HomeMy WebLinkAboutRESOLUTION - 11-99 - 6/22/1999 - GENERAL OBLIGATION BONDSI
RESOLUTION NO. 11-99
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 President 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 1992, callable on December 1, 1999, by issuance of general
obligation refunding bonds of the Village.
Section 2: That with respect to the proposed general obligation
refunding bonds, (i) Authorize retaining Katten, Muchin, & Zavis as
bond counsel and (ii) Banc One Capital Markets, Inc. as underwriter.
Section 3: That the Village President is hereby authorized to
enter into a bond purchase agreement with Banc One Capital Markets,
Inc., 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 $100,000.00.
Section 4: That this Resolution shall be in full force and
effect after its passage and approval according to law.
VOTE:
AYES:
4
NAYS:
0
PRESENT: 1
ABSENT: 1
PASSED
this
22nd
day
of
June
1999.
APPROVED
this
22nd
day
of
June
1999.
Cg B. Johnson
Village President
ATTEST:
Patricia S. Smith
Village Clerk
Published this 25th day of June 1999 in Pamphlet form
RES016CGenObBonds Refund