1987-0420 0
ORDINANCE NO. 87 - 42
ORDINANCE EXTENDING THE TIME TO CLOSE THE TAX INCREMENT ALLOCATION
REVENUE BONDS, SERIES A AND SERIES B (BUFFALO GROVE TOWN CENTER
DISTRICT TAX INCREMENT REDEVELOPMENT PROJECT), PROVIDED FOR IN
ORDINANCE NUMBERS 87 -25, 87 -26 AND 87 -27
WHEREAS, the President and Board of Trustees adopted and approved
Ordinances Numbers 87 -25, 87 -26 and 87 -27, on March 16, 1987, providing for
the issuance and borrowing of $8,500,000 in tax increment revenue bonds for
the Town Center Redevelopment Project; and
WHEREAS, the Bond Purchase Agreements, Exhibit A, Paragraph 2.2 to Bond
Ordinances Numbers 87 -26 (Series A) and Number 87 -27 (Series B), calls for a
closing by June 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 July 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 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, this Ordinance that
amends the Bond Purchase Agreements, Exhibit A to Ordinances Number
87 -26 and 87 -27 with the date set forth in paragraph 2.2 thereof,
entitled "Closing," changed from June 1, 1987 to July 1, 1987.
SECTION 2. That this Ordinance shall be in full force and effect upon
its passage by the President and 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thereof, in conflict herewith, are hereby superseded to the extent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.
O O
AYES: 4 - Marienthal, Reid, Shields, Shifrin
NAYES: 0 - None
ABSENT: 2 - Glover, Kowalski
PASSED: May 18 1987.
APPROVED: May 18 , 1987.
Village President
ATTEST:
Vill-dge Clerk
ORDINANCE NO. 87 - 42
ORDINANCE EXTENDING THE TIME TO CLOSE THE TAX INCREMENT ALLOCATION
REVENUE BONDS, SERIES A AND SERIES B (BUFFALO GROVE TOWN CENTER
DISTRICT TAX INCREMENT REDEVELOPMENT PROJECT), PROVIDED FOR IN
ORDINANCE NUMBERS 87 -25, 87 -26 AND 87 -27
WHEREAS, the President and Board of Trustees adopted and approved
Ordinances Numbers 87 -25, 87 -26 and 87 -27, on March 16, 1987, providing for
the issuance and borrowing of $8,500,000 in tax increment revenue bonds for
the Town Center Redevelopment Project; and
WHEREAS, the Bond Purchase Agreements, Exhibit A, Paragraph 2.2 to Bond
Ordinances Numbers 87 -26 (Series A) and Number 87 -27 (Series B), calls for a
.4 closing by June 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 July 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 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, this Ordinance that
amends the Bond Purchase Agreements, Exhibit A to Ordinances Number
87 -26 and 87 -27 with the date set forth in paragraph 2.2 thereof,
entitled "Clgsing," changed from June 1, 1987 to July 1, 1987.
SECTION 2. That this Ordinance shall be in.full force and effect upon
its passage by the President and 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 - Marienthal, Reid, Shields, Shifrin
NAYES: 0 - None
ABSENT: 2 - Glover, Kowalski
PASSED: May 18 , 1987.
APPROVED: May 18 , 1987.
ATTEST:
Vil ge Clerk
Village President