1969-11-19 - Village Board Regular Meeting - Minutes 1815
11/19/69
MINUTES OF AN ADJOURNED REGULAR MEETING OF THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COUNTIES OF COOK AND LAKE,
STATE OF ILLINOIS, HELD WEDNESDAY, NOVEMBER 19, 1969, AT THE MUNICIPAL
SERVICE CENTER, 150 RAUPP BLVD. , BUFFALO GROVE, ILLINOIS
The President called the meeting to order at 9 P.M. The following
were present:
President Thompson; Trustees Gleeson, Thorud, Armstrong, Cimaglio
Absent: Trustees Felten, Fabish
1. $4MILLION BOND ISSUE
President Thompson stated that the meeting was called as a continuation
of the meeting of November 17th at which time the discussion of the pro-
posed $4 million bond issue of the Village of Buffalo Grove was held and
a decision was asked to be postponed until the meeting of tonight.
He further stated that information received from Julien Collins & Co. ,
Northern Securities and Barcus, Kindred and Company has indicated that
the bond market has dropped 20 base points in 48 hours. He stated that
the information he had received from Barcus, Kindred & Company was that
due to the market structure at the present time they could not exercise
their agreement in good faith and would petition and ask that theBoard
give them an extension on their option. The President stated that a
great deal has been accomplished to date by Barcus, Kindred & Company
which has placed the Village well ahead of the position it was in before
it entered into an agreement with them. He stated that the Village has
secured a triple "B" rating from Standard & Poor ' s which places it in
a more purchasable position.
Trustee Cimaglio moved that the Board extend the option between the
Village of Buffalo Grove and Barcus, Kindred & Company, Inc. and
Julien Collins & Company with respect to $4, 000, 000 Principal Amount
Waterworks and Sewerage Revenue Bonds of the Village until the date
of December 1st at 8 P.M. Trustee Armstrong seconded the motion.
Mr. Iverson of Barcus, Kindred & Company stated that the bonds have
been printed and that all matters appeared to be ready until Wednesday
at about 3: 30 P.M. when it was noted that the bond market had dropped 20
base points. He further stated that the deal is very close to being
consumated. Mr. Iverson asked that the Board extend the option for
thirty days rather than two weeks. Discussion followed.
Trustee Gleeson moved to amend the motion to extend the option until
December 22, 1969. Trustee Armstrong seconded the amendment.
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11/19/69
Mr. Brogan stated that he will be at each regular meeting until the
bonds are sold or the option ends.
Upon roll call, the vote was as follows:
AYES: Trustees Gleeson, Thorud, Armstrong, Cimaglio, President Thompson
NAYS: None
ABSENT: Trustees Felten, Fabish
The motion carried.
2. ADJOURNMENT
The President stated that since the meeting was adjourned to cover only
the discussion of the bond issue, no other business would be discussed.
Trustee Gleeson moved to adjourn the meeting. Trustee Armstrong
seconded the motion and it carried unanimously.
Village Olerk
Approximately 9: 16 P.M.
APPROVED THIS DAY OF ��� / , 1969.
Village P sident ✓