HomeMy WebLinkAboutVILLAGE BOARD - 10/18/1984 - SPECIAL MEETING INDUST REV BONDS MINUTES OF A SPECIAL MEETING OF THE
PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF ELK GROVE VILLAGE
HELD ON OCTOBER 18, 1984
President Charles J. Zettek called the meeting to order at 7:14 p.m. in the
Municipal Building, 901 Wellington Avenue, Elk Grove Village and noted for
the record that the following were present: Trustees Joseph T. Bosslet,
Ronald L. Chernick, James P. Petri, Michael A. Tosto, Stephen M. Uhlarik;
ABSENT: Trustee Edward R. Hauser. Village Attorney, George Knickerbocker;
Village Manager, Charles A. Willis; and Village Clerk, Patricia S. Smith
were present at this meeting.
President Zettek explained that the reason for the Special Meeting tonight
will be for the Board to consider to approve an agreement and related documents
dated October 1, 1984 and to authorize the Village President and Village
Clerk to execute these documents between the Village of Elk Grove Village,
La Quinta Motor Inns, Inc. , and the United Trust Company of New York relative
to the issuance of $4,800,000 Village of Elk Grove Village, Illinois Indus-
trial Development Revenue Bonds; and to adopt an ordinance providing for the
financing of an economic development project, La Quinta Motor Inns, Inc.
pursuant to the memorandum of agreement adopted December 13, 1983.
President Zettek asked if anyone on the Board or in the audience wished to
discuss this item. There being no response the meeting continued.
It was moved by Trustee Chernick and seconded by Trustee Petri that the Board
waive the first reading rule of an ordinance providing for the financing of
an economic development project, La Quinta Motor Inns, Inc. The motion was
voted on by acclamation; whereupon the President declared the motion carried.
It was moved by Trustee Chernick and seconded by Trusted Bosslet that the
Board adopt Ordinance No. 1676 entitled, "AN ORDINANCE PROVIDING FOR THE
FINANCING BY THE VILLAGE OF ELK GROVE VILLAGE, COOK AND DU PAGE COUNTIES,
ILLINOIS OF LAND, BUILDINGS, MACHINERY, EQUIPMENT AND RELATED PROPERTY
CONSTITUTING AN "ECONOMIC DEVELOPMENT PROJECT" WITHIN THE MEANING OF ORDINANCE
NO. 1486, AS AMENDED, AUTHORIZING THE ISSUANCE OF $4,800,000 FLOATING RATE
MONTHLY DEMAND INDUSTRIAL DEVELOPMENT REVENUE BONDS (LA QUINTA MOTOR INNS, INC.
PROJECT) SERIES 1984 IN CONNECTION THEREWITH: AUTHORIZING THE EXECUTION AND
DELIVERY OF A LOAN AGREEMENT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS
AND LA QUINTA MOTOR INNS, INC. : AUTHORIZING THE EXECUTION AND DELIVERY OF AN
INDENTURE OF TRUST, A MORTGAGE AND A BOND PURCHASE AGREEMENT: AND AUTHORIZING
THE EXECUTION OR APPROVAL OF A PRELIMINARY OFFICIAL STATEMENT AND AN OFFICIAL
STATEMENT RELATING TO THE SALE OF SAID BONDS TO THE PURCHASERS THEREOF, AND
RELATED MATTERS". The President directed the Clerk to call the roll on the
motion and upon the roll being called the following answered AYE: Trustees
Bosslet, Chernick, Petri, Tosto, Uhlarik; NAY: none; ABSENT: Hauser;
whereupon the President declared the motion carried.
It was moved by Trustee Chernick and seconded by Trustee Petri that the
meeting be adjourned. The motion was voted upon by acclamation; whereupon
the President declared the motion carried and the meeting adjourned at
7: 19 p.m.
Patricia S. Smith
Village Clerk
Charles J. Zettek
Village President