R-83-13RESOLUTION R -83 -13
RESOLUTION AMENDING POLICY ON THE USE OF HOME RULE
GENERAL BONDED INDEBTEDNESS POWERS
WHEREAS, on March 3, 1975, the President and Board of Trustees adopted Resolu-
tion R -75 -5, establishing a policy limiting the use of Home Rule General Bonded
Indebtedness Powers, calling for an advisory referendum by the Village of Deerfield
before approving bond issues in excess of $500,000; and
WHEREAS, due to the combined effects of inflation, changes in election laws and
amendments to the Illinois State Statutes and the capital improvements needs of the
Village of Deerfield, the Corporate Authorities have chosen to re- examine said policy;
and
WHEREAS, a public hearing on this issue was conducted on October 17, 1983, to re-
ceive public comment on the desirability of amending said policy; and
WHEREAS, the Corporate Authorities believe that the best interests of the com-
munity are served by revising the existing policy governing bonded indebtedness:
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS, as follows:
SECTION Resolution R -75 -5 is hereby rescinded in its
ONE: entirety.
SECTION Prior to enactment of any ordinance creating general obligation
TWO: indebtedness for any one purpose, the Corporate Authorities shall
conduct a public hearing, after due and proper legal notice by
publication not less than 15 days nor more than 30 days prior to said public hearing
date.
SECTION No individual General Obligation Bond Issue shall exceed twenty -
THREE: five per cent (25 %) of the remaining legal debt issuing authority
which would be applicable from time to time to the Village of
Deerfield, were the Village subject to the debt limitations imposed on non -Home Rule
municipalities.
SECTION In the event a Proposed General Obligation Bond Issue exceeds the
FOUR: limits set forth in the preceding Section, the question of issuing
said Bonds shall be submitted to ah_:advisory referendum conducted
for that purpose by the Corporate Authorities.
SECTION This Resolution shall be in full force and effect from and after
FIVE: its passage and approval as provided by law.
AYES: Jackson, Marty, Seidman, Swanson, York (5)
NAYS: None (0)
ABSENT: Marovitz (1)
PASSED this 5th day of December , A.D., 1983.
APPROVED this 5th day of December , A.D., 1983.
TTEST:
V LLAG ' CLE K
VILLAGE PRESIDENT