O-82-62ORDINANCE NO. 0 -82 -62
ORDINANCE AUTHORIZING THE ISSUANCE OF $500,000
CORPORATE PURPOSE BONDS, SERIES 1982 -A, 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. Authorization Capital Improvements.
This ordinance is adopted pursuant to Section 6 of Article VII of
the Illinois Constitution of 1970 for the purpose of financing
street and storm water drainage improvements in the Village.
Section 2. Authorization and Terms of Bonds. To meet
part of the cost of the improvements authorized by Section I of
this ordinance, there is hereby appropriated the sum of $500,000,
said sum being inclusive of cost of issuance of the bonds herein
authorized.
For the purpose of financing said appropriation, general
obligation bonds of the Village shall be issued and sold in an
aggregate principal amount of $500,000, and shall be designated
"Corporate Purpose Bonds, Series 1982 -A." The bonds shall be
dated December 1, 1982; shall each be of the denomination of
$5000 and shall be numbered from 1 upwards, in order of their
maturity. The bonds shall mature (without option of prior redemp-
tion) on December 1 in each year shown in the following table in
the respective principal amount set forth opposite each such
year:
Year Principal Amount Rate of Interest
1984 $50,000 7.00
1985 50,000 7.00
Year
Principal Amount
Rate of Interest
1986
$50,000
7.00
1987
50,000
8.00
1988
50,000
8.00
1989
50,000
8700
1990
50,000
8.00
1991
50,000
8.50
1992
50,000
8.50
1993
50,000
8.50
The bonds shall bear interest from their date payable
on December 1, 1983 and semiannually thereafter on each June 1
and December 1 at the rates per annum set forth above. The bonds
shall be payable as to both principal and interest in lawful
money of the United States of America in the City of Chicago,
Illinois at the principal corporate trust office of a bank, trust
company or national banking association selected by the original
purchaser of the bonds provided that such bank, trust company or
national banking association is willing to perform the duties of
paying agent for the bonds on terms acceptable to the Village.
In the absence of such designation, the Village President is
hereby authorized and directed to select as paying agent for the
bonds, a bank, trust company or national banking association
having its principal corporate trust office in the City of Chicago,
Illinois.
The bonds shall be executed in the name of the Village
by the manual or facsimile signature of its Village President and
the corporate seal of the Village, or a facsimile thereof, shall
be thereunto affixed or otherwise reproduced thereon and attested
by the manual signature of its Village Clerk. Interest to matur-
ity shall be evidenced by coupons attached to the bonds, which
coupons shall be authenticated by said Village President with his
-2-
facsimile signature. No. recourse shall be had for the payment of
any bonds against any officer of the Village who executes the
bonds.
Section 3. Temporary Bonds. Pending the delivery of
definitive coupon bonds, the Village may deliver one or more
temporary bonds, in fully registered form, or in bearer form
without coupons, and of the denominations of $5,000 or any intregal
multiple thereof.
Section 4. General Obligations. The bonds shall be
the general obligations of the Village for which its full faith,
credit and resources shall be irrevocably pledged and shall be
payable from taxes levied on all taxable property in the Village,
without limitation as to rate or amount.
Section 5. Form of Bonds. The bonds shall be fully
negotiable but shall be registrable as to principal in the manner
and with the effect provided in the form of bond. The bonds and
attached coupons shall be in substantially the following form,
the blanks to be appropriately completed when the bonds are
printed:
-3-
(Form of Bond).
United States of America
State of Illinois
Counties of Cook and Lake
VILLAGE OF DEERFIELD
CORPORATE PURPOSE BOND,
SERIES 1982 -A
No.
$5000
The VILLAGE OF DEERFIELD, a municipal corporation and a
home rule unit of the State of Illinois situate in the Counties
of Cook and Lake, acknowledges itself indebted and for value re-
ceived hereby promises to pay to the bearer hereof, or if this
bond be registered, to the registered owner hereof, upon presenta-
tion and `surrender of this bond, the principal sum of Five Thou-
sand Dollars ($5000) on the first day of December _, 19_, and
to pay interest on such principal sum from the date hereof at the
rate of percent (_ %) per annum, payable on December 1,
1983 and semiannually thereafter on the first days of June and
December in each year until the principal sum shall have been
paid, but only according to the tenor of the respective coupons
therefor annexed hereto and upon presentation and surrender of
said coupons as they severally become due. This bond, as to
principal and interest when due, will be payable in lawful money
of the United States of America at the principal corporate trust
office of , in the City of Chicago, Illinois.
This bond is part of an issue of bonds (the "Bonds ")
issued in the aggregate principal amount of $500,000, which are
-4-
all 'dated' December. l,.- 1982; and ' a =e .all of like. tenor except as
to maturity and rate of interest and which are authorized and
issued under and pursuant to Section 6 of Article VII of the
Illinois Constitution of 1970 and under and in accordance with an
ordinance adopted by the President and Board of Trustees of the
Village on December 20, 1982 and entitled: "Ordinance Authoriz-
ing the Issuance of $500,000 Corporate Purpose Bonds, Series
1982 -A, of the Village of Deerfield, Illinois."
The Bonds are general obligations of the Village for
which the -full faith, credit and resources of the Village are
irrevocably pledged and the Village has levied a direct annual
tax upon all taxable property sufficient to pay the principal of
and interest on the Bonds as the same become due.
This bond may be registered as to principal with the
effect and in the manner provided in the endorsement appearing on
the reverse side hereof.
It is hereby certified, recited and declared that all
acts, conditions and things required to be done, exist and be
performed precedent to and in the issuance of this bond in order
to make it a legal, valid and binding obligation of the Village
have been done, exist and have been performed in regular and due
time, form and manner as required by law, and that this bond,
together with the issue of which it is a part, does not exceed
any constitutional or statutory limitation.
IN WITNESS WHEREOF, the Village of Deerfield has caused
this bond to be executed in its name and on its behalf by the
manual or facsimile signature of its Village President, and its
-5-
corporate sea:l, or a facsimile. thereof; to be-hereunto affixed or
otherwise reproduced hereon and attested.by the manual signature
of its Village Clerk, and has caused the interest coupons hereto
attached to be authenticated by said Village President with his
facsimile signature, all as of this first day of December, 1982.
.VILLAGE OF DEERFIELD
Attest:
Village Clerk
Village President
(Forme of Coupon).
The VILLAGE-OF DEERFIELD, ILLINOIS,
will pay to bearer the amount shown
hereon, in lawful money of the United
States of America at the principal
corporate trust office of
in the City of Chicago,
Illinois, upon presentation and
surrender of this coupon, for interest
due that date on its CORPORATE PURPOSE
BOND, SERIES 1982 -A, dated December 1, 1982.
(Facsimile Signature)
Village President
On , 19-
Coupon No.
(Provision for Registration)
The within bond may be registered in the name of the
owner as to principal only, such registration to be on a bond
register kept by the Village Treasurer of the Village of Deerfield,
as Registrar, and also to be noted in the registration blank
below; after which no transfer shall be valid unless made on said
bond register at the request of the registered owner or his
authorized attorney and noted in said registration blank below;
but this bond may be discharged from registration by being trans-
ferred to bearer, after which it shall be transferable by delivery
but may be again registered as before. Such registration shall
not impair the negotiability by delivery of the coupons attached
to the bond. The principal of the bond, if registered other than
to bearer, shall be payable only to or upon the order of the
registered owner or his legal representative.
-7-
(No writing on this blank except by the'Registrar).'
.Date of Name and Address of Signature
Registration Registered Owner of Registrar.
-8-
Section. 6.. Sale and., Delivery.,- : The. bonds are hereby
sold and awarded to American Fletcher National Bank, Indianapolis at its
price bid of $ 500,040.00 plus accrued interest to date of
delivery.
The Village President, Village Clerk and other officials
of the Village are hereby authorized and directed to do and per-
form, or cause to be done or performed for or on behalf of the
Village each and every thing necessary for the sale and issuance
of the bonds, including the proper execution and delivery of the
bonds and.the official.statement_ prepared with respect to the
bonds, upon payment of the full purchase price of the bonds.
Section 7. Levy of Taxes. For the purpose of provid-
ing the money required to pay the interest on the bonds when and
as the same falls due and to pay and discharge the principal
thereof as the same shall mature, there is hereby levied upon all
the taxable property in the Village, in each year while any of
the bonds shall be outstanding, a direct annual tax sufficient
for that purpose in addition to all other taxes, as follows:
For the year 1982, $ 39,250 for interest payable to
and including December 1, 1983.
For the year 1983, $ 89,2.50 for interest and princi-
pal payable to and including December 1, 1984.
For the year 1984, $ 851750 for interest and prin-
cipal payable to and including December 1, 1985.
For the year 1985, $ 829250 for interest and prin-
cipal payable to and including December 1, 1986.
For the year 1986, $ 781750 for interest and prin-
cipal payable to and including December 1, 1987.
For the year 1987, $ 74,750 for interest and prin-
cipal payable to and including December 1, 1988.
For. the year_. 1988, $ 70,750 for interest. and prin-
cipal payable,to :and including December 1, 1989.'
For the year 1989, $" 66,750 for
cipal payable to and including December
For the year 1990,. $ 62,750 for
cipal payable to and including December
For the year 1991, $ r,,q,gnn_— for
cipal payable to and 'including December
For the year 1992, $ 54,250 for
cipal payable to and including December
interest and prin-
t, 1990.
interest and prin-
t, 1991.
interest and prin-
t, 1992.
interest and prin-
t, 1993.
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.
Section 8. Extension of Taxes. As soon as this ordi-
nance becomes effective, a copy thereof certified by the Village
Clerk; which certificate shall recite that this ordinance has
been passed by this Board of Trustees, shall be filed with the
County Clerk of Lake County and the County Clerk of Cook County
who are hereby directed pursuant to provisions of the.Illinois
Municipal Code to ascertain the rate per cent required to produce
the aggregate tax hereinbefore provided to be levied in the years
1.982 to 1992, inclusive, and to extend the same for collection on
the tax books in connection with other taxes levied in said
years, in and by the Village for, general corporate purposes of
the Village, and in said years such annual tax shall be levied
and collected in like manner as taxes for general corporate pur-
poses for said years are levied and collected and, when col-
-10-
.lected, such taxes shall be used solely for the purpose of paying
the principal of and interest on the bonds herein authorized as
the same become due and payable. Moneys derived from taxes
herein levied are-appropriated and set aside for the sole purpose
of paying principal of and interest on the bonds when and as the
same come due.
Section 9. Arbitrage Restriction. The Village cove-
nants that it shall not at any time permit any of the proceeds of
any bonds or other moneys to be used directly or indirectly to
acquire any securities or obligations the acquisition of which
would cause any bond to be an "arbitrage bond" as defined in
Section 103(c)(2) of the Internal Revenue Code of 1954, as amended.
Section 10. Ordinance a Contract. The provisions of
this ordinance shall constitute a contract between the Village
and the holder or holders of the.bonds. If any section, paragraph
or provision of this ordinance shall be held to be invalid or
unenforceable for any reason, the invalidity or unenforceability
of such section, paragraph or provision shall not affect any of
the remaining provisions of this ordinance.
Section 11. Publication and Notice. The Village Clerk
is hereby authorized and directed to publish this ordinance in
pamphlet form and to file copies thereof for public inspection in
her office. The Village Clerk is hereby authorized and directed
to cause notice of adoption of this ordinance to be published in
the "Mail- Advertiser," a newspaper of general circulation in the
Village. Said notice shall be in substantially the following
form:
-11-
"Public. Notice
Notice is hereby, given that on December 20, 1982, the
President and'-.Board of Trustees -of th& Village.of Deerfield,
Illinois adopted an ordinance entitled: "Ordinance Authorizing
the Issuance of $500,000 Corporate Purpose Bonds, Series 1982 -A
of the Village of Deerfield, Illinois," and that copies of said
ordinance are on file and available for public inspection at the
office of the Village Clerk of the Village of Deerfield.
By /s/ Naomi S. Clampitt
Village Clerk"
Section 12. Statement of Urgency. Because of the
pendency of certain amendments to the Internal Revenue Code
relating to the tax - exempt status of the bonds, it is hereby
determined that the prompt effectiveness of this ordinance is
required so that the bonds may be delivered on or prior to Decem-
ber 31, 1982.
Section 13. Effective Date. This ordinance shall
become effective in the manner provided by law.
Adopted this 20th day of December, 1982 by roll call
vote as follows:
Ayes: Ehlers, Heisler, Marty, Seidman, York (5)
Nays: None (0)
(SEAL)
Attest:
r
Village C e
-12-
,,,Approved:
e
Village President
r
CERTIFICATE
I, Naomi S. Clampitt, Village Clerk of the Village of
Deerfield, Illinois, hereby certify that the foregoing ordinance
entitled: "Ordinance Authorizing the Issuance of $500,000 Corpor-
ate Purpose Bonds, Series 1982 -A, of the Village of Deerfield,
Illinois," is a true copy of an original ordinance which was duly
adopted by the recorded affirmative votes of a majority of the
members of the Board of Trustees of the Village at a meeting
thereof which was duly called and-held at 8:OO p-.m. on December 20,
1982 in the Board Room at the Village Hall, and at which a quorum
was present and acting throughout, and that said copy has been
compared by me with the original ordinance signed by the Village
President, published in pamphlet form on December,21, 1982 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.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the seal of the Village this 21st day of n rPmbpr
1982.
(SEAL)
A1337 41A
12%15/82
LG:dk
-13-
Village C r