O-06-22VILLAGE OF DEERFIELD
LAKE AND COOK COUNTIES, ILLINOIS
Ordinance No. 06 -22
ORDINANCE AUTHORIZING. AND APPROVING ALL
DOCUMENTS, INSTRUMENTS, ACTIONS AND MATTERS
NECESSARY OR APPROPRIATE FOR OR PERTAINING TO THE
ISSUANCE, SALE' AND DELIVERY BY THE VILLAGE OF
DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS OF ITS
EDUCATIONAL FACILITY REVENUE BONDS (CHICAGOLAND
JEWISH HIGH SCHOOL PROJECT), SERIES 2006 (THE "BONDS ")
WITH THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF THE
BONDS NOT TO EXCEED $30,000,000; APPROVING THE VILLAGE
OF DEERFIELD'S ISSUANCE OF BONDS FOR THE PROJECT, AS
REQUIRED UNDER SECTION 147(F) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED; AND REPEALING ALL
PRIOR INCONSISTENT ORDINANCES AND RESOLUTIONS.
PASSED AND APPROVED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF DEERFIELD, LAKE
AND COOK COUNTIES, ILLINOIS, this
1st day of May
Published in pamphlet form
by authority of the President
and Board of Trustees of the
Village of Deerfield, Lake and
Cook Counties, Illinois, this
1st day of May , 2006.
1363900
VILLAGE OF DEERFIELD,
LAKE AND COOK COUNTIES, ILLINOIS
Ordinance No. 06 -22
ORDINANCE AUTHORIZING AND APPROVING ALL
DOCUMENTS,. INSTRUMENTS, ACTIONS AND MATTERS
NECESSARY OR APPROPRIATE FOR OR PERTAINING TO THE
ISSUANCE, SALE AND DELIVERY BY THE VILLAGE OF
DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS OF ITS
EDUCATIONAL FACILITY REVENUE BONDS (CHICAGOLAND
JEWISH HIGH SCHOOL PROJECT), SERIES 2006 (THE "BONDS ")
WITH THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF THE
BONDS NOT TO EXCEED $30,000,000; APPROVING THE VILLAGE
OF DEERFIELD'S ISSUANCE OF BONDS FOR THE PROJECT, AS
REQUIRED UNDER SECTION 147(F) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED; AND REPEALING ALL
PRIOR INCONSISTENT ORDINANCES AND RESOLUTIONS.
WHEREAS, the Village of Deerfield, Lake and Cook Counties, Illinois (the
"Village ") is a municipal corporation and is a home rule unit of government under Section 6 of
Article VII, the 1970 Constitution of the State of Illinois and, pursuant to such Constitution and
Ordinance No. 06 -21 (the "Act ") is authorized to, among other things, issue its revenue bonds
pursuant to the provisions of the Act for the purpose of carrying out any of its powers, including
improving the welfare of the Village and better providing services to the Village and its citizens,
and, as security for the payment of the principal of, and interest on, any such bonds so issued, to
pledge the revenues and receipts therefrom; and
WHEREAS, the Chicagoland Conservative Jewish High School Foundation, an
Illinois not - for - profit educational corporation (the "Borrower "), has requested and the Village
desires now to authorize and approve the issuance, execution, sale and delivery of its Educational
Facility Revenue Bonds ( Chicagoland Jewish High School Project), Series 2006 (the "Bonds "),
the aggregate principal amount of the Bonds not to exceed $30,000,000 for the purpose of
financing and refinancing the acquisition, construction, operation and equipping of a private
secondary educational facility; and
WHEREAS, the Village hereby finds and determines that the issuance of the
Bonds and the loan of the proceeds thereof to the Borrower will be in accordance with the
provisions and will further the purposes and the policies of the Act; and
WHEREAS, in accordance with Section 147(f) of the Internal Revenue Code of
,1986, as amended (the "Code "), a public hearing was held by the Board of Trustees of the
Village on May 1, 2006, in connection with the issuance of the Bonds; and
WHEREAS, such public hearing was held upon not less than 14 days' notice
published in the form attached as Exhibit A hereto which is incorporated herein by reference;
and
WHEREAS, Section 147(f) of the Code requires that the applicable elected
representatives of the governmental unit on behalf of which bonds are issued and of each
governmental unit having jurisdiction over the area in which any facility with respect to which
financing is to be provided is located, approve bonds after a public hearing in order for a private
activity bond to. be qualified bonds under the Code; and
WHEREAS, the Village is the governmental_ unit having jurisdiction of the area
in which the Chicagoland Jewish High School project is located; and
WHEREAS, the Board of Trustees, as the applicable elected representatives 'of
the Village, has determined that the project is in the public interest, that it is in accordance with
the Act and that it is in the best interests of the Village to approve the issuance of the Bonds for
purposes of Section 147(f) of the Code; and
WHEREAS, the Bonds are to be issued under and secured by a Trust Indenture,
(the "Indenture "), to be dated as of May 1, 2006 between the Village and a bank acceptable to
the Village and the Amalgamated Bank of Chicago, as trustee (the "Trustee "); and
WHEREAS, the proceeds of the Bonds are to be loaned to the Borrower pursuant
to a Loan Agreement (the "Loan Agreement "), dated of even date with the Indenture, between
the Village and the Borrower; and
WHEREAS, the Borrower and MB Financial Bank, N.A., not individually but as
trustee under Trust Agreement dated February 1, 2004 and known as Land Trust Number 3366,
will grant a Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture
Financing Statement (the "Mortgage ") to the Trustee, dated of even date with the Indenture; and
WHEREAS, the principal, redemption price and purchase price of and interest on
the Bonds shall not be general obligations payable out of Village funds, but rather will be
payable solely and exclusively from (i), loan payments to be made by the Borrower under the
provisions of the Loan Agreement and the Promissory Note and (ii) funds held by the Trustee
pursuant to the Indenture and available for such purpose; and
WHEREAS, Oppenheimer & Co. Inc. (the "Underwriter ") has agreed to
purchase the Bonds in accordance with the provisions of a bond purchase agreement (the
"Purchase Agreement ") among the Village, the Borrower and the Underwriter;
WHEREAS, the following documents have been presented to the Village for
approval in connection with the issuance, sale, and delivery of the Bonds:
(1) The proposed form of the Indenture, including the proposed forms of the
Bonds;
(2) The proposed form of the Loan Agreement;
(3) The proposed form of Mortgage;
(4) The proposed form of the Purchase Agreement; and
(5) The preliminary official statement (the "Preliminary Official Statement ")
relating to the Bonds.
WHEREAS, it appears to the Village that all of such documents are in due form
and that the execution, delivery and implementation thereof, and the execution, issuance and
delivery of the Bonds, will facilitate and further the purposes of the Act;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK
COUNTIES, ILLINOIS, in the exercise of its home rule powers as follows:
Section 1. Public Benefits. The Village hereby finds and determines that the
real estate, interests in real estate, other improvements thereon and equipment to be financed and
refinanced with the proceeds of the Bonds herein authorized are a "Qualified Project" as that
phrase is used in the Act and that the financing and refinancing of the Project will provide for the
improved welfare of the residents of the Village and afford the opportunity to benefit from a
secondary educational facility for students in grades nine through twelve to the citizens of the
Village.
Section 2. Authorization of the Issuance of the Bonds. Under and pursuant to
the provisions of the Act, the Village hereby authorizes the execution, issuance,. sale and delivery
of the Bonds, to the Underwriter in consideration of payment therefor, the proceeds of the sale
thereof to be used for the purpose of acquisition, construction and equipping of a secondary
educational facility to be owned and operated by the Borrower.
Section 3. Approval of the Forms of Documents. The form, content and
provisions of the Indenture, the Loan Agreement, the Mortgage, and the Purchase Agreement
presented to this meeting of the President and the Board of Trustees of the Village, are in all
particulars approved; and the President of the Village and the Village Clerk or Assistant Clerk of
the Village are hereby authorized, empowered and directed to execute, acknowledge and deliver
said documents in the name, and on behalf, of the Village (as applicable).
Said documents are to be in substantially the form now before this meeting of the
President and Board of Trustees of the Village, or with such changes therein as shall be approved
by the officer or officers of the Village executing the same, his, or her, or their execution thereof
to constitute conclusive evidence of their approval of any and all such changes or revisions.
Each officer of the Village is hereby authorized, empowered and directed, from
and after the execution and delivery of said documents, to do all acts and things, and execute all
documents, as may be necessary or convenient to carry out, and comply with, the provision of
said documents, as executed and delivered.
Section 4. Approval of the Bonds. The form, content and provisions of the
Bonds, as set forth in the Indenture and as presented to this meeting of the President and Board
of Trustees of the Village, subject to appropriate insertions and revisions, are in all particulars
hereby approved, and the appropriate officers of the Village are hereby authorized, empowered
and directed to execute, by manual or facsimile signature, attest and deliver to the Trustee for
authentication, and thereafter, to deliver or cause to be delivered to the Underwriter, the Bonds in
consideration of payment therefor in the name and on behalf of the Village. The Bonds are to be
substantially the form now before this meeting of the President and Board of Trustees of the
Village, or with such changes therein as shall be approved by the officers of the Village
executing the same (provided that the final maturity of the Bonds shall not be later than May 1,
2046 and the rate on the Bonds shall be not more than 12.0% per annum and approved by the
Officers of the Village executing the Purchase Agreement), their execution thereof to constitute
conclusive evidence of their approval of any and all such changes or revisions. When the Bonds
shall be executed, attested, authenticated and delivered in the manner contemplated herein, in the
aggregate principal amount not to exceed Thirty Million Dollars ($30,000,000), they shall
conclusively be the approved form of the Bonds.
Section 5. Public Approval. The issuance of the Bonds and the financing of the
project are hereby approved for purposes of Section 147(f) of the Code.
Section 6. Approval of the Preliminary Official Statement and the Official
Statement. The form, content and provisions of the Preliminary Official Statement, as presented
to this meeting of the President and Board of Trustees of the Village, relating to the Bonds and
the distribution of the Preliminary Official Statement by the Underwriter is hereby approved,
provided, however, that the Village makes no representations as to statements and information
contained therein not furnished by the Village. The distribution of a final Official Statement, in
substantially the form of the Preliminary Official Statement, by the Underwriter is hereby ratified
and confirmed, provided that the Village makes no representations as to statements and
information contained therein not furnished by the Village.
The President of the Village is hereby authorized, empowered, and directed to
execute the final Official Statement, in substantially the form of the Preliminary Official
Statement, in the name, and on behalf, of the Village, and the Village hereby consents to the
lawful use of the Official Statement by the Underwriter.
Said final Official Statement is to be in substantially the form of the Preliminary
Official Statement now before this meeting of the President of the Village, or with such changes
therein as shall be approved by the the officers of the Village, his or her execution thereof to
constitute conclusive evidence of his or her approval of any and all such changes or revisions.
Section 7. Special Covenants of Borrower. Borrower shall affirmatively
covenant to do all things necessary to maintain its designation as a not - for - profit organization
recognized by the Internal Revenue Service as a Federally tax- exempt organization described in
Section 501(c)(3) of the Code. This covenant may be in the Loan Agreement or other such
documents as the officers of the Village may determine.
Section 8. Fees and Costs of the Village. The Village hereby agrees to waive
the application fee required by Section 9 -62 of the Municipal Code and the issuance fee required
by Section 9 -66 of the Municipal Code. However, the Borrower shall be required to pay any and
all costs relating to the application and the issuance of the Bonds as provided in Section 9 -65 of
the Municipal Code of the Village.
Section 9. Miscellaneous Acts. The appropriate officers of the Village are
hereby authorized, empowered and directed to do any and all such acts and things, and to
execute, acknowledge, deliver and, if applicable, file or record or cause to be filed or recorded, in
any appropriate public offices all such documents, instruments and certifications, in addition to
those acts, things, documents, instruments and certifications hereinbefore authorized and
approved, as may, in their discretion, be necessary or desirable to implement or comply with the
intent of this Ordinance or any of the documents herein authorized and approved, for the
authorization, issuance and delivery by the Village of the Bonds.
Section 10. Obligation of Bonds. The Bonds, together with the interest thereon,
shall be special, limited obligations of the Village payable solely and only from the payments
and other amounts due pursuant to the Loan Agreement and the Note and from other moneys
available to the Trustee under the Indenture.
Each Bond shall contain thereon a statement substantially as follows: The Bonds
are issued pursuant to Ordinance No. 06 -22 of the Village and shall be special, limited
obligations of the Village payable solely out of revenues and receipts pledged under the
Indenture. No owner of any of the Bonds shall have the right to compel any exercise of the
taxing power or any use of any other funds of the Village to pay the Bonds, the interest,
premium, if any, or principal thereon, and the Bonds shall not constitute an indebtedness of the
Village or a loan of credit thereof within the meaning of any constitutional or statutory
provisions but shall be payable solely from the revenues and receipts pledged therefor.
Neither. the President nor Board of Trustees of the Village nor any person
executing the Bonds nor any officer or employee of the Village shall be liable personally on the
Bonds or be subject to any personal liability or accountability whatsoever by reason of the
issuance of the Bonds.
Section 11. Captions. The captions or headings in this Ordinance are for
convenience only and shall in no way define, limit, or describe the scope or intent of any
provision hereof.
Section 12. Partial Invalidity. . If any one or more of the provisions of this
Ordinance, or of any exhibit or attachment hereto, shall be held invalid, illegal or unenforceable
in any respect, by final decree of any court of lawful jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision hereof, or of any exhibit or attachment
hereto, but this Ordinance, and exhibits or attachments hereto shall be construed the same as if
such invalid, illegal or unenforceable provision had never been contained herein, or therein, as
the case may be; provided, however, that any holding of illegality or invalidity shall not result in
any obligation of-the Village to utilize any funds for the payment of the Bonds other than those
funds derived under the Loan Agreement and the Note or from other monies available to the
Trustee under the Indenture.
Section 13. Home Rule Effect. That this Ordinance, and each of its terms, shall
be the effective legislative act of a home rule municipality without regard to whether such
Ordinance should: (a) contain terms contrary to the provisions of current or subsequent non -
preemptive .state law; or, (b) legislate in a manner or regarding a matter not delegated to
municipalities by state law. It is the intent of the corporate authorities of the Village that to the
extent that the terms of this Ordinance should be inconsistent with any non - preemptive state law,
this Ordinance shall supersede state law in'that regard within its-jurisdiction.
Section 14. Effective Dates. That this Ordinance shall be in full force and effect
from. and after its passage, approval and publication in pamphlet form as provided by law.
PASSED this 1st day of May 92006
AYES: Benton, Feldman, Rosenthal, Seiden, Struthers, Wylie (6)
NAYS: None (0)
ABSENT: None (0)
ABSTAIN: None (0)
APPROVED this is t