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O-82-34ORDINANCE NO. 0 -82 -34 . ORDINANCE AUTHORIZING THE-ISSUANCE OF $500,000 CORPORATE PURPOSE BONDS, SERIES 1982, OF THE VILLAGE OF DEERFIELD, ILLINOIS WHEREAS, the Village of Deerfield, Illinois desires to implement tax increment financing pursuant to the Real Property Tax Increment Allocation Redevelopment Act, as amended, constitu- ting Division 74.4 of Article 11 of the Illinois Municipal Code (hereinafter referred,to as the "Act "); and WHEREAS, the Village has approved and adopted a Redevel- opment Plan and Redevelopment Project pursuant to an ordinance adopted by the President and Board of Trustees of the Village on June 7, 1982 and entitled: "Ordinance Approving a Tax Increment Redevelopment Plan and Redevelopment Project in the Village of. Deerfield, Illinois" (the "Redevelopment Ordinance "); and WHEREAS, the Village has designated a Redevelopment Project Area and.adopted tax increment allocation financing pur- suant to an ordinance adopted by said President and Board of Trustees on June 7, 1982 and entitled: "Ordinance Designating a Redevelopment Project Area and Adopting Tax Increment Allocation Financing in the Village of Deerfield, Illinois" (the "Allocation Ordinance "); and WHEREAS, it is now necessary to provide for the financ- ing of certain Redevelopment Project Costs specified in the Re- development Plan. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF °TRUSTEES OF THE VILLAGE OF DEERFIELD, ILLINOIS, AS FOLLOWS: Section 1. Authorization of Capital Improvements. This ordinance is adopted pursuant to Section 6 of Article VII of the Illinois Constitution of 1970 and the Act for the purpose of financing Redevelopment Project Costs as defined in the Act and as described in the Redevelopment Plan. Section 2. Authorization and Terms of Bonds. To meet Redevelopment Project Costs, there is hereby appropriated the sum of $500,000, said sum being inclusive of cost of issuance of the bonds herein authorized. For the purpose of financing said appropriation, general obligation bonds of the Village shall be issued and sold in an aggregate principal amount of $500,000, and shall be designated "Corporate Purpose Bonds, Series 1982." The bonds shall be dated July 1, 1982; shall each be of the denomination. of $5000 and shall be numbered from 1 upwards, in order of their maturity. The bonds shall mature (without option of prior redemption) on December 1 in each year shown in the following table in the respective principal amount set forth opposite each such year: Year Principal Amount 1985 $25,000 1986 25,000 1987 25,000 1988 50,000 1989 50,000 1990 50,000 1991 50,000 1992 75,000 1993 75,000 1994 75,000 Rate of Interest 0 The bonds shall bear interest from their date payable on December 1, 1983 and semiannually thereafter on each June 1 and December 1 at the rates per annum to be determined by a -2- supplemental resolution of this Board of Trustees. The bonds shall be payable as to both principal and interest in lawful money of the United States of America at the principal corporate trust office of a bank, trust company or national banking associ- ation selected by the original purchaser of the bonds provided that such bank, trust company or national banking association is willing to perform the duties of paying agent for the bonds on terms acceptable to the Village. In the absence of such designa- tion, the Village President is hereby authorized and directed to select as paying agent for the bonds, a bank, trust company or national banking association having its principal corporate trust office in the State of Illinois. The bonds shall be executed in the name of the Village by the manual or facsimile signature of its Village President and the corporate seal of the Village, or a facsimile thereof, shall be thereunto affixed or otherwise reproduced thereon and attested by the manual signature of its Village Clerk. Interest to matur- ity shall be evidenced by coupons attached to the bonds, which coupons shall be authenticated by said Village President with his facsimile signature. No recourse shall be had for the payment of any bonds against any officer of the Village who executes the bonds. Section 3. Source of Payment. There shall be deposited to the credit of the 1982 Special Tax Allocation Fund (the "Allo- cation Fund ") established by virtue,of the Allocation Ordinance (a) the incremental taxes collected pursuant to the Act and (b) revenue received by the Village from the sale or other disposition -3- of any real property acquired with the proceeds of the bonds. The funds from time to time on deposit to the credit of the Allo- cation Fund may be withdrawn by the Village at any time for the purpose of paying Redevelopment Project Costs, including debt service on the bonds or any additional bonds hereafter issued by the Village to finance Redevelopment Project Costs. If on December 2nd in any year, the amount on deposit in the Allocation Fund exceeds the sum of (i) the amount of Redevelopment Project Costs expected to be paid on or prior to the first day of December next ensuing from the Allocation Fund and (ii) the amount of the principal of.and interest on the bonds and such additional bonds which will become due and payable on or prior to the first day of December next ensuing, then such excess shall be deemed to be "surplus" funds as referred to in Section 11- 74.4 -7 of the Act and such excess shall be paid to the appro- priate county collector for distribution to taxing districts in accordance with the provisions of the Act. Moneys held in the Allocation Fund and the taxes and other moneys to be deposited therein pursuant to the Act are hereby pledged for the payment of Redevelopment Project Costs and as security for the payment of the bonds but nothing herein con- tained shall restrict the power of the Village to pledge such moneys and taxes for the benefit and security of the holders of additional bonds issued pursuant to the Act; to subordinate ex- isting pledges of such moneys.or to alter the use and distribu- tion of moneys in the Allocation Fund to the extent such altera- tion shall be made in furtherance of the purposes of the Act and the Redevelopment Plan. Section 4. General Obligations. The bonds shall be the general obligations of the Village for which its full faith, credit and resources shall be irrevocably pledged and shall be payable from taxes levied on all taxable property in the Village, without limitation as to rate or amount. Section 5. Form of Bonds. The bonds shall be fully negotiable but shall be registrable as to principal in.the manner and with the effect provided in the form of bond. The bonds and attached coupons shall be in substantially the following form, the blanks to be appropriately completed when the bonds are printed: -5- (Form of Bond) United States of America State of Illinois Counties of Cook and Lake VILLAGE OF DEERFIELD CORPORATE PURPOSE BOND, SERIES 1982 No. $5000 The VILLAGE OF DEERFIELD, a municipal corporation and a home rule unit of the State of Illinois situate in the Counties of Cook and Lake, acknowledges itself indebted and for value re- ceived hereby promises to pay to the bearer hereof, or if this bond be registered, to the registered owner hereof, upon presenta- tion and surrender of this bond, the principal sum of Five Thou- sand Dollars ($5000) on the first day of and to pay interest on such principal sum from the date hereof at the rate of percent (%) per annum, payable on December 1, 1983 and semiannually thereafter on the first days of June and December in each year until the principal sum shall have been paid, but only according to the tenor of the respective coupons therefor annexed hereto and upon presentation and surrender of said coupons as they severally become due. This bond, as to principal and interest when due, will be payable in lawful money of the United States of America at the principal corporate trust office of in the City of This bond is part of an issue of bonds (the "Bonds ") issued in the aggregate principal amount of $500,000, which are all dated July 1, 1982, and are all of like tenor except as to maturity and rate of interest and which are authorized and issued under and pursuant to Section 6 of Article VII of the Illinois Constitution of 1970 and the Real Property Tax Increment Alloca- tion Redevelopment Act, as amended, constituting Division 74.4 of Article II of the Illinois Municipal Code (the "Act ") and under and in accordance with an ordinance adopted by the President and Board of Trustees of the Village on June 21, 1982 and entitled: "Ordinance Authorizing the Issuance of $500,000 Corporate Purpose Bonds, Series 1982, of the Village of Deerfield, Illinois," as supplemented. The Bonds are general obligations of the Village for which the full faith, credit and resources of the Village are irrevocably pledged. The Village has levied a direct annual tax upon all taxable property sufficient to pay the principal of and interest.on the Bonds as the same become due, which levy, however, may be abated in the manner provided in the Act and to the extent that moneys from other sources (including the 1982 Special Tax Allocation Fund established and maintained by the Village pursuant to the Act) are available for the payment of the principal of and interest on the Bonds. This bond may be registered as to principal with the effect and in the manner provided in the endorsement appearing on the reverse side hereof. It is hereby certified, recited and declared that all acts, conditions and things required to be done, exist and be -7- performed precedent to and in the issuance of this bond in order to make it a legal, valid and binding obligation of the Village have been done, exist and have been performed in regular and due time, form and manner as required by law,, and that this bond, together with the issue of which it is a part, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the Village of Deerfield has caused this bond to be executed in its.name and on its behalf by the manual or facsimile signature of its Village President, and its corporate seal, or a facsimile thereof, to be hereunto affixed or otherwise reproduced hereon and attested by the manual signature of its Village Clerk,. and has caused the interest coupons hereto attached to be authenticated by said Village President with his facsimile signature, all as of this first day of July, 1982. Attest: Village Clerk VILLAGE OF DEERFIELD Village President (Form of Coupon) The VILLAGE OF DEERFIELD, ILLINOIS, will pay to bearer the amount shown hereon, in lawful money of the United States of America at the principal corporate trust office of in the City of upon presentation and surrender of'this coupon, for interest due that date on its CORPORATE PURPOSE BOND, SERIES 1982, dated July 1, 1982. (Facsimile Signature) Village President On , 19 S Coupon No. (Provision for Registration) The within bond may be registered in the name of the owner as to principal only, such registration to be on a bond register kept by the Village Treasurer -of the Village of Deerfield, as Registrar, and also to be noted in the registration blank below; after which no transfer shall be valid unless made on said bond register at the request of the registered owner or his authorized attorney and noted in said registration blank below; but this bond may be discharged from registration by being trans- ferred to bearer, after which it shall be transferable by delivery but may be again registered as before. Such registration shall not impair the negotiability by delivery of the coupons attached to the bond. The principal of the bond, if registered other than to bearer, shall be payable only to or upon the order of the registered owner or his legal representative. (No writing on this blank except by the Registrar) Date of Name and Address of Signature Registration Registered Owner of Registrar -10- Section 6. Sale and Delivery. The bonds shall be sold and awarded pursuant to a supplemental resolution of this Board of Trustees. The Village President, Village Clerk and other officials of the Village are hereby authorized and directed to do and per- form, or cause to be done or performed for or on behalf of the Village each and every thing necessary for the sale and issuance of the bonds, including the proper execution and delivery of the bonds and the official statement prepared with respect to the bonds, upon payment of the full purchase price of the bonds.. Section 7. Levy of Taxes. For the purpose of provid- ing the money required to pay the interest on the bonds when and as the same falls due and to pay and discharge the principal thereof as the same shall mature, there is hereby levied upon all the taxable property in the Village, in each year while any of the bonds shall.be outstanding, a direct annual tax sufficient for that purpose in addition to all other taxes, as follows: For the year 1982, $92,084 for interest payable to and including December 1, 1983. For the year 1983, $65,000 for interest payable to and including December 1, 1984. For the year 1984, $90,000 for interest and principal payable to and including December 1, 1985. For the year 1985, $86,750 for interest and principal payable to and including December 1, 1986. For the year 1986, $83,500 for interest and principal payable to and including December 1, 1987. For the year 1987, $105,250 for interest and principal payable to and including December 1, 1988. For the year 1988, $98,750 for interest and principal payable to and including December 1, 1989. -11- For the year 1989, $92,250 for interest and principal payable to and including December 1, 1990. For the year 1990, $85,750 for interest and principal payable to and including December 1, 1991. For the year 1991, $104,250 for interest and principal payable to and including December 1, 1992. For the year 1992, $94,500 for interest and principal payable to and including December 1, 1993. For the year 1993, $84,750 for interest and principal payable to and including December 1, 1994. Interest or principal coming due at any time when there shall be insufficient funds on hand to pay the same shall be paid promptly when due from current funds on hand in advance of the collection of the taxes herein levied; and when said taxes shall have been collected, reimbursement shall be made to the said funds in the amounts thus advanced. The annual levies herein provided for shall be abated to the extent that moneys from other sources (including the Allocation Fund) are available for the payment of the principal of and interest on the bonds upon certification by a duly autho- rized official of the Village to the appropriate County Clerks of the amount of such available moneys. Section 8. Extension of Taxes. As soon as this ordi- nance becomes effective, a copy thereof certified by the Village Clerk, which certificate shall recite that this ordinance has been passed by this Board of Trustees, shall be filed with the County Clerk of Lake County and the County Clerk of Cook County who are hereby directed pursuant to provisions of the Illinois Municipal Code to ascertain the rate per cent required to produce the aggregate tax hereinbefore provided to be levied in the years -12- 1982 to 1993, inclusive, and to extend the same for collection on the tax books in connection with other taxes levied in said years, in and by the Village for general corporate purposes of the Village, and in said years such annual tax shall be levied and collected in like manner as taxes for general corporate pur- poses for said years are levied and collected and, when col- lected, such taxes shall be used solely for the purpose of paying the principal of and interest on the bonds herein authorized as the same become due and payable. Moneys derived from taxes herein levied are appropriated and set aside for the sole purpose of paying principal of and interest on the bonds when and as the same come due. Section 9. Arbitrage Restriction. The Village cove- nants that it shall not at any time permit any of the proceeds of any bonds or other moneys to be used directly or indirectly to acquire any securities or obligations the acquisition of which would cause any bond to be an "arbitrage bond" as defined in Section 103(c)(2) of the Internal Revenue Code of 1954, as amended, Section 10. Ordinance a Contract. The provisions of this ordinance shall constitute a contract between the Village and the holder or holders of the bonds. If any section, paragraph or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this ordinance. Section 11. Publication. The Village Clerk is hereby authorized and directed to publish this ordinance in the "Mail- Advertiser ", a newspaper of general circulation in the Village. -13- Section 12. Effective Date. This ordinance shall become effective in the manner provided by law. Adopted this 21st day of June, 1982 by roll call vote as follows: Ayes: Heisler, Seidman, York, Forrest (4) Nays: Marty (1) (SEAL) Attest: 0 Vi)Cage1 rk -14- Approved: !g6 #-� — Villa e President CERTIFICATE I, Naomi S. Clampitt, Village Clerk of the Village of Deerfield, Illinois, hereby certify that the foregoing ordinance entitled: "Ordinance Authorizing the Issuance of $500,000 Corpor- ate Purpose Bonds, Series 1982, of the Village of Deerfield, Illinois," is a true copy of.an original ordinance which was duly adopted by the recorded affirmative votes of a majority of the members of the Board of Trustees of the Village at a meeting thereof which was duly called and held at 8:00 p.m. on June 21, 1982 in the Board Room at the Village Hall, and at which a quorum was present and acting throughout, and that said copy has been compared by me with the original ordinance signed by the Village President, published in'the "Mail- Advertiser" and recorded in the Ordinance Book of the Village and that it is a correct transcript thereof and of the whole of said ordinance, and that said ordi- nance has not been altered, amended, repealed or revoked, but is in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Village this 22nd day of June 1982. (SEAL) A13005 -B 6/15/82 LG:maj -15- Vi lag Clerk