive, are
redeemable prior to their maturity at the option of the
Village, in whole or in part in the inverse order of matur-
ity and within a maturity by lot if less than a whole matur-
ity is redeemed, on any interest payment date on or after
December 1, 1992, at par plus the respective redemption
premiums (expressed as percentages of the principal amount
0 -10-
of the bonds to be redeemed) set forth below, plus in each
case accrued interest to the date of redemption.
Date of Redemption Redemption Premium
On December 1, 1992 1%
On June 1 or December 1, 1993 3/4%
On June 1 or December 1, 1994 1/2%
On June 1 or December 1, 1995 1/4%
Notice of the redemption of any or all of such
bonds which by their terms shall have become subject to
redemption shall be given by the Village by publication by
at least once not less than thirty (30) days prior to the
date of redemption in The Bond Buyer, published in the City
of New York, New York, or in the event that journal ceases
publication then in a financial journal published and of
general circulation either in the City of New York, New York
or Chicago, Illinois. When any or all of such bonds which
by their terms have become subject to redemption and payment
prior to their maturity shall have been called for redemp-
tion, and notice is given by publication as stated above and
payment of the redemption price is made or provided for,
interest on such bonds shall cease from and after the date
so specified. Notice of redemption shall also be given by
the Village to the registered owner of each bond called for
redemption which is registered as to principal by registered
or certified mail at the owner's last address, if any,
appearing on the registry books, but such a mailing shall
not be a condition precedent to such redemption and failure
so to mail any such notice shall not affect the validity of
the proceedings for the redemption of bonds.
0 -11- 0
All conditions which by law must have existed or
must have been fulfilled in the issuance of this bond existed
and were fulfilled in compliance with law. Provision has
been made for the levy and collection of a direct annual
tax, in addition to all other taxes, sufficient to pay and
discharge the principal of this bond at maturity and to pay
interest on this bond (other than capitalized interest to be
paid from proceeds of the issue of bonds of which this bond
is a part) as it falls due. The issuance of this bond by
the Village, together with the issue of bonds of which it is
a part, will not cause the Village to exceed or violate any
applicable limitation or condition respecting the issuance
of bonds imposed the law of Illinois by any ordinance or
resolution of the Village.
This bond shall be transferable by delivery unless
registered as to principal in the holder's name in the Bond
Register of the Village in the office of the Treasurer of
the Village. Such registration must be noted on the back of
this bond by the Treasurer. If so registered, this bond may
be transferred by the registered owner in person or by
attorney upon presentation of this bond to the Treasurer
with a written instrument of transfer on a form approved by
the Treasurer and executed by such registered owner. If
this bond shall be so registered, the principal shall there-
after be payable only to the person in whose name it is
registered, unless this bond shall be discharged from regis-
try by being registered as payable to bearer. Any such
a -12- 0
registration shall not affect the negotiability of the
attached interest coupons, which shall always be transfer -
able by delivery and payable to bearer.
IN WITNESS WHEREOF, the Village of Buffalo Grove,
Cook and Lake Counties, Illinois, by its President and Board
of Trustees, has caused this bond to be executed by the
facsimile signature of its Village President and the manual
signature of its Village Clerk, has caused its corporate
seal to be affixed to this bond (or a facsimile of its seal
to be printed on this bond), and has caused the interest
coupons attached to this bond to be executed by facsimile
signatures of the Village President and Village Clerk, all
as of December 1, 1982.
(SEAL)
ATTEST:
llage Clerk
VILLAGE OF BUFFALO GROVE, ILLINOIS
By
Village President
No.
-13- •
(Form of Coupon)
On the first day of
rA
, 19 *(unless
the bond to which this coupon is attached has been called
for payment prior to that date as provided in such bond and
payment is made or provided for), the Village of Buffalo
Grove, Cook and Lake Counties, Illinois, will pay to bearer
upon presentation and surrender of this coupon the amount
shown on this coupon at
in
Illinois, in lawful money of
the United States of America, being interest then due on its
Corporate Purpose Bond, Series 1982 -A, dated December 1,
1982, No.
TV
llage Clerk Village President
*(The clause within the parenthesis appearing in the form of
interest coupon shall be inserted in all coupons attached
to Bonds numbered 726 to 1005, inclusive, which represent
interest maturing after the earliest permissible redemp-
tion date of the bond to which it is attached.)
-14- 0
(Form of Registration Certificate)
REGISTRATION
Date of Signature of
Registration Name of Registered Owner Village Treasurer
Section 4. The Bonds shall be executed as pro-
vided in this Ordinance and delivered to the Village Treas-
urer and shall be delivered by the Village Treasurer to
The Northern Trust Company, Chicago, ll., et. al. , the purchaser
of the Bonds, upon receipt of the purchase price for the
Bonds, which is not less than the par value of the Bonds
plus accrued interest to the date of delivery.
Section 5. There is levied a direct annual tax
upon all taxable property within the Village sufficient to
pay and discharge the principal of the Bonds at maturity and
to pay interest on the Bonds (other than capitalized inter-
est on the Bonds to be paid from Bond proceeds) for each
year, including specifically the following amounts for the
following years:
Year of Levy
1982 (including principal
and interest through
December 1, 1983, other
than interest on the
Bonds to be paid from
bond proceeds)
An Amount Sufficient to
Produce the Sum of:
$ 233 ?$93,75
H
1983
$
742,787.50
1984
$
739,600.00
1985
$
733,850.00
1986
$
725,537.50
1987
$
739,662.50
1988
$
723,662.50
1989
$
738,600.00
1990
$
748,225,00
1991
$
727,287.50
1992
$
727,787.50
1993
$
322,587.50
1994
$
324- ,087.50
1995
$
297,687.50
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Such tax shall be in addition to all other taxes
levied by the Village. In the event at any time that suf-
ficient funds are not on hand from the foregoing tax levy to
make a payment of interest or principal as it becomes due,
such payment shall be made from the general funds of the
Village and such general funds shall be reimbursed for such
advances from the taxes levied by this Ordinance when they
shall have been collected.
Section 6. The Village Clerk is directed to file
a certified copy of this Ordinance with the County Clerks of
Cook and Lake Counties. It shall be the duty of the County
Clerks annually for each of the years 1982 through 1995 to
ascertain the rate necessary to produce the tax levied in
this Ordinance and to extend that tax for collection on the
tax books against all of the taxable property within the
Village in connection with other taxes levied in each of
such years for general Village purposes, and such taxes
shall be computed, extended and collected in the same manner
as is now or may hereafter be provided for the computation,
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extension and collection of taxes for general purposes of
the Village.
When collected, the taxes levied in this Ordinance,
together with such sums as provided from the amounts received
upon the sale of the Bonds pursuant to Section 7 of this
Ordinance, shall be placed in a separate and special Fund
established exclusively for paying principal of and interest
on the Bonds, designated as "The Corporate Purpose Bonds,
Series 1982 -A, Bond and Interest Fund." The deposits of
such moneys in that Fund and investments of that Fund may be
commingled for deposit and investment purposes with other
Funds of the Village established solely for paying principal
of and interest on other general obligations bonds of the
Village, but moneys in the Fund shall never be commingled
with or loaned to any other funds of the Village not esta-
blished for such a purpose or used for any other purpose, as
long as any Bonds are outstanding and unpaid. This para-
graph shall not prevent the Village from transferring inter-
est earnings on the Corporate Purpose Bonds, Series 1982 -A,
Bond and Interest Fund, to general operating funds of the
Village, as long as doing so shall not result in the amounts
in the Fund being insufficient to pay principal of and
interest on the Bonds as it comes due.
Amounts so deposited in The Corporate Purpose
Bonds, Series 1982 -A, Bond and Interest Fund are appro-
priated for and irrevocably pledged to, and shall be used
only for the purpose of paying the principal of and interest
a -17- 0
on the Bonds or reimbursing general funds of the Village
expended for such purposes as provided in Section 5 of this
Ordinance. The funds constituting the proceeds of the sale
of the Bonds are appropriated and set aside for the purposes
for which the Bonds are being issued as set forth in this
Ordinance.
Section 7. From the amounts received upon the
sale of the Bonds, an amount sufficient to pay the interest
through June 1, 1983 on the Bonds shall be deposited in The
Corporate Purpose Bond, Series 1982 -A Bond and Interest
Fund, and shall be used to pay the interest on the bonds
through June 1, 1983.
Section 8. The Village covenants with the holders
of the Bonds from time to time outstanding that it will take
no action in the investment of the proceeds of the Bonds,
amounts in The Corporate Purpose Bonds, Series 1982 -A, Bond
and Interest Fund or any other funds of the Village which
would result in making interest on the Bonds subject to
federal income taxes by reason of causing the Bonds to be
"arbitrage bonds" within the meaning of Section 103(c) of
the Internal Revenue Code of 1954, as amended, and any
lawful regulations promulgated or proposed under that Sec-
tion. The President, Clerk, Treasurer and Manager of the
Village are authorized and directed to take such action as
is necessary in order to carry out the issuance, sale and
delivery of the Bonds, including without limitation, to make
any representations and certifications they deem proper
0 -18- 0
pertaining to the use of the proceeds of the Bonds and
moneys in The Corporate Purpose Bonds, Series 1982 -A, Bond
and Interest Fund in order to establish that the Bonds shall
not constitute arbitrage bonds as so defined.
Section 9. All ordinances, resolutions and orders
or parts of ordinances, resolutions and orders in conflict
with this Ordinance are repealed to the extent of such con-
flict. The Village Clerk shall cause this Ordinance to be
published once in the Buffalo Grove Herald, a newspaper
published and of general circulation in the Village. This
Ordinance shall be in full force and effect ten days after
that publication.
PASSED by the President and Board of Trustees of
the Village this December 6 , 1982.
Voting Aye ( list names) • 6 - Ma r i entha 1 , Stone, O'Reilly,
Hartstein, Gerschefske, Schwartz
Voting Nay (list names):
Abstaining: 0 - None
Absent: 0 - None
0 - None
®IIn . c
1lage Clerk
-19-
APPROVED by the Village President this December 6
1982. ,
---or,e� z�e&jv�-
Village Pr-esiqWnt
ATTEST:
illage Clerk
Published , 1982
Dy fl.. V. IV urelie a HSSUU
and purchasers of these
guaranteed. As far as an
VILLAE OF BUFFALO GROVE*
Cook and Lake Counties, Illinois
Verna L. Clayton, President
BOARD OF TRUSTEES
John Marienthal Bobbie O'Reilly Elliott D. Hartstein
Charles Gerschefske Stephen H. Stone Marc K. Schwartz
William H. Brimm
Director of Finance
and
General Services
Janet M. Sirabian
Village Clerk
OFFICIALS
William R. Balling
Village Manager
GENERAL INFORMATION
Paul Kochentorfer
Village Treasurer
William G. Raysa
Village Attorney
The Village of Buffalo Grove is located 46 kilometers (29 miles) northwest of downtown Chicago with 1.7 square
miles of its total 4.6 square miles in Cook County and the remaining 2.9 square miles in Lake County. The Village's
adjacent Cook County neighbors include the Villages of Arlington Heights and Wheeling. The Village of Long Grove
shares a common boundary with Buffalo Grove to the west and northwest. Significant unincorporated undeveloped
land area separates the Village from the Village of Lincolnshire to the northeast and Riverwoods to the east.
The two most significant dates in the Village's short history are its March 7, 1958 incorporation date and March
1, 1980 when, pursuant to a referendum, it achieved home rule status. The 1960 Census recorded 1,492 residents.
The 1970 and 1980 Censuses reported 11,799 and 22,230, respectively. As will be noted in the Table below, the
Village's population focus is shifting to Lake County which reflects the fact that it is land- locked and essentially fully
developed in Cook County.
POPULATION CENSUSES
County Location of Population
Census Cook County Lake County Total
Percent
Cook Lake
1960 1,492 -0- 1,492 100% -0-
1970 9,966 1,833 11,799 84% 16%
1980 13,144 9,086 22,230 59% 41%
At the 1970 Census, the Village's Median Family Income was $14,833 (25.3% greater than the State's median
of $11,841). That Census also recorded the Village's Median Home Value at $34,000 which was 71.7% greater than
the Statewide median of $19,800. The 1980 Census reported that the Village's 1980 Median Home Value was
$89,800 up 164.1% from the 1970 Census and 66.6% greater than the Statewide $53,900. The 1980 Census
reported the Village's Median Family Income at $32,338 or 42.5% higher than the Statewide $27,748 and
significantly, more than 63% of the families in the Village had incomes above the Statewide Median. The Table
below of "1980 Census Income Characteristics" illustrates the very favorable wealth statistics applicable to the
Village at the 1980 Census.
1980 CENSUS INCOME CHARACTERISTICS
The Village's work force at the 1970 Census was overwhelmingly white collar with 72 % so reported which no
doubt contributed to the very low 1.8% unemployment rate. Until the detailed 1980 Census data is released, the
comparability of the current work force will not be known but the fact that 34.4% of the persons in the Village 18
years and older had at least four years of college (Statewide 14.6 %) bodes well for the unemployment level.
The Village is predominately residential in character. The Table of Building Permits below sets out the building
activity in the Village over the past ten years and indicates the location (by County) of the new residential
construction.
2
Percent of Families Earning
Median
Less
$15,000- $25,000-
$50,000
Family
Than $14,999
$24,999 $49,999
or More
Income
Village of Buffalo Grove ........................... ...............................
8.1%
18.1% 61.3%
12.5%
$32,338
Lake County ............................................. ...............................
17.4%
24.0% 42.9%
15.7%
28,045
Cook County ............................................. ...............................
29.1%
25.7% 36.8%
8.4%
23.081
State of Illinois .......................................... ...............................
28.0%
28.1% 36.5%
7.4%
22,748
The Village's work force at the 1970 Census was overwhelmingly white collar with 72 % so reported which no
doubt contributed to the very low 1.8% unemployment rate. Until the detailed 1980 Census data is released, the
comparability of the current work force will not be known but the fact that 34.4% of the persons in the Village 18
years and older had at least four years of college (Statewide 14.6 %) bodes well for the unemployment level.
The Village is predominately residential in character. The Table of Building Permits below sets out the building
activity in the Village over the past ten years and indicates the location (by County) of the new residential
construction.
2
I"
rJ
9 LAST 10 YEARS' BUILDING PERKS
(Source: Village Records)
Residential Building Permits
Calendar Cook Lake
VNAr County - Cnunfv Tntrni
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
Total
658
28
1
38
80
38
169
83
-0-
41
1,136
Value
Residential Residential
New Alterations All Other Total
-0-
658
$ 6,516,200
$1,020,397
$ 492,140
$ 8,028,737
106
134
2,764,530
248,150
1,063,665
4,076,345
140
141
3,180,500
389,529
4,582,448
8,152,477
153
191.
4,616,000
354,207
2,687,535
7,657,742
233
313
7,990,300
504,441
2,932,113
11,426,854
544
582
21,559,873
540,561
2,899,326
24,999,760
475
644
29,557,319
992,661
2,977,241
33,527,221
376
459
17,630,832
625,587
3,743,067
21,999,486
31
31
1,602,000
568,090
1,909,296
4,079,386
7
48
3,866,300
2,249,284
2,968,271
9,083,855
2;065
3,201
$99,313,854
$7,492,907
$26,255,102
$133,061,863
Of the $26,255,102 "All Other" in the Table above, $18 Million was represented by commercial construction.
The 1977 Census of Retail Trade reported that there were 66 retailing establishments in the Village but withheld the
publication of total annual sales and other detailed information. It is a fact that Retail Sales in the Village have
increased substantially —the Village's 1% share of the State collected Sales Tax returned $109,589 for the Village's
fiscal year ending April 30, 1972, $375,776 for the year ended April 30, 1977 and the year ending April 30, 1982
totaled $890,413 (up 137.0% from 1977 and 712.5% from 1972). In the last seven years three savings and loans
and two banks have constructed new quarters in the Village. The 500 bed Northwest Community Hospital in
Arlington Heights completed construction of an Ambulatory Center in Buffalo Grove in 1980 and a 30,000 square
foot professional building on their medical campus.
GOVERNMENT
The Village is governed by a President and Board of six Trustees all of whom are elected on an at -large basis.
In 1967, the Village adopted an ordinance creating the position of Village Manager. The Manager is responsible for
the day -to -day operations of the Village and its 126 full -time employees of which 31 are sworn police officers and 19
firefighters. The Village Hall /Police Headquarters building was constructed in 1968 with limited remodeling
accomplished in 1978. The Public Works facility was constructed in 1975/1976 at a cost of $600,000. In 1977 the
Village purchased the 127 acre Buffalo Grove Golf Course (clubhouse across the street from the Village Hall and
from the Public Works facility). The course is financially successful with annual play of some 42,000 rounds.
Pursuant to a referendum on March 1; 1980, the Village gained home rule status enabling it to, amongst other
things, issue nonreferendum general obligation bonds such as THIS ISSUE. On March 1, 1980 a referendum was
also approved providing for the creation of a full -time municipal fire department. The Village has 19 firefighters,
each of whom is also a fully certified paramedic supplemented by 40 paid on call firefighter /emergency medical
technicians. The Village has two fire stations, one of which was constructed in 1974 and the second in 1981
(funded by a $300,000 bank loan and $315,000 of Revenue Sharing). In February 1982, the Village's fire insurance
rating was increased from its previous Class Seven to the very high Class Four ,rating —only 12 municipalities /fire
protection districts in the State of Illinois have higher ratings.
Village Water and Sewer System
The Village water and sewer system consists of a well water supply and distribution system and a sewage
collection system. That portion of the Village in Cook County has sewage treatment service provided by the
Metropolitan Sanitary District of Greater Chicago (with charges on the tax roll) and, since 1972, the Lake County
portions of the Village receive sewage treatment service from the Lake County Public Works Department (a separate
$9.50 per month per consumer sewage treatment charge is paid by each Lake County customer).
The system presently has 8,068 customers (up from 4,022 at April 30, 1976) served by some 72 miles of water
mains. Six wells feed the distribution system and the five storage reservoirs which collectively hold 3.8 million
gallons. To accommodate this rapid growth, the Village adopted a policy of charging a tap -on fee to offset the costs
of water source development, storage and pumping facilities to serve new developments with the cost of primary
feeder mains being donated by the developers. The tap -on fees currently are $680 for single family dwellings, $585
for townhouses, $485 for condominiums, and $390 for multi - family apartments. These tap -on fees have been a
major contributor to the system's strong financial position with unrestricted cash and investments currently totaling in
excess of $2.3 Million.
The Village of Buffalo Grove has received an allocation of Lake Michigan water from the State of Illinois which
allocation will accommodate the planned needs of the Village through the year 2000.
The Village of Buffalo Grove and the nearby Villages of Arlington Heights, Palatine and Wheeling are the
members of the Northwest Water Commission. The Commission was organized for the purpose of obtaining Lake
Michigan water for the communities. The Commission has entered into a 40 year contract (automatically renewable
4-1
thereafter at 10 year intervals) for the purcTiase of water from the City of Evanston whic9ity is immediately north of
the City of Chicago and east of the member communities. The Commission is constructing a 42 mile -long
transmission line from Evanston's lake front treatment plant (which plant presently has sufficient pumping capacity to
meet the Commission's needs beyond the year 2000) and a 25 million gallon reservoir at the western end of the
transmission line. Calendar 1981 was devoted to right -of -way acquisition and engineering plans and specifications,
construction began in mid -1982 and water is projected to be delivered in early 1984.
The total cost of the project (including engineering, land /right -of -way and a 10% contingency, but excluding
reserves for revenue bonds) was estimated in early 1982 at $68.5 Million. Construction bids totaling $17.8 Million
have been awarded to date which bids collectively have been 18% below engineers estimates. The member
communities have, through the issuance of their own general obligation bonds, provided the Commission with
approximately $35 Million (including approximately $5.6 Million from Buffalo Grove) towards the project cost. The
Commission is expected to fund the remaining construction costs with Revenue Bonds (the State of Illinois statutory
interest rate limitation for non -home rule units, such as The Commission, was increased in April 1982 which is
expected to obviate the need for additional member financings). The final construction bids are expected to the
awarded in November/ December 1982.
Of the $5,025,000 Series 1982 -A bonds now being issued $2,900,000 will fund the balance of major internal
water improvements that the Village has in connection with Lake Michigan water (additional internal improvements
costing approximately $23/4 Million were funded earlier in 1982). The $2,125,000 balance of the proceeds will be
used for street improvements —a comparably sized issue for street improvements is projected for later 1983 /early
1984 to fund the 1984 street improvement program.
The Village presently intends to abate taxes on general obligation bonds issued for the purpose of bringing Lake
Michigan water to the Village (a separate flat rate water charge will produce the necessary funds) and to extend taxes
on the general obligation bonds issued for internal (to the Village) system improvements to accommodate Lake
Michigan water. It is also presently the Village's intention to abate taxes on the street purpose general obligation
bonds from a combination of Motor Fuel Taxes (remitted to the Village by the State) and increased vehicle sticker
taxes. These intentions are reflected in the Table entitled "Retirement Schedule oft Outstanding Village Bonded
Debt" on page 5.
Pension Fund Obligations
The Village is required by State law to annually provide funds sufficient to accumulate the actuarial requirements
of its pension fund obligation. The amounts necessary to fund the police and fire obligations are determined
annually by the Illinois Department of Insurance. As of April 30, 1982, the unfunded accrued liability of the Police
Pension Fund was $189,753. Illinois legislation signed into law in September 1979 has changed the funding period
for the prior service cost for both the Police and Fire Pension Systems to a 40 year period —the first report for the
Village's Fire Pension Fund was as of April 30, 1982 and reported a Surplus of $52,559. Other full -time municipal
employees are covered by the Illinois Municipal Retirement Fund (IMRF). As of December 31, 1981, the present
value of future contributions to be made by the Village on behalf of present employees was $701,818 including
unfunded prior service costs of $339,243. The IMRF annually determines the contribution rate necessary to provide
full funding of the unfunded prior service costs, including interest, over a 40 year period. Pension tax rates are set
out on page 7.
Schools and Recreation
Village students residing in Cook County attend schools in Cook County with Lake County students attending
Lake County schools. The older portions of the Village are in Cook County and the School District (No. 21) serving
that area is closing schools to reflect declining enrollments —of the five previous schools in Buffalo Grove, one was
closed the summer of 1981 and a second is scheduled for closing in 1982. District No. 21's total enrollment peaked
at 8,330 in 1974, currently stands at 6,018 and is expected.to fall to some 5,300 in the next five years. Reflecting
the growth of the Village in Lake County, District No. 96, which serves Buffalo Grove's three schools (one of which
opened in 1980) and Long Grove with one school, is still experiencing growth with its September 1982 enrollment
totaling 1,769 up from 1,727 last year. District 102 in Lake County serves approximately 13% (by assessed
valuation) of the Village.
Both high schools serving the Village are new. Buffalo Grove High School (in Cook County) which opened in
1973 is the newest and has the second largest enrollment of the eight high schools operated by Township High
School District #214. The Adlai E. Stevenson High School in Prairie View serves the Lake County portion of the
Village and the communities of Lincolnshire, Riverwoods, Long Grove, Half Day and Prairie View from its campus
which opened in 1965 and had its latest addition completed in 1976 -the District's 1970, 1975 and 1982
enrollments were 824, 1,202 and 1,473, respectively.
Supplementing the Village's 18 hole golf course are the facilities and activities of the Buffalo Grove Park District
which for all practical purposes is coterminous with the Village. The Park District has cooperative agreements with
the public schools providing the use of school facilities (totaling some 50 acres in return for grounds' maintenance
by the Park District. The Park District owns some 110 acres of park lands and includes among its facilities an
indoor - outdoor swimming pool.
4
Jf
FINANCIAL INFORMATION
RETIREMENT SCHEDULE OF OUTSTANDING VILLAGE BONDED DEBT (Notes)
(Including This Issue as of December 1; 1982)
Payable From Property Taxes Self- Supporting
Series Series Series Series Combined Cumulative
Calendar Series 1982 1982 -A Series 1982 1982 -A Annual Percent
Year 1968 $2,745,500 $2,900,000 1981 $5,754,500 $2,125,000 Total Retired
1983 $ 15,000 $ $ -0- $ 50,000 $ -0- -0- 65,000 .4%
1984 20,000 -0- 158,675 50,000 -0- 116,325 345,000 2.8%
1985 20,000 113,050 173,675 50,000 236,950 126,325 720,000 7.7%
1986 20,000 129,200 187,525 75,000 270,800 137,475 820,000 13.3%
1987 25,000 145,350 201,950 75,000 304,650 148,050 900,000 19.4%
1988 25,000 169,575 230,800 75,000 355,425 169,200 1,025,000 26.4%
1989 -0 185,725 245,225 75,000 389,275 179,775 1,075,000 33.7%
1990 209,950 274,075 100,000 440,050 200,925 1,225,000 42.0%
1991 234,175 302,925 100,000 490,825 222,075 1,350,000 51.2%
1992 258,400 317,350 100,000 541,600 232,650 1,450,000 61.1%
1993 282,625 346,200 100,000 592,375 253,800 1,575,000 71.8%
1994 323,000 144,250 100,000 677,000 105,750 1,350,000 81.0%
1995 201,875 158,675 100,000 423,125 116,325 1,000,000 87.8%
1996 234,175 158,675 -0- 490,825 116,325 1,000,000 94.6%
1997 258,400 -0- 541;600 -0- 800,000 100.0%
$125,000 $2,745,500 $2,900,000 $1,050,000 $5,754,500 $2,125,000 $14,700,000
$5,770,500 $8,929,500
Notes: 1. Excludes following Installment contracts payable from property taxes: (a) Golf Course purchased dated December 1, 1976 and
payable semi - annually through November 1, 1991 in the principal amount of $765,000 -of the tax levies to date for this contract,
74.5% of the total amount has been abated from other sources; (b) Fire: Station construction dated September 2, 1980 and
payable semi- annually through September 1, 1990 in the principal amount of $240,000 (c) Fire Equipment debt (assumed in
connection with the newly created municipal fire department) payable semi- annually through March 17, 1983 in the principal
amount of $34,250, and; (d) $343,878 (principal amount) assumed from the Buffalo Grove Fire Department Incorporated which
not- for -profit corporation previously supplied fire service to the Wheeling Fire Protection District.
2. Excludes $3,650,000 Waterworks and Sewerage Refunding Revenue Bonds dated October 1, 1970 and due through May 1,
2000.
DETAILED OVERLAPPING BONDED INDEBTEDNESS AT DECEMBER 1, 1982
Note 1
5
Percent of
Taxing
Body's
Gross
Percent of
1978
Debt
Village's
Tax
to be
Buffalo Grove's Applicable
1981
Collections
Paid
Share (Note 2) of Gross
Real
Represent-
From
I Debt to
be Paid
Property
Gross
ad by
Real
from Real Property Taxes
in Taxing
Bonded
Real
Property
Body
Debt
Property
Taxes
Percent
Amount
Cook County School Districts:
Wheeling Comm. Consol. #21 .............................
47.8%
$ 1,310,000
96.43%
$ 1,263,233
15,083%
$ 190,533
Wheeling Township H.S. # 214 .............................
47.8%
5,460,000
93.85%
5,124,210
3.278%
167,972
Harper Community College #512 .........................
47.8%
4,720,000
94.60%
4,465,120
1.775%
79,256
Lake County School Districts:
Kildeer Countryside Comm. Consol. #96 Pre
1/1/79 ...... ............................... ......................
Kildeer Countryside Comm. Consol. #96 Post
} 38'9%
2,700,000
94.46%
2,550,420
51.389%
1,351,747
1/1/79 ............................. ...............................
80,000
100.00%
80,000
Aptakisic -Tripp Comm. Consol. #96 Pre 1/ 1 /79.
°
13.3 /o
60,000
96.11 %
57,666
Aptakisic -Tripp Comm. Consol. #96 Post
}
31.942%
1,116,266
1/1/79 ............................. ...............................
3,437,000(3)
100.00%
3,437,000
Adlai E. Stevenson H.S. Dist. #125 Pre 1/1/79...
52 2%
}
250,000
95.78%
239,450
25.731%
318,923
Adlai E. Stevenson H.S. Dist. #125 Post 1/1/79.
775,000(3)
100.00%
11000,000
College of Lake County #532 Pre 1/1/79............
52.5%
}
1,925,000
91.24%
1,756,370
2,452%
}
116,626
College of Lake County #532 Post 1/ 1 /79..........
3,000,000(5)
100.00%
3,000,000
TotalSchool ........................................................................................................................................
...............................
$3,341,323
Other Than Schools:
Cook County, Inc. Forest Pres. Pre 1/ 1 /79.........
°
47.8 /o
167,143,000
89.99%
150,411,986
°
� .259 /0
785,937
Cook County, Inc. Forest Pres. Post 1/ 1 /79.......
155,400;000(3,4)100.00%
155,400,000
Metropolitan Sanitary Dist. Pre 1/1/79 ................
0
47.4 /0
275,000,000
89.96%
247,390,000
°
} 261 /0
1,599,382
Metropolitan Sanitary Dist. Post 1/1/79 ..............
378,400,000(3,4) 100.00%
338,400,000
Lake County (Note 5) ........... ...............................
52.2%
36,620,000(5)
91.97%
33,679,414
2.1136/o
711,646
Buffalo Grove Park Dist. Pre 1/ 1 /79 ...............:..
725,000
98.74%
715,865
Buffalo Grove Park Dist. Post 1/1/79 ..................
} 97.7%
800,000(3)
100.00%
800,000
} 96.376%
1,460,930
Wheeling Park District Pre 1/ 1 /79 ......................
a
3,785,000
94.45%
3,612,782
1 735%
32,434
Wheeling Park District Post 1/ 1 /79 .....................
} 1.4%
800,000(3)
100.00%
800,000
J
Vernon Area Public Library District ......................
12.9%
430,000
94.26%
405,318
9.424%
38,197
TotalOther Than Schools ...................................................................................................................
...............................
$4,628,526
5
0 0
Notes: 1. Pursuant to the 1970 Illinois Constitution and as confirmed by the Illinois Supreme Court in 1979, personal property taxation was
eliminated effective January 1, 1979 (did not affect 1978 personal property taxes to be collected in 1979). The Illinois
Constitution also provided that concurrent with the elimination of personal property taxes, the State Legislature was to replace all
revenue lost by taxing bodies. Personal property replacement legislation was signed into law on August 14, 1979. On
November 21, 1979, the Illinois Supreme Court upheld the constitutionality of the personal property replacement tax legislation.
The legislation providing the mechanics for the personal property replacement tax revenues requires each County Clerk to
extend ad valorem real property taxes sufficient to pay only a portion of the debt service on all bonds issued prior to December
31, 1978 with the balance of the debt service to be paid from the replacement revenues. Pursuant to legislation signed into law
on June 26, 1980 amending the Personal Property Tax Program, the proportion to be extended against real property taxable
valuations for the pre- December 31, 1978 bonds is the proportionate amount that real property tax collections bear to total tax
collection in levy year 1978 (collection year 1979). The legislation provides that the debt service payments constitute a first and
prior lien on the use of replacement revenues (these levies will be automatically reduced by the County Clerks) after which they
may be used for any purpose. For any bonds issued subsequent to January 1, 1979, the County Clerks are to extend the entire
amount against the then taxable valuation. As the Table is prepared for use in the Statement of Indebtedness (which Statement
relates bonded debt payable from taxes to taxable property valuation) that bonded debt for which it is impossible to levy taxes is
excluded. The Issuer's Direct General Obligation Bonded Debt shown in the Statement of Indebtedness is the gross amount
outstanding to reflect the general obligation nature of that debt in that to the extent necessary, taxes levied for other than bonded
debt would be used to pay such debt.
2. Village's share based upon 1981 Real Property valuations.
3. The tax levies for these post- December 31, 1978 bonds will be spread 100% against the real property base.
4. Excludes General Obligation Notes issued in lieu of tax anticipation warrants. Includes for Cook County the $67 Million Demand
Notes sold in December 1981 and the proportionate share of Chicago Public Building Commission Revenue Bonds and the debt
of the Forest Preserve District.
5. Includes $3,000,000 Working Cash Fund Bonds scheduled for sale on November 16, 1982.
EQUALIZED ASSESSED VALUATION FOR TAXING PURPOSES (Note 1)
Real Estate Total Distribution
Tax
Levy Less Personal Percent Percent
Year Gross . Exemptions(2) Net Property Total Cook County Lake County
1977 $ 85,844,451 $ 213,820 $ 85,630,631 $2,503,072 $ 88,133,703 61.97% 38.03%
1978 109,298,808 1,301,968 103,996,841 2,772,462 106,769,303 53.43% 46.57%
1979 134,970,486 11,112,421 123,858,065 -0- 123,858,065 46.85% 53.15%
1980 171,980,576 17,023,751 154,956,825 -0- 154,956,825 47.54% 52.46%
1981 Cook
County $ 89,656,471 $10,390,895 $ 79,265,576 -0- $ 79,265,576 47.84%
1981 Lake
County 94,977,020 8,545,819 86,431,201 -0- 86,413,201 52.16%
Total $184,633,491 $18,936,714 $165,696,777 $165,696,777
Notes: 1. According to the "Replacement Tax Bill" enacted in August 1979 which provides for revenues to replace those previously
provided by personal property taxes, no property lawfully assessed and taxed as personal property prior to January 1, 1979 can
be reclassified as real estate after January 1, 1979 and no property lawfully assessed and taxed as real estate prior to January 1,
1979 can be reclassified as personal property after January 1, 1979. Beginning in tax collection year 1980, there no longer are
personal property taxes.
2. Reflects Senior Citizens' $1,500 Exemption (which has been in effect since prior to Levy Year 1975) issued, upon application, to
persons 65 and over beginning in 1978, a $1,500 maximum Homestead deduction in equalized assessed valuation due to
inflation and in 1979, a $3,000 deduction for the same purpose. The amount of Senior Citizen exemptions in Levy Year 1976 is
not available. The Homestead exemption in 1981 totaled $18,570,714.
3. That portion of the Village in Cook County is in Wheeling Township and that portion in Lake County is in Vernon Township.
TEN LARGEST TAXPAYERS
(As of January 1, 1981)
n
Equalized
Percent
Assessed Value
Total
Rank
Taxpayer
Business
Real Property
Village
1 ...........
Chicago Title & Trust (Under Trust) ........ .......................Shopping
Center................
$ 4,795,773
2.9%
2 ...........
LaSalle National Bank (Under Trust) ....... .......................Shopping
Center................
4,531,799
2.7%
3 ...........
Villa Verde Apartments ............................ ......................Apartment
Complex ...........
2,919,592
1.8%
4 ...........
Buffalo Grove Mall ... ............................... .......................Shopping
Center................
2,027,842
1.2%
5 ...........
Stonegate Garden Apartments ................ ......................Apartment
Complex ...........
1,928,179
1.2%
6 ...........
Fireside Terrace Condo ........................... ......................Apartment
Complex ...........
1,813,128
1.1%
7 ...........
Sandpiper Apartments ............................ ......................Apartment
Complex ...........
1,664,184
1.0%
8 ...........
Cambridge Commons ............................ .......................Shopping
Center................
1,047,736
.6%
9 ...........
Wheeling Trust & Savings Bank (Under Trust) ...............Shopping
Center................
967,076
.6%
10 ...........
Prudential Realty ..... ............................... .......................Shopping
Center................
551,962
.3%
Total Ten Largest ........................................................
...............................
$22,247,271
13.4%
Percent of Total Village ($165,678, 777) ......................
...............................
13.4%
n
TAX RATES PER $1,000 EQUALIZED VALUATIONS
Levy Years
1977 1978 1979 1980 1981
Lake County
Village of Buffalo Grove (Note 1) ..............................
$ 6.80
$ 6.70
$ 6.61
$11.60(4)
$12.46
County incl. Forest Protection District ..........................
8.09
7.72
6.79
5.96
5.67
Schools ( #96, #125, # 532) ............ ...............................
48.17
48.60
47.54
45.42
46.18
Buffalo Grove Park District ........... ...............................
4.24
3.91
3.92
4.14
3.67
Indian Trail Public Library District . ...............................
2.72
2.59
2.51
2.47
2.46
All Other ....................................... ...............................
4.15
3.91
4.80
2.29
2.44
Total (Note 2) ........................ ...............................
$74.17
$73.43
$72.17
$71.88
$72.88
Cook County
Village of Buffalo Grove ............... ...............................
$ 8.15
$ 8.52
$ 7.41
$10.41(4)
$12.98
County incl. Forest Preserve District ............................
7.10
7.81
7.45
8.94
8.10
Metropolitan Sanitary District ........ ...............................
5.34
5.92
6.07
5.51
6.43
Schools ( #21, #214, # 512) ............ ...............................
55.06
55.33
50.50
49.36
42.54
Buffalo Grove Park District ........... ...............................
4.46
4.50
3.96
3.91
3.91
Indian Trail Public Library District ..... ...........................
2.71
2.59
2.50
2.42
2.33
Wheeling Township Rural Fire District .........................
4.36
4.94
5.00
-0-
-0-
All Other ....................................... ...............................
1.26
1.70
2.02
1.60
1.08
Total (Note 3) ........................ ...............................
$88.44
$91.31
$84.91
$82.15
$77.37
Village as Percent of Total
Cook County ................................ ............................... 9.2% 9.1% 9.2% 12.7%(4) 16.8%
Lake County ................................ ............................... 9.2% 9.3% 81% 16.1% 17.1%
Notes: 1. As a home rule unit under the 1970JIlinois Constitution, the Village has no statutory tax rate or levy limitations
2. 1981 rate applicable to 93% of the Village in Cook County -44.4% of entire Village.
3. 1981 rate applicable to 74.6% of the Village in Lake County -38.9% of entire Village.
4. Includes for the first time the operations of the full -time fire department pursuant to a referendum in March 1980.
DETAILED VILLAGE TAX RATE PER $1,000 EQUALIZED
Levy Years
1977 1978 1979 1980 1981
Corporate ........... ............................... ............................... $2.66 $2.66 $2.58 $ 8.27 $ 9.85
Police Protection ................................. ............................... .75 .75 .73 -0- -0-
Street and Bridge ................................ ............................... 1.00 1.00 .97 -0- -0-
Bonds and Interest .............................. ............................... .24 .21 .10 .07 1.09
Purchase Agreement ........................... ............................... 1.14 1.16 .80 .59 .41
Working Cash Fund ............................. ............................... -0- -0- -0- -0- -0-
Pensions (Police and IMRF) (Fire in 1980 only) ................... 1.50 1.90 1.45 1.48 1.63
All Other (Note 2) ................................. ............................... .86 .84 .78 -0- -0-
Total Village Tax Rate( 1) ............... ............................... $8.15 $8.52 $7.41 $10.41 $12.98
Notes: 1. Rate as extended in Cook County. In each of the years 1976 -1979 the Village was not a home -rule municipality and therefore
subject to statutory interest rate limits for certain purposes. Effective March 1, 1980 the Village acquired home -rule status
pursuant to a referendum and now has no tax rate limitations and has, for the first time in levy year 1980, combined all of the
various purpose rates into a single tax rate. The increase in the Village's tax rate between 1979 and 1980 represents the
institution of a full -time fire department which was authorized by a referendum in 1980.
2. Includes rates for street lights, crossing guards, auditing and civil defense.
TAX EXTENSIONS AND COLLECTIONS
(Village Purposes Only)
Collections(2)
Taxes Extended Percent
Levy Cook Lake Cook Lake
Year County County Total Amount County (1) County Combined
1977 .................................... ............................... $ 445,112 $ 228,065 $ 673,177 $ 662,076 97.52% 99.98% 98.35%
1978 .................................... ............................... 486,057 333,126 819,183 805,575 97.23% 99.96% 98.34%
1979 .................................... ............................... 429,997 429,263 859,260 858,798 99.89% 100.00% 99.95%
1980 .................................... ............................... 766,905 942,927 1,709,832(3) 1,701,988 100.00% 98.49% 99.54%
1981 .................................... ............................... 1,028,867 1,076,708 2,105,575 IN PROCESS
Notes: 1. T`ax payments, including late payments and proceeds from tax sales are shown as collections in the year when due. The
"Amount Collected" is not the same as distributions to the Village as tax refunds (pursuant to court orders, first time homestead
exemptions, other exemptions, etc.) are deducted from "Amount Collected" of the year in which the refund is made regardless
of the tax year for which the refund is applicable. Taken from County Treasurer's report showing taxes collected as of December
31, 1981, except for 1980 tax collections which have been updated by.the Village reflecting receipts through October 31, 1982.
7
0 0
2. Effective with taxes levied in 1979 (collect 1980) there no longer are personal property taxes. The Personal Property
Replacement Tax legislation provides that during calendar years 1980 and 1981, each taxing body will receive an amount of
Replacement Taxes at least equal to the amount of personal property taxes projected to be collected in 1979. The Village has
budgeted the receipt of $9,800 of Replacement Taxes in 1982 which compares to the receipt of $9,435 in calendar 1981.
3. Beginning in levy year 1980 the Village now levies property taxes for its newly established full -time fire department. Within the
1980 levy, fire department /ambulance service totaled $609,121.
COMBINED STATEMENT -ALL FUNDS (Note 1)
Fiscal Year Ending April 30, 1982
Fund Balance
1979 1980 1981
Revenues Incl.
Transfers
Total
Property Expendi-
Tevnc T.dsl §..-
Cash and
Fund Invest -
Government Fund Types._
$ 349,636
SalesTax ........................... ...............................
562,854
State Income Tax .............. ...............................
299,815
Building Permits ................ ...............................
346,304
All Other Permits, Licenses ...............................
General Fund .. ...............................
$1,010,289
$1,269,255
$1,909,992
$1,597,309
$4,369,277
$4,011,646
$2,267,623
$ 972,011
Special Revenue Funds:
$2,184,741
Expenditures:
47,332
General Government ......... ...............................
$ 347,161
Police................................ ...............................
914,428
Fire.................................... ...............................
Street & Bridge ........................
317,655
327,034
181,792
-0-
-0-
181,792
-0-
-0-
IMRF .......................................
56,440
75,221
63,195
153,714
187,468
163,080
87,583
-0-
Emergency Services Disaster..
9,791
8,150
2,699
-0-
-0-
2,699
-0-
-0-
Motor Fuel Tax ........................
622,360
571,734
208,900
-0-
323,745
222,623
310,022
335,687
Federal Revenue Sharing........
-0-
103,474
11,369
-0-
129,905
108,206
33,068
22,739
Garbage Fund .........................
-0-
-0-
-0-
-0-
574,283
574,283
-0-
-0-
.Debt Service Funds ........................
67,846
21,344
30,342
90,581
368,982
400,155
(831)
145,203
Capital Project . ...............................
-0-
-0-
251,121
-0-
43,812
294,751
182
182
Total Governmental Fund........
$2,084,381
$2,376,212
$2,659,410
$1,841,604
$5,997,472
$5,959,235
$2,697,647
$1,475,822
Proprietary & Fiduciary Types:
$1,269,255
$1,909,992
$2,267,623
Enterprise -Water & Sewer Fund...
$3,093,394(3)
$3,679,794(3)
$4,019,840(3)
$ -0-
$2,799,824
$2,587,225
$4,232,439
$2,206,839
Enterprise -Golf Course Fund .......
-
279,054(3)
417,321(3)
-0-
538,595
431,266
524,650
59,683
Internal Service - Central Garage...
-0-
528,102
698,614
-0-
687,993
336,064
1,050,543
553,879
Pension Trust-Police Pension ......
588,712
727,449
934,248
103,051
267,299
29,048
1,171,499
1,078,043
Pension Trust -Fire Pension..........
-0-
-0-
33,718
21,427
40,516
-0-
74,234
57,737
Working Cash .. ...............................
101,637
114,723
127,134
-0-
23,197
15,310
135,021
38,096
Total Proprietary & Fiduciary ...
$3,783,743
$5,329,122
$6,230,875
$ 124,478
$4,357,424
$3,398,913
$7,189,386
$3,994,277
Total All Funds ...............................
$5,868,124
$7,705,334
$8,890,285
$1,966,082
$10,354,898
$9,358,148
$9,887,033
$5,470,099
Notes: 1. From Audits by Peat,
Marwick, Mitchell & Co. Excludes School and Park District Donations Fund which had an April 31, 1982
balance of $72,412.
2. Excludes restricted cash of $924,033.
3. Retained Earnings.
CORPORATE FUND (Note 1)
Audited Statement of Revenues, Expenditures and Changes in Fund Balance
Fiscal Years Ending April 30- Modified Accrual Basis of Accounting
1982
1979
Revenue: (Note 2)
Property Tax Levy .............. ...............................
$ 349,636
SalesTax ........................... ...............................
562,854
State Income Tax .............. ...............................
299,815
Building Permits ................ ...............................
346,304
All Other Permits, Licenses ...............................
294,725
Fines................................. ...............................
116,132
Reimbursement from Water Fund .....................
77,143
All Other ............................ ...............................
138,132
Application of Surplus ........ ...............................
-0-
Total Revenue ............ ...............................
$2,184,741
Expenditures:
47,332
General Government ......... ...............................
$ 347,161
Police................................ ...............................
914,428
Fire.................................... ...............................
-0-
Building and Zoning ........... ...............................
206,704
Engineering Services ......... ...............................
124,528
Public Works Magmt. & Admin .........................
-0-
Building and Grounds ........ ...............................
114;237
Street Operations ............... ...............................
-0-
Transfers non - operating .... ...............................
218,000
Total Expenditures ...... ...............................
$1,925,058
Excess (Deficiency) Revenues over Expend......
259,683
Adjustments to Fund Balance ...........................
-0-
Year End Fund Balance ..... ...............................
$1,010,289
1983
1980 1981 Budget Actual
$ 460,130
$1,334,679
$1,423,843
$1,597,309
$1,609,155
677,196
820,781
843,116
890,413
947,107
347,100
365,633
388,743
437,031
430,304
182,341
155,074
311,487
216,221
260,808
212,796
47,332
193,815
201,816
225,890
165,255
167,996
172,700
180,202
240,900
88,942
109,266
180,202
181,510
200,115
147,523
89,866
467,483
664,775
506,693
-0-
-0-
68,500
-0-
75,570
$2,281,283
$3,090,627
$4,049,889
$4,369,277
$4,496,542
$ 337,944
$ 459,856
$ 576,906
$ 550,754
$ 616,431
1,087, 371
1,298,598
1,383,394
1,387, 257
1,562,065
-0-
-0-
734,495
675,506
948,628
224,159
239,284
273,944
225,060
221,969
155,350
157,259
188,839
182,832
206,365
-0-
-0-
111,689
97,702
107,282
122,602
177,205
120,707
114,212
115,645
-0-
-0-
591,415
709,823
649,657
100,434
117,588
68,500
68,500
68,500
$2,027,850
$2,449,890
$4,049,889
$4,011,646
$4,496,542
253,433
640,737
357,631
5,533
-0-
-0-
$1,269,255
$1,909,992
$2,267,623
WATERWORKS AND SEWERAGE FUND - FISCAL YEAR END APRIL 30, 1982 (Note 1)
State of Revenues and Expenses Balance Sheet @a 4/30/82
Revenues: Assets:
Liabilities & Fund Equity:
Billing to customers............ $1,562,132 Unrestricted Cash & Invest. $ 2,335,317(3)
Revenue Bonds Payable.... $3,650,000
Balance Sheet
General Obligation Bonds.. 9,550,000
All other incl. interest Earn- Unamortized Bond Dis-
Note Payable ..................... 230,000
ings, Transfers, etc ......... 1,125,808(4, count .............................. 165,728
Accounts Payable & Other
Total ........................... $2,799,824 Advance to Water Comm... 1,035,400
Liab. ............................... 527,969
Expenses: Other Assets ...................... 176,332
1982
Water Operation ................. $ 494,386 Restricted Cash & Invest-
1979
1980
1981
Actual
Assets
Transfers ............................ 642,702
Reserved Lake Michigan
Lake Michigan Water
Project ............................ 765,639
Cash and Investments ............................................................... ...............................
$ 786,155
$1,049,158
$ 895,607
$ 972,011
Property Taxes Receivable ....................................................... ...............................
239,018
340,697
1,189,147
1,311,572
Sales and Income Tax Receivables ........................................... ...............................
159,983
190,649
226,885
253,341
All Other Receivables ................................................................ ...............................
58,660
39,531
31,225
24,446
Due From Other Funds ............................................................. ...............................
66,858
22,434
86,109
9,041
AllOther ................................................................................... ...............................
10,000
-0-
7,731
-0-
Total Assets ....................................................................... ...............................
$1,320,674
$1,642,466
$2,436,704
$2,570,411
Liabilities
Accounts Payable and Accrued Liabilities ................................ ...............................
$ 138,936
$ 133,735
$ 157,578
$ 105;924
Other Liabilities ......................................................................... ...............................
-0-
-0-
90,233
119,556
Due to Other Funds .................................................................. ...............................
171,449
239,476
278,901
77,308
Fund Balance- Unreserved ...................................................... ...............................
1,010,289
1,269,255
1,909,992
2,267,623
Total Liabilities ................................................................... ...............................
$1,320,674
$1,642,466.
$2,436,704
$2,570,411
Notes: 1. From Audits by Peat, Marwick, Mitchell & Co., Chicago, Illinois.
2. The Village has not availed itself of a Utility Tax (a piggy -back on private utilities and the Village's
own water and
sewer system)
which could generate significant revenues to the General Fund.
WATERWORKS AND SEWERAGE FUND - FISCAL YEAR END APRIL 30, 1982 (Note 1)
State of Revenues and Expenses Balance Sheet @a 4/30/82
Revenues: Assets:
Liabilities & Fund Equity:
Billing to customers............ $1,562,132 Unrestricted Cash & Invest. $ 2,335,317(3)
Revenue Bonds Payable.... $3,650,000
Connection & Recapture
Fees ............................... 111,884 Accounts Receivable ......... 260,885
General Obligation Bonds.. 9,550,000
All other incl. interest Earn- Unamortized Bond Dis-
Note Payable ..................... 230,000
ings, Transfers, etc ......... 1,125,808(4, count .............................. 165,728
Accounts Payable & Other
Total ........................... $2,799,824 Advance to Water Comm... 1,035,400
Liab. ............................... 527,969
Expenses: Other Assets ...................... 176,332
Total Liabilities............ $13,957,969
Water Operation ................. $ 494,386 Restricted Cash & Invest-
Fund Equity:
Sewer Operations ............... 431,310 ments ............................. 932,148(3)
Reserve for Revenue
Employee Retirement......... 20,056 Restricted Investment
Bonds ............................. $ 932,148
Transfers ............................ 642,702
Reserved Lake Michigan
Lake Michigan Water
Project ............................ 765,639
Total Expenses............ $1,588,454 Project ..................... 8,500,000
Undesignated................. 2,534,652
Revenue Available for Debt Ser- Net Fixed Assets ................ 4,784,598
vice ......... ............................... $1,211,370
Total Fund Equity........ $ 4,232,439
Actual Debt Service ................... 732,864(2)
Total Assets ........:....... $18,190,408
Total Liab. &Fund Equity .......... $18.,190,408
Coverage of Debt Service.......... 1.65x
Notes: 1. From Audit by Peat, Marwick, Mitchell & Co., Chicago, Illinois prepared on the Accrual
basis of accounting. .
2. Includes principal and interest on revenue bonds and $230,000 final payment of principal and interest on note due July 1, 1982.
The maximum future revenue bond debt service including $96,000 per year deposit to the Term Bond Sinking Fund Account is
$407,150 in the fiscal year ending April 30, 1986. The system earnings for the fiscal year April 30, 1982 produced a 2.97 times
coverage of that debt service ($407,150).
3. Includes Accrued Interest.
4. Excludes $122,531 interest earnings on bond ordinance accounts credited directly to those accounts and not to the Revenue
Fund.
OFFICIAL STATEMENT CERTIFICATION
Based upon our examination of the attached Official Statement dated November 18, 1982 for the $5,025,000
Corporate Purpose Bonds, Series 1982 -A, we believe it to be true and correct. If requested, we will provide to the
purchaser of the bonds at the time of delivery of the bonds, a certificate confirming that to the best of our knowledge
and belief the information in the Official Statement, including any addendums thereto, was at the time of acceptance
of the bid and at the delivery, true and correct in all material respects and does not include any untrue statement of
material fact, nor does it omit the statement of any material fact required to be stated therein, or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading.
/s/ William H. Brimm
Director of Finance
November 18, 1982
E
/s/ William R. Balling
Village Manager
EAW
FW
This Page Intentionally Left Blank.
0 OFFICIAL BID FORM*
Village of Buffalo Grove
Village Hall
Buffalo Grove, Illinois
December 6, 1982
Ladies and Gentlemen:
For your $5,025,000 Village of Buffalo Grove, Illinois Corporate Purpose Bonds, Series 1982 -A, described in
the annexed Official Notice of Sale, which is expressly made a part hereof, we will pay you par plus a premium of
$ , plus accrued interest from December 1, 1982 to the date of delivery. The bonds are to bear interest at
the following respective coupon rates (each a multiple of 1/4 or 1 / 10 of 1 %) for bonds of each designated maturity.
MATURITIES - December 1
$ 275 ,000 .....................1984 % $ 400 ,000.....................1988 % $ 600 ,000......................1993 %
300 ,000 .....................1985 % 425 ,000.....................1989 % 250 ,000......................1994 %
325 ,000 .....................1986 % 475 ,000.....................1990 % 275 ,000......................1995 %
350 ,000 .....................1987 % 525 ,000.....................1991 % 275 ,000......................1996 %
550 ,000 .....................1992 %
As evidence of our good faith, we enclose herewith our (cashier's) (certified) check in the sum of $100,500 in
accordance with your Official Notice of Sale. Unless we notify you to the contrary within 24 hours, CUSIP numbers
are to be printed on the bonds at our expense and we agree to accept the bonds at delivery with CUSIP numbers as
printed.
We will designate our nomination for paying agent of the issue by 5:00 P.M., C.S.T. on the date of sale and
should we fail to do so by that time, or if such nomination is unacceptable, then the bonds and coupons may be
made payable at a bank of your choice.
OT A PART OF BID
Our calculation of interest cost from above is:
Total Interest ................................... $
Less Premium ... ..............................$
Net Interest Cost .............................$
Net Interest Rate ............................. %
Return of our bid deposit check is acknowledged
Im
Date
Respectfully submitted,
Name
Account Manager
By
Address
City State
Telephone Zip
(A list of the members of our account on whose behalf
this bid is made is attached hereto.)
ACCEPTANCE CLAUSE
The foregoing bid was accepted and bonds sold by resolution of the President and Board of Trustees of the
Village of Buffalo Grove, Illinois, on December 6, 1982 and receipt is hereby acknowledged of the good faith check
which is being held in accordance with the terms of the Official Notice of Sale.
VILLAGE OF BUFFALO GROVE, ILLINOIS
TABLE OF BOND YEARS - FROM DECEMBER 1, 1982
(For Computation Purposes Only. Not Part of Bid.)
Maturity Bond Years Maturity
Year December 1
1984 $275,000
1985
300,000
1986
325,000
1987
350,000
1988
400,000
1989
425,000
1990
475,000
Average Life: 8.1443 years
Annual
550
900
1,300
1,750
2,400
2,975
3,800
Cumulative Year
550
1991
1,450
1992
2,750
1993
4,500
1994
6,900
1995
9,875
1996
13,675
40,925
11
nanamhar I
$ 525,000
550,000
600,000
250,000
275,000
275,000
$5,025,000
Village Manager
Bond Years
Annual
Cumulative
4,725
18,400
5,500
23,900
6,600
30,500
3,000
33,500
3,375
37,075
3,850
40,925
40,925
OICIAL NOTICE OF SALE'
$550255000
VILLAGE OF BUFFALO GROVE
Cook and Lake Counties, Illinois
CORPORATE PURPOSE BONDS, = SERIES 1982 -A
The Village of Buffalo Grove, Illinois will receive sealed bids for its $5,025,000 Corporate Purpose Bonds, Series,
1982 -A at The Northern Trust Company (Bond Syndicate Room -12th Floor), 50 South LaSalle Street, "Chloago',
Illinois until 12:00 Noon, C.S.T., Monday, December 6, 1982 at which time the bids will be publicly opened and "
read. Award will be made, or °all bids rejected, at the meeting of the President and Board of Trustees on the date of
sale.
These bonds are callable general obligations of the Village of Buffalo Grove, Illinois, payable both principal--and "
interest from unlimited ad valorem taxes to be levied on all taxable property within said Village provided that a
portion of the first year's interest is being capitalized from band proceeds. Bonds will be coupon bonds registrable
as to principal only in the denomination of $5,000. Principal and semi - annual interest (June 1 and December 1) will
be payable at such bank or trust company as maybe mutually agreed upon between the purchaser and the Village
provided that the Village may name the paying agent if agreement is not reached. A paying agent selected solely by
the Village shall have a capital and surplus of $10,000,000 or more and a trust department regularly engaged in the
business of acting as paying agent for bonds and coupons. Bonds are dated December 1, 1982. 'First coupon due
June 1, 1983.
MATURITIES— December 1
$275,000 ................ ..... ..: ........ 1984 $400,000- ...................................... 1988 $600,000_... ......... ............... 1993
300,000 ...................................... 1985 425,000..........:......: .......- 1989 250,000...................................... 1994
325,000...................................... 1986 475,000...................................... 1990 275,000.................... ......... 1995
350,000:.. ........ 1987 525,000....................................... 1991 275,000...................................... 1996
550,000 ...................................... 1992
Bonds due December 1, 1984 -1992 are not callable. Bonds due December 1, 1993 -1996 are callable in whole
or in part and if in part, in the inverse order of maturity and within a maturity by lot on interest payment dates
beginning December 1, 1992 and thereafter at par plus a premium of 1 %0, such premium reducing by 1/4 of 1% at
each 'subsequent December 1. Notice of redemption shall be given by publication at least once not less than 30
days prior to the date of redemption in The Bond Buyer, or in the event it ceases to be published, then in a financial
journal published either in Chicago or New York.
These bonds will be awarded to the best bidder determined upon the basis of the lowest total interest at the rate
or rates designated in said bid from December 1, 1982 to the respective maturity dates after deducting therefrom the
premium bid. Each bidder shall name a rate or rates of interest which the bonds are to bear and each rate must be a
multiple of one - ...quarter or one -tenth of one percent (1 /4 or 1 / 10 of 1 %). Not more than one interest rate shall be
specified for a single maturity. Each interest payment will be evidenced by a single coupon on each bond. The
differential between the highest rate bid and lowest rate bid shall not exceed 2 %. No rate shall exceed the lesser of
15 % or 125% of The Bond Buyer 20 Bond Index as published in the most recent edition of The Bond Buyer. Bids
must be for all or none of the bonds, must be for not less than par plus accrued interest to date of delivery and must
be made upon the Official Bid Form and delivered in a sealed envelope marked "Bid for Bonds" at the time set out
above. The Village reserves the right to reject any or all bids, to determine the best bid in its sole discretion and to
waive any informality in any bid.
Each bid shall be accompanied by a certified or cashier's check on a solvent bank or trust company for
$100,500 payable to the Village Treasurer of the Village of Buffalo Grove, Illinois, as evidence of good faith of the "
bidder. The check of the successful bidder will be retained uncashed by the Village pending delivery of the bonds,.
All other checks will be returned promptly. No interest will be allowed on any checks. Should "I the successful bidder .
fail to take up and pay for the bonds when tendered in accordance with his bid and this Notice, his check shall be
cashed by the Village and the proceeds retained as full and liquidated damages to the Village caused by failure of
the bidder to carry out his offer of purchase. Otherwise his check will be returned uncashed at delivery or applied on
the purchase price.
The bonds will be delivered to the successful purchaser against full payment in immediately available funds as
soon as they can be printed and executed, which is expected to be on December 27, 1982. Should delivery of
these bonds be delayed thirty days from the date of award for any ;reason except failure of performance by the
successful bidder, then the bidder may cancel his agreement to purchase the bonds' and receive back his check
and thereafter his interest in and liability for the bonds will cease.
The Village will deliver the bonds without expense to the purchaser in Chicago; Illinois and will pay for"the "
printing of the bonds and the bond attorney's opinion. At the time of delivery the Village will furnish to the purchaser
the written opinion of Isham, Lincoln & Beale, Attorneys, Chicago, Illinois, evidencing the legality of the bands. The .
Village will furnish the transcript of proceedings on which said opinion is based and a certificate of no litigation then,
pending `affecting the legality of the bonds or the right of the Village to issue them. Interest on the bonds is "exempt;°
in the opinion of counsel, from Federal Income Taxes under existing, laws, rules, regulations and interpretations..
Interest on the bonds is not exempt from Illinois Income Taxes.
The Village has authorized the preparation of an Official Statement containing pertinent information relative to
the Village and its finances.- For copies of that statement or for any additional information, any prospective "
purchaser, is referred to the undersigned at the Village Hall, 50 Raupp Boulevard, Buffalo Grove, Illinois 60090 or the
Municipal Finance. Consultants to the Village, R. V. Norene & Associates, Inc., Lake and Waukegan Office Center,
Suite 215, 1701 Lake Avenue, Glenview, Illinois 60025 (312- 998 - 9848).
/s/ William R. Balling
Village Manager
November 18, 1982
i2
R. V. NORENE & Associates ,. EXHIBIT C
December 6, 1982
Village of Buffalo Grove
Village Hall
50 Raupp Boulevard
Buffalo Grove, Illinois 60090
Gentlemen:
Bids were received today covering $5,025,000 Corporate Purpose
Bonds, Series 1982 -A. There were7h„o bids received which are listed at
the bottom of this letter in accordance with the attached signed bids.
Upon examination, it is our opinion that the bid of 717.-,��
-Twit is the best bid received, and it is
further out o nion that it is favorable to the Village and should be
accepted. We therefore recommend that the bonds be awarded to that
bidder at a price of par plus a premium of $ /01,0() plus accured interest
being at a net interest rate of q, 12,!two %.
Account Managers
The First National Bank of Chicago & Continental
Illinois National Bank & Trust Co. of Chicago,
Joint Managers and Associates, In Association With
Harris Trust & Savings Bank, Chicago and E. F. Hutton
& Co., Inc., New York, Joint Managers, In Association
With La Salle National Bank, Chicago ................
The Northern Trust Co., Chicago and Merrill Lynch
White Weld Capital Markets Group, New York, John
Nuveen & Co., Inc., Chicago, Blyth Eastman Paine
Webber Inc., New York, Prudential -Bache Securities,
Inc., New York and Clayton Brown & Associates, Inc.,
Chicago, Joint Managers and Associates ..............
Net Interest
Rate
0
Respectfully submitted,
0. U t President
R. V. Norene & Associates, Inc.
RVN /mc
Lake & Waukegan Office Center, Suite 215 • 1701 Lake Avenue Glenview, IL 60025 • 312 - 998 -9848
K
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Village of Buffalo Grove
Village Hall
Buffalo Grove, Illinois
46
OFFICIAL BID FORM
December 6, 1982
Ladies and Gentlemen:
For your $5,025,000 Village of Buffalo Grove, Illinois Corporate Purpose Bonds, Series 1982 -A, described in
the annexed Official Notice of Sale, which is expressly made a part hereof, we will pay you par plus a premium of
$ .00 , plus accrued interest from December 1, 1982 to the date of delivery. The bonds are to bear interest at
the following respective coupon rates (each a multiple of 1/4 or 1/10 of 1%) for bonds of each designated maturity.
$275,000 ..................... 1984/�/�%%
300,000 .....................1985 /%
325,000 ................... 1986,%
350,000 °
.....................1987 % /°
MATURITIES - December 1
P
400,000 .....................1988 4%
425,000 .....................1989 %
475 ,000 .....................1990 %
525,000 ..................... 199 /
550 ,000 .....................1992 -2-%
$600,000 ......................1993%
250,000 ..................... 1994 �%
275, 000 ......................1995%
275, 000 ...................... 1996 M %
As evidence of our good faith, we enclose herewith our (cashier's) " check in the sum of $100,500 in
accordance with your Official Notice of Sale. Unless we notify you to the contrary within 24 hours, CUSIP numbers
are to be printed on the bonds at our expense and we agree to accept the bonds at delivery with CUSIP numbers as
printed.
We will designate our nomination for paying agent of the issue by 5:00 P.M., C.S.T. on the date of sale and
should we fail to do so by that time, or if such nomination is unacceptable, then the bonds and coupons may be
made payable at a bank of your choice.
NOT A PART OF BID
Our calculation of interest cost from above is:
Total Interest ..... ..............................$ 10 XI
Less Premium ... ..............................$ Aw
Net Interest Cost .............................$3 �r
Net Interest,Rate ............ .................
Return of our bid deposit check is acknowledged.
By Date
Respectfully submitted,
Name THE NORTHERN TRUST COMPANY
Y Account Manager
STEVEN C. BROWN, Secon ice rest ent
Address 50 South LaSalle Street
City Chidaao State Illinois
Telephone (312)444- 684 Zip 60675
(A list of the members of, our account on whose behalf
this bid is made is attached hereto.)
ACCEPTANCE CLAUSE
The foregoing bid was accepted and bonds sold by resolution of the President and Board of Trustees of the
Village of Buffalo Grove, Illinois, on December 6, 1982 and receipt is hereby acknowledged of the good faith check
which is being held in accordance with the terms of the Official Notice of Sale.
VILLAGE OF BUFFALO GROVE, ILLINOIS
Village Manager
TABLE
OF BOND YEARS - FROM DECEMBER 1, 1982
(For Computation Purposes Only.
Not Part of Bid.)
Maturity
Bond Years
Maturity
Bond Years
Year
December 1
Annual Cumulative
Year
December 1
Annual
Cumulative
1984
$275,000
550 1 550
1991
$ 525,000
4,725
18,400
1985
300,000
900 1,450
1992
550,000
5,500
23,900
1986
325,000
1,300 2,750
1993
600,000
6,600
30,500
1987
350,000
1,750 4,500
1994
250,000
3,000
33,500
1988
400,000
2,400 6,900
1995
275,000
3,375
37,075
1989
425,000
2,975 9,875
1996
275,000
3,850
40,925
1990
475,000
3,800 13,675
$5,025,000
40,925
Average Life: 8.1443 years
F
0
THE NORTHERN
MERRILL LYNCH
46
TRUST COMPANY
WHITE WELD CAPITAL MARKETS GROUP
JOHN NUVEEN & CO., INC.
BLYTH, EASTMAN, PAINE, WEBBER INC.
PRUDENTIAL -BACHE SECURITIES
CLAYTON BROWN & ASSOCIATES, INC.
MERCANTILE TRUST COMPANY N.A.
FIRST INTERSTATE BANK OF CALIFORNIA
BANC NORTHWEST
SHEARSON /AMERICAN EXPRESS
L. F. ROTHSCHILD, UNTERBERG, TOWBIN
WEEDEN MUNICIPAL SECURITIES
Division MOSELEY, HALLGARTEN, ESTABROOK
GRIFFIN, KUBIK, STEPHENS & THOMPSON, INC.
DAIN, BOSWORTH, INC.
HUTCHINSON, SHOCKEY, ERLEY & CO.
BECKER & COWNIE, INC.
HUTCHINSON, SHOCKEY, ERLEY & CO.
BECKER & COWNIE, INC.
BLUNT ELLIS & LOEWI INCORPORATED
CHANNER NEWMAN SECURITIES CO.
THE CHICAGO CORPORATION
CROAKE ROBERTS, INC.
SAUERMAN SECURITIES, INC.
UNITED STATES NATIONAL BANK OF OREGON
ROBERT W. BAIRD & CO., INC.
)Joint
)Managers
& WEEDEN, INC.
Village of Buffalo Grove
Village Hall
Buffalo Grove, Illinois
• s
OFFICIAL BID FORM
December 6, 1982
Ladies and Gentlemen:
For your $5,025,000 Village of Buffalo Grove, Illinois Corporate Purpose Bonds, Series 1982 -A, described in
the annexed Official Notice of Sale, which is expressly made a part hereof, we will pay you par plus a premium of
$ , 91, plus accrued interest from December 1, 1982 to the date of delivery. The bonds are to bear interest at
the following respective coupon rates (each a multiple of 1/4 or 1/10 of 1%) for bonds of each designated maturity.
MATURITIES- December 1
$ 275, 000 . ....................1984 % ®% $ 400 ,000.....................1988% $ 600,000...................... 1993%
300 ,000 .....................1985% 425,000...........:......... 1989% 250 ,000......................1994 7�f2%
325 ,000 .....................1986/ % 475,000 ..................... 1994 % 275, 000......................1995%
350 ,000 .....................198716 % 525 ,000.....................1991° % 275, 000 ......................1996 /0
550,000 1992 �0 %
.....................
As evidence of our good faith, we enclose herewith our (cashier's)4i check in the sum of $100,500 in
accordance with your Official Notice of Sale. Unless we notify you to the contrary within 24 hours, CUSIP numbers
are to be printed on the bonds at our expense and we agree to accept the bonds at delivery with CUSIP numbers as
printed.
We will designate our nomination for paying agent of the issue by 5:00 P.M., C.S.T. on the date of sale and
should we fail to do so by that time, or if such nomination is unacceptable, then the bonds and coupons may be
made payable at a bank of your choice.
OT A PART OF BI
Our calculation of interest cost from above is:
Total Interest ....... ............................$'3, 836r
Less Premium $ 86
Net Interest Cost .... .........................$ 1?3d 1%17 11
Net Interest Rate ............................. 375zlg
Retur it bid deposit check is acknow)ed ed.
By -�-� -� Date Ill G M -
Respectfully submitted,
NameThZEIrst National Bank of Chicago
By Account ManagerV
Address f 1rst National Plaza
City- Chicago - State Illinois
Telephone 732-8330 Zip
60670
(A list of the members of our account on whose behalf
this bid is made is attached hereto.)
ACCEPTANCE CLAUSE
The foregoing bid was accepted and bonds sold by resolution of the President and Board of Trustees of the
Village of Buffalo Grove, Illinois, on December 6, 1982 and receipt is hereby acknowledged of the good faith check
which is being held in accordance with the terms of the Official Notice of Sale.
VILLAGE OF BUFFALO GROVE, ILLINOIS
Village Manager
TABLE OF BOND YEARS - FROM DECEMBER 1, 1982
(For Computation Purposes Only. Not Part of Bid.)
Average Life: 8.1443 years
Maturity
Bond Years
Maturity
Bond Years
Year
December 1
Annual
Cumulative
Year
December 1
Annual
Cumulative
1984
$275,000
550
550
1991
$ 525,000
4,725
18,400
1985
300,000
900
1,450
1992
550,000
5,500
23,900
1986
325,000
1,300
2,750
1993
600,000
6,600
.30,500
1987
350,000
1,750
4,500
1994
250,000
3,000
33,500
1988
400,000
2,400
6,900
1995
275,000
3,375
37,075
1989
425,000
2,975
9,875
1996
275,000
3,850
40,925
1990
475,000
3,800
13,675
$5,025,000
40,925
Average Life: 8.1443 years
W -30
$5,025.000
VILLAGE OF BUFFALO GROVE, ILLINOIS
CORPORATE PURPOSE BONDS
SELLING ON Monday, DECEMBER 6, 1982
MEMBERS
1. The First National Bank of Chicago ) Jt.
2. Continental Illinois National Bank )
and Trust Company of Chicago ) Mgrs.
3. Dean Witter Reynolds Inc.
4. Van Kampen Merritt Inc.
5. American National Bank 8 Trust Company of Chicago
6. Columbian Securities, Inc.
7. Butcher 8 Singer Inc.
- 8.- Howe, Barnes 8 Johnson, Inc.
IN ASSOCIATION WITH
1. Harris Trust and Savings Bank ) Jt.
2. E. F. Hutton 8 Company, Inc. ) Mgrs.
3. Warburg Paribas Becker /A.G. Becker
4. Smith Barney, Harris Upham 6 Co. Incorporated
5. Centerre Bank N.A.
IN ASSOCIATION WITH
1. La Salle National Bank, Mgr.
2. Kidder, Peabody & Co. Incorporated