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Home My WebLink AboutRESOLUTION - 4-63 - 2/14/1963 - WATERWORKS & SEWERAGE REV BONDS10/2/14/63 RESOLC'TIOI NO. -F-- A RESOLUTION DIREC`T'ING THE OFF1CIALS uF THE VILLAGE OF ELK GROVE VILLAGE TU EXEC UTE 4,3,750,000 WATERWORKS AND SEWERAGE REVENUE BONDS OF' SAIL VILLAGE, DESIGNATING THE PAYING AGENT THEREFOR AND CONFIRMIliG SALE OF SAID BONDS TO ThE PURCHASERS THEREOF AND AUTHORIZING THE SIGNING OF CONTRACT WITH T11 PURCHASERS WHEREAS, the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois, is authorized to issue $4,000,000 Waterworks and Sewerage Revenue ijonds, Series 1963 in accordance with the provisions of ordinance adopted by the President and Board of Trustees of said Village on the 20th day of December, 1962, and WHEREAS, ?33,750,000 of said Bonds have been advertised for sale and have been awarded to John Nuveen & Co., being the best bidder for said Bonds, and said purchasers have agreed to accept delivery of said Bonds bearing a lesser rate of interest than six percent (6y;), as provided in and by said ordinance author- izing the issue of said Bonds, as hereinabove referred to, and it is deemed advisable and in the interest of said Village that said Bonds be issued at the rates proviaed for in and by the bid of said purchasers, copy of which is hereto attached, and WHEREAS, in and by said ordinance authorizing the issu- ance of said Bonds it is incumtent upon the Village to designate the Paying Agent therefor upon agreement thereof with the said purchasers, all as provided by Section 4(b) of said ordinance hereinabove referred to. NSW THEREFORE BE IT A,IVD IT IS HEF'.EBY RMOLVED by the Presiaent and Board of Trustees of the Village of Elk Grove Vil- la=e, Counties of Cook and DuPage, Illinois, as follows; Section 1. That the Village President and Village Clerk are hereby authorized to sign the official bid form at- tached hereto which has been heretofore signed by John Nuveen & Co. accepting the bid made by said company. Section 2. That $3,750,000 Waterworks and Sewerage Revenue Bonds, Series 1963 of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, being part of an authorized Issue of $4s000,000, be executed by the officials of said Village as provided for in and by said ordinance referred to in the pre- ambles of this resolution, and that said Bonds maturing on May 1 of each of the following years ,shall bear interest at the rates shown. Year P;umbers Amount Rate of Interest 1966 1 and 2 $$0,000 3 1/2% 1967 3 to 6 200000 3 1/2�a 1968 9 to 14 30,000 3 1/2% 1969 1"7 to 21� 4o,000 3 1/2% 1970 27 to 350,000 3 1/2;.' 1971 39 to 50 60,000 3 1/2% 1972 53 to 66 70,000 3 1/2% 1� 73 b9 87 to to 64 80,000 3 1/2j� 1 7 104 90,000 3 1/2;.-, 1975 107 to 126 100,000 3 1/2;,' 1976 129 to 150 110,000 3 1/2"; 1;77 153 to 176 120,000 3 1/21,, 1975 179 to 20Lk 1 0,000 3 1/2 � 1979 207 to 234 1400000 3 3/L;_t M0 1 237 2b9 to to 266 1500000 lbo9000 300 1982 303 to 336 170,000 3 3/4; 1983 339 to 374 150,000 3 3&,' 1984 377 to 41190,000 3 3/47 1985 417 t 45 200,000 3 3/4i,' 1986 1�5i to 500 210,000 3 3A ` 1987 503 to 546 2200000 3.90, 1988 74i to 594 2300000 3.90; 1989 597 to 644 21 0,000 3.yo;., 1990 617 to 69L, 240,000 3.90�� 1y91 0)7 to 74� 250,000 3.90, 1(192 74') to 800 260,000 3.90;-; Section 3. ",'„at principal of and interest on said p3,'750,000 Waterwor'_zs and Seweraee Revenue Londs, Series 1963, shall be payable at tl.e American National ,tank and `gust Company of Chicano, 33 North LaSalle Street, Cl_'_ca,,c 2, Illinois, as tine Paying- AF-ent for said bonds. Section 4. "nat the officials of said 'Jillarre be and they are t:ereby ordereu arri <+izected to have tl,e unds printed for deliver, -.,to said p,,rc'r.asers, and to execate said R..nas bear- in;-, the rates of interest si,ecLfied i.erein, bein{; made payable at the Paying Ap ent i.erein dus'Emated, at.d upon execution tuereof said ?cnds si_all be depositen with ti:c :ireaSurer of said Villas -.e and be bJ him delivered to the: pll.rcinasers !,i,ereuf upon receipt of the purci;ase price therefor, in accordance with the terms of the bid of the pureinasers, saint; bein w3,679,908.75 plus accrued interest to date of deliver;: thereof, and t::e contract tt,erefor heretofore entered into by and between the purenasers and the Vilja.,e be and is hereby in all respects ratified and approved. Section 5. "l,at this resolution shall be in full -force and effect imediately ui;on its passaj2e and approval according to iaw. PASSLD this lr,tt, day of _ ebrcary, 1063. Jute; Aries; Dillon, Keith, PFlhl, Young, Zettek. rays ; None. Absent;Smith. AYPT.:OYrli tn'.e 1_t!, dat: :f "ebr+ar;., 190.3. Pr idem OFFICUL BID FORM President and Board of Trustees Village of Elk Grove Village Elk Grove Village, Illinois February 14, 1963 Gentlemen: For your $3,750,000 Village of Elk Grove Village, Illinois Waterworks and Sewerage Revenue Bonds, Series 1963 (Being part of an authorized issue of4,000 000), described in the annexed Official Notice of Sale, which is made a part hereof, which bonds are to be obligations of t e Viilage payable solely from theme �e�venues derived from the waterworks and sewerage system of the Village of Elk Grove Villa e w will ay you- Three MiI li om six Hundred Seven Nine Thousand Nine Hundred Eight an� 100t�1s- - -_ _ - - - - - - - - - - � 8, 5 �h--.__15 ._ - --.------ ---- -Dollars ($3L_�1iO plus accrued interest from February 1, 1963 to the date of delivery. The bonds are to bear interest at the following respective rates for the bonds of each designated maturity: Maturity M ILI'MTIEE Rate Maturity 1984 - -% 3 1 2 $10,000 ........ 1966 % 20,000 ........ 1967 - -% 30,000 ........ 1968 % 40,010 ....... 1969 % 50,000 ........ 1970 % 60,000 ........ 1971 - -% 70,000 ........ 1972- -% 80,000 ........ 1973 % 90,000 ........ 197.1 - - .--% Maturity Rate M ILI'MTIEE Maturity 1984 - -% Rate $100,000 ........ 1975 3 1/-2-% 110,000 ........ 1976,-_% 12 'l 120,000 ........ 1977 -qo 130,000 ........ 1978 9, 140,000 ........ 1979 -% 150,000 ........ 1980--% % 160,000 ........ 1981M-3- --% 170,000 ........ 1982-% 180,000 ........ 1983 -7, Maturity Rate We will designale our nomination for paying agent of the issue prior to .5:00 P.M. on the date of the sale and should we fail to do so within that time, then the bonds and coupons may, at your option, be made payable at a bank of your choice. As evidence of our good faith, we enclose herewith a check to the order of the Treasurer of the Village of Fllk Grove Village, Illinois, in the sum ,f $75,(]00 under the terms provided in :your Official Notice of Sale. Attached hereto is a list of the members of our account on whose behalf this bid is made. Description of check: Amount: $75,000 Name of Bank First National Bank of Chico_ Chicago Illinois City --- Chicago - - state -- --- Certified(cashier's) Cn� eV. No. 255-2--478 Dated - Fe - bruary 1�+, 1963 - -- - - -- --- --- The above check was returned and received for the above 1 named Account Manager 1 BY Respectfully submitted, Name JOHN NUVEEN & CO. l Account Manager 1 -' W. -,. TEkaa,--Vice President Address -13_,5-Rrtuth _LeRalln Street - - - -___- City -- Chicago. 31 -_.--state _Illinois N.B.: Our calculation of interest cost from above is: Total Interest ............................. $219182287.50 Plus Discount ............................. $___ 70101.25 Net Interest Cost ......................... $2, CAR ,,-t378-75 Net Interest Rate ................. I ....... -3-8832- -70 The foregoing bid was accepted and bonds sold by resolution of the President and Board of Trustees of the Village of Elk Grove Village, Illinois, February 14, 1963 and rec@ipt is hereby acknowledged of the good faith check which is being held in accordance with the terms of the annexed Official Notice of Sale. ATTEST:�A�-Z VILLAGE Ylll �,' k LK GROVEVIi. GE, -/-/- By _ President $190,000 ........ 1984 - -% 200,000 ........ 1985 210,000 .... -... 1986 'l 220,000 ........ 1987 -% Bond Years 230,000 ........ 1988 240,000 ........ 1989 -ono 240,(100 ..... _ .. 1990 % 250,000 Maturity 260,000 We will designale our nomination for paying agent of the issue prior to .5:00 P.M. on the date of the sale and should we fail to do so within that time, then the bonds and coupons may, at your option, be made payable at a bank of your choice. As evidence of our good faith, we enclose herewith a check to the order of the Treasurer of the Village of Fllk Grove Village, Illinois, in the sum ,f $75,(]00 under the terms provided in :your Official Notice of Sale. Attached hereto is a list of the members of our account on whose behalf this bid is made. Description of check: Amount: $75,000 Name of Bank First National Bank of Chico_ Chicago Illinois City --- Chicago - - state -- --- Certified(cashier's) Cn� eV. No. 255-2--478 Dated - Fe - bruary 1�+, 1963 - -- - - -- --- --- The above check was returned and received for the above 1 named Account Manager 1 BY Respectfully submitted, Name JOHN NUVEEN & CO. l Account Manager 1 -' W. -,. TEkaa,--Vice President Address -13_,5-Rrtuth _LeRalln Street - - - -___- City -- Chicago. 31 -_.--state _Illinois N.B.: Our calculation of interest cost from above is: Total Interest ............................. $219182287.50 Plus Discount ............................. $___ 70101.25 Net Interest Cost ......................... $2, CAR ,,-t378-75 Net Interest Rate ................. I ....... -3-8832- -70 The foregoing bid was accepted and bonds sold by resolution of the President and Board of Trustees of the Village of Elk Grove Village, Illinois, February 14, 1963 and rec@ipt is hereby acknowledged of the good faith check which is being held in accordance with the terms of the annexed Official Notice of Sale. ATTEST:�A�-Z VILLAGE Ylll �,' k LK GROVEVIi. GE, -/-/- By _ President TABLE OF BOND YEARS (Not a part of bid form) Bond Years Bond Years - Maturity From Cumulative Coupon Maturity From CumulativeCoupon Year May 1 Feb. 1, 1963 Bond Years Rate Interest Year May 1 Feb. 1, 1963 Bond Years Rate Int y� 1966 $ 10,000 32.50 32.50 - --h $_ - 1980 $150,000 2,587.50 15,100.00 __.-._% $ 1967 20,000 85.00 117.50 --.% $- - - 1981 160,000 2,920.00 18,020.00 % $ 1968 30,000 157.50 275.00 1982 170,000 3,272.50 21,292.50 % $ 1969 40,000 250.00 52.5.00 1983 180,000 3,645.00 24,937.50 ��%a $----- 1970 50,000 362.50 887.50- %a $-_. 1984 190,0011 4,037.50 28,975.00 -% $----- 1971 60,000 495.00 1,382.50 % $_.-_ .__ 1985 200,000 4,450.00 33,425.00 % $- --- 1972 70,000 r,47.50 2,030.00 �_ $ 1986 210,000 4,882.50 38.307.60 ----% $---- 1973 80,000 820.00 2,850.00 % $-.- 1987 220,000 5,335.00 43,642.50 ----% $-,- 1974 90,000 1,012.50 3,862.50 - $_ 1988 230,000 5,807.50 49,450.00-- 1975 100,000 1,225.00 5,087.50 ---% $ 1989 240,000 6,300.00 55,750.00 1976 110,000 1,157.50 6,545.00 ---% $- -_ 1990 240,000 6,540.00 62.290.00 1977 120,000 1,710.00 8,255.00 _% $- 1991 250,0011 7,062.50 69,352.50 --% $--.- 1978 130,000 1,982.50 ' - ---% $_ 1992 260,000 7,605.00 76,957.50 - - --7r 1979 140,000 2,275.00 512.50 ---% Total Bond Bond Years: 76,957.50 Years Tots) Interest .. ......... $ Average Maturity: 20.5220 Years �� Plus Discount ............. _ $---- .-_Vet NetInterest .............. $-- Effective Rate .............. ACCOUNT MEMBERSHIP John Nuveen & Co. Merrill Lynch, Pierce, Fenner & Smith Incorporated A. C. Allyn & Co. Paine, Webber, Jackson & Curtis R. W. Pressprich & Co. Shearson, Haa®ill & Co. Bache & Co. Hornblower & Weeks Steres Brothers & Co. Reynolds & Co. McDougal & Condon, Inc.