HomeMy WebLinkAboutRESOLUTION - 39-17 - 7/18/2017 - Reimburse capital expenditures future debt issues RESOLUTION NO. 39-17
A RESOLUTION OF THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS
DECLARING ITS OFFICIAL INTENT TO REIMBURSE CERTAIN CAPITAL
EXPENDITURES FROM THE PROCEEDS OF FUTURE DEBT ISSUES
BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove
Village, Counties of Cook and DuPage, State of Illinois as follows:
Section 1: The purpose of this resolution, is to satisfy the "Official Intent Requirement"
of Treasury Regulations Section 1.150-2.
Section 2: The Village of Elk Grove Village, Illinois (the "Village") has determined to
undertake the capital improvement projects described in Section 3 of this resolution and to expend
funds to pay the costs of such capital improvement projects.
Section 3: The capital improvement projects (including administrative oversight) are as
follows:
Budgeted
Project Description Expenditures
Median Enhancements - Rohlwing Road $935,000
Reconstruction of University Lane - Plum Grove Rd to Vermont Dr $1,600,000
Reconstruction of Leicester Road- Biesterfield Rd to Wellington Ave $1,335,000
Street Resurfacing - JF Kennedy& Elk Grove Blvd $695,000
Arlington Heights Road Rehabilitation from Turner Ave to Brantwood Ave. $5,500,000
Salt Creek Bridge at Clearmont Enhancements - Design $3,750,000
Residential Street Light Replacement $1,200,000
Rehabilitate common areas at Village Hall and Public Works $285,000
Fire Station 10 - Teardown and Rebuild $8,500,000
Fire Station 8 & 9 Consolidation- Teardown, Land and New Construction $12,500,000
Public Works Administration& Operations - Teardown, Land and $26,000,000
Construction
Public Works Biesterfield Fleet Building Renovations $7,815,000
Professional Staff Representation Services for Projects Oversight $250,000
Residential (Village) Entryway Signs $160,000
Residential Rear Yard Drainage $460,000
Residential Sidewalk Drainage $70,000
$71,055,000
Section 4: The Village reasonably expects to be reimbursed for such expenditures with
the proceeds of bonds to be issued by the Village. The maximum principal amount of debt
expected to be issued for the reimbursement of such expenditures is $71,055,000.
Section 5: This declaration of official intent is consistent with the budgetary and financial
circumstances of the Village.
Section 6: A copy of this resolution shall be filed immediately in the office of the Village
Clerk and shall be made available for public inspection in the manner required by law.
Section 7: That this resolution shall be in full force and effect from and after its passage,
approval and publication form as provided by law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 18th day of July 2017.
APPROVED this 181h day of July 2017.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy,Village Clerk
PUBLISHED in pamphlet form this 211t day of July 2017.
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US 127531908vl 201300-35868