1986-091ORDINANCE NO. 86 -75
AN ORDINANCE PROVIDING FOR THE AMENDMENT OF
CERTAIN DOCUMENTS RELATING TO THE $6,000,000
ECONOMIC DEVELOPMENT REVENUE BONDS (COUNTY
LINE PARTNERS PROJECT) OF THE VILLAGE OF
BUFFALO GROVE, ILLINOIS
WHEREAS, the Village of Buffalo Grove, Illinois (the
"Issuer ") adopted Ordinance No. 84 -80 on December 17, 1984 which
authorized the issuance of its $6,000,000 Economic Development
Revenue Bonds (County Line Partners Project) (the "Bonds "); and
WHEREAS, the Bonds were issued pursuant to the
Indenture of Trust dated as of December 1, 1984 (the "Indenture ")
between the Issuer and American National Bank and Trust Company
of Chicago (the "Trustee "); and
WHEREAS, the proceeds of the Bonds were loaned to
American National Bank and Trust Company of Chicago, as Trustee
under Trust Number 62881 dated November 15, 1984 (the "Land
Trust ") and County Line Partners, a joint venture (the
"Beneficiary ")(the Land Trust and the Beneficiary are hereinafter
collectively referred to as the "Borrower ") pursuant to the Loan
Agreement dated as of December 1, 1984 (the "Loan Agreement ")
between the Issuer and the Borrower; and
WHEREAS, the Bonds were purchased by American National
Bank and Trust Company of Chicago (the "Purchaser ") pursuant to
the Bond Purchase Agreement dated as of December 1, 1984 between
the Issuer and the Purchaser; and
WHEREAS, the Borrower, the Purchaser and the Trustee
have agreed to amend the Indenture, the Loan Agreement, the Bonds
and the Installment Note dated December 28, 1984 (the "Note ")
from the Land Trust to the Issuer to provide for the establishing
of the interest rate at seven and one - quarter percent (7j%) per
annum from January 1, 1987 to December 31, 1997, the establishing
of mandatory principal redemptions of $120,000 on each December
31 for the years from 1987 to and including 1990 and the
providing for certain prepayment premiums; and
WHEREAS, it is proper for the Issuer for the benefit of
the inhabitants within the Issuer to authorize the amendment of
the abovementioned documents; and
WHEREAS, the Issuer has caused to be prepared and
presented to this meeting an Amendment dated as of December 1,
1986 (the "Amendment ") among the Issuer, the Borrower, the
Trustee and the Purchaser; and
WHEREAS, it is the intention of the Issuer that the
Amendment qualify as a refunding under the Internal Revenue Code
of 1954, as amended.
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NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE
COUNTIES, STATE OF ILLINOIS, AS FOLLOWS:
Section 1. That the form, term and provisions of the
Amendment be, and they hereby are, in all respects approved, and
the President and Village Clerk of the Issuer be, and they are
hereby authorized, empowered and directed to execute and deliver
the Amendment in the name and behalf of the Issuer.
Section 2. That the President and Village Clerk of the
Issuer be and hereby authorized, empowered and directed to cause
to be prepared an amended Bond and execute the same.
Section 3. That from and after the execution of the
Amendment, the proper officials, agents and employees of the
Issuer are hereby authorized, empowered and directed to do all
such acts and things and to execute all such documents as may be
necessary to carry out and comply with the provisions of the
Amendment as executed and to further the purposes and intent of
this Ordinance.
Section 4. That the Issuer elects to have the
provisions of Section 144(a)(4) of the Code apply to the amended
Bond.
Section 5. That the provisions of this Ordinance are
hereby declared to be separable, and if any section, phrase or
provision shall, for any reason, be declared to be invalid, such
declaration shall not affect the validity of the remainder of the
sections, phrases or provisions.
Section 6. That all ordinances, resolutions, orders or
parts thereof in conflict with the provisions of this Ordinance
are, to the extent of such conflict, hereby superseded.
Section 7. That this Ordinance shall be in full force
and effect from and after its passage and approval, in accordance
with law. This Ordinance shall not be codified.
AYES: 5 - O'Reilly, Glover, Reid, Shields, Kowalski
NAYES : 0 - None
ABSENT: 1 - Marienthal
PASSED this 15th day of December, 1986.
APPROVED this 15th day of December, 1986.1-.,
Ar
President
ATTEST:
aa, L � W
Villao Clerk
-2-
VILLAGE OF BUFFALO GROVE
ORDINANCE NO. �_ 12
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF BUFFALO GROYE
THIS DAY OF A2 19M
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
of Buffalo Grove, Cook & Lake Counties, Illinois,
this day of Aog&e�, 19.
Village Clerk
Deputy Clerk
nw
i At.
ORDINANCE NO. 86-75
AN ORDINANCE PROVIDING FOR THE AMENDMENT OF
CERTAIN DOCUMENTS RELATING TO THE $6,000,000
ECONOMIC DEVELOPMENT REVENUE BONDS (COUNTY
LINE PARTNERS PROJECT) OF THE VILLAGE OF
BUFFALO GROVE, ILLINOIS
WHEREAS, the Village of Buffalo Grove, Illinois (the
"Issuer ") adopted Ordinance No. 84 -80 on December 17, 1984 which
authorized the issuance of its $6,000,000 Economic Development
Revenue Bonds (County Line Partners Project) (the "Bonds "); and
WHEREAS, the Bonds were issued pursuant to the
Indenture of Trust dated as of December 1, 1984 (the "Indenture ")
between the Issuer and American National Bank and Trust Company
of Chicago (the "Trustee "); and
WHEREAS, the proceeds of the Bonds were loaned to
American National Bank and Trust Company of Chicago, as Trustee
under Trust Number 62881 dated November 15, 1984 (the "Land
Trust ") and County Line Partners, a joint venture (the
"Beneficiary ")(the Land Trust and the Beneficiary are hereinafter
collectively referred to as the "Borrower ") pursuant to the Loan
Agreement dated as of December 1, 1984 (the "Loan Agreement ")
between the Issuer and the Borrower; and
WHEREAS, the Bonds were purchased by American National
Bank and Trust Company of Chicago (the "Purchaser ") pursuant to
the Bond Purchase Agreement dated as of December 1, 1984 between
the Issuer and the Purchaser; and
WHEREAS,• the Borrower, the Purchaser and the Trustee
have agreed to amend the Indenture, the Loan Agreement, the Bonds
and the Installment Note dated December 28, 1984 (the "Note ")
from the Land Trust to the Issuer to provide for the establishing
of the interest rate at seven and one - quarter percent (7j%) per
annum from January 1, 1987 to December 31, 1997, the establishing
of mandatory principal redemptions of $120,000 on each December
31 for the years from 1987 to and including 1990 and the
providing for certain prepayment premiums; and
WHEREAS, it is proper for the Issuer for the benefit of
the inhabitants within the Issuer to authorize the amendment of
the abovementioned documents; and
,WHEREAS, the Issuer has caused to be prepared and
presented to this meeting an Amendment dated as of December 1,
1986 (the "Amendment ") among the Issuer, the Borrower, the
Trustee and the Purchaser; and
WHEREAS, it is the intention of the Issuer that the
Amendment qualify as a refunding under the Internal Revenue Code
of 1954, as amended.
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7Y
J.�
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE
COUNTIES, STATE OF ILLINOIS, AS FOLLOWS:
Section 1. That the form, term and provisions of the
Amendment be, and they hereby are, in all respects approved, and
the President and Village Clerk of the Issuer be, and they are
hereby authorized, empowered and directed to execute and deliver
the Amendment in the name and behalf of the Issuer.
Section 2. That the President and Village Clerk of the
Issuer be and hereby authorized, empowered and directed to cause
to be prepared an amended Bond and execute the same.
Section 3. That from and after the execution of the
Amendment, the proper officials, agents and employees of the
Issuer are hereby authorized, empowered and directed to do all
such acts and things and to execute all such documents as may be
necessary to carry out and comply with the provisions of the
Amendment as executed and to further the purposes and intent of
this Ordinance.
Section 4. That the Issuer elects to have the
provisions of Section 144(a)(4) of the Code apply to the amended
Bond.
Section 5. That the provisions of this Ordinance are
hereby declared to be separable, and if any section, phrase or
provision shall, for any reason, be declared to be invalid, such
declaration shall not affect the validity of the remainder of the
sections, phrases or provisions.
Section 6. That all ordinances, resolutions, orders or
parts thereof in conflict with the provisions of this Ordinance
are, to the extent of such conflict, hereby superseded.
Section 7. That this Ordinance shall be in full force
and effect from and after its passage and approval, in accordance
with law. This Ordinance shall not be codified.
AYES: 5 - O'Reilly, Glover, Reid, Shields, Kowalski
NAYES : 0 - None
ABSENT: 1 - Marienthal
PASSED this 15th day of December, 1986.
APPROVED this 15th day of December, 1986.,_
ATTEST:
Villag$ Clerk
i
President
-2-
s
ORDINANCE NO. 86- 91
ORDINANCE EXTENDING THE TIME TO CLOSE THE TAX INCREMENT
ALLOCATION REVENUE BONDS, SERIES 1986 (BUFFALO GROVE
TOWN CENTER DISTRICT TAX INCREMENT REDEVELOPMENT
PROJECT), PROVIDED FOR IN ORDINANCE NUMBER 86 -66.
WHEREAS, the President and Board of Trustees adopted
and approved Ordinance Number 86 -66, on November 3, 1986,
providing for the issuance of $8,500,000 in tax increment
revenue bonds for the Town Center Redevelopment Project;
and
WHEREAS, the Bond Purchase Agreement, Exhibit B
to such Bond Ordinance, calls for a closing by January 1,
1987; and
WHEREAS, the project developer will be the bond
purchaser and desires to purchase the bonds at or about the
time it concludes its other project financing and commences
project construction, on or before May 1, 1987; and
WHEREAS, the Board of Trustees of the Village of
Buffalo Grove agrees to a modification of the Bond Purchase
Agreement accordingly.
NOW, THEREFORE, BE IT HEREBY ORDAINED BY THE
PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO
GROVE, COOK AND LAKE COUNTIES, ILLINOIS, as follows:
Section 1. That the Village President and Village Clerk
are hereby authorized to execute, on behalf of the Village,
the Bond Purchase Agreement, Exhibit B to Ordinance 86 -66,
with the date set forth in paragraph 2.2 thereof, entitled
"Closing," changed from January 1, 1987 to May 1, 1987.
Section 2. That this Ordinance shall be in full
force and effect upon its passage by the Board of Trustees
of the Village of Buffalo Grove, Cook and Lake Counties,
Illinois and approval by the President thereof.
Section 3. That all ordinances, resolutions, and
orders, and part thereof, in conflict herewith, are hereby
superseded to the extent of such conflict. This Ordinance
shall not be codified.
Ayes: 4 - O'Reilly, Glover, Reid, Shields
Nayes : 1 - Kowalski
Absent: 1 - Marienthal
Adopted this 15th day of December, 1986.
Approved:
Verna L. Clayton - Presi nt
(SEAL)
Attest:
&
Vil:7 4e Clerk
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Trustee Glover made a motion that
said ordinance be adopted by said President and Board of
Trustees, which motion was duly seconded by Trustee
Reid
After full discussion and consideration of the matter,
the roll was called as follows:
AYE: 4 - O'Reilly, Glover, Reid, Shields
NAY: 1 - Kowalski
ABSENT OR NOT VOTING: 1 - Marienthal
Verna L. Clayton, President, announced the motion carried
and the Ordinance duly adopted.
(Other Business)
There being no further business to come before the
President and Board of Trustees, upon motion duly seconded
and unanimously adopted, the meeting was adjourned.
Verna L. Clayton - Pres' ent
(SEAL)
Attest:
ti
Villa\gb Clerk