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1992-075ppp- u u ORDINANCE NUMBER 92 -75 AN ORDINANCE providing for the issue of $2,600,000 General Obligation Corporate Purpose Bonds, Series 1992, of the Village of Buffalo Grove, Lake and Cook Counties, Illinois, and for the levy and collection of a direct annual tax for the payment of the principal of and interest on said bonds. WHEREAS, the Village of Buffalo Grove, Lake and Cook Counties, Illinois (the "Municipality "), has a population of more than 25,000, and in accordance with the provisions of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution "), the Municipality is a home rule unit and, as such, may exercise any power or perform any function pertaining to its government and affairs including, but not limited to, the power to tax and to incur debt; and WHEREAS, the President and Board of Trustees of thA Municipality (the "Corporate Authorities ") have heretofore and do hereby determine that it is necessary and in the best interests of the Municipality to borrow money to construct improvements to various Municipal facilities (the "Project "); and WHEREAS, pursuant to the provisions of Section 6(d) of Article VII of the Constitution, the Municipality has the power to incur debt payable from ad valorem property tax receipts or from any other lawful source and maturing within forty (40) years from the time it is incurred without prior referendum approval; and v v WHEREAS, the Corporate Authorities hereby find and determine that it is necessary for the welfare of the government and affairs of the Municipality, is a proper public purpose and is in the public interest that the sum of $2,600,000 be borrowed at this time for the payment of the cost of the Project, and in evidence of such indebtedness, full faith and credit bonds of the Municipality in the principal amount of $2,600,000 be issued: NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Buffalo Grove, Lake and Cook Counties, Illinois, in the exercise of its home rule powers, as follows: Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are full, true and correct and do incorporate them into this ordinance by this reference. Section 2. Authorization. The Corporate Authorities hereby find that the Municipality is authorized to issue its general obligation bonds to the amount of $2,600,000 for the pur- pose of paying the cost of the Project. Section 3. Bond Details. There be borrowed on the credit of and for and on behalf of the Municipality the sum of $2,600,000 for the payment of the cost of the Project and bonds of the Municipality (the "Bonds ") shall be issued in said amount and shall be designated "General Obligation Corporate Purpose Bonds, Series 1992." The Bonds shall be dated November 1, 1992, -2- D tl and shall also bear the date of authentication, shall be in fully registered form, shall be in denominations of $5,000 each or authorized integral multiples thereof (but no single Bond shall represent installments of principal maturing on more than one date), shall be numbered 1 and upward, and the Bonds shall become due and payable serially (subject to prior redemption as herein- after set forth) on December 30 of each of the years, in the amounts and bearing interest per annum as follows: Year of Principal Rate of Maturity Amount Interest 1994 $125,000 6.60% 1995 130,000 6.75% 1996 140,000 6.75% 1997 150,000 6.75% 1998 155,000 6.75% 1999 165,000 6.75% 2000 175,000 6.00% 2001 185,000 4.75% 2002 195,000 4.75% 2003 210,000 4.75% 2004 220,000 4.75% 2005 235,000 4.75 2006 250,000 4.75% 2007 265,000 4.75°% The Bonds shall bear interest from their date or from the most recent interest payment date to which interest has been paid or duly provided for, until the principal amount of the Bonds is paid, such interest (computed upon the basis of a 360 - day year of twelve 30 -day months) being payable on the thirtieth days of June and December of each year, commencing on December 30, 1993. Interest on each Bond shall be paid by check or draft of the NBD Arlington Heights Bank, Arlington Heights, Illinois, -3- U v as paying agent (the "Paying Agent ") , payable upon presentation in lawful money of the United States of America, to the person in whose name such Bond is registered at the close of business on the 15th day of the month of the interest payment date. The principal of the Bonds shall be payable in lawful money of the United States of America at the principal office of the Paying Agent. The seal of the Municipality shall be affixed to or printed on each of the Bonds, and the Bonds shall be signed by the duly authorized facsimile signature of the President of the Municipality and attested by the duly authorized facsimile signature of the Village Clerk of the Municipality, and in case any officer whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. All Bonds shall have thereon a certificate of authen- tication substantially in the form hereinafter set forth duly executed by Municipal Services Corporation, Wheaton, Illinois (the "Bond Registrar "), as authenticating agent of the Munici- pality for the Bonds and showing the date of authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this ordinance unless and until such certificate of authentication shall have been duly executed -4- o u by the Bond Registrar by manual signature, and such certificate of authentication upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this ordinance. The certificate of authentication on any Bond shall be deemed to have been executed by the Bond Registrar if signed by an authorized officer of the Bond Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds issued hereunder. Section 4. Registration of Bonds; Persons Treated as Owners. The Municipality shall cause books (the "Bond Register ") for the registration and for the transfer of the Bonds as pro- vided in this ordinance to be kept at the principal office of the Bond Registrar, which is hereby constituted and appointed the registrar of the Municipality for this issue. The Municipality is authorized to prepare, and the Bond Registrar shall keep custody of, multiple Bond blanks executed by the Municipality for use in the transfer and exchange of Bonds. Upon surrender for transfer of any Bond at the princi- pal office of the Bond Registrar, duly endorsed by, or accom- panied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by, the registered owner or his attorney duly authorized in writing, the Municipality shall execute and the Bond Registrar shall authenti- cate, date and deliver in the name of the transferee or trans- ferees a new fully registered Bond or Bonds of the same maturity -5- Q v of authorized denominations, for a like aggregate principal amount. Any fully registered Bond or Bonds may be exchanged at said office of the Bond Registrar for a like aggregate principal amount of Bond or Bonds of the same maturity of other authorized denominations. The execution by the Municipality of any fully registered Bond shall constitute full and due authorization of such Bond and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, that the principal amount of outstanding Bonds of each maturity auth- enticated by the Bond Registrar shall not exceed the authorized principal amount of Bonds for such maturity less previous retire- ments. The Bond Registrar shall not be required to transfer or exchange any Bond during the period beginning at the close of business on the fifteenth day of the month of any interest pay- ment date on such Bond and ending on such interest payment date nor to transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen (15) days next preceding mailing of a notice of redemp- tion of any Bonds. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of or interest on any Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments D tl shall be valid and effectual to satisfy and discharge the liabil- ity upon such Bond to the extent of the sum or sums so paid. No service charge shall be made for any transfer or exchange of Bonds, but the Municipality or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a Bond surren- dered for redemption. Section 5. Redemption. Bonds maturing on and after December 30, 2001, shall be subject to redemption prior to maturity at the option of the Municipality as a whole, or in part in integral multiples of $5,000 in any order of maturity as determined by the Village (less than all of the Bonds of a single maturity to be selected by lot by the Bond Registrar), on December 30, 2000, and on any date thereafter, at the redemption price of par plus accrued interest to the redemption date. The Bonds shall be redeemed only in the principal amount of $5,000 and integral multiples thereof. The Municipal- ity shall, at least forty -five (4 5) days prior to the redemption date (unless a shorter time period shall be satisfactory to the Bond Registrar) notify the Bond Registrar of such redemption date and of the principal amount and maturity or maturities of the Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Bonds of a single maturity, the par- -7- v v ticular Bonds or portions of Bonds to be redeemed shall be selected not more than sixty (60) days prior to the redemption date by the Bond Registrar, from the outstanding Bonds of such maturity and by lot by providing for the selection for redemption of Bonds or portions of Bonds in principal amounts of $5,000 and integral multiples thereof. The Bond Registrar shall promptly notify the Municipal- ity in writing of the Bonds or portions of Bonds selected for redemption and, in the case of any Bond selected for partial redemption, the principal amount thereof to be redeemed. Section 6. Redemption Procedure. Unless waived by any owner of Bonds to be redeemed, notice of the call for any such redemption shall be given by the Bond Registrar on behalf of the Municipality by mailing the redemption notice by registered or certified mail at least thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption to the regist- ered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is fur- nished in writing by such registered owner to the Bond Registrar. All notices of redemption shall state: (1) the redemption date, (2) the redemption price, (3) if less than all outstanding Bonds are to be redeemed, the identification (and, in the case of par- tial redemption, the respective principal amounts) of the Bonds to be redeemed, O t/ (4) that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and (5) the place where such Bonds are to be surren- dered for payment of the redemption price, which place of payment shall be the principal office of the Paying Agent. Prior to any redemption date, the Municipality shall deposit with the Paying Agent an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date. Notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the Muni- cipality shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. Upon surrender for any partial redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of the same maturity in the amount of the un- paid principal. If any Bond or portion of Bond called for redemption shall not be so paid upon surrender thereof for redemption, the am o v principal shall, until paid, bear interest from the redemption date at the rate borne by the Bond or portion of Bond so called for redemption. All Bonds which have been redeemed shall be cancelled and destroyed by the Bond Registrar and shall not be reissued. Section 7. Form of Bond. The Bonds shall be prepared in compliance with the National Standard Specifications for Fully Registered Municipal Securities prepared by the American National Standards Institute and shall be in substantially the following form; provided, however, that if the text of the Bond is to be printed in its entirety on the front side of the Bond, then para- graph [2] and the legend, "See Reverse Side for Additional Pro- visions", shall be omitted and paragraphs [6] through [11] shall be inserted immediately after paragraph [1]: -10- v v (Form of Bond - Front Side) REGISTERED REGISTERED NO. C UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTIES OF LAKE AND COOK VILLAGE OF BUFFALO GROVE GENERAL OBLIGATION CORPORATE PURPOSE BOND, SERIES 1992 :See Reverse Side: :for Additional :Provisions Interest Maturity Rate: % Date: December 30, Registered Owner: Principal Amount: Dated Date: November 1, 1992 CUSIP: [1] KNOW ALL MEN BY THESE PRESENTS, that the Village of Buffalo Grove, Lake and Cook Counties, Illinois (the "Municipal- ity "), hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns as hereinafter provided, on the Maturity Date identified above, the Principal Amount identified above and to pay interest (computed on the basis of a 360 -day year of twelve 30 -day months) on such Principal Amount from the date of this Bond or from the most recent interest payment date to which interest has been paid at the Interest Rate per annum set forth -11- v u above on June 30 and December 30 of each year, commencing December 30, 1993, until said Principal Amount is paid. Principal of this Bond is payable in lawful money of the United States of America at the principal office of the NBD Arlington Heights Bank, Arlington Heights, Illinois, as paying agent (the "Paying Agent "). Payment of the installments of interest shall be made to the Registered Owner hereof as shown on the registra- tion books of the Municipality maintained by Municipal Services Corporation, Wheaton, Illinois (the "Bond Registrar "), at the close of business on the 15th day of the month of each interest payment date and shall be paid by check or draft of the Paying Agent, payable upon presentation in lawful money of the United States of America, mailed to the address of such Registered Owner as it appears on such registration books or at such other address furnished in writing by such Registered Owner to the Bond Regis- trar. For the prompt payment of this Bond, both principal and interest at maturity, the full faith, credit and resources of the Municipality are hereby irrevocably pledged. [2] Reference is hereby made to the further provisions of this Bond set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as if set forth at this place. [3] It is hereby certified and recited that all condi- tions, acts and things required by law to exist or to be done precedent to and in the issuance of this Bond did exist, have -12- v v happened, been done and performed in regular and due form and time a's required by law; that the indebtedness of the Municipal- ity, including the issue of Bonds of which this is one, does not exceed any limitation imposed by law; and that provision has been made for the collection of a direct annual tax sufficient to pay the interest hereon as it falls due and also to pay and discharge the principal hereof at maturity. [4] This Bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Bond Registrar. [5] IN WITNESS WHEREOF, said Village of Buffalo Grove, Lake and Cook Counties, Illinois, by its President and Board of Trustees, has caused its corporate seal to be imprinted by facsimile hereon or hereunto affixed, and this Bond to be signed by the duly authorized facsimile signature of the President of the Municipality and attested by the duly authorized facsimile signature of the Village Clerk of the Municipality, all as of the Dated Date identified above. (SEAL) Attest: (Facsimile Signature) Village Clerk -13- (Facsimile Signature) President m u Date of Authentication: , Bond Registrar: Municipal Services Corporation, Wheaton, Illinois CERTIFICATE OF Paying Agent: NBD Arlington Heights Bank, AUTHENTICATION Arlington Heights, Illinois This Bond is one of the Bonds described in the within mentioned ordinance and is one of the General Obligation Corporate Purpose Bonds, Series 1992,, of the Village of Buffalo Grove, Lake and Cook Counties, Illinois. Municipal Services Corporation as Bond Registrar By (Manual Signature) Authorized Officer [Form of Bond - Reverse Side] Village of Buffalo Grove Lake and Cook Counties, Illinois General Obligation Corporate Purpose Bond, Series 1992 [6] This Bond is one of a series of Bonds issued by the Municipality to pay the cost of constructing improvements to various Municipal facilities, pursuant to and in all respects in compliance with the applicable provisions of Section 6 of Article VII of the Constitution of the State of Illinois, and in compliance with an ordinance, which has been duly passed by the President and Board of Trustees of the Municipality, approved by -14- m u the President of the Municipality, and published, pursuant to the home rule powers of the Municipality (the "Bond Ordinance ") , in all respects as by law required. [7] Bonds of the issue of which this Bond is one matu- ring on and after December 30, 2001, are subject to redemption prior to maturity at the option of the Municipality as a whole, or in part in integral multiples of $5,000 in any order of maturity as determined by the Village (less than all the Bonds of a single maturity to be selected by lot by the Bond Registrar), on December 30, 2000, and on any date thereafter, at the redemp- tion price of par plus accrued interest to the redemption date. [8] Notice of any such redemption shall be sent by registered or certified mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books of the Municipality main- tained by the Bond Registrar or at such other address as is furnished in writing by such registered owner to the Bond Regis- trar. When so called for redemption, this Bond will cease to bear interest on the specified redemption date, provided funds for redemption are on deposit at the place of payment at that time, and shall not be deemed to be outstanding. [9] This Bond is transferable by the Registered Owner hereof in person or by his attorney duly authorized in writing at the principal office of the Bond Registrar in Wheaton, Illinois, -15- m u but only in the manner, subject to the limitations and upon pay- ment of the charges provided in the Bond Ordinance, and upon surrender and cancellation of this Bond. Upon such transfer a new Bond or Bonds of authorized denominations of the same maturity and for the same aggregate principal amount will be issued to the transferee in exchange therefor. [10] The Bonds are issued in fully registered form in the denomination of $5,000 each or authorized integral multiples thereof. This Bond may be exchanged at the principal office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations, upon the terms set forth in the Bond Ordinance. The Bond Registrar shall not be required to transfer or exchange any Bond during the period beginning at the close of business on the fifteenth day of the month of any interest payment date on such Bond and ending on such interest payment date nor to transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen days next preceding mailing of a notice of redemption of any Bonds. [11] The Municipality, the Paying Agent and the Bond Registrar may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the Municipality, the Paying Agent nor the Bond Registrar shall be affected by any notice to the contrary. -16- 0 ( V (ASSIGNMENT) FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (Name and Address of Assignee) the within Bond and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for regis- tration thereof with full power of substitution in the premises. Dated: Signature guaranteed: NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Section 8. Sale of Bonds. After the adoption of this ordinance, the bonds shall be executed as provided herein and deposited with the Treasurer of the Municipality, and said Trea- surer shall deliver the Bonds to Griffin, Kubik, Stephens & Thompson, Inc., Chicago, Illinois, the purchaser thereof, upon receipt of the purchase price therefor, the same being $2,580,000, plus accrued interest to date of delivery; the contract for the sale of the Bonds heretofore entered into is in all respects ratified, approved and confirmed, it being hereby found and determined that said contract is in the best interests of the Municipality and that no person holding an office of the Municipality, either by election or appointment, is in any manner interested, either directly or indirectly, in his own name or in -17- m u the name of any other person, association, trust or corporation, in said contract for the purchase of the Bonds. Section 9. Tax Levy. In order to provide for the collection of a direct annual tax sufficient to pay the interest on the Bonds as it falls due, and also to pay and discharge the principal thereof at maturity, there be and there is hereby lev- ied upon all the taxable property within the Municipality a direct annual tax for each of the years while the Bonds or any of them are outstanding, in amounts sufficient for that purpose, and that there be and there is hereby levied upon all of the taxable property in the Municipality, the following direct annual tax, to -wit: For the Year Tax Sufficient to Produce the Sum of: 1992 $166,203.33 for interest up to and in- cluding December 30, 1993 1993 $267,800.00 for interest and principal 1994 $264,550.00 for interest and principal 1995 $265,775.00 for interest and principal 1996 $266,325.00 for interest and principal 1997 $261,200.00 for interest and principal 1998 $260,737.50 for interest and principal 1999 $259,600.00 for interest and principal 2000 $259,100.00 for interest and principal 2001 $260,312.50 for interest and principal 2002 $266,050.00 for interest and principal 2003 $266,075.00 for interest and principal 2004 $270,625.00 for interest and principal 2005, $274,462.50 for interest and principal 2006 $277,587.50 for interest and principal Principal or interest maturing at any time when there are not sufficient funds on hand from the foregoing tax levy to pay the same shall be paid from the general funds of the Munici- pality, and the fund from which such payment was made shall be -18- � tw reimbursed out of the taxes hereby levied when the same shall be collected. The Municipality covenants and agrees with the pur- chasers and the holders of the Bonds that so long as any of the Bonds remain outstanding, the Municipality will take no action or fail to take any action which in any way would materially adversely affect the ability of the Municipality to levy and collect the foregoing tax levy and the Municipality and its officers will comply in all material aspects with all present and future applicable laws in order to assure that the foregoing taxes will be levied, extended and collected as provided herein and deposited in the fund established to pay the principal of and interest on the Bonds. Section 10. Filing of Ordinance. Forthwith upon the passage of this ordinance, the Village Clerk of the Municipality is hereby directed to file a certified copy of this ordinance with the County Clerks of The Counties of Lake and Cook, Illinois, and it shall be the duty of said County Clerks to annually in and for each of the years 1992 to 2006, inclusive, ascertain the rate necessary to produce the tax herein levied, and extend the same for collection on the tax books against all of the taxable property within the Municipality in connection with other taxes levied in each of said years for general corpor- ate purposes, in order to raise the respective amounts aforesaid and in each of said years such annual tax shall be computed, -19- V 9 extended and collected in the same manner as now or hereafter provided by law for the computation, extension and collection of taxes for general corporate purposes of the Municipality, and when collected, the taxes hereby levied shall be placed to the credit of a special fund to be designated "Corporate Purpose Bond and Interest Fund of 1992" (the "Bond Fund "), which fund is hereby irrevocably pledged to and shall be used only for the purpose of paying the principal of and interest on the Bonds. Section 11. Creation of Funds and Appropriations. The accrued interest received upon the sale of the Bonds is hereby appropriated for the purpose of paying such interest due on the Bonds, and, to that end, is hereby ordered deposited into the Bond Fund, which fund shall be the fund for the payment of prin- cipal of and interest on the Bonds. Taxes received for the pay- ment of the Bonds shall be deposited into the Bond Fund and used solely and only for paying the Bonds. Interest received from deposits in the Bond Fund shall, at the discretion of the Cor- porate Authorities, either be transferred to the General Corpo- rate Fund of the Municipality or be retained in the Bond Fund for payment of the principal of or interest on the Bonds on the interest payment date next after such interest is received. The principal proceeds of the Bonds shall be deposited into the "Series 1992 Bond Proceeds Fund" (the "Project Fund "), hereby created; and disbursements shall be made from the Project Fund only for the purposes for which the Bonds are being issued -20- v v and for which such principal proceeds are hereby appropriated. Interest received from deposits in the Project Fund shall, at the discretion of the Corporate Authorities, either be -transferred to the Bond Fund for payment of the principal of or interest on the Bonds on the interest payment date next after such interest is received or be retained in the Project Fund. Section 12. Non - Arbitrage and Tax-Exemption. One purpose of this Section is to set forth various facts regarding the Bonds and to establish the expectations of the Corporate Authorities and the Municipality as to future events regarding the Bonds and the use of Bond proceeds. The certifications and representations made herein and at the time of the issuance of the Bonds are intended, and may be relied upon, as certifications and expectations described in Section 1.103- 13(a)(2)(ii) of the U.S. Treasury Regulations dealing with arbitrage and rebate (the "Regulations "). The covenants and agreements contained herein and at the time of the issuance of the Bonds are made for the benefit of the owners from time to time of the Bonds. The Cor- porate Authorities and the Municipality agree, certify, covenant and represent as follows: (1) The Bonds are being issued to pay the costs of the Project, and all of the amounts re- ceived upon the sale of the Bonds, plus all invest- ment earnings thereon (the "Proceeds "), are needed for the purposes for which the Bonds are being issued. (2) The Municipality has entered, or will within six months from the date of issue of the Bonds enter, into binding contracts or commitments -21- v tir obligating it to spend at least $100,000 for con- structing, acquiring and equipping the Project. It is expected that the work of acquiring, construct- ing and equipping the Project will continue to proceed with due diligence through November 1, 1995, at which time all of the Proceeds will have been spent. (3) The Municipality has on hand no funds which could legally and practically be used for the Project which are not pledged, budgeted, earmarked or otherwise necessary to be used for other pur- poses. Accordingly, no portion of the Proceeds will be used (i) directly or indirectly to replace funds of the Municipality or any agency, department or division thereof that could be used for the Pro- ject, or (ii) to replace any proceeds of any prior issuance of obligations by the Municipality. No proceeds of the Bonds will be invested in any investment having a substantially guaranteed yield for four (4) years or more. No portion of the Bonds is being issued solely for the purpose of investing the Proceeds at a Yield higher than the Yield on the Bonds. For purposes of this Section, "Yield" means that yield (i.e., discount rate) which when used in computing the present worth of all payments of principal and interest to be paid on an obligation (using semi- annual compounding on the basis of a 360 -day year) produces an amount equal to its purchase price, including accrued interest, and the purchase price of the Bonds is equal to the first offering price at which more than 10% of the principal amount of each maturity of the Bonds is sold to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers). (4) All principal proceeds of the Bonds will be deposited in the Project Fund and used to pay the costs of the Project, and any accrued interest and premium received on the delivery of the Bonds will be deposited in the Bond Fund and used to pay the first interest due on the Bonds. Earnings on investment of moneys in a fund will be credited to that fund or, to the extent permitted by law, will be transferred to the operating funds of the Mun- icipality. Project costs, including issuance costs of the Bonds, will be paid from the Project Fund, and no other moneys are expected to be deposited -22- v u therein. Interest on and principal of the Bonds will be paid from the Bond Fund. No Proceeds will be used more than 30 days after the date of issue of the Bonds for the purpose of paying any prin- cipal or interest on any issue of bonds (except for the Bonds), notes, certificates or warrants or on any installment contract or other obligation of the Municipality or for the purpose of replacing any funds of the Municipality used for such purpose. (5) The Bond Fund is established to achieve a proper matching of revenues and earnings with debt service in each bond year. Other than any Proceeds or any amounts held to pay principal of matured Bonds that have not been presented for payment, it is expected that any moneys deposited in the Bond Fund will be spent within the 12 -month period be- ginning on the date of deposit therein. Any earn- ings from the investment of amounts in the Bond Fund will be spent within a one -year period begin- ning on the date of receipt of such investment earnings. Other than any Proceeds or any amounts held to pay principal of matured Bonds that have not been presented for payment, it is expected that the Bond Fund will be depleted at least once a year, except for a reasonable carryover amount not to exceed the greater of (i) one - year's earnings on the investment of moneys in the Bond Fund, or (ii) in the aggregate, one - twelfth (1 /12th) of the annual debt service on the Bonds. (6) Other than the Bond Fund, no funds or accounts have been or are expected to be estab- lished, and no moneys or property have been or are expected to be pledged (no matter where held or the source thereof) which will be available to pay, directly or indirectly, the Bonds or restricted so as to give reasonable assurance of their avail- ability for such purposes. No property of any kind is pledged to secure, or is available to pay, obli- gations of the Municipality to any credit enhancer or liquidity provider. (7) (a) All amounts on deposit in the Project Fund or the Bond Fund and all Proceeds, no matter in what funds or accounts deposited ( "Gross Pro- ceeds"), to the extent not exempted in (b) below, and all amounts in any fund or account pledged directly or indirectly to the payment of the Bonds which will be available to pay, directly or in- -23- directly, the Bonds or restricted so as to give reasonable assurance of their availability for such purpose contrary to the expectations set forth in (6) above, shall be invested at market prices and at a Yield not in excess of the Yield on the Bonds plus, for amounts in the Project Fund only, 1/8 of 1%. (b) The following may be invested without Yield restriction: (i) amounts invested in obligations described in Section 103(a) of the Internal Revenue Code of 1986 (the "Code ") (but not specified private acti- vity bonds as defined in Section 57(a)(5)(C) of the Code) the interest on which is not includable in the gross income of any owner thereof for federal income tax purposes ( "Tax- Exempt Obligations "); (ii) amounts deposited in the Bond Fund that are reasonably expected to be expended within 13 months from the deposit date and have not been on deposit therein for more than 13 months; (iii) amounts in the Project Fund and Proceeds in the Bond Fund prior to the earlier of completion (or abandonment) of the Project or three years from the date of issue of the Bonds; (iv) an amount not to exceed $100,000; (v) all amounts for the first 30 days after they become Gross Proceeds (e.g., date of deposit in any fund securing the Bonds); and (vi) all amounts derived from the investment of the Proceeds for a period of one year from the date received. (8) Subject to (18) below, once moneys are subject to the Yield limits of (7)(a) above, they remain Yield restricted until they cease to be Gross Proceeds. (9) As set forth in Section 148(f)(4)(D) of the Code, the Municipality is excepted from the re- quired rebate of arbitrage profits on the Bonds because the Municipality is a governmental unit with general taxing powers, none of the Bonds is a "private activity bond" as defined in Section 141(a) of the Code, all the net proceeds of the Bonds are to be used for the local government -24- V v activities of the Municipality, and the aggregate face amount of all Tax - Exempt Obligations (other than "private activity bonds" as defined in Code) issued by the Municipality and all subordinate entities thereof during the calendar year 1992, including the Bonds, is not reasonably anticipated to exceed $5,000,000. (10) None of the Proceeds will be used, di- rectly or indirectly, used in any business carried on by any person other than a state or local governmental unit or to replace funds used for such purposes. (11) The payment of the principal of or the interest on the Bonds will not be, directly or indirectly (A) secured by any interest in (i) pro- perty used or to be used for a private business use by any person other than a state or local govern- mental unit, or (ii) payments in respect of such property, or (B) derived from payments (whether or not by or to the Municipality), in respect of pro- perty, or borrowed money, used or to be used for a private business use by any person other than a state or local governmental unit. (12) None of the Proceeds will be used, di- rectly or indirectly, to make or finance loans to persons other than a state or local governmental unit. (13) No user of the Project other than a state or local government unit will use the Project on any basis other than the same basis as the gen- eral public, and no person other than a state or local governmental unit will be a user of the Pro- ject as a result of (i) ownership, or (ii) actual or beneficial use pursuant to a lease or a manage- ment or incentive payment contract, or (iii) any other similar arrangement. (14) Subsequent to 31 days prior to the Bond sale date, the Municipality has not sold or de- livered, and will not sell or deliver, (nor will it deliver within 31 days after the date of issue of the Bonds) any other obligations pursuant to a common plan of financing, which will be paid out of substantially the same source of funds (or which will have substantially the same claim to be paid out of substantially the same source of funds) as the Bonds or will be paid directly or indirectly from the Proceeds. -25- 0 tr (15) No portion of the Project is expected to be sold or otherwise disposed of prior to the last maturity of the Bonds (16) None of the Proceeds will be used to reimburse the Municipality for an expenditure paid prior to the date the Bonds are issued. (17) The Municipality has not been notified of any disqualification or proposed disqualifica- tion of it by the Internal Revenue Service as a bond issuer which may certify bond issues under Section 1.103- 13(a)(2)(ii) of the Regulations. (18) The Yield restrictions contained in (7) above or any other restriction or covenant con- tained herein may be violated or changed if the Municipality receives an opinion of counsel approv- ing the Bonds to the effect that such violation or change will not adversely affect the tax exemption of interest on the Bonds to which it is otherwise entitled. (19) The Municipality acknowledges that any changes in facts or expectations from those set forth herein may result in different Yield restric- tions or rebate requirements from those set forth herein and that counsel approving the Bonds should be contacted if such changes do occur. (20) The Corporate Authorities have no reason to believe the facts, estimates, circumstances and expectations set forth herein are untrue or incom- plete in any material respect. On the basis of such facts, estimates, circumstances and expecta- tions, it is not expected that the Proceeds or any other moneys or property will be used in a manner that will cause the Bonds to be arbitrage bonds within the meaning of Section 148 of the Code and of the Regulations. To the best of the knowledge and belief of the Corporate Authorities, such expectations are reasonable and there are no other facts, estimates and circumstances that would materially change such expectations. The Municipality also agrees and covenants with the purchasers and holders of the Bonds from time to time outstanding that, to the extent possible under Illinois law, it will comply -26- with whatever federal tax law is adopted in the future which applies to the Bonds and affects the tax - exempt status of the Bonds. The Corporate Authorities hereby authorize the offi- cials of the Municipality responsible for issuing the Bonds, the same being the President and Village Clerk of the Municipality, to make such further covenants and certifications as may be necessary to assure that the use thereof will not cause the Bonds to be arbitrage bonds and to assure that the interest on the Bonds will be exempt from federal income taxation. In connection therewith, the Municipality and the Corporate Authorities further agree: (a) through their officers, to make such further specific covenants, representations as shall be truthful, and assurances as may be necessary or advisable; (b) to consult with counsel approving the Bonds and to comply with such advice as may be given; (c) to pay to the United States, as necessary, such sums of money representing required rebates of excess arbitrage pro- fits relating to the Bonds; (d) to file such forms, statements, and supporting documents as may be required and in a timely manner; and (e) if deemed necessary or advisable by the officers of the Municipality, to employ and pay fiscal agents, financial advisors, attorneys, and other persons to assist the Municipality in such compliance. Section 13. Designation of Issue. The Municipality hereby covenants that the Municipality and all subordinate enti- ties thereof will not issue any obligations of any kind or for -27- O ti any purpose in excess of the total aggregate amount of $10,000,000 during the calendar year 1992, and the Municipality hereby designates the Bonds as obligations being issued for the purposes of meeting the requirements of Section 265(b)(3) of the Code regarding qualified tax - exempt obligations. Section 14. Registered Form. The Municipality recog- nizes that Section 149(a) of the Code requires the Bonds to be issued and to remain in fully registered form in order that interest thereon is exempt from federal income taxation under laws in force at the time the Bonds are delivered. In this con- nection, the Municipality agrees that it will not take any action to permit the Bonds to be issued in, or converted into, bearer or coupon form. Section 15. List of Bondholders. The Bond Registrar shall maintain a list of the names and addresses of the regis- tered owners of all Bonds and upon any transfer shall add the name and address of the new registered owner and eliminate the name and address of the transferor. Section 16. Duties of Bond Registrar. If requested by the Bond Registrar, the President and Village Clerk of the Municipality are authorized to execute the Bond Registrar's standard form of agreement between the Municipality and the Bond Registrar with respect to the obligations and duties of the Bond Registrar hereunder which may include the following: (a) to act as bond registrar, authenticating agent, paying agent and transfer agent as provided herein; -28- v v (b) to maintain a list of the registered owners of the Bonds as set forth herein and to furnish such list to the Municipality upon request, but otherwise to keep such list confidential; (c) to give notice of redemption of Bonds as provided herein; (d) to cancel and /or destroy Bonds which have been paid at maturity or upon earlier redemption or submitted for ex- change or transfer; (e) to furnish the Municipality at least annually a certificate with respect to Bonds cancelled and /or destroyed; and (f) to furnish the Municipality at least annually an audit confirmation of Bonds paid, Bonds outstanding and pay- ments made with respect to interest on the Bonds. Section 17. Publication of Ordinance. A full, true and complete copy of this ordinance shall be printed or published promptly after passage in pamphlet form by authority of the Cor- porate Authorities and shall be in full -force and effect immediately and forthwith upon such publication. Section 18. Severability. If any section, paragraph or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this ordinance. -29- t� v Section 19. Repealer and Effective Date. All ordi- nances, resolutions and orders, or parts thereof, in conflict herewith, are to the extent of such conflict hereby repealed and this ordinance shall be in full force and effect immediately and forthwith upon its passage, approval and publication. AYES: 5 - Reid, Kahn, Rubin, Hendricks, President Mathias NAYS: 2 - Marienthal, Braiman ABSENT: 0 - None ADOPTED: October 5, 1992. APP ED;* Octgbe-rr 5 , jqA,3 Presi.dex�t—, V -i1 -rage- bf Buffalo Grove, Lake and Cook Counties, Illinois Attest: v VillaW Clerk, Village of Buffalo Grove, Lake and Cook Counties, Illinois Recorded in the Municipal records on October 5, 1992. Published in pamphlet form by authority of the Corpo- rate Authorities on October 6, 1992. -30 New Issue Investment Ratings: Date of Sale: Monday, October 5, 1992 Moody's Investors Service .......... 1:00 P.M., C.D.T. Standard & Poor's Corporation ...... (Review Requested) PRELIMINARY OFFICIAL STATEMENT Subject to compliance by the Village with certain covenants, in the opinion of Chapman and Cutler, Bond Counsel, under present law interest on the Bonds will not be includible in gross income of the owners thereof for Federal income tax purposes, but will be taken into account in computing the corporate alternative minimum tax, as more fully discussed under the heading "TAX EXEMPTION" herein. The Village intends to designate the Bonds as "quaked tax - exempt obligations "pursuant to the small issuer exception provided by Section 265(6)(3) of the Internal Revenue Code of 1986. $2,600,000 VILLAGE OF BUFFALO GROVE Lake and Cook Counties, Illinois General Obligation Corporate Purpose Bonds, Series 1992 Dated November 1, 1992 Fully Registered Due Serially December 30, 1994 -2007 Denomination: Multiples of $5,000 Principal and semiannual interest on the $2,600,000 Village of Buffalo Grove (the "Village ") General Obligation Corporate Purpose Bonds, Series 1992 (the "Bonds ") are payable at the First of America Bank- Rockford, N.A., Rockford, Illinois, the Village's paying agent. Interest on each Bond shall be paid by check or draft of the paying agent to the person in whose name such Bond is registered at the close of business on the 15th day of the month next preceding the interest payment date on the books of registration of the Village (the "Bond Register "), kept for that purpose by Municipal Services Corporation, Wheaton, Illinois (the "Bond Registrar "). The principal of the Bonds shall be payable in lawful money of the United States of America upon presentation and surrender thereof at the principal corporate trust office of the paying agent. in Rockford, Illinois. Interest will be payable each June 30 and December 30, with the first interest payment due December 30, 1993. AMOUNTS, MATURITIES AND INTEREST RATES Principal Due Interest Yield or Principal Due Interest Yield or Amouni Dec.30 Rate Price Amount Dec.30 Rate Price $125,000 .... 1994 X X $185,000 .... 2001 X % 130,000 .... 1995 195,000 .... 2002 140,000 .... 1996 210,000 .... 2003 150,000 .... 1997 220,000 .... 2004 155,000 .... 1998 235,000 2005 165,000 .... 1999 250,000 .... 2006 175,000 .... 2000 265,000 .... 2007 Bonds due December 30, 1994 -2000, inclusive, are non - callable. Bonds due December 30, 2001 -2007, inclusive, are callable in whole or in part and on any date on or after December 30, 2000, at a price of par and accrued interest. If less than all' the Bonds are called, they shall be redeemed in any order of maturity as determined by the Village and within any maturity by lot. See "OPTIONAL REDEMPTION" herein. PURPOSE, LEGALITY AND SECURITY Proceeds of this issue are to be used to construct improvements to various Village facilities. The Bonds, in the opinion of Bond Counsel, Chapman and Cutler, Attorneys, Chicago, Illinois, will constitute valid and legally binding obligations of the Village payable both as to principal and interest from ad valorem taxes levied against all taxable property therein without limitation as to rate or amount. The Village will furnish the written approving opinion of said .bond attorneys evidencing legality of the bonds and that the interest thereon is exempt from Federal income taxes as described under the heading "TAX EXEMPTION" herein. Bond counsel has not reviewed nor participated in the preparation of this Preliminary Official Statement. The information in this Preliminary Official Statement has been compiled from sources believed to be reliable, but is not guaranteed. As far as any statements herein involve matters of opinion, whether or not so stated, they are intended as such and not as representations of fact. This Preliminary Official Statement is dated September 15, 1992 and has been prepared under the authority of the Village. Additional copies may be obtained from Mr. William If. Brimm, Director of Finance, 50 Raupp Boulevard, Village of Buffalo Grove, Illinois 60089 -2138 or from the Public Finance Consultants to the Village: FAtablished 1954 Speer Financial, Inc. PUBLIC FINANCE CONSULTANTS 55 EAST MONROE STREET 0 CHICAGO, ILLINOIS 60603 Area 312- 346 -3700 Printed on Recycled Paper =$ For purposes of compliance with Rule 15c2 -12 of the Securities and Exchange Commission, this document, as the same may be supplemented or corrected by the Village from time to time (collectively the "Preliminary Official Statement "), may be treated as a Preliminary Official Statement with respect to the Bonds described herein that is deemed final as of the date hereof (or of any such supplement or correction) by the Village. The Preliminary Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law or deemed appropriate by the Village, shall "constitute a "Final Official Statement" of the Village with respect to the Bonds, as that term is defined in Rule 15c2 -12. Any such addendum shall, on and after the date thereof, be fully incorporated herein and made a part hereof by reference. No dealer, broker, salesman or other person has been authorized by the Village to give any information or to make any representations with respect to the Bonds other than as contained in the Preliminary Official Statement or the Final Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Village. Certain information contained in the Preliminary Official Statement and the Final Official Statement may have been obtained from sources other than records of the Village and, while believed to be reliable, is not guaranteed as to completeness. THE INFORMATION AND EXPRESSIONS OF OPINION IN THE PRELIMINARY OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE PRELIMINARY OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE VILLAGE SINCE THE DATE THEREOF. References herein to laws, rules, regulations, ordinances, resolutions, agreements, reports and other documents do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may contain qualifications of and exceptions to statements made herein. Where full texts have not been included as appendices to the Preliminary Official Statement or the Final Official Statement they will be furnished on request. 2 BOND ISSUE SUMMARY This Bond Issue Summary is expressly qualified by the entire Preliminary Official Statement, including the Official Notice of Sale and the Official Bid Form, which are provided for the convenience of potential investors and which should be reviewed in their entirety by potential investors. Issuer: Village of Buffalo Grove, Lake and Cook Counties, Illinois. Issue: $2,600,000 General Obligation Corporate Purpose Bonds, Series 1992. Dated Date: The Bonds are dated November 1, 1992. Interest Due: Each June 30, and December 30, commencing December 30, 1993. Principal Due: Serially each December 30 from 1994 through 2007. Optional Redemption: Bonds due December 30, 1994 -2000, inclusive, are non - callable. Bonds due December 30, 2001 -2007, inclusive, are callable on any date on or after December 30, 2000. If less than all of the Bonds are called, they shall be redeemed in any order of maturity designated by the Village and within any maturity by lot. Bonds so called shall be redeemed at the price of par and accrued interest to the date of redemption. Security: The Bonds are payable as to principal and interest from ad valorem taxes levied against all taxable property within the Village without limitation as to rate or amount. Purpose and Authority: The Bonds are being issued pursuant to the home rule powers of the Village for various general corporate purposes. Tax Exemption: Chapman and Cutler, Attorneys, Chicago, Illinois, will provide an opinion as to the tax exemption of the Bonds as discussed under "TAX EXEMPTION" in this Preliminary Official Statement. Interest on the Bonds is not exempt from present State of Illinois income taxes. Bank Qualification: The Village intends to designate the Bonds as "qualified tax- exempt obligations." Credit Rating: A rating has been requested from Moody's Investors Service and Standard & Poor's Corporation. Registrar and Paying Agent: First of America Bank- Rockford, N.A., Rockford, Illinois, is the Village's paying agent. Municipal Services Corporation, Wheaton, Illinois is the Village's Registrar. M VILLAGE OF BUFFALO GROVE Lake and Cook Counties, Illinois Sidney Mathias President Board of Trustees Jeffrey Braiman Bruce Kahn William Reid Charles Hendricks John Marienthal Brian Rubin Officials William R. Balling Joseph Tenerelli William G. Raysa Village Manager Village Treasurer Village Attorney William H. Brimm Janet M. Sirabian Director of Finance Village Clerk and General Services GENERAL INFORMATION The Village of Buffalo Grove is located in Lake and Cook Counties approximately 30 miles northwest of downtown Chicago. It is 8.3 square miles in size and has a 1990 Census population of 36,398. About 75% of the Village's land area is in Lake County. The Cook County portion of the Village is largely developed and virtually all of its future growth is expected to take place in Lake County. Buffalo Grove is a home rule unit under the terms of Illinois law pursuant to a 1980 referendum, during which year it had a population of 22,230. The 1970 Census population was 12,333. Buffalo Grove was incorporated as a Village on March 7, 1958. The Village President and six - member Board of Trustees are elected on at -large basis. A Village Manager has been in charge of the day - to-day operations of Buffalo Grove since 1971, and the current Manager has held the position for 15 years. The Village has 221 full -time employees. Emergency services are centered in the police station and three fire stations. There are presently 64 full -time police officers as well as a support staff of 21 civilians. Each of the Village's 55 full -time firefighters is also a fully certified paramedic. The Village -owned water and sewer system distributes Lake Michigan water which is taken from the lake and treated by the City of Evanston and delivered to Buffalo Grove by the Northwest Water Commission. There are also three wells which are maintained on a standby basis. The sewage collection system delivers sewage for treatment to the Metropolitan Water Reclamation District of Greater Chicago (Cook County) and to the Lake County Public Works Department. 4 SOCIOECONOMIC INFORMATION The following U.S. Census statistics show that the residents of Buffalo Grove have higher incomes and have had more education than those of the State of Illinois as a whole and of Lake and Cook Counties. Median household 1990 income for the Village was $56,011, which is an increase of 840 over the median household 1980 income of $30,417. The Village's median family 1990 income was $62,126 or an increase of 92% over the median family 1980 Income of $32,338. The following tables show the Village's household and family income by classification. Classification Less than $5,000 . . . . . . . . $ 5,000 to $ 9,999 . . . . . . $ 10,000 to $ 14,999 . . . . $ 15,000 to $ 24,999 . . . . . . . $ 25,000 to $ 34,999 . . . . . . . $ 35,OOO.to $ 49,999 . . . . . . . $ 50,000 to $ 74,999 . . . . . . . $ 75,000 to $ 99,999 . . . . . . . $100,000 to $149,999 . . . . . . . $150,000 or more . . . . . . . . . Total . . . . . . . . . . . . . . As can be seen in the following table, Census Bureau estimates show higher per capita money income from 1979 to 1989 within Buffalo Grove than for the State and the two counties. Per Capita Money Income(1) Buffalo Grove: 1990 Census 1987 $18,825 Number of Lake Portion . . Cook Portion . . Number of 13,028 Households Percent Families Percent 144 1.07% 55 0.55% 231 1.73% 51 0.50% 235 1.76% 74 0.73% 769 5.75% 310 3.06% 1,423 10.64% 771 7.62% 2,703 20.22% 1,896 18.74% 3,961 29.63% 3,474 34.34% 2,197 16.43% 1,998 19.75% 1,211 9.06% 1,056 10.44% 496 3.71% 432 4.27% 13,370 100.00% 10,117 100.00% As can be seen in the following table, Census Bureau estimates show higher per capita money income from 1979 to 1989 within Buffalo Grove than for the State and the two counties. Per Capita Money Income(1) Buffalo Grove: 1979 $10,664 1983 $13,700 1987 $18,825 1989 $23,718 Lake Portion . . Cook Portion . . . . . . . . . . . . . . . . . . . . 10,085 13,028 16,214 N/A Lake County . . . . . . . . . . . . . . 10,103 12,869 16,856 15,697 Cook County . . . . . . . . . . . . 8,229 10,589 11,703 21,765 State of Illinois . . . . . . . . . . . 8,065 10,299 12,427 15,201 Note: (1) Source: U.S. Census Bureau. Fi % Change 1979 -1989 122.41% N/A 55.37% 164.49% 88.48% Business and Industry The following are lists of large employers located in the Village and the surrounding areas. In addition, Village residents also have access to employment opportunities throughout the Chicago metropolitan area. Major Village Employers(]) Name Product /Service. Approximate Emolovment Landis Gyr Powers, Inc............ Building control systems.......... 700 Federal Express ................... Air freight......... .............. 300 Mid -West Automation Systems, Inc.. Automated assemblies .............. 175 Merrill Chase Galleries........ Corporate art ..................... 160 Rentokill ........................ R.G. Ray Corporation........... Plant sales and rentals........... 150 Delice De France, Inc ............. V -Band couplings .................. Bakery 150 Colfax Envelope Corporation....... ............................ Envelopes and litho printing...... 130 130 Long Grove Confectionery Co....... Custom chocolates ................. 75 Liberty Mutual Insurance Co....... Casualty, fire and life insurance. 75 Note: (1) Source: 1992 Illinois Manufacturers Directory and 1992 Illinois Services Directory. Major Area Employers(1) Location Arlington Heights . . . Name Motorola Inc. Business or Product Approximate Employment . . . Deerfield . . . Baxter Healthcare - Radio Communications • • . • • . - Medical Supplies 4,100 Arlington Heights 9 9 . . . Arlington Heights . . . . . . Arlington International . . . . . Northwest Community Hospital • Race Track General 4 000 3,100 Arlington Heights . . . . . . Palatine . Cycare Systems . . . . . . . . . . . Hospital . . . . . . . . . Medical Group Billing Systems . 2,000 2,000 . . . . . . . . . . Palatine . . . . . . . . . . Symbol Technologies . . . . . High School District No. •211• Bar Code Scanners Education . . . . . . 1,900 Deerfield . . . . Arlington Heights . . . . . . Baxter Healthcare Corporation . . . . Pace Suburban Bus Company Corporate Headquarters . . . . . . * Public 1,500 1,500 . . . . . . . . . . . . . . . . . . Mining and Construction . . . . . . Transportation . . . . . . . 137 Note: (1) Source: 1992 Illinois Manufacturers Directory, 19512 Illinois Services Directory and telephone survey. The following is an industry and occupation employment information listing for the Village as reported by the 1990 Census. Employment By Industry Classification Manufacturing Number Percent . . . . . . . . . . . . . . . . . . . . Retail Trade 4,184 19.86% . . . . . . . . . . . . . . . . . Finance, Insurance, Real Estate 3,304 15.68% . . . . . . . . . . . . Other Professional Services 2,559 15.14% . . . . . . . . . . Health Services 2,136 10.14% . . . . . . . . . . . . . . . Business and Repair Services . . . . . . . . . . . 1,212 954 5.75% . . . . Educational Services . 4.53% . . . . . . . . . . . . . . . . . . Mining and Construction 1,301 6.17% . . . . . . . . . . . . . . . . . Wholesale Trade 851 4.04% . . . . . . . . . . . . . Public Administrations . . . . . . 1,851 8.83% . . . . . . . . . . . . . . . Transportation 417 1.98% . . . . . . . . Communications and • other • Public Utilities 929 4.41% . . Personal Services 403 1.91% . . . . . . . . . . . ,. Entertainment and Recreation • Services 530 2.52% . . . . . . . . . . . .. . Agriculture, Forestry and Fisheries . . . . . . . . . 337 93 1.60% . . . .. . Total 0.44% . . . . . . . • • - - - .� 21,071 100.00% 6 Employment By Occupation Classification Administrative Support Including Clerical . . . . . . . . . . . Machine Operators, Assemblers and Inspectors . . . . . . Precision Production, Craft and Repair . . . . . . Professional Specialty . . . . . . . . . . . . . . . . . . . Sales ............ Executive Administrative and Managerial . . . . . . Service Occupations, Minus Protective and Household . . . . . . Handlers, Equipment Cleaners, Helpers and Laborers . . . . . . Technicians and Related Support Occupations . . . . . . . . . . Transportation and Material Moving . . . . . . . . . . . . . . Protective Service . . . . . . . . . . . . . . . . . . . Farming, Fishing and Forestry . . . . . . . . . . . . . . . . . Private Household . . . . . . . . . . . . . . . . . . . . . . . Total ............................ Unemployment Rates Number Percent 3,405 16.16% 428 2.03% 1,325 6.29% 3,900 18.51% 4,249 20.16% 5,052 23.98% 964 4.58% 363 1.72% 864 4.10% 230 1.09% 229 1.09% 42 0.20% 20 0.09% 21,071 100.00% Annual Average Unemployment Rates(l) Calendar Year 1985( 2) ............................... 1986( 2) ............................... 1987 ............................... 1988 ............................... 1989 ............................... 1990 ............................... 1991 ............................... 1992( 3) ............................... The Cook Lake State of Village County County Illinois N/A 8.7% 5.9% 9.0% N/A 7.8% 5.4% 8.1% 3.6% 7.1% 4.7% 7.4% 2.9% 6.7% 4.3% 6.8% 3.6% 6.0% 3.8% 6.1% 3.1% 6.3% 3.9% 6.2% 4.0% 7.2% 4.6% 6.6% 5.1% 8.2% 4.9% 8.7% Notes: (1) Source: Illinois Department of Employment Security. (2) The Department did not begin collecting data for the Village until 1987. (3) Preliminary rate for the month of July, 1992. Population The Village continues to see steady gains in population as summarized below. The Village has averaged an increase of nearly 57 % every ten years, and an overall increase of 273 % since 1970. Utilizing the current estimate of the Northeastern Illinois Planning Commission, the Village projects that its population will grown an additional 9,619 persons by the year 2010. 7 Population Trends Housing Building permits in recent years show a higher proportion of permit value for non - residential purposes than during the early 1980's. Recent large nonresidential permits have been for buildings which house companies listed above under "Business and Industry”. Value of Building Permits(1) (Excludes the Value of Land) Calendar Village Cook County Lake County State 1970 Census(1) Population Growth Population Growth . . . . . . . . . . . 12,333 - -- 10,,500 --- Population Growth 1,833 Population 1980 Census(1) . . . . . . . . . . . 22,230 80.25% 13 „144 25.18% - -- 9,086 39.65% 11,109,935 11,426,518 1990 Census(2) 2010 Projection(3) . . . . . . . . . . 36,398 63.73% 14,497 10.29% . . . . . . 46,017 26.42% N/A - -- 21,901 141.04% 11,616,000 358 . . . N/A - -- N/A Notes: (1) Source: The U.S. Department of Commerce, Bureau of the Census. 386 33,662,567 (2) The Northeastern Illinois Planning Commission estimate of the 1990 Census. 50,897,411 (3) The Northeastern Illinois Planning Commission projected estimate. 111,485,363 1990 ......... Housing Building permits in recent years show a higher proportion of permit value for non - residential purposes than during the early 1980's. Recent large nonresidential permits have been for buildings which house companies listed above under "Business and Industry”. Value of Building Permits(1) (Excludes the Value of Land) Calendar Single-Family_ Year Units Value 1982 ......... 46 $ 2,192,239 1983 ......... 211 10,440,750 1984 ......... 489 22,002,799 1985 ......... 358 22,999,380 1986 ......... 450 28,282,306 1987 ......... 386 33,662,567 1988 ......... 652 50,897,411 1989 ......... 494 111,485,363 1990 ......... 362 45,495,152 1991 ......... 94 13,009,403 1992(2) ....... 85 13,005,947 Multi - Family Units _ Value Other Total 78 $ 2,540,500 $ 8,433,643 $ 13,166,382 242 8,590,204 4,488,513 23,519,467 360 1.2,617,598 8,642,101 43,262,498 324 8,515,316 25,512,075 57,026,771 894 38,290,714 22,316,739 88,889,759 631 22,652,845 21,546,753 77,862,165 353 18,252,794 47,641,723 116,791,928 94 5,440,520 78,840,699 195,766,582 119 9,198,706 28,601,942 83,295,800 0 0 28,920,885 41,930,288 0 0 13,591,847 26,597,794 Notes: (1) Source: Bell Federal Savings Survey of Building. (2) For 7 months through July, 1992. PENSION FUND OBLIGATIONS Municipal employees, other than police and fire, are covered by the Illinois Municipal Retirement Fund (IMRF). The Police Pension Fund covers all sworn members of the Village's Police Department and the Firemen's Pension Fund covers all uniformed members of the Village's Fire Department. See Appendix A for details. ASSESSED VALUATION AND TAX INFORMATION The 1991 Equalized Assessed Valuation of Buffalo Grove was 150% over the amount in 1986. Most of the recent growth has taken place in the Lake County portion of the Village and this trend is expected to continue. The Cook County portion is already largely developed and annexation opportunities exist in Lake County. 8 Employment By Occupation Classification Number Percent Administrative Support Including Clerical . . . . . . . . . . . 3,405 16.16% Machine Operators, Assemblers and Inspectors . . . . . . . . . 428 2.03% Precision Production, Craft and Repair . . . . . . . . . . . . 1,325 6.29% Professional Specialty . . . . . . . . . . . . . . . . . . . . 3,900 18.51% Sales . . . . . . . . . . . . . . 4,249 20.16% Executive AdministrativeandManagerial . . . . . . 5,052 23.98% Service Occupations, Minus Protective and Household . . . . . . 964 4.58% Handlers, Equipment Cleaners, Helpers and Laborers . . . . . . 363 1.72% Technicians and Related Support Occupations . . . . . . . . . . 864 4.10% Transportation and Material Moving . . . . . . . . . . . 230 1.09% Protective Service . . . . . . . . . . . . . . . . . . 229 1.09% Farming, Fishing and Forestry . . . . . . . . . . . . . . . . . 42 0.20% Private Household . . . . . . . . . . . . . . . . . . . . . . . 20 0.09% Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,071 100:00% Unemployment Rates Annual Average Unemployment Rates (1) Calendar The Cook Lake State of Year Village County County Illinois 1985( 2) ............................... N/A 8.7% 5.9% 9.0% 1986( 2) ............................... N/A 7.8% 5.4% 8.1% 1987 ............................... 3.6% 7.1% 4.7% 7.4% 1988 ............................... 2.9% 6.7% 4.3% 6.8% 1989 ............................... 3.6% 6.0% 3.8% 6.1% 1990 ............................... 3.1% 6.3% 3.9% 6.2% 1991 ............................... 4.0% 7.2% 4.6% 6.6% 1992( 3) ............................... 5.1% 8.2% 4.9% 8.7% Notes: (1) Source: Illinois Department of Employment Security. (2) The Department did not begin collecting data for the Village until 1987. (3) Preliminary rate for the month of July, 1992. Population The Village continues to see steady gains in population as summarized below. The Village has averaged an increase of nearly 57 % every ten years, and an overall increase of 273 % since 1970. Utilizing the current estimate of the Northeastern Illinois Planning Commission, the Village projects that its population will grown an additional 9,619 persons by the year 2010. 7 Population Trends Village Cook County Lake County State _Population Growth Population Growth Population Growth Population 1970 Census(1) . . . . . . . . . . . 12,333 --- 10,500 - -- 1,833 - -- 11,109,935 1980 Census(1) . . . . . . . . . . . 22,230 80.25% 13,144 25.18% 9,086 39.65% 11,426,518 1990 Census(2) . . . . . . . . . . 36,398 63.73% 14,497 10.29% 21,901 141.04% 11,616,000 2010 Projection(3) . . . . . . . . . 46,017 26.42% N/A - -- N/A - -- N/A Notes: (1) Source: The U.S. Department of Commerce, Bureau of the Census. (2) The Northeastern Illinois Planning Commission estimate of the 1990 Census. (3) The Northeastern Illinois Planning Commission projected estimate. Housing Building permits in recent years show a higher proportion of permit value for non - residential purposes than during the early 1980's. Recent large nonresidential permits have been for buildings which house companies listed above under "Business and Industry ". Value of Building Permits(1) (Excludes the Value of Land) Calendar Single- Family Year Units Value 1982 ......... 46 $ 2,192,239 1983 ......... 211 10,440,750 1984 ......... 489 22,002,799 1985 ......... 358 22,999,380 1986 ......... 450 28,282,306 1987 ......... 386 33,662,567 1988 ......... 652 50,897,411 1989 ......... 494 111,485,363 1990 ......... 362 45,495,152 1991 ......... 94 13,009,403 1992(2) ....... 85 13,005,947 Multi- Family Units _ Value Other Total 78 $ 2,540,500 $ 8,433,643 $ 13,166,382 242 8,590,204 4,488,513 23,519,467 360 1.2,617,598 8,642,101 43,262,498 324 8,515,316 25,512,075 57,026,771 894 38,290,714 22,316,739 88,889,759 631 22,652,845 21,546,753 77,862,165 353 1.8,252,794 47,641,723 116,791,928 94 5,440,520 78,840,699 195,766,582 119 9,198,706 28,601,942 83,295,800 0 0 28,920,885 41,930,288 0 0 13,591,847 26,597,794 Notes: (1) Source: Bell Federal Savings Survey of Building. (2) For 7 months through July, 1992. PENSION FUND OBLIGATIONS Municipal employees, other than police and fire, are covered by the Illinois Municipal Retirement Fund (IMRF). The Police Pension Fund covers all sworn members of the Village's Police Department and the Firemen's Pension Fund covers all uniformed members of the Village's Fire Department. See Appendix A for details. ASSESSED VALUATION AND TAX INFORMATION The 1991 Equalized Assessed Valuation of Buffalo Grove was 150% over the amount in 1986. Most of the recent growth has taken place in the Lake County portion of the Village and this trend is expected to continue. The Cook County portion is already largely developed and annexation opportunities exist in Lake County. 8 Village Equalized Assessed Valuation(1) Notes: (1) Source: Lake and Cook Counties. (2) Percentage based on a 1986 EAV of $250,569,150. (3) Represents Lake County 1991 EAV only; Cook County EAV by class is not currently available. Comprised of approximately 81.73% Residential, 18.1% Commercial, 0.04% Industrial, 0.13% Railroad and Farms. The property tax levy of Illinois municipalities located in more than one county are usually allocated between the counties based upon the equalized valuation of the municipality within each one. Buffalo Grove uses a different method due to the variances in property assessment practices in Lake and Cook Counties. The Village tax levy is apportioned between taxpayers in the two counties based upon an annual statistical analysis by the Illinois Department of Revenue which results in an allocation of taxes based on market value. The Village believes this is the fairest method of distributing its property tax requirements. The Village reports that it has never had a property tax collection ratio of less than 98% and that its ten year collection average, to April 30, 1992, is over 99 %. Due to this historically high level of collection, the Village each year adopts a formal resolution requesting the two county governments (the levying and collecting agencies) to not add any additional amounts to the Village levy for the costs and losses of collection. Tax Extensions and Collections(1) Levy Years Total By Class: 1987 1988 1989 1990 1991 Residential . . . . . . $249,334,232 $293,227,037 $369,048,250 $439,733,731 $392,152,232 Farm . . . . . . . . 897,815 705,363 612,414 611,699 646,423 Commercial . . . . . . 52,895,320 70,245,878 91,231,542 111,534,559 86,634,713 Industrial . . . . . . 2.605.559 2.906.959 4.338.973 4.393.818 212.311 Total . . .. . . . . . $305,732,926 $367,085,237 $465,231,179 $556,273,807 $479,645,679(3) Total by County: Collected Collected 1984 . . . 1985 $1,762,461 Lake County . . . . . . $205,202,339 $261,785,796 $334,028,439 $409,693,637 $479,645,679 Cook County . . . . . . 100.530.587 105.299.441 131.202.740 146.580.170 149.207.363 Total . . . . . . . . . $305,732,926 $367,085,237 $465,231,179 $556,273,807 $628,853,042 Percent Change . . . . 22.015X(2) 20.067% 26.737% 19.569% 13.047% Notes: (1) Source: Lake and Cook Counties. (2) Percentage based on a 1986 EAV of $250,569,150. (3) Represents Lake County 1991 EAV only; Cook County EAV by class is not currently available. Comprised of approximately 81.73% Residential, 18.1% Commercial, 0.04% Industrial, 0.13% Railroad and Farms. The property tax levy of Illinois municipalities located in more than one county are usually allocated between the counties based upon the equalized valuation of the municipality within each one. Buffalo Grove uses a different method due to the variances in property assessment practices in Lake and Cook Counties. The Village tax levy is apportioned between taxpayers in the two counties based upon an annual statistical analysis by the Illinois Department of Revenue which results in an allocation of taxes based on market value. The Village believes this is the fairest method of distributing its property tax requirements. The Village reports that it has never had a property tax collection ratio of less than 98% and that its ten year collection average, to April 30, 1992, is over 99 %. Due to this historically high level of collection, the Village each year adopts a formal resolution requesting the two county governments (the levying and collecting agencies) to not add any additional amounts to the Village levy for the costs and losses of collection. Tax Extensions and Collections(1) Note: (1) Source: Lake and Cook Counties and the Village. VC Lake County Cook County Percent of Percent of Total Current Current Percent Levy Coll. Taxes Taxes Levy Taxes Taxes Levy of Levy Year Year Levied Collected Collected Levied Collected Collected Collected 1984 . . . 1985 $1,762,461 $1,759,476 99.83% 81,804,428 $1,804,266 99.99% 99.91% 1985 . . . 1986 1,965,439 1,960,348 99.74% 1,729,156 1,727,082 99.88% 99.79% 1986 . 1987 2,160,094 2,156,741 99.84% 1,705,796 1,684,226 98.74% 99.35% 1987 . . . 1988 2,353,670 2,342,711 99.53% 1,569,282 1,574,169 100.31% 99.84% 1988 . . . 1989 2,748,750 2,738,225 99.62% 1,524,735 1,523,074 99.89% 99.71% 1989 . . . 1990 3,420,451 3,415,561 99.86% 1,423,549 1,413,302 99.28% 99.69% 1990 . . . 1991 3,502,880 3,492,993 99.72% 1,405,703 1,392,479 99.06% 99.53% 1991 . . 1992 -------------------------------------- - - - - -- In Collection ---------------- --------- ------ -- - - - -- Note: (1) Source: Lake and Cook Counties and the Village. VC The following is a list of large taxpayers located in the Village. Principal Village Taxpayers(1)(3) County Name Lake RREEF MA /EV (Windbrook) ........ Lake American National Bank......... Cook First Midwest Dev. Corp........ Cook Individual ..................... Lake Arthur Rogers and Co........... Lake Riverwalk Partnership.......... Lake Lincoln Property Co............ Lake National Bank of Washington.... Lake Klefsted Company, Inca......... Cook PBG Partners Ltd ............... Business or Product Apartments /Office Complex/ Shopping Center .................. Corporate Grove Industrial Park..... Chatham Apartments /Condominiums..... Plaza Verde Shopping Center......... Office Complex ...................... Riverwalk Office Tower .............. Apartment Complex .................... Buffalo Grove Business Park......... OfficeComplex ...................... The Plaza Shopping Center........... Equalized Assessed Valuation(2) $ 7,069,097 6,517,728 6,181,216 5,819,232 5,294,231 5,263,172 4,314,730 3,695,901 3,269,459 3.201.771 Total............................ ....... ............................... $50,626,537 Ten Largest Taxpayers as Percent of District's 1991 EAV $628,853,042...... 8.05% Notes: (1) Source Lake and Cook Counties. (2) The EAV's are based on 1991 for Lake County and 1990 for Cook County, the latest available. (3) Every effort has been made to research and report the largest taxpayers, however, many of the taxpayers listed contain multiple parcels and it is possible that some parcels and their valuations have been overlooked. Lake Count Corporate ................... IMRF........................ Police Pension .............. Fire Pension ................ Corporate Bonds ............. Total Village(2) .......... Lake County................. Lake County Forest Preserve District......... Buffalo Grove Park District. Vernon Area Public Library.. School District No. 102..... High School District No. 125 ................... Community College District No. 532 ................... Total Rates(3) ............ Repre tentative Tax Rates Per $100 Equalized Assessed Valuation(1) Lew Years 1987 1988 1989 1990 1991 $0.6380 $0.5680 $0.5050 $0.4660 $0.5060 0.0720 0.0790 0.0890 0.0860 0.0850 0.0300 0.0280 0.0290 0.0270 0.0270 0.0190 0.0190 0.0190 0.0150 0.0180 0.3880 0.3560 0.3820 0.2610 0.2460 $1.1470 $1.0500 $1.0240 $0.8550 $0.8820 0.6330 0.5890 0.5560 0.5380 0.5300 0.1270 0.1290 0.1430 0.1410 0.1370 0.5230 0.5340 0.5030 0.5270 0.5160 0.1820 0.1960 0.2450 0.2560 0.2900 3.5650 3.4990 3.3520 3.1910 3.1340 1.9890 1.9570 1.8190 1.6880 1.7470 0.2510 0.2790 0.2500 0.2420 0.2390 $8.4170 $8.2330 $7.8920 $7.4380 $7.4750 Notes: (1) Source: Lake County. (2) The Village is a home rule unit under the 1970 Illinois State Constitution and, as such, has no statutory tax rate limitations. (3) The above rates, are from Vernon Township tax code #16 -92 which represents approximately 45% of the Village's 1991 Lake County EAV, the latest available. Cook Count Corporate................... Bond and Interest........... Police Pensions ............. FirePensions ............... IMRF ........................ Other(2) .................... Total(3) .................. Cook County ................. Cook County Forest Preserve District......... Metropolitan Water Reclamation District...... Buffalo Grove Park District. Indian Trails Library....... School District No. 21...... High School District No. 214 ................... Community College District Community College District.. Total Tax Rate(4) ........ Lew Years 1987 1988 1989 1990 1991 $0.8650 $0.7660 $0.5670 $0.5280 $0.6693 0.5290 0.5110 0.3670 0.2871 0.3247 0.0390 0.0370 0.0310 0.0305 0.0341 0.0230 0.0250 0.0200 0.0162 0.0215 0.0960 0.1080 0.1000 0.0996 0.1114 0.0090 0.0000 0.0000 0.0000 0.0000 $1.5610 $1.4470 $1.0850 $0.9614 $1.1610 0.9130 1.1280 1.0480 1.0680 1.0400 0.1020 0.1010 0.0990 0.0800 0.0640 0.5170 0.5360 0.5220 0.5250 0.4820 0.6490 0.7070 0.5950 0.5930 0.6360 0.3330 0.2790 0.2790 0.2860 0.2880 2.5610 2.9940 2.6380 2.6940 2.9720 2.1960 2.2380 1.8830 1.9380 2.1580 0.3040 0.3190 0.2900 0.2780 0.2910 $9.1360 $9.7490 $8.4390 $8.4234 $9.0920 Notes: (1) Source: Cook County. (2) Includes: Auditing, Crossing Guard and Emergency Service and Disaster Agency, Arboretum Golf Course and Facilities Development. (3) The Village is a home rule unit of the 1970 Illinois State Constitution and, as such, has no statutory limit. (4) The above rates are from Wheeling Township tax code #38077 which represents approximately 81% of the Cook County 1990 EAV, the latest available. FINANCIAL INFORMATION It is the Village's policy to maintain a high level of invested cash balances. Small operating balances are maintained in savings accounts which act as initial depository accounts. One checking account is maintained along with two "zero balance" disbursement clearing accounts for payables and payroll. The Village has a formal investment and deposit policy which is utilized for all its operational and debt service funds, along with its self - managed pension funds. There are monthly treasury reports and quarterly monitoring of the policy in relation to cash and investment balances. All depository institutions have been notified as to the Village policy on the control of its monies and investments. The Village's accounting records for the General Fund, Special Revenue Funds, Debt Service Funds, Capital Project Funds and Agency Fund are maintained using the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be sued to pay liabilities of the current period. The primary revenue sources that are treated as susceptible to accrual under the modified accrual basis of accounting are property taxes, sales taxes, incomes taxes and interest income. Expenditures, other than interest on long- term debt, are recorded when the liability is incurred. The financial statements are audited annually by certified public accountants. For each of the years presented in the following table, the Village has received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting. The following reports are summaries and do not purport to be the complete audits, copies of which are available upon request. 11 General Fund Balance Sheet Preliminary General Fund Revenue and Expenditures Audited as of April 30 Unaudited 1987_ 1988 1989 1990 1991 1992 ASSETS: 1989 1990 1991 1992 1993 REVENUES: Cash and Equivalents . . . . . . . . . . . . $4,234„000 $5,147,719 $5,618,406 $6,178,584 $5,608,900 $4,895,940 Receivables: $2,150,098 $ 2,255,561 5 2,490,376 S 2,690,238 $ 3,502,460 Licenses and Permits . . . . . . . . . . . Property Taxes . . . . . . . . . . . . . . . 1,659„422 1,746,292 1,870,538 2,020,175 2,228,444 2,998,926 Municipal Sales Tax . . . . . . . . . . . . . 430„796 469,627 538,371 627,350 699,985 972,651 Illinois Income Tax . . . . . . . . . . . . . 88„286 60,186 78,256 153,277 314,286 234,083 Interest . . . . . . . . . . . . . . . . . . 28,,045 34,272 54,853 47,016 30,648 25,958 Miscellaneous . . . . . . . . . . . . . . 10„000 10,000 10,000 10,000 10,000 10,000 Due From Other Funds . . . . . . . . . . . . . 4 „284 0 0 213,800 389,800 857,170 Total Assets . . . . . . . . . . . . . . . . $6,454,833 $7,468,096 $8,170,424 $9,250,202 $9,282,063 $9 UABIUTIES AND FUND EQUITY: 210,283 294,623 333,698 546,876 338,250 Total Revenues . . . . . . . . . . . . . Bank Overdraft E 106„113 $ 0 $ 0 $ 0 $ 0 $ 0 Accounts Payable aWAccruW1.1 abilities 71 „597 163,531 189,306 509,679 508,650 487,602 Deposits . . . . . . . . . . . . . . 667„511 1,064,501 1,248,568 1,320,691 1,447,311 1,420,236 Due to Other Funds . . . . . . . . . . 46 „890 47,915 41,611 30,784 51,566 78,154 Deferred To Other Funds 1,659,422 1,746,292 1,870,538 2,020,175 2,228,444 2,998,926 Total Liabilities . . . . . . . . . . . . . $2,551 „533 $3,022,239 $3,350,023 $3,881,329 54,235,971 $4,984,918 Unreserved Fund Equity . . . * ' ' , , . , $3,903 „300 $4,445,857 $4,820,401 $5,368,873 $5,046,092 $5,009,810 Total Liabilities-and Fund Eqiy . . . . . $6,454 „833 $7,468,096 $8,170,424 $9,250,202 $9,282,063 $9,994,728 General Fund Revenue and Expenditures 12 Preliminary Audited Years Ending April 30 Unaudited Budget 1988 1989 1990 1991 1992 1993 REVENUES: Property Taxes . . . . . . . . . . . . . . $2,086,834 $2,150,098 $ 2,255,561 5 2,490,376 S 2,690,238 $ 3,502,460 Licenses and Permits . . . . . . . . . . . . . 2,326,514 2,400,282 2,369,796 1,585,879 1,249,563 1,296,789 State Income Tax . . . . . . . . . . . . . . . 694,770 805,411 1,737,744 2,232,660 1,647,476 2,360,834 Sales Tax . . . . . . . . . . . . . . . 1,937,012 2,242,629 2,598,378 2,901,269 3,394,046 2,987,056 Other Intergovernmental Revenues . . . . . . . 105,467 114,817 135,402 116,104 691,982 736,007 Real Estate Transfer Tax . . . . . . . . . . . 0 0 0 0 0 509,600 Fines . . . . . . . . . . . . . . . . . . . 3- 18,587 298,907 324,297 368,486 413,696 422,037 Interest Income . . . . . . . . . . . . . . . . 323,049 483,057 590,992 517,100 320,172 347,520 Miscellaneous . . . . . . . . . . . . . . . . . 181,418 210,283 294,623 333,698 546,876 338,250 Total Revenues . . . . . . . . . . . . . . . $8,033,651 $8,705,484 $10,306,793 $10,545,572 $10,954,049 $12,500,553 EXPENDITURES: General Government . . . . . . . . . . . . . . $1,805,574 $2,331,740 $ 2,383,781 $ 2,693,889 $ 2,821,420 5 3,160,556 Public Safety . . . . . . . . . . . . . . . . . 4,11:0,496 4,721,935 5,330,750 5,827,240 6,829,120 7,835,818 Highways and Streets . . . . . . . . . . . . . 960,474 858,805 1,403,928 1,302,147 1,411,416 1,298,418 Other . . . . . . . . . . . . . . . . 0 0 17,917 0 0 0 Total Expenditures . . . . . . . . . . . . . $6,876,544 $7,912,480 $ 9,136,376 $ 9,823,276 $11,061,956 $12,294,792 Excess of Revenues Over Expenditures . . . . . . $1,1.7,107 $ 793,004 1,170,417 722,296 (107,907) 205,761 Met Transfers . . . . . . . . . . . . . . . . . (621,676) (418,460) (621,945) (1,045,077) 71,625 (484.667) Excess (Deficiency) of Revenues and Transfers Over (Under) Expenditures and Transfers . . . . $ 535,431 $ 374,544 $ 548,472 $ (322,781) $ (36,282) $ (278,906) Residual Equity Transfer . . . . . . . . . . 7,126 0 0 0 0 Beginning Fund Balance . . . . . . . . . . . . . 3,903,300 4,445.857 4,820,401 5,368,873 5,046,092 Ending Fund Balance . . . . . . . . . . . . . . . $4,445.857 $4,820,401 $ 5,368,873 $ 5,046,092 $ 5,009,810 12 DEBT INFORMATION After issuance of the Bonds, the Village will have outstanding $19,415,000 principal amount of general obligation debt. The Village also has outstanding $7,925,000 of waterworks and sewerage system revenue bonds, $8,500,000 of TIF revenue bonds and $13,205,000 of Special Service Area bonds. The Village does not intend to issue additional debt within the next three months Fiscal Year Ending April 30 1993 ...... 1994 ...... 1995 ...... 1996 ...... 1997 ...... 1998 ...... 1999 ...... 2000...... 2001 ...... 2002 ...... 2003 ...... 2004 ...... 2005 ...... 2006 ...... 2007 ...... 2008 ...... 2009 ...... 2010 ...... 2011 ...... Total .... Total Principal Due $ 1,715,000 1,765,000 1,725,000 2,310,000 820,000 590,000 640,000 700,000 955,000 825,000 900,000 980,000 1,060,000 1,155,000 900,000 1,045,000 405,000 440,000 485.000 $19,415,000 Village General Obligation Bonded Debt (Principal Only) Cumulative Percent Retired 8.83% 17.92% 26.81% 38.71% 42.93% 45.97% 49.27% 52.87% 57.79% 62.04% 66.68% 71.72% 77.18% 83.13% 87.77% 93.15% 95.24% 97.50% 100.00% Paid From Other Funds (1) $ 834,000 998,250 1,083,000 1,765,000 586,000 343,750 380,500 422,250 459,000 508,000 562,000 616,000 675,000 741,250 650,000 700,000 405,000 440,000 485.000 $12,654,000 Net Principal Due $ 881,000 766,750 642,000 545,000 234,000 246,250 259,500 277,750 496,000 317,000 338,000 364,000 385,000 413,750 250,000 345,000 0 0 0 $6,761,000 Cumulative Percent Retired 13.03% 24.37% 33.87% 41.93% 45.39% 49.03% 52.87% 56.98% 64.31% 69.00% 74.00% 79.39% 85.08% 91.20% 94.90% 100.00% Note: (1) Amount represents abatement of 100% of the levy for the debt service on Series 1981 and Series 1987 from golf course revenues, abatement of 100% of the levy for the debt service Series 1988 from developer's fees, 25% of the Series 1982A debt service from water revenues, 50% of the Series 1984 debt service from water revenues and 45% of the Series 1986 debt service from golf course revenues and use of existing fund balances within the Village's Corporate Fund and 100% of the Series 1989 debt service from a lease with the U.S. Postal Service. 13 Detailed Overlapping Bonded Debt(1) (As of August 17, 1992) Outstanding Applicable to Village Debt Percent(2) Amount Schools: School District No. 21 . . . . . . . . . $ 4,850,000 14.87% $ 721,195 School District No. 96 . . . . . . . 11,075,000 44.17% 4,891,828 School District No. 102 . . . . . . . . . 13,925,000 73.23% 10,197,278 School District No. 103 . . . . . . . . . 2,185,000 2.18% 47,633 High School District No. 125 . . . . . . 17,150,000 36.49% 6,258,035 High School District No. 214 . . . . . . 0 3.28% 0 Community College No. 512 . . . . . . 10,960,000 1.74% 190,704 Community College No. 532 . . . . . . . . 19,725,000 5.27% 1.039.508 Total Schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23', 346 ,180 Other Units: Lake County . . . . . . . . . . . . . . $ 28,345,000 4.95% $ 1,403,078 Lake County Forest Preserve . . . . . . . 99,474,000 4.95% 4,923,963 Cook County . . . . . . . . . . . . . . . 994,832,341 0:27% 2,686,047 Cook County Forest Preserve . . . . . . . 3,875,000 0.27% 10,463 Metropolitan Water Reclamation District . 876,305,000 0.27% 2,366,024 Buffalo Grove Park District . . . . . . . 10,361,000 95.12% 9,855,383 Wheeling Park District . . . . . . . . . 3,000,000 4.38% 131,400 Buffalo Grove Special Service Area 1 8,005,000 100.00% 8,005,000 Buffalo Grove Special Service Area 2 2,100,000 100.00% 2,100,000 Buffalo Grove Special Service Area 3 3,100,000 100.00% 3.100000 Total Other Units(3) . . . . S 34.581..357 Total Overlapping Bonded Debt(3) . . . . . . . . . . . . . . . . . . $ 57.927.537 Notes: (1) Source: Lake and Cook Counties. (2) Percentages are based on Lake County's 1991 EAVs and Cook County's 1990 EAVs, the latest available. (3) Due to rounding, totals may not be exact sums. Statement of Bonded Indebtedness As of August 17, 1992 (Including the Bonds) 14 Ratio To Per Capita Amount Equalized Estimated (1990 Pop. Applicable Assessed Actual 36.398)(2) Equalized Assessed Valuation of Taxable Property, 1991 ........$ 628,853,042 100.00% 33.33% $ 17,277.13 Estimated Actual Value, 1991 ........ 1,886,559,126 300.00% 100.00% 51,831.40 Total Direct Debt ...................$ 19,415,000 3.09% 1.03% $ 533.41 Net Direct Debt(1) .................. 6,761,000 1.08% 0.36% 185.75 Overlapping Debt: Schools ..........................$ 23,346,180 3.71% 1.24% $ 641.41 All Other ........................ 34.581.357 5.50% 1.83% 950.08 Total Net Direct and Overlapping Bonded Debt .......................$ 64,688,537 10.29% 3.43% $ 1,777.24 Notes: (1) Excludes $13,490,750 of general obligation debt which is scheduled to be abated from other revenue sources. See "Debt Retirement" section of this Preliminary Official Statement. Also excludes debt due during the current fiscal year for the payment of which monies are available. (2) Due to rounding, totals may not be exact sums. 14 REGISTRATION, TRANSFER AND EXCHANGE The Village shall cause books (the "Bond Register ") for the registration and for the transfer of the Bonds to be kept at the principal corporate trust office .of the Bond Registrar in Wheaton, Illinois. The Village will authorize to be prepared, and the Bond Registrar shall keep custody of, multiple bond blanks executed by the Village for use in the transfer and exchange of Bonds. Any Bond may be transferred or exchanged, but only in the manner, subject to the limitations, and upon payment of the charges as set forth in the Bond Ordinance or Resolution. Upon surrender for transfer or exchange of any Bond at the principal corporate trust office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by the registered owner or such owner's attorney duly authorized in writing, the Village shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the registered owner, transferee or transferees (as the case may be) a new fully registered Bond or Bonds of the same maturity and interest rate of authorized denominations, for a like aggregate principal amount. The execution by the Village of any fully registered Bond shall constitute full and due authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, the principal amount of outstanding Bonds of each maturity authenticated by the Bond Registrar shall not exceed the authorized principal amount of Bonds for such maturity less. Bonds previously paid. The Bond Registrar shall not be required to transfer or exchange any Bond following the close of business on the 15th day of the month next preceding any interest payment date on such Bond, nor to transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen days next preceding mailing of a notice of redemption of any Bonds. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of or interest on any Bonds shall be made only to or upon the order of the registered owner thereof or such owner's legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. No service charge shall be made for any transfer or exchange of Bonds, but the Village or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds. TAX EXEMPTION The Internal Revenue Code of 1986 (the "Code ") contains a number of requirements and restrictions which apply to the Bonds, including investment restrictions, periodic payments of arbitrage profits to the United States, requirements regarding the proper use of bond proceeds and the facilities financed therewith, and certain other matters. The Village has covenanted to comply with all requirements of the Code that must be satisfied in order for the interest on the Bonds to be excludible from gross income. Failure to comply with certain of such covenants could cause interest on the Bonds to become includible in gross income retroactive to the date of issuance of the Bonds. Subject to the condition that the Village comply with the above - referenced covenants, under present law, in the opinion of Bond Counsel, the Bonds are not "private activity bonds" under the Code, and interest on the Bonds will not be includible in the gross income of the owners thereof for Federal income tax purposes, and will not be treated as an item of tax preference in computing the alternative minimum tax for individuals and corporations. Interest on the Bonds will be taken into account, however, in computing an adjustment used in determining the alternative minimum tax for certain corporations. 15 The Code includes provisions for an alternative minimum tax ( "AMT ") for corporations. The AMT is levied for taxable years beginning after December 31, 1986 in addition to the corporate regular tax in certain cases. The AMT, if any, depends upon the corporation's alternative minimum taxable income ("AMTI'), which is the corporation's taxable income with certain adjustments. One of the adjustment items used in computing the AMTI of a corporation (excluding S Corporations, Regulated Investment Companies, Real Estate Investment Trusts, and REMICs) is an amount equal to 75% of the excess of such corporation's "adjusted current earnings" over an amount equal to its AMTI (before such adjustment item and the alternative tax net operating loss deduction). "Adjusted current earnings" would include all tax exempt interest, including interest on the Bonds. Ownership of the Bonds may result in collateral Federal income tax consequences to certain taxpayers, including, without limitation, corporations subject to either the environmental tax or the branch profits tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax- exempt obligations. Prospective purchasers of the Bonds should consult their tax advisors as to applicability of any such collateral consequences. Qualified Tax - Exempt Obligations The Village intends to designate the Bonds as "qualified tax- exempt obligations" pursuant to the small issuer exception provided by Section 265(b)(3) of the Code, which affords banks and thrift institutions purchasing the Bonds more favorable treatment of their deduction for interest expense than would otherwise be allowed under Section 265(b)(2) of the Code for taxable years of such institutions ending after December 31, 1986. OPTIONAL REDEMPTION The Bonds maturing 1994 -2000, inclusive, are non - callable. The Bonds due December 30, 2001 -2007, inclusive, are callable at the option of the Village on December 30, 2000, or on any date thereafter, in whole or from time to time in part, in any order of maturity as determined by the Village, and within any maturity by lot. Bonds shall be redeemed at a price of par and accrued interest. The Bond Registrar will give notice of redemption, identifying the Bonds (or portions thereof) to be redeemed, by mailing a copy of the redemption notice by first class mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the registered owner of each Bond (or portion thereof) to be redeemed at the address shown on the registration books maintained by the Bond Registrar. Failure to give such notice by mail to any registered owner of the Bonds (or portion thereof) or any defect therein shall not affect the validity of any proceedings for the redemption of other Bonds (or portions thereof). All Bonds (or portions thereof) so called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment at that time. LITIGATION There is no litigation of any nature now pending or threatened restraining or enjoining the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the Village taken with respect to the issuance or sale thereof. There is no litigation pending against the Village which, in the opinion of the Village's legal counsel, would have a material impact on the financial condition of the Village. 16 PRELIMINARY OFFICIAL STATEMENT AUTHORIZATION This Preliminary Official Statement has been authorized for distribution to prospective purchasers of the Bonds. All statements, information, and statistics herein are believed to be correct but are not guaranteed by the consultants or by the Village, and all expressions of opinion, whether or not so stated, are intended only as such. INVESTMENT RATING AND CREDIT INFORMATION The Village has supplied certain information and material concerning the Bonds and the Village to the rating services shown on the cover page as part of its application for an investment rating on the Bonds. Generally, such rating services base their rating on such information and material, and also on such investigations, studies and assumptions that it may undertake independently. There is no assurance that such rating will continue for any given period of time or that it may not be lowered or withdrawn entirely by such rating service if, in its judgement, circumstances so warrant. Any such downward change in or withdrawal of such rating may have an adverse effect on the secondary market price of the Bonds. An explanation of the significance of the investment rating may be obtained from the rating agencies: Moody's Investors Service, 99 Church Street, New York, New York 10007, telephone 212 - 553 -0300; Standard & Poor's Corporation, 25 Broadway, New York, New York 10004, telephone 212 - 208 -1847. The Village will provide appropriate periodic credit information to the rating service to maintain a rating on the Bonds. The Village or its Public Finance Consultants will provide annual financial statements and other pertinent credit information to investors, upon request. This Preliminary Official Statement and continuing disclosure documents are intended to be made available through one or more central repositories for such information. UNDERWRITING The Bonds were offered for sale by the Village at a public, competitive sale on October 5, 1992. The best bid submitted at the sale was submitted by (the "Underwriter "). The Village awarded the contract for sale of the Bonds to the Underwriter at a price of $ . The Underwriter has represented to the Village that the Bonds have been subsequently re- offered to the public initially at the yields or prices set forth on the addendum to this Preliminary Official Statement. CERTIFICATION We have examined this Preliminary Official Statement dated September 15, 1992, for the $2,600,000 General Obligation Corporate Purpose Bonds, Series 1992, believe it to be true and correct and will provide to the purchaser of the Bonds at the time of delivery a certificate confirming to the purchaser that to the best of our knowledge and belief information in the Preliminary Official Statement was at the time of acceptance of the bid for the Bonds and, including any addenda thereto, was at the time of delivery of the Bonds true and correct in all material respects and does not include any untrue statement of a 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 /s/ WILLIAM R. BALLING Director of Finance Village Manager Village of Buffalo Grove, IL Village of Buffalo Grove, IL September 15, 1992 17 THIS PAGE INTENTIONALLY LEFT BLANK APPENDIX A VILLAGE OF BUFFALO GROVE EXCERPTS OF FISCAL YEAR 1991 FINANCIAL STATEMENTS 010 4 %o Ln%o N en m nen ns O 1n so0 It n %I en ao ao o w w n 0 0 o N rn n of 1.1 r1 %1 n N d nN %A) %D O, c4 %a '-4O Nn Oe s ao ll o0 of N 14. s . . . . . . . . . . . . . . . . . . r4 p en oo s to oe d eo N H s a0 .7 c r4 .+ ao en N vi n Y W of eo Vl en m r4 vl eO s N en eO co H . 4 10 r4 co O of ♦J $4 w H n n eO en r4 O 4 N oe N en s en O O H 8 4m eo Y en en �C v y n !1 N � l4 e s o0 W F 4j In tn O Y e O d C en s 0 r4 V O N r7 y sj O O m Ch rl W e O H Y O O X M Oe ..4 Y W V 40. ul Gaoo o .0.1 3 r4 b W M N en n Oe ao r+ .4 ao W H 4? r4 O O a d en 00 en O O Y %D ID .4 N to 0 en e° a Q H N e 4 4j y Y M M MO oeo en n%O en s0 en ao h w In o vl O cn en en O eo °e n rn r4 .� � s n s O �N 1O �0 N O Nso�so0 lO eoo ao rl a4 O en 10 rl ri Q °� rti rt ao eh vi m Oo en in M in W O r4 r1 lO r4 en m r4 A Vl n O N T n Y � _ 4n .4 n en r4 ewn ati 0 r• u lc s %o ..4 N N Q on � � Q y N n N N lO O% oO N c A O` O N s 4 q N It N N d y N N O eO O, %O N 1n O eNn eo re en r e0 O H I r1 n n d N e 4 Oe o Goo y > a V) y in s s ao ao s O 0 n rr oe N ec c m o ci eo ao o% y o o m eo oo O N eT H en rl e0 N eO to N N ° 4,j Y N H W M O b W Y u u Y a 4J l b to N 0 0 u u b M u rt a ♦J W o°1 ci u r Y uen YA rl Y a Y Y O 4J ° a is H eo to b W O o ..0 W 4j A u 4j U W Y " a W a O 4+ co w ° d o A � V M r w H W r4 0 Id r. 4j 1 a q p a Y a O p Y 'd Y Y a Y a S, H u +e Y > CO o C .4 u V eO +4 A u b 'A A' ° .° r V > °F p, 1 q 4i R J tii Y u M O$4 Y r1 Y 9 14 H 4 Y fl Y O q U 'o a 4 Y l4 a to 4 W V a �° m$4 U Y q d 'I u Y H > V W O O a V HQ 04 10 A. yy 1: H A A 14 W W' W <q G<y A -1 A -2 11 G Y d U b q Y M W 0 u ro a r. a N m d G b N b q Y b M i>. b G u b V1 NM I� Q•M ll 1n r1 O O w O c as d 00 a O 10 O N01 N d N r1 G 1d Y N N O a0 14 01 O Ol%Q O h 1l 11 N Ch .-1 O c N %n 10 c rl n O O, In N 1n 1n N a oo N O O. 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M F i•�-4 N L i F d N pG d 0 0 d Y O MI .4 U N P. w u u u m a >U >T• pT. u N 0 Y I A 4) '�+ C H O d y M d d U 0 w J) u Ol u O i/ O O u a Y a CD d CO O O m oa�Y'uAatwawHOy�uw DC �o .A NNU O N O O ,O c� c� U a w w w w 0 F A -23 a H Y 8 9 O u b u G w O W ,G a bO a ri 7 u s ri rn 14 o 0 .4 .0 M L t4 N M M ep y is M " M M L W .O F .� o �l M Y s +' " to „00 0 � a R d y + . 1MJ M 4 Y M • . % .r ►+ ° " M 0 4 �x 4) 44 u o O ° 4 u �'+ M M w a 4IJ H y 1-1 p" - yj a 0 u Y °x l" a u d �4 "y N u u u u �w u d " o v d o u u d M " u ��baa b M Y Y F Mqq to b 41 d 4J w r4 0p o.V4 .4 c ,°� to 1 d Oo " m O' Y d y D u H "A " o y Y d 0 A < uyy u d {l N 0000 U y O b .dC 0, " RO om o u u ""0 ,; o 1 1 V u M cd a� 44 0 w d W w M w " d o 1l d u P U W H H V °° aowzuw.+ O m O H 0 m "u, Y G u A co M 7 a ` w x H��d AN uoym° " > po ",4 d � Y d H 0 0.0 3 u 0 , " 9 W ° 11 O H ♦J B ij H N d u °o•�� m .a C o r4 N " u 1"J 7 H O M l `OYa md ,NO i " b O d I'll '104 Z M M " " d .110 D u " M LJ C cl u 0 0 d 1+1 >%o N A d O M Aj 4j 0 u u it 0 W e u u H d daoowaeNo 10 u H 6 M " bo " "0 O y 0 N " y>y u M u a T u 3 eO0 d C g x d 8 ° " u u d u P.M H O H 4.1 ywj N W H 14 41 d " ° O rj 0 ro M y q 0).d ..N.l M W o 104 d u 4 u y d +l " A u d 0 A " o d u O ��yy w R .M "W d H ► u " N 0 W d Id "� " U d O d CL W H 0 a u H 3 0 bo H O 41 C H IV 6 d u a da 0 C d e O 13.0 A -2 4 0 O o o rn m-t O O n oD J c� 1+1 01 J co co N N � J �o �o W be qqd N R R aO M axi 0 m u u u G +j " u M F u b b N "b u N M u 11 " M a u H 4 � o " r u t4 w , �H u u 7 0 Mo W 0. 14 1u M P. 0 d N uj u ,4 Gd cd Id -9a : THIS PAGE INTENTIONALLY LEFT BLANK OFFICIAL BID FORM October 5, 1992 Village of Buffalo Grove Village Hall 50 Raupp Boulevard Buffalo Grove, IL 60089 Board Members: For the $2,600,000 General Obligation Corporate Purpose Bonds, Series 1992, of the Village of Buffalo Grove, Lake and Cook Counties, Illinois, as described in the annexed Official Notice of Sale, which is expressly made a part of this bid, we will pay you $ (no less than $2,580,000) plus accrued interest from November 1, 1992, to the date of delivery for Bonds bearing interest as follows (each rate a multiple of 1/8 or 1/20 of 1 %). MATURITIES - DECEMBER 30 $125,000.... 1994 % $165,000.... 1999 X $220,000.... 2004 X 130,000.... 1995 % 175,000.... 2000 % 235,000.... 2005 X 140,000.... 1996 % 185,000..... 2001 X 250,000.... 2006 X 150,000.... 1997 % 195,000.... 2002 X 265,000.... 2007 X 155,000.... 1998 % 210,000.... 2003 X The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Chapman and Cutler, Attorneys. You are to pay for, the legal opinion and for printing the Bonds. Unless we notify you to the contrary within 24 hours, CUSIP numbers are to be applied for and printed on the Bonds, and we agree to accept the Bonds at delivery with the CUSIP numbers as printed. We agree to pay the fee charged by CUSIP Service Bureau. As evidence of our good faith, we enclose herewith a check or Financial Surety Bond payable to the order of the Treasurer of the Village in the sum of $52,000 (the "Deposit ") under the terms provided in your Official Notice of Sale. Attached hereto is a list of members of our account on whose behalf this bid is made. Check One: Certified /Cashier's Check ❑ Financial Surety Bond ❑ Description of Deposit: Amount: $52,000 Name of Bank /Surety Company City State /Zip Certified Check No. Dated (For Use By Village Only) The above check was returned and received for the above named Account Manager by Respectfully submitted, Name By Address City State /Zip Account Manager Direct Phone [ ) FAX Number [ ) -------- - - - - -- NOT A PART OF BID ------ - - - - -- Our calculation of net interest cost from above is: Total Interest .............$ Less Premium /Plus Discount..$ Net Interest Cost .......... $ Net Interest Rate.......... % The foregoing bid was accepted and the Bonds sold by resolution of the Village on October 5, 1992, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Notice of Sale. VILLAGE OF BUFFALO, LAKE AND COOK COUNTIES, ILLINOIS Village Manager ----------------------------------------------------------------- TOTAL BOND YEARS: 24,956.111 AVERAGE LIFE: 9.599 Years OFFICIAL NOTICE OF SALE $2,600,000 VILLAGE OF BUFFALO GROVE Lake and Cook Counties, Illinois General Obligation Corporate Purpose Bonds, Series 1992 The Village of Buffalo Grove, Lake and Cook Counties, Illinois (the "Village "), will receive sealed bids for its $2,600,000 General Obligation Corporate Purpose Bonds, Series 1992 (the "Bonds "), on an all or none basis, in Suite 3435, 55 East Monroe Street, Chicago, Illinois, until 1:00 P.M., C.D.T., Monday, October 5, 1992, at which time the bids will be publicly opened and read. Award will be made or all bids rejected at a meeting of the Village on that date. The Bonds are payable as to both principal and interest from ad valorem taxes levied against all taxable property of the Village without limitation as to rate or amount. The Bonds will be in fully registered form and will be in the denomination of $5,000 and integral multiples thereof. Principal and semiannual interest are payable by First of America Bank- Rockford, N.A., Rockford, Illinois, the Village's registration and paying agent (the "Bond Registrar "). Interest will be computed on the basis of a 360 -day year of twelve 30-day months. Interest on each Bond shall be paid by check or draft of the Bond Registrar to the person in whose name such Bond is registered at the close of business on the 15th day of the month next preceding an interest payment date. The principal of the Bonds shall be payable in lawful money of the United States of America at the principal corporate trust office of the Bond Registrar in Wheaton, Illinois. The Bonds are dated November 1, 1992. The first interest payment is due December 30, 1993. Bonds due 1994 -2000 are non - callable; Bonds due 2001 -2007 are callable on or after December 30, 2000. MATURITIES - DECEMBER 30 $125,000 ....... 1994 $165,000 ....... 1999 $220,000 .......2004 130,000 ....... 1995 175,000 ....... 2000 235,000 ....... 2005 140,000 ....... 1996 185,000 ....... 2001 250,000 ....... 2006 150,000 ....... 1997 195,000 ....... 2002 _ 265,000 ....... 2007 155,000 ....... 1998 210,000 ....... 2003 The Bonds will be awarded to the single and best bidder whose bid will be determined upon the basis of the lowest cost at the rate or rates designated in said bid from November 1, 1992, to the respective maturity dates after deducting the premium bid or adding the discount bid. All interest rates must be in multiples of one -eighth or one - twentieth of one percent (1 /8 or 1/20 .of 1%), and not more than one rate for a single maturity shall be specified. No individual rate shall exceed 8%. The differential between the highest rate bid and the lowest rate bid shall not exceed two percent (2 %). All rates on maturities following 2001 shall be in nondescending order relative to the rate bid for 2001. All bids must be for all of the Bonds, must be for not less than $2,580,000 plus accrued interest from November 1, 1992, to the date of delivery, must be made upon the Official Bid Form and delivered in a sealed envelope marked "Bid for Bonds" at the time and place set forth above. Each bid shall be accompanied by a certified or cashier's check on a solvent bank or trust company or a Financial Surety Bond for $52,000 payable to the Treasurer of the Village (the "Deposit "), as evidence of good faith of the bidder (the "Deposit "). If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Illinois and such bond must be submitted to Speer Financial, Inc.., prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to the Village in the form of a certified or cashier's check or. wire transfer as instructed by Speer Financial, Inc., not later than 3:30 P.M., C.D.T., on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the Village to satisfy the Deposit requirement. No interest on the Deposit will accrue to the purchaser. The Deposit of the successful bidder will be retained by the Village pending delivery of the Bonds and all others will be promptly returned. Should the successful bidder fail to take up and pay for the Bonds when tendered in accordance with this Notice of Sale and said bid, said Deposit shall be retained as full and liquidated damages to the Village caused by failure of the bidder to carry out the offer of purchase. Such Deposit will otherwise be applied on the purchase price upon delivery of the Bonds. The Village reserves the right to reject any or all bids and to determine the best bid in its sole discretion, and to waive any informality in any bid. Bonds will be delivered to the successful purchaser against full payment in immediately available funds as soon as they can be prepared and executed, which is expected to be within thirty (30) days from the date of sale. Should delivery be delayed beyond sixty (60) days from the date of sale for any reason beyond the control of the Village except failure of performance by the purchaser, the Village may cancel the award or the purchaser may withdraw the good faith deposit and thereafter the purchaser's interest in and liability for the Bonds will cease. The Preliminary Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts, and interest rates of the Bonds, and any other information required by law or deemed appropriate by the Village, shall constitute a "Final Official Statement" of the Village with respect to the Bonds, as that term is defined in Rule 15c2 -12 of the Securities and Exchange Commission (the "Rule "). By awarding the Bonds to any underwriter or underwriting syndicate submitting an Official Bid Form therefor, the Village agrees that, no more than seven (7) business days after the date of such award, it shall provide, without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded, up to 100 copies of the Final Official Statement to permit each "Participating Underwriter" (as that term is defined in the Rule) to comply with the provisions of such Rule. The Village shall treat the senior managing underwriter of the syndicate to which the Bonds are awarded as its designated agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the Village it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of. the Final Official Statement. By submission of its bid, the senior managing underwriter of the successful bidder agrees to supply all necessary pricing information and any Participating Underwriter identification necessary to complete the Official Statement within 24 hours after award of the Bonds. Additional copies of the Final Official Statement may be obtained by Participating Underwriters from the printer at cost. The Village will, at its expense, deliver the Bonds 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 also furnish to the purchaser the following documents, each dated as of the date of delivery of the Bonds: (1) the unqualified opinion of Chapman and Cutler, Attorneys, Chicago, Illinois, that the Bonds are valid and binding obligations of the Village and are payable from ad valorem taxes levied against all taxable property of the Village without limitation as to rate or amount; (2) the opinion of said attorneys that the interest on the Bonds is exempt from Federal Income Taxes as and to the extent set forth in the Preliminary Official Statement for the Bonds; and (3) a certificate by the Village confirming that no litigation is pending affecting the legality of the Bonds or the right of the Village to issue them. The Village will also provide to the purchaser a transcript of proceedings on which the legal opinion is based. The legal option will be printed on the reverse side of each Bond. The Village intends to designate the Bonds as "qualified tax- exempt obligations" pursuant to the small issuer exception provided by Section 265(b) (3) of the Internal Revenue Code of 1986. The Village has authorized the printing and distribution of a Preliminary Official Statement containing pertinent information relative to the Village and the Bonds. Copies of such Preliminary Official Statement or additional information may be obtained from the undersigned at Village Hall, 50 Raupp Boulevard, Village of Buffalo Grove, Illinois 60089, or from the Public Finance Consultants to the Village, Speer Financial, Inc., Suite 3435, 55 East Monroe Street, Chicago, Illinois 6060.3. Telephone: Area 312 -346 -3700. /s/ WILLIAM R. BALLING Village Manager Village of Buffalo Grove y f s 1py il 'I VILLAGE OF BUFFALO GROVE t 4i p ORDINANCE NO. 92 -75 ,IIf; ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE THIS 5th DAY OF October 1992 :Ih j; jl G . Published in pamphlet form by authority of the President and Board of Trustees of the Village of Buffalo Grove, Cook & Lake Counties, Illinois, this 6th day of October 19 92 S S a ORDINANCE NUMBER 92 -75 AN ORDINANCE providing for the issue of $2,600,000 General Obligation Corporate Purpose Bonds, Series 1992, of the Village of Buffalo Grove, Lake and Cook Counties, Illinois, and for the levy and collection of a direct annual tax for the payment of the principal of and interest on said bonds. WHEREAS, the Village of Buffalo Grove, Lake and Cook Counties, Illinois (the "Municipality "), has a population of more than 25,000, and in accordance with the provisions of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution "), the Municipality is a home rule unit and, as such, may exercise any power or perform any function pertaining to its government and affairs including, but not limited to, the power to tax and to.incur debt; and WHEREAS, the President anc3 RnarA nF T,- „-woof F mot_ Municipality (the "Corporate Authorities ") have heretofore and do hereby determine that it is necessary and in the best interests of the Municipality to borrow money to construct improvements to various Municipal facilities (the "Project "); and WHEREAS, pursuant to the provisions of Section 6(d) of Article VII of the Constitution, the Municipality has the power to incur debt payable from ad valorem property tax receipts or from any other lawful source and maturing within forty (40) years from the time it is incurred without prior referendum approval; and WHEREAS, the Corporate Authorities hereby find and determine that it is necessary for the welfare of the government and affairs of the Municipality, is a proper public purpose and is in the public interest that the sum of $2,600,000 be borrowed at this time for the payment of the cost of the Project, and in evidence of such indebtedness, full faith and credit bonds of the Municipality in the principal amount of $2,600,000 be issued: NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Buffalo Grove, Lake and Cook Counties, Illinois, in the exercise of its home rule powers, as follows: Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are full, true and correct and do incorporate them into this ordinance by this reference. Section 2. Authorization. The Corporate Authorities hereby find that the Municipality is authorized to issue its general obligation bonds to the amount of $2,600,000 for the pur- pose of paying the cost of the Project. Section 3. Bond Details. There be borrowed on the credit of and for and on behalf of the Municipality the sum of $2,600,000 for the payment of the cost of the Project and bonds of the Municipality (the "Bonds ") shall be issued in said amount and shall be designated "General Obligation Corporate Purpose Bonds, Series 1992." The Bonds shall be dated November 1, 1990-1 -2- c and shall also bear the date of authentication, shall be in fully registered form, shall be in denominations of $5,000 each or authorized integral multiples thereof (but no single Bond shall represent installments of principal maturing on more than one date), shall be numbered l and upward, and the Bonds shall become due and payable serially (subject to prior redemption as herein- after set forth) on December 30 of each of the years, in the amounts and bearing interest per annum as follows: Year of Principal Rate of Maturity Amount Interest 1994 $125,000 6.600 1995 130,000 6.75% 1996 140,000 6.75% 1997 150,000 6.75% 1998 155,000 6.75% 1999 165,000 6.75% 2000 175,000 6.00% 2001 185,000 4.75% 2002 195,000 4.750 2003 210,000 4.75% 2004 220,000 4.750 2005 235,000 4.750 2006 250,000 4.75% 2007 265,000 4.75% The Bonds shall bear interest from their date or from the most recent interest payment date to which interest has been paid or duly provided for, until the principal amount of the Bonds is paid, such interest (computed upon the basis of a 360 - day year of twelve 30 -day months) being payable on the thirtieth days of June and December of each year, commencing on December 30, 1993. Interest on each Bond shall be paid by check or draft of the NBD Arlington Heights Bank, Arlington Heights, Illinois, -3- Y as paying agent (the "Paying Agent "), payable upon presentation in lawful money of the United States of America, to the person in whose name such Bond - is registered at the close of business on the 15th day of the month of the interest payment date. The principal of the Bonds shall be payable in lawful money of the United States of America at. the principal office of the Paying Agent. The seal of the Municipality shall be affixed to or printed on each of the Bonds, and the Bonds shall be signed by the duly authorized facsimile signature of the President of the Municipality and attested by the duly authorized facsimile signature of the Village Clerk of the Municipality, and in case any officer whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for ail purposes, the same as if such officer had remained in office until delivery. All Bonds shall have thereon a certificate of authen- tication substantially in the form hereinafter set forth duly executed by Municipal Services Corporation, Wheaton, Illinois (the "Bond Registrar "), as authenticating agent of the Munici- pality for the Bonds and showing the date of authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this ordinance unless and until such certificate of authentication shall have been duly executed -4- by the Bond Registrar by manual signature, and such certificate of authentication upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this ordinance. The certificate of authentication on any Bond shall be deemed to have been executed by the Bond Registrar if signed by an authorized officer of the Bond Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds issued hereunder. Section 4. Registration of Bonds; Persons Treated as Owners. The Municipality shall cause books (the "Bond Register ") for the registration and for the transfer of the Bonds as pro- vided in this ordinance to be kept at the principal office of the Bond Registrar, which is hereby constituted and appointed the registrar of the Municipality for this issue. The Municipality is authorized to prepare, and the Bond Registrar shall keep custody of, multiple Bond blanks executed by the Municipality for use in the transfer and exchange of Bonds. Upon surrender for transfer of any Bond at the princi- pal office of the Bond Registrar, duly endorsed by, or- accom- panied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by, the registered owner or his attorney duly authorized in writing, the Municipality shall execute and the Bond Registrar shall authenti- cate, date and deliver in the name of the transferee or trans- ferees a new fully registered Bond or Bonds of the same maturity -5- of authorized denominations, for a like aggregate principal amount. Any fully registered Bond or Bonds may be exchanged at said office of the Bond Registrar for a like aggregate principal amount of Bond or Bonds of the same maturity of other authorized denominations. The execution by the Municipality of any fully registered Bond shall constitute full and due authorization of such Bond and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, that the principal amount of outstanding Bonds of each maturity auth- enticated by the Bond Registrar shall not exceed the authorized principal amount of Bonds for such maturity less previous retire- ments. The Bond Registrar shall not be required to transfer or exchange any Bond during the period beginning at the close of business on the fifteenth day of the month of any interest pay - ment date on such Bond and ending on such interest payment date nor to transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen (15) days next preceding mailing of a notice of =redemp- tion of any Bonds. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of or interest on any Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments I am shall be valid and effectual to satisfy and discharge the liabil- ity upon such Bond to the extent of the sum or sums so paid. No service charge shall be made for any transfer or exchange of Bonds, but the Municipality or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a Bond surren- dered for redemption. Section 5. Redemption. Bonds maturing on and after December 30, 2001, shall be subject to redemption prior to maturity at the option of the Municipality as a whole, or in part in integral multiples of $5,000 in any order of maturity as determined by the Village (less than all of the Bonds of a single maturity to be selected by lot by the Bond Registrar), on December 30, 2000, and on any date thereafter, at the redemption price of par plus accrued interest to the redemption date. The Bonds shall be redeemed only in the principal amount of $5,000 and integral multiples thereof. The Municipal- ity shall, at least forty -five (45) days prior to the redemption date (unless a shorter time period shall be satisfactory to the Bond Registrar) notify the Bond Registrar of such redemption date and of the principal amount and maturity or maturities of the Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Bonds of a single maturity, the par- -7- a' ticular Bonds or portions of Bonds to be redeemed shall be selected not more than sixty (60) days prior to the redemption date by the Bond Registrar, from the outstanding Bonds of such maturity and by lot by providing for the selection for redemption of Bonds or portions of Bonds in principal amounts of $5,000 and integral multiples thereof. The Bond Registrar shall promptly notify the Municipal- ity in writing of the Bonds or portions of Bonds selected for redemption and, in the case of any Bond selected for partial redemption, the principal amount thereof to be redeemed. Section 6. Redemption Procedure. Unless waived by any owner of Bonds to be redeemed, notice of the call for any such redemption shall be given by the Bond Registrar on behalf of the Municipality by mailing the redemption notice by registered or certified mail at least thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption to the- -regist- ered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is fur - nished in writing by such registered owner to the Bond Registrar. All notices of redemption shall state: (1) the redemption date, (2) the redemption price, (3) if less than all outstanding Bonds are to be redeemed, the identification (and, in the case of par- tial redemption, the respective principal amounts) of the Bonds to be redeemed, - 1 (4) that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption, and that interest thereon shall cease to accrue from and after said date, and (5) the place where such Bonds are to be surren- dered for payment of the redemption price, which place of payment shall be the principal office of the Paying Agent. Prior to any redemption date, the Municipality shall deposit with the Paying Agent an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date. Notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the Muni- cipality shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Bond Registrar at the redemption price. Installments of interest due on or prior to the redemption date shall be payable as herein provided for payment of interest. Upon surrender for any partial redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of the same maturity in the amount of the un- paid principal. If any Bond or portion of Bond called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from the redemption date at the -rate borne by the Bond or portion of Bond so called for redemption. All Bonds which have been redeemed shall be cancelled and destroyed by the Bond Registrar and shall not be reissued. Section 7. Form of Bond. The Bonds shall be prepared in compliance with the National Standard Specifications for Fully Registered Municipal Securities prepared by the American National Standards Institute and shall be in substantially the following form; provided, however, that if the text of the Bond is to be printed in its entirety on the front side of the Bond, then para- graph [2] and the legend, "See Reverse Side for Additional Pro- visions", shall be omitted and paragraphs [6] through [11] shall be inserted immediately after paragraph [1]: -10- (Form of Bond - Front Side) REGISTERED NO. REGISTERED UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTIES OF LAKE AND COOK VILLAGE OF BUFFALO GROVE GENERAL OBLIGATION CORPORATE PURPOSE BOND, SERIES 1992 :See Reverse Side: :for Additional :Provisions Interest Maturity Dated Rate: _% Date: December 30, _ Date: November 1, 1992 CUSIP: Registered Owner: Principal Amount: [1) KNOW ALL MEN BY THESE PRESENTS, that the Village of Buffalo Grove, Lake and Cook Counties, Illinois (the "Municipal - ity "), hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns as hereinafter provided, on the Maturity Date identified above, the Principal Amount identified above and to pay interest (computed on the basis of a 360 -day year of twelve 30 -day months) on such Principal Amount from the date of this Bond or from the most recent interest payment date to which interest has been paid at the Interest Rate per annum set forth -11- above on June 30 and December 30 of each year, commencing December 30, 1993, until said Principal Amount is paid. Principal of this Bond is payable in lawful money of the United States of America at the principal office of the NBD Arlington Heights Bank, Arlington Heights, Illinois, as paying agent (the "Paying Agent "). Payment of the installments of interest shall be made to the Registered Owner hereof as shown on the registra- tion books of the Municipality maintained by Municipal Services Corporation, Wheaton, Illinois (the "Bond Registrar "), at the close of business on the 15th day of the month of each interest payment date and shall be paid by check or draft of the Paying Agent, payable upon presentation in lawful money of the United States of America, mailed to the address of such Registered Owner as it appears on such registration books or at such other address furnished in writing by such Registered Owner to the Bond Regis- trar. For the prompt payment of this Bond, both principal and interest at maturity, the full faith, credit and resources of the Municipality are hereby irrevocably pledged. [2] Reference is hereby made to the further provisions of this Bond set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as if set forth at this place. [3] It is hereby certified and recited that all condi- tions, acts and things required by law to exist or to be done precedent to and in the issuance of this Bond did exist, have -12- happened, been done and performed in regular and due form and time as required by law; that the indebtedness of the Municipal ity, including the issue of Bonds of which this is one, does not exceed any limitation imposed by law; and that provision has been made for the collection of a direct annual tax sufficient to pay the interest hereon as it falls due and also to pay and. discharge the principal hereof at maturity. [4] This Bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Bond Registrar. (5] IN WITNESS WHEREOF, said Village of Buffalo Grove, Lake and Cook Counties, Illinois, by its President and Board of Trustees, has caused its corporate seal to be imprinted by facsimile hereon or hereunto affixed, and this Bond to be signed by the duly authorized facsimile signature of the President of the Municipality and attested by the duly authorized facsimile signature of the Village Clerk of the Municipality, all as of the Dated Date identified above. (SEAL) Attest: (Facsimile Signature) Village Clerk -13- (Facsimile Signature) President Date of Authentication: , Bond Registrar: Municipal Services Corporation, Wheaton, Illinois CERTIFICATE OF Paying Agent: NBD Arlington Heights Bank, AUTHENTICATION Arlington Heights, Illinois This Bond is one of the Bonds described in the within mentioned ordinance and is one of the General Obligation Corporate Purpose Bonds, Series 1992, of the Village of Buffalo Grove, Lake and Cook Counties, Illinois. Municipal Services Corporation as Bond Registrar By (Manual Signature) Authorized Officer [Form of Bond - Reverse Side] Village of Buffalo Grove Lake and Cook Counties, Illinois General Obligation Corporate Purpose Bond, Series 1992 [6] This Bond is one of a series of Bonds issued by the Municipality to pay the cost of constructing improvements to various Municipal facilities, pursuant to and in all respects in compliance with the applicable provisions of Section 6 of Article VII of the Constitution of the State of Illinois, and in compliance with an ordinance, which has been duly passed by the President and Board of Trustees of the Municipality, approved by -14- the _President of the Municipality, and published, pursuant to the home rule powers of the Municipality (the "Bond Ordinance ") , in all respects as by law required. [7] Bonds of the issue of which this Bond is one matu- ring on and after December 30, 2001, are subject to redemption prior to maturity at the option of the Municipality as a whole, or in part in integral multiples of $5,000 in any order of maturity as determined by the Village (less than all the Bonds of a single maturity to be selected by lot by the Bond Registrar) , on December 30, 2000, and on any date thereafter, at the redemp- tion price of par plus accrued interest to the redemption date. [8] Notice of any such redemption shall be sent by registered or certified mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books of the Municipality main- tained by the Bond Registrar or at such other address as is furnished in writing by such registered owner to the Bond Regis- trar. When so called for redemption, this Bond will cease to bear interest on the specified redemption date, provided funds for redemption are on deposit at the place of payment at that time, and shall not be deemed to be outstanding. [9] This Bond is transferable by the Registered Owner hereof in person or by his attorney duly authorized in writing at the principal office of the Bond Registrar in Wheaton, Illinois, -15- but only in the manner, subject to the limitations and upon pay- ment of the charges provided in the Bond Ordinance, and upon surrender and cancellation of this Bond. Upon such transfer a new Bond or Bonds of authorized denominations of the same maturity and for the same aggregate principal amount will be issued to the transferee in exchange therefor. [10] The Bonds are issued in fully registered form in the denomination of $5,000 each or authorized integral multiples thereof. This Bond may be exchanged at the principal office of the Bond Registrar for a like aggregate principal amount of Bonds of the same maturity of other authorized denominations, upon the terms set forth in the Bond Ordinance. The Bond Registrar shall not be required to transfer or exchange any Bond during the period beginning at the close of business on the fifteenth day of the month of any interest payment date on such Bond and ending on such interest payment date nor to transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen days next preceding mailing of a notice of redemption of any Bonds. [11] The Municipality, the Paying Agent and the Bond Registrar may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal hereof and interest due hereon and for all other purposes and neither the Municipality, the Paying Agent nor the. Bond Registrar shall be affected by any notice to the contrary. -16- (ASSIGNMENT) FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto (Name and Address of Assignee) the within Bond and does hereby irrevocably constitute and appoint attorney to transfer the said Bond on the books kept for regis- tration thereof with full power of substitution in the premises. Dated: Signature guaranteed: NOTICE: The signature to this assignment must correspond with the name of the Registered Owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Section 8. Sale of Bonds. After the adoption of this ordinance, the bonds shall be executed as provided herein and deposited with the Treasurer of the Municipality, and said Trea- surer shall deliver the Bonds to Griffin, Kubik, Stephens & Thompson, Inc., Chicago, Illinois, the purchaser thereof, upon receipt of the purchase price therefor, the same being $2,580,000, plus accrued interest to date of delivery; the contract for the sale of the Bonds heretofore entered into is in all respects ratified, approved and confirmed, it being hereby found and determined that said contract is in the best interests of the Municipality and that no person holding an office of the Municipality, either by election or appointment, is in any manner interested, either directly or indirectly, in his own name or in -17- the name of any other person, association, trust or corporation, in said contract for the purchase of the Bonds. Section 9. Tax Levy. In order to provide for the collection of a direct annual tax sufficient to pay the interest on the Bonds as it falls due, and also to pay and discharge the principal thereof at maturity, there be and there is hereby lev- ied upon all the taxable property within the Municipality a direct annual tax for each of the years while the Bonds or any of them are outstanding, in amounts sufficient for that purpose, and that there be and there is hereby levied upon all of the taxable property in the Municipality, the following direct annual tax, to -wit: For the Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Tax Sufficient to Produce the Sum of: $166,203.33 $267,800.00 $264,550.00 $265,775.00 $266,325.00 $261,200.00 $260,737.50 $259,600.00 $259,100.00 $260,312.50 $266,050.00 $266,075.00 $270,625.00 $274,462.50 $277,587.50 for clu for for for for for for for for for for for for for for interest up to and in- ding December 30, 1993 interest and principal interest and principal interest and principal interest and principal . interest and principal interest and principal interest and principal interest and principal interest and principal interest and principal interest and principal interest and principal interest and principal interest and principal Principal or interest maturing at any time when there are not sufficient funds on hand from the foregoing tax levy to pay the same shall be paid from the general funds of the Munici- pality, and the fund from which such payment was made shall be an M. reimbursed out of the taxes hereby levied when the same shall be collected The Municipality covenants and agrees with the pur- chasers and the holders of the Bonds that so long as any of the Bonds remain outstanding, the Municipality will take no action or .fail to take any action which in any way would materially adversely affect the ability of the Municipality to levy and collect the foregoing tax levy and the Municipality and its officers will comply in all material aspects with all present and future applicable laws in order- to assure that the foregoing taxes will be levied, extended and collected as provided herein and deposited in the fund established to pay the principal of and interest on the Bonds. Section 10. Filing of Ordinance. Forthwith upon the passage of this ordinance, the Village Clerk of the Municipality is hereby directed to file a certified copy of this ordinance with the County Clerks of The Counties of Lake and Cook, Illinois, and it shall be the duty of said County Clerks to annually in and for each of the years 1992 to 2006, inclusive, ascertain the rate necessary to produce the tax herein levied, and extend the same for collection on the tax books against all of the taxable property within the Municipality in connection with other taxes levied in each of said years for general corpor- ate purposes, in order to raise the respective amounts aforesaid and in each of said years such annual tax shall be computed, -19- extended and collected in the same manner as now or hereafter provided by law for the computation, extension and collection of taxes for general corporate purposes of the Municipality, and when collected, the taxes hereby levied shall be placed to the credit of a special fund to be designated "Corporate Purpose Bond and Interest Fund of 1992" (the "Bond Fund "), which fund is hereby irrevocably pledged to and shall be used only for the purpose of paying the principal of and interest on the Bonds. Section 11. Creation of Funds and Appropriations. The accrued interest received upon the sale of the Bonds is hereby appropriated for the purpose of paying such interest due on the Bonds, and, to that end, is hereby ordered deposited into the Bond Fund, which fund shall be the fund for the payment of prin- cipal of and interest on the Bonds. Taxes received for the pay- ment of the Bonds shall be deposited into the Bond Fund and used solely and only for paying the Bonds. Interest received from deposits in the Bond Fund shall, at the discretion of the Cor- porate Authorities, either be transferred to the General Corpo- rate Fund of the Municipality or be retained in the Bond Fund for payment of the principal of or interest on the Bonds on the interest payment date next after such interest is received. The principal proceeds of the Bonds shall be deposited into the "Series 1992 Bond Proceeds Fund" (the "Project Fund "), hereby created; and disbursements shall be made from the Project Fund only for the purposes for which the Bonds are being issued -20- and for which such principal proceeds are hereby appropriated. Interest received from deposits in the Project Fund shall, at the discretion of the Corporate Authorities, either be transferred to the Bond Fund for payment of the principal of or interest on the Bonds on the interest payment date next after such interest is received or be retained in the Project Fund. Section 12. Non-Arbitrage and Tax-Exemption. One purpose of this Section is to set forth various facts regarding the Bonds and to establish the expectations of the Corporate Authorities and the Municipality as to future events regarding the Bonds and the use of Bond proceeds. The certifications and representations made herein and at the time of the issuance of the Bonds are intended, and may be relied upon, as certifications and expectations described in Section 1.103- 13(a)(2)(ii) of the U.S. Treasury Regulations dealing with arbitrage and rebate (the "Regulations "). The covenants and agreements contained herein and at the time of the issuance of the Bonds are made for the benefit of the owners from time to time of the Bonds. The Cor- porate Authorities and the Municipality agree, certify, covenant and represent as follows: (1) The Bonds are being issued to pay the costs of the Project, and all of the amounts re- ceived upon the sale of the Bonds, plus all invest- ment earnings thereon (the "Proceeds "), are needed for the purposes for which the Bonds are being issued. (2) The Municipality has entered, or will within six months from the date of issue of the Bonds enter, into binding contracts or commitments -21- obligating it to spend at least $100,000 for con- structing, acquiring and equipping the Project. It is expected that the work of acquiring, construct- ing and equipping the Project will continue to proceed with due diligence through November 1, 1995, at which time all of the Proceeds will have been spent. (3) The Municipality has on hand no funds which could legally and practically be used for the Project which are not pledged, budgeted, earmarked or otherwise necessary to be used for other pur- poses. Accordingly, no portion of the Proceeds will be used (i) directly or indirectly to replace funds of the Municipality or any agency, department or division thereof that could be used for the Pro - ject, or (ii) to replace any proceeds of any prior issuance of obligations by the Municipality. No proceeds of the Bonds will be invested in any investment having a substantially guaranteed yield for four (4) years or more. No portion of the Bonds is being issued solely for the purpose of investing the Proceeds at a Yield higher than the Yield on the Bonds. For purposes of this Section, "Yield" means that yield (i.e., discount rate) which when used in computing the present worth of all payments of principal and interest to be paid on an obligation (using semi- annual compounding on the basis of a 360 -day year) produces an amount equal to its purchase price, including accrued interest, and the purchase price of the Bonds is equal to the first offering price at which more than 10% of the principal amount of each maturity of the Bonds is sold to the public (excluding bond houses, brokers or similar persons or organizations acting in the capacity of underwriters or wholesalers). (4) All principal proceeds of the Bonds will be deposited in the Project Fund and used to pay the costs of the Project, and any accrued interest and premium received on the delivery of the Bonds will be deposited in the Bond Fund and used to pay the first interest due on the Bonds. Earnings on investment of moneys in a fund will be credited to that fund or, to the extent permitted by law, will be transferred to the operating funds of the Mun- icipality. Project costs, including issuance costs of the Bonds, will be paid from the Project Fund, and no other moneys are expected to be deposited -22- therein. Interest on and principal of the Bonds will be paid from the Bond Fund. No Proceeds will be used more than 30 days after the date of issue of the Bonds for the purpose of paying any prin- cipal or interest on any issue of bonds (except for the Bonds), notes, certificates or warrants or on any installment contract or other obligation of the Municipality or for the purpose of replacing any funds of the Municipality used for such purpose. (5) The Bond Fund is established to achieve a proper matching of revenues and earnings with debt service in each bond year. Other than any Proceeds or any amounts held to pay principal of matured Bonds that have not been presented for payment, it is expected that any moneys deposited in the Bond Fund will be spent within the 12 -month period be- ginning on the date of deposit therein. Any earn - ings from the investment of amounts in the Bond Fund will be spent within a one -year period begin- ning on the date of receipt of such investment earnings. Other than any Proceeds or any amounts held to pay principal of matured Bonds that have not been presented for payment, it is expected that the Bond Fund will be depleted at least once a year, except for a reasonable carryover amount not to exceed the greater of (i) one - year's earnings on the investment of moneys in the Bond Fund, or (ii) in the aggregate, one - twelfth (1 /12th) of the annual debt service on the Bonds. (6) Other than the Bond Fund, no funds -nor accounts have been or are expected to be estab- lished, and no moneys or property have been or are expected to be pledged (no matter where held or the source thereof) which will be available to pay, directly or indirectly, the Bonds or restricted -so as to give reasonable assurance of their avail- ability for such purposes. No property of any kind is pledged to secure, or is available to pay, obli- gations of the Municipality to any credit enhancer or liquidity provider. (7) (a) All amounts on deposit in the Project Fund or the Bond Fund and all Proceeds, no matter in what funds or accounts deposited ( "Gross Pro- ceeds "), to the extent not exempted in (b) below, and all amounts in any fund or account pledged directly or indirectly to the payment of the Bonds which will be available to pay, directly or in- -23- directly, the Bonds or restricted so as to give reasonable assurance of their availability for such purpose contrary to the expectations set forth in (6) above, shall be invested at market prices and at a Yield not in excess of the Yield on the Bonds plus, for amounts in the Project Fund only, 1/8 of 1 (b) The following may be invested without Yield restriction: (i) amounts invested in obligations described in Section 103(a) of the Internal Revenue Code of 1986 (the "Code ") (but not specified private acti- vity bonds as defined in Section 57(a)(5)(C) of the Code) the interest on which is not includable in the gross income of any owner thereof for federal income tax purposes ( "Tax- Exempt Obligations "); (ii) amounts deposited in the Bond Fund that are reasonably expected to be expended within 13 months from the deposit date and have not been on deposit therein for more than 13 months; (iii) amounts in the Project Fund and Proceeds in the Bond Fund prior to the earlier of completion (or abandonment) of the Project or three years from the date of issue of the Bonds; (iv) an amount not to exceed $100,000; (v) all amounts for the first 30 days after they become Gross Proceeds (e.g., date of deposit in any fund securing the Bonds); and (vi) all amounts derived from the investment of the Proceeds for a period of one year from 'the date received. (8) Subject to (18) below, once moneys are subject to the Yield limits of (7)(a) above, they remain Yield restricted until they cease to be Gross Proceeds. (9) As set forth in Section 148(f)(4)(D) of the Code, the Municipality is excepted from the re- quired rebate of arbitrage profits on the Bonds because the Municipality is a governmental unit with general taxing powers, none of the Bonds is a "private activity bond" as defined in Section 141(a) of the Code, all the net proceeds of the Bonds are to be used for the local government -2.1- activities of the Municipality, and the aggregate face amount of all Tax- Exempt Obligations (other than "private activity bonds" as defined in Code) issued by the Municipality and all subordinate entities thereof during the calendar year 1992, including the Bonds, is not reasonably anticipated .to exceed $5,000,000. (10) None of the Proceeds will be used, di- rectly or indirectly, used in any business carried on by any person other than a state or local governmental unit or to replace funds used for such purposes. (11) The payment of the principal of or the interest on the Bonds will not be, directly or indirectly (A) secured by any interest in (i) pro - perty used or to be used for a private business use by any person other than a state or local govern- mental unit, or (ii) payments in respect of such property, or (B) derived from payments (whether or not by or to the Municipality), in respect of pro - perty, or borrowed money, used or to be used for a private business use by any person other than a state or local governmental unit. (12) None of the Proceeds will be used, di- rectly or indirectly, to make or finance loans to persons other than a state or local governmental unit. (13) No user of the Project other than a state or local government unit will use the Project on any basis other than the same basis as the gen- eral public, and no person other than a state or local governmental unit will be a user of the Pro- ject as a result of (i) ownership, or (ii) actual or beneficial use pursuant to a lease or a manage- ment or incentive payment contract, or (iii) any other similar arrangement. (14) Subsequent to 31 days prior to the Bond sale date, the Municipality has not sold or de- livered, and will not sell or deliver, (nor will it deliver within 31 days after the date of issue of the Bonds) any other obligations pursuant to a common plan of financing, which will be paid out of substantially the same source of funds (or which will have substantially the same claim to be paid out of substantially the same source of funds) as the Bonds or will be paid directly or indirectly from the Proceeds. -25- (15) No portion of the Project is expected to be sold or otherwise disposed of prior to the last maturity of the Bonds (16) None of the Proceeds will be used to reimburse the Municipality for an expenditure paid prior to the date the Bonds are issued. (17) The Municipality has not been notified of any disqualification or proposed disqualifica- tion of it by the Internal Revenue Service as a bond issuer which may certify bond issues under Section 1.103- 13(a)(2)(ii) of the Regulations. (18) The Yield restrictions contained in (7) above or any other restriction or covenant con- tained herein may be violated or changed if the Municipality receives an opinion of counsel approv- ing the Bonds to the effect that such violation or change will not adversely affect the tax exemption of interest on the Bonds to which it is otherwise entitled. (19) The Municipality acknowledges that any changes in facts or expectations from those set forth herein may result in different Yield restric- tions or rebate requirements from those set forth herein and that counsel approving the Bonds should be contacted if such changes do occur. (20) The Corporate Authorities have no reason to believe the facts, estimates, circumstances and expectations set forth herein are untrue or incom- plete in any material respect. On the basis of such facts, estimates, circumstances and expecta- tions, it is not expected that the Proceeds or any other moneys or property will be used in a manner that will cause the Bonds to be arbitrage bonds within the meaning of Section 148 of the Code and of the Regulations. To the best of the knowledge and belief of the Corporate Authorities, such expectations are reasonable and there are no other facts, estimates and circumstances that would materially change such expectations. The Municipality also agrees and covenants with the purchasers and holders of the Bonds from time to time outstanding that, to the extent possible under Illinois law, it will comply -2) 6 - with whatever federal tax law is adopted in the future which applies to the Bonds and affects the tax- exempt status of the Bonds The Corporate Authorities hereby authorize the offi- cials of the Municipality responsible for issuing the Bonds, the same being the President and Village Clerk of the Municipality, to make such further covenants and certifications as may be necessary to assure that the use thereof will not cause the Bonds to be arbitrage bonds and to assure that the interest on the Bonds will be exempt from federal income taxation. In connection therewith, the Municipality and the Corporate Authorities further agree: (a) through their officers, to make such further specific covenants, representations as shall be truthful, and assurances as may be necessary or advisable; (b) to consult with counsel approving the Bonds and to comply with such advice as may be given; (c) to pay to the United States, as necessary, such sums of money representing required rebates of excess arbitrage pro- fits relating to the Bonds; (d) to file such forms, statements, and supporting documents as may be required and in a timely manner; and (e) if deemed necessary or advisable by the officers of the Municipality, to employ and pay fiscal agents, financial advisors, attorneys, and other persons to assist the Municipality in such compliance. Section 13. Designation of Issue. The Municipality hereby covenants that the Municipality and all subordinate enti- ties thereof will not issue any obligations of any kind or for -2) 7_ any purpose in excess of the total aggregate amount of $10,000,000 during the calendar year 1992, and the Municipality hereby designates the Bonds as obligations being issued for the purposes of meeting the requirements of Section 265(b)(3) of the Code regarding qualified tax - exempt obligations. Section 14. Registered Form. The Municipality recog- nizes that Section 149(a) of the Code requires the Bonds to be issued and to remain in fully registered form in order that interest thereon is exempt from federal income taxation under laws in force at the time the Bonds are delivered. In this con- nection, the Municipality agrees that it will not take any action to permit the Bonds to be issued in, or converted into, bearer or coupon form. Section 15. List of Bondholders. The Bond Registrar shall maintain a list of the names and addresses of the regis- tered owners of all Bonds and upon any transfer shall-,add the name and address of the new registered owner and eliminate the name and address of the transferor. Section 16. Duties of Bond Registrar. If requested by the Bond Registrar, the President and Village Clerk of the Municipality are authorized to execute the Bond Registrar's standard form of agreement between the Municipality and the Bond Registrar with respect to the obligations and duties of the Bond Registrar hereunder which may include the following: (a) to act as bond registrar, authenticating agent, paying agent and transfer agent as provided herein; -28- (b) to maintain a list of the registered owners of the Bonds as set forth herein and to furnish such list to the Municipality upon request, but otherwise to keep such list confidential; (c) to give notice of redemption of Bonds as provided herein; (d) to cancel and /or destroy Bonds which have been paid at maturity or upon earlier redemption or submitted for ex- change or transfer; (e) to furnish the Municipality at least annually a certificate with respect to Bonds cancelled and /or destroyed; and (f) to furnish the Municipality at least annually an audit confirmation of Bonds paid, Bonds outstanding and pay- ments made with respect to interest on the Bonds. Section 17. Publication of Ordinance. A full, true and complete copy of this ordinance shall be printed or published promptly after passage in pamphlet form by authority of the Cor- porate Authorities and shall be in full force and effect immediately and forthwith upon such publication. Section 18. Severability. If any section, paragraph or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this ordinance. -29- Section 19. Repealer and Effective Date. All ordi- nances, resolutions and orders, or pants thereof, in conflict herewith, are to the extent of such conflict hereby repealed and this ordinance shall be in full force and effect immediately and forthwith upon its passage, approval and publication. AYES: 5 Reid, Kahn, Rubin, Hendricks President Mathias NAYS: i — MAriantbn1' Rraimnn ABSENT: 0 - None ADOPTED: October 5, 1992. r, V-11-11VOe Clerk, Village of Buffalo Grove, Lake and Cook Counties, Illinois Recorded in the Municipal records on October 5, 1992. Published in pamphlet form by authority of the Corpo- rate Authorities on October 6, 1992. -30- APPROVED,:�:_'Octaber , 1992. it age of Buffalo Grove, Lake and Cook Counties, Illinois �l� J tt r, V-11-11VOe Clerk, Village of Buffalo Grove, Lake and Cook Counties, Illinois Recorded in the Municipal records on October 5, 1992. Published in pamphlet form by authority of the Corpo- rate Authorities on October 6, 1992. -30-