1970-04-04 - Village Board Special Meeting - Minutes 1923
4/4/70
MINUTES OF AN EMERGENCY MEETING OF THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COUNTIES OF COOK AND LAKE, STATE OF
ILLINOIS, HELD SATURDAY, APRIL 4, 1970, AT THE MUNICIPAL BUILDING,
50 RAUPP BOULEVARD, BUFFALO GROVE, ILLINOIS
l 1 The President called the meeting to order at 10: 55 A.M. The Clerk
v called the roll and the following were present:
President Thompson; Trustees Felten, Thorud, Armstrong, Fabish,
Cimaglio
Absent: Trustee Gleeson
President Thompson stated that the meeting was an emergency session
called by the President at approximately 2 P.M. on Friday, April 3rd
for a meeting on Saturday morning at 10: 30 A.M. He further stated
that the purpose of the meeting is for the discussion of the con-
tractural arrangements for the sale of the $4 million bond issue.
He stated that it has been publicized that the Board was on momentary
notice that these bonds might be sold and that the matter might
require an emergency session. He stated that the newspapers were
notified and a representative of Paddock Publications was present.
Also present were Richard Raysa, Village Attorney; Mr. Edward
Benjamin of Benjamin & Lang, Financial Advisors for the Village;
and Mr. Hugh Brogan of Northern Securities Corporation.;
Mr. Brogan stated that it is important to get the contract for the
sale of the bonds straightened out. He stated that they have a
proposal which was referred to Mr. Raysa and that Mr. Raysa had
suggested some revisions and that the contract has been reworded
to take these revisions into account. Mr. Brogan then passed out
copies of the contract to the Board.
President Thompson then read the contract which is in the form of
a letter from Marquette de Bary Company. The President stated that
according to the letter the Village should receive a $40, 000 check.
Mr. Brogan stated that the check will arrive sometime during the next
week.
In response to a query by President Thompson, Attorney Raysa stated that
the contract was about as good as the Board can get with this type of
matter. Discussion followed with both the Attorney and Mr. Benjamin
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advising the Board.
The President called a recess to enable the Attorney to draft a
form of resolution.
The meeting was called back to order by the President at 11: 25 A.M.
President Thompson read the Fiscal Agency Agreement between the
Village and Northern Securities Corporation which allows for an
additional extension of time.
Trustee Felten moved that the President and Village Clerk be
authorized to enter into the Fiscal Agency Agreement contingent
upon the receipt of a certified cashiers check in the amount of
$40, 000.00 prior to 4 P.M. Friday, April 10, 1970. Trustee
Cimaglio seconded the motion. Discussion followed.
Upon roll call, the vote was as follows:
AYES: Trustees Felten, Thorud, Armstrong, Fabish, Cimaglio
NAYS: None
ABSENT: Trustee Gleeson
The motion carried.
Resolution #R-70-11
President Thompson then read Resolution #R-70-11 which is a
resolution authorizing the execution of the contract with Marquette
de Bary Co. contingent upon the receipt of a check for $40, 000. 00
to be received no later than Friday, April 10, 1970 .
Trustee Fabish moved to pass Resolution #R-70-11. Trustee Cimaglio
seconded the motion. Upon roll call, the vote was as follows:
AYES: Trustees Felten, Thorud, Armstrong, Fabish, Cimaglio
NAYS: None
ABSENT: Trustee Gleeson
The motion carried.
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Trustee Armstrong moved to adjourn the meeting. Trustee Felten
seconded the motion and it carried unanimously.
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Village Clerk / ' [ l
Approximately 11: 35 A.M.
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APPROVED THIS ,m,� DAY OF (/ AJi , 1970.
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Village P' ident