09/26/2011September 26, 2011
The regular meeting of the Board of Trustees of the Village of Deerfield was called to
order by Mayor Rosenthal in the Council Chambers of the Village Hall on September 26,
2011 at 7:30 p.m. The Clerk called the roll and announced that the following were:
Present:- Harriet Rosenthal, Mayor
Robert Benton
Alan Farkas
Thomas Jester
Mary Oppenheim
William Seiden
Barbara Struthers
and that a quorum was present and in attendance. Also present were Village Attorney
Peter Coblentz and Kent Street, Village Manager.
PLEDGE OF ALLEGIANCE Mayor Rosenthal led those in attendance in
the Pledge of Allegiance.
PUBLIC COMMENT There was no Public Comment.
NEW BUSINESS
ORDINANCE 0 -11 -35 Finance Director, Mr. Fialkowski reported
AUTHORIZING THE ISSUANCE the Village offered two series general
OF GENERAL OBLIGATION BONDS, obligations bonds for sale this morning. The
SERIES 2011 A AND 2011 B, OF THE first being Series 2011 A in the amount of
VILLAGE OF DEERFIELD, IL —1 R $9.9 million, of which $5.9 million are
earmarked for the Library and $4 million are
for various Village capital improvements. The Series 2011B bonds total $12.5 milllion
and are Qualified Energy Conservation Bonds which are taxable and being used for
qualified expenses during construction of the Wastewater Reclamation Facility. The
Village received 6 bids for the Series 2011 A tax - exempt bonds and 7 bids for Series
2011 B taxable bonds. The low bids were very positive.
Mr. Allen Ambrose, the Village's Financial Advisor from Northern Trust noted the low -
bidder for the tax - exempt bonds was Janney Montgomery Scott, LLC at an interest rate
of 2.88 %. The low - bidder of the taxable bonds is Robert W. Baird & Co. Inc., at 4.12 %.
Mr. Ambrose noted the Village will receive a rebate of 70% of the interest cost on the
Qualified Energy Conservation Bonds from the Federal government lowering the actual
interest rate paid by the Village to 1.12 %. Mr. Ambrose explained the maximum
maturity of the Qualified Energy Conservation Bonds allowed by the Internal Revenue
Service is 18 years.
Mr. Fialkowski reported the Village received very good rates as a result of the hard work
by Northern Trust and the Village's Bond Counsel. Mr. Fialkowski anticipates a
significant savings in interest costs over the life of the bonds due to the low rates and the
qualified rebates.
Trustee Farkas made a motion to waive the First Reading of the Ordinance. Trustee
Oppenheim seconded the motion. The motion passed by the following vote:
AYES: Benton, Farkas, Jester, Oppenheim, Seiden, Struthers (6)
NAYS: None (0)
Trustee Seiden made a motion to adopt the Ordinance. Trustee Struthers seconded the
motion. The motion passed by the following vote:
AYES: Benton, Farkas, Jester, Oppenheim, Seiden, Struthers (6)
NAYS: None (0)
Mayor Rosenthal congratulated the Village Finance Department on a job well done and
thanked State Senator Susan Garrett for helping the Village bring this issue to the Illinois
Finance Authority.
ADJOURNMENT There being no further business or
discussion, Trustee Farkas made a motion to
adjourn the meeting. Trustee Oppenheim seconded the motion. The motion passed
unanimously. The meeting was adjourned at 7:50 pm.
APPROVED:
Mayor
ATTEST:
illage Clerk
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