1970-10-26 - Resolution 1970-34 - Haris Bank authorized to cancel Waterworks and Sewerage Revenue bonds series 1966 dated 5/1/1966 Village Clerk authorizd to execute purchase agreement RESOLUTION R-70-34
RESOLVED by the President and Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties, Illinois,
that the Harris Trust & Savings Bank of Chicago, Illinois
be and it is hereby authorized and directed to cancel
Village of Buffalo Grove, Cook and Lake Counties, Illinois
Waterworks and Sewerage Revenue Bonds, Series 1966, dated
• May 1, 1966, and numbered 131 to 156 inclusive and deliver
said cancelled bonds to Rosalie L. Kaszubowski, Village
Clerk.
FURTHER RESOLVED that the President and Clerk be and they
are hereby authorized and directed to execute Purchase
Agreement attached to Option Agreement dated March 23, i
1970, by and between Buffalo Utility Company, an Illinois?
public utility corporation, and the Village of Buffalo
Grove, Cook and Lake Counties, Illinois.
FURTHER RESOLVED that upon receipt of the proceeds of the
sale of the Village 's $4,000,000.00 Waterworks and O�ewerage
Revenue bonds, Series of 1969, dated January 1, 1969, the
President, Clerk and Treasurer are authorized to Oeposit -
said receipts in the Harris Trust & Savings Bank And draw
checks against the same in the amounts required to pay off
funds pursuant to the terms of the option and purchase
agreements.
FURTHER RESOLVED that accounts receivable, estimated
accruals of water billings, less charges for water services •
shall be substantiated and paid forthwith upon such ve i
fication by the parties.
FURTHER RESOLVED that the President, Clerk and Treasurer
draw check on the above account for the purpose of making
payment of $630,000.00 Waterworks and Sewerage Revenue
Bonds Series 1966 dated May 1, 1966 at par plus accrued
interest to December 1, 1970 or such prior date as such
bonds may be presented for payment.
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Passed and approved this 26th day of October, 1970.
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Villa President (Pro Tem)
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ATTEST:
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Village Clerk
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