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HomeMy WebLinkAboutORDINANCE - 1626 - 3/13/1984 - INDUSTRIAL DEV. REVENUE BONDORDINANCE NO. 1626 AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF A $1,700,000 INDUSTRIAL DEVELOPMENT REVENUE BOND (FPM ASSOCIATES PROJECT) OF THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS TO FINANCE THE ACQUISI- TION OF CERTAIN LAND AND THE CONSTRUCTION THEREON OF A CERTAIN INDUSTRIAL FACILITY FOR FPM ASSOCI- ATES, AN ILLINOIS GENERAL PARTNERSHIP; THE EXECU- TION AND DELIVERY OF AN AGREEMENT AMONG FPM ASSO- CIATES, CITIZENS BANK & TRUST COMPANY AND SAID VILLAGE PROVIDING FOR THE REPAYMENT OF THE LOAN OF THE PROCEEDS OF SAID BOND; THE EXECUTION AND DELIVERY OF AN ASSIGNMENT AND SECURITY AGREEMENT TO SECURE SAID BOND; AND RELATED MATTERS. WHEREAS, Section 6(a) of Article VII of the 1970 Con- stitution of the State of Illinois provides that a municipality which has a population of more than 25,000 is a home rule unit and may thereby exercise any power and perform any function per- taining to its government and affairs including, but not limited to, the power to regulate for the protection of the public health, safety, morals and welfare; to tax; and to incur debt; and WHEREAS, the Village of Elk Grove Village, Illinois (the "Village") is a municipality which has a population of more than 25,000 and is therefore a home rule unit; and WHEREAS, the Village is authorized, pursuant to its home rule powers and its Ordinance No. 1486, adopted by its Pres- ident and Board of Trustees on October 13, 1981, as supplemented and amended (the "Enabling Ordinance"), to acquire, construct, reconstruct, improve, better or extend one or more "economic development projects" (as defined in the Enabling Ordinance) located within the Village and to issue its revenue bonds for the purpose of financing the costs thereof; and WHEREAS, so as to accomplish the purposes of relieving conditions of unemployment and the evils attendant upon unemploy- ment and to increase employment opportunities within the Village, the Village has determined that it is necessary and advisable to finance a portion of the costs of acquiring approximately 3.75 acres of vacant land and constructing thereon a 50,000-55,000 square foot manufacturing facility located at the southeast cor- ner of Greenleaf Avenue and Lively Boulevard in the Village (hereinafter referred to as the "Project") to be owned by Citizens Bank & Trust Company, not personally, but as trustee under a land trust of which FPM Associates, an Illinois general partnership (the "Borrower") will be the sole beneficiary, and to be leased to and used by FPM Heat Treating Inc., a corporation organized and existing under the laws of the State of Illinois (the "Company") for the heat treating of metal parts and compo- nents; and WHEREAS, it is proposed to finance a portion of the cost of the Project through the issuance of an Industrial Devel- opment Revenue Bond (FPM Associates Project) of the Village in the principal amount of $1,700,000 (the "Bond") and the loan of the proceeds thereof to the Borrower; and WHEREAS, an Agreement, to be dated as of March 1, 1984 (the "Agreement") with respect to the Project and the Bond will -2- be executed by and among the Borrower, Citizens Bank & Trust Company (the "Purchaser") and the Village, whereby the Borrower will covenant and agree to make installment payments, evidenced by its promissory note (the "Note"), sufficient to provide for the payment of the principal of and interest on the Bond, as and when the same become due and payable and to make such other pay- ments and satisfy such other obligations as may be required by the provisions thereof, and the Purchaser will agree to purchase the Bond; and WHEREAS, the Bond is to be secured by an Assignment and Security Agreement, to be dated as of March 1, 1984 (the "Assign- ment") by and between the Village and the Purchaser, whereby the Village will pledge and assign to the Purchaser the Note and certain of its interests in and to the Agreement; and WHEREAS, pursuant to the provisions of the Tax Equity and Fiscal Responsibility Act of 1982, a public hearing on the proposed plan of financing of the Project has been held by the President and Board of Trustees of this Village pursuant to pub- lic notice and the President and Board of Trustees of this Village desire to make a record by this Ordinance that the pro- posed plan of financing is approved; NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Elk Grove Village, Illinois as follows: -3- Section 1. That the President and Board of Trustees of this Village do hereby approve the plan of financing of the Proj- ect as hereinabove described, and the issuance of industrial development revenue bonds pursuant to such plan in an aggregate principal amount not to exceed $2,100,000, and do hereby declare that this Ordinance constitutes the public approval of said plan of financing required by Section 103(k) of the Internal Revenue Code of 1954, as amended. Section 2. That the action of the Village Clerk in publishing a notice of the public hearing as required by the Tax Equity and Fiscal Responsibility Act of 1982 is hereby in all respects ratified and confirmed. Section 3. That, in order to finance a portion of the cost of the Project, the Bond be and the same is hereby auth- orized and ordered to be issued and sold to the Purchaser pur- suant to the Agreement in substantially the form presented to and filed with the minutes of this meeting and containing substan- tially the terms and provisions set forth therein, and the forms, terms and provisions of the Bond and the Agreement are hereby approved, and the President and the Village Clerk (or in the absence of the Village Clerk, the Acting Village Clerk) are hereby authorized and directed to execute, seal and deliver the Agreement, and said officials are hereby authorized and directed to execute, attest, seal and deliver the Bond as provided in the Agreement; and that the Village make the proceeds of the Bond -4- available to the Borrower to defray a portion of the cost of the Project, pursuant to the Agreement. Section 4. That the Village will pledge and assign to the Purchaser the Note and certain of its interests in and to the Agreement, pursuant to the Assignment, in substantially the form presented to and filed with the minutes of this meeting as an exhibit to the Agreement and containing substantially the terms and provisions set forth therein, and the form, terms and provi- sions of the Assignment are hereby approved, and the President and the Village Clerk (or in the absence of the Village Clerk, the Acting Village Clerk) are hereby authorized and directed to execute, seal and deliver the Assignment. Section 5. That the President and/or the Village Clerk (or in the absence of the Village Clerk, the Acting Village Clerk) are hereby authorized and directed to execute, attest, seal and deliver any and all documents, file all notices, obtain all appropriate waivers and do any and all things deemed necessary to effect the issuance and sale of the Bond and the execution and delivery of the Agreement and the Assignment, and to carry out the intent and purposes of this Ordinance, including the preamble hereto. Section 6. That the provisions of this Ordinance are hereby declared to be separable and if any section, phrase or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions. -5- Section 7. That the Village hereby elects to have the provisions of Section 103(b)(6)(D) of the Internal Revenue Code of 1954, as amended, apply to the Bond authorized by this Ordi- nance, and the President or the Village Clerk (or in the absence of the Village Clerk, the Acting Village Clerk) is hereby directed to file or cause to be filed an appropriate statement relating to such election with the Internal Revenue Service. Section 8. That all ordinances or resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 9. That this Ordinance shall take immediate effect upon its adoption. Adopted March 13, 1984. President Attest: Vi lage C1eY Trustee Petri moved and Trustee ua,iaor seconded the motion that said ordinance as presented and read by the Village Clerk be adopted. After a full discussion thereof, the President directed that the roll be called for a vote upon the motion to adopt the ordinance as read. Upon the roll being called, the following Trustees voted AYE: Tnatn. IThlarik, Bosslet, Chernick, Hauser, Petri The following Trustees voted NAY: none Whereupon the President declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting and did direct the Clerk to record the same in full in the records of the President and Board of Trustees of the Village of Elk Grove Village, Illinois. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded, the meeting was adjourned. I, Patricia S. Smith , do hereby certify that I am the duly quali�ncl- acting Clerk of the Village of Elk Grove Village, Illinois, and as such officer I am the keeper of the records and files of the President and Board of Trustees of said Village. I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the legally convened meeting of the President and Board of Trustees of said Village held on the 13th day of March, 1984, insofar as same relates to the adoption of an ordinance entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF A $1,700,000 INDUSTRIAL DEVELOPMENT REVENUE BOND (FPM ASSOCIATES PROJECT) OF THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS TO FINANCE THE ACQUISITION OF CERTAIN LAND AND THE CONSTRUCTION THEREON OF A CERTAIN INDUSTRIAL FACILITY FOR FPM ASSOCIATES, AN ILLINOIS GENERAL PARTNERSHIP; THE EXECUTION AND DELIVERY OF AN AGREEMENT AMONG FPM ASSOCIATES, CITIZENS BANK & TRUST COMPANY AND SAID VILLAGE PRO- VIDING FOR THE REPAYMENT OF THE LOAN OF THE PRO- CEEDS OF SAID BOND; THE EXECUTION AND DELIVERY OF AN ASSIGNMENT AND SECURITY AGREEMENT TO SECURE SAID BOND; AND RELATED MATTERS. a true, correct and complete copy of which as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the President and Board of Trustees on the adoption of said ordinance were taken openly; that the vote on the adoption of said ordi- nance was taken openly; that said meeting was held at a specified time and place convenient to the public; that notice of said meeting was duly given to all newspapers; radio or television stations and other news media requesting such notice; and that said meeting was duly called and held in strict accordance with the provisions of "AN ENABLING ORDINANCE in relation to meet- ings," approved July 11, 1957, as amended, and that said Presi- dent and Board of Trustees have complied with all of the applica- ble provisions of said Enabling Ordinance and its procedural rules in the adoption of said ordinance. IN WITNESS WHEREOF, I have hereunto affixed my official signature and the seal of said Village, this 14th day of March, 1984. ��tl�.i,. Jam'• i%� Village Clerk, illage o�- Elk Grove Village, Illinois MINUTES of a regular public meeting of the President and Board of Trustees of the Village of Elk Grove Village, Illinois, held in the Municipal Building in said Village at 8:10 P.M., on the 13th day of March, 1984. e * � The President called the meeting to order and directed the Village Clerk to call the roll. Upon roll call, the following answered present: Charles J. Zettek , President, and Trustees: Joseph T. Bosslet, Ronald L. Chernick, Edward R. Hauser, James P. Petri, Michael A. Tonto, and Stephen M. Uhlarik The following were absent: none Trustee Petri presented, and the Village Clerk read in full the following ordinance: