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O-91-28Q ORDINANCE NO. 0 -91 -28 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,500,000 GENERAL OBLIGATION BONDS, SERIES 1991, OF THE VILLAGE OF DEERFIELD, ILLINOIS Published in pamphlet form this 2nd day of July , 1991, by the President and Board of Trustees of Deerfield. ORDINANCE NO. 0 -91 -28 ORDINANCE AUTHORIZING THE ISSUANCE OF $1,500,000 GENERAL OBLIGATION BONDS, SERIES 1991, 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 redevelopment project costs (including the reimbursement of moneys previously advanced by the Village) of the following redevelopment projects included in the "Village of Deerfield Redevelopment Plan, Village Center Project Area, October 198611, approved by Ordinance No. ' 0- 86 -66, adopted by the President and Board of Trustees of the Village on December 15, 1986: (1) the streetscape improvement described as "Streetscape Phases III and IV" in the report of Harland Bartholomew & Associates, Inc., and (2),the improvement of Osterman Avenue, including street resurfacing, curb and gutter replacement and related underground work. The foregoing improve- ments or purposes are each hereby authorized to be made or under- taken 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 de- scribed in Section 1 of this ordinance and the costs of issuance of the bonds herein authorized, there is hereby appropriated the sum of $1,500,000. 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 $1,500,000, and shall be designated "General Obligation Bonds, Series 1991 ". Bonds shall be issuable in the denominations of $5,000 or any integral mul- tiple thereof and may bear such identifying numbers or letters as shall be useful to facilitate the registration, transfer and ex- change of bonds. Unless otherwise determined in the order to authenticate the bonds, each bond delivered upon the original issuance of the bonds shall be dated as of July 1, 1991. Each bond thereafter issued upon any transfer or exchange of bonds shall be dated so that no gain or loss of interest shall result from such transfer or exchange. The bonds shall mature (without option of prior redemption) 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 such year: 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 January 1, 1992 and semiannually thereafter on each January 1 and July 1 at the rates per annum herein determined. The principal of the bonds shall be payable in lawful money of the United States of America upon presentation and surrender thereof at the principal -2- Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1993 $300,000 5.20 % 1996 $300,000 5.70 $ 1994 300,000 5.40 1997 300,000 5.80 1995 300,000 5.60 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 January 1, 1992 and semiannually thereafter on each January 1 and July 1 at the rates per annum herein determined. The principal of the bonds shall be payable in lawful money of the United States of America upon presentation and surrender thereof at the principal -2- corporate trust office of American National Bank and Trust Company of Chicago, in the City of Chicago, Illinois, which is hereby I. 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. Section 3. Sale and Delivery. The bonds are hereby sold to Clayton Brown & Associates, Inc., as purchaser, at a price of $1,498,140 and accrued interest from their date to the date of delivery and payment therefor. 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. 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 -3- 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 au- thentication shall have been duly executed by the bond registrar. Section S. 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 -4- 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 such bond shall be overdue or not, for the purpose of receiving -5- payment of, or on account of, the principal of or interest thereon and for all other purposes whatsoever, and all such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such 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 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. -7- 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: INTEREST RATE United States of America State of Illinois Counties of Lake and Cook VILLAGE OF DEERFIELD GENERAL OBLIGATION BOND, SERIES 1991' MATURITY DATE DATED DATE July 1, 1991 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 January 1, 1992 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 payment date, at the address of such owner appearing -8- on the registration books maintained 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 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 ag- gregate principal amount of $1,500,000, which are 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 accor- dance with an ordinance adopted by the President and Board of Trustees of the Village on July 1, 1991 and entitled: "Ordinance Authorizing the Issuance of $1,500,000 General Obligation Bonds, Series 1991, of the Village of Deerfield, Illinois." This bond is issued in accordance with the provisions of the Tax Increment Allocation Redevelopment Act, as amended, for the purpose of financing redevelopment project costs. 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 writ- ten instrument of transfer satisfactory to the Bond Registrar duly Ms executed by the registered owner or by his duly authorized attor- ney, and thereupon a new registered bond or bonds, in the autho- rized 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 there- for. In like manner, this bond may be exchanged for an equal aggregate principal amount of bonds of the same maturity and in- terest 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 and interest due here- on 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 per- formed 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, -10- form and manner as required by law, and that the series of bonds of which this bond is one, together with all other indebtedness of the Village is within every debt or other limit prescribed by law. 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 facsi- mile signature of its Village Clerk. Dated: CERTIFICATE OF AUTHENTICATION This bond is one of the General Obligation Bonds, Series 1991, described in the within mentioned Ordinance. AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, as Bond Registrar By Authorized Officer -11- 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: -12- 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 1991 1992 1993 1994 1995 A Tax Sufficient to Produce $ 424,650 367,500 351,300 334,500 317,400 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. Interest on the bonds due January 1, 1992 will be paid from that portion of the proceeds of sale of the bonds consti- tuting accrued interest and from moneys on deposit in the Village Center Special Tax Allocation Fund of the Village. An amount of money equal to the interest on the bonds due January 1, 1992, less the amount of accrued interest received by the Village upon the issuance of the bonds, is hereby appropriated from the Village Center Special Tax Allocation Fund for the purpose of paying the interest on the bonds due January 1, 1992. -13- 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 ascertain the rate per cent required to produce the aggregate tax hereinbefore provided to be levied in the years 1991 to 1995, inclusive, and to extend the same for collection on the tax books in connection with other taxes levied in said years, in and by the Village for general corporate purposes of the Village, and in said years such annual tax shall be levied and collected in like manner as taxes for general corporate purposes for said years are levied and collected and, when collected, such taxes shall be used for the purpose of paying the principal of and interest on the 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 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 111991 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 1991 Debt Service Fund. -14- Section 11. Bond Proceeds Account. All of the proceeds of sale of the bonds (exclusive of accrued interest) shall be deposited in the 111991 Bond Proceeds Account ", which is hereby established as a special account of the Village within the Village Center Special Tax Allocation Fund. Moneys in the 1991 Bond Proceeds Account shall be used for the purposes specified in Section 1 of this ordinance and for the payment of costs of issu- ance of 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 reap - propriation is permitted under Illinois law and will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the bonds. Section 12. Rebate Fund. The Village hereby estab- lishes a special fund, designated as the 111991 Rebate Fund." In the event that the Village shall invest moneys in the 1991 Bond Proceeds Account or the 1991 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 in the 1991 Rebate Fund. Moneys in the 1991 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 appropriated and set aside for such purpose. Moneys in the 1991 Rebate Fund may be reappropriated and used for other purposes. No such reappropriation and use shall relieve the -15- village of its obligation 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 1991 Debt Service Fund, the 1991 Bond Proceeds Account or the 1991 Rebate Fund except in accordance with the tax covenants set forth in Section 14 of this ordinance. Except as required by Section 12 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. Any moneys in any Fund or Account that are subject to investment yield restrictions may be invested in United States Treasury Securities, State and Local Government Series, pursuant to the regulations of the United States Treasury Department, Bureau of Public Debt, or in any tax - exempt bond that is not an "investment property" within the meaning of Section 148(b)(2) of the Internal Revenue Code of 1986. The Village Treasurer and agents designated by him are hereby authorized to submit, on behalf of the Village, subscriptions for such United States Treasury Securities and to request redemption of such United States Treasury Securities. Section 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- -16- 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 or a "hedge bond" within the meaning of Section 149(g) of the Internal Revenue Code of 1986. The Village shall comply with the provisions of Section 148(f) of the Internal Revenue Code of 1986 relating to the rebate of certain investment earnings at periodic intervals to the United States of America; 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 exclusion from gross income for federal income tax purposes of interest on the bonds. Section 15. Bank Qualified Designation. The Village hereby designates the bonds as "qualified tax - exempt obligations" as defined in Section 265(b)(3)(B) of the Internal Revenue Code of 1986. The Village represents that the reasonably anticipated -17- amount of tax - exempt obligations that are required to be taken into account for the purpose of Section 265(b)(3)(C) of the Code and will be issued by or on behalf of the Village and all subordi- nate entities of the Village during 1991 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 1991. 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. Tax Allocation Fund. The bonds are issued for a purpose authorized by the Tax Increment Allocation Redevel- opment Act (the "Redevelopment Act "). Moneys held in the Village Center Special Tax Allocation Fund and the taxes (including Net State Sales Tax Increment and Municipal Sales Tax Increment, each as defined in the Redevelopment Act) and other moneys to be deposited therein pursuant to the Redevelopment Act are hereby pledged, to the extent permitted under the Redevelopment Act, for the payment of Redevelopment Project Costs (as defined in the Redevelopment Act) and as security for the payment of the prin- cipal of and interest on the bonds authorized by this ordinance, but nothing herein contained shall restrict the power of the Village to pledge such moneys or taxes for the benefit and security of additional bonds as authorized by the Redevelopment -18- Act; to subordinate the pledge made by this ordinance or to alter the use and distribution of moneys in the Village Center Special Tax Allocation Fund. Moneys held in the Village Center Special Tax Allocation Fund, which are to be used for the payment of the principal of or interest on the bonds authorized by this ordinance, may be depos- ited in the 1991 Debt Service Fund, and upon such deposit such moneys shall be used solely for the payment of such principal and interest. The pledge of Net State Sales Tax Increment shall be limited to the payment of the principal of and interest on that portion of the bonds, the proceeds of which were used for the financing of- redevelopment projects located within the State Sales Tax Boundary (as defined in the Redevelopment Act) of the Village's Village Center Redevelopment Area. The Village shall adopt accounting procedures with respect to the Village Center Special Tax Allocation Fund for the purpose of maintaining records sufficient for all purposes of the Redevelopment Act and applicable regulations of the Illinois Department of Revenue. section 17. 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 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 -19- 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 18. Publication. The Village Clerk is hereby authorized and directed to publish this ordinance in pamphlet form and to file copies thereof for public inspection in his office. Section 19. Effective Date. This ordinance shall be- come effective in the manner provided by law. -20- follows: Adopted this 1st day of July, 1991 by roll call vote as Ayes: Ehlers, MaroVitz, Rosenthal, Seidman, Swanson (5) Nays: None (0 Absent: Swartz (1) A roved: July 1 , 1991 Village President ',Publishi�d i -n pamphlet form: July 2 1991 , (SEAL)- A�test: l' 11L Vil7:ac�.e Clerk (Deputy) -21- CERTIFICATE I, Sharon K. Cromie, Deputy Village Clerk of the Village of Deerfield, Illinois, hereby certify that the foregoing ordinance entitled "Ordinance Authorizing the Issuance of $1,500,000 General obligation Bonds, Series 1991, of the Village of Deerfield," 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 July 1, 1991 in the Board Room at 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 July 1, 1991, and thereafter published in pamphlet form on July 2 , 1991 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 2nd day of July, 1991. Deputy Village Clerk -22-