O-88-64puf001 /00004 - 2/2374/sigma
10/3/88 - 1319
ORDINANCE NO.
ORDINANCE AUTHORIZING THE ISSUANCE OF $3,000,000
GENERAL OBLIGATION BONDS, SERIES 1988, 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 financing the acquisition
of right -of -way for the Access Avenue Project; traffic signal
modification; sanitary sewer and street rehabilitation; the in-
stallation of a new 16 inch water main and storm drainage improve-
ments, all as described in the Village's Capital Improvement Plan
and including also related engineering costs. The foregoing im-
provements or purposes are each hereby authorized to.be made or
undertaken by the Village of Deerfield, Illinois.
Section 2. Authorization and Terms of Bonds. To meet
part of the estimated cost of the improvements or purposes
described in Section 1 of this ordinance and the costs of issuance
of the bonds herein authorized, there is hereby appropriated the
sum of $3,000,000. For the purpose of financing said appropria-
tion, general obligation bonds of the Village shall be issued and
sold in an aggregate principal amount of $3,000,000, shall be
designated "General Obligation Bonds, Series 198811, and shall be
issuable in the denominations of $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, trans-
fer and exchange of bonds. Unless otherwise determined in the
order to authenticate the 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
November 1, 1988, (b) if such date of issuance shall be an inter-
est payment date, said bond shall be dated as of such interest
payment date, or (c) if interest due on said bond shall not have
been paid in full, then notwithstanding any of the foregoing pro-
visions, 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 respec-
tive principal amount set forth opposite each such year and the
bonds maturing in each such year shall bear interest at the re-
spective rate per annum set forth opposite such year:
Principal Rate of Principal Rate of
Year Amount Interest Year Amount Interest
1990
$100,000
8.00 %
1998
$200,000
6.70%
1991
1251000
8.00
1999
225,000
6.75
1992
150,000
8.00
2000
225,000
6.80
1993
150,000
8.00
2001
250,000
6.90
1994
150,000
8.00
2002
275,000
6.90
1995
175,000
6.50
2003
300,000
6.90
1996
175,000
6.50
2004
300,000
6.90
1997
200,000
6.60
Each 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 July 1,
1989 and semiannually thereafter on each January 1 and July 1 at
the rates per annum herein determined. The principal of and
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0
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 pay-
able 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 in-
terest 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 January 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 year shown in the following
table, the applicable redemption premium, expressed as a percent-
age of such principal amount, set forth opposite such year:
Year Redemption Premium
1996
1 1/2%
1997
1 1/4
1998
1
1999
3/4
2000
1/2
2001
1/4
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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 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. If there shall be drawn for
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redemption less than all of a bond, the Village shall execute and
the bond registrar shall authenticate and deliver, upon the sur-
render of such bond, without charge to the owner thereof, for the
unredeemed balance of the bond so surrendered, bonds of like
maturity and of the denomination of $5,000 or any integral mul-
tiple thereof.
The bond registrar shall not be required to transfer or
exchange any bond after notice of the redemption of all or a por-
tion 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. Sale and Delivery. The sale of the bonds to
The First National Bank of Chicago, as purchaser, at a price of
$3,000,426.50 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 per-
form, 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, including the proper execution and delivery of the bonds
and the official statement.upon payment of the full purchase price
of the bonds.
Section 4. Execution and Authentication. Each bond
shall be executed in the name of the Village by the manual or
authorized facsimile signature of its Village President and the
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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 bond shall cease to hold such
office before the issuance of the bond, such bond shall neverthe-
less 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, notwithstand-
ing 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.
Each bond shall bear thereon a certificate of authenti-
cation executed manually by the bond registrar. No bond shall be
entitled to any right or benefit under this ordinance or shall be
valid or obligatory of any purpose until such certificate of
authentication shall have been duly executed by the bond regis-
trar.
Section 5. Transfer, Exchange and Registry. The bonds
shall be negotiable, subject to the provisions for registration 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 regis-
trar, 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 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 regis-
trar, with a written instrument satisfactory to the bond regis-
trar, 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 there-
of.
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 trans-
fer, 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 bonds.
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
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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 paid,
and neither the Village nor the bond registrar shall be affected
by any notice to the contrary.
Section 6. 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 exe-
cuting the certificate of authentication on any 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
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
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responsible for any representation in its certificate of authenti-
cation 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-
tor 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 bonds within twenty days after such
appointment. Any bond registrar appointed under the provisions 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 7. General Obligations. The full faith and
credit of the Village are hereby irrevocably pledged to the punc-
tual 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 8. Form of Bonds. The bonds shall be issued as
fully registered bonds and shall be in substantially the following
cm
form, the blanks to be appropriately completed when the bonds are
printed:
United States of America
State of Illinois
Counties of Lake and Cook
VILLAGE OF DEERFIELD
GENERAL OBLIGATION BOND,
SERIES 1988
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 received
hereby promises to pay to
the registered
owner hereof, or registered assigns, the principal sum of
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, 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 July 1,
1989 and semiannually thereafter on January 1 and July 1 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 pay-
ment date, at the address of such owner appearing on the registra-
tion books maintained by the Village for such purpose at the prin-
cipal corporate trust office of American National Bank and Trust
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Company of Chicago, in the City of Chicago, Illinois, as bond
registrar or its successor (the "Bond Registrar "). This bond, as
to principal 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
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 $3,000,000, 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 October 17, 1988
and entitled: "Ordinance Authorizing the Issuance of $3,000,000
General Obligation Bonds, Series 1988, 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 January 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 year shown in the
following table, the applicable redemption premium, expressed as a
percentage of such principal amount, set forth opposite such year:
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Year Redemption Premium
1996
1 1/2%
1997
1 1/4
1998
1
1999
3/4
2000
1/2
2001
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 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 redemp-
tion 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
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authorized denominations of $5,000 or any integral multiple there-
of and of the same aggregate principal amount, maturity and in-
terest 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 to
reimburse it for any tax, fee or other governmental charge re-
quired 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 regis-
tered 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 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 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:
CERTIFICATE OF AUTHENTICATION
This bond is one of the General
Obligation Bonds, Series 1988,
described in the within
mentioned Ordinance.
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO,
as Bond Registrar
By
Authorized Officer
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VILLAGE OF DEERFIELD
Village President
Attest:
Village Clerk
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 9. 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 suffi-
cient for that purpose in addition to all other taxes, as follows:
Tax Levy Year
A Tax Sufficient to Produce
1988
$346,706.25
1989
328,462.50
1990
343,462.50
1991
331,462.50
1992
319,462.50
1993
332,462.50
1994
321,087.50
1995
334,712.50
1996
321,512.50
1997
333,112.50
1998
317,925.00
1999
327,625.00
2000
335,375.00
2001
341,400.00
2002
320,700.00
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 Lake County, Illinois, and the County
Clerk of Cook County, Illinois, who are each hereby directed to
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ascertain the rate per cent required to produce the aggregate tax
hereinbefore provided to be levied in the years 1988 to 2002,
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 interest on the
bonds herein authorized as the same become due and payable.
Section 10. 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 111988 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. All accrued interest received upon the
issuance of the bonds shall be deposited in the 1988 Debt Service
Fund.
Section 11. Bond Proceeds Fund. All of the proceeds of
sale of the bonds (exclusive of accrued interest) shall be
deposited in the 111988 Bond Proceeds Fund" which is hereby estab-
lished as a special fund of the Village. Moneys in the 1988 Bond
Proceeds Fund shall be used for the purposes specified in Section
1 of this ordinance and for the payment of costs of issuance of
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the bonds, but may hereafter be reappropriated and used for other
purposes. Before any such reappropriation shall be made, there
shall be filed with the Village Clerk an opinion of a nationally
recognized bond counsel to the effect that such reappropriation
will not adversely affect the exemption from federal income taxa-
tion of interest on the bonds.
Section 12. Rebate Fund. The Village hereby estab-
lishes a special fund, designated as the 111988 Rebate Fund." In
the event that the Village shall invest moneys in the 1988 Bond
Proceeds Fund or the 1988 Debt Service Fund in any investments
which generate income that must be rebated or paid to the United
States of America pursuant to Section 148(f) of the Internal
Revenue Code of 1986, such income shall be deposited annually,
within 10 days after the anniversary date of the date of issuance
and delivery of the bonds, in the 1988 Rebate Fund. Moneys in the
1988 Rebate Fund shall.be applied to pay such sums as are required
to be paid to the United States of America pursuant to Section
148(f) of the Internal Revenue Code of 1986 and are hereby appro-
priated and set aside for such purpose. Moneys in the 1988 Rebate
Fund may be reappropriated and used for other purposes. No such
reappropriation and use shall relieve the Village of its obliga-
tion to make payments to the United States of America as required
by Section 148(f) of the Internal Revenue Code of 1986.
Section 13. Investment Regulations. No investment
shall be made of any moneys in the 1988 Debt Service Fund, the
1988 Bond Proceeds Fund or the 1988 Rebate Fund except in accor-
dance with the tax covenants set forth in Section 14 of this ordi-
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nance. Except as required by Section 12 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. The Village Treasurer and agents designated by him
are hereby authorized to submit, on behalf of the Village, sub-
scriptions for such United States Treasury Securities and to
request redemption of such United States Treasury Securities.
Section 14. 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 bond to be-
come subject to federal income taxes in addition to federal income
taxes to which interest on such bond is subject on the date of
original issuance thereof.
The Village shall not permit any of the proceeds of the
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
bonds or other moneys to be invested in any manner that would
cause any bond to constitute an "arbitrage bond" within the mean-
ing of Section 148 of the Internal Revenue Code of 1986.
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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; provided, however, that compliance with such
provisions shall not be required to the extent that there shall
have been filed with the Village Clerk an opinion of nationally
recognized bond counsel to the effect that such compliance is not
necessary to preserve the exemption from federal income taxes of
interest on the bonds.
Section 15. Bank Qualified Bonds. Pursuant to Section
265(b)(3)(B)(ii) of the Internal Revenue Code of 1986, the Village
hereby designates the bonds as "qualified tax - exempt obligations"
as defined in Section 265(b)(3) of the Internal Revenue Code of
1986. The Village represents that the reasonably anticipated
amount of tax - exempt obligations that will be issued by the
Village and all subordinate entities of the Village during 1988
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 1988. For purposes of the two
preceding sentences, the term "tax- exempt obligations" includes
"qualified 501(c)(3) bonds" (as defined in the 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 16. Ordinance to Constitute a Contract. The
provisions of this ordinance shall constitute a contract between
the Village and the registered owners of the bonds. Any pledge
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made in this ordinance and the provisions, covenants and agree-
ments 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, regard-
less 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 provi-
sion of this ordinance shall be held to be invalid or unenforce-
able for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall not affect any of the re-
maining 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:
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"Public Notice
Notice is hereby given that on October 17, 1988, the
President and Board of Trustees of the Village of Deerfield,
Illinois adopted an ordinance entitled: "Ordinance Authorizing
the Issuance of $3,000,000 General Obligation Bonds, Series 1988,
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 17th.day of October, 1988 by roll call vote
as follows:
Ayes: Marty, Marovitz, Rosenthal, Seidman, Swanson, York (6)
Nays: None ( 0)
(SEAL)
Attest:
Village Clerk
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Approved:
Village President
. y
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 $3,000,000
General Obligation Bonds, Series 1988, 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 President and Board of Trustees of
the Village at a meeting thereof which was duly called and held at
8:00 p.m. on October 17, 1988 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 on (7e-� 17 1988, and thereafter pub-
lished in pamphlet form on Dc�_. lS� , 1988 and recorded in
the Ordinance Book of the �l.11o�e, and that it is a cor-
rect 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 o2 day of ,r ,
1988.
( SEAL)
LG /be
10/3/88
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Y1.1w
Village Clerk