HomeMy WebLinkAboutRESOLUTION - 8-02 - 1/22/2002 - GENERAL OBLIGATION BONDS RESOLUTION NO. 5-02
A RESOLUTION REGARDING THE PROPOSED REFUNDING OF OUTSTANDING
GENERAL OBLIGATION BONDS OF THE VILLAGE OF ELK GROVE VILLAGE
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees
of the Village of Elk Grove Village, Illinois as follows:
Section 1 : That it is hereby determined that it is in the best
interests of the Village of Elk Grove Village to develop a plan for
the refunding of the Village' s outstanding Corporate Purpose Bonds,
Series 1994, currently by issuance of general obligation refunding
bonds of the Village.
Section 2 : That with respect to the proposed general obligation
refunding bonds, (i) Authorize Chapman and Cutler as bond counsel
and (ii) Norene & Associates as financial advisor.
Section 3: That the Mayor is hereby authorized to enter into a
bond purchase agreement providing for the terms of sale of the
general obligation refunding bonds, subject however to the
satisfaction of the condition that the present value savings as a
result of the refunding shall be no less than $150, 000 net of
issuance costs.
Section 4 : That this Resolution shall be in full force and
effect after its passage and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 22nd day of January 2002.
APPROVED this 22nd day of January 2002.
Craig B. Johnson, Mayor
ATTEST:
Ann I. Walsh, Village Clerk
ResGeRObBOndsRefund1994.doc