1984-01-16 - Resolution 1984-01 - AUTHORIZING SOLICITATION OF BIDS FOR THE PURCHASE OF $11,175,000 OF CORPORATE PURPOSE BONDSM SERIES 1984, OF VBG, COOK AND LAKE COUNTIES, ILRESOLUTTON NO. 84- I
RESOLUTION AUTHORIZING SOLICITATION OF BIDS
FOR THE PURCHASE OF $11,175,000 of CORPORATE
PURPOSE BONDS, SERIES 1984, OF THE VILLAGE
OF BUFT'AIO GROVE, COOK AND LAKE COUNTIES,
I LLINOI S
BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OE THE VITLAGE OF BUFFA],O GROVE, COOK AND LAKE
COUNTIES, ILLINOIS, AS FOLLOWS:
Section 1. It is found and declared by the Board
of Trustees of the Village of Buffalo crove, Cook and Lake
Counties, Illj-nois (the "Vitlage"), as follows:
(a) In order to maintain and better the Villaget s
streets, various improvements to the Village's streets
are required. These include, without limitation,
resurfacing of certain streets within the Village
identified as the second phase in the Baxter and
Woodman Engineering RecorErendations approved by the
Village Board. on November 15, 1982. The costs of
these street improvements which wj_11 need to be under-
taken promptly, together with costs of borrowing money
for those purposes, is estimated to be in excess of
s2,060,000.
(b) The Village has outstanding $8,500,000 prj_n_
cipal amount of its corporate purpose bonds, maturing
in the years 1985 through 1997 (the "Outstanding Bonds,').
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It is in the best interest of the Villaqe to refund
the Outstanding Bonds by the issuance of corporate
purpose bonds wj-th a longer maturity schedule and lower
annual debt service. The total costs of providing
funds for the Payment when due or upon earlier redemption
of the Outstanding Bonds and of paying the Village's
costs in connection with refunding the Outstanding
Bonds, in addition to amounts on hand and avail-able
for that purpose, is presently estimated to be approximately
$9,115,000.
(c) The Village d.oes not have sufficient funds
on hand or available from other sources with which
(i) to pay costs of the street improvements described
in paragraph (a) above, (ii) to pay the total cost of
providing funds for the pa)rment when due or upon earlier
redemption of the Outstanding Bonds as described in
paragraph (b) above and (iii) to pay the Viltage's or,i,n
costs in connection with those purposes and in connection
with the borrowing of money as described in this Re-
solution. The borrowj"ng of the sum of $11,175,000 and
the issuance of general obligation corporate purpose
bonds of the Village in that amount for the purpose of
paying a portion of these various costs j.s necessary
for the welfare of the government and affairs of the
Vi11age, is for a proper public purpose of the Village
and is in the public interest.
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(d) It is necessary no$/, in order to effect the
sale of such general obligation bonds of the Vi1lage,
to provide for the solicitation of bids for the pur-
chase of such bonds and to provide for the preparation
and distribution of a Notice of SaIe and Official
Statement relating thereto.
Section 2. Sealed bids for the purchase of $11,175,000
aggregate principal amount of Corporate purpose Bonds,
Series 1984, of the Village (the 'rBonds") , shall be received
by the Village until 12:00 Noon, Chicago Time, on February
2l , L984, and all bids so received shalL at that time be
publicly opened and read, all at the time and place and in
the manner specified in the Notice of Sale pertaining to the
Bonds. The award of the sale of the Bonds will be made at a
meeting of the President and Board of Trustees of the Village
to be held on February 2l , L994.
Section 3. A draft Notice of Sale pertaining to
the Bonds has been prepared by R. V. Norene & Associates,
Inc., the financial advisor for the Village, which draft is
The maturity
schedule for the Bonds contained in that draft is approved.
R. V. Norene & Associates, Inc., is authorized and directed
to publish, mail and,/or distribute to potential bidders for
the Bonds the Notice of Sale in substantially the form
attached as Exhibit A (or a sunmary thereof) and also to
prepare and distribute an Official Statement pertaining to
attached to this resolution as Exhibit A.
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the Bonds.
Section 4. Thi-s resolution is effective upon its
adoption and approval.
PASSED by the President and Board of Trustees of
the Village of Buffalo crove this 16th day of January, 1984.
fn.g-.I;^
V age C erk
APPROVED by the President of the Village of
Buffalo crove this 16th day of January, 1984.
AYES: 4 - Stone, Hartstein, Glover, Reid
NAYES: 1 - OrRe1l1y
ABSEN?: 1 - Marienthal
Pre s ent oVillage of Buffalo crove
ATTEST:
8.d""*
age c erk
OFFICIAL NOTICE OF
$11,175.000
VILLAGE OF BUFFALO
Cook and Lake Counties t
SALE EXHIBIT A
GROVE
Illinois
CORPORATE PURPOSE BONDS, SERIES 1984
The Village of Buffalo crove, Illinois will receive sealed bids for its $11'175,0O0
Corporate Purfose Bonds, Series 1984 aC the Northern Trust Company ( 12th Floor -
Conierence Room), 50 South LaSalIe Street, Chicago, 1l1inois until 12:O0 Noon, C.S.T.,
Tuesday, February 21, 1984 ar \rhich rime the bids will be publicly opened and read.
Award will be made, or all bj-ds rejecCed at lhe meeting of the President and Board of
Trustees on the daEe of sale.
These bonds are non-callable general obligations of the Village of Buffalo Grove,
IlIinois, payable both principal and interest from unlimited ad valorem taxes to be
levied on all taxable property in the Village. Bonds will be issued in ful1y registered
form in the denominaEion of $5,OOO or in integral multiples thereof. The bonds wiII be
dated March 1, 1984. lnterest will be paid July 1, 1984 and semi-annuaIly thereafter.
The principal of and redemption premium, if any, on the bonds will be payable at
the principal corporate trust office of Arnerican National Bank and Trust Company of
Chicago, in the City of Chicago, lIIinois, as Paying Agent and Bond Registrar. Inlerest
on the bonds will be paid to the registered orrners of record thereof as of the close of
business on the 15th day of the month next preceding the applicable interest Payment
dare, by checks or drafts rnailed by the Bond Registrar to the registered owners at the
addresses of such registered owners appearing on the registration books kept by the Bond
Registrar. The Village will be responsible for the fees and charges of American
National Bank and Trust Company as Paying Agent and Bond Registrar. The Vil}age or the
Bond Registrar may make a charge sufficient to reimburse it for any tax, or other
governmental charge required to be paid Lrith respect to an exchange or transfer which
sum shall be paid by the person requesting such exchange or transfer as a condition
precedent to the exercise of the privilege or making such exchange or transfer. No
other charge will be rnade for the privilege of making such transfer or exchange.
Information regarding registered owners of the bonds and the denominations of the
bonds must be supplied to the Bond Registrar by the successful bidder 10 days Prior !o
delivery of the bonds. In the absence of such information, the Village will deliver a
single bond for each maEurity of the bonds, each registered in the name of the
successful bidder.
UATURITIES - January 1
$400 , oo0
425,000
450, 00o
50o, 000
525 , ooo
575,0OO
Bonds due January 1, 1987 - 1995 are
2O05 are callable in phole or in part anri
and within a maturity by lot on interest.
Ehereafter at par plus a premium of 27" suchthereafter.
1987
1988
1989
1990
1991
1992
$625,Oo0
675,000
725,0O0
700 , oo0
750,000
825,OO0
900 , 0o0
1993
1994
1995
7996
t991
1998
1999
$1 ,0oo,0oo
400 , 0oo
425,OOo
475, O00
525,OO0
275,oo0
2000
2 001
2002
2003
2004
2005
not calIabIe. Bonds due January 1, 1996 -if in parc in the inverse order of ,naturj.ty
payment dates beginning January 1, 1995 and
premium reducing by 1/4 or 1% each January 1
These bonds will be awarded to the best bidder deterrnined upon the basis of chelowest total inEerest at the rate or rates designated in said bid irom Ittarch 1, 1gg4 cothe--respective maturicy dates after deducting iherefro, the prerniurn bid. Each biddersharl name a rate or rates of interest which tlhe bonds are to bear and each rate must bea- multiple of one-quarrer or one-renth of one percenr (lt4 or fffO oi fZ). Not morerhan one incerest rate shall be specified for a single ,rcu.iiy. The differencialbet',een che highest rate bid and rorrest rate bid shalr not "r.""i zz. The interestrares specified for rhe bonds maruring in rhe years 1gg6 tt rougi-2ooi nusr be in non_descending order. Bids ,nust be for ail o, ,ron" of the bonds, rnusc be for not less thanpar plus accrued intcrest to date of delivery and must u" ,.a"- rp"". the official BidForm and delivcred in a seared envelope ,r.t'oa "nia ro, aonJr,,-ll" at" tirne set ourabove' The village reserves the righc'to ,..1ect any or alI bids, to dctermine the bestbid in irs sole discrcrion and ro ".ir. ,ny iiiJrrnalicy in any bid.
Each bid shal1 be accompanied by a certified or cashier's check on a solvent bank
or trust company for $223,5O0 payable to the Village Treasurer of the ViIlage of Buffalo
Grove, llinois, as evidence of good faith of the bidder. The check of the successful
bidder wiIl be retained uncashed by the Village pending delivery of the bonds. A11
other checks will be returned promptly. No interest will be allowed on any checks.
Should the successful bidder fail to take up and pay for the bonds when tendered in
accordance with his bid and this Notice, his check sha1l be cashed by the Village and
the proceeds retained as fu11 and liquidated damages to the Village caused by failure of
the bidder to carry out his offer of purchase. Otherwise his check will be returned
uncashed at delivery or applied on the purchase price.
The Village will deliver the bonds without expense to the purchaser in Chicag,o,
Illinois and will pay for the printing of the bonds and the bond attorney's opinion. At
the time of delivery che Village wilI furnish to the purchaser the writcen opinlon of
lsham, Lincoln and Beale, Attorneys, Chicago, IIlinois, evidencing the legality of the
bonds. The Village wiII furnish the transcript of proceedings on which said opinion is
based and a certificate of no Iitigation then pending affecting the legaliry of the
bonds or the right of the Village to issue t.herD. Interest on the bonds is exempt, in
the opinion of counsel, from Federal Income Taxes under existi.ng laws. lnterest on the
bonds is not exempt from IIlinois Income Taxes.
The VilIage has authorized the preparation of an Official StaEement containing
Pertinent information relative to the ViIlaSe and its finances. For copies of that
Statement or for any additional information, any prospective purchaser is referred to
che undersigned at the Village HaII, 50 Raupp Boulevard, Buf.falo Grove,Illinois 60090 (312-459-25O0) or the Municipal Finance Consultants ro rhe Village, R. V.
Norene & Associates' Inc., Lake and lJaukegan Office Center, Suite U5, f7c1 Lake Avenue,
Glenview, 1I I inois 60025 (312-998-9848).
/s / l.li l1iam R. Ba I l ing
ViLLage Mana.gen
February 1, 1984
The bonds will be delivered to the successful purchaser against fulI payment in
i.mmediately available funds as soon as they can be printed and executed, which is
expected to be on March 20, 1984. Should delivery of chese bonds be delayed beyond 60
days from the date of sale for any reason except failure of performance by the
successful bidder, then the bidder rnay cancel his agreenent to purchase the bonds and
receive back his check and Ehereafter his interest in and Iiability for the bonds uiIl
cease.
TO:
FROI,l :
DATE :
SUBJECT:
Wl I I iam
Wil I iam
January
Balling
Brimm
,1984
R.
H.
13
I r{_l Resolution Authorlzing Solicitation of Bids-' ' Corporate Purpose Bonds-Serles 1984
Attached for Village Board of Trustees approval at the January 16, 1984 Regular
l''leeting ls a Resolution prepared by lsham, Lincoln,6 Beale authorizing the
solicitation of blds for the proposed February 21, 1984 sale of Corporate
Purpose Bonds-Serles 'l!84. The total issue size is St l,175,000 comprisedof 92,060,000 for street lmprovement purposes within the Village-wide street
malntenance program along with 59,115,000 for the advance refunding of the
Villages Corporate Purpose Bonds-Series 1982 general obligation bonds. There
will be no capitalized interest in the issue but the calendar l!84 tax levy will
provlde for interest due for the perlod 3/1/8\ to 1/1/86 or 22 rbnths.
This Resolution is comparable to those previously drawn and approved by the
Vlllage Board for all our Corporate Purpose Bond issues to date. The intent
of the Resolution ls to state purpose of issue together with the amount of
funds required for each along with the timetable and procedure of which the
Bonds are to be sold. Attached to the Resolution is the offered Notice of
Sale as referenced in Section 3.
The favorable acceptance of thls Resolution on January 15, 1984
legislation to be developed in order to submit our issue to the
bld open i ng .
wil I be the final
ma rket prior to
Utu
1,/i iam H. Br mm
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