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1997-023ORDINANCE NO. 97- 2 3 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE CALL AND REDEMPTION OF CERTAIN OUTSTANDING WATERWORKS AND SEWERAGE REFUNDING REVENUE BONDS, DATED OCTOBER 1, 1970, OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, AND FOR GIVING NOTICE OF SUCH CALL WHEREAS, pursuant to the provisions of Ordinance No. 0 -70 -32 entitled: An Ordinance authorizing and providing for the issue of Four Million Dollars ($4,000,000) Waterworks and Sewerage Refunding Revenue Bonds of the Village of Buffalo Grove, Cook and Lake Counties, Illinois, for the purpose of returning its outstanding Waterworks and Sewerage Revenue Bonds, Series of 1969, dated January 1, 1969, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues of the combined waterworks and sewerage system of said Village for the purpose of paying the cost of the operation and maintenance thereof, providing an adequate depreciation fund therefore and paying the principal and interests of said bonds. adopted on September 14, 1970, by the President and Board of Trustees (the `Board ") of the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village "), $4,000,000 Waterworks and Sewerage Refunding Revenue Bonds, dated October 1, 1970, of the Village (the "Bonds ") were issued; and WHEREAS, the Bonds maturing after May 1, 1997, are subject to redemption and payment prior to their maturity at the option of the Village, at par and accrued interest on May 1, 1997, or on any interest payment date thereafter, in the inverse order in which they are numbered; and WHEREAS, all of the principal of and interest on the Bonds maturing prior to May 1, 1997, has been paid on the dates of their maturity; and WHEREAS, the Village is in compliance with Ordinance No. 0- 70 -32; and WHEREAS, it is in the best interest of the Village that the Village exercise its option at this time to redeem and pay bonds numbered 339 to 368, inclusive, due May 1, 1998 in the aggregate amount of $150,000, prior to their maturity along with Bonds renumbered 369 to 400, inclusive, due May 1, 1999, in the aggregate amount of $160,000 prior to their maturity and on May 1, 1997, and at a price of par and accrued interest. NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OFBUFFALO GROVE, COOKAND LAKE COUNTIES, ILLINOIS as follows: SECTION 1. That the Village hereby calls for redemption on_ May 1, 1997 at a price of par and accrued interest, $150,000 Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, numbered 339 to 368, inclusive, due on May 1, 1998. SECTION 2. That the Village hereby calls for redemption on May 1, 1997 at a price of par and accrued interest, $160,000 Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, numbered 369 to 400, inclusive, due on May 1, 1999. a o SECTION 3. That Notice of Redemption of the call of the Bonds set forth in Sections 1 and 2 hereof be given by registered mail, at least 30 days prior to May 1, 1997, to known holders of the Bonds described in Sections land 2. As to unknown holders, such Notice shall be published, at least 30 days prior to May 1, 1997, in a newspaper published and of general circulation in the City of Chicago, Illinois. Said Notice of Redemption shall designate the date and place of redemption of the Bonds, shall designate the serial numbers and the aggregate principal amount of the Bonds to be redeemed, and shall indicate that on the designated date of redemption the Bonds will be redeemed by payment of the principal thereof and accrued interest thereon, and that from and after the designated redemption date, interest in respect of the Bonds so called for redemption shall cease. Such Notice of Redemption shall be filed at American National Bank and Trust Company of Chicago, Chicago, Illinois. Such Notice of Redemption shall be in substantially the following form: NOTICE OF REDEMPTION of Waterworks and Sewerage Refunding Revenue Bonds, dated October 1, 1970, of the Village of Buffalo Grove, Cook and Lake Counties, Illinois. 11 TOTICEISHEREBYGIVENto the owners and holders of the following described bonds of the Village ofBuffalo Grove, Cook and Lake Counties, Illinois (the "Village "), $150,000 Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, numbered 339 to368, inclusive, due on May 1, 1998 and $160,000 Waterworks and Sewerage Revenue Bonds, dated October 1, 1970, numbered 369 to 400, inclusive, due on May 1, 1999 (the "Bonds "), that the Village has exercised its option, as allowed by the terms of the bonds, to redeem the Bonds prior to their maturity. The Bonds will be paid on May 1, 1997, upon surrender of the bonds with all coupons attached representing interest becoming due on May 1, 1997, and accompanied by all subsequent coupons, and such payment will be at a price of par and accrued interest on May 1, 1997. The owners and holders of the bonds are directed to present the same for payment at American National Bank and Trust Company of Chicago, Chicago, Illinois. NOTICE IS HEREBY FURTHER GIVEN that from and after May 1, 1997, interest in respect of the Bonds called for redemption shall cease. By order of the President and Board of Trustees of the Village of Buffalo Grove, Cook and Lake Counties, Illinois. DATED this 3rd day of March , 1997. lage Treasurer, Village of Buffalo Grove Cook and Lake Counties, Illinois no EW SECTION 4. That a full, true and complete copy of this ordinance shall be printed or published promptly after passage in pamphlet form by, authority of the Board and shall be in full force and effect immediately and forthwith upon such publication. SECTION I That all ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are to the extent of such conflict with the provisions of this ordinance be in full force and effect forthwith upon its adoption and approval. SECTION 6. That the Village Treasurer shall transfer funds as authorized by Ordinance No 0- 70 -32, to the American National Bank and Trust Company of Chicago, Illinois in the amount and at such times as required for the redemption of the Bonds. The transfer shall be accompanied by instructions to provide for the orderly administration of the redemption. ADOPTED: March 3 , 1997. APPROVED: March 3 , 1997. PUBLISHED: March 4 1997. AYES: 6 - Marienthal, Reid, Rubin,.: Braiman, Hendricks, Glover NAYES: 0 - None ABSENT: ATTEST: Villa lerk 0 0 STATE OF ILLINOIS ) SS COUNTY OF ILLINOIS ) CERTIFICATE OF MINUTES I the undersigned, do hereby certify that I am a duly qualified and acting Village Clerk of the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village "), and that as such official I am the keeper of the records and files of the President and Board of Trustees of the Village (the "Board "). I do further certify that the foregoing constitutes a full, true and complete transcript of that portion of the minutes of the meeting of the Board held on the 3rd < day of March , 1997, insofar as the same relates to the adoption of Ordinance No. 97 -23 entitled: AN ORDINANCE authorizing and providing for the call and redemption of certain outstanding Waterworks and Sewerage Refunding Revenue bonds, dated October 1, 1970, of the Village of Buffalo Grove, Cook and Lake Counties, Illinois and for giving notice of such call. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Board on the adoption of said ordinance were conducted openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to all newspapers, radio or television stations and other news media requesting such notice, that said meeting was called and held in strict compliance with the provisions of the Open Meeting Act of the State of Illinois, as amended, and the provisions of the Illinois Municipal Code, as amended, and that the Board has complied with all of the provisions of said Act and Code and with all of the procedural rules of the Board. IN WITNESS WBEREOF, I hereunto affix my official signature and the seal of the Village, this 3rd day of March 1997. _ I • �IA Villag Jerk (SEAL) 0 0 MINUMS of a public meeting of the President and Board of Trustees of the Village ofBuffalo Grove, Cook and Lake Counties, Illinois, held at 50 Raupp Blvd., Buffalo Grove, Illinois in said Village at 7: 30P.M. on the 3rd day of March 1997. The meeting was called to order by the President, and upon the roll being called, Sidney Mathias, President, and the following Trustees answered Present: Marienthal, Reid, Rubin, Braiman, Hendricks, Glover and the following Trustees were absent: None The President announced that all of the members of the President and Board of Trustees had heretofore received and would now consider the adoption of an ordinance authorizing and providing for the call and redemption of certain outstanding Waterworks and Sewerage Refunding Revenue bonds, dated October 1, 1970, of said Village and for giving notice of such call. Whereupon Trustee follows: Trustee Braiman Braiman presented such ordinance for consideration as moved and Trustee Rubin . seconded the motion that said ordinance as presented and read by the Village Clerk be adopted. After a full discussion thereof the President directed that a roll be called for a vote upon the motion to adopt this ordinance as read. Upon the roll being called the following Trustees voted: AYE: 6 - Marienthal. Reid, Rubin, Braiman Hendricks Glover The following Trustees voted: NAY: 0 - None Whereupon the President declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting, and did direct the Clerk to record the same in the records of the President and Board of Trustees of the Village of Buffalo Grove, Cook and Lake Counties, Illinois. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon the motion duly made and seconded the meeting was adjourned. Village Clerk By Deputy Village Clerk C Notice of Redemption of Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, of the Village of Buffalo Grove Cook and Lake Counties, Illinois Notice is hereby given to the owners and holders of the following described bonds of the Village ofBuffalo Grove, Cook and Lake Counties, Illinois (the "Village "), $150,000 Waterwork and Sewerage Refunding Bonds, dated October 1, 1970, numbered 339 to 368, inclusive, due on May 1,199 ' 8 along with $160,000 Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, numbred 369 to 400, inclusive, due on May 1, 1999 (the "Bonds "), that the Village has exercised its option, as allowed by the terms of the Bonds, to redeem the Bonds prior to their maturity. The bonds will be paid on May 1, 1997, upon surrender of the Bonds with all coupons attached representing interest becoming due on May 1, 1997 and accompanied by all subsequent coupons, and such payment will be at a price of par and accrued interest on May 1, 1997. The owners and holders of the Bonds are directed to present the same for payment at the American National Bank and Trust company of Chicago, 33 North LaSalle Street, Chicago, Illinois 60690. Under the provisions of the Interest and Dividend Tax Compliance Act of 1983, Paying Agenda making payments of principal on municipal securities may be obligated to withhold a 20% tax for remittances to individuals who have failed to furnish the Paying Agent with a valid Taxpayer Identification Number. Holders of the above securities who wish to avoid the imposition of this tax should submit certified Taxpayer Identification Numbers when presenting their securities for collection. Notice is hereby given that from and after May 1, 1997 interest in respect of the Bonds called for redemption shall cease. By order of the President and Board of Trustees of the Village of Buffalo Grove, Cook and Lake Counties, Illinois eputy Village Clerk ORDINANCE NO.97- 23 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE CALL AND REDEMPTION OF CERTAIN OUTSTANDING WATERWORKS AND SEWERAGE REFUNDING REVENUE BONDS, DATED OCTOBER 1, 1970, OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, AND FOR GIVING NOTICE OF SUCH CALL WHEREAS, pursuant to the provisions of Ordinance No. 0 -70 -32 entitled: An Ordinance authorizing and providing for the issue of Four Million Dollars ($4,000,000) Waterworks and Sewerage Refunding Revenue Bonds of the Village of Buffalo Grove, Cook and Lake Counties, Illinois, for the purpose of returning its outstanding Waterworks and Sewerage Revenue Bonds, Series of 1969, dated January 1, 1969, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues nfthe combmed waterworks and sewerage system of said Village for the purpose of paying the cost of the operation and maintenance thereof, providing an adequate depreciation fund therefore and paying the principal and interests of said bonds. adopted on September 14, 1970, by the President and Board of Trustees (the "Board ") of the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village "), $4,000,000 Waterworks and Sewerage Refunding Revenue Bonds, dated October 1, 1970, of the Village (the "Bonds ") were issued; and WHEREAS, the Bonds maturing after May 1, 1997, are subject to redemption and payment prior to their maturity at the option of the Village, at par and accrued interest on May 1, 1997, or on any interest payment date thereafter, in the inverse order in which they are numbered; and WHEREAS, all of the principal of and interest on the Bonds maturing prior to May 1, 1997, has been paid on the dates of their maturity; and WHEREAS, the Village is in compliance with Ordinance No. 0- 70 -32; and WHEREAS, it is in the best interest of the Village that the Village exercise its option at this time to redeem and pay bonds numbered 339 to 368, inclusive, due May 1, 1998 in the aggregate amount of $150,000, prior to their maturity along with Bonds renumbered 369 to 400, inclusive, due May 1, 1999, in the aggregate amount of $160,000 prior to their maturity and on May 1, 1997, and at a price of par and accrued interest. NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OFBUFFAL0 GROVE, COOK AND LAKE COUNTIES, ILLINOIS as follows: SECTION 1. That the Village hereby calls for redemption on May 1, 1997 at a price of par and accrued interest, $150,000 Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, numbered 339 to 368, inclusive, due on May 1, 1998. SECTION 2. That the Village hereby calls for redemption on May 1, 1997 at a price of par and accrued interest, $160,000 Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, numbered 369 to 400, inclusive, due on May 1, 1999. SECTION 3. That Notice ofRedemption ofthe call of the Bonds set forth in Sections 1 and 2 hereof be given by registered mail, at least 30 days prior to May 1, 1997, to known holders of the Bonds described in Sections land 2. As to unknown holders, such Notice shall be published, at least 30 days prior to May 1, 1997, in a newspaper published and of general circulation in the City of Chicago, Illinois. Said Notice of Redemption shall designate the date and place of redemption of the Bonds, shall designate the serial numbers and the aggregate principal amount of the Bonds to be redeemed, and shall indicate that on the designated date of redemption the Bonds will be redeemed by payment of the principal thereof and accrued interest thereon, and that from and after the designated redemption date, interest in respect of the Bonds so called for redemption shall cease. Such Notice of Redemption shall be filed at American National Bank and Trust Company of Chicago, Chicago, Illinois. Such Notice of Redemption shall be in substantially the following form: NOTICE OF REDEMPTION of Waterworks and Sewerage Refunding Revenue Bonds, dated October 1, 1970, of the Village of Buffalo Grove, Cook and Lake Counties, Illinois. 1V07YCE1S'B72 EBYGNENto the owners and holders of the following described bonds of the Village ofBuffalo Grove, Cook and Lake Counties, Illinois (the "Village'), $150,000 Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, numbered 339 to368, inclusive, due on May 1, 1998 and $160,000 Waterworks and Sewerage Revenue Bonds, dated October 1, 1970, numbered 369 to 400, inclusive, due on May 1, 1999 (the "Bonds "), that the Village has exercised its option, as allowed by the terms of the bonds, to redeem the Bonds prior to their maturity. The Bonds will be paid on May 1, 1997, upon surrender of the bonds with all coupons attached representing interest becoming due on May 1, 1997, and accompanied by all subsequent coupons, and such payment will be at a price of par and accrued interest on May 1, 1997. The owners and holders of the bonds are directed to present the same for payment at American National Bank and Trust Company of Chicago, Chicago, Illinois. NOTICE IS HEREBY FURTHER GIVEN that from and after May 1, 1997, interest in respect of the Bonds called for redemption shall cease. By order of the President and Board of Trustees of the Village of Buffalo Grove, Cook and Lake Counties, Illinois. DATED this 3rd day of March , 1997. lage Treasurer, Village of Buffalo Grove Cook and Lake Counties, Illinois SECTION 4. That a full, true and complete copy of this ordinance shall be printed or - published promptly after passage in pamphlet form by, authority of the Board and shall be in full force and effect immediately and forthwith upon such publication. SECTION 5. That all ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are to the extent of such conflict with the provisions of this ordinance be in full force and effect forthwith upon its adoption and approval. SECTION 6. That the Village Treasurer shall transfer funds as authorized by Ordinance No 0- 70 -32, to the American National Bank and Trust Company of Chicago, Illinois in the amount and at such times as required for the redemption of the Bonds. The transfer shall be accompanied by instructions to provide for the orderly administration of the redemption. ADOPTED: March 3 , 1997. APpROVID March 3 , 1997. PUBLISHED: March 4 , 1997. AYES: 6 - Marienthal, Reid, Rubin,, Braiman, Hendricks, Glover NAYES: 0 - None ABSENT: ATTEST: Village-Clerk STATE OF ILLINOIS COUNTY OF ILLINOIS ) SS CERTIFICATE OF MINUTES I the undersigned, do hereby certify that I am a duly qualified and acting Village Clerk of the Village ofBuff do Grove, Cook and Lake Counties, Illinois (the "Village "), and that as such official I am the keeper of the records and files of the President and Board of Trustees of the Village (the "Board "). I do further certify that the foregoing constitutes a full, true and complete transcript of that portion of the minutes of the meeting of the Board held on the 3rd day of March , 1997, insofar as the same relates to the adoption of Ordinance No. 97 -23 entitled: AN ORDINANCE authorizing and providing for -the call and redemption of certain outstanding Waterworks and Sewerage Refunding Revenue bonds, dated October 1, 1970, of the Village of Buffalo Grove, Cook and Lake Counties, Illinois and for giving notice of such call. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Board on the adoption of said ordinance were conducted openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to all newspapers, radio or television stations and other news media requesting such notice, that said meeting was called and held in strict compliance with the provisions of the Open Meeting Act of the State of Illinois, as amended, and the provisions of the Illinois Municipal Code, as amended, and that the Board has complied with all of the provisions of said Act and Code and with all of the procedural rules of the Board. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village, this 3rd day of March , 1997. MMMS of a public meeting. ofthe President and Board of Trustees ofthe Village of Buffalo Grove, Cook and Lake Counties, Illinois, held at 50 Raupp Blvd., Buffalo Grove, Illinois in said Village at 7: 30P.M. on the 3rd- day of March 1997. The meeting was called to order by the President, and upon the roll being called, Sidney Mathias, President, and the following Trustees answered Present: Marienthal, Reid, Rubin, Braiman, Hendricks, Glover and the following Trustees were absent: None The President announced that all of the members of the President and Board of Trustees had heretofore received and would now consider the adoption of an ordinance authorizing and providing for the call and redemption of certain outstanding Waterworks and Sewerage Refunding Revenue bonds, dated October 1, 1970, of said Village and for giving notice of such call. Whereupon Trustee Braiman presented such ordinance for consideration as follows: Trustee Braiman moved and Trustee Rubin seconded the motion that said ordinance as presented and read by the Village Clerk be adopted. After a full discussion thereof the President directed that a roll be called for a vote upon the motion to adopt this ordinance as read. Upon the roll being called the following Trustees voted: AYE: 6 - Marienthal. Reid, Rubin, Braiman, Hendricks Glover The following Trustees voted: NAY: 0 - None Whereupon the President declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting, and did direct the Clerk to record the same in the records of the President and Board of Trustees of the Village of Buffalo Grove, Cook and Lake Counties, Illinois. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon the motion duly made and seconded the meeting was adjourned. Village Clerk By Deputy Village Clerk ` , Notice of Redemption of Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, of the Village of Buffalo Grove Cook and Lake Counties, Illinois Notice is hereby given to the owners and holders of the following described bonds of the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village "), $150,000 Waterwork and Sewerage Refunding Bonds, dated October 1, 1970, numbered 339 to 368, inclusive, due on May 1,199 ' 8 along with $160,000 Waterworks and Sewerage Refunding Bonds, dated October 1, 1970, numbred 369 to 400, inclusive, due on May 1, 1999 (the `Bonds "), that the Village has exercised its option, as allowed by the terms of the Bonds, to redeem the Bonds prior to their maturity. The bonds will be paid on May 1, 1997, upon surrender of the Bonds with all coupons attached representing interest becoming due on May 1, 1997 and accompanied by all subsequent coupons, and such payment will be at a price of par and accrued interest on May 1, 1997. The owners and holders of the Bonds are directed to present the same for payment at the American National Bank and Trust company of Chicago, 33 North LaSalle Street, Chicago, Illinois 60690. Under the provisions of the Interest and Dividend Tax Compliance Act of 1983, Paying Agenda making payments of principal on municipal securities may be obligated to withhold a 20% tax for remittances to individuals who have failed to furnish the Paying Agent with a valid Taxpayer Identification Number. Holders of the above securities who wish to avoid the imposition of this tax should submit certified Taxpayer Identification Numbers when presenting their securities for collection. Notice is hereby given that from and after May 1, 1997 interest in respect of the Bonds called for redemption shall cease. By order of the President and Board of Trustees of the Village of Buffalo Grove, Cook and Lake Counties, Illinois