O-08-30VILLAGE OF DEERFIELD
LAKE AND COOK COUNTIES, ILLINOIS
ORDINANCE NO. 0 -08 -30
AN ORDINANCE REDEEMING CERTAIN OUTSTANDING VILLAGE DEBT AND AMENDING
THE ANNUAL BUDGET OF THE VILLAGE OF DEERFIELD
FOR THE FISCAL YEAR BEGINNING MAY 1, 2008 AND ENDING APRIL 30, 2009
PASSED AND APPROVED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF DEERFIELD, LAKE
AND COOK COUNTIES, ILLINOIS, this
4th day of August , 2008.
Published in pamphlet form
by authority of the President
and Board of Trustees of the
Village of Deerfield, Lake and
Cook Counties, Illinois, this
4th day of August , 2008.
Ord.
VILLAGE OF DEERFIELD
LAKE AND COOK COUNTIES, ILLINOIS
ORDINANCE NO. 0 -08 -30
AN ORDINANCE REDEEMING CERTAIN OUTSTANDING VILLAGE DEBT AND AMENDING
THE ANNUAL BUDGET OF THE VILLAGE OF DEERFIELD
FOR THE FISCAL YEAR BEGINNING MAY 1, 2008 AND ENDING APRIL 30, 2009
WHEREAS, the corporate authorities of the Village of Deerfield adopted an annual budget for the
fiscal year that commenced on May 1, 2008 and that will end on April 30, 2009; and,
WHEREAS, it has been determined that there are sufficient funds available in the Village Center
Tax Increment Finance District Fund to redeem the entire principal amount of the Village of Deerfield
General Obligation Bonds, Series 1998, due October 1, 2009; and
WHEREAS, the early redemption of these bonds will provide additional surplus funds from the
District to be returned to the Village taxing districts; and
WHEREAS, the Budget Officer has recommended that an amendment be made to the annual
budget of the Village of Deerfield for the fiscal year beginning May 1, 2008 and ending April 30, 2009,
revising the Village Center Tax Increment Financing District Fund and Debt Service Fund to provide for
this early redemption, as detailed in the attached Budget Amendment, Attachment A; and,
WHEREAS, the President and Board of Trustees of the Village of Deerfield have determined that
funds are available to effectuate this revision to the annual budget for the fiscal year beginning May 1, 2008
and ending April 30, 2009 as shown in the attached Budget Amendment; and,
WHEREAS, the President and Board of Trustees of the Village of Deerfield have determined that
it is in the best interests of the Village of Deerfield that the annual budget for the fiscal year beginning May
1, 2008 and ending April 30, 2009 be revised as shown on the Budget Amendment attached hereto as
Ord.
Exhibit A and that the entire amount of the GO Series 1998 principal due October 1, 2009 be redeemed
on October 1, 2008 pursuant to the bond ordinance, 0- 98 -15.
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: Pursuant to the provisions of Ordinance 0 -98 -15 the entire principal amount of
the Village of Deerfield General Obligation Bonds, Series 1998, due and maturing on October 1, 2009 are
hereby called and redeemed on October 1, 2008.
SECTION 2: That the annual budget for the Village of Deerfield for the fiscal year beginning
May 1, 2008 and ending April 30, 2009 be and the same is hereby revised and amended as provided in the
Budget Amendment attached hereto as Exhibit A.
SECTION 3: 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 of Deerfield 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 4: 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 4th day of August , 2008.
AYES: Benton, Feldman, Jester, Rosenthal, Seiden, Struthers (6)
NAYS: None (0)
ABSENT:None (0)
ABSTAIN: None (0)
APPROVED this 4th day of August , 2008.
Ord.
ATTEST:
Village Clerk
Ord.
Ordinance
Exhibit A
Budget Amendment #1 — FY 2008/09
Increase appropriations in the following fund and account:
Village Center TIF:
Account 261180-7210, Transfers Out $2,000,000
Debt Service 1998 Expenses
Account 357072 -5730, Principal 2,000,000
Increase amount in the following revenue account:
Debt Service Fund
Account 350001 -4910, Transfer In 2,000,000