1985-10-21 - Resolution 1985-55 - BOND RESOLUTION AUTHORIZING $1,800,000 VBG, IL INDUSTRIAL DEVELOPMENT REVENUE BONDS (DELICE DE FRANCE, INC. PROJECT)PRESIDENT AND BOARD OF TRUSTEES
OA TEE
VILLAGE OF BUFFAIO GROVE
RESOLUTION NO. 85-55
WEEREAS, the Village of Buffalo Grove, IlIinois (the
"Issuer"), is a nunicipal corporation and hone rule unit of govern-
ment organized and existing under and pursuant to the constitutionand lans of the State of Illinois and is authorized by Chapter3.24 of the Municipal Code of the Issuer, as amended (the "Act,'):
(a) to issue revenue bonds to finance certaincosts related to qualified projects; and
(b) to enter into a loan agreement whichwill provide the Issuer with revenues sufficientto provide for the prompt payment of the principalof and interest on the revenue bonds; and
WEEREAS, Constantin Caparos (the ',Borrower") has here-tofore requested the Issuer to issue revenue bonds to finance aproject on behalf of the Borrorreri and
WEEREAS, this body has heretofore found and determinedthat said project consisting of the acquisition of land, theconstruction of a building and the acquisition and installationof equiplnent for the purpose of operaCing a commercial bakery(the "Project") ri11 further the purposes of the Acti and
WEEREAS, on February 19, 1985, this body adopted anresolution authorizing the execution of a ttemorandum of Agreementpursuant to the Act erherein the Issuer agreed to issue industrialdevelopnent revenue bonds to finance the project, subject however,to the satisfaction of certain conditions deicribed in said Uemo-
randum of Agreenent, including the approval by this body of theterms of the bonds and the revenue agreement;-and
BOND RESOLUTION AUTEORI Z ING
91,900, 000
VILLAGE OF BUFFA].,O GROVE, ILLINOIS
INDUSTRIAL DEVELOPIT{ENT REVENUE BONDS
(DELICE DE FRANCE, INC. PROJECT)
trlEEREAS, this body has adopted various resolutionsauthorizing ertensions of said llemorandum of Agreenenti and
IIEEREAS, on October 2l , 1985, a publicat the Vi11a9e Ea1l and conducted in a manner th
reasonable opportunity to be heard for persons w
views on both issuance of revenue bonds and theof the proposed facility to be financed rrith rev
h
atir
Io
en
earing nas heldprovided ah differing
cation and nature
ue bonds; and
WEEREAS, notice of the pu
the form attached hereto as Exhibit
blic hearing, substantially in
A and incor porated he rein,ras publi Ehed by one insertion in the official nerrspaper of thefssuer for the publication of notices no less than 14 days beforethe scheduled date of the hearing; and
WHEREAS, the official neerspaper is a newspaper ofgeneral circulation in the locality of the Project, and
VIEEREAS, this body is an elected legislative body ofthe Issuer t and
WEEREAS, the Borroser has not requested that the Issuerprovide for the issuance of $1,800,000 principal amount of reve-
nue bonds upon the terms set forth in this Resolution (as herein
described, the I'Bonds" ); and
WEEREAS, in connection thereruith the Borrower has
presented the Issuer with proposed docunentation for the Bonds as
fol lows :
(a) a Bond Purchase Agreement, to be dated as of
the date of adoption of this Bond Resolution (the "BondPurchase Agreement" ), to be entered into by and betireenthe Issuer and First Wisconsin National Bank of lr,li liraukee(the "Purchaser" ), setting forth the terms and conditions
on rrhich the Issuer will se1l and the Purchaser niII
purchase the Bonds, and
(b) a Trust Indenture and Revenue Agreement, to
be dated as of November 1. 1985 (the "Indenture"), to
be entered into by and among the Issuer. the Borrower,
and the corporate trustee hereinafter designated (the
"Trustee") r providing for the creation of the Bonds,the terms thereof and the security therefor, and a loanof the Bond proceeds to the Borrower on repaynent terms
scheduled to provide the Issuer with revenues sufficientto retire the Bonds in accordance with their terms;
and
the
( the
(c) a Promissory Note,
issuance and sale oE the
"Pronissory Note'r ) , to
dated the date ofto the Purchaser
ed by the Borroser
to be
Bonds
be issu
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Payableamount ovided fo
Issuer t
totfthr inoth
he order of the Issuer in the principal
e Bonds as evidence of the borrowing pro-the Indenture and to be assigned by thee Trusteet and
(d) a Trust Deed, to be dated as of November 1,
1985 (the 'rllortgager'), from North Shore National Bankof Chicago, as trustee under Land Trust Number 810 tothe fEsuer, and from the Issuer to be assigned to theTrustee, providing collateral security for the perform-
ance of the Borrorrer's obligations under the Indenturei
and
(e) a Collateral Assignment of Beneficial Interestin Land Trust, to be dated as of November 1, 1985 (the
"Assigrunent") from the Borrower to the Issuer, and fromthe fssuer to be assigned to the Trusteer providingcollateral security for the performance of the Borroser,sobligations under the Indenturei and
(f) a Guaranty and Security Agreement, to be dated
November 1, 1985, (the "Guaranty Agreement") from Delicede France, Inc.. an Illinois corporation (',the Guarantor't)to the Irustee; and
and the
thereon
State o
meani ng
no holdof taxitical sgive riof anyor forof the
WHEREAS, in accordance with the Act, this Resolutionaforesaid instruments and documents, the Bonds and interestshall not constitute an indebtedness of the fssuer, thef Illinois or any political subdivision thereof within theof any State constitutional or statutory provision; ander of the Bonds riII have the right to conpel any excerciseng poerer of the Issuer, the State of Illinois or any poli-ubdivision thereof and the Bonds shaIl not constituEe-orse to any personal liability of any member of this body orofficers, agents or employees of the Issuer on the Bonasany act or omission related to the authorization or issuanceBonds; and
the Project and thect as herein recited wil1,e intended accomplishments
conform to the provisions
I{HEREAS, it is in the public interest of the fssuer toencourage and promote the development of projects such as theProject in order to realize public benefits such as, but notlimited to, the provision and retention of gainful employmentopportunities for the citizens of the Issueri the stimulition ofthe flow of investment capital into the Issuer with resultantbeneficial effects on the economy in the Issuer; and the preser-vation and enhancement of the fssuer's tax base; and
WEEREAS, the development o
issuance of Bonds to finance the Proin the judgment of this body, serveof public purpose and in all respect
and requirements of the Act,
fje
th
s
-3-
1.
determined a
NO$I, TEEREFORE, BE TT RESOLVED:
nd
s
s and Determinations. It has been found and
e v ec arr
n
e
I
h
Fi
(a) that the Project is a qualified ,,project,,
under and for the purposes of the Act;
(b) that the fndenture meets the requirements ofa "loan agreenent" under and for purposes of the Act,
. (c) that the estimated aggregate cost of pro-viding the Project and paying the costs incident to thefinancing is not tess than the principal amount of the
Bonds;
fol lowi ngthis para
(d) that the payments required to be made by theBorroerer under the fndenture are sufficient in amount
!o pay when due the principal of, preniun, if any, andinterest on the Bonds i
(e) that all conditions set forth in said trtemorandumof Agreement have been satisfactorily met.
2. Definitions. As used in this R esolution,theforth interms shaI1 have the respective meanings set
g raph:
"Chief l,tunicipat Officer,, means the president
Igguer.ofthe
sha1l bor
the Bond
providing
selling tthereto aAct. Saithe Bonds
sum of ththe Inden
sory Note
ros, but onl
Amount for tthe Project
he Bonds, ans are perni td borrowing
issued purs
e Bond Amounture, which
and secured
I'Bond Amount " means S1,800,OOO.
3. Authorization to Borroi, and to Lend. The I ssue ry rn the manner herein reciied, the sum ofhe purpose of (i) financin g the costs of(ii) paying the costs of issuing andd (iii) paying such other c osts relatedted to be paid with bond proceeds under theshall be accomplished thr ough the sale ofuant to the Act. The Issuer shaLl 1end thet to the Borrower pursuant to the terms ofborrowing sha1l be evidenced b y the Promis-by the tito r tgage and the Assig nment.
4. Desi nation Denomination , Tenor and lilaturit ofBonds Created or fssuance. T e Bon s sha1l ssue n theamount of the Bond Amount and shall be designated:PTI nc ipal
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VILLAGE OF BUT'FALO GROVE, ILLINOIS
INDUSTRIAL DEVELOPI,TENE REVENUE BONDS
(DELICE DE FRANCE, INC. PROJECT)
The Bonds Eha11 nature in accordance with the gchedule
provided in the table beloir.
I{ATURI TY TAALE
Principal lilatur ity
Date
Pr i ncipal
Amoun t Principal titatur ity Pr incipal
Amount
Novembe r
tJtay
Novembe r
uay
Novembe r
l,tay
Novembe r
uay
November
l,tay
the Bonds
annum.
November 1,
I{ay 1 7
November 1,
Irlay 1,
November I,
fiay I,
November 1,
titay 1,
Novenrber 1 ,
t,
1.
T,
L,
1,
1,
1,
1,
1,
1,
1985
r987
r.987
1988
r888
1989
1989
1990
1990
199r
19 91
t992
L992
1993
189 3
19 94
r994
1995
1995
$ 90,000
90,000
90,000
90,000
90,000
90,000
90,000
90,000
180,000
The Bonds shal.l bear interest from their original issuedate at the rate of 8.55t per annumi provided, horever, on anyeffective date of an increase or decrease in the maximum marginalrate of federal corporate income taxation (currently 46t) which
becomes effective after the date hereof, the interest rate on theBonds shall be decreased (in the case of an increase in saidmarginal rate) or increased (in the case of a decrease in saidmarginal rate) to a new rate equal to the product of the interestrate hereinabove described times a fraction the nunerator of whichis the quotient obtained by dividing one (1.00) by the differenceof one (1.00) minus 0.45, and the denominator of thich is thequotient obtained by dividing one (1.00) by the difference of one(1.00) minus the newly effective maximum mirginal rate of federalcorporate income taxation; provided, further, upon a Determinationof Taxability, the interest rate on the Bonds sha1l, effective asof the date as of which interest on the Bonds become subject tofederal income taxation, be equal to 13.75t per annum. Aiy amountsof additional interest due in respect of prior interest piymentperiods by reason of the retroactive application of the i:ninge ininterest rates sha11 be payable sithin- OO days after such DeIermi-nation of Taxabi li ty .
Prior to the first anniversary of thshal1 bear additional interest at th
e issuance thereof,e rate of 1.5t per
-5-
Date
s 90,000
90,000
90,000
90,000
90,000
90,000
90,000
90,000
90,000
90,000
Interest shall be calculated on a basis of the actualnunber of days.erapsed divided by 360. rnterest on the Bonds shal1De payable seniannually on lrlay 1, and November 1 of each yearcommencing May 1, 1985.
provided in the Indenture. Th rincipal of, premium, if anyre payable in lawful noney of therincipal corporate trust officeor the office of any successorated by the Issuer and approved
To the extent pernitted by law, overdue principal,
premium, if any, and interest sha1l bear interest at a r-te per
annum 200 basis points in ercegs of the rate of interest on the
Bonds in respect of nhich palment is delinquent.
The Bonds shaII be issuable as fu1ly registered bondseithout coupons in denoninations of 95r000 or any integral muI-tiple thereof, either within a single maturity covered thereby orcovering one or nore maturities. The Bonds and the interestthereon shal1 be transferabl,e by and shaI1 be payable to theregistered owners thereof in the nanner and rith the effect
and
Uni
of
in
ted
the
add
the
or
by
terest on the Bonds shal
States of Anerica at thTrustee, as paying agenitional paying agent des
Borroner.
eP1bePt,
ign
The Bonds shal,I specify, as their original issue date,the date of the issuance and sale of the Bonds to the purchaser.
Each Bond shaIl be dated, as its registration date, the date ofits authentication.
fhe Bonds shal.l be issued in the respective formstherefor as set forth in the Indenture, with such insertionstherein as shal1 be necessary to conply with the terrns of thisResolution and with guch corrections therein, if any. as theapproving bond attorney may reguire for conformity lrith the termsof this Resolution, the Indenture, and the Act.
5. Execution and Authentication of Bonds. The Bondsshal1 be executOfficial underC1erk. The sig
alf of the Issuer by its Chief Municipa).ial seal of the Issuer attested by 1tsf the Chief Municipal Official and theClerk may be manual or facsimile. The official seal of theIssuer may be actualLy impressed or imprinted or may be repro-duced thereon by facsimile. No Bond shaII be issued unlesi firstauthenticated by the Erustee. to be evidenced by the nanual sig-nature of an authorized signatory of the Trustee on each Bond.
6. Designation of lrustee. The Issuer hereby desig-nates and appoffirust company, litilsaikee,9lisconsin, to perform the functions of the Tiustee, bond regi.strar,and paying agent under the Indenture.
ed on beh
the offic
natures o
Bonds as Limited Obli ations.1 not be or cons I ere a generthe State of I1linois, or any po1holder of the Bonds shal1 have tof the taxing power of the Issue
any political subdivision thereote an indebtedness of the Issuer,ical subdivision thereof nithin ttutional or statutory provision.
The Bonds and interest
a1 obligation ofitical subdivisionhe right to compelr, the State off. The Bonds sha1lthe State of I11inois,
he neaning of any
7.
thereon shalthe Issuer,thereof. No
any exerciseI1linois, ornot cons t i tuor any polit
State consti
-6-
8.Ehall be limit
if any,
assign tto the P
under th
and enfo
payrflents
litor tgage
under th
Source of Pa nt, PIed e of Revenues.The Bondsy it so1e1ynt of theant to the
gnment, thethout limita-
sory Note orh and secur i-the investment
ecourse tont, but
ot n account
fron revenues and income derived by or for the accouIssuer from or for the account of the Borrot er pursuterns of the Promissory Note, the titortgage, the AssiGuaranty Agreement, and the Indenture; including, wition, (i) all palments by the Borroerer on the piomis
pursuant to the terns in the Indenture, (ii) all casties held from time to time in the Trust Funds, andearnings thereon, and (iii) all amounts derived by rthe I'tortgage, the Assignnent or the Guaranty Agreemeexcluding any amounts derived by the Issuer for itspursuant to the terns in the Indenture.
o gat ons 0 t e Issuer paya e
(a) Construction Fund.The proceeds from the
As_ security for the palment of the principal of, premium,and interest on the Bonds, the Issuer shall pledge lndo the Trustee all of its right, title and interest in andronissory Note, the palment obligations of the Borrorrere Indenture (except for the Issuer,s rights to receiverce palment of certain taxes, expenses and indernnityfrom the Borrorrer as Eet forth in the Indenture;, Ehe, the AEEignment and the trust funds held by the Trusteee Indenture.
9. Redetnption of Bonds prior to ltaturity. The Bondsshal1 be subje provided inthe Indenture. Notice of any redenrption of Bonds prior to statedmaturity shaIl be given in the manner provided in Ltre fndenture.The principal of, premium, if any, and interest on Bonds ca11edfor -redenption as aforesaid shal1 be payable so1ely from moneyheld by the Trustee under the Indenture and available therefor,including noney derived from the Borroerer for such purpose pur-
suant to the Indenture.
10. trust Funds. The following described Trust Fundssha1l be createtlTiZiEi-TIE rndenrure to b; held in the custody ofthe Trustee and applied for the uses and purposes provided in theIndenture ( sumrnarized below) :
sale of the son-lE -IfI 5e-lepos i ted into the Construc-tion 8und. lloneys in the Construction Fund will beapplied to the palment of Project costs (including Bondissuance costs) upon requisition of the Borrower isprovided in the Indenture. After certification by the
Borrohrer that the Project has been completed and thatcertain other conditions have been satisfied, any re-maining balance in the Construction Fund sha1l be trans-ferred to the Surplus Construction Fund. Investmentearnings on the Construction Fund shal1 be for theaccount of the Construction Fund.
-7-
\-/
All palmenta from or for the(b)Bond Fund.
account of the Borrower on the Pronissory Note (including
prepalment of principal and premium) shaI1 be diposited -
into the Bond Fund. tiloneys in the Bond Fund shal1 be
used for the payment of the principal of, premiuut, ifany, and interest on the Bonds when due (shether bystated maturity or caIl for redemption).
(c) Surplus Construction Fund.Surplus moneys inthe Construct:fon Funtl EIE]LI Te transferred to the Sur-plus Construction Fund. These moneys shal1 be used to
redeem outstanding Bonds in the largest anount possibleat the earliest possible redemption date or dates giventhe terms of the Bonds, however, during years in whichthe Bonds are callable for redenption only in an amountin excess of available moneys in the Surplus Construc-tion 8und, or during years in which the Bonds are calt-able but a redemption premium or penatty is requiredfor such early redemption, these noneys shall not be so
uged unless the Borrower so directs.
(d) Insurance and Condernnation Proceeds Fund and
uo r t gaged Property Reserve Fund. The I nEuiEnEE Entl eondem-nation Pffirtgaged property Reserve Fundshall be funded and used for the purposes described in theIndenture.
1I. Investment of Trust Eunds.Any moneys held
ustee under thethe Erustee upon
tments. as speci fied
of th e trust funds held by the Trt
e
by
nd
nay be invested and reinvested bythe Borrower in "Qual.ified Inves
enture.
as a ParIndentur
r eques tin the I
necessary in each year to pa
and interest on the Bonds iscipal becoming due in such y
12. Determination of Revenue Pa nt. The amount
paragraph 4 of this Resolution (as reduced from time to time byreason of prior redemptions and open market purchases of Bonds-inaccordance with the Indenture), plus (ii) the principal amount ofBonds to be redeemed in such year in accordancL irith a call forredenption made in accordance with paragraph 9 of this Resolutionand the Indenture, plus the premium, if any, payable rrith respecttheretoi plus (iii) the amount of interest on the Bonds becomingdue in such year in accordance with the interest rates specifiedin paragraph 4 of this Resolution.
In expressing the Borrorrer,s obligation to nake thenecessary revenue payments, it shalI suffice herein and in theIndenture to state that the Borrorder shall be obligated to paythe Issuer (or the Trustee for the account of the issuer; aiountssufficient tg. p.I when due the principal of, premiun, if anyr andrnterest on the Bonds.
yt epr nc Pa othe sum of (i) theear in accordance wi
premium, if any,
amount of prin-th the table in
-8-
The Indenture contains provisions, adequate in thejudgment of this body, requiring the Borrower to provide for themaintenance of the Project and the carrying of all proper insur-
ance $ith respect thereto. Consequently, the Borrouer need notbe reguired to pay amounts into any reserve funds for the retire-ment of the Bonds or for the maintenance of the project.
13. Ai.ard of Bondst Execution and Delivery of the Bond
the BondEEo tEe Furchaser at a price of IOOI of the principal
amount of the Bonds. Given the purposes of the financing and theinvolvement of the IEsuer therewith, it is the determination ofthis body that the Bonds sha1l be hereby asarded to the purchaser
at the price aforesaid rith delivery to follow in the manner, atthe time and subject to the conditions set forth in the Bond
Purchase Agreement. As evidence thereof, the Chief lrtunicipalOfficial and the Clerk are hereby authorized and directed ior andin the nane of the fssuer to execute, affix with the officialseal of the Issuer and deliver the Bond purchase Agreement in theform presented herewith, or rrith such insertions therein orcorrections thereto as shall be approved by the Chief titunicipalOfficial and Clerk consistent rith this Reiolution and the termsof the Act, their execution thereof to constitute conclusiveevidence of their approval of any such insertions and correc-tions.
Purchase Agreement.rhe aori
L4, Execution and Del iver of the Indenture i Assi n-ment of the Prom ssor Note t e Ass nment an the Mort a e.The
theterms an Prov ons o the Prom ]. SSOry Note, the Ass gnment,lilortgage, the Guaranty Agreenent, and the fndenture are herebyapproved. The Chief titunicipal Official and the Clerk are nerebyauthorized for and in the name of the Issuer to execute, affix -
tith the official seal of the Issuer, and deliver the Indentureand the assignments of the promissory Note, the Assignment andthe I'tortgage in the respective forns thereof presented hererrith,or irith such insertions therein or correctiona thereto as shaIlbe approved by the Chief ltunicipal Official and Clerk consistentwith this Resolution and the terms of the Act, their executionthereof to consti.tute conclusive evidence of their approval ofany such insertions and corrections.
15.
Municipal Offithe name of thized by paragr
conditions ofdeliver the Bo
cial and the C1the fssuer in a
15. General Authorizations.
The Chiefd for andnner autho
he terms a
sha1l
The Chief ttunicipal Offi-eputies and officials ofgned responsibi 1i t ies aresh, file, and record suchncluding Form 8038 of thend to take such other
Execution and Deliver of the Bonds.
c aI an e Clerk are ere y aut t Lzete Issuer to execute the Bonds in the maaph 5 of this Resolution. Subject to tthe Bond Purchase Agreenent, the Issuernds to the Purchaser.
IN
nd
and the approprib-e drdance with their ass ihereby each authorized to execute, publiother documents, instruments, noticls (ifnternal Revenue Service), and records a
-9-
erk
cco
s
actions as sha11 be necessary or desirable to accompl.ish the pur-
poses of this Resolution and to conrply irith and perform the obli-gations of the Issuer under the Bonds and the Indenture.
In the event that the Chief l{unicipal Official or theClerk shal1 be unable by reason of death, disabilit
vacancy of office to perform in tinely fashion anyspecified herein (such as the execution of Bonds, t
chase Agreement, the Indenture or the assignments o
sory Note, the Assignment and the l,tortgage), such dperforned by the officer or official succeeding to such duties in
accordance with Iaw and the ordinances of the Issuer.
17 . PubIiq Approval.This body, on behalf of thefgguer, hereby approves of the issue of Bonds for the purposes ofSection I03(k) of the Internal Revenue Code of 1954, as anended.
18. Election Under the Internal Revenue Code. Thefssuer hereby el ec ts to have t he provisions of Section 103(b)(5)(D)of the Int
isguance oor eitherthe name o
appropr iat
19. Effeclive Datei Conformity. This Resolution shalleffective i mmediately upon its passage and approval. To the
he Bond Pur-
y, absence, orof the duties
f the Promis-uties shaI1 be
ernalf theof thf theeto
Revenue Code of L954, as amended, applied to theBonds. Ihe Chief lttunicipal Officer and the Clerk,
em, are authorized to execute and file, for and inIssuer, such documents as nay be necessary oreffectuate said elect ion.
be
extwit ent that any prior resolutions of this body are inconsistenth the provisions hereof, this Resolution shaLl control andsuch prior resolutions shall be deemed amended to such extent as
may be necessary to bring them in conformity sith this Resolu-tion.
******
-10-
The foregoing resolution of the President and Board oETrustees of the Village of Buffalo Grove, I11inois, iras adopted,approved and recorded on October 21, 1985.
?
e Pro TeE
-11-
EXEIBIT A
NOTICE OF PUBLIC EE.ARING
TO RESIDENTS OF TEE
VILLAGE OF BUFFAI,O GROVE, ILLINOIS
Notice is hereby given that the Board of Trustees ofthe Village of Buffalo Grove, Illinois (the 'rIssuer,,) will hold apublic hearing at 7:30 p.m. on October 21, 1985 at the VillageBall regarding the proposed issuance by the Issuer of industrial
development revenue bonds pursuant to Chapter 3.24 of the Villageof Buf fal.o Grove lilunicipal Code, as amended, in a naximum aggregateface anount ot $2,250,000, on behalf of Constantin Caparos. The
bonds would finance a 45,000 sguare foot commercial bakery andoffice facility. The location of the facility to be finanied isLots 18-24, Corporate Grove Business Park, Busch parkeray, BuffaloGrove, I1linois. The initial oerner, operator or nanager of thefacility will be Delice de France, Inc., an Illinois Corporation.
The public hearing will be conducted in a nanner thatprovides a reasonable opportunity to be heard for persons rithdiffering views on both issuance of the bonds and Ehe locationand nature of the proposed facility. Any person desiring to beheard on this matter is requested to attend the public hiaring orsend a representative. Written comments (not exceeding 250words) nEy be presented at the hearing if submitted in advance tothe Village C1erk.
Colnrlents made at the hearing are for the considerationof the Board of Trustees and Village President of the Issuer butdo not bind any 1ega1 action to be taken by them.
Publication Date: October 7, 1985
/s/Janet }{. Sirabian
CIerk
I, Janet It{. Sirabian, being first duly sworn, do hereby
depose and certify that I am the duly elected, qualified and actingClerk of the Village of Buffato crove, in the Counties of Lake
and Cook, State of Illinois, and as such I have in my possession,or have access to, the complete corporate records of said Villageand of its President and Board of Trusteesi that I have carefully
compared the transcript hereto attached rrith the aforesaid cor-porate recordsi that said transcript hereto attached is a true,correct and cornplete copy of all the corporate records in rela-tion to the adoption of Resolution No. 85-55 entitled:
CERTIFTCATIONS BY CLERK
BOND RESOLUTTON AUTEORIZING
s1,800,000
VILLAGE OF BUFFALO GROVE, ILIJINOIS
INDUSTRIAL DEVELOPIIENT REVENUE BONDS
(DELICE DE FRANCE, INC. PRO'IECT)
I do hereby further depose and certify as follorrs:
1. Said
President and BoardP.t{. on October 21,the Board of Trustewith Sections 41 -Statutes.
ution was considered for adoption bymeeting held in the Village HaI1 at. Said meeting was a regular meetind was held in open session in compliChapter 102 of the Illinois Revised
r esolata
1985
es an
45 of
the
1 :30
90f
a nce
2. Said resolution ras on the agenda for said neetingand public notice thereof was given not leis than 24 hours prioito the conmencement of said meeting in cornpliance irith Section42.O2 oE_Chapter 102 of the IIlinois Revisid Statutes, including,without limitation, by posting on the bulletin board in the Viliage8a11, and by notice to those ness media rrho have filed a writtenrequest for notice of neetings.
3. Said neeting was called to order by Verna L. Clayton,President, who chaired the neeting. Upon roll I noted and rec6rdedthat the following trustees rrere present!
Marienthal, Glover, Reid, Shields, Kowalski
and that the following trustees were absent:
O'Re1lly
5 - Marlenthal, Glover, Reid, Shields
Kowal ski
0 - None
Aye:
Nay :
ABSENT:Abstain:1 - O tRellly
Whereupon the President
and I so recorded it.declared said resolution adopted,
IN I{ITNESS WEEREOF, I have signed my name and affixedthe seal of the Village hereto on this 21sr day of October,198s.
SEATE OF ILLINOIS
COT'NTY OF COOK
D\
/
c e Pro Tem
)
)
)
SS
Subscribed and sirorn to before melast above wr itten.this day, the date
1-&Notary Pu 1C
l,ly coruni ss ion expi res :
-"aZ;t ztr
March 6, 1989
INotal ial Seat ]
I noted and recorded that a quorum nag present. Various nattersand business eere taken up during the course of the meetingrithout intervention of any closed aession. One of the natterstaken up rras said resolution t hich eas introduced and its adop-tion rras noved by Trustee yarienrhal _, and seconded byTrustee Glover ffiion and after a-lltrusteeE-TE6-IIEE:f;Eti-T6-il6 so had expiessed their views for oragainst said resolution, the question was called and upon rolIbeing called and the continued presence of a quorum being noted,the recorded vote rras as follows:
[Municipal Seal ]
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