O-86-17ORDINANCE NO. 0 -86 -17
ORDINANCE AUTHORIZING THE ISSUANCE OF $11,000,000 CORPORATE
PURPOSE BONDS, SERIES 1986, 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 and Purpose. This ordinance is
adopted pursuant to Section 6 of Article VII of the Illinois
Constitution of 1970 for the purpose of authorizing and financing
the refunding of $11,000,000 principal amount of outstanding
bonds of the Village hereinafter described and for the purpose of
financing costs associated with the refunding of such outstanding
bonds. The outstanding bonds of the Village to be refunded
pursuant to this ordinance (the "Prior Bonds ") are more particu-
larly described as follows:
$4,100,000 outstanding principal amount of General
Obligation Variable Rate Demand Bonds, Series A; and
$6,900,000 outstanding principal amount of General
Obligation Variable Rate Demand Bonds, Series B:
The President and Board of Trustees of the Village
hereby determines to redeem the Prior Bonds within 30 days after
the issuance of the bonds herein authorized.
Section 2. Authorization and Terms of Bonds. To meet
part of the estimated cost of refunding the Prior Bonds, there is
hereby appropriated the sum of $11,000,000. For the purpose of
financing said appropriation, general obligation bonds of the
Village shall be issued and sold in an aggregate principal amount
of $11,000,000, shall be designated "Corporate Purpose Bonds,
Series 1986," and shall be issuable in the denominations of
i t
$5,000 or any integral multiple thereof. Bonds shall be numbered
consecutively from 1 upwards in order of their issuance and may
bear such identifying numbers or letters as shall be useful to
facilitate the registration, transfer and exchange of bonds.
Each bond shall be dated as of the interest payment date next
preceding the date of issuance thereof, except that (a) if such
date of issuance shall be prior to the first interest payment
date, said bond shall be dated as of May 1, 1986, (b) if such
date of issuance shall be an interest payment date, said bond
shall be dated as of such interest payment date, or (c) if inter-
est due on said bond shall not have been paid in full, then
notwithstanding any of the foregoing provisions, said bond shall
be dated as of the date to which interest has been paid in full
on said bond. The bonds shall mature on January 1 in each year
shown in the following table in the respective principal amount
set forth opposite each such year and the bonds maturing in each
such year shall bear interest at the respective rate per annum
set forth opposite each such year:
Year
Principal Amount
Rate of Interest
1987
$ 100,000
6.80%
1988
125,000
7.75
1989
175,000
7.75
1990
300,000
7.75
1991
410,000
7.75
1992
445,000
7.75
1993
485,000
7.75
1994
515,000
7.75
1995
545,000
7.10
1996
580,000
6.40
1997
620,000
6.50
1998
660,000
6.60
1999
700,000
6.70
2000
750,000
6.80
2001
800,000
6.90
2002
855,000
6.75.
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Year Principal Amount Rate of Interest
2003 $ 915,000 6.75%
2004 975,000 6.75
2005 1,045,000 6.75
Each bond shall bear interest from its date payable in
lawful money of the United States of America on January 1, 1987
and semiannually thereafter on each January 1 and July 1 at the
rates per annum herein determined. The principal of and premium,
if any, on the bonds shall be payable in lawful money of the
United States of America upon presentation and surrender thereof
at the principal corporate trust office of American National Bank
and Trust Company of Chicago, in the City of Chicago, Illinois,
which is hereby appointed as bond registrar and paying agent for
the bonds. Interest on the 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 principal 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 bonds shall be paid by check or draft
mailed to such registered owners at their addresses appearing on
the registration books.
The bonds maturing on or after January 1, 1997 shall be
subject to redemption prior to maturity at the option of the
Village and upon notice as herein provided, in inverse order of
maturity and by lot within a single maturity, on July 1, 1996 and
on any interest payment date thereafter, at a redemption price
egual to the principal amount thereof to be redeemed plus, if
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such bond is to be redeemed during any period shown in the fol-
lowing table, the applicable redemption premium, expressed as a
percentage of such principal amount, set forth opposite such
period:
Redemption Period
July 1, 1996
July 1, 1997
July 1, 1998
July 1, 1999
July 1, 2000
July 1, 2001
July 1, 2002
July 1, 2003
to
to
to
to
to
to
to
to
January
January
January
January
January
January
January
January
1, 1997
1, 1998
1, 1999
1, 2000
1, 2001
1, 2002
1, 2003
1, 2004
Redemption Premium
2
%
1 -3/4
1 -1/2
1 -1/4
1
3/4
1/2
1/4
In the event of the redemption of less than all the
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 bond of such maturity a
distinctive number for each $5,000 principal amount of such 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 bonds to be redeemed. The bonds to be redeemed
shall be the bonds to which were assigned numbers so selected;
provided that only so much of the principal amount of each bond
shall be redeemed as shall equal $5,000 for each number assigned
to it and so selected.
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
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on the redemption date therein designated, and if, on the redemp-
tion 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. If there shall
be drawn for redemption less than all of a bond, the Village
shall execute and the bond registrar shall authenticate and
deliver, upon the surrender of such bond, without charge to the
owner thereof, for the unredeemed balance of the bond so surren-
dered, bonds of like maturity and of,.the denomination of $5,000
or any integral multiple thereof.
The bond registrar shall not be required to transfer or
exchange any 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 bond during a period of 15
days next preceding the mailing of a notice of redemption which
could designate for redemption all or a portion of such bond.
Section 3. Execution and Authentication of Bonds. 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 or facsimile signature of its Village Clerk.
MT
0
In case any officer whose signature, or a facsimile of
whose signature, shall appear on any bond shall cease to hold
such office before the issuance of the bond, such 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 bond had not ceased to hold such office. Any 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 bond such person may not
have held such office. No recourse shall be had for the payment
of any bonds against any officer who executes the bonds.
The bonds shall bear thereon a certificate of authenti-
cation executed manually by the bond registrar. No bond shall be
entitled to any right or benefit undtr.this ordinance or shall be
valid or.obligatory of any purpose until such certificate of
authentication shall have been duly executed by the bond registrar.
Section 4. 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 bonds.
The 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
bonds and the interest thereon, without limitation as to rate or
amount.
Section S. Form of Bonds. The bonds shall be issued
as fully registered bonds and shall be in substantially the
following form, the blanks to be appropriately completed when the
bonds are printed:
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(Form of Bond)
United States of America
State of Illinois
Counties of Lake and Cook
VILLAGE OF DEERFIELD
CORPORATE PURPOSE BOND,
SERIES 1986
INTEREST RATE
MATURITY DATE
The VILLAGE OF DEERFIELD, a municipal corporation and a
home rule unit of the State of Illinois situate in the Counties
of Lake and Cook, acknowledges itself indebted and for value re-
ceived hereby promises to pay to
regidtered assigns, the principal sum,.,of
or
Dollars on the maturity date specified above, and to pay interest
on such principal sum from the date hereof at the interest rate
per annum specified above, payable in lawful money of the United
States of America on January 1, 1987 and semiannually thereafter
on the first days of January and July in each year until the
principal sum shall have been paid, by check or draft mailed to
the registered owner of record hereof as of the 15th day of the
calendar month next preceding such interest payment date, at the
address of such owner appearing on the registration books main-
tained by the Village for such purpose at the principal corporate
trust office of American National Bank and Trust Company of
Chicago, in the City of Chicago, Illinois, as bond registrar or
its successor (the "Bond Registrar "). This bond, as to principal
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and premium, if any, when due, will be payable in lawful money of
the United States of America upon presentation and surrender of
this bond at the principal corporate trust office of the Bond
Registrar. The full faith and credit of the Village are irrevo-
cably 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 $11,000,000, which are all of like
tenor except as to date, maturity, option of redemption 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 April 21, 1986
and entitled: "Ordinance Authorizing.the Issuance of $11,000,000
Corp'orate,Purpose Bonds, Series 1986, of the Village of Deerfield,
Illinois."
The bonds of such series maturing on or after January
1, 1997 are subject to redemption prior to maturity at the option
of the Village and upon notice as herein provided, in inverse
order of maturity and by lot within a single maturity, on July 1,
1996 and on any interest payment date thereafter, at a redemption
price equal to the principal amount thereof to be redeemed plus,
if such bond is to be redeemed during any period shown in the
following table, the applicable redemption premium, expressed as
a percentage of such principal amount, set forth opposite such
period:
MIM
Redemption Period
July 1, 1996
July 1, 1997
July 1, 1998
July 1, 1999
July 1, 2000
July 1, 2001
July 1,'2002
July 1, 2003
to
to
to
to
to
to
to
to
January
January
January
January
January
January
January
January
1, 1997
1, 1998
1, 1999
1, 2000
1, 2001
1, 2002
1, 2003
1, 2004
Redemption Premium
2
%
1 -3/4
1 -1/2
1 -1/4
1
3/4
1/2
1/4
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 re-
demption to the registered owners of 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 redemp-
tion 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 principal
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
WE
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 denomina-
tions. The Village or the Bond Registrar may make a charge
sufficient to reimburse it for 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 whose name this
bond is registered as the absolute owner hereof for the purpose
of receiving payment of, or on account of, the principal, premium,
if any, and interest due hereon and for all other purposes whatso-
ever.
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 indebted-
ness of the Village, is within every debt or other limit prescribed
by law.
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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:
VILLAGE OF DEERFIELD
Village President
Attest:
Village Clerk
CERTIFICATE OF AUTHENTICATION
This bond is one of the Corporate
Purpose Bonds, Series 1986, described
in the within mentioned Ordinance.
AMERICAN NATIONAL BANK AND TRUST
COMPANY,OF CHICAGO,
as Bond Registrar
By
Authorized officer
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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:
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Section 6. Sale and Delivery. The sale of the bonds
to Northern Trust Company, as purchaser, at a price of
$11,000,007.15 and accrued interest from their date to the date
of delivery and payment therefor, is hereby ratified and confirmed.
The official statement prepared with respect to the bonds is
hereby approved.
The Village President, Village Clerk and other officials
of the Village are hereby 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
bonds and the refunding of the Prior Bonds, including the proper
execution and delivery of the bonds and the official statement
upon payment of the full purchase price of the bonds.
Section 7. Levy and Extension of Taxes. For the
purpose of.providing 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:
Tax Levy Year
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
A Tax Sufficient to Produce
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$1,494,304.17
924,175.00
1,035,612.50
1,122,362.50
1,125,587.50
1,131,100.00
1,124,512.50
1,113,600.00
•11109,905.00
1,112,785.00
Tax Levy Year
1996
1997
1998
1999
2000
2001
2002
2003
A Tax Sufficient to Produce
$1,112,485.00
1,108,925.00
1,112,025.00
1,111,025.00
1,110,825.00
1,113,112.50
1,111,350.00
1,115,537.50
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.
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 1986 to 2003,
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 solely for the purpose of paying the principal of and inter-
est on the bonds herein authorized as the same become due and
payable.
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Section 8. Debt Service Fund. 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. All of such moneys, and all other moneys
to be used for the payment of the principal of and interest on
the bonds, shall be deposited in the "Series 1986 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 laws of the United States. All accrued in-
terest received upon the issuance of the bonds shall be deposited
in the Series 1986 Debt Service Fund. Concurrently with the
issuance of the bonds, the Village shall deposit in the Series
1986 Debt Service Fund, from sourcep other than bond proceeds, an
amount of money which, together with such accrued interest, shall
be sufficient to provide for the payment of interest due on the
bonds on January 1, 1987.
Section 9. Bond Proceeds and Transferred Proceeds
Fund. All of the proceeds of sale of the bonds (exclusive of
accrued interest) shall be applied to pay the redemption price of
the Prior Bonds. Any proceeds of sale of the bonds remaining
after the redemption of the Prior Bonds shall be expended to pay
costs of issuance of the bonds. As of November 1, 1986 all
remaining proceeds of sale of the bonds shall be deposited in the
Series 1986 Debt Service Fund.
Concurrently with the redemption of the Prior Bonds,
all remaining proceeds of sale of the Prior Bonds, including
moneys derived from the investment of such proceeds, shall be
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deposited in the "Series 1986 Transferred Proceeds Fund" which is
hereby established as a special fund of the Village. Within the
Series 1986 Transferred Proceeds Fund, the Village shall establish
a "Costs of Issuance Account," for the payment of costs of issu-
ance of the bonds; for each discrete construction project to be
financed with the proceeds of the Prior Bonds, a "Construction
Account" for the payment or reimbursement of costs of construction
of such project and an. "Acquisition Account" for the payment or
reimbursement of the costs of acquisition of tangible property to
be financed with such proceeds.
The moneys deposited in the Series 1986 Transferred
Proceeds Fund shall be allocated among the various Accounts
within such Fund in accordance with the purpose of each Account
as herein provided. Moneys in each Account shall be expended for
the purpose for which such Account was established except that
moneys in any Account may be transferred or withdrawn for any one
or more of the following purposes: (i) to make transfers to a
different Account in the Series 1986 Transferred Proceeds Fund,
(ii) to pay the principal of or interest on the bonds, (iii) to
redeem bonds in accordance with the provisions of this ordinance
or to purchase bonds, (iv) to pay any rebate due the United
States -or (v) to pay the cost of any other improvement or for any
other lawful purpose as directed by an ordinance of the Village.
Before any such transfer or withdrawal shall be made,
there shall be filed with the Village Clerk an opinion of a
nationally recognized bond counsel to the effect that such trans-
fer or withdrawal will not adversely affect any exemption from
federal income taxation of interest on the bonds.
IWO
Section 10. Rebate Fund. The Village hereby establishes
a special fund, designated as the "Series 1986 Rebate Fund." In
the event that the Village shall invest bond proceeds or moneys
in the Series 1986 Transferred Proceeds Fund or the Series 1986
Debt Service Fund in any investments which generate income that
must be rebated or paid to the United States pursuant to the
provisions of "Title VII - Tax - Exempt Bonds" of the Tax Reform
Act of 1985 (the "Tax Reform Act ") that are contained in Section
701(a) of H.R. 3838, as passed by the United States House of
Representatives on December 17, 1985, such income shall be depos-
ited in the Series 1986 Rebate Fund. Moneys in the Series 1986
Rebate Fund may be expended for any lawful purpose of the Village.
Section 11. Investment Restrictions. (A) No invest-
ment shall be made of bond proceeds..gi. any moneys in the Series
1986 Debt Service Fund, the Series 1986 Transferred Proceeds Fund
or the Series 1986 Rebate Fund except in accordance with the
requirements of this Section. Except as required by Section 10
of this ordinance, all income derived from such investments in
respect of moneys or securities in any -Fund or Account shall be
credited in each case to the Fund or Account in which such moneys
or securities are held.
(B) Bond proceeds and moneys in any Fund or Account
may be invested in state and local governmental obligations the
interest on which is exempt from federal income taxation pursuant
to Section 103(a) of the Internal Revenue Code of 1954, as amended,
or any similar provisions of a revised internal revenue code of
the United States, including provisions of the Tax Reform Act.
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(C) In the event that the contemplated investment of
moneys is not specified in (B) above, then if the Village Treasurer
shall determine and certify to the Village Clerk that (a) the.
moneys to be invested are entitled to a temporary period during
which such moneys may be invested at an unrestricted yield pursuant
to the Tax Reform Act and any other applicable federal law then
in effect and (b) that the contemplated investment will mature
within such temporary period, then the Village Treasurer may
cause such investment to be made without further limitation.
(D) In the event that the contemplated investment of
moneys is not specified in either (B) or (C) above, then if the
Village Treasurer shall determine and certify to the Village
Clerk that the yield (calculated in accordance with the provisions
of the Tax Reform Act and any other applicable federal law then
in effect relating to the exemption of interest on state and
local governmental obligations, and applicable regulations) on .
the contemplated investment will not exceed the yield (as so
calculated) on the bonds, and that the requirements for making
such an investment contained in the Tax Reform Act, any other
applicable federal law and applicable regulations have been
satisfied, then the Village Treasurer may cause such investment
to be made. In rendering the certificate called for in this
paragraph, the Village Treasurer may rely on a certificate from
an independent certified public accountant or other tax law
expert stating that such investment will not adversely affect any
exemption from federal income taxation of interest.on the bonds.
Section 12. Relief From Investment Restrictions. The
provisions of Sections 9, 10 and 11 of this ordinance shall not
be binding on the Village in the event, and to the extent, that
the Village shall receive the opinion of a nationally recognized
bond counsel to the effect that failure to comply with such
provision or provisions will not adversely affect the exemption
from federal income taxation of interest on the bonds.
Section 13. Tax Covenants. The Village covenants to
comply with the provisions of this Section unless it shall have
received the written opinion of a nationally recognized bond
counsel to the effect that failure to comply with one or more
specific provisions will not adversely affect the exemption from
federal income taxation of interest on the bonds, in which case
the Village may disregard only the specified provision or provi-
sions.
The Village shall not at anytime permit any of the
proceeds of any bonds or other moneys to be used directly of
indirectly to acquire any securities or obligations the acquisi-
tion 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, or an "industrial development bond" within the
meaning of Section 103(b)(2) of said Code.
The Village shall not at any time permit any of the
proceeds of the.bonds or other moneys to be used directly or
indirectly to acquire any securities or obligations the acquisi-
tion of which would cause any bond to be an "arbitrage bond ", as
defined in the Tax Reform Act or a "nonessential function bond"
within the meaning of the Tax Reform Act.
The Village will not take any action or omit to take
any action which is lawful and within its power to take, and
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which, if taken or omitted, would cause interest on the bonds to
be includible in the gross income of the owners of the bonds for
federal income tax purposes.
The Village shall pay any rebate due the United States
under the provisions of the Tax Reform Act, and it shall keep
such books and records with regard to the Funds and Accounts
created pursuant to this ordinance, including in particular, the
Series 1986 Rebate Fund, as shall be necessary to determine the
amount of rebate, if any, owed to the United States.
The Village shall spend five percent or more of the net
proceeds of sale of the bonds within-30 days after the date of
issuance of the bonds to carry out the purposes authorized in
Section 1 of this ordinance, and shall spend all of the proceeds
of sale of the bonds within three y.ears`of the date of issuance
of the bonds.
Section 14. Transfer, Exchange and Registry. The
bonds shall be,negotiable, subject to the provisions for registra-
tion of transfer contained herein. Each bond shall be transferable
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 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 bond, the Village shall execute and the bond registrar
shall authenticate and deliver a new bond or bonds registered in
• -20-
the name of the transferee, of the same aggregate principal
amount, maturity and interest rate as the surrendered bond.
Bonds, upon surrender thereof at the principal corporate trust
office of the bond registrar, with a written instrument satisfac-
tory 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 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
bonds, the Village or the bond registrar may make a charge suffi-
cient to reimburse it for any tax, fee or other governmental
charge required to be paid with respect to such exchange or
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 Village and the bond registrar may deem and treat
the person in whose name any bond shall be registered upon the
registration books as the absolute owner of such bond, whether
such bond shall be overdue or not, 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 any 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
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paid, and neither the Village nor the bond registrar shall be
affected by any notice to the contrary.
Section 15. Bond Registrar. The Village covenants•
that it shall at all times retain a bond registrar with respect
to the bonds, that it will maintain at the designated office of
such bond registrar a place where 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
it 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 bond, and by
such execution the bond registrar shall be deemed to have certi-
fied to the Village that it has all requisite power to accept,
and has accepted such duties and obligations not only with respect
to the bond so authenticated but with respect to all the 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. The bond registrar shall,
however, be responsible for any representation in its certificate
of authentication on the 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 conserva-
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for 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 regis-
trar. The Village shall mail notice of any such appointment made
by it to each registered owner of bonds within twenty days after
such appointment. Any bond registrar appointed under the provi-
sions of this Section shall be a bank, trust company or national
banking association maintaining its principal corporate trust
office in the State of Illinois, the City of St. Louis, Missouri
or the Borough of Manhattan, City and State of New York.
Section 16. Ordinance to Constitute a Contract. The
provisions of this ordinance shall constitute a contract between ,
the Village and the registered owner�s.of the 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 bonds. All of the bonds, regardless
of the time or times of their issuance, shall be of equal rank
without preference, priority or distinction of any of the 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 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 any section, paragraph or provision
of this ordinance shall be held to be invalid or unenforceable
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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 17. 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
a newspaper of general circulation in the Village. Said notice
shall be in substantially the following form:
"Public Notice
Notice is hereby given that on April 21, 1986, the
President and Board of Trustees of the Village of Deerfield,
Illinois adopted an ordinance entitled: "Ordinance Authorizing
the Issuance of $11,000,000 Corporate Purpose Bonds, Series 1986,
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 18. Effective Date. This ordinance shall
become effective in the.manner provided by law.
Adopted this 21st day of April , 1986 by roll
call vote as follows:
Ayes: Marovitz, Marty, Rosenthal, Seidman, Swanson, York (6)
Nays: None (0)
(SEAL)
Attest:
Village er
Approved:
Village President
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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 $11,000,000
Corporate Purpose Bonds, Series 1986, 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 8:00 p.m. on April
21, 1986 at the Municipal Building, and at which a quorum was
present and acting throughout, and that said copy has been com-
pared by me with the original ordinance signed by the Village
President of the Village, and thereafter published in pamphlet
form on April 22 1986 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 22nd day of April
1986.
Village Cl k
(SEAL)
A14007 -A
4/21/86
LG: tjc2
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