1969-10-06 - Resolution 1969-12 - Waterworks and Sereage Revenue Bonds r
RESOLUTION NO. R-69-12
EXTENDING AN OPTION AGREEMENT DATED
AUGUST 25 , 1969, BY AND BETWEEN THE
VILLAGE OF BUFFALO GROVE, ILLINOIS
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
WHEREAS, the Village of Buffalo Grove (Herein called the
"Village") and Barcus, Kindred & Company, Incorporated, and Julien
Collins and Company (herein called the "Investment Bankers") entered
into an Option Agreement whereby the Investment Bankers in consider-
ation of the Village' s making certain changes in the Bond Resolution
and the furnishing of additional information to the Investment Bankers,
agreed to immediately proceed with steps to purchase said bonds at
not to exceed an interest cost of seven per cent (7%) ; and
WHEREAS, the Investment Bankers pursuant to said agreement
and working with the Village' s Consulting Engineers, prepared and paid
for the expense of preparing a Preliminary Official Statement which
has been duly approved by the Village, and has conducted meetings and
presentations to various institution investors throughout the United
States; and
WHEREAS, the market for municipal bonds has considerably
deteriorated since the date of said agreement and it now appears that
it is not possible for the Village to market said bonds under current
market conditions; and
WHEREAS, the Investment Bankers are desirous of extending the
Option Agreement for an additional 45 day period.
NOW, THEREFORE, be it resolved by the Board of Trustees of
the Village of Buffalo Grove, Illinois as follows:
1 k
SECTION 1 . That said agreement dated August 25, 1969, is
hereby extended for an additional 45 days from October 1, 1969
until midnight November 15 , 1969.
SECTION 2. That this Resolution shall take effect immedi-
ately upon its passage.
PASSED this 6th day of October, 1969.
AYES - 5
NAYS 0
ABSENT 1