1966-04-28 - Ordinance 1966-006 - AUTH CONST, OPERATION & MAINT OF COMBINED WATERWORKS & SEWERAGE SYSTEM...AND PROVIDING FOR ISSUANCE OF $780K REVENUE BONDS TO PAY THE COST OF CONSTRUCTIONo-4t-L
AN ORDINANCE AUTHORIZING filE CONSTRUCTION, OPERATfOI'I
AND MAINTENANCE OF A WATERWORKS SYSTEIyI AND A SE'i,^IERAGE
SYSIEM, CoI1tBINING SUCH SYSTEI,IS INrO A CoMBINED wArER-
WOBI(S AND SEWERAGE SYSTEM OF IIIE ELLAOE OF BUFFALO
OROI'E, ILLINOIS, AND PROYIDINO FOR THE ISSUANCE OF
$280,000 t,jArERI.,oRKs AND SEWERAGE REVENUE BoNDs oF Tr{EtfILLAOE rO PAY THE COST 0F SUCH CoNSBRUCTIoN, EXTENSIoN
AND IMPR0'iB{E1,m, SUCH BONm r0 BE PAYABLE SoLELY CUr 0F
MIE REIIENUE.S OF SUCH SYSTEM.
BE IT ORDAIND BY UIE PRESIDENT AND MARD OF TRUSTEES
OF TIIE 1rILI,AOE OF BUFFALO OROVE, COOK AND I,AIG COI'NTIES, ILLINOf,S,
AS FOI,LO{S:
Sectlon 1. fursuant to D1v1g1on 139 of Artlclc 11 of
the I111no1! MunlclplL Code, approvcd May 29, 1961, eB amcndcd
(the t'Act"), the Vll1age of E[ff81o orovc, Cook and fake Countlee,
f ll1nole (the t'v1Uage " ), detemrlncr and declares 1t to be ncec8-
sary for the publlc health and wclfare of the Vll1age to construct,
operate and ma1nt81n a comblncd waterwork8 and sewerage lystem
1n the Glen orove Subdlvlslon of thc V1llage, such faclLltle8
conslstlng of a water plant lncludlng ma1n8, welIs, pump8, purl-
flcatlon fac1Ilt1es, controls and appurtcnences and eyatem of
sanltary sewer malns, I1ft statlon, and appurtenanccr ln accord-
ance wlth the pre llmlnary plans and estlmates dat,ed APR1t 29
/prepared by John Dudley Hooper, an englneer employed
by the Vl11age (the "Englneer"). such waterworks system and euch
sewerage system thaIl be owned and operated by the v1118ge a8 t
comblned utl11ty, known as the Comblned Waterworks and Sewerage
System of the Vlllage (the "Systen").
Sectlon 2. The prellmlnary plans contemplate that the
waternrorks syetcrn w111 be constructed ln two congecutlve phaoer.
The estlnated cogt of con6tructlng the Syatem, 1nc1ud1ng englneer-
lng, lega1 and other expenses and lntcrest cost lncurred durlng
-2-
constructlon and the perlod endlng E1x months after /11 fiy' /
the estlmated date of completlo, ", ;r;;r.rr*
of phase one of the waterworka systen (herelnaftcr the t'Estlnatcd
Date of Completlonrt), as prepared by thc Englneer and as hereby
estlmated, 1s the sum of $78O,OOO. ft ls advantageous 1n and to
the publlc lnterest thst the V1l1age borror the Buo of $78O,OOO
and leeue Bonde herelnafter descrlbed 1n evldence thereof. The
perlod of ueefulness of the System 18 detemlned to be forty
years or nore from the date of completlon of constructlon of the
System.
s ectlon J. For the purpose of paylng the cost of con-
structlng the Syetem as afore8ald there w111 be l8sued and sold
revenue bonds of the V111age to be de8t8nated Waterworka and
Sewerage Revcnue Bonds, Serlee 1956 (rrerclnafter called the
"Bonds") 1n the pr1nclpa1 amount of $78o,ooo, whlch Bonda gha1l
be dated May 1, 1966, be of the denomlnatlon of $5,OOO each, be
numbered congecutlvely from I to 155, lncluslve, bear lnteregt
at the rate of not to exceed 5-L/2fr per annum, payeble November
l, L966 and seml-annuaIly thereefter on the flrst day of May and
of November 1n each year, and nature ser1a11y as follows:
Maturlty
Date(ttav 1)
1969
t970
1971
t972
1973
t974
1975
]-975
L977
Prlnclpa 1
Amount
Maturlty
Date
(ptay 1)
t978
t979
1980
1981
1982
1983
1984
1985
1985
198?
Prlnclpa 1
Am ount
$40
45
50
50
55
5o
65
7O
70
50
000
o00
000
000
000
000
,000
, o00
, OO0
,000
$to, ooo
10,00o
25,000
30,000
30,000
30, oo0
30,000
30,000
30,000
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fhe Eonde or any of them thal1 be redeemable at the
optlon of the Vl11age at any tlme prlor to maturlty at par and
accrued lnterest to the date 8et for redemptlon. If 1e88 than
aL1 of the Bonde are called for redemptlon at any t1me, the
Bonds shall be redeemed 1n the lnverse order 1n whlch they
nature, If Less than all of the Bondg of any maturlty are
called for redemptlon, then the Bond8 of such maturlty to be
redeemed Bha]1 be eelected by 1ot ln any reaeonable manner.
Notlce of redemptlon of any of the Bonde prlor to theln
maturlty shaIl bc glven by regletered na1l to each holder of
reglstered bonds at the addrees thown on the Regl8trarts books
and as to all other holdere by one publlcatlon 1n the Bond
Buyer publlshed 1n the Clty of Nev, York, New York, or 1n the
event 1t ccases publlcatlon, then 1n a flnanclal newepaper pub-
llshed 1n the Clty of Chlcago, I1l1nols, at leest tblrty dsys
prlor to the date flxed for redemptlon thereof when the date of
redemptlon colncldee wlth an lnterest payment date, and when the
date of rcdemptlon does not colnelde wlth an lnterest pawent
date, by en Eddltlonal publlcatlon not more than thlrty nor leos
than flfteen days prlor to the date of red€mptlon, and by f1I1ng
such notlce wlth the paylng agent of the Bondo et leact thlrty
days prlor to the datc flxed for redcmptlon.
All such Bonds c811ed for redemptlon Ehall ceas€ to
bear lnterest from and after thc datc Bet for redemptlon.
Sectlon 4. Both prlnc1pa1 and lnterest of
sha11 be payable 1n 1awfu1 rnoney of the Unlted State8
at Barrls Truet and Savlngo Bank, Chlcago, Il11nole,
the Bonds
of Amerlca
tlre Bonde
-4-
sha1I be slgned by the Presldent and attested by the V11lage
Clerk and the lnterest coupons attached thereto tha11 be executed
by the facBlmlle Elgnatures of sald Presldent 8nd o81d V1llagc
C1erk, End such offlclals by the executlon of the Bonde shal1
adopt as and for thelr o$rn proper slgnatures thelr re8pectlve
facs1r11e slgnatures appearlng on such coupons.
The Bonds, together wlth lnterest thereon, thalL be
payable 6o1e1y from the revenues derlved from the System and
shal1 not 1n any event constltute an lndebtednesg of the VllLage
wlthln the meanlng of any constltutlonal or statutory Ilmltat1on.
Any of the Bonds may be reSlstercd as to pr1nc1pal at
any tlme prlor to maturlty 1n th€ name of the hotder on the books
of the V111age 1n the offlee of the Vlllage freasurer, such
reglstratlon to be noted on the reverse elde of the Bonds by
the eald Treasurer and thereafter the prlnclpal of such regls-
tered bonds sha11 be payable only to the reglstered holder, hls
1ega1 representatlves or a881gns. Such reglstered Bonds tha11
be transferabLe to enother reglstered holder or back to bearer
only upon presentatlon to the Tneasurer, wlth a legal asolgnment
duly acknowledged or approved. Reglstratlon of any Bonds sha11
not affect negotlablllty of the coupons thereto attached, but
such coupons Bhall be transferable by dellvery merely.
Sectlon 5. Such Bonds and coupons thal1 be 1n sub-
stantlally the fol1ow1ng fom:
Number
-5-
(Fonn of Bond )
I'NIEED STATES OF AMMICA
STATE OF ILLINOIS COI'NTIES OF COOK AND I.AKE
IfiTLI,AOE OF BUFFALO ORO\TE
WATEBWORKS AND SEWESAEE REVENUE BOND
sERrEs oF 1966
$5, ooo
fhe V111age of Buffalo Grove, Cook and Lake Countlea,
f111nols, for value recelved, hereby promlses to pay to baarer,
or., 1f thls bond be reglstered aB herelnafter provlded, then to
the reglstered holder hereof, sole1y from the revenuc derlved
from the Conblned Waterworkg and Sewerage System of the V111age,
aE herclnafter eet forth and not otherwlse, the sum of Flve
Ihousand and no,/Ioo Dollars ($5,ooo.oo) on 1, 19-
lhls bond 18 lssued for the purpose of defraylng the
cogt of conetructlng the Comblncd Waterworks and Sewerage System
of the Vl1lage, and 1s payable soleLy from the revcnueB derlved
from the operatton of sueh systcm and shall not 1n any event
constltute an lndebtednesg of the V1l1age wlthln the meanlng of
any eonstltutlonal or Etatutory ]1m1tatlon.
together wlth lntenest thereon from the date hereof unt1l pald
at the rate of flve and one-haIf percent (5-I/2fr) per annum.
Interest Ehall be payable on November l, 1966, and Beml-annual1y
thereafter on the flret day of May and of November ln each year,
upon presentatlon and surrender of the lnterest couponB hereto
attached as they eeverally become due. Both pr1nclpa1 of and
lnterest on thle bond tre payable 1n 1awful money of the Unlted
States of Anerlca, at Harrls Trugt and Savlngs Bank, Chlcago,
Ill1nole.
-5-
Ttrls bond 18 one of an authorlzed lssue of bonds 1n the
aggregate prlnclpal amount of $780,0O0 of 11ke tenor and effect,
except aB to number and maturlty, lssued pursuant to an ordlnance
edopted by the Vl1lage under the authorlty of Dlvlslon 139 of
Artlcle II of the lll1nols Munclpal Code, approved May 29, 1961,
as amended. Under such ordlnance and Dlvlslon 139 all revenue
recelved fron the operatton of the Cooblned Waterworks and Sewer-
age Sy8tem of the VlUage BhalL be depoalted 1n a aeparate fund,
de8lgnated as the ttvlllage of Buffalo Orove Waterworkg and Sewer-
age Fund'r, to be used only to pay the cogt of malntenance and
operatlon of the Eystem, to provlde an adequate depreclatlon
fund, to pay the prlnclpa1 of and lnterest on the waterworks
and sewerage revenue bonde of the Vl1lage l8sued under the
authorlty of such D1vls1on 139, all of whlch 6h411 be recorded
1n the Bpeclal accountB ereated by the ordlnance authorlzlng the
lssuance of these bonde and subJect to annual aud1t.
lhe Vlllage reserves the rlght to call for redemptlon
at any tlne prlor to maturlty any or all of the bonds at the
prlnclpal amount thereof plua accrued lnterest at the coupon
rate to the date flxed for redemptlon. Notlce of the call of any
of the bonds for redemptlon sha1I be glven by malllng notlce by
reglstered ma11 to each hol.der of reglstered bonds at the address
shoyrn on the Regletrarts bookB and as to all other holders by
one pu bl1cat1on 1n the Bond Buyer pubLlshed 1n the Clty of New
York, New York, or 1n the event lt ceasea publlcatlon, then 1n I
f1nanc1al newspaper publlshed 1n the Clty of Chlcago, I111no1g,
at least thlrty days prlor to the date flxed for redemptlon
thereof when the date of redemptlon colncldeo wlth an lnteregt
payment date, and when the date of redemptlon doee not colnclde
wlth an lnterest payment date, by an addltlonal pubLlcatlon not
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more than thlrty nor les8 than flfteen days prlor to the date of
redemptlon, and by f1l1ng such notlce lrlth the paylng agent of
the Bonds at least thlrty days prlor to the date flxed for redemp-
tlon. Bonds called for redemptlon 1n auch manner shal] not bear
lnterest after the date flxed for redemptlon 1f the paylng agent
has funde on hand to nedeem euch bonds.
ff less than all of sald bonds are called for redemptlon
at any t1ne, the bonds sha11 be redeemed 1n the lnverse order 1n
whlch they nature If less than all of the bonds of any naturlty
are ca11ed for redemptlon, then the bonde of such maturlty to bc
redeemed sha]l be BeLected by lot 1n any reasonable manner.
It ls hereby certlfled 8nd reclted that all condltlons,
acts and thlnga requlred by the Conetltutlon and by tbe etatutes
of the State of l1l1no1s to exl8t, be performed or happen pre-
cedent to or 1n the lssuance of thls bond exlet, have been
performed and bave 56ppened, and provlelon h8s been made for
deposltlng 1n such V1l1age of Buffalo Grove Waterworks and Sewer-
age Fund revenues recelved from the operatlon of the Cornblned
Wetcrworks and Sewerage Systen, to be epplled ln the manner here-
lnabove eet forth. It 18 hereby covenanted and agreed that the
rates charged for water and Eeuerage servlce shal"l be sufflclent
at all tlmeo to pay the eost of operatlon and maintenance of the
Comblned waterworks and Sewerage System, to provlde 8n adequate
depreclatlon fund therefor, to pay the prlnclpal of and lnterest
on all waterworks 8nd sewerage revenue boridg lssued by the
V111age under the aforesald Dlvlalon 139, to malntaln the epeclal
accounts created by the ordlnance authorlzlng the lssuance of
th€Be bondo and to have 6uch speclal accounts properly audlted
at least once eaeh calendar Year.
T'h18 bond nay be reglstered as to prlnclpal only 1n the
name of the holder 1n the Bond Reglster of the V1l1age ln the
offlce of the V111age Treasurer, and such reglstratlon Bhal1 be
noted hereon by the Treasuren on the back hereof. If so regls-
tered, thls bond may be traneferred by the reglstered owner 1n
person or by attorney upon pre8entatlon of thls bond to the
Treasurer wlth a nrltten lnstrument of transfer on a form approved
by the Treasurer and exccuted by such reglstered owner. If thls
bond be so reglotered, the prlnclpal Bhal1 thereafter be payable
only to the person 1n whose name 1t ls reglstered, unless thls
bond eha1l be dlscharged fron reglotry by belng reglotered aa
payable to bearer. Such reglstratlon sha1l not affect the
negotlablllty of the coupon8, but such coupons Eha11 contlnue
to pas8 by dellvery,
VILLAGE OF BT'FFAI' GROVE
By
Pre s ld ent
ATTEST:
-8-
IN I{IT$IESS }IHEREoF, the V1}lage of Buffalo Grove, Cook
and Lake Countleo, Il11no1s, has caused thls bond to be 81gned by
lte Preeldent, 1to corporste seal to be hereto afflxed and
attested by the Vlllage C1erk, and the coupons hcreto attached
to be olgned by facslrnlle slgnatures of such Preeldent and
Vl1lage C1erk, whlch offlclals, by the executlon of thla bond,
do adopt as and for thelr own proper Elsnatures thelr reopectlve
facBln11e slgnatures appearlng on such coupons, 811 as of the flrst
day of May, 1966.
V111age clerk
-9-
( Forrn of Coupon )
gr:z.lo
lP_ (unless the bond
Numbe r
0n the flnst day of
to whlch thls coupon 1s attached shall have been called for prlor
to redemptlon and provlslon has been made for payment as thereln
provlded), the V111age of Buffalo Grove, Cook and Lake Countles,
I111no1s, shall pay to Bearer $fgZ.lO out of the Vltlage of
Buffa 1o Grove Waterworke and Sewerage Fund, at Harrls Trust and
Savlngs Bank, Chlcago, I111nols, belng lntereet then due on ltg
Waterworks and Sewerage Revenue Bond dated May 1, 1966, Number
Presldent
V111age Clerk
(Form of Reglstratlon Certlflcate )
Dat e In Whose Name Reglstered Slgnature of V111age Treasurer
Sectlon 6, For the purposes of thls Ordlnance the
followlng words,
lngs:
terms and phrases sha1l have the followlng mean-
(a) The worde t'Gross Revenues" sha1l mean and lnclude
a1"1 lncone, revenueg, conneetlon charges and recelpts recelved
AfIEST:
-10-
dlrectly or lndlrectly from the ln1t1a1 and contlnued uee and
opcratlon of the System, 1nc1udlng, wlthout 11m1tlng the gene-
ral1ty of the foregolng, any lnterest recelved on deposltB and
any lncome or proflts reallzed from the sale of lnveotmentE, 1f
any, made vrlth revenues of the Systen.
(u) Ehe phrase ttExpense of Malntenance and Operatlon"
shall mean all co8te reasonably lncurred ln conneetlon tlth the
operatlon, use and nalntenance of the Syatem, 1nc1udlng
(1) r.epalre (other than eapltal lmprovements ) necessary to keep
the System 1n efflclent and economlcal operatlng condltlon,
(tt) premlums for lnsurance herelnafter requlred to be caru1ed
on the System, ana (fff) generally all expenses (excluslve of
depreclatlon), lncludlng wlthout llm1t1ng the generallty of the
foregolng salarles, wage8, cost of materlals, euppL1es, power,
b1I1tng and colLeetlon costs and admlnlstratlve costs, whlch
unden good accountlng practlce are pt'operly chargeable to and
are reasonable and necessary for the efflclent malntenance and
operatlon of the Systen.
(c ) The term rl,let Revenuegtt shall mean the excess of
the Gross Revenues over the Expense of Malntenance and Operatlon
of the System.
(o ) the ter'n |t0onnectlon Chargetr sha1l mean any f ee
pald for connectlng u6erB to the System.
(e) The term t'v111age Board" shall mean the Preeldent
and Board of Trustees, the governlng body of the V111age.
(f) The term t'Debt Servlce Requlrementsrr shalL mean
the total of all paynents of lnterest and prlnclpal whlch shal1
be due and payable 1n any perlod of twelve conseeutlve months
other than paymente of prlnclpal on Bonds ca11ed for redemptlon
prr,or to maturlty.
-11-
Sectlon 7. The V111age covenentg and agreea wlth the
holdere of the Bonds and coupone that eo long aa any of the
Bonds remaln outetandlng and unpald elther as to prlnclpal or
lnterest:
(a) The Syetem Btla1l be operated on a f1sca1 year
basls, beglnntng on the flrst day of January and endlng on the
last day of December of each year. After the laouance and
deLlvery of any Bonds lssued under thls Ordlnance, the Croos
Revenueg from the operatlon of the System shall be set aslde
upon recelpt thereof and deposlted ln a natlonal or state bank
1n ll11nole 1n a fund to be deslgnsted as the rrv1llage of
Buffalo Grove Waterworks and Sewerage Fundi'. Such fund sha11
be used for the folJ.owlng purposes onlfn (f) to pay the cost of
operatlon and malntenance of the System; (lf ) to provlde an
adequate depreclatlon fund; (fff) to pay the prlnclpal of and
lnterest on the bonds 1osued by the V1l1age under the provlslons
of Dlvlslon 139 as afore8ald; and (1v) 1n furtherance of the
aforesald purpoBes to establlsh and malntaln the speclal accountg
herelnafter provlded.
(t) the entlre Groes Revenues of the Syotem tha1I be
deposlted dalLy as recelved 1n the V11lage of Buffalo Grove
Waterworks and Sewerage Fund. 0n the flrst buslne8s day of each
month the Grosg Revenues ao deposlted 1n the precedlng nonth
sha11 be transferred to and deposlted 1n the foIIowlng speelal
accounts 1n the order named for the purpoeeB and uees hereln-
after provlded:
(r )Operatlon and Malntenance Account. Upon
the lssuance of any of the Bonds and recelpt of the purchaee
prlee therefor, there shall be deposlted 1n thls account an
amount sufflclent to establlsh a balance tbereln at leest
-12-
equal to one-slxth of the reasonabLy antlclpated Expense
of Malntenance and @eratlon durlng the flr8t twelve
months that the System or any part thereof shal1 be 1n
operatlon,
0n the flrst of each month after the System
or any part thereof shaLl have been placed ln operatlon
there sha11 be transferred from the V111age of Buffalo
Grove Waterworks and Sewerage Fund and deposlted 1n thle
account such amount as may be requlred to estabLl8h or
reestabll8h a balance 1n such account equal to one-slxth
of the reasonably antlclpated Expense of Malntenance
and operatlon durlng the succeedlng twelve months.
Amounts so depo8lted tn tbls account eha1I be
uoed so1ely for the pawent of the Expense of Malntenance
and Operatlon.
(2)Bond and Interest Account. Upon lssuance
of any of the Bonds and recelpt of the purcha8e prlce
therefor, there sha11 be deposlted 1n thle account
(:-) any premlum and all accrued lnterest pald upon the
dellvery of such Bonds and (11) all lnterest whlch sha1I
accrue on Buch Bonde durlng the perlod commenclng on the
date of dellvery of the Bonds and endlng Blx months
after the Estlmated Date of Completlon lees any premlum
or plus any dlscount properly amortlzable durlng such
perlod .
Each month after the aforesald perlod, there
ehall be deposlted 1n thls account an amount not less
than one-twelfth of the Debt Servlce RequlrementE whlch
become due and payable 1n the perlod endlng twelve months
subsequent to whlch the deposlt 1s made.
-13-
All moneys 1n such account shal1 be ueed only for
the pu::pose of paylng, when due, the pr1nc1pa1 of and
lnterest upon the Bonds.
(3)Bond Reserve Account. There sha11 be
transferred from the V11]age of Buffalo Grove Waterworks
and Sewenage Fund and deposlted ln thls account (f) each
month durlng the perlod beglnnlng not later than Blx
months after the Estlmated Date of Completlon and endlng
December 31, 1969, the sum of $100, anO (:.r) each rnonth
thereafter the eum of $3oO, or (rff) such greater amount
ln any euch month as the Vl11age Board may hereafter
determlne.
The amounts 1n such account shal1 be used only
to meet Debt Servlce Requlrements when there are lnsuffl-
clent funds avallable from any other source at any tlme
to pey such Debt Servlce Requlrements as they fa1l due;
pnovlded, however, at any tlme the balance 1n such account
exceeds Uy $5,000 the Debt Servlee Requlrements of any
subsequent f1scal year, such excees over such Debt Ser-
vlce Requlrements sha1l be used for the redemptlon or
purchase and retlrement of the Bonds.
(4) Depreclatlon, Improvement and Extenelon
Account .
fhere shal1 be tranoferred from the Vll1age of Buffalo
Grove Waterworks and Sewerage Fund and deposlted 1n thls
account (1) each month durlng the perlod beglnnlng on
the flrst day of the month after the Estlmated Date of
Completlon and endlng Decenber 31, 1969, the sum of
$100, and (1f) eacn month thereafter the sum of $30O, or
(f.11) such greater sum 1n any such month as the V111age
-14-
Board may hereafter detemlne. The moneys 1n such
account shall- be permltted to accumulate to provlde such
reserve for depreclatlon as the VllLage Board may deem
adequate; provlded, however, the moneys so accumulated
may be used a8 needed from tlme to tlme to pay (f) for
any repelrs and malntenance of the System 1f the amounts
deposlted tn the operatlon and Malntenance Account are
lnsufflclent for such purposes, or (ff ) for lmprovements
and exten8long 'of the System as may be euthorlzed by the
V1l1age Board; and provlded further, that 1f at any tlme
the balance 1n the Bond and Interest Account eha11 be
lnsufflclent to meet the Debt Servlce Bequlrements as
they fall due, then any moneys accumulated 1n thls account
shal1 be uged as requlred to pay euch Debt Servlce Requlre-
ment s .
(5) Surplus ReveqUq Aclpqnt. fhere shal1 be
transferred from the Vl[age of Buffalo Grove Waterworks
and Sewerage Fund and deposlted ln thls account each
nonth any revenues remalnlng 1n such Fund as of the
flrst day of such month after provldlng for all of the
transferg therefrom and deposlts 1n the accountB numbered
(r) throueh (4).
At the end of each f18ca1 year funds ln thls
account shall be transferred to and deposlted 1n any of
the prlor accounts numbered (t) trrroueh (4) rn whlch there
may then be a deflclency. Any balance of fund8 renalnlng
ln the Surplus Revenue Account shal1 be tranoferred and
deposlted 1n the Bond Reserve Account untlL an amount
equal to the Debt Servlce Requlrements of any Eubeeguent
f16ca1 year 16 accumulated thereln. From any remalnlng
ic
balance ln thls account an amount up to but not 1n
exceEs of the sums recelved es Connectlon Chargee dur-
lng such fl8cal year sha11 be transferred to and deposlted
ln the D€preclatlon, Improvement and Extenslon Account or
to the Bond Reserve Account as the Vl11age Board may
determlne. Any balance remalnlng 1n the Surplus Revenue
Account after all of the aforesald transfers and deposlte
have been aade may be transferred to and deposlted 1n
the Depreclatlon, Improvement and Extenslon Account or
used for any 1awfu1 eorporate purpose, 8s determlned by
the Vl]Iage Board.
(") The V111age of h.rffaLo Grove waterworkg and Sewer-
age Fund and funds 1n each of aforenentloned accounts sha1l be
deposlted 1n banks or truBt companles 1n ll11nolE deelgnated by
the Vtllage Board and secured by dlrect or fu11y guaranteed
obllgatlons of the Unlted States of Amerlca to the extent thst
the deposlt exeeeds the I1mlts of the deposlt guaranteed by the
Federal Deposlt Insurance Corporatlon. Such bank accounts sha11
be Beparate from all other V111age bank aecounts.
(d) Moneys 1n any of the accounts not requlred for
expendlture wlthln nlnety days of the date of lnvestment, may be
lnvested 1n dlrect obllgatlons of the Unlted States of Amerlca
maturlng not less than flfteen dlys prlor to the date on whlch
moneys 1n such account w111 be needed, but 1n no event more than
flve years from the date of lnvestment. Incone or proflt from
such lnvestment sha1l be deposlted when recelved 1n the V1I1age
of B,rf f a 1o Grove Waterworks and Sewerage Fund,
Sectlon I Wh11e any of the Bonds are outstandlng, the
any other bonds or obllgatlons of any klndV11lage w111 not 18sue
-t5-
or nature havlng a 11en on the fac111t1es, property or revenues
of the System, except as provlded 1n thls sectlon.
(a) The V111age may lssue addltlonal bonds 1f addl-
tlonal funds are necessary to pay the cost of constructlon of
the System, as provlced 1n Sectlon 1 of thls Ordlnance, and the
need for addltlonal funds sha11 be evldenced by a certlflcate of
an lndependent consultLng engineer, settlng forth:
(1) The total cost of conetructlon of the
System, lncludlng englneerlng, 1ega1 and other expenseB
and lnterest cost lncurred durlng constructlon and the
perlod endlng s1x months after the Estlmated Date of
Conpletlon;
(2) fhe amount of funde necessary to complete
the congtructLon of the Syeten descrlbed ln Sectlon 1
of thls Ordlnance; and
(3) The anount of funds available therefor.
Such certlflcate sha11 be approved by the V1l1age Board and
sha1l be made of record 1n the proceedlngs of the V111age before
such addltlonal bonds are authorlzed and lssued; or
(t) Such addltlonal bonds may be lssued to provlde
addltlonal. funds to construct lmprovements, replacements and
extenslono of the System or for the acqulsltlon of an addltlonal
waterworks or sewerage Bystem or any comblnatlon thereof, or for
the purpose of refundlng any of the Bonds and any addltlonal
bonds as may be lssued hereafter pursuant to thle Sectlon 8, whlch
are due or redeemable wlthln three months of the date of lssue of
the refundlng bonds or for any conblnatlon of Buch purposes, but
only 1f the V111age shalL have conplled wlth the followlng requlre-
ment s :
-17-
(f) The amounts requlned to have been deposlted
1n the respectlve accounts (t) ttrrougrr (4) or Sectlon
7(f ) of thls Ordlnsnce, up to the date of authorlzatlon
of such addltlonal bonds, sha1l have been deposlted 1n
such respectlve accounts.
(Z) The Net Revenues of the Systen for the
flecaL year then next precedlng, or the average annual
adJusted Net Revenues of the System for the two then
next precedlng flscal yesrs lf adJustment has been nade
as hereln provlded, have been not less ihan 135fr of the
maxlmum annual Debt Servlce Requlrements for any succeed-
1ng flscal year on:
(f) all bonds then outstandlng pay-
able fron the revenues to be derlved from the
operatlon of the System; and
(U) the addltlonal bonds then pro-
posed to be ls8ued payable from such revenue8.
Net Revenues for the purpose of thls subparagraph (b)(2)
sha1l be evldenced by an audlt of the lndependent certl-
fled pub11c accountant who made the last audlt of the
System, or 1f that accountant 1s not avallable then by
another guch accountant who sha11 follow accountlng
prlnclples conslstent wlth euch laet aud1t.
In the event the rates and charges 1n
effect at the tlme of lssuance of any such addltlonal
bondo (the "Effectlve Rates") Bha11 dlffer from thoee
rates and charges 1n effect durlng elther of the two
lmmedlately precedlng flscal years, then the Net
Revenueg referred to 1n thls subparagraph (b)(2)
Bhall be adJusted to reflect for each of the two
-18-
lmmedlately precedlng f1sca1 years (1) the change 1n
Gross Revenues lf the Effectlve Rates had been 1n
effeet durlng all of each of such years anO (fl) any
known changes 1n Expense of Operatlon and Malntenance
1f such known changes had been 1n effect durlng all of
each of such years. Any such adJusted Net Revenues
sha11 be evldenced by the eertlflcate of an lndependent
coneultlng englneer employed for that purpose, whlch
eertlflcate shalL be approved by the V11Lage Board
prlor to l8suance of the addltlonal bonds and f1led
wlth the Vl11age C1erk.
(c) Notwlthstandlng the foregolng provlslons, the
Vlllage may lssue bonds to refund any of the Bonds or addltlonal
bonde as may be lssued pursuant to thls Sectlon 8, whlch are
due or redeenable wlthln three months of the date of lssue of the
refundlng bonds and for the payment of whlch no other funds are
or w111 be avallable at the maturlty or redenptlon date thereof.
(O) Any addltlonal bonds lssued pursuant to thls
Sectlon 8 sha1l be sold at not less than par, shal1 be of an
equal basls 1n all respects wlth the Bonds, shall ghare ratably
and egually ln the revenues of the System, shaIl be substantlally
slmllar to the form set forth 1n Sectlon !, shaIl provlde for
seml-annual payment of lntere8t on May 1 and Novenber 1, and shall
mature ser1ally on May 1of any year 1n guch amounts as the
Vlllage Board sha1l have determlned w111 not Jeopardlze the
satl8factlon of Debt Servlce Requlrements of any pnevlously
losued and outstandlng bonds payable from the r€venues derlved
fron the operatlon of the System or extenslons thereof or addl-
tlone thereto, whlch deterrnlnatlon by the V111age Board shall be
supported by a certlflcate, approved by the V111age Board and
f11ed wlth the V11lage CIerk, of an lndependent consultlng
englneer .
Sectlon 9,The V111age hereby covenants and agrees
wlth the holder or holders of the Bonds hereln proposed to be
lssued, or any of them, that 1t w111 punctually perform aL1
dutles wlth reference to the System requlred by the'Constltutlon
and laws of the State of l111nois, lnclud!.ng the maklng and
collectlng of sufflclent rates for water and sewerage servlce,
and segregatlng the revenues of the System and the appllcatlon
of the respectlve accounts establlshed by thls Ordlnancei that
1t w111 not seIl, lease, 1oan, mortgage or 1n any manner dlspose
of the System, lncludlng any and a]1 extenslons and lmprovemente
that may be nade thereto, unt11 all of the Bonds sha11 have been
pald ln fr1l, both prlnclpal and lnterest, or unt11 provlslon
sha11 have been made for the payment of all tbe Bonds and
lnterest thereon 1n fu1I, provlded, that the foregolng sha11
not prevent the V1}1age from dlspoelng of any property whlch ln
the Judgrnent of the Vll1age Board 1s no longer useful or proflt-
able 1n the operatlon of the System, nor essentlal to the eon-
tlnued operatlon of the System (the reeelpts frolr the dlsposltlon
of any Buch property to be deposlted 1n the Depreclatlon, Improve-
ment and Extenslon Account herelnabove establlEhed 1n Sectlon f);
that lt w111 malntaln 1n good condltlon and contlnuously operate
the System and malntaln lnsurance on sald propertles of the same
klnd or klndB whlch wouLd normally be malntalned by a prlvate
company engaged 1n a slnllar type of buslness or as recommended
by an lndependent consultlng englneer employed for such purpose
(the payment of premlums on any such lnsurance to be deemed an
operatlon expcnse and pald from the revenues of the System);
-20-
that 1t w111 requlre that proper connectlons to the System be
made wherever water or sewerage servlce ls avallable; and that
al1 waterworks and Bewerage propertl.es hereafter constructed or
acqulred by the VlLlage shal1 be lncluded ln and operated as a
part of the System.
Sectlon 10. Provlslons of thls Ordlnance sh811 con-
Btltute a contract between the V111age and the holders of the
Bonds, and after the leeuance of the Bonds no changes, addltlons
or alteratlons of any klnd tha1l be made hereto 1n any manner
except 1n accordance wlth the provlalons of thls Ordlnance, or
unt1I Buch tlme as all of the Bonds and the lnteregt thereon
Bha11 be pald ln ful}, or unless and untll provlslon shall have
been made for the payrnent of all the Bonds 1n fu11 . Thls 0rd1-
nance may be modlfled or amended by eupplemental ordlnances wlth
the wrltten consent of the holderB of at least two-thlrds 1n
prlnclpal anount of the Bonds whlch are outstandlng at the tfune
such consent 16 glven, except that 1f any such modlflcatlon or
amendment w111 by.1ts tems not take effect so long as any of
the Bonds remaln outstandlng the eonsent of the holders of such
Bonds sha1l not be requlred. No Buch modlflcatlon sha11 permlt
a change 1n the terms of redenptlon or rnaturlty or the pr1nc1pa1
of the Bonds or of any lnstallment of lnterest thereon or a
reductlon 1n the prlnclpaI amount or the redemptlon prlce there-
of or any rate of lntere8t thereon or. make any modlflcatlon or
amendment of thls seetlon, wlthout the consent of the holders of
all the Bonds.
Sectlon 11 . Immedlat e 1 y upon the recelpt of the pro-
ceeds derlved frqn the sale of any Bonds the V111age Treasurer
shal1 deposlt (1) ln the Bond and Interest Account any premlume
and all accrued lnterest recelved from the purchaser and the
-21-
amount of lnterest whlch sha1l accrue upon such Bonds durlng the
perlod commenclng wlth the date of deLlvery of the Bonde and
endlng slx months after the Estlmated Date of Completlon and
(ff ) fn the operatlon and Malntenance Account an amount sufflclent
to establleh a balance thereln at least equal to one-slxth of the
reasonably antlclpated Expense of Malntenance and Operatlon dur-
1ng the flrst twelve months that the System or any part thereof
sha11 be ln operatlon. fhe balsnce of the proceeds tha1l be
deposlted by the V111age Treaeurer ln the "V11lage of Buffalo
Grove Comblned Waterworks and Sewerage Constructlon Account"
whlch ls hereby crested. Such account and the funds thereln
sha1I be kept separate and apart from all other funds of the
VlUage and deposlted 1n a bank or banks, eetlng the requlre-
ments of paragraph (c) of Sectlon 7. The funds ln such account
eha1l be held and used so1ely to pay the cost of constructlon of
the System, 1nc1ud1ng englneerlng, 1ega1 and other expenBes and
lnterest cost lncurred durlng constructlon 8nd the perlod endlng
s1x months after completlon of constructlon, and sha11 be held
for the beneflt of the Vll1age for the purpose8 hereln provlded
and for the beneflt of the holder or holders of tbe Bonds hereby
authorlzed as thelr lnterests may appear. Such funde sha1l be
wlthdrawn and dlsbursed from tlme to tlme by the V111age Treasurer
only upon submlsslon to h1m of:
(") A dupllcate copy of the order slgned by the
Presldent and the Clerk, or such other offlcers as nay from tlme
to tlme by 1aw be authorlzed to 818n and counterslSn orders on
the V1I1age Treosurer statlng speclflcally the purpose for whlch
the order 1s:lssued and lndlcatlng that the payment for whlch the
order 1s lssued has been approved by the V111age Board;
-22-
(t) Each order on the V11lage Treasurer for payrnent
to a contractor or contractors for work done 1n connectlon wlth
the conBtructlon of the System shal1 also be accompanled by a
certlflcate executed by the englneer ln charge of the conotruc-
tlon of the System Btatlng the nature and extent of the work
conpleted and that the amount thereof 18 due and payable pur-
suant to the terms of a contract approved by the Vl11age Board;
and
(.) Walverg of mechanlcs Llens duly executed by the
contractor or contractors and all partles who may aEsert 11en8
through h1m or them and approved by the englneer ln charge of
constructlon.
W1th1n slxty days after completlon of the work 1n
aecordance wlth the plana and speclflcatlons therefor, and
after all co8ts have been pald 1n connectlon wlth the con8truc-
tlon thereof, the englneer shalI certlfy to the V111age Board
the fact that the System has been completed accordlng to plans
and speclflcatlons and contracts approved by the V111age Board.
Upon approval by the V111age Board of the completlon of the
work based upon the englneerts certlflcate, and after all cost8
have been pa1d, the Presldent, the V111age Clerk and englneer
sha1l execute a certlflcate and flle 1t wlth the V111age Treasurer
certlfylng that the work has been completed 1n accordance wlth
plane and speclflcatlons and that all costs have been pa1d. If
at any tlme thereafter any funds remaln 1n the Constructlon
Account, such fundB sha1l be tranBferred to the Bond and Intereet
Account 1f needed to meet Debt Servlce Requlrements for the
cument fl8ca1 year and 1f not so needed such funds shal1 be
traneferred to the Depreclatlon, Improvement and Extenslon Account.
-23-
The cost of englneerlng, 1ega1 and flnanclal Ber:vlces,
the cost of surveys, deslgns, soundlngs, borlngs, rlghts of way
and all other necessary and lncldental expenses shal] be deemed
ltens of cost of constructlon of the System.
If the V111age Board sha11 determlne 8t any tlme that
the amount of proceeds 1n the Constructlon Account ls ln excess
of the amount necessary to meet authorlzed expendltures there-
from durlng the next ensulng nlnety days, 1t may by resolutlon
dlrect the lnvestnent of such excess 1n dlrect obllgatlons of
the Unltes States of Amerlea maturlng not less than flfteen dayg
prlor to the date on rrhlch the excess funds w111 be needed, but
1n no event more than flve years from the date of lnvestment.
A11 such lnvestments as vre11 as lncorne and proflt therefrom
sha11 be held separately and so1e1y for constructlon of the
System. As and when constructlon funds are needed, a sufflclent
Emount of such lnvestments shal1 be sold and converted lnto cash
and deposlted 1n the Constructlon Account,
fhe proceeds of the Bale of the Bonds (1nc1ud1ng all
obllgatlons held or lnvestmente thereof and the proceeds of euch
lnvestments) sha1l be applled as provlded 1n thls sectlon, and
pendlng such appllcatlon sha1l be held for the further securlty
of the holders of the Bonds unt11 pald out or transferred as
hereln provlded.
Sectlon 12, The System accounts shall be audlted at
least once 1n each year by a recognlzed certlfled pub11c account-
and, and such audlt sha11 be open for lnspectlon at all proper
tlmes to any taxpayer, user of the System, or holder of Bonds
lesued under the provlslons of thls ordlnance. Reports of the
operatlon of the System sha11 be furnlshed the V1l1age Board
quart er-annua 11y, and cople8 of the reports, as well as the
annual audlts, sha1l be promptly ma11ed to the paylng agent, the
-24-
prlnclpal underrrlter, 1f any, of the Bonds and Bummarlea there-
of sha1l be furnlshed to any holder of Bonds upon request.
Sectlon 13. If an y sectlon, paragraph, clauBe or pro-
vlslon of thls ordlnance Bhall be held 1nva11d, the 1nva11d1ty of
such sectlon, paragraph, clause or provlslon sha1l not affect any
of the other provlslons of thls Ordl,nance.
Sectlon L4. Thls Ordlnance,after 1ts passage and
approval, sha11 be publlshed once 1n the llllEEtna
firtut t>, a newspaper of general clrculatlon ln the
V1l1age, and lf no petltlon 1s f1led wlth the V111age Clerk
wlthln twenty-one dayo after such publlcatlon, then after the
explratlon of sueh twenty-one days thls Ordlnance eha11 be 1n
effect. But 1f, w1th1n such perlod of twenty-one days, a petl-
tlon 1s flled wlth the Vl}lage Clerk slgned by electors number-
lne 1516 of the number of electors votlng for Presldent of the
V1Ilage at the last precedlng general nunlclpal electlon asklng
that the questlon of construetlng, operatlng and malntalnlng
the Syotem and the lssuance of revenue bonds therefor, as pro-
vlded ln thls Ordlnance, be submltted to the electors of the
V1llage, the V111age Board sha1I call a speclal electlon 1n the
manner provlded by 1aw to vote upon such questlon. If a maJorlty
of the voters votlng upon such questlon at such electlon vote 1n
favor of construetlng, operatlng and malntalnlng the Sy6tem and
the lssuance of revenue bonds therefor, as provlded 1n thls
ordlnance, then thls 0rdlnance shall be 1n fulI force and effect,
but 1f a maJorlty of the votes east are agalnet constructlng,
operatlng and malntalnlng the Syotem and the lssuance of revenue
-25-
bonds therefor, as provlded 1n thls Ordlnance, then the V11]age
sha11 proceed no further under thls ordlnance.
Passed by the Presldent and Board of Tru8tees thls
day of A/r,t ]-966.ff4
ATTESE:
Approved thls 4t1 day of l2"r</Z__, t966.
S en
o
CERTIFICATE OF PUBLICATION
PADDOCK PUBLICATIONS, INC.
A Corporation organized and existing under and by vlrtue of the laun of
t}te State of Delawar,e, DOES HEREBY CERTITY That it is the publisher
of Whoellnc Herald
That said
-
Whaa11 ng l{enn] d - ls a secrdar
newspaper and has been published weekly in the Village of ---
Who e-Llns , County of Cook
and State of Illirpis, continuously for more than one year prior to, on and
since the date of the first publication of the notic€ hereinafter referrrd to
and is of general circulation throughout said Village, County and State.
I further certify that
is a newspaper as defined in "an Act to revise the law in relation to
noticrs" as amended by Act approved July 1?, 1959-.Ill. Revis€d Statut4.,
Chap. 100, Para. l and 5.
That a noticr of which the annexed printed slip is a true clopy, was pub,
lished in said hhe el1 Her a1d on the
'l 2th day of , A.D. 196-6.
IN WTTNESS WHEREOF, the undersigred, the said PADDOCK PIIBLI-
CATIONS, Inc., has caused this certificate to be signed and its cor?orate
seal altixed hereto, by FRANCIS E. STITES, its Secrctary, 8t Arlington
Heights, Illinois, this 15th day of
-,
A.D. 196-6-.
PADDOCK PI,'BLICATTONS, INC.
By fi.a^,.; 2
Wheellng Herald
'd*,,L fuL;l*e'{'/
/r.,l.LuA>3497
Ordnance 0-66-6
AN ORDINANCE AUTHORIZING THE CONSTRUC-
TION, OPERATION AND MAINTENANCE OF A WA-
TERWORKS SYSTEM AND A SEWERAGE SYSTEM,
COMBINING SUCH SYSTEMS INTO A COMBINED
WATERWORKS AND SEWERAGE SYSTEM OF THE
VILLAGE OF BUFFALO GROVE, ILLINOIS, AND PRO-
VIDING FOR THE ISSUANCE OF $780,000 water -
WORKS AND SEWERAGE REVENUE BONDS OF THE
VILLAGE TO PAY THE COST OF SUCH CONSTRUC-
TION, EXTENSION AND IMPROVEMENT, SUCH
BONDS TO BE PAYABLE SOLELY OUT OF THE
REVENUES OF SUCH SYSTEM.
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE .VILLAGE OF BUFFALO GROVE, COOK
AND LAKE COUNTIES, ILLINOIS, AS FOLLOWS:
Section 1. Pursuant to Division 139 of Article 11 of the
Illinois Municipal Code, approved May 29, 1961, as amended
(the "Act"), the Village of Buffalo Grove, Cook and Lake
Counties, Illinois (the "Village"), determines and declares it
to be necessary for the public health and welfare of the Village
to construct, operate and maintain a combined waterworks and
sewerage system in the Glen Grove Subdivision of the Village,
such facilities consisting of a water plant including mains, wells
pumps, purification facilities, controls and appurtenances ana
system of sanitary sewer mains, lift station, and appurtenances
m accordance with the preliminary plans and estimates dated
April 28, 1966, prepared by John Dudley Hooper, an engineer
employed by the Village (the "Engineer"). Such waterworks
system and such sewerage system shall be owned and operated
by the Village as a combined utility known as the Combined
Waterworks and Sewerage System of the Village (the "System").
Section 2. The preliminary plans contemplate that the
waterworks system will be constructed in two consecutive
phases. The estimated cost of constructing the System, including
engineering, legal and other expenses and interest cost incurred
during construction and the period ending six months after
May 1, 1967, the estimated date of completion of construction
of phase one of the waterworks system (hereinafter the "Esti-
mated Date of Completion"), as prepared by the Engineer and
as hereby estimated, is the sum of *780,000. It is advantageous
in and to the public iutarest that the Village borrow the sum of
$780,000 and issue Bonds hereinafter described in evidence
thereof. The period of usefulness of the System is determined
to be forty years or more from 'the date of completion of
construction of the System.
Section 3. For the purpose of paying the. costof constructing
the System as aforesaid there will be issued and sold revenue
bonds of the Village to be designated Waterworks and Sewerage
Revenue Bonds, Series 1966 (hereinafter called the "Bonds") in
the principal amount of $780,000, which Bonds shall be dated
May 1, 1966, be of the denomination of $5,000 each, be numbered
consecutively from 1 to 156, inclusive, bear interest at the rate
of not to exceed 51h% per annum, payable November 1, 1966
and semi-annually thereafter on the first day of May and of
November in each year, and mature serially as follows:
Maturity Principal Maturity Principal
Date Amount. Date Amount
(May 1) (May 1)
1969 $10,000 1978 $40,000
1970 10,000 1979 45,000
1971 25,000 1980 50,000
1972 30,000 1981 50,000
1973 30,000 1982 55,000
1974 30,000 1983 60,000
1975 30,000 1984 65,000
1976 30,000 1985 70,000
1977 30,000 1986 70,000
1987 50,000
The Bonds or any of them shall be redeemable at the
nntinn of the xmlarvn �i- 4;„.,, ..„.,.„ a_ - ,
on the waterworks and sewerage revenue bonds of the Village
issued under the authority of such Division 139, all of which
shall be recorded in the special accounts created by the ordi-
nance authorizing the issuance of these bonds and subject to
annual audit.
The Village reserves the right to call for redemption at
any time prior to maturity any or all of the bonds at -the
principal amount thereof plus accrued interest at the coupon
rate to the date fixed for redemption. Notice of the call of any
of the bonds for redemption shall be given by mailing notice by
registered mail to each holder of registered bonds at the address
shown on the Registrar's books and as to all other holders by
one publication in the BOND BUYER published in the City of
New York, New York, or in the event it ceases publication,
then in a financial newspaper published in the City of Chicago,
Illinois, at least thirty days prior to the date fixed for redemp-
tion thereof when the date of redemption coincides with an
interest payment date, and when the date of redemption does
not coincide with an interest payment date, by an additional
publication not more than thirty nor less than fifteen days prior
to the date of redemption, and by filing such notice with the
paying agent of the Bonds at least thirty days prior to the date
fixed for redemption. Bonds called for redemption in such
manner shall not bear interest after the date fixed for redemp-
tion if the paying agent has funds on hand to redeem such bonds.
If less than all of said bonds are called for redemption atl
any time, the bonds shall be redeemed in the inverse order in
which they mature. If less than all of the bonds of any maturity
are called for redemption, then the bonds of such maturity to
be redeemed shall be selected by lot in any reasonable manner.)
It is hereby certified and recited that all conditions, acts
and things required by the Constitution and fly the statutes of
the State of Illinois to exist, be performed or happen precedent
to or in the issuance of this bond exist, have been performed
and have happened, and provision has been made for depositing
in such Village of Buffalo Grove Waterworks and Sewerage
Fund revenues received from the operation of the Combined
Waterworks and Sewerage System, to be applied in the manner
hereinabove set forth. It is hereby covenanted and agreed that
the rates charged for water and sewerage service shall be
sufficient at all times to pay the cost of operation and mainte-
nance of the Combined Waterworks and Sewerage System, to
provide an adequate depreciation fund therefor, to pay the
principal of and interest on all waterworks and sewerage
revenue bonds issued by the Village under the aforesaid Division
139, to maintain the special accounts created by the ordinance
authorizing the issuance of these bonds and to have such special
accounts properly audited at least once each calendar year.
This bond may be registered as to principal only in the
name of the holder in the Bond Register of the Village in the
office of the Village Treasurer, and such registration shall be
noted hereon by the Treasurer on the back hereof. If so regis-
tered, this bond may be transferred by the registered owner in
person or by attorney upon presentation of this bond to the
Treasurer with a written instrument of transfer on a form
approved by the Treasurer and executed by such registered
owner. If this bond be so registered, the principal shall there-
after be payable only to the person in whose name it is regis-
tered, unless this bond shall be discharged from registry by
being registered as payable to bearer. Such registration shall
not affect the negotiability of the coupons, but such coupons
shall continue to pass by delivery.
IN WITNESS WHEREOF, the Village .of Buffalo Grove,
Cook and Lake Counties, Illinois, has caused this bond to be
signed by its President, its corporate seal to be hereto affixed
and attested by the Village Clerk, and the coupons hereto
attached to be signed by facsimile signatures of such President
and Village Clerk, which officials, by the execution of this bond,
do adopt as and for their own proper signatures their respective
facsimile signatures appearing on such coupons, all as of the
first day of May, 1966.
VILLAGE OF BUFFALO GROVE
By..................:......
President
ATTEST:
......................
Village Clerk
(Form of Coupon)
Number ............ $137.50
On the first day of .. .., 19.... (unless the bond to
which this coupon is attached shall have been called for prior
to redemption and provision has been made for payment as
therein provided), the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, shall pay to Bearer $137.50 out of the Village
of Buffalo Grove Waterworks and Sewerage Fund, at Harris
Trust and Savings Bank, Chicago, Illinois, being interest then
due on its Waterworks and Sewerage Revenue Bond dated May
1, 1966, Number .............
President
Bonds and (ii) all interest which shall accrue on such
Bonds during the period commencing on the date of delivery
of the Bonds and ending six months after the Estimated
Date of Completion less any premium or plus any discount
properly amortizable during such period.
Each month after the aforesaid period, there shall be
deposited in this account an amount not less than one -twelfth
of the Debt Service Requirements which become due and
payable in the period ending twelve months subsequent to
which the deposit is made.
All moneys in such account shall be used only for the
purpose of paying, when due, the principal of and interest
upon the Bonds.
(3) Bond Reserve Account. There shall be transferred
from the Village of Buffalo Grove Waterworks and Sewer-
age Fund and deposited in this account (i) each month
during the period beginning not later than six months after
the Estimated Date of Completion and ending December 31,
1969, the sum of $100, and (ii) each month thereafter the
sum of $300, or (iii) such greater amount in any such month
as the Village Board may hereafter determine.
The amounts in such account shall be used only to meet
Debt Service Requirements when there are insufficient funds
available from any other source at any time to pay such
Debt Service Requirements as they fall due; provided,
however, at any time the balance in such account exceeds
by $5,000 the Debt Service Requirements of any subsequent
fiscal year, such excess over such Debt Service Require-
ments shall be used for the redemption or purchase and
retirement of the Bonds.
(4) Depreciation, Improvement and Extension Account.
There shall be transferred from the Village of Buffalo Grove
Waterworks and Sewerage Fund and deposited in this account
(i) each month during the period beginning on the first day
of the month after the Estimated Date of Completion and
ending December 31, 1969, the sum of $100, and GO each
month thereafter the sum of $300, or (iii) such greater sum
in any such month as the Village Board may hereafter
determine. The moneys in such account shall be permitted
to accumulate to provide such reserve for depreciation as
the Village Board may deem adequate; provided, however,
the moneys so accumulated may be used as needed from
time to time to pay (D for any repairs and maintenance of
the System if the amounts deposited in the Operation and
Maintenance Account are insufficient for such purposes, or
(ii) for improvements and extensions of the System as may
be authorized by the Village Board; and provided further,
that if at any time the balance in the Bond and Interest
Account shall be insufficient to meet the Debt Service Re-
quirements as they fall due; then any moneys accumulated
in this account shall be used as required to pay such Debt
Service Requirements.
(5) Surplus Revenue Account. There shall be transferred
from the Village of Buffalo Grove Waterworks and Sewerage
Fund and deposited in this account each month any revenues
remaining in such Fund as of the first day of such month
after providing for all of the transfers therefrom and deposits
in the accounts numbered (1) through (4).
At the end of each fiscal year funds in this account shall
be transferred to and deposited in any of the prior accounts
numbered (1) through (4) in which there may then be a
deficiency. Any balance of funds remaining in the Surplus
Revcoue Account shall be transferred and deposited in the
Bond Reserve Account until an amount equal to the Debt
Service Requirements of any subsequent fiscal year is
accumulated therein. From any remaining balance in this
account an amount up to but not in excess of the sums
received as Connection Charges during such fiscal year
shall be transferred to and deposited in the Depreciation,
Improvement and Extension Account or to the Bond Reserve
Account as the Village Board may determine. Any balance
remaining in the Surplus Revenue Account after all of the
aforesaid transfers and deposits have been made may be
transferred to and deposited in- the Depreciation, Improve-
ment and Extension Account or used for any lawful corpo-
rate purpose, as determined by the Village Board.
(c) The Village of Buffalo Grove Waterworks and Sewerage
Fund and funds in each of aforementioned accounts shall be
deposited in banks or trust companies in Illinois designated by
the Village Board and secured by direct or fully guaranteed
obligations of the United States of America to the extent that
the deposit exceeds the limits of the deposit guaranteed by the
Federal Deposit Insurance Corporation. Such bank accounts
shall be separate from all other Village bank accounts.
(d) Moneys in any of the accounts not required for expendi-
ture within ninety days of the date of investment may be
invested in direct obligations of the United States of America
maturing not less than fifteen days prior to the date on which
moneys in such account will be needed, but in no event more
than five years from m a date of investment. Income or profit
any of them, that it will punctually perform all duties with
reference to the System required by the Constitution and laws
of the State of Illinois, including the making and collecting of
sufficient rates for water and sewerage service, and segregating
the revenues of the System and the application of the respective
accounts established by this Ordinance; that it will not sell,
lease, loan, mortgage or in any manner dispose of the System,
including any and all extensions and improvements that may
be made thereto, until all of the Bonds shall have been paid in,
full, both principal and interest, or until provision shall have
been made for the payment of all the Bonds and interest thereon
in full, provided, that the foregoing shall not.prevent the Village
from dipposing of any property which in the judgment of the
Village Board is no longer useful or profitable in the operation
of the System, nor essential to the continued operation of the
System (the receipts from the disposition of any such property
to be deposited in the Depreciation, Improvement and Extension
Account hereinabove established in Section 7); that it will
maintain in good condition and continuously operate the System
and maintain insurance on said properties of the same kind or
kinds which would normally be maintained by a private company
engaged in a similar type of business or as recommended by
an independent consulting engineer employed for such purpose
(the payment of premiums on any such insurance to be deemed
an operation expense and paid from the revenues of the System);
that it will require that proper connections to the System be
made wherever water or sewerage service is available; and
that all waterworks and sewerage properties hereafter con-
structed or acquired by the Village shall be included in and
operated as a part of the System.
Section 10. Provisions of this Ordinance shall constitute a
contract between the Village and the holders of the Bonds, and
after the issuance of the Bonds no changes, additions or altera-
tions of any kind shall be made hereto in any manner except
in accordance with the provisions of this Ordinance, or until
such time as all of the Bonds and the interest thereon shall be
paid in full, or unless and until provision shall have been made
or the payment of all the Bonds in full. This Ordinance may be
modified or amended by supplemental ordinances with the
written consent of the holders of at least two-thirds in principal
amount of the Bonds which are outstanding at the time such
consent is given, except that if any such modification or amend-
ment will by its terms not take effect so long as any of the
Bonds remain outstanding the consent of the holders of such
Bonds shall not be required. No such modification shall permit
a change in the terms of redemption or maturity or the principal
of the Bonds or of any installment of interest thereon or a
reduction in the principal amount or the redemption price thereof
or any rate of interest thereon or make any modification or
amendment of this section, without the consent of the holders of
all the Bonds.
Section 11. Immediately upon the receipt of the proceeds
derived from the sale of any Bonds the Village Treasurer shall
deposit (i) in the Bond and Interest Account any premiums and
all accrued interest received from the purchaser and the amount
of interest which shall accrue upon such Bonds during the
period commencing with the date of delivery of the Bonds and
ending six months after the Estimated Date of Completion and
(ii) in the Operation and Maintenance Account an amount
sufficient to establish a balance therein at least equal to one -
sixth of the reasonably anticipated Expense of Maintenance
and Operation during the first twelve months that the System
or any part thereof shall be in operation. The balance of the
poceeds shall be deposited by the Village Treasurer in the
`Village of Buffalo Grove Combined Waterworks and Sewerage
Construction Account" which is hereby created. Such account
and the funds therein shall be kept separate and apart from
all other funds of the Village and deposited in a bank or banks,
meeting the requirements of paragraph (c) of Section 7. The
funds in such account shall be held and used solely to pay the
cost of construction of the System, including engineering, legal
and other expenses and interest cost incurred during construction
and the period ending six months after completion of construc-
tion, and shall be held for the benefit of the Village for the
purposes herein provided and for the benefit of the holder or
holders of the Bonds hereby authorized as their interests may
appear. Such funds shall be withdrawn and disbursed from
time to time by the Village Treasurer only upon submission
to him of:
(a) A duplicate copy of the order signed by the President
and the Clerk, or such other officers as may from time to time
by law be authorized to sign and countersign orders on the
Village Treasurer stating specifically the purpose for which the
order is issued and indicating that the payment for which the
order is issued has been approved by the Village Board;
(b) Each order on the Village Treasurer for payment to a
contractor or contractors for work done in connection with the
construction of the System shall also be accompanied by a
certificate executed by the engineer in charge of the construction
of the System stating the nature and extent of the work com-
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uoquiado
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pasn aq lleys IIIno00e si
q; ul palisodap os s}unoury
•sgluouz anlaml 2atpaaaans atJ
2urmp uolleaado Pau a0ueualumN ;o asaadxg paledianne
Slcimosew ail} ;o Tgxis-auo oI lsnba ;unoaae gans m a0aeleq
e qs. qg}saga ao gsgge}sa of paambea aq Sgm se Ianome
gons luno00e sly} ui palisodap pue pun3 a2gaamaS pus
S)Taomaale/A anoa0 olopng ;o aBUIPA ay} moo; paaaa;sTieal
aq pegs aaag; uolleaado ur paasld uaaq aneq hags ;oaaaq}
Ice Bus ao ma}sSS ay} aal;e gluom gasa ;o Jsmi aTq uo
•aogeaado ut aq llsgs joaaaqj Iatd Aug ao ma}sSS
Olp IBTII Sy}aow anlamJ lsag aq} BuTmp uoi}Baado pue a0uea
-a}urejX ;o asuadxa pa;edrai;ut Blgeuoseaa ay} ;o g}xis-auo
of lgnba Iseal It uiaaatp aaaeleq t gsrlgelsa oI Iuaiwjjns
}gnome at ;ano00e si uT palisodap aq lleqs aaatp `ao;aaain
031ad asegamd aql ;o IdtaOaa pus spuog aq} ;o Aug ;o aaue
-nssr aqI uodn •Iunoaad amaualuleyll put uolleaado (T)
:papTnoad aaJ;eamaaaq
sasn put sasodmd aqI ao; paum aapao aq} ur slano00la lsraads
2uTmollo; aq} ul palisodap put of paaaa;sueA aq hogs gluom
2atpaaaad aqI ut palisodap os sanuanaagg ssoa0 azn q}aom gasa
;o Sep ssaIItsnq Isar; aqI uo •pan3 a2eaamaS pue gjomaaleM
anoar,) ole;;ng ;o a2tIITA aqI UT p3nta0aa se Sliep palisodap
aq pegs wa}sSS ay} ;o sanuanag ssoa0 aanua aqy (q)
•papTnoad
aaJ}euTaaaq slunomu lBToads aqI uiujumm pat gsHgelsa of
sasodmd presaio;e aqI ;o a0aeaag}m; UT (AT) pas :ptesaao;e se
6£I uoisw ;o suoisinoad aqI aspun atellTA gill Sq panssi spuoq
ay} uo asaaalvl pus ;o ledTaaud aqI Ssd o} (rn) `pun; uopeTJ
-aadap alenbape ue apinoad of (!I)-walsSS ail; ;o aoueualatgw
put uoieaado ;o Isoo ayI Sed of (T) :Sluo sasodmd 2mA&ollo;
ayI ao; pasn aq ;legs Puna ganS „'Puna a2eaamaS pat Maom
-aa}eM anoa0 ole;pTg ;o a2BIIIA„ aqI se palea2isap aq of pun;
e ui stougtl ur 3lutq alels ao leuoneu t ur palisodap pue ;oaaaq;
JdlaOaa uoddn aptse lag aq IIBgs malsSS agj ;o uolleaado ail} moo;
sanuanag ssoa0 ail; `a0ugutpa0 sng aapun panssi spuog Aug ;o
Saan.lap Pat aautnSST aq} aaIJV •aea5 g0ea ;o aagmaaaa ;o Sep
}sel aqI uo 2uipua pas Saenuep ;o Sep Isar; ail} uo 2nTauT2aq
`siseq aeaS loos!; a uo paleaado aq lleqs malsss aqy (e)
:Isaaalut ao IedMUTad of se aayiTO predun put 2uipug}sJno aTewaa
TIM spuog aqI ;o Sue so gaol os Iegl saodnoa put spuog ail} ;o
saaploq aql q}Im saaa2e pae slaeaano0 a28IITA aqy 'I got;OaS
•f4imlem of aoiad
nogdmapaa ao; palle0 spuog uo ledtaumd ;o sluauiSed uegl Taglo
STIJuow ant}naasuoa anlaml ;o poTaad Aug m algeSed put anp
aq ;legs gaiym lBdTauiad pue IsaaaluT ;o squawSed " ;o le}ol
aqI ueam rlegs „sluatuaambaU aaTnaaS lgaQ„ Waal aqy (;)
•OBURTA ayI ;o Spog 2uruaano2 aq} `saa}snal ;o pasog put
Juapisaad ail} ueaw pegs „p.Teog 92BUTA„ w10; ally (a)
malsSS gill of saasn 2ut10auaoa ao; plod
a0; Aug ugaw Ileys „92asg0 aorJOauuoO„ Waal aqI (p)
•uzaISSS aqJ 3o
uorJtaad0 put a0uguaJuTuN ;o asuadxa aqJ 39AO sanuanag ssoa0
aql ;o ssam aqI ueam ;legs „sanuanag ION„ Waal ayI (o)
u191SSS aqJ 3o
uolleaado put a0uev0Jmtm JuaToT;;a aiqp io; Saessa0au put alga
-uoseaa an put of aTgea2aega Slaadoad an aagaead 2u1Junoom
pool aapun gOTgm 'S}So0 annea}sruluipv put s}soo uog0ailo0
pas 2urlTtq 'aamod `sagddns `sIeraalew ;o JsoO `sa2em `saiaeles
2a1o2aao; am ;o SJTleaaua2 ail} 2uprural Inoq}im 2aTpnlaui `(nOgeio
-aadap ;o anlsnlaxa) sesaadxa lit .flleaaua2 (m) pat 'uia}sSS sill
uo paiaaea aq oI paambaa aal;galwaq aaueansat ao; smnTuiaad
(ii) `uonTpaoa 2unea5do Tearmoaoaa put Ivami3;a ut walsSS
alp daO:q oI Saessaaau (S;vawanoaduzT leJideO uoq} aagio) sandd
-aa (T) 2utpnlOTn `malsSS aTq ;o aoueualuiew pae asn `aogeaado
aqJ yJTm uogaauaoa uT paam3in Slgeuoseaa Sim) lls aeaw IIBgs
„uopeaadp pus aoutaalureyj ;o asuadxa„ aseagd aqy (q)
•walsSS aip ;o sanaanaa gJTm apem `Sae
JT `s}aaui}sanui ;o ales ay; wog; pazgeaa s}• old ao awoaaT Sue
put slisodap uo panla0aa IsaaaJai Aug `2utolaao; aqI ;o Slileaa
-ua2 aqI 2ugaug ;noglrm '2uipnloaT `wa}sSS ail; ;o aogeaado
pus asn panupuo0 pas ItgiuT aqI moo; Sllaampur so xll0aam
paniaaaa sidia0aa Pau sa2aega uon0auuo0 `sanuanaa `au100ui TIB
apniout pus ueam ;legs „sanuanag ssoa0„ spaom aqI (e)
:Sftmeam 2ulmollo; aqJ aneq pegs sasgagd put sWaal `spaom
2ulmollo; aqJ a0ulauip.10 STyJ ;o sasodmd aqj cog •9 uoi;OaS
4saaalul pug ;o pol0alad aq; (Rd of 'pun; uopsraaadap e;enbaps
at apinoad oI `ma;sSs ay} ;o uor{saado put aouvaalumm ;o Isoa
ay; Bed o; Sluo pasn aq of „`Puna a2eaamaS put gzomaalem
anoa0 ole;;ng ;o 0581M„ am se pa;ta2rsap `pun; a;eaedas t raj
palisodap aq gags a2eI11A aqI ;o mals,(S 92eaamaS pug sslaom
-aaIBM paalquzo0 aqI ;o Qoileaado aqI moo; paniaaaa anaanaa
lib 6£I aotstn!g pae aoueuipao gang aapun •papaauiv se 1196I
69 SByq Panoa de 'apo0 ledTOTanyQ siouilll aql 30 lI alarlay ;o 6£I
aolslni(I ;o AJuoq}ne aqI aapun a2elllA aq} Aq pa}dopt aaasulpao
ae oI Iuensmd panssi `SJrmlaw pas aaqumu of se IdaOxa
`10a;;a put aoual a" ;o 00010SL$ ;o Iunome ledmulad a;t2aa22s
aqI UT spuoq ;o angst Pam Fqjnv as ;o auo si puoq slay
•uoiJBJTwTT Saoln}els ao leuol;n}usaoo Sag
;o 2ulueam agl uTylrm a2eIITA aqI ;o ssavpa}gapai at alnllJsaoa
Juana Sue ar Iou ITegs put ma}sSs gans ;o uoneaado aqI moo;
panraap sanuanaa aqJ wog; Blalos algeSed st pue '02elPA Oln 10
mOasSS a2eaamaS pae silaomaa;eM paargwo0 am 2arpmAsao0 ;o
;soo aig 2arSlaa;ap ;o asodmd aqI ao; pansst sl puoq srgl
sionTllI 'o2e0Ty0 `3lueg s2arntg
pus }snag staaell Ie 'eOTaamy ;o SOIRIS Pallun ail; ;o Baaouz
In;mel ui algeSed ale puoq sup ao Isaaalm pue ;o ledmumd
g}og •anp amoaaq Blleaanas �aEp se pagaulle oaaaa suodnoa
Jsaaaju! ayI ;o aapuaams put uolle}aasaa uodn `lea gaea ui
aagUIOAON ;o put AM ;o Stp Isar; am ao aaJ;eaaaq; Bllenuus
-Iuzas pue `9961 `T iagmanoN uo alquAed aq lleqs Isaac}uq
•uznaae lad (%%g) Iuaa lad gtq-auo pat ant; ;o ales aip IB pled
lgun ;oaaaq alep aqI moo; aoaaaTl; Isaaalal grim a01119201 61
`T ............ uo (00'000`9$) saBllo(i ool/ou put puesnogy OAT
;o urns aqI 'asrmaaq}o IOU put glao; lag aaIjumaaaq so 'a2e[I!A
aql ;o waISAS a2eaamaS put q iomaalBM pauigwo0 au moo;
panraap anaanaa aqI wo.T; Slalos `;oaaaq aaploq paaalsl as aql
oI uagl `papTnoad aaijewaaaq se pwalmaa aq puoq sM y `ao
`aaaeaq o; Aid of sasimoad Sgaaaq `panra0aa anlen ao; `stoagll
`Satlano0 a4g'l PUB 31000 'ano.TO olg;;ng ;o a2laIITA ayI
000U ............ aaquinN
996T d0 SaJUHS
QNOU aMHAHZi N-DvZIatAHS (INV S31HOM11511VAA
HAOUD O'IVadag do H-DV I'IIA
33IV" I (INV 3I000 do SaIINn00 SIONPI7I do 511VIS
VOIHaN V do Salvils GaIB n
(Puog ;o uiao,d)
:moo; 2Tzimollo; aqI
Sllellu81sgns ui aq ITegs . suodnoa put spuoq gong •g uonaaS
•Slaaaw Saanrlap Sq.algeaa;susa; aq ilBgs suodnoo
tans lnq `pawel}e olaaag; suodnoa aLp o S....... as IOa;;e IOU
;legs spaog Sue ;o uogeAst2ag •panoacde ao pa2palmomTOe Amp,
Iuauiu2isse legal t glim 'aamseaal aqI of uogtluasaad uodn Sluo
aaaeaq o; N3vq ao aaploq paaa4ggaa aagloue of alggaa;saea;
aq lleqs spuoq paaalst2aa ganS •su2tsse ao sanneluasaadaa
legal siq `aaploq paaa;sT2aa aqI o} Sluo algeded aq hags spuoq
paaalsi; as qons ;o lediauiad sin aal;eaaagl put aamseaay pats aq;
Sq spuog aql ;o OPTS anaanaa am ao palou aq of uogea;st2aa
gans `aamseajL a2elltA ail; ;o a0t;;o ayJ aT 92tIITA ail; ;o
sKooq aqI ao aaplot ay; ;o aw'a aqI at SJun}em o; aoiad awi;
Aug Is IedrOuiad n se paaa;si2aa aq Stw spaog aqI ;o guy
uol;e;rm.1 Sao}n}gls ao ltumin}ilsao0 Sue ;o 2umeam aq;
UTgltm 62tlt!A aqI ;o ssaupalgaput ue alnlgsuo0 Iuana Sue uT
Ioa Wags Put aaISAS aqI moo; panraap sanuanaa aTq wog; Slalos
algeged aq lleqs `uoaaagl Isaaalut grim aayla2ol spuog aqy
•suodnoa gans uo 2araeadde sam;ea2is apuzisae;
an1.10adsaa amagl samJeu2ls aadoad umo aragl ao; pus se Idope
;legs spuog aq} ;o uopmaxa aqI Sq sleioi;;o qons pue 14aa10
sPeRTA pies put Iuaptsaad plus ;o samlea2is allwm0e; aql Sq
palnoaxa aq ;legs oaaagl pagOelle suodnoa Isaaa}ur attII Pau as
a2elpA aqI dq palsalle pug Juapisaad aTq Sq pau$is aq Iltys
spaog aqy stouTlTl `o2g0.40 `*ME[ s2utneS pue Isnay siaaeg It
gaiaamy ;o saIRIS PaJian aqI ;o Saaoui In;mel ui algeried aq
;legs spuog aqJ ;o Jsaaa;ar pue ledl0atad y;oil •t u0g0as
•uotldmapaa ao; lag slop alp 101 je pue moo; Isaaalal
aeaq of asta0 hogs aogdmapaa ao; palle0 spuog gans UV
mogdwapaa ao; paxr; alep alp of aoiad sSep
AMI ;seal IB spaog aqI ;o Iua2e 2wAd aqI gltm aagou gang
guilt; Sq pue 'uoildmapaa ;o alep aqI oI aoiad sStp uaal T; ueg;
ssal sou SlarEp uey; aaom IOU uot}g0gnd leaoijTppe at q `glop
IuawSed Isaaalal us InUA apraaloa IOU* saoP aogdtuapaa ;o altp aqI
aagm put 'alep Juau]Ad lsaaa}aT ue g;im saprauioa uogdwapaa
;o slop aqI uagm ;oaaaq; uogdTIIapaa io; pax,; alep ail} of aoiad
sSeP Slaigl Iseal Ie 'scoviM `o2tano ;o S}i0 gill aT pagsggnd
aadedsmau letaatui; s ut uain `uoi;e0rlgnd saseaa IT Iaana ail;
UT ao `4107, maN 5110A Waft ;o SID aqI ur pagsggnd UaMEE
QNpg ayl ut uo. q qnd auo Sq saaploq aazno Ile of se put
Mooq s,aealsT2ag aqI uo umogs ssaappe aql It spuoq paaalsi2aa
;o aaploq Wes of Item paaalsi2aa Aq naAl2 aq hops Slr.Tn;taz
aratn o; loud spuog ail; ;o Aug ;o uondwapaa ;o aOilolQ
•Samnurr aTnP.TTngPaT CTTP TTr ,nT Cn "�I—T— — T.n..e
STATE OF ILLINOIS
COUNTY OF COOK -ts'
. I, HELEN KOVEL, a Notary Public, in and for said County, in the Statc aforesaid, do hereby
certify that R. J. HYDE Attorney-in-fact for the SEABoAiD SURBTY CoMPANY, $,ho is
personally known to me to be the same person whose namc is subscribed to the foregoing instrument as
Attorney-in-fact, appeared before me this day in person and acknor-ledged that he signed, sealed and delivered
the foregoing irstrument as his iree and voluntary act as Attorney-in-fact oi the SEABoAR Sunrrr Courexv,
for the uses and purposes therein set forth, And the said R. J. HYDE being
first duly sworn on oath sa)'s that he is Attorne]--io-{act ior the said Ss,rgoaR.D SuxE-rv Coltp,lNv, and that such
authority has^not bcen reloked or rescinded;that he knorvs the corporare seal of said Company; that the seal
afixed to-sald instrument is such corporate seal, and that it \vas so affixed by order of the Board of Directors.
Givcn under my hand and Notarial Seal this Ist day of June A. D. 1966
r970
My Coramission Expires April 9, *966 otary Public.
SEABOARD SURETY COMPANY
HOME OFFICE; NEtv YORK' N. Y.
GAS
ORDINANCE BOND
BoEd No, 68465-42
KNoW ALL UEN BY TEESE PRESENTS, That we, NoRTEERN ILLINOIS GAS
COMPANY, an I11lno1e corporatlon, as Prlncipal, and SEABoARD SURETY
COUPANY, a New York Corporatlon, as Surety, are held and flrnly bound
unto the VILLAGE 0F BUFFAL GROVE , Cook County, Illinols 1n the
aua of PM TEOUSAND DOLLARS (55,000.00) for the payoent of uhlch, lrell
and truly to be nade, we blnd ourselves, our successore and essLgns,
Jolntly, eeverally, and flrnly by these presents.
TIiE CoNDITION 0f THE ABoVE OBLIGATION IS SUCE, that, whereas, the
Board of Trusteee of sald VILLAGE OF BUFFAIO GROVE dld, on the 5th day
of June 158 , paaa, and the Presldent of sald Vlllage dld on
the 5th day of June 1958 , approve an ordlnance grantin8 to
NORTHERN ILLINOIS GAS CoMPANY, lta Bucceasors and asslgDs, the r1ght, per-
niaslon and authorlty to construct, operate and oaintaln 1n and Ehrough
the VILLAGE 0F BTIFFAL GROVE , ln the County of Cook aad State of
Illlnole, for a term of Flfty (50) yeers, effectlve oa and after
June 5, 1958 a system for the dlstrLbution and sale of gas for
fue1, heatlng, processlng, and other purposes rlthltr and outside the
corporete 11o1ts of sald Eunlclpallty: and
WHEREAS lt 1s provlded ln Sectlon 3 of said ordlnaace that Beld
N0RTIiERI{ ILLINOIS GAS COUPANY, 1ts aucceasora and assigns, sha11, durlng
the Ilfe of sald ordl.nance, keep on flle wlth the Vt1188e Clerk of sald
VILLAGE 0F BIIFFAIO GROVE a good and sufflclent bond ln the suE of flve
Thousaod Dollars ($5,000.00), condltloned to ltdeunify, become reuponalble
for and forever save haruleas sald Vl11age froo any and all Judgtreots'
damageg, decrees, costs, and expenses, lncludlng attorneye t feee, rhlch
the uuniclpallty ray legally suffer or lncur' or uhich ruay be legally
obtaiued agalnst the ounl.clpality for or by reason of the use and oecu-
patlon of any street, alley, avenue ot oEher publlc place ln the nunlcl-
paltty by the Prlnclpal pursuaBt to the terEa of sald ordinaoce ' ot
1egal1y resultlng froE the exercLae by the Prlnclpal of any of the Prlvl-
legee ln sald ordlnaoce granted.
$ 5 ,000 .00
.-\/ SEABoAiD SUR;TY'CoMPANY \-
-
NOlr, tf said NORTHERN ILLINOIS GAS COMPANY, Lrs Euccesaora and
agslgos. sha1l conform to and coEply wr.th sald provlalona of Sectlon 3
of sald ordLnance granted, then thls oblLgation to be vold, otherrlse
to renaLn ln full force and effect.
Thls bond Ls dellvered by the Prlnclpal and Surety and accepted
by the Obllgee on the expresa coadltLon that:
1. Th18 bond of the Seaboard Surety Conpany replaces ab lnltlo
as of the lnceptlon date of the franchiee Bood No. 3082938 prevlouely
lssued by National Surety Corporatlon. National Surety Corporatlonrs
bond ls hereby dlscharged from any and all llablllty thereo! rrlth the
BaEe effect as lf sald bond had never been made and had never been flled.
Seaboard Surety Company hereby aa8ume8 eole responstblllty as Surety
under t.hls bond fron the ltrceptlon date of sald franchlse.
IN WITNESS I.IHEREOF, said Prluclpal and Surety have caused these
preaents to be executed by thelr laufully authorlzed offlcero thla
ls'E day of June 1%6
Prlnclpal
NORTflERN ILLINOIS GAS COUPANY
.) /)
ATTEST :
By
Surety
S EAB OARD
By
R
vl ce t sldent
URETY COI.lPANY
ttorney-1n-Fact
Resldent Agen t
rsi*lanr S e Eary
yde
a
c
J.
Ccrtificd Copy
Spesoexp Sunp,nt Coupex'r-
No [$6( [IouE OFFT(:E
IOO wlxrrAt( SarEET.NEr,vYoRx 3{I,N.Y.
prurr uf Attnrnrg
(uru ull lf,rn hg illerf- Sttwnls: That SEABoARD suRETy coMpANy, a corp.ration of
tlrc Statc of New York, has made, colstituted and appointed and by these prcsents docs makc, constilurc
and appoint Jobn X.. Schldt or B. iI. Dorsch or n. J. St{e or K. R. Les,nder, _
of Chlca6o, Illlrols,
its true and lawful Attorney-in-Fact, to make, execute and deliver, on its behalf as Surcty, bonds, undcr-
takings arrrl othcr olrliglt(,ry instruments of similar naturc as follows: Tlttrout rjrnl !g,!tqDg.
Strch bonds, ul(lertal(iugs and r bligat,'ry instrumcnts for said purgrses, rvlrcn duly cxccutcd Ly thc afrrrc-
said Attorney-in-Fact, shall be binrting upon the said Company as lully and to the same extent rs if such
lronds, undertakings and obligatr-rry instrunrents were signcd by the duly authorized officcrs of the Company
and sealed with its corporate seal ; and all the acts of said Attorney-in-Fact. pursuant to the authority
hereby given, are hereby ratified and confrnred.
This appointment is made pursuant to the follorving Bv-Lau's u'hich were duly adopted by the Board of
Directors of the said Company on December 9th, 1927, and are still in full force and effeci:
ARTICLE VI, Paregraph 6.7:
"Attonleys-i[-Fact nray be appoirrtcrl b-v thtr l>rcsi(lent or a Vicc-President upou such tcrms and rvith such Dowersall(l rluties as he may prcscribe."
ARTICLE XI, Paragraph I1.1:
"All policies, bonds, rccognizances, stipul.tiols and all underwriting undcrtakings shall be valid:
(a) rvhen sigred by the Prcsident, or a Vice-President, or a Rcsidlnt Vice-Prcsident, and by a Sccrctary, or an
Assistant Sccr€tary, or a Residcnt Assistant Secretary or other duly authorized ofricial or a8€nt of the Com-
pany; or
(b) rvhcn cxccutcd by an Attomcy-in-F.ct."
In ttnrrr illlrrof, SE..\BoAltD SLTRETY C()Nt I'ANY has causerl thcse l)rcseflts to be signed
by its Vice-President, and its corporate scal to be hereu[to affixed and d_uly attestcd Ly its Assistant Sec-
retarl, this-.... l?th*-day of..----.I{oveober _--,19...-5-1-:
Attest:SEABOARD SURETY COMPANY,
By
(Seal)B-C Rod.e I{l{ebre11
Assistant Secretary Vice-Presidcnt
STATE OF NEW YORK
COUNTY OF NEW YORK
On this.----aitb-*.day of-.-.-...*--'IoyEnber-- 19'61, before me personally appcared..*.....-.--...-....-..........I.....4-...IIebreIL.... --.--...-*-Vice-l-resideDt t,[ SEABOARD SURETY
COMPANY, with whom I am personally acquainted, rvho, being by me duly sworn, said that he resides
in thc state of_.llcflr. Je?Fey _-; that he is vice-president of SEABoARD suRETy coMpANy,
thc co4xrntion rlescribe<l in and which executed the foregoing instrument; that he knows the corporat€ seal
of thc said Company; that thc seal affixed to said irrstrument is such corporatc seal; that it was so affixed
by order of the Boartl of l)irectors of said Conrpauy; ard that hc siguctl his nlmc therct() as V itc- l'resi<len I
of sair-l Company by likc authority.
(Seal)MlILer
ss. :
ss. :
S'l'A't'U OIf Nl,:W YORK
c(-)uNt'Y olf Nliw Yot{K
B. C. RoAe
State of l{er York Notary I'ul-rlic
I{o. L1-ff!.30O Qu8uflea 1,1 QueelB Colaty
cert. f,l1eal in l{er York county
Co@lEslon E:E)lreB f,hrch 30, L963.
I Asst. Secret ry of
SEABOARD SURETY COMPANY, do hereby certify that the above and foregoing is a true and corrcct
copy of a power of attorney executed by said SEABOARD SURETY COMPANY, which is still in full
force and cllect.
I have sigacd this certifcatc at New York, New York, thi yof
stant SecretarY
1927
It Ennrrs ilftrrrd,
June le!0-
Form lli ltev.1956