1980-07-07 - Resolution 1980-35 - Initiating Revenue Bonds for Waterworks and Sewerage Refunding Revenue Bonds series 1980 RESOLUTION NO. 80 -
RESOLUTION INITIATING ISSUANCE OF
WATERWORKS AND SEWERAGE REFUNDING
REVENUE BONDS, SERIES 1980, OF THE
VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES, ILLINOIS.
WHEREAS, by Ordinance No. 0-70-32 adopted on September
4 1970, the President and Board of Trustees of the Village of
1 ,
Buffalo alo Grove, Cook and Lake Counties, Illinois, did authorize the
issuance of $4,000,000 Waterworks and Sewerage Refunding
Revenue
Bonds, dated October 1, 1970, of said Village, which said bonds
were delivered and paid for on November 2 , 1970, and of which,
bo
nds in the aggregate principal amount of $3, 750,000 are now out-
standing; and
WHEREAS, for the purpose of reducing annual debt service
costs to the Village and eliminating
certain restrictive provisions
of Ordinance No. 0-70-32, it is deemed advisable and in the best
int
erests of the Village that proceedings be initiated to refund
the outstanding Waterworks and Sewerage Refunding Revenue Bonds,
dated October 1, 1970:
NOW, THEREFORE, Be it and It Is Hereby Resolved by the
President and Board of Trustees of the Village of Buffalo Grove,
Cook and Lake Counties, Illinois, as follows:
Section 1. The Village of Buffalo Grove proposes to
issue Refunding Revenue Bonds, Series 1980, in an amount suffi-
cient to provide for refunding the $3,750,000 Waterworks and
Sewerage Refunding Revenue Bonds, dated October 1, 1970 , and now
outstanding.
Section 2. John Nuveen & Co. Incorporated, Chicago,
Illinois, is by named investment banker to assist in the
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preparation and marketing of said proposed Bonds, Series 1980.
Section 3. The law firm of Chapman and Cutler, Chicago,
Illinois, is hereby named as Bond Counsel in connection with said
bond issue, to cooperate with and assist the investment banker and
the Attorney for the Village in the preparation of the draft of
proceedings for the bond record and to issue its approving opinion.
Section 4. The President, Village Clerk and Village
Attorney be, and the same are hereby, directed and authorized to
have prepared, execute and deliver all necessary legal instruments
required to complete the issuance of said proposed Bonds, Series
1980, and all other officers, employees and agents of this Village
be, and the same are hereby, directed and authorized to perform all
acts as may be from time to time necessary in connection therewith.
Section 5. All resolutions or orders, or parts thereof,
in conflict with the provisions of this resolution, are to the
extent of such conflict hereby repealed, and this resolution shall
be in full force and effect upon its passage and approval.
AYE: 4 - Stone. Hartstein. Kevitt , Gerschefske
NAY: 0 - None
ABSENT: 1 - O'Reilly
1 - Trustee Marienthal was President Pro Tem
PASSED this 7th day of July , 1980.
APPROVED this 7th day of July , 1980.
L-r!It24;"
Attest: - Pr ident
c Pro Tem
yrt;i1-11 8,i4,01441A)
Village Clerk
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