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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