HomeMy WebLinkAboutVILLAGE BOARD - 12/27/1984 - SPECIAL MEETING INDUSTRIAL REV BONDS 7TES OF A SPECIAL MEETING OF
m PRESIDENT AND BOARD OF TRUS'.,
OF THE VILLAGE OF ELK GROVE VILLAU`
HELD ON DECEMBER 27, 1984
President Charles J. Zettek called the meeting to order at 7:25 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, Edward R. Hauser, James P. Petri, Michael A. Tosto; ABSENT: Trustee
Stephen M. Uhlarik. Village Attorney, George Knickerbocker; Administrative AssiE-
tant, Robin Weaver; Village Clerk, Patricia S. Smith were present at this meeting,.
President Zettek referred to the consent agenda and said the Board has to approve
in sequence an agreement, adopt an ordinance and authorize the President and
Clerk to execute all documents pertaining to the issuance of $500,000 Village of
Elk Grove Village, Illinois Industrial Development Revenue Bonds.
The Village Attorney explained that upon adoption of the ordinance authorization
is given to sign all documents pertaining to the issuance of the Bonds.
It was moved by Trustee Chernick and seconded by Trustee Tosto that the Board
waive the first reading ,rule of an ordinance as it pertains to providing for the
financing of an economic development project, Nerge Center (Leo Lenaghan) pursuant
to the Memorandum of Agreement adopted October 9, 1984. The motion was voted up•.a
by acclamation; Whereupon the President declared the motion carried.
It was moved by Trustee Chernick and seconded by Trustee Tosto to adopt Ordinance
No. 1688 entitled, "AN ORDINANCE PROVIDING FOR THE FINANCING BY THE VILLAGE OF
ELK GROVE VILLAGE, ILLINOIS, OF AN ECONOMIC DEVELOPMENT INDUSTRIAL PROJECT CONSIST-
ING OF BUILDINGS, IMPORVEMENTS AND RELATED PROPERTY IN ORDER THAT HARRIS BANK
ROSELLE,AS TRUSTEE UNDER TRUST NUMBER 1222 DATED OCTOBER 9, 1984 AND NOT INDIVID-
UALLY, AND NERGE LIMITED PARTNERSHIP, AN ILLINOIS LIMITED PARTNERSHIP (COLLECTIVELY,
THE "BORROWER") MAY BE PROVIDED WITH FACILITIES TO RELIEVE CONDITIONS OF UNEMPLOY-
MENT WITH THE VILLAGE THEREBY REDUCING THE EVILS ATTENDANT UPON UNEMPLOYMENT:
AUTHORIZING THE ISSUANCE OF ITS $500,000 ECONOMIC DEVELOPMENT REVENUE BOND )NERGE
CENTER PROJECT) IN CONNECTION THEREWITH; AUTHORIZING THE EXECUTION AND DELIVERY OF
A LOAN AGREEMENT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS AND THE
BORROWER; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST SECUR-
ING SAID BOND; AND AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT PROVID-
ING FOR THE SALE OF SAID BOND TO THE PURCHASER 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, Hauser, Petri,
Tosto; NAY: none; ABSENT: Trustee Uhlarik; whereupon the President declared
the motion carried.
It was moved by Trustee Hauser and seconded by Trustee Bosslet to hold an
Executive Session regarding personnel after tonight' s Board meeting. The President
directed the Clerk to call the roll on the motion and upon the roll being called
the following answered AYE: Trustees Chernick, Hauser, Petri, Tosto, Bosslet;
NAY: none; ABSENT: Trustee Uhlarik; whereupon the President declared the
motion carried.
Trustee Bosslet asked the Assistant Finance Director if the Village has used all
of the allotted IRB money; Mrs. Ingebrigtsen said there will be 2.4 million left.
President Zettek said he is going to suggest to the Northwest Municipal Conference
that we look at other communities who are not utilizing the IRBs; for instance,
this year Mount Prospect did not use one dollar of their allocated IRBs. The
President thought the NWMC would be a great collection point to establish what
municipalities have moinies available with the understanding that any municipality
can lend their Industrial Revenue Bonding power to another.
The Village Attorney said he was also under- the impression of that possibility and
did talk to Chapman and Cutler and will have to get a more finer definition as it is
not quite as simple as explained; however, there is a way to do it.
It was moved by Trustee Chernick and seconded by Trustee Bosslet that the meeting
be adjourned. The motion was voted upon by acclamation; whereupon the President
declared the motion carried and the meeting adjourned at 7:36 p.m.
Patricia S. Smith
Village Clerk
Charles J. Zettek
Village President