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1970-02-09 - Resolution 1970-07 - Nothern Securities Corp agreement expired 02/02/1970. Extension given until 03/09/1970 RESOLUTION NO. R-70-7 WHEREAS, the Fiscal Agency Agreement dated August 18, 1969 by and between Northern Securities Corporation, a corporation, and the Village of Buffalo Grove, Illinois, expired by its terms on February 2 , 1970, and WHEREAS, the Fiscal Agent has represented that it has a buyer for $4,000, 000 .00 Series 1969 Sewer and Water Revenue Bonds. RESOLVED that the Fiscal Agent Agreement dated August 18, 1969 by and between the Village and Northern Securities Corporation be and the same is hereby extended from February 9 , 1970 to and including March 9 , 1970. FURTHER RESOLVED that the Village by its proper officers execute an extension agreement. Copies of the Agreement dated August 18, 1969 and the excerpt from the minutes of the Village of Buffalo Grove dated December 22, 1969 in which the agreement was extended to February 2, 1970, are attached and made a part hereof as Exhibits A and B. Ayes: 5 Nays: 0 Absent: 1 Passed and approved the 9th day of February, A.D. , 1970. i f ' C. NORTHERN SECIURITLES CORPORI TION " ai MUNICIPAL BONDS 105 WEST ADAMS STREET d ' CHICAGO. ILLINOIS 80603 • r 1,.. . . TELEPHONE RANDOLPH 6.1439 il • • The Parties hereto hereby agree as follows; Northern seourities Corporation at the request of the Village of Buffalo Grove, Illinois,' having oompleted inves- tigations, studios and plans with respect to the sale Of $4,000,000 Waterworks and Sewerage Revenue Bonds, including • advising the Village as to the details of the 'enabling ordinance; consulting and advising the Village Engineer in the preparation C ` of the engineering report and retaining Bond Counsel, hereby, • t ; agrees to act as fisoal agent to the 'Village with respect to the sale of said Bonds. The fiscal agent agrees to facilitate and complete the sale of the $4,000,000 Waterworks and Sewerage Revenue Bonds of ; I + 'the Village of Buffalo Grove and to represent the Village in con- • notion with all negotiations pertaining to the sale and delivery 0.! of said Bonds. The Village hereby agrees to pay the fisoal agent a •+fl fee of 5% of the authorized issue, payable at the time of deliv + i • err, and payment for said Bonds to the purchasers thereof. . ; , A • ' ` NORTHERN SECURITIES CORPORATION , { MUNICIPAL BONDS . { ,' ' " , 1.O5 WEST ADAMS STREET ' ' '' CHICAGO. ILLINOIS 60803 TELEPHONE RANDOLPH 6-1439 • t The fiscal agent agrees to pay the following f inanoing expenses; • ,' "' , . 1) bond counael+a fee ' ' ','.' 2) costs of 'printing necessary bonds 1 ;, `y 3} expenses of banking and delivery i ,>, 4.) out.ot»pooket expenses of the fiscal,. agent 1 The term of this Agreement eha13 extend to midnight :,'. ee.. 7-- / , 1969, and may be extended by mutual • ','• agreement of the p art ie s,* WIT IN 88 wircifsOy, the parties hereto have caused i , . t this Fiscal Agency Agreement td be executed in their respactiv© i, corporate names by their respective offioere therunto .duly auth- orized and attested .by their respective officers having custody • 'f j thereof the.,day and year .Beret above written, 'I' • VILLAGE air BUFFALO GROVE J• i t , ;� � � ' �� �� i � $y ��..L,a��E,� .(�,(,/,�/„� i,+!"e'ZY2f..frft-L,�C7.�.�/ �,: ORT1L Ct3RITI] 3 CORPORATION 1 I • / ,,/ • Br , 11 , €. 1841 12/22/E OLD BUSINESS 5. PLAN COMMISSION REPORT -- RICHARD BROWN CONDOMINIUMS President Thompson stated that a public hearing is required on the 'condominium development being planned by Richard Brown Associates and that Mr. Brown would have to submit such a request for public hearing in writing. The President stated no action would be required to be taken at the present time. 6. $4 MILLION BOND ISSUE Mr. Iverson of Barcus, Kindred & Company informed the Board that the Bond Market is still in terrible condition and he would respectfully a request that the option now held by Barcus, Kindred & Company and Julien Collins & Company be extended until February 1st. Trustee Fabish moved to extend the option agreement to February 1st • and this would be by resolution if so advised by the Village Attorney. Trustee Gleeson seconded the motion. Discussion followed. Trustee Gleeson requested that the Board and the representatives of Barcus, Kindred & Company, Julien Collins & Company and Northern Securities have a meeting sometime after the first of the year. Trustee Cimaglio stated that he would like to see Mr. Brogan present ; ' at each regular meeting of the Board to report on the status of the Bond issue. Mr. Iverson stated that he would so inform Mr. Brogan. President Thompson stated that Mr. Raysa has discussed the Bond issue with the representatives of the firm who will be handling the , legal opinion on the bonds. Discussion followed. Trustee Fabish amended his motion to extend the option to February 2nd 1 ,1, { , - and to also extend the fiscal agreement with Northern Securities to , , that date. Trustee Gleeson seconded the amended motion. Upon roll call, the vote was as follows: AYES: Trustees Gleeson, Thorud, Fabish, Cimaglio, President Thompson NAYS: None ABSENT: Trustees Felten, Armstrong ; "`���------' , The motion carried. ' 7. LETTER FROM WHEELING PUBLIC LIBRARY DISTRICT President Thompson stated that the letter received from the Wheeling