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1982-03-15 - Resolution 1982-12 - ACCEPTING OFFER TO PURCHASE $8,500,000.00 OF CORPORATE PURPOSE BONDS OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS `/ RESOLUTION NO. 82-12 RESOLUTION ACCEPTING OFFER TO PUR- CHASE $8,500,000 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) It is necessary and in the best interests of the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village" ) , to issue $8, 500,000 of Cor- porate Purpose Bonds, Series 1982 (the "Bonds" ) , of the Village for the purpose of providing funds for various corporate purposes, including providing money to the Northwest Water Commission, paying interest on a por- tion of the Bonds through January 1, 1984, and paying costs of engineering, land acquisition and construction of Village water system improvements . (b) The President and Board of Trustees of the Village have caused a Notice of Sale, together with an Official Statement, to be prepared and distributed calling for bids to purchase the Bonds. The prepara- tion and distribution of the Notice of Sale and the Official Statement, copies of which are attached hereto, are approved, ratified and confirmed. (c) Bids for the Bonds have been submitted as follows: u -2- \./ Name of Bidder Total Interest The First National Bank of Chicago and $ 9,823,300.05 The Northern Trust Company et. al. (see attached list) The First National Bank of Chicago and (d) The bid of The Northern Trust Company et. al. for the purchase of the Bonds is determined to be the best bid. Section 2. It is determined to accept the bid of The First National Bank of Chicago and The northern Trust Company et. al. , and it is determined to proceed to issue the Bonds to such purchaser(s) pursuant to that bid. The President of the Village is authorized and directed to accept that offer on behalf of the Village. A copy of the bid as so accepted is attached to and made a part of this Resolution. 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 give such certificates 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. PASSED by the President and Board of Trustees of the Village, March 15 , 1982 . r - -3- APPROVED, March 15, 1982 ' _-?!.. ---:„.g..--L.----c....... - President ATTEST. Village Clerk PASSED: This 15 th day of March, 1982 . AYES: 6 - NAYS: 0 - None ABSENT: 0 - None PASS: 0 - None Marienthal, stone, O'Reilly, Hartstein, Gerschefske, Schwartz {' R.V. NORENE & Associates, inc. u March 15, 1982 Village of Buffalo Grove Village Hall 50 Raupp Boulevard Buffalo Grove, Illinois 60090 Ladies and Gentlemen: Bids were received today covering $8,500,000 Corporate Purpose Bonds, Series 1982. There were bids received which are listed at the Z bottom of this letter in accordance with the attached signed bids. c ;� z uo ) Upon examination, it is our opinion that the bid of3e i00-41wh D ziJS+ ��-�5 is the best bid received, and it w i further ur pinion that it is favorable to the Village and should be D z accepted. We therefore recommend that the bonds be awarded to that z z bidder at a price of par plus accrued interest plus a premium of m J a531 c , being at a net interest rate of 1 Z '7 ..00 ' . Z a CO c S n Net Interest z Account Managers Rate The Northern Trust Company, Chicago and Merrill Lynch White Weld Capital Markets Group, Joint Managers and As c tesLligili . 1Z.o12 '4I% The First Hatianal Bank of•Chicago and Continental Bank, Chicago, Joint Managers and Associates in Association with Harris Trust and Savings Bank, Chicago and E. F. Hutton & Company, Inc. New York, Joint Managers and Associates • in Association with LaSalle National Bank, Chicago, Manager and Associates % ,, Respectfully submitted, P), 1141)-4"-- President R. V. Norene & Associates, Inc. Tri-State Center,Suite 180.2215 Sanders Road•Northbrook,L 60062•Area(312)498-9844 • • $8,500,000 VILLAGE OF BUFFALO GROVE Cook and Lake Counties, Illinois CORPORATE PURPOSE BONDS, SERIES 1982 Investment Rating: Moody-'s Investors Service, Inc A-1 Date of Sale: Monday, March 15, 1982 Rate Bidders Price- Coupon Rates Interest The Northern Trust Company, Chicago and Merrill Lynch White Weld Capital Markets Group, New York, Joint Managers John Nuveen & Co. Incorporated, Chicago Blyth Eastman Paine Webber Incorporated, New York Bache Halsey Stuart Shields Incorporated, New York Mercantile Trust Company, N.A. , St. Louis First Interstate Bank of California, Los Angeles Clayton Brown & Associates, Inc. , Chicago Shearson/American Express, New York . > , Weeden Municipal Securities, New York Griffin, Kubik, Stephens & Thompson, Inc. , Chgo Becker & Cownie, Inc. , Des Moines Blunt, Ellis & Loewi, Incorporated, Chicago Channer Neuman Securities Co. , Chicago Dain Bosworth Incorporated, Minneapolis Hutchinson, Shockey, Erley & Co. , Chicago Sauerman, Morter & Sauerman, Inc. , Chicago United States National bank of Oregon, Portland Robert W. Baird & Co. , Incorporated, Milwaukee The First National Bank of Chicago and Continental Illinois National Bank & Trust Company of Chicago, Joint• Managers Dean Witter Reynolds, Inc. , New York American National Bank & Trust Company of Chicago Van Kampen & Merritt, Inc. , Naperville Columbian Securities, Inc. , Chicago Howe, Barnes & Johnson, Inc. , Chicago . In Association With Harris Trust and Savings Bank, Chicago and E.F. Hutton • & Company Inc. , New York, Joint Managers Centre Bank, St. Louis In Association With LaSalle National Bank, Chicago, Manager THE NORTHERN TRUST COMPANY ) Joint MERRILL LYNCH WHITE WELD CAPITAL MARKETS GROUP )Managers JOHN NUVEEN & CO. , INC BLYTH, EASTMAN, PAINE, WEBBER INCORPORATED BACHE HALSEY STUART SHIELDS, INC. MERCANTILE TRUST COMPANY N.A. FIRST INTERSTATE BANK OF CALIFORNIA CLAYTON BROWN & ASSOCIATES, INC. SHEARSON/AMERICAN EXPRESS WEEDEN MUNICIPAL SECURITIES Division MOSELEY, HALLGARTEN, ESTABROOK & WEEDEN, INC. GRIFFIN, KUBIK, STEPHENS & THOMPSON, INC. BECKER & COWNIE, INC. BLUNT ELLIS & LOEWI INCORPORATED CHANNER NEWMAN SECURITIES CO. DAIN, BOSWORTH, INC. HUTCHINSON, SHOCKEY, ERLEY & CO. SAUERMAN, MORTER & SAUERMAN, INC. UNITED STATES NATIONAL BANK OF OREGON ROBERT W. BAIRD & CO. , INC. The First National Bank of Chicago ) Joint Continental Illinois National Bank & Trust Co. of Chicago) Managers Dean Witter Reynolds, Inc. American National Bank of Chicago Van Kampen, Filkin & Merritt, Inc. Columbian Securities Corporation trtrterirr43i1,411e117""41/1TelePrPtfrert"I'd Howe Barnes & Johnson, Inc. - IN ASSOCIATION WITH - Harris Trust & Savings Bank anager E. F. Hutton& Co. Incorporat d A. G. Becker Incorporated Smith Barney, Harris Upham & Co. , Inc. Centerre Bank, N.A. - IN ASSOCIATION WITH - LaSalle National Bank - Manager K' .