O-93-21ORDINANCE NO. 0 -93 -21
ORDINANCE AUTHORIZING THE ISSUANCE OF $9,995,000 GENERAL
OBLIGATION REFUNDING BONDS, SERIES 1993, 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
refunding certain of the Village's Corporate Purpose Bonds, Series 1986, and General
Obligation Bonds, Series 1988.
The Village determines to refund the $6,840,000 outstanding principal amount
of Corporate Purpose Bonds, Series 1986, of the Village maturing in the years 1997
to 2005, inclusive (the "Callable 1986 Bonds "). The Village elects to redeem and call
for redemption on July 1, 1996, all of the Callable 1986 Bonds at a redemption price
equal to 102% of the principal amount of the Callable 1986 Bonds.
The Village determines to refund the $1,975,000 outstanding principal amount
of General Obligation Bonds, Series 1988, of the Village maturing in the years 1997
to 2004, inclusive (the "Callable 1988 Bonds"). The Village elects to redeem and call
for redemption on January 1, 1996, all of the Callable 1988 Bonds at a redemption
price equal to 101.5% of the principal amount of the Callable 1988 Bonds.
The Village President and the other officers and officials of the Village are
authorized and directed to do, or cause to be done, all things necessary to accomplish
the refunding and redemption of the Callable 1986 Bonds and the Callable 1988
Bonds (herein collectively called the "Prior Bonds ").
Section 2. Authorization and Terms of Bonds. The sum of $9,995,000 is
appropriated to meet part of the estimated cost of refunding the Prior Bonds and the
costs of issuance of the bonds herein authorized. For the purpose of financing said
appropriation, general obligation bonds of the Village are authorized to be issued and
sold in an aggregate principal amount of $9,995,000, and shall be designated
"General Obligation Refunding Bonds, Series 1993."
Bonds shall be issuable in the denominations of $5,000 or any integral multiple
thereof and may bear such identifying numbers or letters as shall be useful to facilitate
the registration, transfer and exchange 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 May 1, 1993. Each bond thereafter issued upon any
transfer, exchange or replacement of bonds shall be dated so that no gain or loss of
interest shall result from such transfer, exchange or replacement.
The bonds shall mature on December 15 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
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Principal
Interest
Principal
Interest
Year
Amount
Rate
Year
Amount
Rate
1993
$ 280,000
3.90%
1999
$1,080,000
4.10%
1994
135,000
3.90
2000
1,130,000
4.10
1995
140,000-
3.90
2001
1,185,000
4.10
1996
485,000
4.00
2002
1,240,000
4.10
1997
1,000,000
4.10
2003
1,265,000
4.10
1998
1,050,000
4.10
2004
1,005,000
4.10
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
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States of America on December 15, 1993 and semiannually thereafter on each June
15 and December 15 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 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 30th 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 or by wire transfer pursuant to an agreement by and between the
Village and the registered owner.
The bonds maturing on or after December 15, 2001 shall be subject to
redemption prior to maturity at the option of the Village and upon notice as herein
provided, in such principal amounts and from such maturities as the Village shall
determine and by lot within a single maturity, ,on December 15, 2000 and on any date
thereafter, at a redemption price equal to the principal amount thereof to be
redeemed.
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
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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 re-
demption 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, in exchange for the
unredeemed balance of the bond so surrendered, 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
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days next preceding the mailing of a notice of redemption that could designate for
redemption all or a portion of such bond.
Section 3. Sale and Delivery. The bonds are hereby sold to Wachovia Bank of
North Carolina, as purchaser, at a price of $9,910,042.50 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
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,
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 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 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.
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Each bond shall bear thereon a certificate of authentication 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 authen-
tication shall have been duly executed by the bond registrar.
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 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 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 satisfactory 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 sufficient for the reimbursement of 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
IM
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
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. 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 7. 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:
IVA
No.
United States of America
State of Illinois
Lake and Cook Counties
VILLAGE OF DEERFIELD
GENERAL OBLIGATION REFUNDING BOND,
SERIES 1993
INTEREST RATE MATURITY DATE DATED DATE CUSIP
. % I May 1, 1993
REGISTERED OWNER:
PRINCIPAL AMOUNT:
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 of this
bond, or registered assigns, the principal amount specified above on the maturity date
specified above, and to pay interest on such principal amount 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 December 15, 1993 and semiannually thereafter on June 15 and
December 15 in each year until the principal amount shall have been paid, to the regis-
tered owner of record hereof as of the 30th day of the calendar month next preceding
such interest payment date, by wire transfer pursuant to an agreement by and
between the Village and the registered owner, or otherwise by check or draft mailed
to the registered owner at the address of such owner appearing on the registration
In
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 aggregate principal amount
of $9,995,000, 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 19,
1993 and entitled: "Ordinance Authorizing the Issuance. of $9,995,000 General
Obligation Refunding Bonds, Series 1993, of the Village of Deerfield, Illinois."
The bonds of such series maturing on or after December 15, 2001 are subject
to redemption prior to maturity at the option of the Village and upon notice as herein
provided, in such principal amounts and from such maturities as the Village shall
determine and by lot within a single maturity, on December 15, 2000 and on any date
thereafter, at a redemption price equal to the principal amount thereof to be
redeemed.
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 redemption 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
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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.
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 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 denominations. The Village
or the Bond Registrar may make a charge sufficient for the reimbursement of 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
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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 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 indebtedness 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
Refunding Bonds, Series 1993, described
in the within mentioned Ordinance.
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO,
as Bond Registrar
By
Authorized Signer
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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 8. 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 A Tax Sufficient to Produce
1993
$ 532,280.00
1994
532,015.00
1995
871,555.00
1996
1,367,155.00
1997
1,376,155.00
1998
1,363,105.00
1999
1,368,825.00
2000
1,377,495.00
2001
1,383,910.00
2002
1,358,070.00
2003
1,046,205.00
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 ascertain the rate per cent
required to produce the aggregate tax hereinbefore provided to be levied in the years
1993 to 2003, inclusive, and to extend the same for collection on the tax books in
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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.
The tax receipts derived from taxes levied for the payment of interest on the
Prior Bonds with respect to the 1992 tax levy year shall be deposited in the 1993
Debt Service Fund established by this ordinance. Such deposits, together with
moneys deposited into the 1993 Debt Service Fund on the date of issuance of the
bonds, are sufficient to provide for the prompt payment of the principal of and interest
on the bonds that will be due and payable on December 15, 1993.
Section 9. Abatement of Prior Taxes. After the issuance of the bonds
authorized by this ordinance, the Village Treasurer shall file with the County Clerk of
Lake County and the County Clerk of Cook County, certificates listing the Callable
1986 Bonds and the Callable 1988 Bonds and the taxes theretofore levied for the
payment of the principal of and interest on the Callable 1986 Bonds and the Callable
1988 Bonds payable after January 1, 1994, and said certificates shall direct the
abatement of such taxes.
Section 10. Escrow Deposit Agreement. The form of 1993 Escrow Deposit
Agreement, dated as of May 1, 1993, by and between the Village and American
National Bank and Trust Company of Chicago, as Escrow Agent, on file in the office
of the Village Clerk, is hereby approved. The proper officers of the Village are
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authorized and directed to execute and deliver the 1993 Escrow Deposit Agreement
on behalf of the Village.
Section 11. Application of Proceeds. The proceeds* of sale of the bonds
(exclusive of accrued interest) shall be applied as follows:
1. To the 1993 Escrow Fund maintained under the 1993 Escrow
Deposit Agreement, the amount, together with other moneys (if any) of the
Village deposited therein, necessary to provide for the redemption of the Prior
Bonds and to provide for interest to become due and payable on the Prior
Bonds to their applicable redemption dates.
2. To the 1993 Bond Proceeds Fund established by this ordinance,
the amount of such proceeds of sale remaining after making the foregoing
payment.
Section 12. 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 "1993 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 1993 Debt Service Fund.
Section 13. Bond Proceeds Fund. The "1993 Bond Proceeds Fund" is hereby
established as a special fund of the Village. Moneys in the 1993 Bond Proceeds Fund
shall be used for the payment of costs of issuance of the bonds. On the 90th day
following the date of issuance of the bonds, the amount then held in the 1993 Bond
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Proceeds Fund may be withdrawn and reappropriated for any lawful corporate purpose
of the Village.
Section 14. Investment Regulations. No investment shall be made of any
moneys in the 1993 Debt Service Fund or the 1993 Bond Proceeds Fund except in
accordance with the tax covenants set forth in Section 15 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, 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 15. 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 become 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 In-
ternal Revenue Code of 1986.
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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 meaning 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.
Section 16. 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 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 subordinate entities of the Village during 1993 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 the
year in which the bonds are issued. 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
Section 17. 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
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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 the bond registrar 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 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 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 conservator 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.
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Section 18. 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
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
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 19. 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 '20. Effective Date. This ordinance shall become effective in the
manner provided by law.
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Adopted this 19th day of April, 1993, by roll call vote as follows:
Ayes: Ehlers, Marovitz, Rosenthal, Seidman, Swanson, Swartz (6)
Nays: None
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Published in pamphlet form: April 20, 1993
(SEAL)
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Attest:
_• J `ice � . .�i
i
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Approved: April 19, 1993
PO.M.
CERTIFICATE
I, Robert D. Franz, Village Clerk of the Village of Deerfield, Illinois, hereby
certify that the foregoing ordinance entitled: "Ordinance Authorizing the Issuance of
$9,995,000 General Obligation Refunding Bonds, Series 1993, of the Village of
Deerfield, Illinois," is a true copy of an original ordinance that 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 that was duly called and held at
8:00 p.m. on April 19, 1993, 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 April 19, 1993, and thereafter published
in pamphlet form on April 20, 1993 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 OTO day of 091L 1993.
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Villa Clerk
(SEAL)
23788 - 00014 -1
))DOCUMENT #: CHGO05\ 24205 .1;DATE:04 /19/93/TIME:13:44
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