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1981-04-13 - Resolution 1981-17 - ACCEPTING OFFER TO PURCHASE $1,050,000 OF CORPORTATE PURPOSE BONDS OF THE VILLAGE OF BUFFALO GRVE, COOK AND LAKE COUNTIES, ILLINOIS RESOLUTION NO. 81-17 RESOLUTION ACCEPTING OFFER TO PURCHASE $1,050,000 OF CORPORATE PURPOSE BONDS OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, AS FOLLOWS : Section 1. It is found and declared as follows: (a) The President and Board of Trustees of the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village") , have determined to issue $1,050 ,000 of Corporate Purpose Bonds, Series 1981, of the Village for the purpose of providing funds to be advanced by the Village to the Northwest Water Commission in accordance with the financing plan of such Commission and paying costs of the Village in connection therewith. (b) The President and Board of Trustees of the Village have caused an Official Notice of Sale together with an Official Statement to be prepared and distributed calling for bids to purchase the Bonds . The preparation and distribution of the Official Notice of Sale and the Official Statment, copies of which are attached hereto as Exhibits A and B, are approved, ratified and con- firmed. (c) Bids for the Bonds have been submitted as follows: Name of Bidder Total Interest Cost (See attached list) R.V. NORENE 8 Associates,Inc. $1, 050, 000 VILLAGE OF BUFFALO GROVE Cook and Lake Counties, Illinois CORPORATE PURPOSE BONDS, SERIES 1981 _ Investment Rating: Moody's Investors Service, Inc A-1 Date of Sale: Monday, April 13, 1981 Net Bidders Price Coupon Rates Interest The First National Bank of Chicago, Manager 100.0099 1983-86 10.50% 9.86829% Butcher & Singer Inc. , Philadelphia 1987 10.00% ($986,829.82) - In Association With - 1988-90 9.50% 1991 9.60% LaSalle National Bank, Chicago, Manager 1992 9.75% Kidder, Peabody & Co. , Inc., New York 1993 9.90% 1994 10.00% 1995 10.10% The Northern Trust Company, Chicago, Manager 100.0037 1983 10.25% 10.1097% Channer Newman Securities Company, Chicago 1984-88 10.50% ($1,010,977.65 Croake Roberts, Inc. , Chicago 1989 9.70% Hutchinson, Shockey, Erley and Co., Chicago 1990 9.50% 1991 9.75% 1992- 10.00% 1993 10.10% 1994 10.25% 1995 10.40% Clayton Brown & Associates, Inc. , Chicago, Manager 100.0000 1983-88 10.75% 10.173125% Griffin, Kubik, Stephens & Thompson, Inc. , Chicago 1989-90 9.75% ($1,017,312.49; 1991 9.80% 1992 10.00% • 1993 10.10% 1994 10.20% 1995 10.30% Harris Trust and Savings Bank, Chicago, Manager 100.0295 1983-87 10.60% 10.2934% First National Bank in St. Louis, St. Louis 1988 10.40% ($1,029,340.00t 1989 9.60% 1990 9.80% 1991 10.00% • 1992 10.20% 1993 10.40% • 1994 10.50% 1995 10.60% -2- (d) The bid submitted by The First Nat i;onal Bank of Chicago and associated bidders for the purchase of the Bonds is determined to be the best bid. Section 2. The bid submitted by The First National Bank of Chicago and associated bidders is accepted, and it is determined to proceed to issue the Bonds to such purchaser pursuant to that bid. The Village Manager is authorized and directed to execute that offer on behalf of the Village. A copy of the bid as so accepted is made a part of this Resolution and is attached hereto as Exhibit C . The appropriate officers of the Village are authorized and directed to take such steps to issue the Bonds in accordance with the accepted bid and to execute and deliver such certifi- cates pertaining to the Bonds and the use of the proceeds thereof as may be needed to facilitate the sale of the Bonds. Section 3 . This resolution is effective upon its adoption. VOTING AYE (list names) : 6 Marienthal , Stone, O'Reilly, Hartstein , Kavitt, Gerschefske VOTING NAY (list names) : 0 - None ABSTAINING: 0 - None ABSENT: 0 - None • -3- PASSED: April 13 , 1981. APPROVED: April 13, 1981. rVillage President ATTEST: ✓- ilage CLe�'k 7 i S / J. OFFICIAL NOTICE OF SALE r $1 ,050,000 , VILLAGE OF BUFFALO GROVE Cook and Lake Counties, Illinois CORPORATE PURPOSE BONDS, SERIES 1981 The Village of Buffalo Grove,Illinois will receive sealed bids for its$1,050,000 Corporate Purpose ds,$ ram , 1981 at the Northern Trust Company (Bond Syndicate Room -- 12th`Floor) opened 50 South I-iS�lle Street, Chicago, _ Illinois until12:00 Noon,C.S.T., Monday, April 13, 1981 at which timethe bids will be publicly and Award will be made or all bids rejected at the meeting of the President and Board of Trustees on the , ; These bonds are non-callable general obligations of the Village of Buffalo Grote, payable btu and interest from unlimited ad valorem taxes to be levied`on all taxable property with said Vi o coupon bonds registrable as to principal only in the denomination of$5,000. Principal and semi-annuali (June 1 and December 1)willbe payable at such bank or trust company as may be mutually agreed upon et��th purchaser and the Village.`Bonds are dated April'1, 1981. First coupon due June I, 198 ' MATURITIES TIE — December 1 $50,000 1983 $ 75,000 1987 $100,000 . 50,000 . . .�_. , . _ . ... . . . 1984 75,000 - 1988. 1�00,000 . .. . s 99 r 50,000 ., 1985 75,000 1989 100�i100 9 75,000 1986 100,000 1990 100, 0 ., . . . . .. a 100,000 1991. These bonds will be awarded to the best bidder determined upon the basis of the lowest total intt at t rate or rates designated in said bid from April 1, 1981 to the respective maturity dates;after.deductingthe � remium bid. Each bidder shall name a rate or rates of interest which the bonds are to bear and ea Tate must Pe a p a. multiple of Vie-quarter or one-tenth of one percent (1/4 or 1/10 of 1%). Not more than one interim rate shall be-specified for a single maturity. Each interest payment will be evidenced by ac single coupon.on e 44 differential between the highest rate bid and the lowest rate bid shall not exceed 1%. Bids must be for VII Of#00.of the bonds,must be for not less than par plus accrued interest to date of delivery and must be made upon the Bid Form and delivered in a'sealed envelope marked"Bid for Bonds"at the time set out above.The� _e ;rvea the right to reject any or all bids,to determine the best bid in its sole discretion and to waive any informality in any bid. Each bid shall be accompanied by a certified or cashier's check on a solvent bank or trust company'for 1� payable to the Village Treasurer of the Village of Buffalo Grove, Illinois,as evidence of good faith cif the-bides_T check of the successful bidder will be retained uncashed by the Village pending delivery of the bonds Mind/et' e will be returned promptly.No interest will be allowed on any checks. Should the successful bider fail to take and pay for the bonds when tendered in accordance with his bid and this Notice, his check shall be cashed by the and the proceeds retained as full and liquidated damages to the Village caused by failur of the bid er t l, offer of purchase. Otherwise his check will be returned uncashed at delivery or applied on the purge price. The bonds will be delivered to the successful purchaser against full payment in immediately available fundss soon as they can be printed and executed,which is expected to be on Monday,April 27, 1981.Should d off bonds be delayed sixty days from the date of award for any reason except failure of performanceby the successful bidder,then the bidder may cancel his agreement to purchase the bonds and receive back his check and thereafter his :-`: interest in and liability for the bonds will cease. The Village will deliver the bonds without expense to the-purchaser in Chicago, Illinois,and Win pay or the F printing of the bonds and the bond attorney's opinion.At the time of delivery the Village will furnish to the purchaser the written opinion of Isham, Lincoln & Beale, Attorneys, Chicago, Illinois;evidenci the legality ofthe onds, which will be printed on the reverse of each bond.The Village will furnish the transcript of proceed rocee ings�on wh sa' opinion is based and a certificate of no-litigation then pending affecting the legality of the bonds or the right of the Village to issue them. Interest on the bonds is exempt, in the opinion of counsel, from Federal Income Taxes under existing law. The Village has authorized the,preparation of an Official Statement containing pertinent irma�relative to the Village and its finances. For copies of that Statement or for any additional information, ate '„ relative purchaser is referred to the undersigned at the Viillage Hall, 50 Raupp.B.oulevard, Buffalo Grove, I �60 or the Municipal Finance Consultants to the Village, R. V.Norene&Associates, Inc., 1944 Burr Oak Drive,pen , Illinois 60025. Telephone: Area 312-998-9848. /s/ William R.Balling March 25, 1981 Village Manager EXHIBIT A t ' OFFICIAL BID FORM 4 " Village of Buffalo Grove April 13, 1981 Village Hall Buffalo Grove, Illinois Ladies and Gentlemen: For your. $1,050,000 Village of Buffalo Grove, Illinois Corporate Purpose.Bonds, Series 1981, described iu the annexed Official Notice of Sale, which is expressly made a part hereof, we will pay you par plus a premium of ,plus accrued interest from April 1, 1981 to the date of delivery.The bonds are to bear interest at the following respective coupon rates(each a multiple of 1/4 of 1/10 of 1%)for bonds of each designated Maturity, MATURITIES —December 1 $50,000. , . . . . 1983 % 75,000. . . . 1987 % $100,000. . . . 1992 50,000 1984 % 75,000 1988 % 100,000. . . :. . 1993 50,000. . 1985 % 75,000 1989 % 100,000. . . . , 1994 75,000. . . . 1986 % 100,000. . . :: . 1990 % 100,000. . . 1995 % 100,000 1991 As evidence of our good faith, we enclose herewith our (cashier's)(certified) check in the sum of $21,000 in accordance with your Official Notice of Sale. Unless we notify you to the contrary within 24 hours, CUSIP numbers are to be printed on the bonds at our expense and we agree to accept the bonds at delivery with CUSIF numbers as printed. We will designate our nomination for paying agent of the issue by 5:00 P.M„ C.S.T. on the date of sale and should we fail to do so by that time,or if such nomination is unacceptable,then the bonds and coupons may be made payable at a bank of your choice. NOT A PART OF BID Respectfully submitted, Our calculation of interest cost from above is: Total Interest $ Name Less Premium . . . . $ Account Manager Net Interest Cost $ Net Interest Rate % By Return of our bid deposit check is acknowledged. Address City State By Date (A list of the members of our account on whose behalf this bid is made is attached hereto.) ACCEPTANCE CLAUSE The foregoing bid was accepted and bonds sold by resolution of the President and Board of Trustees of the Village of Buffalo Grove, Illinois,on April 13, 1981 and receipt is hereby acknowledged of the good faith check which is being held'in accordance with the terms of the Official Notice of Sale. VILLAGE OF BUFFALO GROVE, ILLINOIS Village Manager TABLE OF BOND YEARS FROM APRIL 1, 1981 I (For Computation Purposes Only. Not Part of Bid.) Marie Bond Years Maturity Bond Years ° Year December 1 Annual Cumulative Year December 1 Annual Cumulative 1983 $ 50,000 83.3333 83.3333 1990 $ 100,000 866.6667 3,116.6667 1984 - 50,000 = - 133.3334 216 6667 1991 100,000 966.6666 - 4,083.3333 1985 50,000 183.3333 400.0000 1992 100,000 1,066.6667 5,150.0000 1986 75,000 350.0000 750.0000 1993 100,000 1,166.6667 6,316.6667 1987 75,000 4250000 1,175.0000 1994 100,000 1,266.6666 7,583.3333 1988 75,000 500.0000 1,675.0000 1995 100,000 1,366.6667 8,950.0000 1989 75,000 575.0000 2,250.0000 $1,050,000 8,950.0000 Average Life: 8.5238 years • _ OFFICIAL BID FORM u Village of Buffalo Grove April 13, 1981 Village Hall Buffalo Grove,.Illinois Ladies and Gentlemen: For your $1050,000 Village of Buffalo Grove, Illinois Corporate,Purpose Bonds, Series 1981, described in the annexed Official Notice of Sale,which is expressly made a part hereof, we will pay you par plus a premium of $ /o. •.$Z , plus accrued interest from April 1, 1981 to the date of delivery. The bonds are to bear interest at the following respective coupon rates(each a multiple of 1/4 of 1/10 of 1%)for bonds of each designated maturity. MATURITIES — December 1 $50,000983 % $ 75,000` 1987 !0 % $100,000. . . 1992 '" % 50,000. . . 1984 /0,. % 75,000 _ 1988 % 100,000 1993 9._.9_,C)_% 50,000 1985 0. % - 75000 1989 % 100,000 1994 ,,,?„..e;g% 75 000 1986 /4250% 100,000. . . . , 1990 % 100,000.. . 1995 100000. . . . . . 1991 • % As evidence of our good faith, we enclose herewith our (cashier's)( ) check in the sum of$21,000 in accordance with your Official Notice of Sale.Unless we notify you to the contrary within 24 hours,CUSIP numbers are to be printed on the bonds at our expense and we agree to accept the bonds at delivery with CUSIP numbers as printed. We will designate our nomination for paying agent of the issue by 5:00 P.M., C.S.T. on the date of sale and should we fail to do so by that time,or if such nomination is unacceptable,then the bonds and coupons may be made payable at a bank of your choice. NOT A PART OF BID Respectfully submitted, Our calculation of interest cost fr a ov •is:' The First National. Bank of Chicago Total Interest $ Name Less Premium $ Z- Account Manager Net Interest Cost $ . 82. Net Interest Rate aJo By V .P. Return of our bid deposit check is acknowledged. - Address One Fi .st National=Plaza City. Chicago State II I inc�is By _ Date (A list of the members of our_.account on whose behalf this bid is made is attached hereto.) ACCEPTANCE CLAUSE The foregoing bid was accepted and bonds sold by resolution of the President and Board of Trustees of the Village of Buffalo Grove, Illinois,on April 13, 1981 and receipt is hereby acknowledged of the good faith check which is being held in accordance with the terms of the Official Notice of Sale. VILL OF BUS' - p: OVE, ILLINOIS Village Manager TABLE OF BOND YEARS FROM APRIL 1, 1981 (For Computation Purposes Only. Not Part of Bid.) l rtty BondYears Ms arity Years Boni ms- . �;- Year saber I Annual Cumulative - Year December I Annual Cumulative 1983 $ 50,000 83.3333 85.3333 1990 $ 100,000 866.6667 3,116.6667 1984 50,000 133.3334 216.6667 1991 100,000 966.6666 4,083.3333 I985 50,000 183.3333 400.0000 1992 100,000 1,066.6667 5,150.0000 1986 75,000 350.0000 750 0000 1993 100,000 1,166.6667 6316.6667 1987 75,000 425.0000 1,175.0000 1994 100,000 1,266.6666 7,583.3333 1988 75,000 500.0000 1,675.0000 1995 100,000 1,366.6667 8,950.0000 1989 75,000 - 575.0000 2,250.0000 $1,050,000 8,950.0000 Average Life: 8.5238 years "EXHIBIT C" O VA ; NOTICE OF SALE - I - 50,0C 1 1 an L :,Count Il41-` 4,,,,,A6E- '0F' 'BUFFALO;k,.*Ak — -----,,,,,,,,,,,,,:,..„.„--„,.,...„3„,_, ,,,,-.,,,,,„.. i sx "�i'i ; PURPOSE B ` & - "1 he Village of;Buffalo Grove, llli ois will receive sealed bids for its _1.050,Q rate 1981;-a at the;l*tortl ern Trust Company"(Bend Syndicate Room -- 12th 1;`loor) 50 South w., llliinoois until`12. oori,-"C_S T.. Monday.April 13. 1981 at which times°the 1 g Award will be made or all bids'.rejected.at the meeting of the President and Board of Trustees on tie datle ova Villageof ref B�€ '� -uv �� __ ;" �. � �s�a�;�� --es • an nte�t from ti- l`ir, l a v tax- l le don.all able per wit saw'age. fi • w coupon.bonds - trable as t- principalorily the denomination.of ,�.a--Principe r�� ,e ;u�1 and December 1-)will,be payable at such bank or trust company as maybe mutually a bet een the : purchaser the:Villagee.-Bonds-are-dated°April 1;-1981. First-coupon`due:June 1, 191i2 -.-,,,,,,_---:,-.1:-:-:,,,if..'..-:"....:--.-_;:f" -:-. "-,17,-:::..:.f,",,,-...,-,:---.,-,.,_7„1,--;:,-:!:.--,;., --',',- - MATURITIES December 1 50, (3 1953 $ 75,000., . 1987 $1 ,111g} 1 0 . = x. 1'9 ' ,Ofl0 1988 1 , 99 5 .1985 75.000 19 9 1#30, 7 ,000. . . -1986 .;100,00.Q ' . . 1944° 199,4 3 f These`bonds-will be-awarded to the lest bidder determined upon the basis;of the low t tali rest at t e rate car rates d at-ed in said bid from April 1, 1981.to.the respective.maturity.dates after ut th t� �mium bid a b bidder shall nattie a rate or rates of interest which the bonds are to bear and each rateF p multiple ofone"quarter::or one-tenth-of one percent(174 or-1110 of 1%). Not°more:than one ante r all specified f ri a sin le maturity. Each interest payment will be evidenced-by a single coupon +gin each bond differential between the:high. rate bid and the lowest raate- bid.shall,not exceed 1%,_:Bids m b3 � the bonds,-must be for less-than`parr plus.accrued interest to date�delivery and n ust bFe madeOfficial,_ Bid n anddelivered in-a-sea d,envelope marked'Bid-for Bonds"at the t eset,out above- The me t fight to':reject�any,or-all bits,to;deterinine the-best bid in-its sole discretion ands tri waive any for yinan d. .-each bid shall be accompanied by a certified or cashier's checlr on a solvent ba k_or t cc any fur�1, payableto the Village Treasurer of the Village of Buf€alo Grove,.11linoisx-aseviden o€ c d tlt � der check ofthe successful bidder will be-retained encashed by the Village:pending-delivery of the ;All will.be-returned promptly.No interest will be-allowed on any checks. Should-the suceessfid big der-f it totake-u s pay for the bonds when"tendered io accordance with his bid and this Notice,his cheek shall be cap a, and the proceeds retained-asfull and liquidated damages to the Village caused by failure of th e bidder to Ba rry t lid offer.of purchase.--Otherwise his check will-be returned uncashed at delivery or applied on'-the pua _ re The bonds will be delivered t©?the successful purchaser against full paymment in i mectiately availa fuss soon as they can be printed and executed wl his expected to-be onn Monday,APiiiii, 1, 19g1. ' ; •:delli 1 bonds be.delayedsixty daysfrom the-date.' award for any reason except failure of perf-dr n , .. bidder,then t bidder;may cancel-his ag ment to purchase the bonds and"receive back his check� °his • interest in;and liability_:for the..bo ds.n will-:ease: The Village l deliver the bonds without expense to the purchaser in Chicago, Illinois and-will p ry for°the printing of the bonds acid the bond attorney's opinion.At the time of delivery Village will furnish to th purc a r - the written opinion of lsharn, Lincoln &Beale, Attorneys, Chicago., Illin©is,-evidence rite le��'of the bonds, which will be printed tin.the:reverse of each bond.The Village will furnish the transcript.of prod on which sad . opinion is.based and a certificate of no-litigation then pending affecting the legality cif the bonds or the r t iof the image to b them 3 terest a-is n pt, in the ophnon ift ` de fit eng law The Village has authorized the preparation;of an Official Statement container pertinent ui v r�ion rel to-the.Village and its finances. For.copies of that Statement or for,any additional infor tiott;- any pec . purchaser is referred to the undersigned at the Village Hall, 50 Raupp Boulevard, Buffalo Grove,--I tl the Munich►al Fi ,n Consultants-to the Village, R.V. Ncirene 8z rates, Inc., l�Burr a eve "Glenview, Illinois fiE142 elephone: Area l°2-998--9848. - 1s t-= Villiam IZ.Badin ah`. 5, 1951 -_ Village-Manager