HomeMy WebLinkAboutRESOLUTION - 56-95 - 9/26/1995 - GENERAL OBLIGATION BONDS RESOLUTION NO. 56-95
A RESOLUTION REGARDING THE REDEMPTION OF OUTSTANDING
GENERAL OBLIGATION BONDS, SERIES 1987 OF THE VILLAGE
OF ELK GROVE VILLAGE
WHEREAS the Village of Elk Grove issued $5,000,000 General
Obligation Bonds, Series 1987 on December 17, 1987, for the purpose of
capitalizing the High-Level Excess Liability Pool ("HELP") , and
WHEREAS HELP has prospered and now has funds available to meet
its obligations and to redeem the bonds, and has petitioned the Village
to use HELP's available funds to redeem the outstanding bonds prior to
their maturity in order to secure the interest cost that HELP pays, and
WHEREAS the Village has the option to redeem the Series 1987
bonds on December 1, 1995 at a price of 100% of the principal amount
outstanding plus accrued interest;
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 to be in the best
interest of the Village of Elk Grove Village to redeem outstanding
General Obligation Bonds, Series 1987.
Section 2: That the Village Treasurer is authorized to notify
the Village's paying agent at the appropriate time and in the
appropriate fashion, that the Series 1987 Bonds are to be redeemed on
December 1, 1995.
Section 3: That the Village Treasurer is instructed to ensure
that before notice of redemption is delivered to the paying agent,
liquid funds or suitable investments from HELP are available and in the
possession of the paying agent in a form, amount and with appropriate
maturity dates, sufficient to pay the price of the redemption and
accrued interest.
Section 4: That the Village Treasurer is also instructed to
close the accounts and conclude all transactions related to the Series
1987 Bonds when they are paid, and is authorized to pay such expenses
as may be incidental to the completion of the redemption and to seek
payment from the HELP members for such costs.
Section 5: That this Resolution shall be in full force and
effect after its passage and approval according to law.
VOTE: AYES: 5 NAYS: 0 ABSENT: 1
PASSED this 26th day of September 1995.
APPROVED this 26th day of September 1995.
Dennis J . Gallitano
Village President
ATTEST:
Patricia S. Smith
Village Clerk