1986-0081/20/86 Q
ORDINANCE NO. 86- 8
AN ORDINANCE AUTHORIZING THE BORROWING OF MONEY FROM
FIRST AMERICAN BANK OF LAKE COUNTY
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 finds it in its best interests to have
improvements done to Illinois Route 83 in the Village from
Lake -Cook Road to Buffalo Grove Road including the Buffalo Grove
Road intersection (sometimes referred to hereafter as "roadway
improvements "); and,
WHEREAS, the Village by Ordinance No. 85 -87 agreed that
First American Bank of Lake County's share of said roadway
improvements would be Twelve Thousand Three Hundred Fifty -One and
22 /100ths Dollars ($12,351.22) and that the cost of the roadway
improvement would be Three Hundred Thousand and no /100ths Dollars
($300,000.00); and
WHEREAS, it is deemed advisable and necessary for the best
interests of the residents of the Village to borrow money for the
said roadway improvements; and,
WHEREAS, the First American Bank of Lake County has offered
to loan funds to the Village in an amount not to exceed Two
Hundred Eighty -Seven Thousand Six Hundred Forty -Eight and
78 /100ths Dollars ($287,648.78) for said roadway improvements;
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 pursue roadway improvements
to Illinois Route 83 for service to the residents of the Village,
all as hereinabove described in the preambles of this Ordinance
and that for the purpose of paying for said roadway improvements,
borrow Two Hundred Eighty -Seven Thousand Six Hundred Forty -Eight
and 78 /100ths Dollars ($287,648.78) from the First American Bank
of Lake County pursuant to its Home Rule Power.
Section 2. Repayment of the amount borrowed shall be as follows:
A. One -third (1/3) of the amount borrowed plus
interest on December 2, 1991;
0 0
B. One -third (1/3) of the amount borrowed plus
interest on December 2, 1992; and
C. One -third (1/3) of the amount borrowed plus
interest on December 2, 1993.
The amount borrowed shall bear interest from and after the
date borrowed at the rate of Six Percent (6 %) per annum on the
unpaid balance. If for any reason the interest received or to be
received on the amount borrowed becomes taxable income, or
interest payments by the Bank are disallowed to the extent
attributed to this loan, pursuant to the Internal Revenue Code,
as amended from time to time, then the interest rate on the note
shall be increased as shall be necessary to provide a Six Percent
(6%) per annum after tax return to the Bank, provided that such
interest rate shall not exceed Ten Percent (10 %) per annum. All
interest shall be computed for the actual number of days elapsed
on the basis of a year consisting of 360 days. The Village shall
have the option of prepaying this loan at any time.
Section 3. 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 4. The President and Clerk of the Village are authorized
and directed to sign all necessary documents to effect the
borrowing.
Section 5. This Ordinance shall be in full force and effect
immediately upon its passage and approval.
AYES: 6 - Marienthal, O'Reilly, Glover, Reid, Shields, Kowalski
NAYES : 0 - None
ABSENT: 0 - None
PASSED: February 3 , 1986.
APPROVED: February 3 , 1986.
ATTEST:
Vi .age Clerk
-2-
Village Presic
lq -
1/20/86
ORDINANCE NO. 86- 8
AN ORDINANCE AUTHORIZING THE BORROWING OF MONEY FROM
FIRST AMERICAN BANK OF LAKE COUNTY
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 finds it in its best interests to have
improvements done to Illinois Route 83 in the Village from
Lake -Cook Road to Buffalo Grove Road including the Buffalo Grove
Road intersection (sometimes referred to hereafter as "roadway
improvements") and;
WHEREAS, the Village by Ordinance No. 85 -87 agreed that
First American Bank of Lake County's share of said roadway
improvements would be Twelve Thousand Three Hundred Fifty -One and
22 /100ths Dollars ($12,351.22) and that the cost of the roadway
improvement would be Three Hundred Thousand and no /100ths Dollars
($300,000.00); and
WHEREAS, it is deemed advisable and necessary for the best
interests of the residents of the Village to borrow money for the
said roadway improvements; and,
WHEREAS, the First American Bank of Lake County has offered
to loan funds to the Village in an amount not to exceed Two
Hundred Eighty -Seven Thousand Six Hundred Forty -Eight and
78 /100ths Dollars ($287,648.78) for said roadway improvements;
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 pursue roadway improvements
to Illinois Route 83 for service to the residents of the Village,
all as hereinabove described in the preambles of this Ordinance
and that for the purpose of paying for said roadway improvements,
borrow Two Hundred Eighty -Seven Thousand Six Hundred Forty -Eight
and 78 /100ths Dollars ($287,648.78) from the First American Bank
of Lake County pursuant to its Home Rule Power.
Section 2. Repayment of the amount borrowed shall be as follows:
A. One -third (1/3) of the amount borrowed plus
interest on December 2, 1991;
B. One -third (1/3) of the amount borrowed plus
interest on December 2, 1992; and
C. One -third (1/3) of the amount borrowed plus
interest on December 2, 1993.
The amount borrowed shall bear interest from and after the
date borrowed at the rate of Six Percent (6 %) per annum on the
unpaid balance. If for any reason the interest received or to be
received on the amount borrowed becomes taxable income, or
interest payments by the Bank are disallowed to the extent
attributed to this loan, pursuant to the Internal Revenue Code,
as amended from time to time, then the interest rate on the note
shall be increased as shall be necessary to provide a Six Percent
(6 %) per annum after tax return to the Bank, provided that such
interest rate shall not exceed Ten Percent (10 %) per annum. All
interest shall be computed for the actual number of days elapsed
on the basis of a year consisting of 360 days. The Village shall
have the option of prepaying this loan at any time.
Section 3. 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 4. The President and Clerk of the Village are authorized
and directed to sign all necessary documents to effect the
borrowing.
Section 5. This Ordinance shall be in full force and effect
immediately upon its passage and approval.
AYES: 6 - Marienthal, O'Reilly, Glover, Reid, Shields, Kowalski
NAYES: 0 - None
ABSENT: 0 - None
PASSED: February 3 , 1986.
APPROVED: February 3 1986.
Village Presiden
ATTEST:
J
i
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Vi'tiage Clerk
-2-