HomeMy WebLinkAboutRESOLUTION - 24-69 - 3/11/1969 - OFFICIAL NOTICE OF SALE/GEN OBLG BONDSR'?jOrr i_rild l:G. 2�.-69
RFSOLIJ'.l'IOf? A?Tl'IO=:I:LI1i 0-r'FICIAL T:0'iICE OF WIS. $1.,000,000
VITIAN Ota' til_ GRIN VILL _ , .—"-OSLIGATIOh
110111, THEREFOP2 BE IT EESOLV2,ll by the President quid Bca._•d of
Trustees, Village of Elk Grove Village, Counties of Cook and Du Page,
Illinois .
Section 1. That the official notice of sole, $1,480,000
Village of Elk Grove Village, Illinois, General Obligation Bonds as
prepared by Paul D. Speer & Associates, Inc., a copy of which is
attached hereto and made a part hereof, is hereby authorized and
approved. And that all Village officers are directed to take all
necessary steps therein to arrange a sale of said bonds inscribed in
said notice of sole.
Section 2. This resolutlon shall be in full farce and effect
from and after its passage and approval by lav;.
PASSED this 17th day of Well
APPROVED this 11th _ ^day of __lurch , 1969.
President _ i —
i �
ATTEST:
Village Clerk %
OMMAL 1M SAM
$3,?m
VIL1.-iCK OP MIK MOU _ G, 111, MS
General_ Mli.n n a Nonce
The V1.110ne. of Flh Grove Vil&ou , Illinois vil.l receive: sealed bids for:
its $1,h`;O, 00 C .neral Obiyatiou Loads in Room E00, 20 North Maker Drive, Chicago,
Illinois (neai_led bids should be sent ch Paul D. Spe.cr b. Msociartes, Inc..) vt 1.:00
P.M., C ST, ", 1969, at: which time Lho bids will be publicly opened and recd.
Th; bins will be refer:rud to the board of Trustees at Choir meeting the evening of
that date., and award will then be We.
The bonds are general obligations of the Vi-ll_age of Elk Grove Village and
are payable both principal and interest, from rd valorem, taxes levied against all
taxable property therein without liwitWoll as to rate or amount. These bonds were
authorized by voters at elections hold
Bonds are to be dated larch 1, 1969 and mature on February 1 of each of
the following years:
MATURiT:i ES
Bonds will be coupon bonds., registrable as to principal only, in thedena,-
inati-on of $5,000 each and are not: callable in advance of maturity. Principal and
semiannual. interest, February 1. and August I of each year, vill he payable at: such
binlc or trust company as may be desi-gnated by the porchaser provided, however, that.
the nomination of a qualified paying agent by the purchaser is subject to acceptance
by the Village, which reserves the right to reject: such nomination and select the
paying agent in its sole discretion. APay ing agent selected by the Village will be.
a bank or trust company with combined capital and surplus of $10,000,000 or more and
which has a trust department regularly engaged in the business of acting as paying
agent for bonds and coupon:. First coupon payable August 1., 1969.
The bonds will be awarded to the best bidder, determined upon the basis of
the lowest: total interest at the rate or rates designated in said bid from December
1, 1963 to the respective maturity dates and deducting therefrom the premium bid.
Each bidder shall name the rate or rs.te.s of: interest which the bonds are to bear and
each rate must be a multiple of ono -quarter or one-tenth Qf once percent (1/4 or 1./10
of 11) and no more than three interest rates nor more than one for a single maturity
shall be specified. Each interest payment- will be evidenced by a single coupon on
each bond. Repeating a rate shall not be considcr:ed adding a rate. No rate shall
exceed sin percent' (6i;). rids most be for all or none of th_c bonds, must be for not
less than par plus accrued interest to date of delivery and mm"st be made upon :_hog
Official hid Form and delivered in a sealed envelope msrked "Dial for Bonds" at thr
time set out above. The Villabe rc:crvcs the right to reject nay or all bids and to
determine in its sole discretion the WK bid and to naive any informolity in a.y Sid.
$1,040,000
$290,000
Municipal
Fire
$150,000
Year
Buildin,
Station
Garage
Total.
1972
$ 25,000
$ 40,000
$ 25,000
$ 90,000
1973
75,000
25,000
25,000
125,000
1974
75,000
25,000
25,000
125,000
1975
85,000
25,000
25,000
135,000
1976
85,000
2.5,000
25,000
135,000
1977
100,000
25,000
25,000
150,000
1978
125,000
25,000
0
150,000
1979
1.40,000
25,000
0
165,000
1980
165,000
25,000
0
190,000
1981
1.651000
^ 50,000
0
215 OOU
TOTAL
$1,040,000
$290,000
$150,000
11,480,000
Bonds will be coupon bonds., registrable as to principal only, in thedena,-
inati-on of $5,000 each and are not: callable in advance of maturity. Principal and
semiannual. interest, February 1. and August I of each year, vill he payable at: such
binlc or trust company as may be desi-gnated by the porchaser provided, however, that.
the nomination of a qualified paying agent by the purchaser is subject to acceptance
by the Village, which reserves the right to reject: such nomination and select the
paying agent in its sole discretion. APay ing agent selected by the Village will be.
a bank or trust company with combined capital and surplus of $10,000,000 or more and
which has a trust department regularly engaged in the business of acting as paying
agent for bonds and coupon:. First coupon payable August 1., 1969.
The bonds will be awarded to the best bidder, determined upon the basis of
the lowest: total interest at the rate or rates designated in said bid from December
1, 1963 to the respective maturity dates and deducting therefrom the premium bid.
Each bidder shall name the rate or rs.te.s of: interest which the bonds are to bear and
each rate must be a multiple of ono -quarter or one-tenth Qf once percent (1/4 or 1./10
of 11) and no more than three interest rates nor more than one for a single maturity
shall be specified. Each interest payment- will be evidenced by a single coupon on
each bond. Repeating a rate shall not be considcr:ed adding a rate. No rate shall
exceed sin percent' (6i;). rids most be for all or none of th_c bonds, must be for not
less than par plus accrued interest to date of delivery and mm"st be made upon :_hog
Official hid Form and delivered in a sealed envelope msrked "Dial for Bonds" at thr
time set out above. The Villabe rc:crvcs the right to reject nay or all bids and to
determine in its sole discretion the WK bid and to naive any informolity in a.y Sid.
Bonds will he delivered to the successful purchaser against full pa3Twnt:
as soon as they can be printed and exocited, which is expneVed to he within 30 day:,
from date of sale. Should delivery be delayed beyond 60 days from the date of sale
for any reason except, failure of perforn:sace of the successfulbidder, then the bid-
der may cancel his agreement to purchase the bonds and receive back his check and
thereafter his interest in and liability for the bonds will cease. The Village will
deliver the bonds without expense to the purchaser in Chicago, Illinois and will pay
for the printing of the bonds and the bond attorneys' opinion. At the time of deli-
very, the Village dill furnish to the purchaser the written unqualified approving
opinion of licssrs. Chapman and Cutler, Attor,:eys, Ch:i.e.ng% Illinois, evidencing the
legality of the bonds, which opinion will be printed on the bonds and will be accom-
panied by tile transcript of all proceedings had in connection with their issuance,
including a certificate of no -litigation than pending affecting the legality of: the
bonds or the right of the Village to issue them, Interest- is exempt, in the opinion
of counsel., from Pectoral. Income Taxes under present statutes, regulations and
decisions.
The Board of Trustees has: authorized the preparation and distilbuti-on of.
an Official St:atament containing pertinent information relative to the Village. Copies
of that Stptercrnt, the Official. Bid Form, or additional information may be obtained
from the Financial Co"sultants of the Village, Paul. D. Speer & Associates, Inc., 20
North Wacker Drive, Chicago, Illinois 60606. financial. 6-0358 Area 312,
/s/
Village Herb
Evuh
ll_' shall ln, accohp oM by a
c',.ti;icd or car
Alen
's cinch for
pay: P
to LIP
Vill; n Mca bu] ,-C of ti. VMaja
of Ell Gros...
Vj l j
no ,_„ rvi_&"ce
N
good fv!Lh
of the
Mija . Tho check of tho
sccc,swfol. bljd2r
Wil_
La rc_aiiwd a
wasb]
by the
Vflla6n
ponG71; d0lWaly of the boner.,
and all of^-ar
pr(0yHy
rcturnod upon
award.
Should
W successful bi.ddcr fa.i.l to
take up and pa)
for
tha bonds when
tco-
dered fn
accordance
With this Notice nad hiX
bid, said chech
shall
bu enshed by
W
Village
and the
proceeds retained as full eud-
liquidated dwrngns
to the Vi_11:ao
cn iand
by the
failure
of the bi.ddcr to carry oc-t his
offer of purcLsec,
othervi_se to be
applied
on the
purchoEu
price or returned to the purchases
upon delivery.
Bonds will he delivered to the successful purchaser against full pa3Twnt:
as soon as they can be printed and exocited, which is expneVed to he within 30 day:,
from date of sale. Should delivery be delayed beyond 60 days from the date of sale
for any reason except, failure of perforn:sace of the successfulbidder, then the bid-
der may cancel his agreement to purchase the bonds and receive back his check and
thereafter his interest in and liability for the bonds will cease. The Village will
deliver the bonds without expense to the purchaser in Chicago, Illinois and will pay
for the printing of the bonds and the bond attorneys' opinion. At the time of deli-
very, the Village dill furnish to the purchaser the written unqualified approving
opinion of licssrs. Chapman and Cutler, Attor,:eys, Ch:i.e.ng% Illinois, evidencing the
legality of the bonds, which opinion will be printed on the bonds and will be accom-
panied by tile transcript of all proceedings had in connection with their issuance,
including a certificate of no -litigation than pending affecting the legality of: the
bonds or the right of the Village to issue them, Interest- is exempt, in the opinion
of counsel., from Pectoral. Income Taxes under present statutes, regulations and
decisions.
The Board of Trustees has: authorized the preparation and distilbuti-on of.
an Official St:atament containing pertinent information relative to the Village. Copies
of that Stptercrnt, the Official. Bid Form, or additional information may be obtained
from the Financial Co"sultants of the Village, Paul. D. Speer & Associates, Inc., 20
North Wacker Drive, Chicago, Illinois 60606. financial. 6-0358 Area 312,
/s/
Village Herb