1992-084ORDINANCE NO. 92 -84
AN ORDINANCE PROVIDING FOR THE AMENDMENT OF
CERTAIN DOCUMENTS RELATING TO THE OUTSTANDING
$6,000,000 ECONOMIC DEVELOPMENT REVENUE BONDS
(COUNTY LINE PARTNERS PROJECT) OF THE VILLAGE
OF BUFFALO GROVE, COOK AND LAKE -COUNTIES,
ILLINOIS
WHEREAS, the Village of Buffalo Grove, Cook and Lake
Counties, Illinois (the "Issuer ") adopted Ordinance No. 84 -80 on
December 17, 1984 which authorized the issuance of its $6,000,000
Economic Development Revenue Bonds (County Line Partners Project)
(the "Bonds "); and
WHEREAS, the Bonds were issued pursuant to the Indenture
of Trust dated as of December 1, 1984 (the "Indenture ") between the
Issuer and American National Bank and Trust Company of Chicago, as
Trustee (the "Trustee "); and
WHEREAS, the proceeds of the Bonds were loaned to
American National Bank and Trust Company of Chicago, as Trustee
under Trust Number 62881 dated November 15, 1984 (the "Land Trust ")
and County Line Partners, a joint venture (the "Beneficiary ")(the
Land Trust and the Beneficiary are hereinafter collectively
referred to as the "Borrower") pursuant to the Loan Agreement dated
as of December 1, 1984 (the "Loan Agreement ") among the Issuer and
the Borrower; and
WHEREAS, the Bonds were purchased by American National
Bank and Trust Company of Chicago ( the "Purchaser") pursuant to the
Bond Purchase Agreement dated as of December 1, 1984 between the
Issuer and the Purchaser; and
WHEREAS, the Issuer adopted Ordinance No. 86 -75 on
December 15, 1986 which authorized an Amendment which amended
certain provisions of the Bonds, the Indenture and the Loan
Agreement; and
WHEREAS, the Issuer adopted Ordinance No. 92 -7 on
January 20, 1992 which authorized a Second Amendment which amended
certain provisions of the Bonds, the Indenture and the Loan
Agreement; and
WHEREAS, the Borrower, the Purchaser and the Trustee have
agreed to amend the Indenture and the Bonds to provide for the
establishing of mandatory principal redemptions in certain months;
and
WHEREAS, it is proper for the Issuer for the benefit of
the inhabitants within the Issuer to authorize the amendment of the
abovementioned documents; and
WHEREAS, the Issuer has caused to be prepared and
presented to this meeting the Third Amendment dated as of
e o
October 1, 1992 (the "Amendment ") among the Issuer, the Borrower,
the Trustee and the Purchaser.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE
COUNTIES, STATE OF ILLINOIS, AS FOLLOWS:
Section 1. That the form, term and provisions of the
Amendment be, and they hereby are, in all respects approved, and
the President and Village Clerk of the Issuer be, and they are
hereby authorized, empowered and directed to execute and deliver
the Amendment in the name and behalf of the Issuer.
Section 2. That from and after the execution of the
Amendment, the proper officials, agents and employees of the Issuer
are hereby authorized, empowered and directed to do all such acts
and things and to execute all such documents as may be necessary to
carry out and comply with the provisions of the Amendment as
executed and to further the purposes and intent of this Ordinance.
Section 3. That the provisions of this Ordinance are
hereby declared to be separable, and if any section, phrase or
provision shall, for any reason, be declared to be invalid, such
declaration shall not affect the validity of the remainder of the
sections, phrases or provisions.
Section 4. That all ordinances, resolutions, orders or
parts thereof in conflict with the provisions of this Ordinance
are, to the extent of such conflict, hereby superseded.
Section 5. That this Ordinance shall be in full force and
effect from and after its passage and approval, in accordance with
law. This Ordinance shall not be codified.
AYES: 5 = Marienthal Reid, Rubin, Braiman, Hendricks
NAYES : 0 - None
ABSENT: 1 -Kahn
PASSED this 16th day of November, 1992.
APPROVED this 16th day of Novembe�992 .
ATTEST: ,
VillaAge Clerk
-2-
Presi
• e
THIRD AMENDMENT
THIRD AMENDMENT made as of this 1st day of October, 1992
among the following parties:
1. American National Bank and Trust Company of Chicago,
as Trustee under Trust No. 62881, and not personally (the "Land
Trust ") ;
2. County Line Partners, a joint venture (the
"Beneficiary ");
3. American National Bank and Trust Company of Chicago,
as Trustee (the "Trustee ") under Indenture of Trust (the
"Indenture ") dated as of December 1, 1984 with the Village of
Buffalo Grove, Illinois;
4. American National Bank and Trust Company of Chicago,
in its corporate capacity (the "Purchaser "); and
5. Village of Buffalo Grove, Illinois (the "Issuer ");
W I T N E S S E T H:
WHEREAS, Issuer, Land Trust and Beneficiary are parties
to that certain Loan Agreement (the "Loan Agreement ") dated as of
December 1, 1984, as amended, pursuant to which Issuer agreed to
make a $6,000,000 loan to Land Trust and Beneficiary from the
proceeds of the $6,000,000 Economic Development Revenue Bonds
(County Line Partners Project) of the Issuer, as amended (the
"Bonds "); and
WHEREAS, the Bonds were issued pursuant to the Indenture;
and
WHEREAS, the Purchaser has purchased and is the present
holder of the Bonds; and
WHEREAS, the parties hereto desire to provide for certain
changes in the Indenture and the Bonds; and
NOW, THEREFORE, IT IS HEREBY MUTUALLY AGREED AS FOLLOWS:
1. The following changes are made in the Indenture.
A. The following paragraph is added prior to the
first full paragraph on page 9:
• o
Certain of the Bonds shall mature as follows:
Maturity Date
November 1, 1992
December 1, 1992
January 1, 1993
February 1, 1993
March 1, 1993
April 1, 1993
May 1, 1993
June 1, 1993
Principal Amount
$ 20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
The outstanding principal balance of the Bonds on
June 30, 1993 shall be $4,860,000 subject to redemption
as provided herein.
B. The following new paragraph is added as Section
601(C)(5) on page 50:
(5) The Bonds shall be subject to mandatory
sinking fund redemption at a redemption price equal to
one hundred percent (100 %) of the principal amounts
hereinafter stated plus accrued interest on the
redemption dates as follows:
Sinking
Fund
Sinking Fund
Payment
Date
Payment
November
1, 1992
$ 20,000
December
1, 1992
20,000
January
1, 1993
20,000
February
1, 1993
20,000
March 1,
1993
20,000
April 1,
1993
20,000
May 1, 1993
20,000
June 1,
1993
20,000
The outstanding principal balance of the Bonds on
June 30, 1993 shall be $4,860,000 subject to redemption
as provided herein.
2. The following paragraph is added prior to the first
full paragraph on page 7 of the Bonds:
There shall be a Reset Period commencing October 1,
1992 to and including June 30, 1993. During said Reset
Period the interest rate hereof shall be seven and
one -half percent (7 -1/2%) per annum. Certain of the
Bonds shall mature as follows:
-2-
Maturity Date
November 1, 1992
December 1, 1992
January 1, 1993
February 1, 1993
March 1, 1993
April 1, 1993
May 1, 1993
June 1, 1993
0
Principal Amount
$ 20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
The outstanding principal balance of the Bonds on
June 30, 1993 shall be $4,860,000 subject to redemption
as provided herein.
3. Beneficiary agrees to pay a fee of $12,550 to the
Purchaser upon the execution hereof and reasonable legal fees of
Bond Counsel and counsel to the Purchaser and the Issuer.
4. In regard to the Land Trust this Third Amendment is
executed by American National Bank and Trust Company of Chicago not
personally but as Trustee under Trust No. 62881 and it is expressly
understood and agreed that nothing herein contained shall be
construed as creating any liability on American National Bank and
Trust Company of Chicago personally in regard to the Land Trust.
5. This Third Amendment may be executed in several
counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Third
Amendment the day and year first written above.
COUNTY LINE PARTNERS
By:
Its:
By:
Its:
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO, as
Trustee under Trust No. 62881
By:
Its:
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO, as
Indenture Trustee aforesaid
By:
Its:
-3-
- .. I o 0
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO, as
Purchaser
By:
Ttc-
VI
IL
-4-
AW
VILLAGE OF BUFFALO GROVE
ORDINANCE NO.
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
0 UFFALO GROVE
THIS DAY OF , la-
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
of Buffalo Grove, Cook & Lake Counties, I linois,
this day of WQ`Z/ , 19
Village7 Cle
ByCJ�2!/
Deputy Village Clerk
ORDINANCE NO. 92 -84
AN ORDINANCE PROVIDING FOR THE AMENDMENT OF
CERTAIN DOCUMENTS RELATING TO THE OUTSTANDING
$6,000,000 ECONOMIC DEVELOPMENT REVENUE BONDS
(COUNTY LINE PARTNERS PROJECT) OF THE VILLAGE
OF BUFFALO GROVE, COOK AND LAKE COUNTIES,
ILLINOIS
WHEREAS, the Village of Buffalo Grove, Cook and Lake
Counties, Illinois (the "Issuer ") adopted Ordinance No. 84 -80 on
December 17, 1984 which authorized the issuance of its $6,000,000
Economic Development Revenue Bonds (County Line Partners Project)
(the "Bonds "); and
WHEREAS, the Bonds were issued pursuant to the Indenture
of Trust dated as of December 1, 1984 (the "Indenture ") between the
Issuer and American National Bank and Trust Company of Chicago, as
Trustee (the "Trustee "); and
WHEREAS, the proceeds of the Bonds were loaned to
American National Bank and Trust Company of Chicago, as Trustee
under Trust Number 62881 dated November 15, 1984 (the "Land Trust ")
and County Line Partners, a joint venture (the "Beneficiary ")(the
Land Trust and the Beneficiary are hereinafter collectively
referred to as the "Borrower") pursuant to the Loan Agreement dated
as of December 1, 1984 (the "Loan Agreement ") among the Issuer and
the Borrower; and
WHEREAS, the Bonds were purchased by American National
Bank and Trust Company of Chicago (the "Purchaser ") pursuant to the
Bond Purchase Agreement dated as of December 1, 1984 between the
Issuer and the Purchaser; and
WHEREAS, the Issuer adopted Ordinance No. 86 -75 on
December 15, 1986 which authorized an Amendment which amended
certain provisions of the Bonds, the Indenture and the Loan
Agreement; and
WHEREAS, the Issuer adopted Ordinance No. 92 -7 on
January 20, 1992 which authorized a Second Amendment which amended
certain provisions of the Bonds, the Indenture and the Loan
Agreement; and
WHEREAS, the Borrower, the Purchaser and the Trustee have
agreed to amend the Indenture and the Bonds to provide for the
establishing of mandatory principal redemptions in certain months;
and
WHEREAS, it is proper for the Issuer for the benefit of
the inhabitants within the Issuer to authorize the amendment of the
abovementioned documents; and
WHEREAS, the Issuer has caused to be prepared and
presented to this meeting the Third Amendment dated as of
r
October 1, 1992 (the "Amendment ") among the Issuer, the Borrower,
the Trustee and the Purchaser.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE
COUNTIES, STATE OF ILLINOIS, AS FOLLOWS:
Section 1. That the form, term and provisions of the
Amendment be, and they hereby are, in all respects approved, and
the President and Village Clerk of the Issuer be, and they are
hereby authorized, empowered and directed to execute and deliver
the Amendment in the name and behalf of the Issuer.
Section 2. That from and after the execution of the
Amendment, the proper officials, agents and employees of the Issuer
are hereby authorized, empowered and directed to do all such acts
and things and to execute all such documents as may be necessary to
carry out and comply with the provisions of the Amendment as
executed and to further the purposes and intent of this Ordinance.
Section 3. That the provisions of this Ordinance are
hereby declared to be separable, and if any section, phrase or
provision shall, for any reason, be declared to be invalid, such
declaration shall not affect the validity of the remainder of the
sections, phrases or provisions.
Section 4. That all ordinances, resolutions, orders or
parts thereof in conflict with the provisions of this Ordinance
are, to the extent of such conflict, hereby superseded.
Section 5. That this Ordinance shall be in full force and
effect from and after its passage and approval, in accordance with
law. This Ordinance shall not be codified.
AYES: 5 - Marienthal. Reid Rubin, Braiman, Hendricks
NAYES : 0 - None
ABSENT: 1
PASSED this 16th day of November, 1992.
APPROVED this 16th day of Novembe , 1992.
ATTEST:
yl
Vil e Clerk
-2-
Pres ids�at
THIRD AMENDMENT
THIRD AMENDMENT made as of this 1st day of,Q tob xj :1992
among the following parties:
1. American National Bank and Trust Company of Chicago,
as Trustee under Trust No. 62881, and not personally (the "Land
Trust ");
2. County Line Partners, a joint venture (the
"Beneficiary ");
3. American National Bank and Trust Company of Chicago,
as Trustee (the "Trustee ") under Indenture of Trust (the
"Indenture ") dated as of December 1, 1984 with the Village of
Buffalo Grove, Illinois;
4. American National Bank and Trust Company of Chicago,
in its corporate capacity (the "Purchaser "); and
5. Village of Buffalo Grove, Illinois (the "Issuer ");
W I T N E S S E T H:
WHEREAS, Issuer, Land Trust and Beneficiary are parties
to that certain Loan Agreement (the "Loan Agreement ") dated as of
December 1, 1984, as amended, pursuant to which Issuer agreed to
make a $6,000,000 loan to Land Trust and Beneficiary from the
proceeds of the $6,000,000 Economic Development Revenue Bonds
(County Line Partners Project) of the Issuer, as amended (the
"Bonds "); and
WHEREAS, the Bonds were issued pursuant to the Indenture;
and
WHEREAS, the Purchaser has purchased and is the present
holder of the Bonds; and
WHEREAS, the parties hereto desire to provide for certain
changes in the Indenture and the Bonds; and
NOW, THEREFORE, IT IS HEREBY MUTUALLY AGREED AS FOLLOWS:
1. The following changes are made in the Indenture.
A. The following paragraph is added prior to the
first full paragraph on page 9:
a
Certain of the Bonds shall mature as follows:
Maturity Date
November 1, 1992
December 1, 1992
January 1, 1993
February 1, 1993
March 1, 1993
April 1, 1993
May 1, 1993
June 1, 1993
The outstanding principal balance of the Bonds on
June 30, 1993 shall be $4,860,000 subject to redemption
as provided herein.
B. The following new paragraph is added as Section
601(C)(5) on page 50:
(5) The Bonds shall be subject to mandatory
sinking fund redemption at a redemption price equal to
one hundred percent (100 %) of the principal amounts
hereinafter stated plus accrued interest on the
redemption dates as follows:
Sinking
Fund
Sinking Fund
Payment
Date
Payment
November
1, 1992
$ 20,000
December
1, 1992
20,000
January
1, 1993
20,000
February
1, 1993
20,000
March 1,
1993
20,000
April 1,
1993
20,000
May 1, 1993
20,000
June 1,
1993
20,000
The outstanding principal balance of the Bonds on
June 30, 1993 shall be $4,860,000 subject to redemption
as provided herein.
2. The following paragraph is added prior to the first
full paragraph on page 7 of the Bonds:
There shall be a Reset Period commencing October 1,
1992 to and including June 30, 1993. During said Reset
Period the interest rate hereof shall be seven and
one -half percent (7 -1/2 %) per annum. Certain of the
Bonds shall mature as follows:
-2-
4
v `
Maturity Date
November 1, 1992
December 1, 1992
January 1, 1993
February 1, 1993
March 1, 1993
April 1, 1993
May 1, 1993
June 1, 1993
The outstanding principal balance of the Bonds on
June 30, 1993 shall be $4,860,000 subject to redemption
as provided herein.
3. Beneficiary agrees to pay a fee of $12,550 to the
Purchaser upon the execution hereof and reasonable legal fees of
Bond Counsel and counsel to the Purchaser and the Issuer.
4. In regard to the Land Trust this Third Amendment is
executed by American National Bank and Trust Company of Chicago not
personally but as Trustee under Trust No. 62881 and it is expressly
understood and agreed that nothing herein contained shall be
construed as creating any liability on American National Bank and
Trust Company of Chicago personally in regard to the Land Trust.
5. This Third Amendment may be executed in several
counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Third
Amendment the day and year first written above.
-3-
COUNTY LINE PARTNERS
By:
Its:
By:
Its:
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO, as
Trustee under Trust No. 62881
By:
Its:
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO, as
Indenture Trustee aforesaid
By:
Its:
y s
.'IE
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO, as
Purchaser
By:
Its:
V]
II
B)