1982-11-01 - Resolution 1982-49 - A RESOLUTION SUPPLIMENTING VILLAGE OF BUFFALO GROVE RESOLUTION 81-11 THAT RESOLUTION BEING TO APPOINT THE FIRM OF ISHAM, LINCOLN, BEALE AS BOND COUSEL FOR VBG RESOLUTION NO. 82 - 49
A RESOLUTION SUPPLEMENTING VILLAGE OF BUFFALO GROVE RESOLUTION #81-11
THAT RESOLUTION BEING TO APPOINT THE FIRM OF ISHAM, LINCOLN, & BEALE
AS BOND COUNSEL FOR THE VILLAGE OF BUFFALO GROVE.
WHEREAS, the Village of Buffalo Grove will be issuing general obligation
bond debt in calendar 1982 to finance public works projects for street improve-
ments and internal waterworks system reinforcement relative to the acquisition
of Lake Michigan Water; and
WHEREAS, it will again be necessary to retain a reputable bond counsel
with expertise in municipal security issuance; and
WHEREAS, the Village of Buffalo Grove appointed on March 2, 1981 the
law firm of Isham, Lincoln, & Beale to act as bond counsel for the issuance
of debt financing relative to all aspects of the Lake Michigan Water acquisition
program.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, that :
1 . The Village again retain Isham, Lincoln, & Beale of Chicago,
Illinois to act as bond counsel to the Village of Buffalo Grove
in the development and issuance of debt financing relative to the
Village local street improvements and water system reinforcement
programs.
2. That the list of services to be performed coincide with those
previously performed by (sham, Lincoln, & Beale, and are re-
stated in the cover letter to this Resolution.
AYES: 3 - Stone, Hartstein, Gerschefske
NAYES: 2 - Marienthal , O'Reilly
ABSENT: 1 - Schwartz
PASSED: November 1 , 1982.
APPROVED: November 1 , 1982.
Village President
ATTEST:
1 3
VtJ) age-Clerk
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`✓ .101 •
TO: William R. Balling
FROM: William H. Brimm
DATE: October 27, 1982
SUBJECT: Resolution-Bond Counsel
Attached, please find a Resolution for review and approval by the President
and Board of Trustees at the November 1, 1982 Regular Meeting confirming the
reappointment of Isham, Lincoln, and Beale as bond counsel to the Village in
regards to the proposed 1982 Public Works financing for street improvement
and water main reinforcement programs. As stated in the Resolution title,
this supplements Resolution #81-11, that being the initial authorization to
appoint the law firm as bond counsel for our financing for advance to the
Northwest Water Commission. This Resolution becomes a formal recommitment by
the Village for this issue and authorizes Isham to proceed on all legal
matters relative to this financing.
The scope of services to be performed are to:
1. Resolve all legal questions relating to the authority for and
implementation of the bond issue.
2. Draft all of the bond provisions to be adopted by the Village
Board.
3. Prepare and advise with respect to all other documents to be made a
part of the bond transcript.
4. Render the unqualified legal opinion with respect to the taxability
of interest on the bonds.
It is estimated that based on prior costs of services performed, that the
legal expenses relative to the scope of work will be approximatly $4,500.
These expenses can be paid out of bond proceeds, however, this amount is
slight and would not warrant an increase in bonds issued and the subsequent
long term payment of interest.
(A)l t ti 6V1 y
William H. Brimm