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O-17-05
ORDINANCE NO. 0 -17 -5 ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS, SERIES 2017, OF THE VILLAGE OF DEERFIELD, ILLINOIS BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF DEERFIELD, ILLINOIS, AS FOLLOWS: Section 1. Authority, Purposes and Findings. This ordinance is adopted pursuant to Section 6 of Article VII of the Illinois Constitution of 1970 for the purposes of financing (A) the Village's Street Reconstruction Program (the "Project ") and (B) the refunding of the $3,215,000 outstanding principal amount of the General Obligation Bonds, Series 2008, of the Village maturing in the years 2018 to 2028, both inclusive (the "Prior Bonds "). The foregoing purposes are public purposes and are authorized to be made or undertaken by the Village of Deerfield, Illinois. Section 2. Refunding Plan. The Village determines to refund the Prior Bonds. The Village elects to redeem the Prior Bonds on December 1, 2017, at the redemption price of par. The Village President, the Village Manager, the Finance Director and the other officers and officials of the Village are authorized and directed to do, or cause to be done, all things necessary to accomplish the refunding and redemption of the Prior Bonds. Section 3. Appropriations. (A) The sum of $2,525,129.77 is appropriated to meet part of the costs of the Project. (B) The sum of $3,361,714.36 is appropriated to meet the costs of refunding the Prior Bonds. (C) Each appropriation provided for in paragraphs (A) and (B) of this Section is inclusive of an amount to pay the costs of issuance allocated to the bonds herein authorized and issued to fund such appropriation. Section 4. Authorization of Bonds. Pursuant to the home rule powers of the Village to incur debt payable from ad valorem property tax receipts and for the purpose of financing the appropriations provided for in Section 3 of this ordinance, unlimited tax general obligation bonds of the Village are authorized to be issued and sold in an aggregate principal amount of $5,700,000 (the "2017 Bonds "). The 2017 Bonds shall be issued as a single series of bonds of the Village and shall be designated as the "General Obligation Bonds, Series 2017." Section 5. Terms of 2017 Bonds. The 2017 Bonds shall be issuable in the denominations of $5,000 or any integral multiple thereof and may bear such identifying numbers or letters as shall be useful to facilitate the registration, transfer and exchange of 2017 Bonds. Unless otherwise determined in the order to authenticate the 2017 Bonds, each 2017 Bond delivered upon the original issuance of the 2017 Bonds shall be dated as of February 28, 2017. Each 2017 Bond thereafter issued upon any -2- transfer, exchange or replacement of 2017 Bonds shall be dated so that no gain or loss of interest shall result from such transfer, exchange or replacement. The 2017 Bonds shall mature on December 1 in each year shown in the following table in the respective principal amount set forth opposite each such year and the 2017 Bonds maturing in each such year shall bear interest at the respective rate per annum set forth opposite such year: Year Principal Amount Interest Rate 2017 $ 35,000 3.00% 2018 245,000 3.00 2019 255,000 3.00 2020 265,000 3.00 2021 270,000 3.00 2022 280,000 3.00 2023 290,000 3.00 2024 300,000 3.00 2025 310,000 3.00 2026 320,000 3.00 2028 675,000 3.25 2032 455,000 3.25 2033 475,000 3.50 2034 490,000 3.75 2035 510,000 3.75 2036 525,000 3.75 Each 2017 Bond shall bear interest from its date, computed on the basis of a 360 day year consisting of twelve 30 day months and payable in lawful money of the United States of America on December 1, 2017 and semiannually thereafter on each June 1 and December 1 at the rates per annum herein determined. The principal of the 2017 Bonds shall be payable in lawful money of the United States of America upon presentation and surrender thereof at the corporate trust office of U.S. Bank National Association, in the City of Chicago, Illinois, which is hereby appointed as bond registrar and paying agent for the 2017 Bonds. Interest on the 2017 -3- Bonds shall be payable on each interest payment date to the registered owners of record thereof appearing on the registration books maintained by the Village for such purpose at the corporate trust office of the bond registrar, as of the close of business on the 15th day of the calendar month next preceding the applicable interest payment date. Interest on the 2017 Bonds shall be paid by check or draft mailed to such registered owners at their addresses appearing on the registration books or by wire transfer pursuant to an agreement by and between the Village and the registered owner. The 2017 Bonds maturing on or after December 1, 2026 shall be subject to redemption prior to maturity at the option of the Village and upon notice as herein provided, in such principal amounts and from such maturities as the Village shall determine and by lot within a single maturity, on December 1, 2025 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed. The 2017 Bonds maturing on December 1, 2028 shall be subject to mandatory redemption, in part and by lot, on December 1, 2027, in the principal amount of $330,000 constituting a sinking fund installment for the retirement of the 2017 Bonds maturing on December 1, 2028. The final principal amount of the 2017 Bonds maturing on December 1, 2028 is $345,000. All 2017 Bonds subject to mandatory sinking fund redemption shall be redeemed at a redemption price equal to the principal amount thereof to be redeemed. The bond registrar is hereby authorized and directed to mail notice of the mandatory sinking fund redemption of the 2017 Bonds in the manner herein provided. Whenever 2017 Bonds subject to mandatory sinking fund redemption are redeemed at the option of the Village, the principal amount thereof so redeemed shall be credited against the unsatisfied balance of future sinking fund installments or final principal amount established with respect to such 2017 Bonds, in such amounts and against such installments or final principal amount as shall be determined by the Village in the proceedings authorizing such optional redemption or, in the absence of such determination, shall be credited pro -rata against the unsatisfied balance of the applicable sinking fund installments and final principal amount. On or prior to the 6011 day preceding any sinking fund installment date, the Village may purchase 2017 Bonds, which are subject to mandatory redemption on such sinking fund installment date, at such prices as the Village shall determine. Any 2017 Bond so purchased shall be cancelled and the principal amount thereof so purchased shall be credited against the unsatisfied balance of the next ensuing sinking fund installment of the 2017 Bonds of the same maturity as the 2017 Bond so purchased. In the event of the redemption of less than all the 2017 Bonds of like maturity, the aggregate principal amount thereof to be redeemed shall be $5,000 or an integral multiple thereof and the bond registrar shall assign to each 2017 Bond of such maturity a distinctive number for each $5,000 principal amount of such 2017 Bond and shall select by lot from the numbers so assigned as many numbers as, at $5,000 for each number, shall equal the principal amount of such 2017 Bonds to be redeemed. The 2017 Bonds to be redeemed shall be the 2017 Bonds to which were assigned numbers so selected; provided that only so much of the principal amount of each 2017 Bond shall be redeemed as shall equal $5,000 for each number assigned to it and so selected. Notice of the redemption of 2017 Bonds shall be mailed not less than 30 days nor more than 60 days prior to the date fixed for such redemption to the registered �1 owners of 2017 Bonds to be redeemed at their last addresses appearing on said registration books. The 2017 Bonds or portions thereof specified in said notice shall become due and payable at the applicable redemption price on the redemption date therein designated, and if, on the redemption date, moneys for payment of the redemption price of all the 2017 Bonds or portions thereof to be redeemed, together with interest to the redemption date, shall be available for such payment on said date, and if notice of redemption shall have been mailed as aforesaid (and notwithstanding any defect therein or the lack of actual receipt thereof by any registered owner) then from and after the redemption date interest on such 2017 Bonds or portions thereof shall cease to accrue and become payable. If there shall be drawn for redemption less than all of a 2017 Bond, the Village shall execute and the bond registrar shall authenticate and deliver, upon the surrender of such 2017 Bond, without charge to the owner thereof, in exchange for the unredeemed balance of the 2017 Bond so surrendered, 2017 Bonds of like maturity and interest rate and of the denomination of $5,000 or any integral multiple thereof. The bond registrar shall not be required to transfer or exchange any 2017 Bond after notice of the redemption of all or a portion thereof has been mailed. The bond registrar shall not be required to transfer or exchange any 2017 Bond during a period of 15 days next preceding the mailing of a notice of redemption that could designate for redemption all or a portion of such 2017 Bond, Section 6. Sale and Delivery. The 2017 Bonds are sold to Piper Jaffray & Co., as purchaser, at a price of $5,886,844.13 and accrued interest from their date to the date of delivery and payment therefor. The Official Statement prepared with respect 91 to the 2017 Bonds is approved and "deemed final' as of its date for purposes of Securities and Exchange Commission Rule 15c2 -12 promulgated under the Securities Exchange Act of 1934. The Village President, Village Clerk and other officials of the Village are authorized and directed to do and perform, or cause to be done or performed for or on behalf of the Village each and every thing necessary for the issuance of the 2017 Bonds, including the proper execution and delivery of the 2017 Bonds and the Official Statement. Section 7. Execution and Authentication. Each 2017 Bond shall be executed in the name of the Village by the manual or authorized 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 or authorized facsimile signature of its Village Clerk. In case any officer whose signature, or a facsimile of whose signature, shall appear on any 2017 Bond shall cease to hold such office before the issuance of the 2017 Bond, such 2017 Bond shall nevertheless be valid and sufficient for all purposes, the same as if the person whose signature, or a facsimile thereof, appears on such 2017 Bond had not ceased to hold such office. Any 2017 Bond may be signed, sealed or attested on behalf of the Village by any person who, on the date of such act, shall hold the proper office, notwithstanding that at the date of such 2017 Bond such person may not have held such office. No recourse shall be had for the payment of any 2017 Bonds against any officer who executes the 2017 Bonds. dm Each 2017 Bond shall bear thereon a certificate of authentication executed manually by the bond registrar. No 2017 Bond shall be entitled to any right or benefit under this ordinance or shall be valid or obligatory for any purpose until such certificate of authentication shall have been duly executed by the bond registrar. Section 8. Transfer, Exchange and Registry. The 2017 Bonds shall be negotiable, subject to the provisions for registration of transfer contained herein. Each 2017 Bond shall be transferable only upon the registration books maintained by the Village for that purpose at the corporate trust office of the bond registrar, by the registered owner thereof in person or by his attorney duly authorized in writing, upon surrender thereof together with a written instrument of transfer satisfactory to the bond registrar and duly executed by the registered owner or his duly authorized attorney. Upon the surrender for transfer of any such 2017 Bond, the Village shall execute and the bond registrar shall authenticate and deliver a new 2017 Bond or 2017 Bonds registered in the name of the transferee, of the same aggregate principal amount, maturity and interest rate as the surrendered 2017 Bond. 2017 Bonds, upon surrender thereof at the corporate trust office of the bond registrar, with a written instrument satisfactory to the bond registrar, duly executed by the registered owner or his attorney duly authorized in writing, may be exchanged for an equal aggregate principal amount of 2017 Bonds of the same maturity and interest rate and of the denominations of $5,000 or any integral multiple thereof. For every such exchange or registration of transfer of 2017 Bonds, the Village or the bond registrar may make a charge sufficient for the reimbursement of any tax, fee or other governmental charge required to be paid with respect to such exchange or M transfer, which sum or sums shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. No other charge shall be made for the privilege of making such transfer or exchange. The provisions of the Illinois Bond Replacement Act shall govern the replacement of lost, destroyed or defaced 2017 Bonds. The Village and the bond registrar may deem and treat the person in whose name any 2017 Bond shall be registered upon the registration books as the absolute owner of such 2017 Bond, whether such 2017 Bond shall be overdue or not, for the purpose of receiving payment of, or on account of, the principal of or interest thereon and for all other purposes whatsoever, and all such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such 2017 Bond to the extent of the sum or sums so paid, and neither the Village nor the bond registrar shall be affected by any notice to the contrary. Section 9. General Obligations. The full faith and credit of the Village are hereby irrevocably pledged to the punctual payment of the principal of and interest on the 2017 Bonds. The 2017 Bonds shall be direct and general obligations of the Village, and the Village shall be obligated to levy ad valorem taxes upon all the taxable property in the Village for the payment of the 2017 Bonds and the interest thereon, without limitation as to rate or amount. Section 10. Form of Bonds. The 2017 Bonds shall be issued as fully registered bonds and shall be in substantially the following form, the blanks to be appropriately completed when the 2017 Bonds are printed: M No. INTEREST RATE United States of America State of Illinois Counties of Cook and Lake VILLAGE OF DEERFIELD GENERAL OBLIGATION BOND, SERIES 2017 MATURITY DATE DATED DATE CUSIP % December 1, 20_ February 28, 2017 REGISTERED OWNER: CEDE & CO. PRINCIPAL AMOUNT: 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 received hereby promises to pay to the registered owner of this bond, or registered assigns, the principal amount specified above on the maturity date specified above, and to pay interest on such principal amount from the date hereof at the interest rate per annum specified above, computed on the basis of a 360 day year consisting of twelve 30 day months and payable in lawful money of the United States of America on December 1, 2017 and semiannually thereafter on June 1 and December 1 in each year until the principal amount shall have been paid, to the registered owner of record hereof as of the 15th day of the calendar month next preceding such interest payment date, by wire transfer pursuant to an agreement by and between the Village and the registered owner, or otherwise by check or draft mailed to the registered owner at the address of such owner appearing on the registration books maintained by the Village for such purpose at the corporate trust office of U.S. Bank National Association, -10- in the City of Chicago, Illinois, as bond registrar or its successor (the "Bond Registrar "). This bond, as to principal when due, will be payable in lawful money of the United States of America upon presentation and surrender of this bond at the corporate trust office of the Bond Registrar. The full faith and credit of the Village are irrevocably pledged for the punctual payment of the principal of and interest on this bond according to its terms. This bond is one of a series of bonds issued in the aggregate principal amount of $5,700,000, which are authorized and issued under and pursuant to Section 6 of Article VII of the Illinois Constitution of 1970 and under and in accordance with an ordinance adopted by the President and Board of Trustees of the Village on February 6, 2017 and entitled: "Ordinance Authorizing the Issuance of General Obligation Bonds, Series 2017, of the Village of Deerfield, Illinois." The bonds of such series maturing on or after December 1, 2026 are subject to redemption prior to maturity at the option of the Village and upon notice as herein provided, in such principal amounts and from such maturities as the Village shall determine and by lot within a single maturity, on December 1, 2025 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed. The bonds of such series maturing in the year 2028 are subject to mandatory redemption, in part and by lot, on December 1, 2027 in the principal amount of $330,000, by the application of a sinking fund installment, at a redemption price equal to the principal amount thereof to be redeemed. Notice of the redemption of bonds will be mailed not less than 30 days nor more than 60 days prior to the date fixed for such redemption to the registered owners of -11- bonds to be redeemed at their last addresses appearing on such registration books. The bonds or portions thereof specified in said notice shall become due and payable at the applicable redemption price on the redemption date therein designated, and if, on the redemption date, moneys for payment of the redemption price of all the bonds or portions thereof to be redeemed, together with interest to the redemption date, shall be available for such payment on said date, and if notice of redemption shall have been mailed as aforesaid (and notwithstanding any defect therein or the lack of actual receipt thereof by any registered owner) then from and after the redemption date interest on such bonds or portions thereof shall cease to accrue and become payable. This bond is transferable only upon such registration books by the registered owner hereof in person, or by his attorney duly authorized in writing, upon surrender hereof at the corporate trust office of the Bond Registrar together with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the registered owner or by his duly authorized attorney, and thereupon a new registered bond or bonds, in the authorized denominations of $5,000 or any integral multiple thereof and of the same aggregate principal amount, maturity and interest rate as this bond shall be issued to the transferee in exchange therefor. In like manner, this bond may be exchanged for an equal aggregate principal amount of bonds of the same maturity and interest rate and of any of such authorized denominations. The Village or the Bond Registrar may make a charge sufficient for the reimbursement of any tax, fee or other governmental charge required to be paid with respect to the transfer or exchange of this bond. No other charge shall be made for the privilege of making such transfer or exchange. The Village and the Bond Registrar may treat and consider the person in -12- whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal and interest due hereon and for all other purposes whatsoever. This bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been duly executed by the Bond Registrar. It is hereby certified, recited and declared that all acts, conditions and things required to be done, exist and be 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 the series of bonds of which this bond is one, together with all other indebtedness of the Village, is within every debt or other limit prescribed by law. -13- 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 or facsimile signature of its Village Clerk. Dated: February 28, 2017 CERTIFICATE OF AUTHENTICATION This bond is one of the General Obligation Bonds, Series 2017, described in the within mentioned Ordinance. U.S. Bank National Association, as Bond Registrar 0 Authorized Signer SEE VILLAGE OF DEERFIELD A / , F C .� Village Preside t Attest: �-r v Village lerk ASSIGNMENT For value received the undersigned sells, assigns and transfers unto the within bond and hereby irrevocably constitutes and appoints attorney to transfer the said bond on the books kept for registration thereof, with full power of substitution in the premises. Dated Signature Guarantee: 15- Section 11. Levy and Extension of Taxes. For the purpose of providing the money required to pay the interest on the 2017 Bonds when and as the same falls due and to pay and discharge the principal thereof (including any mandatory sinking fund installments) as the same shall mature, there is hereby levied upon all the taxable property in the Village, in each year while any of the 2017 Bonds shall be outstanding, a direct annual tax sufficient for that purpose in addition to all other taxes, as follows: Tax Levy Year A Tax Sufficient to Produce 2016 $177,291.77 2017 431,587.50 2018 434,237.50 2019 436, 587.50 2020 433,637.50 2021 435,537.50 2022 437,137.50 2023 438,437.50 2024 439,437.50 2025 440,137.50 2026 440,537.50 2027 444,812.50 2028 88,600.00 2029 88,600.00 2030 88,600.00 2031 543,600.00 2032 548,812.50 2033 547,187.50 2034 548, 812.50 2035 544,687.50 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. -16- As soon as this ordinance becomes effective, a copy thereof certified by the Village Clerk, which certificate shall recite that this ordinance has been duly adopted, shall be filed with the County Clerk of Cook County, Illinois and the County Clerk of Lake County, Illinois, who are each hereby directed to ascertain the rate per cent required to produce the aggregate tax hereinbefore provided to be levied in the years 2016 to 2035 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 purposes for said years are levied and collected and, when collected, such taxes shall be used for the purpose of paying the principal of and interest on the 2017 Bonds herein authorized as the same become due and payable. Section 12. Taxes Levied for Prior Bonds. After the issuance of the 2017 Bonds authorized by this ordinance the Village Treasurer shall file with the County Clerk of Cook County and the County Clerk of Lake County, certificates listing the Prior Bonds and the taxes theretofore levied for the payment of the principal of and interest on the Prior Bonds and said certificates shall direct the abatement of such taxes. Section 13. Escrow Deposit Agreement. The form of 2017 Escrow Deposit Agreement by and between the Village and U.S. Bank National Association, as Escrow Agent, on file in the office of the Village Clerk, is hereby approved. The proper officers of the Village are authorized and directed to execute and deliver the 2017 Escrow Deposit Agreement on behalf of the Village. -17- Section 14. Application of Proceeds. The proceeds of sale of the 2017 Bonds (exclusive of accrued interest) shall be applied as follows: 1. To the 2017 Escrow Fund maintained under the 2017 Escrow Deposit Agreement, the amount, together with other moneys (if any) of the Village deposited therein, necessary to provide for the payment of (i) the redemption price of each Prior Bond on its redemption date; and (ii) the interest to become due and payable on each Prior Bond on each interest payment date on and prior to its redemption date. 2. To the 2017 Capital Improvement Fund established by this ordinance, the amount of such proceeds of sale remaining after making foregoing payment. Section 15. Debt Service Fund. Moneys derived from taxes herein levied are appropriated and set aside for the purpose of paying principal of and interest on the 2017 Bonds when and as the same come due. All of such moneys, and all other moneys to be used for the payment of the principal of and interest on the 2017 Bonds, shall be deposited in the "2017 Debt Service Fund ", which is hereby established as a special fund of the Village and shall be administered as a bona fide debt service fund under the Internal Revenue Code of 1986. The moneys deposited or to be deposited into the 2017 Debt Service Fund, including the tax receipts derived from the taxes levied pursuant to this ordinance, are pledged as security for the payment of the principal of and interest on the 2017 Bonds. The pledge is made pursuant to Section 13 of the Local Government Debt Reform Act and shall be valid and binding from the date of issuance of the 2017 Bonds. All such ffin tax receipts and the moneys held in the 2017 Debt Service Fund shall immediately be subject to the lien of such pledge without any physical delivery or further act and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Village irrespective of whether such parties have notice thereof. Section 16. Capital Improvement Fund. The "2017 Capital Improvement Fund ", is hereby established as a special fund of the Village. Moneys in the 2017 Capital Improvement Fund shall be used for the payment of costs of the Project and for the payment of costs of issuance of the 2017 Bonds, but may hereafter be reappropriated and used for other purposes if such reappropriation is permitted under Illinois law and will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the 2017 Bonds. Section 17. Investment Regulations. No investment shall be made of any moneys in the 2017 Escrow Fund, the 2017 Debt Service Fund or the 2017 Capital Improvement Fund except in accordance with the tax covenants set forth in Section 18 of this ordinance. All income derived from such investments in respect of moneys or securities in any Fund shall be credited in each case to the Fund in which such moneys or securities are held. Any moneys in any Fund that are subject to investment yield restrictions may be invested in United States Treasury Securities, State and Local Government Series, pursuant to the regulations of the United States Treasury Department, Bureau of Public Debt, or in any tax - exempt bond that is not an "investment property" within the meaning of Section 148(b)(2) of the Internal Revenue Code of 1986. The Director of Finance -19- and agents designated by him are hereby authorized to submit, on behalf of the Village, subscriptions for such United States Treasury Securities and to request redemption of such United States Treasury Securities. Section 18. Tax Covenants. The Village shall not take, or omit to take, any action lawful and within its power to take, which action or omission would cause interest on any 2017 Bond to become subject to federal income taxes in addition to federal income taxes to which interest on such 2017 Bond is subject on the date of original issuance thereof. The Village shall not permit any of the proceeds of the 2017 Bonds, or any facilities financed with such proceeds, to be used in any manner that would cause any bond to constitute a "private activity bond" within the meaning of Section 141 of the Internal Revenue Code of 1986. The Village shall not permit any of the proceeds of the 2017 Bonds or other moneys to be invested in any manner that would cause any bond to constitute an "arbitrage bond" within the meaning of Section 148 of the Internal Revenue Code of 1986 or a "hedge bond" within the meaning of Section 149(g) of the Internal Revenue Code of 1986. The Village shall comply with the provisions of Section 148(f) of the Internal Revenue Code of 1986 relating to the rebate of certain investment earnings at periodic intervals to the United States of America. Section 19. Bank Qualified Designation. The Village hereby designates the bonds as "qualified tax - exempt obligations" as defined in Section 265(b)(3)(B) of the Internal Revenue Code of 1986. The Village represents that the reasonably anticipated -20- amount of tax - exempt obligations that are required to be taken into account for the purpose of Section 265(b)(3)(C) of the Code and will be issued by or on behalf of the Village and all subordinate entities of the Village during 2017 does not exceed $10,000,000. The Village covenants that it will not designate and issue more than $10,000,000 aggregate principal amount of tax - exempt obligations in the year in which the 2017 Bonds are issued. For purposes of the two preceding sentences, the term "tax- exempt obligations" includes "qualified 501(c)(3) bonds" (as defined in Section 145 of the Internal Revenue Code of 1986) but does not include other "private activity bonds" (as defined in Section 141 of the Internal Revenue Code of 1986). Section 20. Continuing Disclosure. For the benefit of the beneficial owners of the 2017 Bonds, the Village covenants and agrees to provide to the Municipal Securities Rulemaking Board (the "MSRB ") for disclosure on the Electronic Municipal Market Access ( "EMMA ") system, in an electronic format as prescribed by the MSRB, (i) an annual report containing certain financial information and operating data relating to the Village and (ii) timely notices of the occurrence of certain enumerated events. All documents provided to the MSRB shall be accompanied by identifying information as prescribed by the MSRB. The annual report shall be provided to the MSRB for disclosure on EMMA within 210 days after the close of the Village's fiscal year. The information to be contained in the annual report shall consist of the annual audited financial statement of the Village and such additional information as noted in the Official Statement under the caption "Continuing Disclosure." Each annual audited financial statement will conform to generally accepted accounting principles applicable to governmental units and will be -21- prepared in accordance with standards of the Governmental Accounting Standards Board. If the audited financial statement is not available, then an unaudited financial statement shall be included in the annual report and the audited financial statement shall be provided promptly after it becomes available. The Village, in a timely manner not in excess of ten business days after the occurrence of the event, shall provide notice to the MSRB for disclosure on EMMA of any failure of the Village to provide any such annual report within the 210 day period and of the occurrence of any of the following events with respect to the 2017 Bonds: (1) principal and interest payment delinquencies, (2) non - payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701 -TEB) or other material notices or determinations with respect to the tax - exempt status of the 2017 Bonds, or other events affecting the tax - exempt status of the 2017 Bonds; (7) modifications to rights of bondholders, if material; (8) bond calls, if material; (9) defeasances; (10) release, substitution or sale of property securing repayment of the 2017 Bonds, if material; (11) rating changes; (12) tender offers; (13) bankruptcy, insolvency, receivership or similar event of the Village; (14) the consummation of a merger, consolidation, or acquisition involving the Village or the sale of all or substantially all of the assets of the Village, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the -22- termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; and (15) appointment of a successor or additional trustee or the change of name of a trustee, if material. For the purposes of the event identified in clause (13), the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Village in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Village, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan or reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Village. It is found and determined that the Village has agreed to the undertakings contained in this Section in order to assist participating underwriters of the 2017 Bonds and brokers, dealers and municipal securities dealers in complying with Securities and Exchange Commission Rule 15c2- 12(b)(5) promulgated under the Securities Exchange Act of 1934. The chief financial officer of the Village is authorized and directed to do and perform, or cause to be done or performed, for or on behalf of the Village, each and every thing necessary to accomplish the undertakings of the Village contained in this Section for so long as Rule 15c2- 12(b)(5) is applicable to the 2017 Bonds and the Village remains an "obligated person" under the Rule with respect to the 2017 Bonds. -23- The undertakings contained in this Section may be amended by the Village upon a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature or status of the obligated person, or type of business conducted, provided that (a) the undertaking, as amended, would have complied with the requirements of Rule 15c2- 12(b)(5) at the time of the primary offering, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances and (b) in the opinion of nationally recognized bond counsel selected by the Village, the amendment does not materially impair the interests of the beneficial owners of the 2017 Bonds. Section 21. Bond Registrar. The Village covenants that it shall at all times retain a bond registrar with respect to the 2017 Bonds, that it will maintain at the designated office of such bond registrar a place where 2017 Bonds may be presented for payment and registration of transfer or exchange and that it shall require that the bond registrar maintain proper registration books and perform the other duties and obligations imposed upon the bond registrar by this ordinance in a manner consistent with the standards, customs and practices of the municipal securities business. The bond registrar shall signify its acceptance of the duties and obligations imposed upon it by this ordinance by executing the certificate of authentication on any 2017 Bond, and by such execution the bond registrar shall be deemed to have certified to the Village that it has all requisite power to accept, and has accepted such duties and obligations not only with respect to the 2017 Bond so authenticated but with respect to all the 2017 Bonds. The bond registrar is the agent of the Village and shall not be liable in connection with the performance of its duties except for its own negligence or default. 24- The bond registrar shall, however, be responsible for any representation in its certificate of authentication on the 2017 Bonds. The Village may remove the bond registrar at any time. In case at any time the bond registrar shall resign or shall be removed or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or if a receiver, liquidator or conservator of the bond registrar, or of its property, shall be appointed, or if any public officer shall take charge or control of the bond registrar or of its property or affairs, the Village covenants and agrees that it will thereupon appoint a successor bond registrar. The Village shall mail notice of any such appointment made by it to each registered owner of 2017 Bonds within twenty days after such appointment. Section 22. Book -Entry System. In order to provide for the initial issuance of the 2017 Bonds in a form that provides for a system of book -entry only transfers, the ownership of one fully registered 2017 Bond for each maturity, in the aggregate principal amount of such maturity, shall be registered in the name of Cede & Co., as a nominee of The Depository Trust Company, as securities depository for the 2017 Bonds. The Finance Director is authorized to execute and deliver on behalf of the Village such letters to, or agreements with, the securities depository as shall be necessary to effectuate such book -entry system. In case at any time the securities depository shall resign or shall become incapable of acting, then the Village shall appoint a successor securities depository to provide a system of book -entry only transfers for the 2017 Bonds, by written notice to the predecessor securities depository directing it to notify its participants (those persons -25- for whom the securities depository holds securities) of the appointment of a successor securities depository. If the system of book -entry only transfers for the 2017 Bonds is discontinued, then the Village shall issue and the bond registrar shall authenticate, register and deliver to the beneficial owners of the 2017 Bonds, bond certificates in replacement of such beneficial owners' beneficial interests in the 2017 Bonds, all as shown in the records maintained by the securities depository. Section 23. Defeasance and Payment of Bonds. (A) If the Village shall pay or cause to be paid to the registered owners of the 2017 Bonds, the principal and interest due or to become due thereon, at the times and in the manner stipulated therein and in this ordinance, then the pledge of taxes, securities and funds hereby pledged and the covenants, agreements and other obligations of the Village to the registered owners and the beneficial owners of the 2017 Bonds shall be discharged and satisfied. (B) Any 2017 Bonds or interest installments appertaining thereto, whether at or prior to the maturity or the redemption date of such 2017 Bonds, shall be deemed to have been paid within the meaning of paragraph (A) of this Section if (1) in case any such 2017 Bonds are to be redeemed prior to the maturity thereof, there shall have been taken all action necessary to call such 2017 Bonds for redemption and notice of such redemption shall have been duly given or provision shall have been made for the giving of such notice, and (2) there shall have been deposited in trust with a bank, trust company or national banking association acting as fiduciary for such purpose either (i) moneys in an amount which shall be sufficient, or (ii) "Federal Obligations" as defined in paragraph (C) of this Section, the principal of and the interest on which when due will -26- provide moneys which, together with any moneys on deposit with such fiduciary at the same time for such purpose, shall be sufficient, to pay when due the principal and interest due and to become due on said 2017 Bonds on and prior to the applicable redemption date or maturity date thereof. (C) As used in this Section, the term "Federal Obligations" means (i) non- callable, direct obligations of the United States of America, (ii) non - callable and non - prepayable, direct obligations of any agency of the United States of America, which are unconditionally guaranteed by the United States of America as to full and timely payment of principal and interest, or (iii) non - callable, non - prepayable coupons or interest installments from the securities described in clause (i) or clause (ii) of this paragraph, which are stripped pursuant to programs of the Department of the Treasury of the United States of America. Section 24. Ordinance to Constitute a Contract. The provisions of this ordinance shall constitute a contract between the Village and the registered owners of the 2017 Bonds. Any pledge made in this ordinance and the provisions, covenants and agreements herein set forth to be performed by or on behalf of the Village shall be for the equal benefit, protection and security of the owners of any and all of the 2017 Bonds. All of the 2017 Bonds, regardless of the time or times of their issuance, shall be of equal rank without preference, priority or distinction of any of the 2017 Bonds over any other thereof except as expressly provided in or pursuant to this ordinance. This ordinance shall constitute full authority for the issuance of the 2017 Bonds and to the extent that the provisions of this ordinance conflict with the provisions of any other ordinance or resolution of the Village, the provisions of this ordinance shall control. If -27- 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. In this ordinance, reference to an officer of the Village includes any person holding that office on an interim basis and any person delegated the authority to act on behalf of such officer. Section 25. Publication. The Village Clerk is hereby authorized and directed to publish this ordinance in pamphlet form and to file copies thereof for public inspection in his office. Section 26. Effective Date. This ordinance shall become effective upon its passage, approval and publication in pamphlet form. Passed and adopted this 6th day of February, 2017, by roll call vote as follows: Ayes: Farkas, Jester, Nadler, Seiden, Struthers List Names Absent: Shapiro Nays: None Published in pamphlet form: February 7, 2017 (SEAL) Attest: Village Cle k MI Approved: February 6, 2017 Village Presid nt CERTIFICATE I, Kent S. Street, Village Clerk of the Village of Deerfield, Illinois, hereby certify that the foregoing ordinance entitled: "Ordinance Authorizing the Issuance of General Obligation Bonds, Series 2017, of the Village of Deerfield, Illinois," is a true copy of an original ordinance that was duly passed and adopted by the recorded affirmative votes of a majority of the members of the President and Board of Trustees of the Village at a meeting thereof that was duly called and held at 7:30 p.m. on February 6, 2017, at the Village Hall, 850 Waukegan Road, 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 on February 6, 2017, and thereafter published in pamphlet form on February 7, 2017 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 ordinance has not been altered, amended, repealed or revoked, but is in full force and effect. I further certify that the agenda for said meeting included the ordinance as a matter to be considered at the meeting and that said agenda was posted at least 48 hours in advance of the holding of the meeting in the manner required by the Open Meetings Act, 5 Illinois Compiled Statutes 120. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Village, this day of February, 2017. (SEAL) -29- t, Village CI rk New Issue Investment Rating: 1iate of Sale: Monday, February 6, 2017 SIGNED COM Moody's Investors Service ... Aaa (Stable Outlook) " AMCST Between 10:15 and 10:30 .., .. (oven Speer Auction) Official Statement The delivery of the Bonds is subject to the opinion of Katten Muchin Rosenman LLP, Chicago, Illinois, Bond Counsel, to the effect that under existing law, interest on the Bonds is not includable in the gross income of the owners thereof far federal income tax purposes and that, assuming continuing compliance with the applicable requirements of the Internal Revenue Code of 1986, interest on the Bonds will continue to be excluded from the gross income of the owners thereof for federal income tax purposes. Interest on the Bonds is not an item of tax preference for purposes of computing individual or corporate alternative minimum taxable income, but must be taken into account as earnings and profits of a corporation when computing, for example, corporate minimum taxable income for purposes of the corporate alternative minimum tax. See "TAX EXEMPTION" herein. Interest on the Bonds is not exempt from present Illinois income taxes. THE VILLAGE 01' DEERFIELD Dated Date of Delivery $5,510,000* VILLAGE OF DEERFIELD Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Bank -Qualified Book -Entry Due As Detailed Herein The $5,510,000* General Obligation Bonds, Series 2017 (the "Bonds") are being issued by the Village of Deerfield, Lake and Cook Counties, Illinois (the "Village"). Interest on the Bonds is payable semiannually on June 1 and December l of each year, commencing December 1, 2017. Interest is calculated based on a 360-day year of twelve 30-day months. The Boeds will be issued using a book -entry system. The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds. The ownership of one fully registered Bond for each maturity will be registered in the name of Cede & Co., as nominee for DTC and no physical delivery of Bonds will be made to purchasers. The Bonds will mature on December 1 in the following years and amounts. AMOUNTS*, MATURITIES, INTEREST RATES, YIELDS AND CUSIP NUMBERS Principal Due Interest CUSIP Principal Due Interest CUSIP Amount* Dec. 1 Rate Yield Number(1) Amount* Dec. 1 Rate Yield Number(l) 20,000 ..... 2017 % % $325, 000........ 2027 250,000 ..... 2018 % % _ 335, 000........ 2028 255,000 ..... 2019 % % * ****........ *4" ****** w+a pla * tawwaa # 260,000 ..... 2020 % % la*** ........ 270,000 ..... 2021 275,000 ..... 2022 % _�***........ % 430, 000........ 2032 290,000 ..... 2023 % % 445,000........ 2033 % 295,000 ..... 2024 % % 460, 000........ 2034 305,000 ..... 2025 % % _ 480, 000........ 2035 315,000 ..... 2026 % % 500, 000........ 2036 Any consecutive maturities may be aggregated into term bonds at the option of the bidder, in which case the mandatory redemption provisions shall be on the same schedule as above. OPTIONAL REDEMPTION Bonds due December 1, 2017-2025, inclusive, are non -callable. Bonds due December 1, 2026-2036, inclusive, are callable in whole or in part on any date on or after December 1, 2025, at a price of par and accrued interest. If less than all the Bonds are called, they shall be redeemed in such principal amounts and from such maturities as determined by the Village and within any maturity by lot. See "OPTIONAL REDEMPTION" herein. PURPOSE, LEGALITY AND SECURITY The Bond proceeds will be used to (i) advance refund a portion of the Village's outstanding General Obligation Bonds, Series 2008, (ii) finance certain street improvements of the Village, and (iii) to pay the costs of issuance of the Bonds. See "PLAN OF FINANCING" and "THE PROJECT" herein. In the opinion of Katten Muchin Rosenman LLP, Chicago, Illinois, Bond Counsel, the Bonds are valid and legally binding general obligations of the Village and the Village is obligated to levy ad valorem taxes upon all the taxable property within the Village for the payment of the Bonds and the interest thereon without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors' rights and remedies heretofore or hereafter enacted. This Official Statement is dated January 23, 2017, and has been prepared under the authority of the Village. An electronic copy of this Official Statement is available from the www.speerfinanciaLcom web site under "Debt Auction Center/Official Statements Sales Calendar/Competitive". Additional copies may be obtained from Mr. Eric L. Burk, Director of Finance, Village of Deerfield, 850 Waukegan Road, Deerfield, Illinois 60015 or from the Municipal Advisor to the Village: Speer Financial, Inc. INDEPENDENT MUNICIPAL ADVISORS • ESTABLTSHF.D 1954 ONE NORTH LASALLE STREET, SUITE 4100 • CHICAGO, ILLINOIS 60602 Telephone: (312) 346-3700; Facsimile:(312) 346-9833 wmwsprei fnnnrinl.rrrm "Subject to change. (!) CUSIP numbers appearing in this Official Statement have been provided by the CUSIP Service Bureau, which is managed on behalf of the American Bankers Association by S&P Global Ratings. The Village is not responsible for the selection of CUSIP numbers mud makes no representation as to their correctness on the Bonds or as set forth on the cover of this Official Statement. For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the same may be supplemented or corrected by the Village from time to time (collectively, the "Official Statement"), may be treated as an Official Statement with respect to the Bonds described herein that is deemed near final as of the date hereof (or the date of any such supplement or correction) by the Village. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law or deemed appropriate by the Village, shall constitute a "Final Official Statement" of the Village with respect to the Bonds, as that term is defined in Rule 15c2-12. Any such addendum or addenda shall, on and after the date thereof, be fully incorporated herein and made a part hereof by reference. Alternatively, such final terms of the Bonds and other information may be included in a separate document entitled "Final Official Statement" rather than through supplementing the Official Statement by an addendum or addenda. No dealer, broker, salesman or other person has been authorized by the Village to give any information or to make any representations with respect to the Bonds other than as contained in the Official Statement or the Final Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Village. Certain information contained in the Official Statement and the Final Official Statement may have been obtained from sources other than records of the Village and, while believed to be reliable, is not guaranteed as to completeness. THE INFORMATION AND EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE VILLAGE SINCE THE RESPECTIVE DATES THEREOF. References herein to laws, rules, regulations, ordinances, resolutions, agreements, reports and other documents do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may contain qualifications of and exceptions to statements made herein. Where full texts have not been included as appendices to the Official Statement or the Final Official Statement, they will be furnished on request. This Official Statement does not constitute an offer to sill, or solicitation of an offer to buy, any securities to any person in any jurisdiction where such offer or solicitation of such offer would be unlawful. 0 TABLE OF CONTENTS 0 Page BONDISSUE SUMMARY............................................................................................................................................................................................. 1 VILLAGE OF DEERFIELD — Village Board of Trustees and Officials......................................................................................................................... 2 AUTHORIZATION, PURPOSE AND SECURITY........................................................................................................................................................ 2 THEVILLAGE............................................................................................................................................................................................................... 3 SOCIOECONOMICINFORMATION............................................................................................................................................................................ 5 UnemploymentRates...................................................................................................................................................................................................7 BuildingPermits..........................................................................................................................................................................................................7 Housing8 Income.........................................................................................................................................................................................................................8 RetailActivity ............................................................................................................................................................................................................ t0 THEPROJECT............................................................................................................................................................................................................... PLANOF FINANCING.................................................................................................................................................................................................I I DEBTINFORMATION.................................................................................................................................................................................................12 REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES ...........................................................................................15 LAKECOUNTY............................................................................................................................................................................................................15 TaxLevy and Collection Procedures.........................................................................................................................................................................15 Exemptions................................................................................................................................................................................................................15 PropertyTax Extension Limitation Law....................................................................................................................................................................17 Truthin Taxation Law...............................................................................................................................................................................................17 REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES ...........................................................................................17 COOKCOUNTY............................................................................................................................................................................................................17 RealProperty Assessment..........................................................................................................................................................................................17 Equalization...............................................................................................................................................................................................................19 Exemptions................................................................................................................................................................................................................19 TaxLevy....................................................................................................................................................................................................................21 PropertyTax Extension Limitation Law....................................................................................................................................................................21 Extensions.................................................................................................................................................................................................................. 21 Collections.................................................................................................................................................................................................................22 Truthin Taxation Law...............................................................................................................................................................................................23 FINANCIALINFORMATION......................................................................................................................................................................................23 FinancialReports...................................................................................................................................................................................................... 23 No Consent or Updated Information Requested of the Auditor.................................................................................................................................23 SummaryFinancial Information................................................................................................................................................................................24 GeneralFund..............................................................................................................................................................................................................26 EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS............................................................................28 REGISTRATION, TRANSFER AND EXCHANGE.....................................................................................................................................................28 Registration................................................................................................................................................................................................................28 Transfersand Exchanges............................................................................................................................................................................................28 TAXEXEMPTION........................................................................................................................................................................................................28 Summaryof Bond Counsel Opinion..........................................................................................................................................................................28 BondsPurchased at a Premium or a Discount............................................................................................................................................................29 ExclusionFrom Gross Income Requirements............................................................................................................................................................29 Risksof Non-Compliance..........................................................................................................................................................................................30 FederalIncome Tax Consequences............................................................................................................................................................................30 QUALIFIEDTAX EXEMPT OBLIGATIONS..............................................................................................................................................................30 CONTINUINGDISCLOSURE......................................................................................................................................................................................30 OPTIONALREDEMPTION..........................................................................................................................................................................................31 NOTICEOF REDEMPTION.........................................................................................................................................................................................32 LEGALMATTERS........................................................................................................................................................................................................32 OFFICIALSTATEMENT AUTHORIZATION.............................................................................................................................................................32 INVESTMENTRATING...............................................................................................................................................................................................33 DEFEASANCEAND PAYMENT OF BONDS.............................................................................................................................................................33 UNDERWRITING..........................................................................................................................................................................................................33 MUNICIPALADVISOR................................................................................................................................................................................................34 CERTIFICATION..........................................................................................................................................................................................................34 APPENDIX A — FISCAL YEAR 2015 AUDITED FINANCIAL STATEMENTS APPENDIX B — DESCRIBING BOOK -ENTRY -ONLY ISSUANCE APPENDIX C — DRAFT LEGAL OPINION APPENDIX D — EXCERPTS OF FISCAL YEAR 2015 AUDITED FINANCIAL STATEMENTS RELATING TO THE VILLAGE'S PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS OFFICIAL BID FORM OFFICIAL NOTICE OF SALE Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 BOND ISSUE SUMMARY This Bond Issue Summary is expressly qualified by the entire Official Statement, including the Official Notice of Sale and the Official Bid Form, which are provided for the convenience of potential investors and which should be reviewed in their entirety by potential investors Issuer: Village of Deerfield, Illinois. Issue: $5,510,000* General Obligation Bonds, Series 2017. Dated Date: Date of delivery, which is expected to be on or about February 28, 2017. Interest Due: Each June 1 and December 1, commencing December 1, 2017. Principal Due: Each December 1, commencing December 1, 2017 through 2028, and December 1, 2032 through 2036, as detailed on the front page of this Official Statement. Optional Redemption: Bonds maturing on or after December 1, 2026, are callable at the option of the Village on any date on or after December 1, 2025, at a price of par plus accrued interest. See "OPTIONAL REDEMPTION" herein. Authorization: Pursuant to the home rule powers of the Village and a bond ordinance expected to be adopted by the President and Board of Trustees of the Village on the 61 day of February, 2017. Security: The Bonds are valid and legally binding general obligations of the Village and the Village is obligated to levy ad valorem taxes upon all the taxable property within the Village for the payment of the Bonds and the interest thereon without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors' rights and remedies heretofore or hereafter enacted. Credit Rating: The Bonds are rated "Aaa" (Stable Outlook) from Moody's Investors Service. Purpose: The Bond proceeds will be used to (i) advance refund a portion of the Village's outstanding General Obligation Bonds, Series 2008, (ii) finance certain street improvements of the Village, and (iii) to pay the costs of issuance of the Bonds. See "PLAN OF FINANCING" and "THE PROJECT" herein. Tax Exemption: Katten Muchin Rosenman LLP, Chicago, Illinois, will provide an opinion as to the tax exemption of the Bonds as discussed under "TAX EXEMPTION" in this Official Statement. Interest on the Bonds is not exempt from present State of Illinois income taxes. Bank Qualification: The Bonds are "qualified tax-exempt obligations" under Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. Bond Registrar/Paying Agent Escrow Agent: U.S. Bank National Association, Chicago, Illinois. Verification Agent: Sikich LLP, Aurora, Illinois. Delivery: The Bonds are expected to be delivered on or about February 28, 2017. Book -Entry Form: The Bonds will be registered in the name of Cede & Co. as nominee for The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository of the Bonds. See APPENDIX B herein. Denomination: $5,000 or integral multiples thereof. Municipal Advisor: Speer Financial, Inc., Chicago, Illinois. *Subject to change. Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 20i � --- i Alan L. Farkas Thomas L. Jester Kent S. Street Village Manager Katten Muchin Rosenman LLP Bond Counsel VILLAGE OF DEERFIELD Lake and Cook Counties, Illinois Harriet Rosenthal Village President Village Board of Trustees Robert D. Nadler William S. Seiden Officials Eric L. Burk Director of Finance Speer Financial, Inc. Municipal Advisor AUTHORIZATION, PURPOSE AND SECURITY Dan C. Shapiro Barbara J. Struthers Andrew Lichterman Assistant Village Manager Rosenthal, Murphey, Coblentz & Donahue Village Attorney The $5,510,000* General Obligation Bonds, Series 2017 (the `Bonds"), are being issued pursuant to the home rule powers of the Village of Deerfield, Lake and Cook Counties, Illinois (the "Village"), under Section 6 of Article VII of the 1970 Constitution of the State of Illinois, and pursuant to a bond ordinance expected to be adopted by the Board of Trustees of the Village on the 6' day of February, 2017 (the "Bond Ordinance"), Bond proceeds will be used to (i) advance refund a portion of the Village's outstanding General Obligation Bonds, Series 2008, (ii) finance street improvements of the Village, and (iii) to pay the costs of issuance of the Bonds. See "PLAN OF FINANCING" and "THE PROJECT" herein.. The Bonds constitute valid and legally binding full faith and credit general obligations of the Village, and are payable from any funds of the Village legally available for such purpose, and all taxable property in the Village is subject to the levy of taxes to pay the same without limitation as to rate or amount. The Bond Ordinance provides for the levy of ad valorem taxes, unlimited as to rate or amount, upon all taxable property within the Village in amounts sufficient to pay, as and when due, all principal of and interest on the Bonds. The Bond Ordinance will be filed with the County Clerks of Lake and Cook County, and will serve as authorization to said County Clerks to extend and collect the property taxes as set forth in the Bond Ordinance. *Subject to change. 2 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 THE VILLAGE The Village of Deerfield, incorporated in 1903, is located in Lake County with a portion in Cook County and covers an area of approximately 7.0 square miles. The Village is a home -rule unit of government pursuant to a referendum on April 15, 1975 and operates under the councillmanager form of government. The Illinois Tri-State Toll -road (Interstate 94) runs through the western part of the Village and the Toll -road spur connecting the Tri-State Toll -road and Eden's Expressway (four miles east) is the approximate southern boundary of the Village. The Village is home to many corporate headquarters, research centers and facilities for many well-known national and international companies. The Village had a population of 18,225 as of the 2010 U.S. Census. Village Government and Services The Village of Deerfield is governed by a Village President, often called the Mayor, and a six member Board of Trustees, all of whom are elected for a four year staggered term, and who serve without pay. The Board is the legislative body of the Village government. The administrative work is performed under the direction of the Village Manager, who is salaried and appointed by the Village President and Board of Trustees. There are eighteen boards and commissions appointed to assist the Village Board in its policy -making decisions. While most operate at the sole discretion of the Village Board, some have specific duties and obligations established by state law. The overall communication process between the Village and its residents is enhanced through the voluntary service of more than 100 citizens who serve as advisors to the Village President and the Board of Trustees. The Village has purchased Lake Michigan water from the Village of Highland Park on a contractual basis since 1913. The Village maintains three pumps at the reservoir in Highland Park and has 78 miles of water mains through which some one billion gallons per year are passed. The Village has a one million gallon elevated tank and a 4.3 MG underground reservoir. Natural gas is provided by North Shore Gas, cable television is provided by Comcast and AT&T Broadband, and telephone service is provided by AT&T and various other companies. The Village is served by separate sanitary sewers (70 miles) and storm sewers (70 miles) with treatment provided by the Village owned sewage treatment plant. A portion of the west side (all Villages west of the tollway) sewer service is by Lake County. The Village's most recent treatment plant expansion was completed in 2013. The Deerfield Police Department consists of 40 sworn officers and has been a fully accredited agency with CALEA since 2005. Each squad car is equipped with a laptop computer, which is linked to a variety of different resources; there are a total of ten marked patrol cars. The officer is able to send and receive messages from dispatch and other officers in the field. The computers also connect to different state and federal databases, enabling officers to run criminal history background checks, obtain license information, as well as a wealth of other information. Fire protection and paramedic services are provided by the Deerfield -Bannockburn Fire Protection District, a separate taxing jurisdiction, which houses 42 sworn personnel and three civilian employees at its station in Deerfield and Bannockburn. The District's Deerfield fire station was occupied in July, 1996. The Bannockburn fire station in the northern part of the District was completed in June, 1998. Both stations were constructed from funds on hand. The excellence of the District and the Village's water system has resulted in a high Class 3 fire insurance rating. The Deerfield Public Library was first opened in 1927 with a total of 700 books. The library was originally housed in the Deerfield Grammar School, it then moved to 762 Waukegan Road, then to 860 Waukegan Road. The Library is now permanently located at 920 Waukegan Road with a total of over 200,000 items. Village ofDeerfreld, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 0. Education There are seven public schools, which include four elementary schools, two middle schools and one high school that serve the Village. The area also has two private elementary schools and two private high schools in the Village. Trinity International University is the only college in the Village with an enrollment of approximately 1,200 undergraduate students and 1,500 graduate students. In addition, there are many higher educational opportunities within the surrounding areas such as National -Lewis University, Kendall College, Lake Forest College and Roosevelt University. Other educational institutions in surrounding communities include DePaul University, Dominican University, Northeastern University and Robert Morris College as well as the many other colleges and universities within the Chicago -land area. Recreation The Deerfield Park District was created in 1951 and serves virtually all of the Village's resident population and a portion of the Village of Riverwoods. The District system operates on revenue received from the district's share of real estate property taxes and user fees. The District owns more than 350 acres of land which includes 20 park sites, an 18- hole golf course, two outdoor pools, a nature area, a skate park, two community centers, a multi -use recreation center and approximately 900 leisure/recreation programs per year. Transportation Commuters have transportation to Chicago via the Metra Milwaukee District Railroad, with two stations and parking for over 500 cars at each station. The Lake -Cook station area employers participate in a commuter shuttle service program which takes commuters to and from the station. The stations are both served by Pace buses. Deerfield is located one mile west of Route 41, a direct auto route to Chicago or Wisconsin. The Tollway (I-294) goes north to Wisconsin and south to 1-80 which is the Illinois connection to Indiana and Iowa. Deerfield is within 15 miles of Chicago's O'Hare International Airport; a short ride down the Tri-State Tollway with access from both Deerfield Road and Lake Cook Road in Deerfield. O'Hare Airport is a 25 minute drive, Midway Airport is a 1 hour 20 minute drive, Chicago Executive Airport is a 10 minute drive, Mitchell Field in Milwaukee is a 50 minute drive, and the Loop is a 45 minute drive. The remainder of this page was left blank intentionally. 4 Village of Deerfield, Lake and Cook Counties,lllinois General Obligation Bonds, Series 2017 SOCIOECONOMIC INFORMATION The following statistics principally pertain to the Village with additional comparisons with Lake County, Cook County and the State of Illinois (the "State"). Major Village Employers(]) Approximate Name Product.%Service Employees Walgreen Co. ..... .... ... ...... .Company Headquarters; Pharmacy & Drugstore. ..... . 9,600 Baxter International, Inc. ... Corporate Headquarters; Pharmaceutical Products ..... .... 4,000 Takeda Pharmaceuticals USA, Inc. .. Corporate Headquarters; Pharmaceutical Products ..... .. ..... 1,700 Mondelez International ............ Corporate Headquarters; Confectionery, Food and Beverage Company.. 1,200 Essendant .......................... ... Company Headquarters; Office Equipment................... .... 800 Deerfield Park District ............ . ... Park District............... .................................. 500 Deerfield School District 109 ........ .... . Education..................................................... 500 Trinity International University ... ... University .................. ........ ......................... 500 Wade Paper Corp .................... ........Wholesale Paper Distribution......... ........................... 500 Beam Suntory, Inc . ................. ......... Corporate Headquarters; Distilled Liquors... .................... 400 Illinois Student Assistance Commission ........... Student financial aid program .................................... 350 Siemens Healthcare Solutions USA, Inc ............ Corporate Headquarters; Medical Diagnostic Equipment ............. 350 Textura Corp....................................Software Development............................................. 350 Note: (1) Source: 2016 Illinois Manufacturers Directory, 2016 Illinois Services Directory and the Village's Fiscal Year 2015 Comprehensive Annual Financial Report. Major Area Employers(]) Location Name Northbrook ...The Allstate Corporation.. ...... Northfield ..... Kraft Heinz Foods Company ............... Northbrook .....Underwriters Laboratories... ......... Buffalo Grove ..Siemens Building Technologies,........ Wheeling ....... Durable Packaging International......... Northbrook ..... CVS Caremark ............................ Glenview ....... Abt Electronics, Inc .................... Highland Park. Highland Park Hospital .................. Buffalo Grove..I.S.I.............. .................... Northbrook .....Astellas Pharma US, Inc... ........... Glenview ....... Anixter, Inc ......................... Glenview...... Glenbrook Hospital .................. Northbrook... ..Northbrook Court .................... Lincolnshire ... Zebra Technologies .................. Glenview ....... Glenbrook High School District 225...... Wheeling ....... Handi—Fail Corp .................... Lincolnshire ...HydraForce, Inc .................... Wheeling ....... Segerdahl Corp ................... . Northfield ..... College of American Pathologists........ Glenview ....... Midwest Industrial Packaging..... . Approximate Product./Service Employment Corporate Headquarters; Insurance. ................... 8,750 Company Headquarters; Food Products ......................... 3,300 Corporate Headquarters; Product Testing and Certification..... 2,000 Building Control Systems ................................. 1,800 Aluminum Foil and Packaging Products ...................... 1,500 Drug Store Chain ....................... .................... 1,400 Consumer Electronics & Appliances ... ........ I...... 1,200 Hospital................................................... 1,200 Management Consultants .................. .................. 1,200 Corporate Headquarters; Pharmaceuticai Research Laboratories. 1,150 Corporate Headquarters; Telecommunications Products.... .... 1,000 General Hospital ...................................... ...... 1,000 Shopping Mall ............................... ............. 1,000 Corporate Headquarters; Label Printing ..... ................. 900 Secondary Education ....................... .. .............. 849 Aluminum Foil and Packaging Products ...... .............. 800 Hydraulic Cartridge Valves ................................... 750 Corporate Headquarters; Digital Printing ..................... 725 Pathologists' Membership Association ..... .... .... 600 Packaging Equipment ...................... ...... 600 Note: (1) Source: 2016 Illinois Manufacturers Directory and 2016 Illinois Services Directory. Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 IL A The following tables show employment by industry and by occupation for the Village, Lake County, Cook County and the State as reported by the U.S. Census Bureau 2011-2015 American Community Survey 5-year estimated values. Employment By Industry(]) Classification Agriculture, Forestry, Fishing and Hunting, and Mining Construction ...................... ....... ...... Manufacturing ............................. ....... Wholesale Trade ........................... ...... Retail Trade .............................. ...... Transportation and Warehousing, and Utilities........ Information ...................................... Finance and Insurance, and Real Estate and Rental and Leasing ..................................... Professional, Scientific, and Management, and Administrative and Waste Management Services.... Educational Services and Health Care and Social Assistance ............................... . Arts, Entertainment and Recreation and Accommodation and Food Services ............................... Other Services, Except Public Administration........ Public Administration ............................... Total............................................. _ The Village Lake County Cook County The State Number Percent Number Percent Number Percent Number Percent 0 0.0% 856 0.3% 4,575 0.2% 64,380 1.1 % 234 2.5% 16,494 4.9% 112,960 4.6% 313,232 5.1 % 888 9.6% 54,669 16.1 % 254,630 10.3% 765,301 12.6% 554 6.0% 14,885 4.4% 68,415 2.8% 184,522 3.0% 827 8.9% 39,821 11.7% 249,744 10.1 % 668,523 11.0% 150 1.6% 11,921 3.5% 158,391 6.4% 358,122 5.9% 214 2.3% 6,492 1.9% 56,415 2.3% 123,286 2.0% 1 192 12.9% 26,916 7.9% 199,520 8. 1 % 446,219 7.3% 2,003 21.6% 46,588 13.7% 342,325 13.9% 695,791 11.4% 1,925 20.8% 65,163 19.2% 561,213 22.8% 1,396,976 23.0% 743 8. 0% 31,016 9. 2% 243,193 9. 9% 551,219 9. 1 % 473 5.1% 14,326 4.2% 123,729 5.0% 288,602 4.7% 50 0.5% 9,812 2.9% 88,545 3.6% 230,053 3.8% 9,253 100.0% 338, 959 100.0% 2,463,655 100.0% 6,086,226 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2011 to 2015. Employment By Occupation(]) The Village Lake County Cook County _ The State Classification Number Percent Number Percent Number Percent Number Percent Management, Business. Science and Arts ... ..... 5,727 61.9% 142,158 41.9% 943,691 38.3% 2,241,849 36.8% Service ............................................ 814 8.8% 51,931 15.3% 447,279 18.2% 1,057,682 17.4% Sales and Office .................................. 2,296 24.8% 86,415 25.5% 601,574 24.4% 1,493,597 24.5% Natural Resources, Construction, and Maintenance 194 2.1% 20,244 6.0% 150,202 6.1% 444,435 7.3% Production. Transportation, and Material Moving...... 222 2.4% 38,211 11.3% 320,909 13.0% 848,663 13.9% Total ................ ......................... .. 9,253 100.0% 338,959 100.0% 2,463,655 100.0% 6,086,226 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2011 to 2015. The remainder of this page was left blank intentionally. 6 Village of Deerfield Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Unemployment Rates The unemployment rates for the Village, Lake County, Cook County and the State are listed below. Annual Average Unemployment Rates(]) The Lake Cook State of Calendar Year Village County County Illinois 2006.. .......... 2.6% 4.2% 4.9% 4.6% 2007............. 2.9% 4.8% 5.3% 5. 1 % 2008..... ....... 3.8% 6.7% 6.4% 6.4% 2009. ....... 5.7% 9.8% 10.5% 10.0% 2010. ...... , 6.3% 9.8% 10.9% 10.5% 2011. 5.5% 8.8% 10.5% 9.7% 2012.. 5.2% 8.0% 9.7% 8.9% 2013. 6.0% 7.9% 9.7% 9.2% 2014. ... 4.5% 6.4% 7.5% 7. 1 % 2015........ 4.0% 5.5% 6.1 % 5.3% 2016 (2) ... N/A 4.8% 5.7% 5.5% Notes: (1) Source: Illinois Department of Fmployment Security. (2) Preliminary rates for August 2016. Building Permits Village Building Permits(]) (Excludes the Value of Land) Village of Deerfield Commercial Construction Residential Construction Fiscal Number of Number of Year Units Value Units Value Total Value 2015 ...... 165 $26, 592, 549 945 $ 29, 490, 403 $ 56, 082, 952 2014 ...... 150 27, 098, 329 997 113, 769. 054 140, 867, 383 2013 ...... 161 57, 429, 498 1,225 25, 860, 642 83, 290, 140 (2) 2012 ...... 115 21, 834.816 992 45, 919, 552 67, 754, 368 2011 ...... 123 73, 271, 799 955 28, 058, 791 101, 330, 590 Notes: (1) Source: The Village. (2) Due to a change in the Village' s fiscal year end date, represents the 20 months beginning May 1, 2012 through December 31, 2013. The remainder of this page was left blank intentionally. 7 Village of Deerfield, Lake and Cook Counties, Illinois GenerglObligation Bonds, Series 2017 f. Housing The U.S. Census Bureau 5-year estimated values reported that the median value of the Village's owner -occupied homes was $496,100. This compares to $245,300 for Lake County, $218,700 for Cook County and $173,800 for the State. The following table represents the five year average market value of specified owner -occupied units for the Village, Lake County, Cook County and the State at the time of the 2011-2015 American Community Survey. Home Values(]) The Village Value Number Percent Under $50, 000 .. .... 72 1.2% $50,000 to $99,999 .... ... .... 20 0.3% $100,000 to $149,999 .... .... ... .... 52 0.9% $150,000 to $199,999 ....... .... ... ........ 119 2.0% $200,000 to $299,999 .... .... 490 8.4% $300,000 to $499,999 .... ... .... 2,202 37.8% $500,000 to $999,999 ..... .... ... 2,506 43.0% $1, 000, 000 or more . ....... .... ... .... 366 6.3% Total............ .... 5,827 100.0% Lake County Cook Counter The State Number Percent Number Percent Number Percent 6,656 3.7% 48,037 4.3% 240,110 7.6% 14,881 8.3% 108,435 9.8% 518,898 16.3% 23,958 13.3% 157,507 14.2% 533,593 16.8% 27,259 15.2% 185,870 16.8% 527,923 16.6% 35,313 19.6% 261,739 23.6% 648,006 20.4% 37,866 21.1 % 219,756 19.8% 473,931 14.9% 27,235 15. 1 % 99,160 9.0% 188,536 5.9% 6.617 3. 7% 26,981 2. 4% 46,708 1. 5% 179,785 100.0% 1,107,485 100.0% 3,177,705 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2011 to 2015. Mortgage Status(]) The Villaze Lake County Cook County _The State Value Number Percent Number Percent Number Percent Number Percent Housing Units with a Mortgage ..... . 4,117 70. 7% 131,085 72. 9% 756,665 68. 3% 2, 104, 166 66. 2% Housing Units without a Mortgage . ....... .... 1,710 29.3% 48,700 27.1% 350,820 31.7% 1,073,539 33.8% Total ... ............ ......... ... .... 5,827 100.0% 179,785 100.0% 1,107, 485 100.0% 3,177, 705 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2011 to 2015. Income Per Capita Personal Income for the Highest Income Counties in the State(]) Rank 2011 to 2015 1 .....................Ou?age County............... $39,336 2. ................... Lake County................. 39,299 3 ...... ....... ..McHenry County. ..... 33,735 4 ........ ....... Monroe County.. ..... 32,889 5 ....... ...... Piatt County... ..... 32,724 6 .... ..... ..Will County.... ........ 31,310 7 ... .... . ...McLean County..... ... 31,305 8 .... ...... Kane County.... .... 31,056 9 ...... ..... Kendall County. .... 31,053 10 .... ..... Sangamon County. ..... 31,024 11.................... Cook County................ 31,013 Note: (1) Source: U.S. Bureau of the Census. 2011 to 2015 American Community 5-Year Estimates. 8 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 The following shows a ranking of median family income for the Chicago metropolitan area from the 2011-2015 American Community Survey. Ranking of Median Family Income(]) Family County Income Rank DuPage County .... $96,751 1 Lake County.......... 93,668 2 Kendall County ... 91,612 3 McHenry County ... 89,768 4 Will County ...... 87,950 5 Kane County ...... 81,718 8 Cook County.......... 67,324 23 Note: (1) Source: U.S. Bureau of the Census 2011 to 2015 American Community Survey 5-Year Estimates. The U.S. Census Bureau 5-year estimated values reported that the Village had a median family income of $167,575. This compares to $93,668 for Lake County, $67,324 for Cook County and $71,546 for the State. The following table represents the distribution of family incomes for the Village, Lake County, Cook County and the State at the time of the 2011-2015 American Community Survey. Value Under $10,000 ........ ........... ............. .. .. $10, 000 to $14, 999 ... $15,000 to $24,999 ............................... $25,000 to $34,999 .................................. $35,000 to $49,999.................................. $50,000 to $74,999 ............................... .. $75,000 to $99,999.. ............................... $100,000 to $149,999 .............................. $150,000 to $199,999 ............................. .. $200,000 or more.... ... Total... ......... Family Income(]) The ViIla a Lake Count; _ _Cook County The State Number Percent Number Percent Number Percent Number Percent 19 0.4% 5,202 2.9% 64,458 5.4% 137,468 4.4% 45 0.9% 3,425 1.9% 39,120 3.3% 83,523 2.7% 26 0. 5% 8,496 4. 7% 98,161 8. 3% 219,861 7. 0% 91 1.8% 9,595 5.4% 103,925 8.8% 247,041 7.9% 243 4.8% 16,988 9.5% 140,772 11.9% 372,279 11.9% 379 7.4% 28,020 15.6% 200,807 16.9% 572,734 18.3% 381 7. 5% 23,386 13. 0% 156,377 13. 2% 460,502 14. 7% 1.031 20.2% 35,259 19.7% 190,625 16.1 % 554,220 17.7% 925 18.1 % 20,797 11.6% 87,173 7.4% 234,835 7.5% 1,973 38.6% 28,153 15.7% 103,439 8.7% 242,220 7.8% 5,113 100.0% 179,321 100.0% 1,184,857 100.0% 3,124,683 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2011 to 2015. The remainder of this page was left blank intentionally. 9 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 0. The U.S. Census Bureau 5-year estimated values reported that the Village had a median household income of $137,423. This compares to $78,026 for Lake County, $55,251 for Cook County and $57,574 for the State. The following table represents the distribution of household incomes for the Village, Lake County, Cook County and the State at the time of the 2011-2015 American Community Survey. Household Income(]) The Village Lake County Cook County_ The State Value Number Percent Number Percent Number Percent Number Percent Under $10, 000 ........... .. .... 33 0.5% 10,067 4.2% 166,690 8.6% 343,101 7.2% $10, 000 to $14, 999 ...... 200 3. 0% 6,987 2. 9% 95,443 4. 9% 217,426 4. 5% $15, 000 to $24, 999 ...... ... 249 3.7% 16,736 6.9% 201,757 10.4% 477,279 10.0% $25,000 to $34,999 ............................... 241 3.6% 17,446 7.2% 183,447 9.4% 449,729 9.4% $35,000 to $49,999................................. 459 6.9% 25,939 10.7% 241,142 12.4% 610,069 12.7% $50,000 to $74,999................................. 652 9.7% 39,891 16.5% 328,904 16.9% 851,656 17.8% $75,000 to $99,999 ............................... 546 8.2% 30,291 12.5% 231,125 11.9% 609,496 12.7% $100, 000 to $149, 999 ...... .. . ...... . ............. 1.219 18.2% 41,436 17. 1 % 258,409 13.3% 676,505 14. 1 % $150, 000 to $199, 999 . ... ............. .... 1,005 15.0% 23,040 9.5% 109,676 5.6% 272,382 5.7% $200, 000 or more ...... ............................. 2,087 31.2% 30,593 12.6% 126,366 6.5% 278,745 5.8% Total ... ......................................... 6,691 100.0% 242,426 100.0% 1,942,959 100.0% 4,786,388 100.0% Note: (1) Source: U.S. Bureau of the Census, American Community Survey 5-year estimates 2011 to 2015. Retail Activity Following is a summary of the Village's sales tax receipts as collected and disbursed by the State Department of Revenue. Retailers' Occupations, Service Occupation and Use Tax(]) Calendar Municipal Percent Home Rule Percent Percent Year Tax(2) Change + Sales Tax(11 Change + (-) Total Change + (-) 2006. ........ $4, 580, 773 3.96% $1, 851, 486 2.58% $6, 432, 259 3.56% 2007.. .... 4,446,432 (2.93%) 1,844,509 (0.38%) 6,290,941 (2.20%) 2008.. .... 4,445,025 (0.03%) 1,859,325 0.80% 6,304,350 0.21% 2009.. .... 4,337,824 (2.41 %) 3, 577, 484 92.41 % (3) 7,915,309 25.55% 2010.. ... .... 4,205,713 (3.05%) 3,407,258 (4.76%) 7,612,971 (3.82%) 2011.. .... 4,905,275 16.63% 4,133,988 21.33% 9,039,263 18.74% 2012. .... 5,531,977 12. 78% 4,817,254 16, 53% 10, 349, 231 14. 49% 2013. .... 5,034,621 (8.99%) 4,319,041 (10.34%) 9,353,663 (9.62%) 2014........... 5,434,044 7.93% 4,550,493 5.36% 9,984,537 6.74% 2015. .... 4,777,330 (12.09%) 3,920,651 (13.84%) 8,697,980 (12.89%) Growth from 2006 to 2015 4.29% 111.76% 35.22% Notes: (1) Source: Illinois Department of Revenue. (2) Tax distributions are based on records of the Illinois Department of Revenue relating to the 1% municipal portion of the Retailers' Occupation, Service Occupation and Use Tax, collected on behalf of the Village, less a State administration fee. The municipal 1% includes tax receipts from the sale of food and drugs which are not taxed by the State. (3) The Village's Hone Rule Sales tax rate was changed from 0.5% to 1.0% effective January 1, 2009. 10 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 THE PROJECT A portion of the Bond proceeds will be used to finance certain street improvements of the Village, and to pay the costs of issuance of the Bonds. The street improvements represent the Village's Street Rehabilitation Program which is part of its three-year enhanced capital improvement plan. PLAN OF FINANCING Bond proceeds will be used to fund an escrow to advance refund a portion of the Village's outstanding General Obligation Bonds, Series 2008, as listed below (the "Refunded Bonds"): The Refunded Bonds Outstanding General Obligation Bonds, Series 2008 Outstanding Refunded Redemption Redemption CUSIPs(2) Maturity Amount Amount(1) Price(s) Date (Base: 244415) 12/01/2017........ $ 225,000 $ 0 NA NA HG3 12/01/2018........ 235,000 235,000 100.00% 12/01/2017 HHl 12/01/2019 ........ 245,000 245,000 100.00% 12/01/2017 HJ7 12/01/2020........ 255,000 255,000 100.00% 12/01/2017 HK4 12/01/2021........ 265,000 265,000 100.00% 12/01/2017 HL2 12/01/2022 ........ 275,000 275,000 100.00% 12/01/2017 HMO 12/01/2023....... 290,000 290,000 100.00% 12/01/2017 HN8 12/01/2024........ 300,000 300,000 100.00% 12/01/2017 HP3 12/01/2025........ 315,000 315,000 100.00% 12/01/2017 H01 12/01/2026_....... 330,000 330,000 100.00% 12/01/2017 HR9 12/01/2027........ 345,000 345,000 100.00% 12/01/2017 HS7 12/01/2028........ _ 360 000 360 000 100.00% 12/01/2017 HT5 Total ........... $3, 440, 000 $3, 215, 000 Notes: (1) Subject to change. (2) CUSIP numbers appearing in this Official Statement have been provided by the CUSIP Service Bureau, which is managed on behalf of the American Bankers Association by S&P Global Ratings. The Village is not responsible for the selection of CUSIP numbers and makes no representation as to their correctness on the Bonds or as set forth on the cover of this Official Statement. Bond proceeds will be used to purchase direct full faith and credit obligations of the United States of America (the "Government Securities"), the principal of which together with interest to be earned thereon will be sufficient (i) to pay when due the interest on the Refunded Bonds as stated above, and (ii) to pay principal of and call premium, if any, on the Refunded Bonds on their respective redemption dates. The remaining bond proceeds allocated to the refunding plan will be used to pay the costs of issuing the Bonds. The Government Securities will be held in an escrow account created pursuant to an escrow agreement (the "Escrow Agreement") dated as of February 28, 2017, between the Village and U.S. Bank, National Association, Chicago, Illinois, as Escrow Agent (the "Escrow Agent"). The mathematical calculations: (a) of the adequacy of the deposit made pursuant to the Escrow Agreement to provide for the payment of certain interest, principal and call premiums on the Refunded Bonds, and (b) supporting the opinion of Bond Counsel that the interest of the Bonds is excludable from gross income of the owners thereof for federal income tax purposes will be verified by Sikich, LLP, Independent Certified Public Accountant, 1877 West Downer Place, Aurora, Illinois at the time of delivery of the Bonds. 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Percent(3 Amount Schools: Elementary School District 109 ........................... $ 19,425,000 76.99% $ 14,955,308 High School District Number 113 .......................... 95,840,000 29.84% 28,598,656 High School District Number 225 .......................... 77,918,534 2.94% 2,290,805 Community College District Number 532........................ 69,265,000 5.36% 3,712,604 Community College District Number 535........................ 33,175,000 0.69% 228_.908 Total Schools .......................................... .............. .......... $ 49,786,280 Others: Lake County ...... ....................................... $ 190,325,000 5.09% $ 9,687,543 Lake County Forest Preserve District ......................... 285,680,000 5.09% 14,541,112 Cook County ......... ...................................... 3,313,286,750 0.10% 3,313,287 Cook County Forest Preserve District ........................ 168,620,000 0.10% 168,620 Metropolitan Water Reclamation District of Greater Chicago... 2,802,575,327 1.74% 48,792,836 Deerfield Park District ..................................... 2,820,000 97.54% 2,750,628 Northbrook Park District ......................... ... 7,675,000 3.61% 277,068 Park District of Highland Park .............................. 2,935,000 1.31% 38.449 TotalOthers .............................................. .............. ... ..... 79� ,569,542 Total Schools and Others Overlapping Bonded Debt.. .... .............. ... ..... $129,355,822 Note: (1) Source: Cook County Clerk. (2) Includes original principal amounts of capital appreciation bonds and alternate revenue bonds. Excludes debt certificates. (3) Percentages are based on 2015 Equalized Assessed Valuations, the most recent available. Statement of Bonded Indebtedness(1) Ratio To Per Capita Amount Equalized Estimated (2010 Census Applicable Assessed _Actual Pop. 18,225) Assessed Valuation of Taxable Property, 2015.......... .. ..... $1,319,070,388 100.00% 33.33% $ 72,376.98 Est i mated Aotua l Value, 2015 . $3, 957, 211, 164 300, 00% 100, 00% $217,130. 93 Village Direct Bonded Debt(2) ......................... $ 61,235,000 4.64% 1.55% $ 3,359.95 Overlapping Debt:(3) Schools .................................................... $ 49,786,280 3.77% 1.26% $ 2,731.76 All Others ..................................................... 79,569,542 6.03% 2.01% 4.365.96 Total Overlapping Bonded Debt ................................ 129,355,822 9.81% 3.27% ; 7 097.71 Total Net Direct & Overlapping Debt (2) (3)................... $ 190,590,822 14.45% 4.82% $ 10,457.66 Notes: (1) Source: The Village. (2) Includes the Bonds and excludes the Refunded Bonds. Subject to change. (3) As of October 25, 2016. The remainder of this page was left blank intentionally. 13 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 PROPERTY ASSESSMENT AND TAX INFORMATION For the 2015 levy year, the Village's EAV was comprised of 74.7% residential, 0.5% industrial and 24.9% commercial property valuations. Village Equalized Assessed Valuation(1) Lev-, Years _ Pro;,ert,._Class 2011 2012 _ 2013 2014 2015 Residential ............. . ...... _ $1, 012, 534, 720 $ 938, 649, 978 $ 898, 117, 390 $ 909, 922, 822 $ 984, 948, 931 Cormerc i a I ............ _ ......... 364, 721, 276 340, 275, 838 316, 522, 689 311, 130, 618 327, 995, 985 Industrial.. ............... 1� 443 14. 338. 152 13, 777, 096 _ 6, 248, 146 6 125 472 Total ..... ....... $1, 392, 522, 439 $1, 293, 263, 968 $1, 228, 417,175 $1, 227, 301, 586 $1, 319, 070, 388 County Lake County ................... $1, 234, 580, 528 $1, 148, 442, 941 $1, 091, 644, 439 $1, 096, 776, 425 $1, 190, 201, 367 Cook County ... ....... ...... 157. 941,911 _144. 821. 027 136. 772 736 130._525. 161 228, 869._.021 Total ........... ............ $1, 392, 522, 439 $1, 293, 263, 968 $1, 228, 417,175 $1, 227, 301, 586 $1, 319, 070, 388 Percent change +H ... .... (8.58%) (2) (7. 13%) (5.01%) (0.09%) 7 48% Notes: (1) Source: Lake and Cook County Clerks' Offices. (2) Percentage based on 2010 EAV of $1,523,159,819. Representative Tax Rates(1) (Per $100 EAV) Levy Years 2011 2012 2013 2014 2015 Village Rates Bond and Interest.. ..... .... .... .... $0.098 $0.159 $0.175 $0.251 $0.278 Corporate ...................... .... ... 0.154 0.164 0.184 0.000 0.261 Garbage ............................ .. ... 0.064 0.071 0.077 0.080 0.000 All Other .................. ............ ..... 0.004 0.063 0.067 0.199 0.353 Total Village Rate .... . ..... $0.320 $0.457 $0.503 $0.530 $0.893 Lake County (Including Forest Preserve) ...... 0.755 0.820 0.881 0.893 0.871 Deerfield Elementary Dist. 109 ........ .... 2.892 3.254 3.424 3.401 3.211 High School District 113 .............. .... 2.167 2.178 2.364 2.421 2.309 Community College District Number 532.. .... 0.240 0.272 0.296 0.306 0.299 Deerfield Park District ............... .... 0.503 0.546 0.585 0.599 0.552 Deerfield -Bannockburn Fire Protection District... 0.529 0.593 0.637 0.650 0.624 All Other(2).................................. 0.073 0.053 0.048 0.053 0.049 Total(3)................................ . $7.479 $8.173 $8.738 $8.853 $8.809 Notes: (1) Source: Cook County Clerk. (2) Includes the Township of West Deerfield and the Southlake Mosquito Abatement District. (3) Representative tax rate is for Lake County Tax Code 17004 which represents the largest tax code of the Village's 2015 EAV: the latest data available. Village Tax Extensions and Collections(1) Percent of Levy Collection Tax Taxes Collections Year Year Extensions . Collected to Tax Lev; 2010............ 2011 ....... $ 6,295,553 $ 6,290,142 99.91 % 2011. ........ 2012 ....... 7,990,420 7,990,675 100.00% 2012............ 2013 ....... 8,851,071 8,842,733 99.91 % 2013............ 2014 ....... 9,165, 763 9,158, 991 99.93% 2014............ 2015 ....... 10, 294, 455 10, 278, 243 99. 84% 2015............ 2016 ....... 11, 745, 998 11, 672, 569 99.37% Notes: (1) Source: the Village 14 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Principal Village Taxpayers(1) Taxpayer Business/Service 2015 EAV(2) Walgreen Co ............................. Pharmacy, Company Headquarters .. ....... . ... $ 40,655,745 Arden Realty, Inc ....................... Real Property...... .... .................. 39,402,488 Scott Dressing, Sr Mgr Taxation ......... Real Property ................................. 27,302,061 MidAmerica Asset Management ............. Real Property..............., ................. 26,098,628 JBC Funds Parkway North LLC............. Real Property................................. 20,199,294 CRM Properties Group .................... Real Property ....................... .......... 13,751,674 James Campbell Cc LLC................... Real Property................................. 13,543,858 LO Deerfield Operating .................. Real Property................................. 8,744,921 Wells Core REIT — Four Parkway North LLC Real Property ................. ................ 8,015,031 Mariner III Pfingsten................... Real Property......... ..... ..... ....... 7,182 217 Total................................. ................. .... ... $204,895,917 Ten Largest Taxpayers as Percent of Total .................. ... ...... 15.53% Notes: (1) Source: Lake and Cook County Clerks' Offices. (2) Every effort has been made to seek out and report the largest taxpayers. However, many of the taxpayers listed contain multiple parcels, and it is possible that some parcels and their valuations have been overlooked. The 2015 EAV is the most current available. REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES LAKE COUNTY Tax Levy and Collection Procedures Local assessment officers determine the assessed valuation of taxable real property and railroad property not held or used for railroad operations. The Illinois Department of Revenue (the "Department") assesses certain other types of taxable property, including railroad property held or used for railroad operations. Local assessment officers' valuation determinations are subject to review at the county level and then, in general, to equalization by the Department. Such equalization is achieved by applying to each county's assessments a multiplier determined by the Department. The purpose of equalization is to provide a common basis of assessments among counties by adjusting assessments toward the statutory standard of 33-1/3% of fair cash value. Farmland is assessed according to a statutory formula which takes into account factors such as productivity and crop mix. Taxes are extended against the assessed values after equalization. Property tax levies of each taxing body are filed in the office of the county clerk of each county in which territory of that taxing body is located. The county clerk computes the rates and amount of taxes applicable to taxable property subject to the tax levies of each taxing body and determines the dollar amount of taxes attributable to each respective parcel of taxable property. The county clerk then supplies to the appropriate collecting officials within the county the information needed to bill the taxes attributable to the various parcels therein. After the taxes have been collected, the collecting officials distribute to the various taxing bodies their respective shares of the taxes collected. Taxes levied in one calendar year are due and payable in two installments during the next calendar year. Taxes that are not paid when due, or that are not paid by mail and postmarked on or before the due date, are subject to a penalty of 1-1/2% per month until paid. Unpaid property taxes, together with penalties, interest and costs, constitute a lien against the property subject to the tax. Exemptions The Illinois Property Tax Code, as amended (the "Property Tax Code"), exempts certain property from taxation. Certain property is exempt from taxation on the basis of ownership and/or use, including, but not limited to, public parks, not -for -profit schools, public schools, churches, not -for -profit hospitals and public hospitals. In addition, the Property Tax Code provides a variety of homestead exemptions, which are discussed below. An annual General Homestead Exemption provides that the EAV of certain property owned and used for residential purposes ("Residential Property") may be reduced by the amount of any increase over the 1977 EAV, up to a maximum reduction of $6,000 for tax year 2012 and thereafter. 15 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 The Homestead Improvement Exemption applies to Residential Property that has been improved and to properties that have been rebuilt in the two years following a catastrophic event, as defined in the Property Tax Code. The exemption is limited to $75,000 per year, to the extent the Assessed Valuation is attributable solely to such improvements or rebuilding. The Senior Citizens Homestead Exemption annually reduces the EAV on residences owned and occupied by senior citizens. Beginning with tax year 2013, the maximum exemption is $5,000. The Senior Citizens Assessment Freeze Homestead Exemption freezes property tax assessments for homeowners who are 65 and older, reside in their property as their principal place of residence and receive a household income not in excess of $55,000. This exemption grants to qualifying senior citizens an exemption equal to the difference between (a) the current EAV of the residence and (b) the EAV of a senior citizen's residence for the year prior to the year in which he or she first qualifies and applies for the exemption, plus the EAV of improvements since such year. Beginning January 1, 2015 purchasers of certain single family homes and residences of one to six units located in certain distress communities can apply for the Community Stabilization Assessment Freeze Pilot Program. To be eligible the purchaser must meet certain requirements for rehabilitating the property, including expenditures of at least $5 per square foot, adjusted by CPI. Upon meeting the requirements, the assessed value of the improvements is reduced by (a) 90% in the first seven years, (b) 65% in the eighth year and (c) 35% in the ninth year. The program will be phased out by June 30, 2029. The Natural Disaster Homestead Exemption (the "Natural Disaster Exemption") applies to homestead properties containing a residential structure that has been rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. A natural disaster is an occurrence of widespread or severe damage or loss of property resulting from any catastrophic cause including but not limited to fire, flood, earthquake, wind, or storm. The Natural Disaster Exemption is equal to the equalized assessed value of the residence in the first taxable year for which the taxpayer applies for the exemption minus the base amount. To be eligible for the Natural Disaster Exemption, the residential structure must be rebuilt within two years after the date of the natural disaster, and the square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster. The Natural Disaster Exemption remains at a constant amount until the taxable year in which the property is sold or transferred. Three exemptions are available to veterans of the United States armed forces. The Disabled Veterans' Exemption exempts up to $100,000 of the Assessed Valuation of property owned and used exclusively by veterans, their spouses or unmarried surviving spouses. Qualification for this exemption requires the veteran's disability to be of such a nature that the federal government has authorized payment fior purchase of specially adapted housing under the U.S. Code as certified to annually by the Illinois Department of Veterans Affairs. The Disabled Veterans' Standard Homestead Exemption provides an annual homestead exemption to veterans with a service -connected disability based on the percentage of such disability. If the veteran has a (a) service -connected disability of 30% or more but less than 50%, the annual exemption is $2,500, (b) service -connected disability of 50% or more but less than 70%, the annual exemption is $5,000, and (c) service -connected disability of 70% or more, the property is exempt from taxation. The Returning Veterans' Homestead Exemption is available for property owned and occupied as the principal residence of a veteran in the assessment year, or the year following the assessment year, in which the veteran returns from an armed conflict while on active duty in the United States armed forces. This provision grants a one-time homestead exemption of $5,000. Finally, the Disabled Persons' Homestead Exemption provides an annual homestead exemption in the amount of $2,000 for property that is owned and occupied by certain disabled persons who meet State -mandated guidelines. 16 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bands, Series 2017 Property Tax Extension Limitation Law The Property Tax Extension Limitation Law (the "Limitation Law") limits the amount of the annual increase in property taxes to be extended for certain Illinois non -home rule units of government. In general, the Limitation Law restricts the amount of such increases to the lesser of 5% or the percentage increase in the Consumer Price Index during the calendar year preceding the levy year. Currently, the Limitation Law applies only to and is a limitation upon all non - home rule taxing bodies in Cook County, the five collar counties (DuPage, Kane, Lake, McHenry and Will) and several downstate counties. Home rule units, including the Village, are exempt from the limitations contained in the Limitation Law. If the Limitation Law were to apply in the future to the Village, the limitations set forth therein will not apply to any taxes levied by the Village to pay the principal of and interest on the Bonds. Illinois legislators have introduced proposals to modify the Limitation Law, including freezing property taxes and extending tax caps to all taxing bodies in the State (the "Property Tax Freeze Proposal"). If the Property Tax Freeze Proposal or similar legislation were to become law, such reform may have a material impact on the finances of the Village and the ability of the Village to issue non -referendum bonds. The Village cannot predict whether, or in what form, any change to the Limitation Law, including the Property Tax Freeze Proposal, may be enacted into law, nor can the Village predict the effect of any such change on the Village's finances. Truth in Taxation Law Legislation known as the Truth in Taxation Law (the "Law") limits the aggregate amount of certain taxes which can be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the preceding year unless specified notice, hearing and certification requirements are met by the taxing body. The express purpose of the Law is to require published disclosure of, and hearing upon, an intention to adopt a levy in excess of the specified levels. REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES COOK COUNTY Real Property Assessment The Cook County Assessor (the "Assessor") is responsible for the assessment of all taxable real property within Cook County, including that in the Village, except for certain railroad property and pollution control facilities, which are assessed directly by the Illinois Department of Revenue (the "Department of Revenue"). For triennial reassessment purposes, Cook County is divided into three districts: west and south suburbs (the "South Tri"), north and northwest suburbs (the "North Tri"), and the City of Chicago (the "City Tri"). The Village is located in the North Tri and was reassessed for the 2013 tax levy year. Real property in Cook County is separated into classes for assessment purposes. After the Assessor establishes the fair market value of a parcel of property, that value is multiplied by the appropriate classification percentage to arrive at the assessed valuation (the "Assessed Valuation") for the parcel. Prior to the 2009 tax levy year, the classification percentages ranged from 16% for certain residential, commercial and industrial property to 36% and 38%, respectively, for other industrial and commercial property. On September 17, 2008, the Cook County Board of Commissioners approved changes to the property classification ordinance. The changes reduced the percentages used to calculate the assessed value of real property in Cook County for real estate tax purposes. These reductions take effect in the 2009 tax levy year. Such new classification percentages range from 10% for certain residential, commercial and industrial property to 25% for other industrial and commercial property. 17 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Property is classified for assessment into six basic categories, each of which is assessed (beginning with the 2009 tax levy year) at various percentages of fair market value as follows: Class 1) unimproved real estate - 10%; Class 2) residential - 10%; Class 3) rental -residential - 16%, in tax year 2009, 13% in assessment year 2010, and 10% in assessment year 2011 and subsequent years; Class 4) not -for -profit - 25%; Class 5a) commercial - 25%; Class 5b) industrial - 25%. There are also eight additional categories. Upon expiration of such classification, property so classified will revert to one of the basic six assessment classifications described above. Newly constructed industrial properties or substantially rehabilitated sections of existing industrial properties within Cook County may qualify for a Class 6b assessment level, which assessment level is 10% for the first 10 years and for any subsequent 10-year renewal periods. However, if the incentive is not renewed, the 6b assessment level is 15% in year 11 and 20% in year 12, hereafter reverting to Class 5b. Real estate, which is to be used for industrial or commercial purposes where such real estate has undergone environmental testing and remediation, may be eligible for a Class C assessment level. The Class C assessment level for industrial properties is 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5b. Class C commercial properties are assessed at 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Commercial properties that are newly constructed or substantially rehabilitated and are within an area determined to be an area in need of commercial development may be classified as Class 7a or 7b property, and will then be assessed at a level of 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Newly constructed or rehabilitated commercial buildings and acquisition of abandoned property and rehabilitation of buildings thereon including the land upon which the buildings are situated and the land related to the rehabilitation may be classified as Class 7c, and will be assessed at a level of 10% for first 3 years and any 3 year renewal; if not _renewed, 15% in year 4, 20% in year 5, thereafter reverting to Class 5a. Certain commercial and industrial properties located in zones determined to be in need of substantial revitalization or in an enterprise community could be eligible for Class 8 assessments. The Class 8 assessment level for industrial properties is 10% for the first 10 years and for any subsequent 10-year renewal periods. If the incentive is not renewed, the Class 8 assessment level for industrial properties is 15% in year 11 and 20% in year 12, thereafter reverting to Class 5b. The Class 8 assessment level for commercial properties is 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Substantially rehabilitated or new construction multi -family residential properties within certain target areas, empowerment or enterprise zones may be eligible for Class 9 categorization. The Class 9 assessment level is 10% for an initial 10-year period, renewable upon application for additional 10-year periods. When the Class 9 assessment level expires, the assessment level reverts to the applicable classification. Rental -residential (Class 3) properties subject to a Section 8 contract that has been renewed under the "Mark Up To Market" option may qualify for a Class S assessment level. The Class S assessment level is 10% for the term of the Section 8 contract renewal under the Mark Up To Market option, and for any additional terms of renewal of the Section 8 contract under the Mark Up To Market option. When the Class S assessment level expires, the assessment level reverts to Class 3. Substantially rehabilitated properties which are designated as Class 3, Class 4, Class 5a or Class 5b and which qualify as Landmark or Contributing buildings may qualify for a Class L assessment level. The Class L assessment level for Class 3, 4 or 5b properties is 10% for the first 10 years and for any subsequent 10-year renewal periods. If the incentive is not renewed, the Class L assessment level is 15% in year 11 and 20% in year 12, thereafter reverting to Class 3, 4 or 5b. Class L commercial properties are assessed at 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. The Assessor has established procedures enabling taxpayers to contest their proposed Assessed Valuations. Once the Assessor certifies its final Assessed Valuations, a taxpayer can seek review of its assessment by appealing to the Cook County Board of Review, which consists of three commissioners elected by the voters of Cook County. The Board of Review has the power to adjust the Assessed Valuations set by the Assessor. Owners of both residential property having six or fewer units and owners of real estate other than residential property with six or fewer units are able to appeal decisions of the Board of Review to the Illinois Property Tax Appeal Board (the "PTAB"), a statewide administrative body. The PTAB has the power to determine the Assessed Valuation of real property based on equity and the weight of the evidence. Taxpayers may appeal the decision of PTAB to either the Circuit Court of Cook County or the Illinois Appellate Court under the Illinois Administrative Review Law. 18 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 As an alternative to seeking review of Assessed Valuations by PTAB, taxpayers who have first exhausted their remedies before the Board of Review may file an objection in the Circuit Court of Cook County similar to the previous judicial review procedure but with a different standard of proof than that previously required. In addition, in cases where the Assessor agrees that an assessment error has been made after tax bills have been issued, the Assessor can correct any factual error, and thus reduce the amount of taxes due, by issuing a Certificate of Error. Certificates of Error are not issued in cases where the only issue is the opinion of the valuation of the property. Equalization After the Assessor has established the Assessed Valuation for each parcel for a given year, and following any revisions by the Board of Review or PTAB, the Illinois Department of Revenue is required by statute to review the Assessed Valuations. The Illinois Department of Revenue establishes an equalization factor (the "Equalization Factor"), commonly called the "multiplier," for each county to make all valuations uniform among the 102 counties in the State. Under State law, the aggregate of the assessments within each county is to be equalized at 33-1/3% of the estimated fair cash value of real property located within the county prior to any applicable exemptions. One multiplier is applied to all property in Cook County, regardless of its assessment category, except for some farmland property which is not subject to equalization. Once the Equalization Factor is established, the Assessed Valuation, as revised by the Board of Review or PTAB, is multiplied by the Equalization Factor to determine the equalized assessed valuation (the "EAV") of that parcel. The EAV for each parcel is the final property valuation used for determination of tax liability. The aggregate EAV for all parcels in any taxing body's jurisdiction, plus the valuation of property assessed directly by the State, constitutes the total real estate tax base for the taxing body and is the figure used to calculate tax rates (the "Assessment Base"). The following table sets forth the Equalization Factor for Cook County for the last 10 tax levy years. TAX LEVY YEAR EQUALIZATION FACTOR 2006 2.7076 2007 2.8439 2008 2.9786 2009 3.3701 2010 3.3000 2011 2.9706 2012 2.8056 2013 2.6621 2014 2.7253 2015 2.6685 Exemptions The Illinois Property Tax Code, as amended (the "Property Tax Code"), exempts certain property from taxation. Certain property is exempt from taxation on the basis of ownership and/or use, including, but not limited to, public parks, not -for -profit schools, public schools, churches, not -for -profit hospitals and public hospitals. In addition, the Property Tax Code provides a variety of homestead exemptions, which are discussed below. An annual General Homestead Exemption provides that the EAV of certain property owned and used for residential purposes ("Residential Property") may be reduced by the amount of any increase over the 1977 EAV, up to a maximum reduction of $7,000 for tax year 2012 and thereafter. 19 Village of Deerfield Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 The Long -Time Occupant Homestead Exemption limits the increase in EAV of a taxpayer's homestead property to 10% per year if such taxpayer has owned the property for at least 10 years as of January 1 of the assessment year (or 5 years if purchased with certain government assistance) and has a household income of $100,000 or less ("Qualified Homestead Property"). If the taxpayer's annual income is $75,000 or less, the EAV of the Qualified Homestead Property may increase by no more than 7% per year. There is no exemption limit for Qualified Homestead Properties. The Homestead Improvement Exemption applies to Residential Property that has been improved and to properties that have been rebuilt in the two years following a catastrophic event, as defined in the Property Tax Code. The exemption is limited to $75,000 per year, to the extent the Assessed Valuation is attributable solely to such improvements or rebuilding. The Senior Citizens Homestead Exemption annually reduces the EAV on residences owned and occupied by senior citizens. Beginning with tax year 2013, the maximum exemption is $5,000. The Senior Citizens Assessment Freeze Homestead Exemption freezes property tax assessments fcr homeowners who are 65 and older, reside in their property as their principal place of residence and receive a household income not in excess of $55,000. This exemption grants to qualifying senior citizens an exemption equal to the difference between (a) the current EAV of the residence and (b) the EAV of a senior citizen's residence for the year prior to the year in which he or she first qualifies and applies for the exemption, plus the EAV of improvements since such year. Beginning January 1, 2015 purchasers of certain single family homes and residences of one to six units located in certain distress communities can apply for the Community Stabilization Assessment Freeze Pilot Program. To be eligible the purchaser must meet certain requirements for rehabilitating the property, including expenditures of at least $5 per square foot, adjusted by CPI. Upon meeting the requirements, the assessed value of the improvements is reduced by (a) 90% in the first seven years, (b) 65% in the eighth year and (c) 35% in the ninth year. The program will be phased out by June 30, 2029. The Natural Disaster Homestead Exemption (the "Natural Disaster Exemption") applies to homestead properties containing a residential structure that has been rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. A natural disaster is an occurrence of widespread or severe damage or loss of property resulting from any catastrophic cause including but not limited to fire, flood, earthquake, wind, or storm. The Natural Disaster Exemption is equal to the equalized assessed value of the residence in the first taxable year for which the taxpayer applies for the exemption minus the base amount. To be eligible for the Natural Disaster Exemption, the residential structure must be rebuilt within two years after the date of the natural disaster, and the square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disast -,r. The Natural Disaster Exemption remains at a constant amount until the taxable year in which the property is sold or transferred. Three exemptions are available to veterans of the United States armed forces. The Disabled Veterans' Exemption exempts up to $100,000 of the Assessed Valuation of property owned and used exclusively by veterans, their spouses or unmarried surviving spouses. Qualification for this exemption requires the veteran's disability to be of such a nature that the federal government has authorized payment for purchase of specially adapted housing under the U.S. Code as certified to annually by the Illinois Department of Veterans Affairs. The Disabled Veterans' Standard Homestead Exemption provides an annual homestead exemption to veterans with a service -connected disability based on the percentage of such disability. If the veteran has a (a) service -connected disability of 30% or more but less than 50%, the annual exemption is $2,500, (b) service -connected disability of 50% or more but less than 70%, the annual exemption is $5,000, and (c) service -connected disability of 70% or more, the property is exempt from taxation. 20 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 The Returning Veterans' Homestead Exemption is available for property owned and occupied as the principal residence of a veteran in the assessment year, or the year following the assessment year, in which the veteran returns from an armed conflict while on active duty in the United States armed forces. This provision grants a one-time homestead exemption of $5,000. Finally, the Disabled Persons' Homestead Exemption provides an annual homestead exemption in the amount of $2,000 for property that is owned and occupied by certain disabled persons who meet State -mandated guidelines. Tax Levy As part of the annual budgetary process of governmental units (the "Units") with power to levy taxes in Cook County, proceedings are adopted by the designated body for each Unit each year in which it determines to levy real estate taxes. The administration and collection of real estate taxes is statutorily assigned to Cook County Clerk and Cook County Treasurer. After the Units file their annual tax levies, Cook County Clerk computes the annual tax rate; for each Unit. The Cook County Clerk uses the prior year's EAV to compute the taxing district's maximum allowable levy. The maximum levy that can be raised for a Unit is the maximum tax rate for that Unit multiplied by the prior year, EAV for all property currently in the district. The prior year's EAV includes the prior year's EAV plus the EAV of any new property, the current year value of any annexed property, and any recovered tax increment value, minus any disconnected property for the current year under the Limitation Law. The tax rate for a Unit is computed by dividing the lesser of the maximum allowable levy or the actual levy by the current year's EAV. Property Tax Extension Limitation Law The Property Tax Extension Limitation Law (the "Limitation Law") limits the amount of the annual increase in property taxes to be extended for certain Illinois non -home rule units of government. In general, the Limitation Law restricts the amount of such increases to the lesser of 5% or the percentage increase in the Consumer Price Index during the calendar year preceding the levy year. Currently, the Limitation Law applies only to and is a limitation upon all non - home rule taxing bodies in Cook County, the five collar counties (DuPage, Kane, Lake, McHenry and Will) and several downstate counties. Home rule units, including the Village, are exempt from the limitations contained in the Limitation Law. If the Limitation Law were to apply in the future to the Village, the limitations set forth therein will not apply to any taxes levied by the Village to pay the principal of and interest on the Bonds. See "DESCRIPTION OF THE BONDS" herein. Illinois legislators have introduced proposals to modify the Limitation Law, including freezing property taxes and extending tax caps to all taxing bodies in the State (the "Property Tax Freeze Proposal"). If the Property Tax Freeze Proposal or similar legislation were to become law, such reform may have a material impact on the finances of the Village and the ability of the Village to issue non -referendum bonds. The Village cannot predict whether, or in what form, any change to the Limitation Law, including the Property Tax Freeze Proposal, may be enacted into law, nor can the Village predict the effect of any such change on the Village's finances. Extensions The Cook County Clerk then computes the total tax rate applicable to each parcel of real property by aggregating the tax rates of all of the Units having jurisdiction over the particular parcel. The Cook County Clerk extends the tax by entering the tax (determined by multiplying the total tax rate by the EAV of that parcel for the current assessment year) in the books prepared for the Cook County Collector (the "Warrant Books") along with the tax rates, the Assessed Valuation and the EAV. The Warrant Books are the Cook County Collector's authority for the collection of taxes and are used by the Cook County Collector as the basis for issuing tax bills to all property owners. 21 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Collections Property taxes are collected by the Cook County Collector, who is also the Cook County Treasurer, who remits to each Unit its share of the collections. Taxes levied in one year become payable during the following year in two installments, the first due on March 1 and the second on the later of August 1 or 30 days after the mailing of the tax bills. A payment due is deemed to be paid on time if the payment is postmarked on the due date. The first installment is equal to one-half of the prior year's tax bill; beginning in collection year 2010, this estimated amount was raised to 55% of the prior year's tax bill. However, if a Certificate of Error is approved by a court or certified on or before November 30 of the preceding year and before the estimated tax bills are prepared, then the first installment is instead equal to one-half of the corrected prior year's tax bill. The second installment is for the balance of the current year's tax bill, and is based on the then current tax year levy, assessed value and Equalization Factor, and reflects any changes from the prior year in those factors. The following table sets forth the second installment penalty date for the last 10 tax levy years in Cook County; the first installment penalty date has been March 1 for all such years. SECOND INSTALLMENT TAX LEVY YEAR PENALTY DATE 2005 September 1, 2006 2006 December 3, 2007 2007 November 3, 2008 2008 December 1, 2009 2009 December 13, 2010 2010 November 1, 2011 2011 August 1, 2012 2012 August 1, 2013 2013 August 1, 2014 2014 August 3, 2015 2015 August 1, 2016 It is possible that the changes to the assessment appeals process described above will cause delays similar to those experienced in past years in preparation and mailing of the second installment in future years. The Cook County may provide for tax bills to be payable in four installments instead of two. However, Cook County has not required payment of tax bills in four installments. During the periods of peak collections, tax receipts are forwarded to each Unit on a weekly basis. Upon receipt of taxes from the Cook County Collector, the Village ;promptly credits the taxes received to the funds for which they were levied. At the end of each collection year, the Cook County Collector presents the Warrant Books to the Circuit Court and applies for a judgment for all unpaid taxes. The court orders resulting from the application for judgment provides for an Annual Tax Sale (the "Annual Tax Sale") of unpaid taxes shown on that year's Warrant Books. A public sale is held, at which time successful tax buyers pay the unpaid taxes plus penalties. In each such public sale, the collector can use any "automated means." Unpaid taxes accrue penalties at the rate of 1.5% per month from their due date until the date of sale. Taxpayers can redeem their property by paying the amount paid at the sale, plus a maximum of 12% for each six-month period after the sale. If no redemption is made within the applicable redemption period (ranging from six months to two and one-half years depending on the type and occupancy of the property) and the tax buyer files a petition in the Circuit Court, notifying the necessary parties in accordance with the applicable law, the tax buyer receives a deed to the property. In addition, there are miscellaneous statutory provisions for foreclosure of tax liens. If there is no sale of the tax lien on a parcel of property at the Annual Tax Sale, the taxes are forfeited and the property becomes eligible to be purchased at any time thereafter at an amount equal to all delinquent taxes and interest accrued to the date of purchase. Redemption periods and procedures are the same as applicable to the Annual Tax Sale. 22 Village of Deerfiel4 Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 The Scavenger Sale (the "Scavenger Sale"), like the Annual Tax Sale, is a sale of unpaid taxes. The Scavenger Sale is held every two years on all property on which two or more years' taxes are delinquent. The sale price of the unpaid taxes is the amount bid at such sale, which may be less than the amount of delinquent taxes. Redemption periods vary from six months to two and a half years depending upon the type and occupancy of the property. Truth in Taxation Law Legislation known as the Truth in Taxation Law (the "Law") limits the aggregate amount of certain taxes which can be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the preceding year unless specified notice, hearing and certification requirements are met by the taxing body. The express purpose of the Law is to require published disclosure of, and hearing upon, an intention to adopt a levy in excess of the specified levels. FINANCIAL INFORMATION Financial Reports The Village's financial statements are audited annually by certified public accountants. The Village's financial statements are completed on a modified accrual basis of accounting consistent with generally accepted accounting principles applicable to governmental entities. See APPENDIX A for more detail. The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Village for its comprehensive annual financial report in each of the past 33 years. In order to be awarded a Certificate of Achievement, the government published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both generally accepted accounting principles and applicable legal requirements. No Consent or Updated Information Requested of the Auditor The tables contained in this "FINANCIAL INFORMATION" section (the "Excerpted Financial Information") are from the audited financial statements of the Village, including the audited financial statements for the fiscal year ended December 31, 2015 (the "2015 Audit"), which was approved by formal action of the Village Board and attached to this Official Statement as APPENDIX A. The Village has not requested the Auditor to update information contained in the Excerpted Financial Information or the 2015 Audit; nor has the Village requested that the Auditor consent to the use of the Excerpted Financial Information or the 2015 Audit in this Official Statement. Other than as expressly set forth in this Official Statement, the financial information contained in the Excerpted Financial Information and 2015 Audit has not been updated since the date of the 2015 Audit. The inclusion of the Excerpted Financial Information and 2015 Audit in this Official Statement in and of itself is not intended to demonstrate the fiscal condition of the Village since the date of the 2015 Audit. Questions or inquiries relating to financial information of the Village since the date of the 2015 Audit should be directed to the Village. 23 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Summary Financial Information The following tables are summaries and do not purport to be the complete audits, copies of which are available upon request. See APPENDIX A for the Village's 2015 Audit. Statement of Net Position Governmental Activities Audited As of A�,ril 30 Audited As of December 31 2012 2013 2013 2014 2015 _ ASSETS: Cash And Investments... ..... ..... $ 42, 570, 579 $ 29, 604, 776 $ 25, 845, 598 $ 28, 682, 292 $ 31, 831, 554 Receivables, Net: Property Taxes ....... .............. 3,343,184 3,954,654 4,326,331 5,295,408 7,075,988 Accounts .............................. 554,969 582,652 576,515 661,994 675,544 Accrued Interest ..... ................ 25,088 11,328 10,311 15,961 24,545 Electric Utility Tax. I ...... I..... 85,565 99,709 127,832 122,181 107,513 Due From Other Governments ............ 4,144,093 13, 520, 437 13, 608, 662 14, 622, 298 13. 017, 830 Note Receivable ........ .......... ... 100,000 90,000 80,000 70,000 60,000 Due From Other Funds.. I .... I ....... 768,616 1,037,408 936,939 0 0 Internal Balances..... ............. 0 0 0 849,795 1,218,565 Inventory .............................. 166,510 125,932 144,714 145,506 169,413 Prepaid Expenses ....................... 441,382 459,247 757,783 718,393 712,793 Deferred Charges ....................... 723,551 0 0 0 0 Net Pension Asset ...................... 976,809 997,599 995,592 1,020,421 0 Capital Assets Not Being Depreciated.... 21,192,025 21,917,772 21,677,167 22,130,618 22,395,028 Capital Assets Being Depreciated, Net Of Depreciation .................... 49.018.653 48.637,707 49,900.434 48 793.240 54,229,152 Total Assets ......................... $124,111,024 $121,039,221 $118,987,878 $123,128,107 $131,517,925 DEFERRED OUTFLOWS OF RESOURCES: Pension Items - IMRF ................. $ 0 $ 0 $ 0 $ 0 $ 2,044,564 Pension Items - Police Pension . ..... 0 0 0 0 14,209,193 Total Deferred Outflows Or Resources. 0 0 0 0 16.253.757 Total Assets and Deferred Outflows of Resources ... ........ ..... $124, 111, 024 $121, 039, 221 $118, 987, 878 $123, 128, 107 $147, 771, 682 LIABILITIES: Accounts Payable.. ..... .. .. $ 3,496,801 $ 2,355,378 $ 1,812,504 $ 2,117, 405 $ 1,930,968 Accrued Payroll ... ..... 325,667 362,454 259,692 274,357 299,076 Reta i nage Payable. .... 2,306,002 773,772 853,272 340,499 0 Contracts Payable.... .... 0 0 0 0 111,143 Deposits Payable .. ..... ... 5,174 1,372 7,922 0 0 Other Payables .. ... 6,870 3,876 16,539 21,365 19,232 Unearned Revenue 3,547,274 0 75,000 Accrued Interest Payable ....... .... 708,647 728,819 57,534 56,005 78.525 Premium on Bonds ............. .... 79,791 0 0 0 0 Noncurrent Liabilities: Due Within One Year ........ ......... 1,510,362 1,798,336 1, 126,859 1,141, 498 1,534,720 Due In More Than One Year .. ......... 375 642 57, 232, 337 24. 351 310 _ 23. 567. 257 62 631.262 Total Liabilities .............. _49, $ 61, 362, 230 $ 63, 256, 344 $ 28, 485, 632 $ 27, 593, 386 $ 66, 604. 926 DEFERRED INFLOWS OF RESOURCES: Deferred Property Taxes .......... ... $ 0 $ 4,195, 929 $ 4,326,331 $ 5,295,408 $ 7,075,988 Pension Items - IMRF ............. ... 0 0 0 0 81,469 Total Deferred Inflows Or Resources... $ 0 4_ 195. 929 $ 4, 326, 331 rr 5,295, 408 S 7. 157,_457 Total Liabilities And Deferred Inflows of Resources ....... ... $ 61, 362, 230 $ 67, 452, 273 $ 32, 811, 963 $ 32, 888, 794 $ 73, 762, 383 NET POSITION: Invested In Capital Assets, Net of Re I ated Debt .......... $ 51, 392, 981 $ 53, 359, 465 $ 53, 407, 261 $ 58, 835, 531 $ 55, 025, 274 Restricted ... 1,864,620 2,000,978 1,690,206 4, 326, 031 4,444,461 .................... Unrestricted ... 9 491,193 3.773.495) 31 078. 448 27. 077 751 14.539 564 ................. Total Net Position ......... ... $ 62, 748, 794 $ 51, 586, 948 $ 86, 175, 915 $ 90, 239, 313 $ 74, 009, 299 24 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Statement of Activities Governmental Activities Net (Expense) Revenue and Changes in Net Assets(]) Audited Eight Audited for Fiscal Year Months Ending Ended April 30 December 31 Audited Year Ending December 31 2012 2013 2013 2014 2015 PRIMARY GOVERNMENT Government Activities(]) General Government ....... $ (22, 433, 351) $ (16, 697, 588) $ (3,944,541) $ (3,944,780) $ (5, 967, 616) Public Safety ............ .. ........ (7, 379,114) (7,492,571) (5,466,464) (8, 017, 797) (10, 645, 929) Highways and Streets ..... ............. (5,577,366) (4,897,718) (5, 532, 238) (3,929,134) (6,577,375) Interest ............................... (930. 482) (1, 199, 834) (128, 821) (685. 495) (1, 113, 073) Total Governmental Activities ........ $ (36, 320, 313) $ (30, 287, 711) $ (15, 072, 064) $ (16, 577, 206) $ (24, 303, 993) General Revenues: Taxes: Property .............................. $ 2,736,417 $ 4,326,696 $ 4,952,775 $ 5,120,369 $ 5,378,578 Replacement ........................... 86,522 83,937 57,295 139,743 148,999 Sales ................................. 5,968,953 0 0 0 0 Home Rule Sales ....................... 3,121,749 3,665,374 2,257,183 3, 413, 920 2,941,572 Income ................................ 1,486,493 0 0 0 Local use ............................. 265,887 292,475 222,405 356,053 405,359 Hote I /mote I ........................... 1,625,052 1,826,051 1,318,409 2,070,324 2,141,488 Simplified telecommunications ......... 1,752,850 1,430,126 936,501 1,261,799 1,707,745 Electric utility tax .................. 1,306,721 1,320,356 857,310 1,294,977 1,251,001 Intergovernmental .... . ................ - 8,474,800 5,396,719 8,316,948 7,697,052 Investment Income . .................. 115,175 117,770 0 (221,419) 130,060 Miscellaneous .... . .................. 556,459 252,924 279,991 704,909 676,294 Contributions ............. ... ....... 0 0 0 0 732,831 Transfers ........ 0 0 :1. 790. 608) (1, 817, 019) (1 805, 840) Total .......... ... $19. 022, 278 $21, 790, 509 $14, 487, 980 $20, 640, 604 $21, 405,139 Change in Net Position ................. $ (17, 298, 035) $ (8, 497, 202) $ (584, 084) $ 4,063,398 $ (2, 898, 854) Net Position, May 1 .............. . ..... $80, 046, 829 $62, 748, 794 $53, 586, 948 $86, 175, 915 $90, 239, 313 Prior Period Adjustment/Change in Principal 0 (664.644) 33,173,051 0 (13.331160) Net Position, April 30 ........ $62, 748, 794 $53, 586, 948 $86, 175, 915 $90, 239, 313 $74, 009, 299 The remainder of this page was left blank intentionally. 25 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 General Fund Balance Sheet Audited As of April 30 Audited As of December 31 2012 2013 2013 2014 2015 ASSETS: Cash and Investments ................. . $15, 661, 722 $16, 422, 429 $16, 337, 040 $17, 882, 219 $16, 606, 698 Receivables: Property Taxes ........................ 2,011,167 1,985,029 2,198,560 0 3,449,753 Accounts .............................. 478,265 507,140 495,557 578,107 575,891 Accrued Interest ...................... 17,466 6,200 4,226 6,014 10,189 Electric Utility Tax Receivable .... 85,565 99,709 127,832 122,181 107,513 Due From Other Governments .... ... 2,966,243 2,572,080 2,638,061 2,884,772 2,792,086 Notes Receivable ............. ... 100,000 90,000 80,000 70,000 60,000 Due From Other Funds ..... . .... 768,616 1,037,408 936,939 849,795 261,899 Advance to Other Funds ........ .... 0 0 0 0 958,565 Inventory .............................. 55,190 27,824 54,477 42,968 21,031 Prepaid Items... .................. 441,382 459.247 752,402 713.737 707,640 Total Assets ......................... 322,585,616 1.23, $23,625,094 S23 149 793 25� ,551,265 LIABILITIES: Accounts Payable ................... $ 828,284 $ 937,602 $ 1,112,782 $ 1.167,976 $ 857,900 Accrued Payroll ...................... 318,763 352,444 254,955 266,328 292,799 Deposits payable ..................... 5,174 1,372 7,922 0 0 Other Payables......................... 6.870 3,876 16 539 21. 365 19,232 Total Liabilities .................... $ 1,159,091 $ 1,295,294 $ 1,392,198 $ 1,455,669 $ 1,169,931 DEFERRED INFLOWS OF RESOURCES: Property Taxes ......................... $ 2,140,000 5 2.114,000 5 2 198.560 0 S 3.449,753 Total Deferred Inflows Of Resources... 2,140.000 2.114 000 _ 2.198 560 0 3,449.763 Total Liabilities And Deferred Inflows Of Resources ........... . $ 3,299,091 $ 3,409,294 $ 3,590,758 $ 1,455,669 $ 4,619,684 FUND BALANCE: Nonspendable ........................... $ 596,572 $ 577,071 $ 886,879 $ 826,705 $ 1,747,236 Assigned ............................... 2,483,396 2,218,344 2,331,850 1,200,000 3,960,593 Unassigned ............................. 16, 206, 557 17,002,357 16, 815, 607 19,667,419 15, 223, 752 Total Fund Balance .................... 19,286 525 519, 797, 7 $20, 034r 336 $21, 694. 1.24 $20,931,581 Total Liabllltles, Deferred Inflows and Fund Balance ..... .... ......... 22, 585 616 23 2�;066 23 625, 094 $23 1� 49,r 793 25S , 551. 265 The remainder of this page was left blank intentionally. 26 Village of Deerfiek4 Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 REVENUES' Taxes.... ... Licenses and permits Intergovernmental ... Charges for Services Fines and Forfeits.. Investment Income .. Miscellaneous.... .. Total Revenues . EXPENDITURES: General Government Public Safety........... Highways and Streets ................ Total Expenditures Excess (Deficiency) of Revenues Over Expenditures ..................... OTHER FINANCING SOURCES (USES): Transfers In (Out), net ............... Sale of capital assets ................. Total Other Financing Sources (uses). Net Change in Fund Balance ............. Beginning Fund Balance .. ............. Ending Fund Balance ...... .... .. ..... General Fund Revenues and Expenditures Audited Eight Audited for Fiscal Year Months Ending Ended k:riI 30 December 31 2012 2013 2013 Audited Year Ending December 31 2014 2015 $16, 758, 834 $10, 801, 655 $7, 791, 658 $10, 784, 811 $ 8, 623, 2" 1,173, 799 1,645,735 1,277,977 3,062,263 1,464,015 71,214 7,334,130 4,684,741 7,233,935 6,772,934 377,640 337,671 337,043 674,250 764,459 317,262 342,740 236,390 307,744 292,284 80.061 73,230 (97, 366) (226, 324) 66,478 1, 210.993 820.487 798, 058 897 875 913 024 $19, 989, 803 $21, 355, 648 $15, 028, 501 $22, 734, 554 $18, 896, 438 $ 6,436,048 $ 7,783,099 $ 5,063,006 $ 7,352,949 $ 6,967,367 8,095,045 8,264,879 5,886,089 8,490,547 8,697,581 2, 601, 770 2. 316,358 1, 632, 884 2, 924 874 2,816,855 $17, 132, 863 $18, 364, 336 $12, 581, 979 $18, 768, 370 $18, 481, 803 $ 2,856,940 $ 2,991,312 $ 2,446,522 $ 3,966,184 $ 414,635 $ (701, 602) $ (2, 483, 396) $ (2, 218, 344) $ (2, 333, 827) $ 0 , 177,178) 20.827 3,331 8.386 27._431 0 $ (680, 775) $ (2, 480, 065) $ (2, 209, 958) $ (2, 306, 396) $ (1, 177, 178) $ 2, 176, 165 $ 511,247 $ 236,564 $ 1,659,788 $ (762, 543) 17, 110,36 19 286, 525 19y7.77 20, 034, 336 21,694, 124 $19, 286, 525 $19, 797, 772 $20, 034, 336 $21, 694, 124 $20, 931, 581 General Fund Estimated and Budget Financial Information(!) Budgeted Interim Fiscal Year Eleven Months Ending Ending 12'31!16 11/30 16 REVENUES: Taxes .... ... ... .... $15, 631, 753 $15,103, 823 Licenses and Permits ...... 1,429,500 1,788,355 Charges for Service ................ .. 4,065,000 4,409,419 Miscellaneous .... ............ 617.400 _ 622.582 Total Revenues . ....... $21,743,653 $21,924,179 EXPENDITURES: Personal Services ...... ...... $13,013,706 $10,318,987 Other services .................... .... 100,490 58,661 Contractual Services .............. .... 5,557,494 5,242,333 Commodities .......... ..... 813,434 557,683 Capital Outlay .................... ..... 362.801 185 863 Total Expenditures ............. .... $19,847,925 $16,363,527 Operating Transfer Out .... ..... 4 856_321 _ 4 822 440 Total Expenditures and Transfers Out... $24,704,246 $21,185,967 Revenues over (Under) Expenditures and Transfers ..................... $(2,960,593) $ 738,212 Note: (1) Source: The Village. 27 Village ofDeerfeld, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 EMPLOYEE RETIREMENT AND OTHER POSTEMPLOYMENT BENEFITS OBLIGATIONS See APPENDIX D herein for a discussion of the Village's employee retirement and other postemployment benefits obligations. REGISTRATION, TRANSFER AND EXCHANGE Registration The registered owner of a Bond will be deemed and regarded as the absolute owner thereof for the purpose of receiving payment of, or on account of, the principal of, premium, if any, or interest thereon and for all other purposes whatsoever, and all such payments so made to such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the Village nor the Bond Registrar will be affected by any notice to the contrary. Transfers and Exchanges The transfer of Bonds will be registrable only upon the registration books maintained by the Village for that purpose at the principal corporate trust office of the Bond Registrar, by the registered owner thereof or by his attorney duly authorized in writing, upon surrender thereof together with an instrument of transfer satisfactory to the Bond Registrar and duly executed by the registered owner or his duly authorized agent. Upon such surrender for registration of transfer, the Village will execute and the Bond Registrar will authenticate and deliver a new Bond or Bonds of any authorized denominations, registered in the name of the transferee, and of the same aggregate principal amount, maturity and interest rate as the surrendered Bond. Bonds may be exchanged for an equal aggregate principal amount of Bonds of the same maturity and interest rate and of any authorized denominations, upon surrender thereof as the principal corporate trust office of the Bond Registrar with a written instrument of transfer satisfactory to the Bond Registrar, duly executed by the registered owner or his duly authorized agent. For every such exchange or registration of transfer of Bonds, the Village or the Bond Registrar may make a charge sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such exchange or registration of transfer. No charge will be made in connection with such exchange or registration of transfer to pay the cost of preparing each new Bond issued upon such exchange or registration of transfer. TAX EXEMPTION Summary of Bond Counsel Opinion Katten Muchin Rosenman LLP, Bond Counsel, is of the opinion that under existing law, interest on the Bonds is not includible in the gross income of the owners thereof for Federal income tax purposes. If there is continuing compliance with the applicable requirements of the Internal Revenue Code of 1986 (the "Code"), Bond Counsel is of the opinion that interest on the Bonds will continue to be excluded from the gross income of the owners thereof for Federal income tax purposes. Bond Counsel is further of the opinion that the Bonds are not "private activity bonds" within the meaning of Section 141(a) of the Code. Accordingly, interest on the Bonds is not an item of tax preference for purposes of computing individual or corporate alternative minimum taxable income. However, interest on the Bonds is includible in corporate earnings and profits and therefore must be taken into account when computing corporate alternative minimum taxable income for tax purposes of the corporate alternative minimum tax. Interest on the Bonds is not exempt from State of Illinois income taxes. 28 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 The Code contains certain requirements that must be satisfied from and after the date of issuance of the Bonds. These requirements relate to the use and investment of the proceeds of the Bonds, the payment of certain amounts to the United States, the security and source of payment of the Bonds and the use of property financed with the proceeds of the Bonds. The Village has covenanted in the Bond Ordinance to comply with these requirements. Bonds Purchased at a Premium or a Discount The difference (if any) between the initial price at which a substantial amount of each maturity of the Bonds is sold to the public (the "Offering Price") and the principal amount payable at maturity of such Bonds is given special treatment for Federal income tax purposes. If the Offering Price is higher than the maturity value of a Bond, the difference between the two is known as "bond premium"; if the Offering Price is lower than the maturity value of a Bond, the difference between the two is known as "original issue discount". Bond premium and original issue discount are amortized over the term of a Bond on the basis of the owner's yield from the date of purchase to the date of maturity, compounded at the end of each accrual period of one year or less with straight line interpolation between compounding dates, as provided more specifically in the Income Tax Regulations. The amount of bond premium accruing during each period is treated as a reduction in the amount of tax-exempt interest earned during such period and is subtracted from the owner's tax basis in the Bond. The amount of original issue discount accruing during each period is treated as interest that is excludable from the gross income of the owner of such Bond for Federal income tax purposes, to the same extent and with the same limitations as current interest, and is added to the owner's tax basis in the Bond. A Bond's adjusted tax basis is used to determine whether, and to what extent, the owner realizes taxable gain or loss upon disposition of the Bond (whether by reason of sale, acceleration, redemption prior to maturity or payment at maturity of the Bond). Owners of Bonds should consult their own tax advisors with respect to the state and local tax consequences of owning the Bonds. It is possible that under the applicable provisions governing the determination of state or local income taxes, accrued interest on the Bonds may be deemed to be received in the year of accrual even though there will not be a corresponding cash payment until a year later. Exclusion From Gross Income Requirements The Code sets forth certain requirements that must be satisfied on a continuing basis in order to preserve the exclusion from gross income for Federal income tax purposes of interest on the Bonds. Among these requirements are the following: Limitations on Private Use. The Code includes limitations on the amount of Bonds proceeds that may be used in the trade or business of, or used to make or finance loans to, persons other than governmental units. Investment Restrictions. Except during certain "temporary periods," proceeds of the Bonds and investment earnings thereon (other than amounts held in a reasonably required reserve or replacement fund, if any, or as part of "minor portion") may generally not be invested in investments having a yield that is "materially higher" (1/8 of one percent) than the yield on the Bonds. Rebate of Arbitrage Profit. Unless the Village qualifies for one of several exemptions, earnings from the investment of the "gross proceeds" of the Bonds in excess of the earnings that would have been realized if such investments had been made at a yield equal to the yield on the Bonds are required to be paid to the United States at periodic intervals. For this purpose, the term "gross proceeds" includes the original proceeds of the Bonds, amounts received as a result of investing such proceeds, and amounts to be used to pay debt service on the Bonds. Covenants to Comply. The Village has covenanted in the Bond Ordinance to comply with the requirements of the Code relating to the exclusion from gross income for Federal income tax purposes of interest on the Bonds. W Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Risks of Non -Compliance In the event that the Village fails to comply with the requirements of the Code, interest on the Bonds may become includible in the gross income of the owners thereof for Federal income tax purposes retroactive to the date of issue. In such event, the Bond Ordinance requires neither acceleration of payment of principal of, or interest on, the Bonds nor payment of any additional interest or penalties to the owners of the Bonds. Federal Income Tax Consequences Pursuant to Section 103 of the Code, interest on the Bonds is not includible in the gross income of the owners thereof for Federal income tax purposes. However, the Code contains a number of other provisions relating to the treatment of interest on the Bonds which may affect the taxation of certain types of owners, depending on their particular tax situations. Some of the potentially applicable Federal income tax provisions are described in general terms below. PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE PARTICULAR FEDERAL INCOME TAX CONSEQUENCES OF THEIR OWNERSHIP OF THE BONDS. QUALIFIED TAX EXEMPT OBLIGATIONS Section 265(b)(3)(B) of the Code provides that certain issues designated or deemed as "qualified tax-exempt obligations" and purchased by financial institutions (either from the issuer or in a secondary market transaction) may be disregarded in computing the proportional disallowance of interest expense provided in such Section. In the Bond Ordinance, the Village has designated the Bonds as "qualified tax-exempt obligations". In addition, as required by Section 265 of the Code, the Village has represented that the reasonably anticipated amount of "tax-exempt obligations" that are required to be taken into account under Section 265 of the Code and will be issued by the Village and all subordinate entities of the Village during 2017 does not exceed $10,000,000 except to the extent that refunding bonds may be deemed as "qualified tax-exempt obligations" in excess of $10,000,000, and has covenanted that it will not designate and issue more than $10,000,000 aggregate principal amount of "tax-exempt obligations" during 2017. For purposes of the foregoing sentence, the term "tax-exempt obligations" includes "qualified 501(c)(3) bonds" (as defined in Section 145 of the Code) but does not include other "private activity bonds" (as defined in Section 141(a) of the Code). CONTINUING DISCLOSURE In the Bond Ordinance, the Village has covenanted and agreed, for the benefit of the beneficial owners of the Bonds, to provide certain financial information and operating data relating to the Village within 210 days after the close of the Village's fiscal year (the "Annual Report"); and, in a timely manner, to provide notices of the occurrence of certain enumerated events. The Annual Report will be filed by the Village with the Municipal Securities Rulemaking Board (the "MSRB") for disclosures on its Electronic Municipal Market Access ("EMMA") system. The information to be contained in the Annual Report will consist of the annual audited financial statement of the Village, and updated information with respect to the statements in the Official Statement contained under the captions "Retailers' Occupation, Service Occupation and Use Tax", "DEBT INFORMATION", "PROPERTY ASSESSMENT AND TAX INFORMATION" and "FINANCIAL INFORMATION" (Excluding Budget and Interim Financial Information). Each annual audited financial statement will conform to generally accepted accounting principles applicable to governmental units and will be prepared in accordance with standards of the Governmental Accounting Standards Board. If the audited financial statement is not available, then an unaudited financial statement will be included in the Annual Report and the audited financial statement will be filed promptly after it becomes available. The notices of enumerated events and timely notice of any failure of the Village to file its Annual Report within the 210 day period will be filed by the Village with the MSRB for disclosure on EMMA. Such notices will be provided within 10 business days after the occurrence of the event. The Village's undertaking with respect to enumerated events includes timely notice of the occurrence of any of the following events with respect to the Bonds: Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 l . Principal and interest payment delinquencies 2. Non-payment related defaults, if material 3. Unscheduled draws on debt service reserves reflecting financial difficulties 4. Unscheduled draws on credit enhancements reflecting financial difficulties 5. Substitution of credit or liquidity providers, or their failure to perform 6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the security, or other material events affecting the tax status of the security 7. Modifications to the rights of security holders, if material 8. Debt calls, if material 9. Defeasances 10. Release, substitution or sale of property securing repayment of the securities, if material 11. Rating changes 12. Tender offers 13. Bankruptcy, insolvency, receivership or similar event of the Village* 14. The consummation of a merger, consolidation, or acquisition involving the Village or the sale of all or substantially all of the assets of the Village, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material 15. Appointment of a successor or additional trustee or the change of name of a trustee, if material. The Village has agreed to the foregoing undertakings in order to assist participating underwriters of the Bonds and brokers, dealers and municipal securities dealers in complying with Securities and Exchange Commission Rule 15c2-12(b)(5) promulgated under the Securities Exchange Act of 1934. The Village will provide the foregoing information for so long as Rule 15c2-12(b)(5) is applicable to the Bonds and the Village remains an "obligated person' under the Rule with respect to the Bonds. No provision of the bond ordinance limits the remedies available to any beneficial owner of the Bonds with respect to the enforcement of the continuing disclosure covenants of the Village described above. Failure to comply with the continuing disclosure covenants will not constitute an event of default under the Bond Ordinance. The Village may amend the continuing disclosure undertakings contained in the Bond Ordinance upon a change in circumstances provided that (a) the change in circumstances arises from a change in legal requirements, law, or change in the identity, nature or status of the Village or the type of business conducted by the Village, (b) the undertakings, as amended, would have complied with the requirements of Rule 15c2-12(b)(5) at the time of this offering, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances and (c) in the opinion of nationally recognized bond counsel selected by the Village, the amendment does not materially impair the interests of the beneficial owners of the Bonds. OPTIONAL REDEMPTION Bonds due December 1, 2017-2025, inclusive, are non -callable. Bonds due December 1, 2026-2036, inclusive, are callable in whole or in part on any date on or after December 1, 2025, at a price of par and accrued interest. If less than all the Bonds are called, they shall be redeemed in such principal amounts and from such maturities as determined by the Village and within any maturity by lot. *This event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Village in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Village, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Village. 31 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 NOTICE OF REDEMPTION Notice of the redemption of Bonds shall be mailed not less than 30 days nor more than 60 days prior to the date fixed for such redemption to the registered owners of Bonds to be redeemed at their last addresses appearing on said registration books. The Bonds or portions thereof specified in said notice shall become due and payable at the applicable redemption price on the redemption date therein designated, and if, on the redemption date, moneys for payment of the redemption price of all the Bonds or portions thereof to be redeemed, together with interest to the redemption date, shall be available for such payment on said date, and if notice of redemption shall have been mailed as aforesaid (and notwithstanding any defect therein or the lack of actual receipt thereof by any registered owner) then from and after the redemption date interest on such Bonds or portions thereof shall cease to accrue and become payable. Notice of redemption having been given as described above and in the Bond Ordinance, the Bonds or portions of Bonds so to be redeemed will, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the Village shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds will be paid by the Bond Registrar at the redemption price. LITIGATION There is no litigation of any nature now pending or threatened restraining or enjoining the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the Village taken with respect to the issuance or sale thereof. There is no litigation now pending, or to the knowledge of the Village, threatened against the Village that is expected to materially impact the financial condition of the Village. LEGAL MATTERS Legal matters incident to the authorization, issuance and sale of the Bonds are subject to the unqualified approving opinion of Katten Muchin Rosenman LLP, Chicago, Illinois, Bond Counsel, whose approving opinion will be delivered with the Bonds. Bond Counsel has reviewed the statements in this Official Statement appearing under the headings "PURPOSE, LEGALITY AND SECURITY" and "TAX EXEMPTION," and is of the opinion that the statements contained under such headings are accurate statements or summaries of the matters set forth therein and fairly present the information purported to be shown. Except for the foregoing, however, Bond Counsel has not independently verified the accuracy or completeness of statements and information contained in the Official Statement and does not assume any responsibility of the accuracy or completeness of such statements and information. The opinion of Bond Counsel and the descriptions of the tax law contained in this Official Statement are based on statutes, judicial decisions, regulations, rulings and other official interpretations of law in existence on the date the Bonds are issued. There can be no assurance that such law or the interpretation thereof will not be changed or that new provisions of law will not be enacted or promulgated at any time while the Bonds are outstanding in a manner that would adversely affect the value or the tax treatment of ownership of the Bonds. OFFICIAL STATEMENT AUTHORIZATION This Official Statement has been authorized for distribution to prospective purchasers of the Bonds. All statements, information, and statistics herein are believed to be correct but are not guaranteed by 'he consultants or by the Village, and all expressions of opinion, whether or not so stated, are intended only as such. 32 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 INVESTMENT RATING The Village has been rated "Aaa" (Stable Outlook) by Moody's Investors Service. The Village has supplied certain information and material concerning the Bonds and the Village to the rating services shown on the cover page, including certain information and materials which may not have been included in this Official Statement, as part of its application for investment ratings on the Bonds. Ratings reflect only the views of the rating agencies assigning such ratings and an explanation of the significance of such ratings may be obtained from such rating agencies. Generally, such rating services base their ratings on such information and material, and also on such investigations, studies and assumptions that it may undertake independently. There is no assurance that such ratings will continue for any given period of time or that it may not be lowered or withdrawn entirely by such rating services if, in their judgment, circumstances so warrant. Any such downward change in or withdrawal of such ratings may have an adverse effect on the secondary market price of the Bonds. An explanation of the significance of the investment ratings may be obtained from the rating agencies: Moody's Investors Service, 7 World Trade Center at 250 Greenwich Street, New York, New York 10007, telephone 212-553-1658. S&P Global Ratings, 55 Water Street, New York, New York 10041, telephone 212-438- 2000. The Village will provide appropriate periodic credit information to the rating service to maintain a rating on the Bonds. DEFEASANCE AND PAYMENT OF BONDS If the Village shall pay or cause to be paid to the registered owners of the Bonds, the principal, premium, if any, and interest due or to become due thereon, at the times and in the manner stipulated therein and in the Bond Ordinance, then the pledge of taxes, securities and funds hereby pledged and the covenants, agreements and other obligations of the Village to the registered owners and the beneficial owners of the Bonds shall be discharged and satisfied. Any Bonds or interest installments appertaining thereto, whether at or prior to the maturity or the redemption date of such Bonds, shall be deemed to have been paid if (1) in case any such Bonds are to be redeemed prior to the maturity thereof, there shall have been taken all action necessary to call such Bonds for redemption and notice of such redemption shall have been duly given or provision shall have been made for the giving of such notice, and (2) there shall have been deposited in trust with a bank, trust company or national banking association acting as fiduciary for such purpose either (i) moneys in an amount which shall be sufficient, or (ii) "Federal Obligations" as deemed below, the principal of and the interest on which when due will provide moneys which, together with any moneys on deposit with such fiduciary at the same time for such purpose, shall be sufficient, to pay when due the principal of, redemption premium, if any, and interest due and to become due on said bonds on and prior to the applicable redemption date or maturity date thereof. The term "Federal Obligations" means (i) non -callable, direct obligations of the United States of America, (ii) non -callable and non -prepayable, direct obligations of any agency of the United States of America, which are unconditionally guaranteed by the United States of America as to full and timely payment of principal and interest, (iii) non -callable, non -prepayable coupons or interest installments from the securities described in clause (i) or clause (ii) which are stripped pursuant to programs of the Department of the Treasury of the United States of America, or (iv) coupons or interest installments stripped from bonds of the Resolution Funding Corporation. UNDERWRITING The Bonds were offered for sale by the Village at a public, competitive sale on February 6, 2017. The best bid submitted at the sale was submitted by (the "Underwriter"). The Village awarded the contract for sale of the Bonds to the Underwriter at a price of $ . The Underwriter has represented to the Village that the Bonds have been subsequently re -offered to the public initially at the yields or prices set forth in the addendum to this Official Statement. 33 Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 MUNICIPAL ADVISOR The Village has engaged Speer Financial, Inc. as municipal advisor (the "Municipal Advisor") in connection with the issuance and sale of the Bonds. The Municipal Advisor is a Registered Municipal Advisor in accordance with the rules of the MSRB. The Municipal Advisor will not participate in the underwriting of the Bonds. The financial, information included in the Official Statement has been compiled by the Municipal Advisor. Such information does not purport to be a review, audit or certified forecast of future events and may not conform with accounting principles applicable to compilations of financial information. The Municipal Advisor is not a firm of certified public accountants and does not serve in that capacity or provide accounting services in connection with the Bonds. The Municipal Advisor is not obligated to undertake any independent verification of or to assume any responsibility for the accuracy, completeness or fairness of the information contained in this Official Statement, nor is the Municipal Advisor obligated by the Village's continuing disclosure undertaking. CERTIFICATION We have examined this Official Statement dated January 23, 2017, for the $5,510,000* General Obligation Bonds, Series 2017, believe it to be true and correct and will provide to the purchaser of the Bonds at the time of delivery a certificate confirming to the purchaser that to the best of our knowledge and belief information in the Official Statement was at the time of acceptance of the bid for the Bonds and, including any addenda thereto, was at the time of delivery of the Bonds true and correct in all material respects and does not include any untrue statement of a material fact, nor does it omit the statement of any material fact required to be stated therein, or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. JL" 4, t,.c i/ Is/ HARRIET ROSENTHAL Village President Village of Deerfield Lake and Cook Counties, Illinois *Subject to change. /s/ KENT S. 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J !E@ C •W W � W G Q � u � y O u 0 O 4 A i W � y u "k 1 � O 7� O u Y C Dui ti LE F M U U Q F �0 y` U U y U m n =g z r 4 'g o U c €ci9 t.i C'%5 A Uzi V'S Uz ( } } 2� f� if \\\\\\\v�\ )!AA AA � \ !!E4/!E;[!;§;E\ J !!§;§!§]!2/:2Z/ APPENDIX B DESCRIBING BOOK -ENTRY -ONLY ISSUANCE 1. The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds (the "Securities"). The Securities will be issued as fully -registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully - registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal amount of such issue, and will be deposited with DTC. 2. DTC, the world's largest securities depository, is a limited -purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post -trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book -entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly -owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks; trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. 3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security (`Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the evert that use of the book -entry system for the Securkies is discontinued. 4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. B-1 5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them. 6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. 7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Village as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy). 8. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Village or the Paying Agent, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, the Paying Agent, or the Village, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Village or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. 9. A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to any Tender/Remarketing Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant's interest in the Securities, on DTC's records, to any Tender/Remarketing Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC's records and followed by a book -entry credit of tendered Securities to any Tender/Remarketing Agent's DTC account. 10. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the Village or the Paying Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered. 11. The Village may decide to discontinue use of the system of book -entry -only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC. 12. The information in this section concerning DTC and DTC's book -entry system has been obtained from sources that the Village believes to be reliable, but the Village takes no responsibility for the accuracy thereof. B-2 APPENDIX C DRAFT LEGAL OPINION February _, 2017 The President and Board of Trustees of the Village of Deerfield, Illinois Dear Members: We have examined a record of proceedings relating to the issuance of $ ,000 principal amount of General Obligation Bonds, Series 2017 (the "Bonds"), of the Village of Deerfield, a municipal corporation and a home rule unit of the State of Illinois. The Bonds are authorized and issued pursuant to the provisions of Section 6 of Article VH of the Illinois Constitution of 1970, and by virtue of an ordinance adopted by the President and Board of Trustees of the Village on February 6, 2017 and entitled: "Ordinance Authorizing the Issuance of General Obligation Bonds, Series 2017, of the Village of Deerfield, Illinois" (the "Bond Ordinance"). The Bonds are issuable in the form of fully registered bonds in the denominations of $5,000 or any integral multiple thereof. Bonds delivered on original issuance are dated February _, 2017. The Bonds mature on December 1 in each of the following years in the respective principal amount set opposite each such year in the following table, and the Bonds maturing in each such year bear interest from their date payable on December 1, 2017 and semiannually thereafter on each June 1 and December 1, at the respective rate of interest per annum set forth opposite such year: Year Principal Amount Interest Rate 20 $ ,000 % 20 ,000 20 ,000 20 ,000 20 ,000 20 ,000 20 ,000 20 ,000 20 ,000 20 2000 20 ,000 20 ,000 20 ,000 20 ,000 20 ,000 20 ,000 20 ,000 The Bonds maturing on or after December 1, 2026 are subject to redemption prior to maturity at the option of the Village, in such principal amounts and from such maturities as the Village shall determine, and by lot within a single maturity, on December 1, 2025 and on any date thereafter, at a redemption price equal to the principal amount thereof to be redeemed. The Bonds maturing in the year 20_ are subject to mandatory redemption, in part and by lot, on December 1, 20 in the principal amount of $_,000, by the application of a sinking fund installment, at a redemption price equal to the principal amount thereof to be redeemed. C-1 The Bonds maturing in the year 20_ are subject to mandatory redemption, in part and by lot, on December 1, 20_ in the principal amount of $_,000, by the application of a sinking fund installment, at a redemption price equal to the principal amount thereof to be redeemed. In our opinion, the Bonds are valid and legally binding general obligations of the Village of Deerfield and the Village is obligated to levy ad valorem taxes upon all the taxable property within the Village for the payment of the. Bonds and the interest thereon without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors' rights and remedies heretofore or hereafter enacted. We are of the opinion that under existing law, interest on the Bonds is not includable in the gross income of the owners thereof for Federal income tax purposes. If there is continuing compliance with the requirements of the Internal Revenue Code of 1986 (the "Code"), we are of the opinion that interest on the Bonds will continue to be excluded from the gross income of the owners thereof for Federal income tax purposes. We are further of the opinion that the Bonds are not "private activity bonds" within the meaning of Section 141(a) of the Code. Accordingly, interest on the Bonds is not an item of tax preference for purposes of computing individual or corporate alternative minimum taxable income. However, interest' on the Bonds is includable in corporate earnings and profits and therefore must be taken into account when computing corporate alternative minimum taxable income for purposes of the corporate alternative minimum tax. The Code contains certain requirements that must be satisfied from and after the date hereof in order to preserve the exclusion from gross income for Federal income tax purposes of interest on the Bonds. These requirements relate to the use and investment of the proceeds of the Bonds, the payment of certain amounts to the United States, the security and source of payment of the Bonds and the use of the property financed with the proceeds of the Bonds. The Village has covenanted in the Bond Ordinance to comply with these requirements. Pursuant to the Bond Ordinance, the Village has designated the Bonds as "qualified tax-exempt obligations" as defined in Section 265(b)(3)(B) of the Code. With respect to the exclusion from gross income for Federal income tax purposes of interest on the Bonds we have relied on the verification report of Sikich LLP, certified public accountants, regarding the computation of the arbitrage yield on the Bonds and of certain investments made with the proceeds of the Bonds. Interest on the Bonds is not exempt from Illinois income taxes. Very truly yours, LG/be C-2 THIS PAGE INTENTIONALLY LEFT BLANK APPENDIX D VILLAGE OF DEERFIELD LAKE AND COOK COUNTIES, ILLINOIS EXCERPTS OF FISCAL YEAR 2015 AUDITED FINANCIAL STATEMENTS RELATING TO THE VILLAGE'S PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS > )/ 0 \ � MIn �z zz ))) ) (!at'- ;% e +§ &§; §/a ] cefl. e eo ) ® _ _ -[ \ 2( §}\] D! O v oz zW Wd w r 0 W � Lu �U W Z W¢ 0 O� �O C�. 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'E] d '• 13 d T c s W E B R7 0] .�. 5 a v W W N n v •.,^ v Q F •« L D-12 ol ) ® o k ƒ -pm± \ \ \ No� sr ] 2 / ±$ / { } \( )/ / / \ E /|! � !!! ! r ;. }/ ;!. .!, � g!\ ■ � / ] !!! ,f D1� � � 2 \ ) _ \ |{@\ } \ ) � 2 ( \ \ k [ 2 { )E .9 f ( ® )u'iz \ ) § D1 OFFICIAL BID FORM (Open Speer Auction) Village of Deerfield 850 Waukegan Road Deerfield, IL 60015 Members of the Village Board: February 6, 2017 Speer Financial, Inc. For the $5,510,000* General Obligation Bonds, Series 2017, of the Village of Deerfield, Illinois, as described in the annexed Official Notice of Sale, which is expressly made a part of this bid, we will pay you $ (no less than $5,465,920). The Bonds are dated the date of delivery, expected to be on or about February 28, 2017. The Bonds will bear interest as follows (each rate a multiple of 1/8 or 1/100 of 1%). MATURITIES* — DECEMBER 1 $ 20, 000... .2017 250, 000........... 2018 255, 000........... 2019 260, 000........... 2020 270,000 ........... 2021 275,000 ........... 2022 290,000 ........... 2023 295,000 ........... 2024 305,000 ........... 2025 315,000 ........... 2026 $325,000. . .. 2027 335,000.......... 2028 s*.......... ss*.......... *.......... ** 430,000.......... 2032 445,000.......... 2033 460,000.......... 2034 480,000.......... 2035 500,000.......... 2036 Any consecutive maturities may be aggregated into term bonds at the option of the bidder, in which case the mandatory redemption provisions shall be on the same schedule as above. The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Katten Muchin Rosenman LLP, Chicago, Illinois. The Village will pay for the legal opinion. The underwriter agrees to apply for CUSIP numbers within 24 hours and pay the fee charged by the CUSIP Service Bureau and will accept the Bonds with the CUSIP numbers as entered on the Bonds. As evidence of our good faith, if we are the winning bidder, we will wire transfer the amount of TWO PERCENT OF PAR (the "Deposit") WITHIN TWO HOURS after the bid opening time to the Village's good faith bank and under the terms provided in the Official Notice of Sale for the Bonds. Alternatively, we have wire transferred or enclosed herewith a check payable to the order of the Treasurer of the Village in the amount of the Deposit under the terms provided in the Official Notice of Sale for the Bonds. Bidders Option Insurance Form of Deposit (Check OneF Prior to Bid Opening_ Certified/Cashier's Check Wire Transfer Account Manaeer Information Name [] [ ] Address Within TWO hours of Bidding*_ Wire Transfer [ ] Amount: $110,200 By City State/Zip Direct Phone ( 1 FAX Number f _ _ E-Mail Address We have purchased insurance from: Name of Insurer (Please fill in) Premium: Maturities: (Check One) L1 Years [_1 All The foregoing bid was accepted and the Bonds sold by ordinance of the Village on February 6, 2017, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Official Notice of Sale. *Subject to change. • NOT PART OF THE BID — (Calculation of true interest cost) Village OF DEERFIELD, ILLINOIS Village President Bid Post Sale Revision Gross Interest $ Less Premium/Plus Discount $ True Interest Cost $ True Interest Rate % TOTAL BOND YEARS 64,621.44 AVERAGE LIFE 11.728 Years OFFICIAL NOTICE OF SALE $5,510,000* VILLAGE OF DEERFIELD Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 The Village of Deerfield, Lake and Cook Counties, Illinois (the "Village"), will receive electronic bids on the SpeerAuction ("SpeerAuction') website address "www.SpeerAuction.com" for its General Obligation Bonds, Series 2017 (the "Bonds"), on an all or none basis between 10:15 A.M. and 10:30 A.M., C.S.T., Monday, February 6, 2017. To bid, bidders must have: (1) completed the registration form on the SpeerAuction website, and (2) requested and received admission to the Village's sale (as described below). Award will be made or all bids rejected at a meeting of the Village on that date. The Village reserves the right to change the date or time for receipt of bids. Any such change shall be made not less than twenty-four (24) hours prior to the revised date and time for receipt of the bids for the Bonds and shall be communicated by publishing the changes in the Amendments Page of the SpeerAuction webpage and through Thomson Municipal News. The Bonds are valid and legally binding general obligations of the Village and the Village is obligated to levy ad valorem taxes upon all the taxable property within the Village for the payment of the Bonds and the interest thereon without limitation as to rate or amount. However, the enforceability of rights or remedies with respect to the Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors' rights and remedies heretofore or hereafter enacted. Bidding Details Bidders should be aware of the following bidding details associated with the sale of the Bonds. (1) All bids must be submitted on the SpeerAuction website at www,SpeerAuction.com. No telephone, telefax or personal delivery bids will be accepted. The use of SpeerAuction shall be at the bidder's risk and expense and the Village shall have no liability with respect thereto, including (without limitation) liability with respect to incomplete, late arriving and non -arriving bid. Any questions regarding bidding on the SpeerAuction website should be directed to Grant Street Group at (412) 391-5555 x 370. (2) Bidders may change and submit bids as many times as they like during the bidding time period; provided, however, each and any bid submitted subsequent to a bidder's initial bid must result in a lower true interest cost ("TIC") with respect to a bid, when compared to the immediately preceding bid of such bidder. In the event that the revised bid does not produce a lower TIC with respect to a bid the prior bid will remain valid. (3) If any bid in the auction becomes a leading bid two (2) minutes prior to the end of the auction, then the auction will be automatically extended by two (2) minutes from the time such bid was received by SpeerAuction. The auction end time will continue to be extended, indefinitely, until a single leading bid remains the leading bid for at least two minutes. (4) The last valid bid submitted by a bidder before the end of the bidding time period will be compared to all other final bids submitted by others to determine the winning bidder or bidders. (5) During the bidding, no bidder will see any other bidder's bid, but bidders will be able to see the ranking of their bid relative to other bids (i.e., "Leader", "Cover", "3rd" etc.) (6) On the Auction Page, bidders will be able to see whether a bid has been submitted. Rules of SpeerAuction Bidders must comply with the Rules of SpeerAuction in addition to the requirements of this Official Notice of Sale. To the extent there is a conflict between the Rules of SpeerAuction and this Official Notice of Sale, this Official Notice of Sale shall control. Rules (1) A bidder ("Bidder") submitting a winning bid ("Winning Bid") is irrevocably obligated to purchase the Bonds at the rates and prices of the winning bid, if acceptable to the Village, as set forth in the related Official Notice of Sale. Winning Bids are not officially awarded to Winning Bidders until formally accepted by the Village. (2) Neither the Village, Speer Financial, Inc., nor Grant Street Group (the "Auction Administrator") is responsible for technical difficulties that result in loss of Bidder's internet connection with SpeerAuction, slowness in transmission of bids, or other technical problems. (3) If for any reason a Bidder is disconnected from the Auction Page during the auction after having submitted a Winning Bid, such bid is valid and binding upon such Bidder, unless the Village exercises its right to reject bids, as set forth herein. (4) Bids which generate error messages are not accepted until the error is corrected and bid is received prior to the deadline. (5) Bidders accept and agree to abide by all terms and conditions specified in the Official Notice of Sale (including amendments, if any) related to the auction. (6) Neither the Village, Speer Financial, Inc., nor the Auction Administrator is responsible to any bidder for any defect or inaccuracy in the Official Notice of Sale, amendments, or Preliminary Official Statement as they appear on SpeerAuction. (7) Only Bidders who request and receive admission to an auction may submit bids. SpeerAuction and the Auction Administrator reserve the right to deny access to SpeerAuction website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in their sole and absolute discretion. 'Subject to change. " Village of Deerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Notice of Sale, Page 1 of 4 (8) Neither the Village, Speer Financial, Inc., nor the Auction Administrator is responsible for protecting the confidentiality of a Bidder's SpeerAuction password. (9) If two bids submitted in the same auction by the same or two or more different Bidders result in same True Interest Cost, the first confirmed bid received by SpeerAuction prevails. Any change to a submitted bid constitutes a new bid, regardless of whether there is a corresponding change in True Interest Cost. (10) Bidders must compare their final bids to those shown on the Observation Page immediately after the bidding time period ends, and if they disagree with the final results shown on the Observation Page they must report them to SpeerAuction within 15 minutes after the bidding time period ends. Regardless of the final results reported by SpeerAuction, Bonds are definitively awarded to the winning bidder only upon official award by the Village. If, for any reason, the Village fails to: (i) award Bonds to the winner reported by SpeerAuction, or (ii) deliver Bonds to winning bidder at settlement, neither the Village, Speer Financial, Inc., nor the Auction Administrator will be liable for damages. The Village reserves the right to reject all proposals, to reject any bid proposal not conforming to this Official Notice of Sale, and to waive any irregularity or informality with respect to any proposal. Additionally, the Village reserves the right to modify or amend this Official Notice of Sale; however, any such modification or amendment shall not be made less than twenty-four (24) hours prior to the date and time for receipt of bids on the Bonds and any such modification or amendment will be announced on the Amendments Page of the SpeerAuction webpage and through Thomson Municipal News. The Bonds will be in fully registered form in the denominations of $5,000 and integral multiples thereof in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, to which principal and interest payments on the Bonds will be paid. Individual purchases will be in book -entry only form. Interest on each Bond shall be paid by check or draft of the Bond Registrar to the person in whose name such bond is registered at the close of business on the fifteenth day of the month which next precedes an interest payment date. The principal of the Bonds shall be payable in lawful money of the United States of America at the principal office maintained for the purpose by the Bond Registrar in Chicago, Illinois. Semiannual interest is due June 1 and December 1 of each year commencing December 1, 2017, and is payable by U.S. Bank National Association, Chicago, Illinois (the "Bond Registrar"). The Bonds are dated date of delivery, expected to be on or about February 28, 2017. If the winning bidder is not a direct participant of DTC and does not have clearing privileges with DTC, the Bonds will be issued as Registered Bonds in the name of the purchaser. At the request of such winning bidder, the Village will assist in the timely conversion of the Registered Bonds into book -entry bonds with DTC as described herein. MATURITIES* — DECEMBER I 20, 000........... 2017 250, 000........... 2018 255, 000........... 2019 260,000 ........... 2020 270, 000........... 2021 275, 000........... 2022 290,000 ........... 2023 295, 000........... 2024 305,000 ........... 2025 315,000 ........... 2026 $325,000... ....... 2027 335,000.......... 2028 *.......... **** #�**.......... ** *******.......... **** 430,000.......... 2032 445,000.......... 2033 460,000.......... 2034 480,000.......... 2035 500,000.......... 2036 Any consecutive maturities may be aggregated into term bonds at the option of the bidder, in which case the mandatory redemption provisions shall be on the same schedule as above. Bonds due December 1, 2017-2025, inclusive, are non -callable. Bonds due December 1, 2026-2036, inclusive, are callable in whole or in part on any date on or after December 1, 2025, at a price of par and accrued interest. If less than all the Bonds are called, they shall be redeemed in such principal amounts and from such maturities as determined by the Village and within any maturity by lot. All interest rates must be in multiples of one -eighth or one one -hundredth of one percent (1/8 or 1/100 of 10/6), and not more than one rate for a single maturity shall be specified. The rates bid shall be in non -descending order. The differential between the highest rate bid and the lowest rate bid shall not exceed four percent (4%). All bids must be for all of the Bonds, must be for not less than $5,465,920. Award of the Bonds: The Bonds will be awarded on the basis of true interest cost, determined in the following manner. True interest cost shall be computed by determining the annual interest rate (compounded semi-annually) necessary to discount the debt service payments on the Bonds from the payment dates thereof to the dated date and to the bid price. For the purpose of calculating true interest cost, the Bonds shall be deemed to become due in the principal amounts and at the times set forth in the table of maturities set forth above. In the event two or more qualifying bids produce the identical lowest true interest cost, the winning bid shall be the bid that was submitted first in time on the SpeerAuction webpage. *Subject to change. Village ofDeertield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Notice of Sale, Page 3 of 4 The Bonds will be awarded to the bidder complying with the terms of this Official Notice of Sale whose bid produces the lowest true interest cost rate to the Village as determined by the Village's Municipal Advisor, which determination shall be conclusive and binding on all bidders; provided, that the Village reserves the right to reject all bids or any non -conforming bid and reserves the right to waive any informality in any bid. Bidders should verify the accuracy of their final bids and compare them to the winning bids reported on the SpeerAuction Observation Page immediately after the bidding. The premium or discount, if any, is subject to pro rate adjustment if the maturity amounts of the Bonds are changed, allowing the same dollar amount of profit per $1,000 bond as submitted on the Official Bid Form. The dollar amount of profit must be written on the Official Bid Form for any adjustment to be allowed, and is subject to verification. The true interest cost of each bid will be computed by SpeerAuction and reported on the Observation Page of the SpeerAuction webpage immediately following the date and time for receipt of bids. These true interest costs are subject to verification by the Village's Municipal Advisor, will be posted for information purposes only and will not signify an actual award of any bid or an official declaration of the winning bid. The Village or its Municipal Advisor will notify the bidder to whom the Bonds will be awarded, if and when such award is made. The winning bidder will be required to make the standard filings and maintain the appropriate records routinely required pursuant to MSRB Rules G-8, G-I1 and G-32. The winning bidder will be required to pay the standard MSRB charge for Bonds purchased. In addition, the winning bidder who is a member of the Securities Industry and Financial Markets Association ("SIFMA") will be required to pay SIFMA's standard charge per bond. The winning bidder is required to wire transfer from a solvent bank or trust company to the Village's good faith bank the amount of TWO PERCENT OF PAR (the "Deposit") WITHIN TWO HOURS after the bid opening time as evidence of the good faith of the bidder. Alternatively, a bidder may submit its Deposit upon or prior to the submission of its bid in the form of a certified or cashier's check on, or a wire transfer from, a solvent bank or trust company for TWO PERCENT OF PAR payable to the Treasurer of the Village. The Village reserves the right to award the Bonds to a winning bidder whose wire transfer is initiated but not received within such two hour time period provided that such winning bidder's federal wire reference number has been received. In the event the Deposit is not received as provided above, the Village may award the Bonds to the bidder submitting the next best bid provided such bidder agrees to such award. The Deposit of the successful bidder will be retained by the Village pending delivery of the Bonds and all others will be promptly returned. Should the successful bidder fail to take up and pay for the Bonds when tendered in accordance with this Notice of Sale and said bid, said Deposit shall be retained as full and liquidated damages to the Village caused by failure of the bidder to carry out the offer of purchase. Such Deposit will otherwise be applied on the purchase price upon delivery of the Bonds. No interest on the Deposit will accrue to the purchaser. If a wire transfer is used for the Deposit, it must be sent according to the following wire instructions: Amalgamated Bank of Chicago Corporate Trust 30 N. LaSalle Street, 381' Floor Chicago, IL 60602 ABA # 071003405 Credit To: 3281 Speer Bidding Escrow RE: Village of Deerfield, Lake and Cook Counties, Illinois bid for $5,510,000* General Obligation Bonds, Series 2017 Contemporaneously with such wire transfer, the bidder shall send an email to biddingescrow@aboc.com with the following information: (1) indication that a wire transfer has been made, (2) the amount of the wire transfer, (3) the issue to which it applies, and (4) the return wire instructions if such bidder is not awarded the Bonds. The Village and any bidder who chooses to wire the Deposit hereby agree irrevocably that Speer Financial, Inc. ("Speer") shall be the escrow holder of the Deposit wired to such account subject only to these conditions and duties: (i) if the bid is not accepted, Speer shall, at its expense, promptly return the Deposit amount to the unsuccessful bidder; (ii) if the bid is accepted, the Deposit shall be forwarded to the Village; (iii) Speer shall bear all costs of maintaining the escrow account and returning the funds to the bidder; (iv) Speer shall not be an insurer of the Deposit amount and shall have no liability except if it willfully fails to perform, or recklessly disregards, its duties specified herein; and (v) income earned on the Deposit, if any, shall be retained by Speer. The Village covenants and agrees to enter into a written agreement or contract, constituting an undertaking (the "Undertaking") to provide ongoing disclosure about the Village for the benefit of the beneficial owners of the Bonds on or before the date of delivery of the Bonds as required under Section (b)(5) of Rule 15c2-12 (the "Rule") adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Undertaking shall be as described in the Official Statement, with such changes as may be agreed in writing by the Underwriter. The winning bidder shall provide a certificate, in form as drafted by or acceptable to Bond Counsel, to evidence the issue price of each maturity of the Bonds, form of which certificate is available upon request. *Subject to change. Village ofDeerfield, Lake and Cook Counties, Illinois General Obligation Bonds, Series 2017 Notice of Sale, Page 4 of 4 By submitting a bid, any bidder makes the representation that it understands Bond Counsel represents the Village in the Bond transaction and, if such bidder has retained Bond Counsel in an unrelated matter, such bidder represents that the signatory to the bid is duly authorized to, and does consent to and waive for and on behalf of such bidder any conflict of interest of Bond Counsel arising from any adverse position to the Village in this matter; such consent and waiver shall supersede any formalities otherwise required in any separate understandings, guidelines or contractual arrangements between the bidder and Bond Counsel. Bonds will be delivered to the successful purchaser against full payment in immediately available funds as soon as they can be prepared and executed, which is expected to be on or about February 28, 2017. Should delivery be delayed beyond sixty (60) days from the date of sale for any reason beyond the control of the Village except failure of performance by the purchaser, the Village may cancel the award or the purchaser may withdraw the good faith deposit and thereafter the purchaser's interest in and liability for the Bonds will cease. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts, and interest rates of the Bonds, and any other information required by law or deemed appropriate by the Village, shall constitute a "Final Official Statement" of the Village with respect to the Bonds, as that term is defined in the Rule. Any such addendum or addenda shall, on and after the date thereof, be fully incorporated herein and made a part hereof by reference. Alternatively, such final terms of the Bonds and other information may be included in a separate document entitled "Final Official Statement" rather than through supplementing the Official Statement by an addendum or addenda. By awarding the Bonds to any underwriter or underwriting syndicate, the Village agrees that, no more than seven (7) business days after the date of such award, it shall provide, without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded, up to 100 copies of the Final Official Statement to permit each "Participating Underwriter" (as that term is defined in the Rule) to comply with the provisions of such Rule. The Village shall treat the senior managing underwriter of the syndicate to which the Bonds are awarded as its designated agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Bonds agrees thereby that if its bid is accepted by the Village it shall enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. By submission of its bid, the senior managing underwriter of the successful bidder agrees to supply all necessary pricing information and any Participating Underwriter identification necessary to complete the Official Statement within 24 hours after award of the Bonds. Additional copies of the Final Official Statement may be obtained by Participating Underwriters from the printer at cost. The Village will, at its expense, deliver the Bonds to the purchaser in New York, New York, through the facilities of DTC and will pay for the bond attorney's opinion. At the time of closing, the Village will also furnish to the purchaser the following documents, each dated as of the date of delivery of the Bonds: (1) the unqualified opinion of Katten Muchin Rosenman LLP, Chicago, Illinois, that the Bonds are lawful and enforceable obligations of the Village in accordance with their terms and are payable from ad valorem taxes levied against all taxable property of the Village, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors' rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion; (2) the opinion of said attorneys that the interest on the Bonds is exempt from federal income taxes as and to the extent set forth in the Official Statement for the Bonds; and (3) a no litigation certificate by the Village. The Village has authorized the printing and distribution of an Official Statement containing pertinent information relative to the Village and the Bonds. Copies of such Official Statement or additional information may be obtained from Mr. Eric L. Burk, Director of Finance, Village of Deerfield, 55 West Tompkins Street, Galesburg, Illinois 61401 or an electronic copy of this Official Statement is available from the www.speerfinancial.com web site under "Debt Auction Center/Cornyetitive Sales Calendar" from the Municipal Advisor to tb, Village, Speer Financial, Inc., One North LaSalle Street, Suite 4100, Chicago, Illinois 60602, telephone (312) 346-3700. /s/ HARRIET ROSENTHAL Village President Village of Deerfield, Illinois I 7, /s/ KE S. STREET Village Manager Village of Deerfield, Illinois PARITY Bid Form Upcoming Calendar ew OverviResult ; Excel Overview �I. BQSC, Inc. - Dallas, TX's Bid Deerfield Vig $9,660,000 General Obligation Bonds, Series 2015 Pure I ol'? For the aggregate principal amount of $9,660,000.00, we will pay you $9,983,441.90, plus accrued interest from the date of issue to the date of delivery. The are to bear interest at th Th Bonds e following rate(s): Maturity Date Amount $ Coupon % 12/01/2016 405M 3.0000 12/01/2017 415M 3.0000 12/01/2018 425M 3.0000 12/01/2019 430M 3.0000 12/01/2020 440M 3.0000 12/01/2021 450M 3.0000 12/01/2022 460M 3.0000 12/01/2023 470M 3,0000 12/01 /2024 480M 3.0000 12/01/2025 495M 3.0000 12/01/2026 510M 3.0000 12/01/2027 525M 3.0000 12/01 /2028 540M 3.0000 12/01/2029 560M 3.0000 12101/2030 575M 3.0000 12/01 /2031 12/01/2032 1,200M 3.0000 12/01 /2033 12/01,'2034 1,280M 3.2500 3 34 Brest Cost: Total Interest $ 3,741.67 Premium: $323,441.90 Net Interest Cost: $3,020,299.77 TIC: 2.696195 Time Last Bid Received On:05/04/2015 9:50:38 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: BQSC, Inc., Dallas , TX Contact: Dustin Siehr Title: Telephone:414-203-6558 Fax: 414-203-6565 hops:/h� ww.ne«'issuchomc.i-tleaLcum/Parity/asp/nr�in.asp'?frame=conteni��pu��e=parityRid... 5/4/2015 PARITY 131d Form Page 2 of 2 Issuer Name: Village of Deerfield Company Name: bs�� Accepted By: _ t x ccepted By: 15 Date: I �F 1 ' _ Date: 1 `S 'i Del I :.C, All r.q! ., rr zotvg4 Trcr_u:r,sh:, httpsa/w�� ��r.ne�� issuehome.i-deal.com/Paritti'/asp/main.asp'?1'rume=content&page=parityi3id... 5/4/201 5 5� (License or Permit - Definite Term) and Nlo. 10624040 KNO"'VALL MEN BY THESE PRESEN7 S, Travelers Casualty and Surety Company of America One Tower Squaro,, Hertfon-!, - DE 183 -HAT WE, Willow House. 300 Saunders Road.Suite 300, Riverwoods, 1 60015, as Trayelers Casualty and Surety Comoan-v of America, a coroo-ation duly incorporated ,_radar the lav,,s of ffie Sac- of Connscfc�_-i and aathorized to _`o !)usiness in the State of IL, as Surety, are held arc 1-1 m ly board -.r:e Village of Deerfield. 855, Waukegan Read, Deerfield. :L 60C15, as Obi'Qee, in the penal sum of Three Thousand Five Hundred and 0011100 --- ($3,500.00) Dc'mlars, fx the payment of wh'--h we hereby bind ou-se'ves, cur heirs, executors and admiM:stratz-rs, ;anllv and severa!;y, fir-Mly tythese -resents. j , v 1HEREAS, the Frincip a! has obtained ors 2bout to of tain a.:icerse or De-z-ni' for Raffle License Bond. NO',rV, THEREFORE, THE CONDIT ONS OF1 KS O3L;GATI0I1,, ARE SUCH, that if the bra�C-pa' Sila!'fwo0 cuties and protect said C;algee from any jamage caused by the Principal's non-=piiance,,�1V,, c- b-eaol� C', any,i,a,,t'S, �z + ' L th, s I :ssued. the;-, t s tatutes, ordinan.-es, tuias or -egalations, peftaz�ning to the !ice or permi vcit; Cti;erw1;se to rerna;zr, in -VI fcme and effleft This coral is fo, a definite term beginning February 11, 2015, and ending February 11. ZG1 andIna,.,beco"",-ijar-,ac i.-,':e Cer PRO%`IDIED, fha-� regard7ass of tl�e number of years t�is bond is 'In fo,-ce-, t,�e Suret.: shaA no' be �Ziable hiareu-der flar a i ,a,-ger amol_,rt, in the aggre:;ale, than the penal sum i';"d above, PROVIDED FURTHER, that tl.e Surety -nay terminate i's !'ability ereunderas,.c fiLtze acts of 'ne Pr_;n>,pal al ary -,irra zy Civing thl-ty (3D) :!ays wri-tei notice of such ler-ninatorto the O'Zligee. SIGNED, SEALED AND DATED this 12th day of February, 2015. Willow House Bv: er Y1ej/,"74X Travelers CF raveler asuat-Li and sine Company of Amsrica "X By: 1, �u .. AL 4 Evonne Brown, Afor ney-ir:-Fa_-� S-2- 5' 3 1,02-0-3) -i7 POWER OF ATTORNEY TRAVELERS au. anil CzA F7nduL Ew= %I, Q= vOymb W schrnoen con"Nu DOMMINS v ),- AMA Wj"Vh�n7:z,.. LW,Sqmmn Us= N, 74wo Randa 11 l0kanya Cab . A. WA, :nvS. nwswV2.0 U W&A Nquvo OwnwK Wom Nil dsm Alcman inns 0% Rjam He.Awl W."al sahxc Hh".'m V«l % i "i', El -a:: oi-;-i! KAMM Ramoo lUmur jamm whqv Jo Cullym!,% C,7.�mo sm"it]"., s,a,j!,JLr; K% 0, ..... ....... . .. ............. .... ... ... ... -0 13 .................... �,aW OVA Siva POIQ in MY" A LynQ 7 vs�un A I P. tyl GO W, I ri�-YA3a Arc, z J"z— PARITY }aid Form l C Upcoming Calendar Overview 1I Ex cel; xcel — --------- --II__ BOSC, Inc. - Dallas, TX's Bid Deerfield Vlg $9,660,000 General Obligation Bonds, Series 2015 Page I ol' For the aggregate principal amount of $9,660,000.00, we will pay you $9,983,441.90, plus accrued interest from the date of issue to the date of delivery. The Bonds are to bear interest at the following rate(s): Maturity Date Amount $ Coupon % 12/01/2016 405M 3.0000 12/01/2017 415M 3.0000 12/01/2018 425M 3.0000 12/01/2019 430M 3.0000 12/01/2020 440M 3.0000 12/01/2021 450M 3.0000 12101/2022 460M 3.0000 12/01/2023 470M 3.0000 12/01/2024 480M 3.0000 12101/2025 495M 3.0000 12/01/2026 510M 3.0000 12/01/2027 525M 3.0000 12/01/2028 540M 3,0000 12/01/2029 560M 3.0000 12/01/2030 575M 3.0000 12/01 /2031 12/01/2032 1,200M 3.0000 12/0 1/2033 12/01/2034 1,280M 3.2500 Total Interest Cost: $3,343,741.67 Premium: $323,441,90 Net Interest Cost: $3,020,299.77 TIC: 2.696195 Time Last Bid Received On:05/04/2015 9:50:38 CDST This proposal is made subject to all of the terms and conditions of the Official Bid Form, the Official Notice of Sale, and the Preliminary Official Statement, all of which are made a part hereof. Bidder: BOSC, Inc., Dallas, TX Contact: Dustin Siehr Title: Telephone:414-203-6558 Fax: 414-203-6565' hops:/hvww.newissuchomc.i-dea1.ccnn/Parity/asp/main.asp'?frame=content&pa�-oe=parityl3i(I... 5/ I/20I5 PARITY 131d Form Page 2 of'-) Issuer Name: Village of Deerfield Company Name: Accepted By: __ _ !-,,7n-jAccepted By - Date: S ' �� Date: 5 I ,.C, All hops://u �� �� .newissuchcime.i-deaLcom/Parity/asp/Wolin.asp`?frame-contents page=parityi3id... 5/4/2015