HomeMy WebLinkAboutVILLAGE BOARD - 01/17/1963 - VILLAGE BOARD MINUTES OF THE REGULAR MEETING OF
THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF ELK GROVE VILLAGE j
HELD ON JANUARY 17, 1963
" President James R. Gibson called the meeting to order at 8:20 PM in the Municipal
Building in said Village and directed the Village Clerk to call the roll. Upon the
roll being called the following Trustees answered "PRESENT" - Francis J. Dillon,
Eugene V. Keith, Jack D. Pahl, Charles P. Smith, James R. Young, Charles J. Zettek,
Jr. ; "ABSENT" - none,
It was moved by Trustee Dillon and seconded by Trustee Zettek that the minutes of the
regular meeting of January 10, 1963 be approved as submitted and that the Board dispense
with the reading thereof. The motion was voted upon by acclamation; whereupon the
President declared the motion carried.
President Gibson gave the following report:
1. Referred to the Plan Commission Dockets 507, 508 and 526 which will be heard by the
Zoning Board of Appeals of Cook County on January 30 at the Mt. Prospect Village Hall.
2. Circulated to the Board a copy of a letter (with map attached) received from William
E. Downes, Jr, , Commissioner, Department of Aviation, City of Chicago, in answer to
inquiry regarding the relocation of Irving Park Road.
3. Reported that the Elk Grove Village Jaycees have invited the members of the Board,
and their families, to an open house at the Jaycee Barn on January 20th from 2:30 P.M.
to 5:30 P.M.
4. Stated that Trustees Dillon, Keith and Pahl; Mrs. Turner, Village Clerk; Ted Brown,
Plan Commission Chairman; Jack Michala, Zoning Board Chairman; Treasurer George Coney
and he attended the dinner meeting of the Northwest Municipal Conference Wednesday,
January 16th.
5. Distributed to each Trustee a copy of the schedule for the handling of the waterworks
�—, and sewerage Revenue Bonds as proposed by Financial Consultant Paul D. Speer.
6. Requested the concurrence of the Board in the appointment of Rita Grossman to the
Budget and Estimate Committee.
7. Requested the concurrence of the Board in the appointment of John Haar &s Fire Chief
of the Volunteer Fire Department.
It was moved by Trustee Smith and seconded by Trustee Young that the Board concur in
the President's appointment of Rita Grossman to the Budget and Estimate Committee. 7h
motion was voted upon by acclamation; whereupon the President declared the motion carried.
It was moved by Trustee Zettek and seconded by Trustee Keith that the Board concur in
the President's appointment of John Haar as Fire Chief of the Volunteer Fire Department.
The motion was voted upon by acclamation; whereupon the President declared the motion
carried,
Attorney Hofert reported receipt of a letter dated January 14, 1963 from Paul D. Speer,
the Village's Financial Consultant, which stated that, as was hoped, he does not believe
it necessary to issue the entire $4 million in revenue bonds at this time, that based
upon his estimate of the situation, he suggests a sale of $3,750,000. Mr. Speer also
requested passage of a resolution to sell the bonds and that the sealed bids be directed
to him and opened by the Village Clerk (see date and place - next paragraph) . Mr. Hofert
explained the reason for this procedure is that this method has the effect of increasing
the number of bidders since many bidders will not come out to the Village for the opening
but will go to a Chicago location. Mr. Hofert said that he has prepared a resolution
authorizing this competitive sale. .
President Gibson extended an invitation to the press to attend the bid opening which is
scheduled for 11 ,A.M. February 14, 1963, Room 1282, 33 South Clark Street, which is the
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Board Room of the First National Bank Building.
Trustee Smith reported that, at the suggestion of President Gibson, the Village Treasurer
and head of Citizens Finance Committee will visit at least two communities to review
bookkeeping procedures as related to the water companies, and that they will also
investigate the possibility of combining other service billings with that of the water
company; and that a report will probably be submitted in two weeks.
' President Gibson asked that cycle billing of water and sewer bills be considered.
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Trustee Smith reported receipt from Paul Speer's office of the following four bids for
printing of the Official Statement, Official Notice of Sale and Bid Form, and the Bond
Ordinance (##263) : Lincoln Printing - $1,065.00; McCormick & Henderson - $1,187.71;
20th Century Press - $1,121.00; Northwestern Printing - $1,975.00.
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It was moved by Trustee Smith and seconded by Trustee Pahl that the Board accept the bid
of Lincoln Printing of $1,065 for the printing of the Official Statement, Official
Notice of Sale and Bid Form, and the Bond Ordinance, said disbursement to be made from
the Revenue Bonds. The President directed the Clerk to call the roll on the motion and j
upon the roll being called the following Trustees answered "AYE" - Dillon, Keith, Pahl,
Smith, Young, Zettek; "NAY" - none; "ABSENT" - inone. Whereupon the President declared
the motion carried.
Trustee Smith presented bills (30) totaling $2,097.28 to be disbursed from the General
Corporate Account. (Itemization will be on file in the Clerk's Office. )
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It was moved by Trustee Smith and seconded by Trustee Keith that the Board authorize
payment of 30 bills totaling $2,097.28 from the General Corporate Account. The President
directed the Clerk to call the roll on the motion and upon the roll being called the
following Trustees answered "AYE" - Dillon, Keith, Pahl, Smith, Young, Zettek; "NAY" -
none; "ABSENT" - none. 4lhereupon the President declared the motion carried.
Trustee Smith reminded Trustees that the deadline for submission of 63/64 budgets is
only 2 or 3 weeks away.
Regarding the proposed bill, prepared by the Illinois Municipal League providing
permissive legislation for two or more municipalities to jointly provide for the
collection and/or disposal of garbage and rubbish, Trustee Pahl stated that the long
range needs of Elk Grove Village will require building our own facility or entering into
an agreement with surrounding communities; and that it is his recommendation that the
Board go on record in support of this proposed bill.
Trustee Pahl reported that it might be advisable to take advantage of the offer of
assistance from the Northeastern Illinois Metropolitan Area Planning Commission and
perhaps they might act as mediator in the discussions and agreements pertaining to
boundary limits of municipalities.
Trustee Keith will investigate the possiblity of purchasing ash trays for the Court
Room which will clip on the folding chairs and people will then not be prone to
extinguish their cigarettes on the floor.
Trustee Keith suggested that the Board meet during the next two weeks to discuss the
approach to be used at the February 4th meeting between the Board and Branigar Estates
residents to discuss annexation of that area to the Village.
Regarding the division of the Village into precincts for the municipal election, Trustee
Keith reported that the Special Committee has reviewed the situation and it is recommended
that the basic precinct lines as established by the County be retained and that precincts
3, 18 and 17 be combined, and that precincts 21 and 13 be combined for Village election
purposes. Trustee Keith said that polling places have not been cleared at this time.
Trustee Zettek stated that the Board of Health has submitted a proposed ordinance which
deals chiefly with the keeping of dogs, licensing, etc. ; that he has contacted the Rabies
Control Office of the Cook County Health Department and they know of no ordinance better
prepared than that upon which our Board of Health based its proposal.
It was moved by Trustee Zettek and seconded by Trustee Keith that the Board direct the
Village Attorney to draft an ordinance revising the Municipal Code as proposed by the
Board of Health.
In answer to a question by Trustee Dillon, Trustee Zettek said that he has checked with
the County Department of Health as to why the different fees for male and female dogs,
and was told that a higher fee is charged for a female dog because female dogs are con-
sidered a nuisance since they are capable of reproducing; spayed female dogs are con-
sidered a lesser nuisance. Trustee Zettek also stated that the City of Chicago does not
have a different fee for male and female dogs, but that most other municipalities do.
The motion was voted upon by acclamation; whereupon the Fresident declared the motion
carried.
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Trustee Keith reported receipt of complaints from residents as to an unpleasant odor I
in the Village and the Police Department was requested to report when and where any
disagreeable odors are noticed.
In answer to Trustee Young's question as to purchasing procedures, Trustee Keith stated
that procedures submitted by him to the Board did not stimulate enough interest to
schedule a meeting for discussion of same and that he turned the matter over to the
Citizens Finance Committee with the request that they set up purchasing procedures.
Trustee Young stated that the Street Department is in need of a battery charger which
would require an expenditure of approximately $160. During the discussion that
followed, it was learned that the Fire Department is installing trickle chargers for
all equipment, and that their battery charger might be available. Trustee Young said
he will await information as to the Fire Department plans.
It was moved by Trustee Young and seconded by Trustee Zettek that the Village Clerk
be authorized to advertise for bids for trenching and backfilling for installation of
street lights, specifications as previously used; bids to be opened at the regular
meeting of the President and Board of Trustees to be held on February 28th. The
motion was voted upon by acclamation; whereupon the President declared the motion
carried. j
The Clerk reported receipt of (1) copy of a letter dated January 11, 1963 from the
State Department of Public Health to the Elk Grove Water and Sewer Co. approving the
waterworks plans for Unit 10 of the Centex Industrial Park; (2) notice from the State
Department of Revenue of Municipal Tax to be remitted for the month of October 1962
in the amount of $4,591.35•
President Gibson reported that the Clerk had obtained quotes of from $20 to $60 for the
framing, with glass, of the Village Plan map for display in the Court Room.
It was moved by Trustee Young and seconded by Trustee Pahl that the Board authorize an
expenditure not to exceed $40 for the purpose of framing, with glass, the Village Plan
map. The President directed the Clerk to call the roll on the motion and upon the
roll being called the following Trustees answered "AYE" - Dillon, Keith, Pahl, Smith,
Young, Zettek; "NAY' - none; "ABSENT" - none. Whereupon the President declared the
motion carried.
The Clerk read a proposed resolution authorizing the sale of $3,750,000 in Waterworks
and Sewerage Revenue Bonds.
It was moved by Trustee Pahl and seconded by Trustee Dillon that the Board adopt
Resolution No. 1-63 entitled "A RESOLUTION AUTHORIZING THE SALE OF $3,750,000 OF
WATER14ORKS AND SEWERAGE REVENUE BONDS SERIES 1963".
Trustee Young questioned the amount of the sale, and following the inability of
Attorney Hofert or Board members to answer Trustee Young's questions to his satisfaction,
Attorney Hofert suggested that Trustee Young call Mr. Paul D. Speer on the telephone.
From 9:45 PM to 9:55 PM, there followed a recess while said call was made. Upon his
return to the room, Trustee Young said that he was still not satisfied, and that, in
his opinion, only .$3,550,000 in bonds should be issued.
The President directed the Clerk to call the roll on the motion and upon the roll
being called the following Trustees answered "AYE" - Dillon, Keith, Pahl, Smith,
Zettek; "NAY" - Young; "ABSENT" - none. Whereupon the President declared the motion
carried.
It was moved by Trustee Pahl and seconded by Trustee Dillon that the Board approve
the "Official Notice of Sale $3,750,000 (Total Authorized Issue $4,000,000) , Village
of Elk Grove Village, Cook and DuPage County, Illinois, Waterworks and Sewerage Revenue
Bonds, Series 1963." The President directed the Clerk to call the roll on the motion
and upon the roll being called the following Trustees answered "AYE" - Dillon, Keith,
Pahl, Smith, Young, Zettek; "NAY" - none; "ABSENT" - none. Whereupon the President
declared the motion carried.
At this time, Board members stopped discussion and read the "Official Statement" .
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It was moved by Trustee Pahl and seconded by Trustee Dillon that the Board approve
the "Official Statement, Interest Exempt from All Present Federal Income Taxes,
I $3,750,000, (Total Authorized Issue - X4,000,000) , Village of Elk Grove Village,
Illinois, Waterworks and Sewerage Revenue Bonds, Series 1963". The President directed
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the Clerk to call the roll on the motion and upon the roll being called the following
Trustees answered "AYE" - Dillon, Keith, Pahl, Smith, Young, Zettek; "NAY" - none; y
"ABSENT" - none. Whereupon the President declared the motion carried.
It was moved by Trustee Dillon and seconded by Trustee Pahl that the Board approve
the "Official Bid Form". The President directed the Clerk to call the roll on the
motion and upon the roll being called the following Trustees answered "AYE" - Dillon,
Keith, Pahl, Smith, Young, Zettek; "NAY" - none; "ABSENT" - none. Whereupon the
President declared the motion carried.
It was moved by Trustee Dillon and seconded by Trustee Pahl that the Clerk be directed
to attach approved copies to these minutes of the Official Statement, Office Notice
of Sale, and Official Bid Form. The motion was voted upon by acclamation; whereupon
the President declared the motion carried.
The Clerk read a proposed resolution establishing prevailing wages.
It was moved by Trustee Young and seconded by Trustee Dillon that the Board adopt
Resolution No. 2-63 entitled "A RESOLUTION ESTABLISHING PREVAILING WAGES (CERTIFICATE
OF COMPLIANCE)". The President directed the Clerk to call the roll on the motion
and upon the roll being called the following Trustees answered "AYE" - Dillon, Keith,
Pahl, Smith, Young, Zettek; "NAY" - none; "ABSENT" - none. Whereupon the President
declared the motion carried.
The Clerk read a proposed ordinance amending the Municipal Code relating to stop
intersections.
It was moved by Trustee Keith and seconded by Trustee Young that the Board waive the
first reading rule with respect to the above ordinance. The motion was voted upon
by acclamation; whereupon the President declared the motion carried.
It was moved by Trustee Dillon and seconded by Trustee Young that the Board adopt
Ordinance No. 267 entitled "AN ORDINARrE AMENDING SECTION 14.204 OF THE MUNICIPAL, CODE
OF ELK GROVE VILLAGE RELATING TO STOP INTERSECTIONS." The President directed the
Clerk to call the roll on the motion and upon the roll being called the following
Trustees answered "AYE" - Dillon, Keith, Pahl, Smith, Young, Zettek; "NAY' - none;
"ABSENT" - none. Whereupon the President declared the motion carried.
Copies of the corrected proposed Sign Ordinance were distributed and said Ordinance
was read by the Clerk.
The Clerk read the following correspondence dated January 16, 1963 from E. H. Brown,
Chairman of the Plan Commission:
1. To the President and Board of Trustees reporting that Dockets 421 and 422, hearings
by the Cook County Zoning Board of Appeals on December 12, 1962, were continued to
an indefinite future date. These dockets concern an application for rezoning
to permit construction of a restaurant, cocktail lounge, and multiple family
residences on Dempster Street near Linneman Road.
2. To the President and Board of Trustees recommending that the draftsman, Mr. Joseph
Boller, be paid the agreed amount of $$64.00 for corrections to the planning map
tracings.
3. To the Wood Dale Plan Commission confirming the Village Plan Commission's decision
concerning the proposed southern Village limits and the zoning of that land bounded
by Devon Ave. , Thorndale Road, Route 83 and Arlington Heights Road. The tentative
agreement of the Plan Commission of Elk Grove Village for the purposes of the
Master Plan is that the south limits shall be shown as Thorndale Road; they have
not reached a decision as to the proposed zoning of land bounded by Devon, Thorn-
dale, 83 and Arlington Heights Road; they do not intend to file an objection to
Wood Dale's proposed zoning of that land as Ml Light Manufacturing; and they will
notify Wood Dale as soon as they have reached a decision as to the highest and
i best use of this area.
It was moved by Trustee Young and seconded by Trustee Dillon that the meeting be adjourned.
The motion was voted upon by acclamation; whereupon the President declared the motion
carried, and the meeting adjourned at 10:55 P.M.
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Appr ved: Eleanor G. Turner, Vil ge Clerk
Jao6s R. Gibson, President
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New I-ss moi+ x�1 Date of Sale: February 14, 1963 I
OFFICIAL STATEMENT
Interest Exempt From All Present Federal Income Taxes I
011A :p $3,750,000
�r.vIii (Total Authorized Issue - $4,000,000)
6"r VILLAGE OF ELK GROVE VILLAGE , ILLINOIS j
Waterworks and Sewerage Revenue Bonds , Series 1963
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Dated February 1 , 1963 Due Serially May 1 , 1966-92 , inclusive
Coupon Bonds Registerable As To Principal Only Denomination $5,000
- � Principal and semi-annual interest (May 1 and November 1 ) will be payable at such
)ank in the City of New York, New York or Chicago, Illinois as may be mutually agreed upon j
3y the purchaser and the Village. First coupon due May 1 , 1963.
MATURITIES - May 1 4
$10,000. . . . . . . . . . . . 1966 $100,000. . . . . . . . . . . . 1975 $190,000. . . . . . . . . . . . 1984
20,000. . . . . . . . . . . . 1967 110,000. . . . . . . . . . . . 1976 200,000. . . . . . . . . . . . 1985
30,000. . . . . . . . . . . . 1968 120,000. . . . . . . . . . . . 1977 210,000. . . . . . . . . . . . 1986
40,000. . . . . . . . . . . . 1969 130,000. . . . . . . . . . . . 1978 220,000. . . . . . . . . . . . 1987
50,000. . . . . . . . . . . . 1970 140,000. . . . . . . . . . . . 1979 230,000. . . . . . . . . . . . 1988
6o,000. . . . . . . . . . . . 1971 150,000. . . . . . . . . . . . 1980 24o,000. . . . . . . . . . . . 1989
70,000. . . . . . . . . . . . 1972 16o,000. . . . . . . . . . . . 1981 24o,000. . . . . . . . . . . . 1990
80,000. . . . . . . . . . . . 1973 170,000. . . . . . . . . . . . 1982 250,000. . . . . . . . . . . . 1991
90,000. . . . . . . . . . . . 1974 18o,000. . . . . . . . . . . . 1983 26o,000. . . . . . . . . . . . 1992
Bonds due May 1 , 1966 through May 1 , 1973, inclusive, are not callable prior to mat-
urity. Bonds due May 1 , 1974-92, inclusive, are callable at the option of the Village in
whole or in part, at par and accrued interest, from the revenues of the system only, un any
interest payment date on or after May 1 , 1973, and in whole from any funds other than reven- i"',,
ues on any date on or after May 1 , 1983. If fewer than all bonds issued are called for re-
demption at any time, the bonds shall be redeemed in the inverse order of their maturity and
by lot within a maturity. Notice of redemption shall be given by publication at least once,
not less than 30 days prior to the date of redemption, in the Bond Buyer, or in th event it
ceases to be published, then in a financial newspaper published in New York City;"6 in Chicago,
Illinois , and should redemption be on other than an interest payment date, once again not
amore than 30 nor less than 15 days prior to redemption.
PURPOSE
The proceeds of these bonds will be used to acquire the existing waterworks and sew-
,rage system operated in the Village as a private utility by the Elk Grove Water and Sewer
Company, Inc. , including certain additions thereto as provided in a purchase contract by and
between said utility and the Village, all more fully described herein, and in accordance with
the plans and specifications therefore prepared by Alvord, Burdick & Howson, Engineers , Chicago;
Illinois , and now on file.
$250,000 (maturing $10,000 each year 1967-91 , inclusive) not being presently issued,
will be issued if necessary to acquire a new well , elevated storage and pumps described in
the bond ordinance.
4LEGALITY AND SECURITY
These bonds , in the opinion of bond counsel , Messrs. Chapman and Cutler, Attorneys ,
Chicago, Illinois , will constitute valid and legally binding obligations of the Village or
Elk Grove Village payable solely from the revenues of the waterworks and sewerage system of
the Village in the manner set forth in the ordinance authorizing them and in no event shall
constitute an indebtedness of the Village within the meaning of any constitutional or statut-
ory limitation. The Village will furnish the unqualified approving opinion of said bond
attorneys evidencing legality of the bonds and that the interest thereon is exempt from Fed-
eral Income Taxes under existing laws and regulations.
The information in this statement has been compiled from sources believed to be rel-
iable, but is not guaranteed as far as any statements herein involve matters of opinion,
',--,hether or not so stated. Opinions are intended merely as such and not as representations
`I f fact.
This Official Statement has been prepared under authority of the President and Board
f Trustees of the Village of Elk Grove Village, Illinois. Additional bopies may be secured
from Eleanor G. Turner, Village Clerk, Village Hall , Elk Grove Village, Illinois , or from the
1 Financial Consultant of the Village:
PAUL D. SPEER
33 South Clark Street
Chicago 3, Illinois
Telephone: Financial 6-0858
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GENERAL INFORMATION
The Village of Elk Grove Village was incorporated in 1956. The community, lying 25
miles west northwest of the Chicago Loop via the Northwest Expressway and Northwest Tollway, i
was and is being developed by the Centex Construction Company as a planned residential and
industrial area. Subsequent sections of this Official Statement deal with the residential
and industrial development sponsored by Centex.
The Village government consists of a President and six Trustees , elected at large
for four year overlapping terms. Police protection is provided by a 12-man force, operating
four radio equipped cars , which cars also carry inhalators. A 37-man volunteer fire depart-
ment operates two 1 ,000 gallon pumpers , a 250, gallon pumper, a 1 ,000 gallon tanker, and a
/-- rescue wagon. All fire equipment is radio equipped and each unit carries an inhalator.
The utilities serving the area are the Public Service Company of Northern Illinois ,
Northern Illinois Gas Company, and- Illinois -Bell Telephone Company. Water and sewer service,
provided by the Elk Grove Water and Sewer Company, will become a municipal function with the'
acquisition of that company through the use of the proceeds of this bond issue. yl
The 1960 U. S. Census reports show a median income of $8,243 for the Village which
compares favorable with the State median of $6,566. In that year the population was 6,608.
Present population is approximately 12,000.
COMMERCE
A well designed shopping center containing 17 stores and offices , and a medical clinic
providing office space for 7 doctors is the principal shopping area for Elk Grove residents.
The shopping center covers 10 acres and the main unit contai s 48,000 square feet of occup-
ied space. In addition, there is a 1-arge restaurant, and a lane bowling alley, presently
under construction, is expected to be -opened in May of 1963. The Bank of Elk Grove, capital-
ized at $500,000, has been charted and its building is expected to be complete in March, 1963.
A proposed shopping center covering 50 acres and containing 300,000 square feet of
retail space is planned for the near future: The first stage, expected to be completed by
November , 1963, will contain 100,000 -square feet of retail space. Presently four national
chains representing the food, drug and variety industries are negotiating for space in this
stage.
The following table indicates growth of retail sales in the Village.
Retailers' Occupation - Sales Tax Receipts
Rate - i of 10 _
1959. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,771
1960. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $29,866
1961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .: $38,147
1962 through September 30. . . . . . . . . . $40,269
{ RESIDENTIAL DEVELOPMENT
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The first home was opened by Centex Construction Company in March 1957. At that time
it was thp-.plen -of the Company to offer homes , including landscaping, sidewalks , curbs and
gutters , water, sanitary and storm sewers , and underground utility lines , in a series of
four models ranging in price from $17,000 to $19,990. Since that time many changes have
been made in the number of models offered and the price of the homes , although the afore-
mentioned improvements continue- to be included. During the year 1962, seven models were
offered ranging in price from $18,950 to $27,990 andin living area from approximately 1 ,300
to 2, 150 square feet. Ali roads are asphalt with concrete curbs and gutters. Lot sizes
i vary from approximately 7,700 to 9,200 square feet. House sales are averaging 500 per year,
sales to December 27, 1962, having been 2,846, of which 2,771 homes were completed and
'I occupied. During 1963, approximately 425 homes encompassing ten models will be offered
I ranging in price from $17,-000 to $27,990. There are no rental hous*s, however, 108 garden
apartments had been built -at December 27, 1962 and approximately 100 more will be construct-
,ed during 1963. With 1 ,650 acres of residential land presently within the Village and
another 1 ,500 acres in the. process of being annexed, Centex estimates that by 1970, ten
thousand homes will be occupied. It is interesting to note that the 1 ,500 acres being annex-.
ed will be connected to the existing Village by a corridor through a portion of the Cook
;ounty Forest Preserve, originally sold to the County by Centex. The result will be that
the Forest Preserve will be retained as an area of :natural beauty in the middle of the
Village.
With the burgeoning reside nt'al velopment have home. twelve churches and a village
library, which is operated by an oard of library trustees. A swimming club is
supported through family.memberships and a youth center has been initiated. In addition to
the Chicago daily newspapers , radio and television stations , news both local and national
is provided by the Elk Grove Herald, published weekly.
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INDUSTRIAL DEVELOPMENT
As previously indicated, the plans of Centex called for industrial as well as resident-
ial development in order to provide a broad tax base for the Village and school districts ,
and to provide employment for many of the Village residents and the labor market of the
surrounding area. Since its inception, 96 firms have located and are doing business in 79 l
plants in the area known as Centex Industrial Park. Twenty-seven firms plan to locate there
and there are seven plants under construction. There are also sixteen parcels held for
investment, three of which have plants already built.
The present industrial area to be developed by Centex contains 1 ,800 acres with 200
acres zoned light industrial and 1 ,600 acres zoned heavy industrial . The entrance to the
Park is approximately 6/10 of a mile from the Elmhurst Road (Illinois 83) Interchange of the
Northwest Tollway. Illinois Route 83 bisects the .Village. Spur tracks of both the Chicago
and Northwestern Railway and the Milwaukee Road go into the Industrial Park at its south-
eastern boundary, which boundary abuts O' Hare International Airport. The Industrial Park
is also adjacent to Illinois Route 72, a northwest-southeast highway leading from Chicago
to the Rockford-Freeport area , and is approximately one mile from Oakton Street, running
directly to Evanston and the North Shore suburbs.
The following table shows some of the larger employers presently located in the y
Centex Industrial Park. Total employment within the Park is approximately 4,000. I
Industry Employees Product
Sola Electric Company, Division of Electrical and electronic
Basic Products Corp. 600 components
Win-Chek Products Corporation 200 Aluminum doors and windows
Groen Manufacturing Company 175 Steam-jacketed kettles & industrial
food processing equipment
The Greenfield Company 150 Auto seat belts and accessories
Field Container Corporation 150 Paper boxes and cartons
Precision Transformer Corporation 150 Transformers
Thorlief Larsen and Son 140 Industrial mason contractors
Rockwell -Barnes Company 125 Stationery and paper goods
R. C. Can Company 110 Fiber bodied cans
Continental Can Company, Inc. 100 Plastic containers
'-` Lester Lawrence & Son 100 Bakery & industrial food supplies
Shaffer Spring Company 80 Coil springs
Dupli-Color Products Company 80 Automotive touch-up paint
Goodyear Tire & Rubber Company 80 Midwest regional sales office
and warehouse
In addition, the following nationally known companies have located in the Park.
AMF Pinspotters , Inc. Automatic pinspotters
AMF Automatic Equipment Division Programable transfer machines
(robot hands)
Argus Cameras , Incorporated Midwest. regional sales office
and warehouse
Charlescraft Corporation Small electrical appliances
Chicago Printed Spring Corporation Reinforced plastic pipe ,
glas.s filament tape
General Motors Corporation, Euclid Division Distributor of earth moving
equ i.pment
Holt, Rinehart and Winston Warehouse for books
Minnesota Mining & Mfg. Co. Barrell finishing
Motorola , Incorporated Warehouse
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Schools
School District No. 59 serves Elk Grove Village and the surrounding area. The pres-
ent enrollment is approximately 4, 100 students , who attend nine schools including two junior
r_�high schools. High School District No. 214 operates three high schools , serving students
'from Elk Grove Village, Arlington Heights , Mount Prospect, Wheeling and the surrounding
unincorporated area. There is also one parochial school within Elk Grove Village with an
enrollment of approximately 600 in grades one through sir.
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FINANCIAL DATA
Assessed Valuation
Year Real Estate Personal Property Total
1957 $ 654,483 $ 5, 710 $ 660, 193
1958 4,248,495 121 ,501 4,369,996
1959 16,054,353 1 , 103,020 17, 157, 373
1960 23,915,756 2,240,416 26, 156, 172
1961 33,294, 735 3,985,810 37, 280,545
Tax Rates Per $100 Assessed Valuation
1957 1958 1959 1960 1961
Elk Grove Village . . . . . . . . . . . . . . . . . . . . . . . . $ .334 $ , 108 $ . 148 $ ,452 $ .414
Grade School District No. 59 . . . . . . . . . . . . . 1 .968 1 .904 1 .396 1 .986 2.036
Arlington Heights Twp. High School No. 214 1 .512 1 .518 1 .286 1 .324 1 ,490
Metropolitan San. Dist . of Greater Chicago .320 .316 .278 .274 .380
Township, Fire Dist. and Mosquite Abatement . 176 . 132 . 170 .092 .092 i
Cook County, Forest Preserve and Misc. . . . .376 .406 .376 .526 .458
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4.686 $4.384 $3.654 $4,654 $4.870
Tax Extensions and Collections
Current
Levy Collection Current % Current & Delinq. % Total
Year Year Extension Collections Collections Collections Collections
1957 1958 $ 2,205,04 $ 2, 182.34 98.97 $ 2, 249.77 102.03
1958 1959 4, 719.60 4,618.68 97.86 4,691 .47 99.40
1959 1960 25,392.91 23,315.84 91 .82 23, 724.73 93 .43
1960 1961 118,225.91 112,390.39 95.06 114,440. 19 96. 79
1961 1962 154, 194.46 144,949.27 94.00 N.A. N.A.
Statement of Indebtedness
February 1 , 1963
Estimated Value of Taxable Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,000,000
Assessed Valuation, 1961 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,280,545
Direct Bonded Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,000
Overlapping Bonded Debt:
Grade School District No. 59 . . . . . . . . . . . . . . . . . . $1 ,851 ,360
Arlington Hts. Twp. High School Dist. No. 214. . 1 , 193, 720
Metropolitan San. Dist. of Greater Chicago . . . . 137, 361
Cook County Forest Preserve District . . . . . . . . . . 27,600
Cook County (Tax Supported Bonds) . . . . . . . . . . . . . 55, 194
Overlapping Bonded Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3, 265, 235
Total Direct and Overlapping Bonded Debt . . $ 3, 750, 235
Population
1958 U. S . Special Census . . . . . . 3,041
i 1960 U. S . Census . . . . . . . . . . . . . . 6,608
1961 U. S . Special Census . . . . . . 10,324
Present Estimate . . . . . . . . . . . . . . . 12,000
I
Ratio of Bonded Debt to Assessed Valuation: Direct Only . . . . . . . . . . . . . . . . . . 1 .30%
Direct and Overlapping . . . . . . . 10 .06%
Per Capita Bonded Debt: Direct Only . . . . . . . . . . .$ 40,42
Direct and Overlapping . . . . . . .$312.52
I
Revenue Bonds
i
$3, 750,000 Waterworks Sewerage Revenue Bonds, Series 1963 (This issue.)
4.
'I
I
I
Future Growth and Development I
(The following are excerpts from the report of Alvord, Burdick
& Howson, Engineers , Chicago, Illinois , dated December, 1962)
Growth in the Chicago Area
The table below shows the growth of population in the west and northwest suburban
Chicago area between 1940 and 1960, and the decennial increases in that period both in
i
numbers and per cent. To those not familiar with population statistics the figures may
appear startling. j
POPULATION GROWTH IN WEST & NORTHWEST SUBURBAN CHICAGO AREAS
I
I
Population and Percentage Increase
1940 1950
1940 1950 1950 1960 1960
Counties : I
Cook (outside Chicago) 666,536 887,830 33% 1 ,579, 300 78%
Du Page 103,480 154,600 50% 313,460 104%
Lake 121 , 100 179, 100 48% 293,660 64%
I
Townships :
Maine 24,205 38,953 61% 95,476 145%
Leyden 24,250 46,583 93% 81 ,814 75%
Addison 9,905 17,780 93% 41 ,808 135%
York 27, 161 43,360 490% 89,988 145%
Proviso 73,450 98,228 340% 160,275 55%
Wheeling 9,728 16 ,790 72% 58,910 251%
Elk Grove 3,040 5,915 94% 27,876 347%
Shaumberg 860 1 ,080 26% 10,587 875%
Niles 12 ,221 25 , 183 103% 95 ,861 282%
Incorporated Places :
Des Plaines 9,520 14,990 57% 34,886 132%
Elmhurst 16,460 21 ,270 29% 36 ,990 74%
Skokie 7, 170 14,830 106% 59,360 300%
Niles 2, 170 3,585 65% 20,390 466%
Northlake ` -- 4,361 -- 12,320 183`/0
Rolling Meadows -- -- -- 10,879 --
Lombard 7,075 9,617 39% 22,560 1290%
Mt. Prospect 1 ,720 4,010 134% 18,900 370%
Arlington Heights 5,670 8,770 55% 27,878 217%
LaGrange-LaGrange Pk. 13,885 18, 178 31% 29,080 60%
Westchester 621 4,310 5940% 18,090 318%
The Incorporated Places shown on the above table are for the most part older , long-
established communities in the west-northwest suburban area , some of which have limited
areas for expansion. Exceptions to this include Skokie, Niles , and Mt. Prospect, which had
` reasonably adequate areas for expansion; and Northlake, Rolling Meadows , and Westchester ,
all of which were comparatively new and intensively developed.
We believe that the best general guides to population growth in the Elu Grove area ,
based on past performance, are the Township figures. They indicate what the market has
been for new housing in their area , and on the basis of the growth rate since the 1960
census , it is reasonable to expect population growth in the smaller townships to continue
at the 1950-1960 rate for some years in the future.
Growth ofElk Grove Village
I - _
i
We have projected the population increase on the basis of a lower annual rate of
residential construction than has prevailed In the past , with a progressively lower number
Df people per residence. The projection stops at 1983 because the 31 ,600 population shown
for that date is the maximum in areas for which future development is reasonably certain at
this time. From an- estimated 1958 population of. 3,800, the Village has grown to over 12,000
'I at present, an average annual increase of 2, 100 people. Our projection for the next 21
years amounts to a future average annual growth .of approximately 930 people. This amounts
to an increase of 108% for the first 10 years , and 22% for the second 10 years. These
projections are, we think, reasonable and conservative, when reviewed in the light of the
past and present growth of the suburban Chicago area.
I
PAST AND ESTIMATED FUTURE POPULATION OF ELK GROVE VILLAGE
Estimated
Year* Population
1958 3,800
1959 6,700
1960 9,200
1961 11 ,400
1962 12,000
1963 12,400
1964 13,700
1965 15,400
1966 17,000
1968 18,600
1973 25 ,800
1978 31 ,400
1983 31 ,600
Note: *Ending May 1 , beginning with the year 1963.
Within the present Village limits there are 1 ,000 acres of occupied residential land,
650 acres of residential land for which housing construction is planned and in progress , and
1 ,800 acres of industrial land now under development and partially occupied by industry.
In addition, there are 1 ,630 acres of land adjoining the Village to the west which are now
approximately 45% owned by the Village' s developer, and. of which 1 ,500 acres are in process
of annexation. The acreage figures are an approximation obtained from a report to the
Centex Construction Company.
Thus , there is now within the Village limits a sufficient developable acreage to
support a residential population approximating 18,000 peel:-Le , and annexations in prospect
which could support an additional 16,000 people.
Future growth is , to a substantial degree, dependent upon the construction program
of the Centex Construction Company through its affiliate , the Great Northern Development Co.
Because the developer owns such substantial acreages in the vicinity, and because of the
growth prospects for the west suburban area , we believe the future growth of Elk Grove
Village is assured. To guarantee future addition of water and sewerage customers , a further
safeguard is provided in an agreement collateral to the proposed contract for purchase of
the water and sewerage utilities , which are 75% owned by the Great Northern Development Co.
This agreement provides , among other things , for annexation to the Village of all contiguous
properties developed by the Centex Construction Co. , Inc and affiliated Vale Development
Company.
Growth in population relates only partially to the feasibility of acquiring the
water and sewerage properties. Industrial development, through consumption of disproport-
ionately large volumes of water, plays an important role in the earnings of these utilities
j as will be developed later in this report. At present, the Centex Industrial Park, an area
of approximately 850. acres , is only 25% developed but is. yie.lding a .subs.tantial -portion of
the systems' revenues. In addition to this Park, which lies within the Village limits , the
j developer owns approximately 900 additional acres for industrial development inside the
Village. This latter area is severed, and water main construction is now in progress.
EXISTING WATER AND SEWER FACILITIES
The following excerpt from aforementioned report of Alvord, Burdick & Howson, Engin-
eers , describes the systems to be purchased with the proceeds of this issue, and the future
development of the system.
Water System - The present source of supply consists of two deep wells drilled approx-
imately 1 ,400 feet to the Galesville sandstone formation in the Cambrian-Ordovician system.
Each well is equipped with an electric pump discharging to adjacent ground level storage,
rom which the water is withdrawn and boosted into the distribution system by electric
entrifugal pumps operating under direct pressure control . Auxiliary engines are provided
I
or pumping during electric power failures. Chlorination is the only treatment required
and, since three million gallons of water storage is provided, sufficient contact time is
i available for effective disinfection. The water supply has at all times met the standards
of the O.S. Public Health Service and the Illinois Board of Health. The presen-: capacity of
the source of supply approximates 2. 5 million gallons a day.
As of the end of September 1962, the distribution system included over 44 miles of
main ranging from 4-.inches to 14- inc hes in size. Only 224 lineal feet of 4- inch main are
included in the system and, excepting 2 miles of asbestos-cement, the entire system of trans,
mission and distribution mains is of cast iron. As of September 30, 1962, there were 3,716
consumer services , 739 of which were inactive, The system is 100 per cent metered and fire
protection is provided through 494 hydrants.
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The existing waterworks system is well laid-out to provide proper service to res-
idential , commercial and industrial customers , and is composed of standard, good quality
materials. As of the ten months ending October 31 , 1962, an average of 965,000 gallons i
per day were sold to an average number of 2,847 customers.
Sewerage System - Elk Grove Village lies with the Metropolitan Sanitary District.
The District provides for treatment of all sanitary sewage within its boundaries. Elk
Grove is not, therefore, required to provide treatment for its sanitary sewage, but must
deliver it to the District's intercepting sewer.
As of September 30, 1962, the sanitary sewer system consisted of more than 45 miles
of gravity sewer ranging in size from 6- inches .to 30- inches , and included 966 manholes , 4
^ sewage lift stations, approximately one mile of force main, and 3,694 customer services.
The materials going into construction conform to accepted standards and are of good quality.
General - Water and sewerage construction of Elk Grove Village has conformed to
accepted engineering practice with the use of first-quality materials throughout.
Underground water and sewer construction is of inherently long life and, in the case
of Elk Grove Village, represents over 80% of the investment in these systems. Where entire
service areas "mature" quickly as a result of planned, wholesale construction, as in the
instant case, it is reasonable to anticipate less than average difficulty and expense in
servicing additional customers in the future, and considerable less than average operation
and maintenance expense during the first twenty to thirty service years.
I
Additional Well and Distribution Storage Required
As a condition of the proposed water and sewer purchase agreement, the Village would
agree to construct and pay for an additional water production well and a 500,000 gallon
elevated tank. These facilities will be required to serve the presently undeveloped areas
inside and immediately adjacent to the present Village limits. They will cost an estimated
$180,000. These additional facilities are essential to the construction planned by the
Developer for the northwest section of the Village, and would also make additional water
available for industrial consumption. Their cost is included in the costs of acquisition
to be paid out of the proceeds of this bond issue.
In addition to the foregoing, which describes generally what will be acquired, the
,-. purchase agreement includes the acquisition of all real estate owned by the company or any
other interest therein including rights of way and easements and any buildings thereon, and
all meter books , maps , records , trucks ,radio equipment, meters , typewriters , adding and
billing machines , desks , chairs , tab)es-and cabinets and other useful items used in connect-
ion with the efficient and complete operation of the combined system.
FUTURE ADDITIONS TO SUPPORT NEW DEVELOPMENT
The rapid growth rate of the Village, both past and as projected for the future ,
requires substantial annual investment in water distribution and sewage collection facilities.
The proposed contract for purchase of the water and sewer systems anticipates passage by
the Village of a subdivision control ordinance that provides for the financing of water and
sewer extensions. The ordinance would require subdividers and developers to finance , con-
struct and contribute to the Village, substantially all water and sewerage facilities re-
quired to accommodate new subdivision development. Source of water supply and such related
facilities would be provided by the Village.
On the foregoing basis the developers would continue the present practice of financ-
ing utility extensions , except that under municipal ownership the Village would not be oblig-
ated for repayment. (The subdivision ordinance referred to above has since been adopted. )
Reliability of Present Source of Water Supply
In our earlier report we questioned the capacity of the present source of ground
water supply, and suggested that the matter be given further study. For the purpose of
,---this report we have further investigated the source of supply situation, We would recommend
y, hat the Village continue to develop its present source of well supply so long as water
evels are within an economic pumping distance from the ground surface, At present the
static water level provided by bore holes to the Galesville formation is approximately 600
feet below ground level . The aquifer continues to be pumped in excess of its theoretical
firm yield, but the current 20 feet per year rate of water level decline indicates the
probability that supply will be both adequate and economical for at least ten years. It is
I possible that wells would provide the most economical source of supply for a future period
j substantially exceeding ten years , particularly if a number of Chicago' s western suburbs
execute their present plans to switch from underground to a surface source of supply from
Lake Michigan.
As in our previous report , it is suggested that the future adequacy of the presently-
developed aquifer depends to an important degree upon future decisions to be made by others ,
and on that account is not susceptible to accurate prediction. The community and its buried
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water distribution system is almost certain to outlive the existing source of water supply.
For that reason it is only prudent to provide for a future surface supply. It is believed j
that the most economical surface supply could be obtained by water purchase from the City
of Chicago.
Costs of Acquisition Complete Initial
Acquisition cost . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,350,000 $3 3fi,000
Allowance for adjustment of
accounts 50,000 50,000 I
Additional well and 0.5 MG
elevated tank . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 0
'^ Operating and Office Equipment . . . . . . . . . . . . . 25,000 25,000
Engineering costs . . . . . . . . . . . . . . . . . . . . . . . . . . 17,500 17, 500
Legal , Fiscal , Administrative Costs . . . . . . . . 50,000 45,000
Bond discount, maximum 80,000 75,000
Allowance for contingencies . . . . . . . . . . . . . . . . 247,500 187, 500
Total funds to be provided: his $4,000,000 $3, 750,000
'rte. . . . . . . .
The first two items , amounting to $3,400,000, are intended to cove`Q the negotiated j
value of the existing water and sewer facilities , together with construction work in pro-
gress , which amount is substantially less than the depreciated cost of reproducing the
facilities. In the opinion of the engineers , the value of the property, on a depreciated
reproduction cost basis , and giving effect to construction work in progress as of the est-
imated closing date, will be approximately 20 per cent in excess of the proposed bond issue.
Depreciated Reproduction Cost - New
At September 30, 1962
Waterworks Property . . . . . ... . . $2,732,000
Sewage Works Property. . . . . . . . 2, 187 ,000
Total . . . . . . . . . . . . . . . . . . . . . . . $4,919,000
Number of Customers and Metered Water Sales
Table 1 shows an estimated 184% increase in the number of water and sewer customers
served between the years 1963 and 1983. These pro forma increeses are based on population
estimates and reflect a lower rate of residential construction than has either been exper-
ienced heretofore or could be justified on the basis of projection by the Centex Construct-
ion Company. The figures shown are based on construction of 400 homes per year to 1968,
350 per year from 1969 to 1973, and 300 per year after 1973. As the population increases
we mould expect the average age of that population. to increase also, with an accompanying
decrease in the number of persons per customer.
The addition of one or more large, industrial consumers could substantially increase
the gallonage sold.
Waterworks Operation and Maintenance Expenses
Operation and maintenance expenses for the waterworks system are shown pro forma on
i the basis of continued supply from wells. The. company' s expenses quite properly include
allowances for depreciation, and state and local taxes. These costs are omitted from the
ipro forma estimates. Under municipal ownership no taxes would be paid, and depreciation
would consist of debt service plus whatever minor amounts are actually required for plant
replacement or extensions.
Practically all of the pro forma operating expense items relate directly to the
number of customers served and the volume of water produced. Source of supply expense , and
Transmission and Distribution expense are exceptions to that statement. In the pro forma
i ,, --source of supply expenses we anticipate additional wells , the maintenance cost of which
s independent of water production. Further, we would expect reductions in the cost per
He of operating and maintaining the distribution system under municipal ownership and
ontrol .
The company' s records of past sewer operation and maintenance expense are not entirely
useful as a guide to the future. This is partly because they reflect rather high depreciat-
ion accruals resulting from the early retirement of temporary sewage treatment facilities. .
} No depreciation accruals are included in the sewer system operating expenses.
It is believed that the sewer system' s operating ratio will be improved under munici-
pal ownership and the pro forma figures are conservatively stated. Operation and maintenance
j expenses for the sewer system would decrease from 25% of gross revenues in 1963, to 18% in
1983.
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i
Table 1 shows that net combined annual revenues will increase from $174,600 in fiscal
1963 to $558,000 in fiscal 1983, with greater growth in the last half of that period. Be-
cause our estimated 1983 population is the maximum that can be predicted with reasonable
certainty at this time, we would project annual revenues and expenses beyond 1983 at the
same dollar figures as shown for that year.
Future Capital Requirements
The proposed bond issue includes amounts sufficient to cover such immediate capital
outlays as tools and work equipment, furniture, and other such expenses required to put the
Village into the business of operating and maintaining the water and sewer systems. in
�-. addition provision has been made for additional well and an elevated storage tank. In the
future, however, and probably prior to final retirement of the proposed bond issue, an
additional source of water supply will be developed. We estimate the total cost thereof at
not more than $500,000, and recommend that the proposed bond ordinance make provision for
future issuance of revenue bonds in that amount.
HISTORICAL REVENUES
i
Private Ownership Municipal Ownership(a)
Calendar Calendar Fiscal Year Ending
1961 1962 April 30, 1963
Gross Revenue $287,871 $324,000 !
Operation and Maintenance $146,606 $154,000
Net Revenues $141 ,265 $170,000
l
Average Customers 2,444 3,000
Gallons Billed 288,874,000 354,000,000
Note: (a) Estimated from actual and projected revenues and expenses by Alvord Burdick
is Howson, Engineers..
Below are the average number of water customers annually and the gallons sold in the
same years.
Average
Average Residential Gallons Industrial Gallons Gross Water
Year Commercial Customers Sold Customers Sold Revenue
1958 532 39,000,000 9 6,500,000 $ 37 ,300
1959 1 ,230 98,450,000 27 13,600,00096 ,200
1960 1 ,845 166,200,000 49 25,700,000 163,800
1961 2,356 212,050,000 76 70,200,000 224,800
1962 thru 10-31 2,729 241 ,260,000 106 94,700,000 250,400
In the ten months ending October 31 , 1962, Residential and Commercial use equalled 72% of
total gallons sold and 75.9%".of gross revenue. Industrial use accounted for 28% of gallons
sold and 15.6% of gross revenue. Approximately 8. 5% of gross revenue consisted of municipal
and fire protection sales.
Monthly Rates Per Thousand Gallons
Water Sewer (a)
0 - 4,000 gallons $4.00 $1 . 50
Next 4,000 gallons .65 . 15
i Next 4,000 gallons . 45 . 10
In excess of 12,000 gallons . 35 . 08
Note: (a) Based on Metered Water Consumption
Minimum Rates Per Month
j5/8 inch meter $ 4.00
i 3/4 inch meter 4. 00
1 1/2 inch meter 13.65
others vary with meter sizes
The Village adopted a rate ordinanceo0anuary 24, 1963 which establishes the
present rates of the Elk Grove Water and Sewer Company, Inc. as the rates for Village
operation. This rate ordinance will be published and in full force and effect prior to
the date of the bond sale.
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The Elk Grove Water and Sewer Co. , Inc. retained Duff and Phelps , Inc. , engineers
to review the operations and to project the future revenues and expenses under municipal
operation and at existing rates. These projections are set forth as a part of the follow-
ing letter from those engineers , which projections are substantially in excess of the est-
imates of the engineers for the Village.
January 9, 1963
Re: Elk Grove Village, Illinois
Gentlemen:
i
You have requested Duff and Phelps , Inc. to prepare a projection of earnings
of the Elk Grove Water & Sanitary Sewer System under municipal operations. .
I
In preparing this projection we have bi2n guided by (1 ) the record of the
system to date as provided us by the presentcorpora te owners , (2) the growth
in residential , commercial , and industrial customers anticipated by the lone
developer in the area (who also owns the existing water and sewer system) ,
(3) our own estimate of the area' s potential growth, and (4) our experience
in working with similar type utility systems , both privately and publicly
owned.
We have been advised by the fiscal agents for the Village to carry our pro- j
jection through the year 1997. Although we have arbitrarily stopped any
consideration of growth in customers after 1972, it is unlikely that this
will be the actual situation. However, we should like to make several
qualifications to these projections. First, we have assumed in estimating
future costs that the water supply for the system would continue to be ob-
tained from wells. Apparently there is the future possibility of the Vill -
age buying water from the City of Chicago or from the proposed Elmhurst-
Villa Parke-Lombard project, in which case water supply costs would exceed
our estimates. Second, we have assumed that financial and operational
policies followed under municipal ownership would be in accordance with
good industry standards. Third, in accordance with usual municipal account-
ing, we have included nothing for general taxes or depreciation.
Subject to the foregoing, we present in the attached table the record of
revenues , expenses , and earnings of the existing system from 1957 through
the 12 months ended October 31 , 1962, and our projection of these items
for the calendar years 1962-1997 inclusive. Back up date for this project-
ion is available upon request.
Our projections indicate that the Village will have net earnings ranging
from $190,000 in 1963 to about $520,000 annually in 1973 and subsequent
years. In effect, these are the earnings which we estimate would be avail -
able to the Village for the servicing of the debt incurred to purchase the
properties , and for other corporate purposes.
Yours very truly,
DUFF AND PHELPS , INC.
/s/ Howard J. Hansen
Howard J. Hansen
Assistant Vice President
II
HJH:jas
j Estimated Revenues , Expenses and Earninqs - Municipal Operations
Calendar Year Revenues Expenses Net
Actual 1960 $209,600 $136 ,200 $ 73,400
Actual 1961 288,400 142,700 145,700
Actual 12 mos to Oct. 31 , 196213 0,500 156 ,300 154,200
Estimated 1962 $321 ,400 $159, 100 $162,306
Estimated 1963 $365,000 $175,000 $190,000
Estimated 1964 421 ,000 202,000 219,000 �^
Estimated 1965 480,000 227,000 253,000
Estimated 1966 542,000 257,000 285,000
Estimated 1967 604,000 283,000 321 ,000
Estimated 1968 668,000 312,000 356 ,000
Estimated 1969 734,000 339,000 395,000
Estimated 1970 799,000 366,000 433,000
Estimated 1971 857,000 389,000 468,000
Estimated 1972 908,000 409,000 500,000
Estimated 1973-1997 935,960 414,560 521 ,400
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BOND ORDINANCE
An ordinance authorizing the issuance of these bonds has heretofore been adopted and
published and is now in full force and effect . This ordinance sets forth a brief description
of the facilities to be acquired and the improvements to be added thereto, a complete des-
cription of the bonds and provisions for the issuance of additional bonds and the: use of the
revenues of the system, based upon fiscal years ending April 30. Upon the sale of the bonds, I
a further resolution will be adopted setting the. interest coupon rates and place of payment .
Reference: should be made to the bond ordinance for exact details .
i
FLOW OF FUNDS
From and after the delivery of these bonds all revenue of the system from every source
shall be deposited in a fund separate and apart from all other Village funds to be designated
the "Waterworks and Sewerage Fund of the Village of Elk Grove Village". Money in this Fund
is required to be set aside each month into each of the several accounts created by the
ordinance. These accounts together with the amounts to be credited thereto arc each
respectively set out hereinafter in the order ,in which those credits are to be made. All
credits shall be as of the first business day of each month and shall include all receipts
to the end of the immediately preceding month.
Operation and Maintenance Account
This account shall be credited with an amount sufficient to pay the reasonable
expenses of maintenance and operation of the system for the next succeeding month including
all of such expenses usual in such a system and one-twelfth of expenses computed on an annual
basis, such as insurance.
Bond and Interest Account
Beginning May 1 , 1963, this account is to be credited each month with not less than
one-fifth of the amount of the next maturing interest coupon on all outstanding bonds and an
/a qnt
ual to one-tenth of the amount of principal due on all outstanding bonds on the following
May 1 until the full amounts of such interest and principal are on hand for each payment .
Money in this account, together with the required amount of fiscal agency fees from the
Operation and Maintenance Account shall be transmitted to the paying agent not less than
,—"'fifteen days prior to the due date of any interest or principal . This account shall receive
ill accrued interest derived from the sale of the bonds, p}us an amount sufficient with cur-
'en1". to oav a 1 I i r.rr.rc�s t d+.+c May 1 , 1963.
Bond Reserve Account
Beginning May 1 , 1963 this account will be credited with the sum of $24,000 'each year
in equal monthly installments until all bonds have been paid or provided for. This account
is to be used to pay maturing interest or principal whenever funds are not available for that
purpose in the Bond and Interest Account .' In addition, whenever the balance in this account
equals the maximum principal and interest requirements on all outstanding bonds of the system
for any future fiscal year the surplus above such amount shall be used for calling and re-
deeming those bonds that are callable prior to maturity, or if none of said bods arc so
callable, purchasing by tender or on the open market, at not more than par and accrued inter-
est, any of the bonds which are payable from the revenues of the system. No bonds shall be
purchased within sixty days prior to the next succeeding redemption date of any bonds, but
available money must then be used to call and redeem bonds .
4
Depreciation and Replacement Account
Beginning May 1 , 1963 the credit to this account shall be $12,000 per year in equal
monthly installments through April 30, 1965, and $24,000 in each fiscal year thereafter.
Money in such account shall first be used to provide an adequate allowance for depreciation,
the amount thereof to be determined from time to time by the Village, or for extraordinary
repair or replacements to the system, or may be used to pay maturing principal or interest of
I--ny bonds of the system when no other funds are available for that purpose. Whenever the ac-
.ount aggregates the sum of $50,000, any sums. in excess thereof may be transferred to the
Dnd Reserve Account or, in the discretion of the President and Board of Trustees , may be
_;ed to pay the cost •of improvements and extensions of the combined system.
Surplus Revenue Account
This account shall be credited at the end of each fiscal year with all money in the
Waterworks and Seworage Fund not otherwise transferred and shall be used first to mak` up any
deficiencies in any of the other accounts of the system. If not so used there shall be
transferred either to the Bond Reserve Account or the Depreciation and Replacement Account
I
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i
all sums received during the fiscal year as a charge for connections to the system. After
the foregoing credits are made, any sums remaining in said account may be transferred to a
special account designated "improvement and Extension Account", to be used for making any i
improvements to or extensions of the system or unusual repairs, or for the acquisition of
necessary equipment, and after so crediting, any remaining sums may be used, at the dis-
cretion of the President and Board of Trustees, for any lawful purpose.
Investment of Funds
Any money in the Waterworks and Sewerage Fund may be invested in direct obligations of
i
the United States maturing not later than the earliest date on which the monies in the re- �
.--,,spective accounts will be needed, but i-n no event later than two years from the date of any
investment . Such securities shall be sold whenever funds are needed. Earnings of any funds
invested, as well as profits or losses on any such investments shall be credited to the ac-
count for which such investment was made. Uninvested money on hand shall at ali times be
deposited in banks selected by the President and Board of Trustees as depositaries , in ac-
counts separate from all other monies . Money in the Waterworks and Sewerage Find may be
deposited in a single bank account except the Bond and Interest Account and the Bond Reserve
Account which may be combined into a single but separate bank account .
Acquisition and Construction Fund Account
The proceeds of the bonds, exclusive of accrued interest from the purchaser plus an
amount sufficient with current revenues• to pay interest due May 1 , 1963, which shell be
transferred to the Bond and Interest Account, shall be placed in the "Acquisition and
Construction Fund Account of the Village of Elk Grove Village" and kept separate and apart
from all other funds of the Village. This Account shall be deposited in a bank or banks
designated as depositaries by the President and Board of Trustees or may be invested from
time to time in direct obligations of the United States having a maturity date not later than
the date or dates on which such funds will be needed, each of such dates to be determined
from time to time by the President and Board. of Trustees . Funds shall be disbursed upon
orders signed by the President and Clerk or such other officer or officers authorized to
sign and countersign orders on the Treasurer, which orders shall specifically state the pur-
pose for which issued, that the payment has been approved by the President and Board of
Trustees and, if made to a contractor for work done in connection with construction, shall be
,-accompanied by a certificate executed by the engineer in charge of construction stating the
iature of the work completed and that the amount thereof is due and payable.
Cost of engineering, legal , fiscal and other services incidental to acquisition of the
ystem are deemed items of cost of acquisition and construction. Within sixty days after the
acquisition provided for herein, unexpended money in the Acquisition and Construction Fund
I�
Account shall be transferred to the Depreciation and Replacement Account.
1 Rates
By the ordinance the Village covenants to charge all users of the system including the
Village, such rates as shall be adequate to meet the requirements of the ordinance. The
j Village has reserved the right to refrain from charging itself for water so long as the
revenues of the system are adequate to provide the requirements of the ordinance. The
Village covenants that while any of the bonds arc outstanding, the rates shall be sufficient
to pay the cost of operation and maintenance, to pay maturing principal and interest on all
outstanding bonds payable from the revenue of the system, and to provide the minimum annual
credits to the Bond Reserve Account and the Depreciation and Replacement Account. Such
minimum annual credits are adequate to provide a mandatory coverage of estimated maximum
annual principal and interest requirements of these bonds of more than
i
Performance of Duty
The Vil-lage covenants with the bondholders to perform punctually all duties with re-
ference to the system required by the laws of Illinois and the ordinances, including the
making and collecting of sufficient rates, segregating the revenues and applyiQg the res-
�' 'ective funds in, accordance with the ordinance and further covenants not to sell , lease,
oan, mortgage or in any manner dispose of the system while any of the bonds are outstanding
i r until provision has been made for their payment in full including interest provided, how-
! ✓er, that the covenant shall not prevent the Village from disposing of property which in
the judgment of the President and Board of Trustees is no longer useful or profitable to the
system, nor essential to the continued operation of the system.
The
Village further covenants to maintain the system in good condition, to operate it con-
tinuously and to maintain insurance of the same kind which would normally be maintained by
others operating such a system, and to refrain from granting any franchise for a competing
i waterworks or sewerage system.
1
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The ordinance specifically provides that it shall constitute a contract between the
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Village and the holders of the bonds and recognizes the right of any bondholder to enforce
by suit, mandamus or otherwise, any of the duties required by the ordinance, including the i
making and collecting of sufficient rates to meet the requirements and the proper application
of revenues. No changes or modifications in the ordinance can be made until all bonds are
paid,
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Accounting and Insurance
The books and accounts of the system must be kept separate and apart from all other
accounts of the Village and shall be audited within 90 days of the close of each fiscal year
/---,by an independent public accountant, which audit report shall show among other things the
operating statement, comments relative to compliance with the ordinance and recommendations
for improvements in the operation, a list of insurance policies in force, the number of sewer
:ustomers of the system, the number of metered and unmetered water customers, and the quantity
of water pumped, Copies of each audit shall be furnished promptly upon completion to the
original purchasers of the bonds and a summary on request to any bondholder. In addition,
the person in charge of operating the system shall furnish statements of revenues and ex-
penditures of the system to the President and Board of Trustees at least quarterly during
each fiscal year and a copy of each such report shall be mailed to the original purchaser of
the bonds and upon request to any bondholder. The Village has covenanted to carry such in- +
surance as is recommended by a consulting engineer.
Parity Bonds (Section 10)
The Village will not issue any bonds having a prior lien on the revenues of the
system, but reserves the right to issue parity bonds to share ratably and equally in the
:-venues of the system upon the following conditions:
(a) Additional bonds on a parity can be issued for improvements, replacements ,
and extensions of the system and for the purpose of refunding any of the Waterworks
and Sewerage Revenue Bonds of the Village provided all the required credits to the
various accounts have been made and further provided that the net revenues of the
system for the next immediately preceding fiscal year as shown by the audit, or the
average adjusted net revenues of the two next preceding fiscal years, have been equal
to not less than 14C/,, of the maximum annual requirements for principal and interest,
during the life of such then outstanding bonds, on all bonds then outstanding and on
the bonds then proposed to be issued. Net revenues for this purpose shall mean the
gross revenue of the system less the reasonable and necessary costs of maintenance
and operation and before depreciation or reserve account credits as evidenced by the
audit, Should there have been a change in the rates of the system from the rates in
effect for either of the two preceding fiscal years, which change is in effect at the
time of the issuance of such additional bonds, net revenues shall be adjusted as if
said then existing rates had been in effect during each of said periods . Such adjust-
ment shall be made and evidenced by a certificate of an independent consulting engineer
employed for that purpose, and approved by the President and Board of Trustees and
filed with the Village Clerk. If net revenues are thus adjusted, then the average ad-
justed net revenues of the two immediately preceding fiscal years shall be substituted
for the net revenues of the immediately preceding fiscal year.
(b) Additional bonds issued to refund any of these bonds must come within the
I formula unless they are issued to refund bonds which are due within three months of the
date of refunding and no other funds will -be available for payment . All parity bonds
are equal in all respects and must mature on May 1 and have interest payable on May 1
+ and November 1 .
(c) The Village reserves the further right to issue, without the foregoing
restrictions , prior to January 1 , 1965, additional parity bonds for the purpose of
constructing a facility to obtain a supply of Lake Michigan water from, or in con-
i junction with, another municipality, including all necessary equipment and appur-
tenances, provided such additional bonds shall not exceed $500,000 and shall mature
on or after May 1 , 1993.
AUTHORIZATION
i
The foregoing Official Statement together with the tables appended hereto has been pre-
red for the Village of Elk Grove Village by Paul' D. Speer, Muncipal Finance Consultant, and
Chas been authorized for distribution to prospective purchasers and underwriters of its
$4,000,000 Waterworks and Sewerage Revenue Bonds by the President and Board of Trustees . All
, information and statistics contained herein are believed to be reliable and to the best of
( knowledge and belief reflect the financial and economic conditions of the Village of Elk Grove
; Village, but are not guaranteed.
/s/ Jamesf.Gibson
President
i
j /s/ Eleanor G. Turner
Village Clerk
January 25, 1963
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OFFICIAL NOTICE OF SALE
$3,750,000
(Total Authorized Issue $4,000,000)
VILLAGE 0K,GROVE VILLAGE
Cook1Coun y, Illinois
Waterworks and Sewerage Revenue Bonds , Series 1963
The Village of Elk Grove Village, Illinois will receive sealed bids for its $3,750;000
Waterworks and Sewerage Revenue Bonds , Series 1963, on an all or none basis in Room 1282, 33
South Clark Street, Chicago, Illinois , until 11 :00 A.M. CST, February 14, 1963, at which time
and place the bids will be publicly opened and read. Award will be made, or all bids reject-
- - sd, at the regular meeting of the President and Board of Trustees on that date.
These bonds are being issued to pay the cost of acquiring the existing waterworks and
sewerage system operated as a private utility by the Elk Grove Water and Sewer Company, Inc. ,
in accordance with the engineering report therefor now on file. These bonds are payable ,
both principal and interest, solely from the revenues to be derived from the waterworks and
sewerage system of the Village of Elk Grove Village in the manner set forth in the ordinance f
authorizing them, and in no event shall constitute an indebtedness of the Village within the
meaning of any constitutional or statutory limitation. No tax funds of the Village can or
will be used for the payment of either principal or interest.
Bonds will be coupon bonds registerable as to principal only in the denomination of
$5,000. Principal and semi-annual interest (May 1 and November 1 ) will be payable at such
bank in New York or Chicago as may be mutually agreed upon between the purchaser and the
Village. Bonds are dated February 1 , 1963. First coupon due May 1 , 1963.
MATURITIES - May 1
$10,000. . . . . . . . . . . . 1966 $100,000. . . . . . . . . . . . 1975 $190,000. . . . . . . . . 1984
20,000. . . . . . . . . . . . 1967 110,000. . . . . . . . . . . . 1976 200,000. . . . . . . . . . . . 1985
30,000. . . . . . . . . . . . 1968 120,000. . . . . . . . . . . . 1977 210,000. . . . 1986
40,000. . . . . . . . . . . . 1969 130,000. . . . . . . . . . . . 1978 220,000. . . . . . . . . . . . 1987
50,000. . . . . . . . . . . . 1970 140,000. . . . . . . . . . . . 1979 230,000. . . . . . . . . . . . 1988
60,000. . . . . . . . . . . . 1971 150,000. . . . . . . . . . . . 1980 240,000. . . . . . . . . . . . 1989
70,000. . . . . . . . . . . . 1972 160,000. . . . . . . . . . . . 1981 240,000. . . . . . . . . . . . 1990
80,000. . . . . . . . . . . . 1973 170,000. . . . . . . . . . . . 1982 250,000. . . . . . . . . . . . 1991
90,000. . . . . . . . . . . 1974 180,000. . . . . . . . . . . . 1983 260,000. . . . . . . . . . . . 13.92
Bonds due May 1 , 1966 through May 1 , 1973, inclusive, are not callable prior to mat-
irity. Bonds due May 1 , 1974-92, inclusive, are callable at the option ofthe Village in
chole or in part, at par and accrued interest, from the revenues of the system only, on any
.nterest payment date on or after May 1 , 1973, and in whole from any funds other than reven-
ues on any date on or after May 1 , 1983. If fewer than all bonds issued are called for re-
demption at any time, the bonds shall be redeeff.sd in the inverse order of their maturity and
by lot within a maturity. Notice of redemption shall be given by publication at least once
not less than 30 days prior to the date of redemption, in the Bond Buyer, or in the event it
ceases to be published, then in a financial newspaper published in New York City or in Chicago ,
Illinois , and should redemption be on other than an interest payment date, once again not
more than 30 nor less than 15 days prior to redemption.
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 February 1 , 1963 to the res-
pective maturity dates and deducting therefrom the premium bid or adding the discount. Eoch
bidder shall name a rate or rates of interest which the bonds are to bear and each rate must
be a multiple of one-quarter or one-tenth of one per cent (1/4 or . 1/10 of 1%) and no more
than three interest rates nor Rore 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 considered adding a rate. No rate shall exceed five per cent (5%) . Bids must be for
all of the bonds , 'must be for not less than $3,675,000 plus accrued interest to date of del -
ivery and must be made upon the Official Bid Form and delivered in a sealed envelope marked
"Bid for Bonds" at the time set out above.
The Village reserves the right to reject any or all bids and to determine the best bid
;�-'`n its sole discretion and to waive any informality in any bid.
Each bid shall be accompanied by a certified or ccshier' s check on a solvent bank or
rust company for $75,000 payable to the Treasurer of the Village of Elk Grove Village , Ill -
inois as evidence of good faith of the bidder. The check of the successful bidder will be
retained uncashed by the Village pending delivery of the bonds. All other checks will be re-
turned promptly upon award. No interest will be allowed on any checks. Should the success-
ful bidder fail to take up and pay for the bonds when tendered in accordance with his bid and
this notice, his check shall be cashed by the Village and the proceeds retained as full and
liquidated damages to the Village caused by failure of the bidder to carry out his offer of
purchase. Otherwise his check will be applied on the purchase price of the bonds when deliver-
ed, or returned uncashed at delivery.
The bonds will be delivered to the successful purchaser against full payment in
I
Chicago, Illinois as soon as they can be printed and executed which is expected to be within
40 days of the date of sale. Should delivery of these bonds be delayed beyond 60 days from
the date of award for any reason except failure of performance by the successful bidders i
then the bidder 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, Ill - 4
inois and will pay for the printing of the bonds and the bond attorney' s opinion. At the
time of delivery, the Village will furnish to the purchaser the written approving opinions
of Messrs. Chapman and Cutler, Attorneys , Chicago, Illinois , evidencing the legality of the
bonds , which opinion will be printed on the reverse of each bond. The Village will furnish
the transcript of proceedings on which said opinion is based, and a certificate of no liti-
lation then pending or threatened affecting the legality of the bonds or the right of the
tillage to issue them. Interest on the bonds is exempt, in the opinion of counsel , from
Federal Income Taxes under present laws and regulations. I
The President and Board of Trustees has authorized the preparation of an Official
Statement containing pertinent information relative to the Village, the Waterworks and Sew-
erage System,and its finances. For copies of that statement or for any additional informat-
ion, any prospective purchaser is referred to the undersigned at Village Hall , Elk Grove
Village, Illinois , or the Municipal Finance Consultant of the Village , Paul D, Speer , 33
South Clark Street, Chicago 3, Illinois. Telephone: Financial 6-0858.
/s/ Eleanor G. Turner
Village Clerk
February 2S, 1963
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OFFICIAL BID FORM
President and Board of Trustees February 14, 1963
Village of Elk Grove Village
Elk Grove Village, Illinois
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 of $4,000,000) , described in
the annexed Official Notice of Sale, which is made a part hereof , which bonds are to be ob-
/—.ligations of the Village payable solely from the revenues derived from the waterworks and
sewerage system of the Village of Elk Grove Village, we will pay you
Dollars ($ ) 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 Rate Maturity Rate Maturity Rate
$10,000. . . . . . 1966. % $100,000. . . . . . 1975 % $190,000. . . . . . 1984 %
20,000. . . . . . 1967 % 110,000. . . . . . 1976 % 200,000. . . . . . 1985 %
30,000. . . . . . 1968 % 120,000. . . . . . 1977 % 210,000. . . . . . 1986 %
40,000. . . . . . 1969 % 130,000. . . . . . 1978 % 220,000. . . . . . 1987 %
50,000. . . . . . 1970 % 140,000. . . . . . 1979 % 230,000. . . . . . 1988 %
60,000. . . . . . 1971 % 150,000. . . . . . 1980 % 24o,000. . . . . . 1989 %
70,000. . . . . . 1972 % 160,000. . . . . . 1981 % 240,000. . . . . . 1990 %
80,000. . . . . . 1973 % 170,000. . . . . . 1982 % 250,000. . . . . . 1991 %
90,000. . . . . . 1974 % 180,000. . . . . . 1983 % 260,000. . . . . . 1992 %
We will designate 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 Treas-
urer of the Village of Elk Grove Village, Illinois , in the sum of $75,000 under the terms
provided in your Official Notice of Sale.
II Attached hereto is a list of the members of our account on whose behalf this bid is
I ,—,made.
ii. dRespectfully submitted,
' Description of check: .
Amount: $75,000 Name
Account Manager
Name of Bank By
City State Address
Certified (cashier' s) Check No.
' City State
Dated
N.B. : Our calculation of interest cost
from above is:
I The above check was returned and received Total Interest. . . . . . . $
for the above named Account Manager
i .
Plus Discount. . . . . . . . $
Net Interest Cost
By
Net Interest Rate. . . . %
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 receipt
is hereby acknowledged of the good faith check which is being held in accordance with the
i,terms of the annexed Official Notice of Sale.
TTEST; VILLAGE OF ELK GROVE VILLAGE, ILLINOIS
By
B-+" Clerk President
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TABLE OF BOND YEARS
(Not a part of bid form)
Maturity Bond Years Cumulative Coupon
Year May 1 From Feb. 1 , 1963 Bond Years Rate Interest
1966 $ 10,000 32. 50 32. 50 % $
1967 20,000 85.00 117. 50 % $
�—. 1968 30,000 157. 50 275.00 % $
1969 4o,000 250.00 525.00 % 5
1970 50,000 362. 50 887. 50 % $ i
1971 60,000 495. 00 1 ,382. 50
1972 70,000 647. 50 2,030.00 % $ i
1973 80,000 820. 00 2,850.00 % $
1974 90,000 1 ,012. 50 3,862. 50 % $ I,
1975 100,000 1 ,225.00 5,087. 50 % S
1976 110,000 1 ,457. 50 6,545.00 % S
1977 120,000 1 ,710.00 8,255.00 % $
1978 130,000 1 ,982. 50 10,237. 50 % $
1979 14o,000 2,275. 00 12,512.50 % $
1980 150,000 2,587. 50 15, 100. 00 % $
1981 160,000 2,920. 00 18,020.00 % S
1982 170,000 3,272. 50 21 ,292. 50 % $
1983 180,000 3,645.00 24,937. 50 0/. $
1984 190,000 4,037. 50 28,975.00 % $
�—. 1985 200,000 4,450.00 33,425.00 % $
' 1986 210,000 4,882.50 38,307. 50 % $
1987 220,000 5,335.00 33,642. 50 % $
1988 230,000 5,807. 50 49,45o.00 % $
1989 240,000 6,300. 00 55,750. 00 % $
1990 24o,000 6,54o.00 62,290.00 % $
1991 250,000 7,062. 50 69,352. 50 % $
1 1992 260,000 7,605. 00 76,957. 50 % $
Total Bond Years: 76,957.50 Years Total Interest. . . S
Average Maturity: 20,5220 Years
Plus Discount. . . . $
I
Net Interest. . .. . . $
Effective Rate. . .
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