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Home My WebLink AboutRESOLUTION - 49-91 - 11/12/1991 - GENERAL OBLIGATION BONDSRESOLUTION NUMBER 49-91 RESOLUTION confirming sale of $10,000,000 General Obligation Bonds, Series 1991, of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois. WHEREAS the Village of Elk Grove Village, Cook and DuPage Counties, Illinois (the "Village"), has advertised for bids for $10,000,000 General Obligation Bonds, Series 1991 (the "Bonds"); and WHEREAS the Bonds have been offered for sale and the bids therefor have been received and tabulated as indicated on Exhibit A attached hereto and made a part hereof by this refer- ence, and it is hereby determined that the bid (the "Bid") of Clayton Brown & Associates, Inc., Chicago, Illinois, and associates, conforms to all terms of the Official Notice of Sale for the Bonds and is the best conforming bid for the Bonds, and said purchasers have agreed to accept delivery of the Bonds bearing the rates of interest as hereinafter set forth; NOW THEREFORE Be It Resolved by the President and Board of Trustees of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, as follows: Section 1. Execution of Bonds The Bonds as defined in the preambles to this resolu- tion shall be executed by the officials of the Village in the manner and form as provided for in and by the ordinance authoriz- -1- ing the Bonds, and the Bonds shall bear interest at the rates for the years as set forth in the Bid, copy of which is attached hereto as Exhibit B and made a part hereof by this reference. Section 2. Accept Bid The Village Manager is hereby authorized and directed to execute and accept the Bid. Section 3. Deliver Bonds The officials of the Village are hereby ordered and directed to have the Bonds prepared for delivery to the said purchasers thereof, and to execute the Bonds bearing the rates of interest specified herein. Upon execution thereof, the Bonds shall be deposited with the Village Treasurer and be by said Treasurer delivered to the aforesaid purchasers thereof upon receipt of the purchase price therefor, being a price of $9,930,611.50 plus accrued interest, in accordance with the terms of the contract hereby authorized to be entered into by and between such purchaser and the Village. Section 4. No Conflicts It is hereby found and declared that no person holding any office of the Village, either by election or appointment, is in any manner interested, either directly or indirectly, in his own name or in the name of any other person, association, trust or corporation, in the contract so confirmed in this resolution to said purchaser for the purchase and sale of the Bonds. -2- Section 5. Effective Date This resolution shall be in full force and effect immediately upon its passage. Passed this 12th day of November 1991. Approved this 12th day of November 1991. APPROVED: Charles J. Zettek President AYES: Ronald L. Chernick, Nancy J. Czarnik, Dennis J. Gallitano, Michael A. Tosto NAYS: Joseph T. Bosslet ABSENT: James P. Petri Recorded in the Village records on November 12, 1991 Attest: Patricia S. Smith Village Clerk -3- EXHIBIT "A''' R.V. NORENE & Associates, Inc. $10,000.000 VILLAGE OF ELK GROVE VILLAGE Cook and DuPage Counties, Illinois GENERAL OBLIGATION BONDS, SERIES 1991 Date of Sale: Tuesday, November 12, 1991 Investment Rating: Moody's Investors Service ... Aa (Confirmed: November 7, 1991) Bidders Discount Clayton Brown & Associates, Inc., Chicago, Kemper Capital Markets, Chicago, and Griffin, Kubik, Stephens & Thompson, Inc., Chicago, Joint Managers .......... $69,388.50 Smith Barney, Harris Upham & Co., Inc. NY, Dean Witter Reynolds, Inc., NY, Lehman Bros., NY, Prudential Securities, Inc., NY, PaineWebber, Inc., NY, Bear,Stearns & Co., NY and Mesirow & Co., Chicago, Joint Managers ......... 69,902.60 Gabriele, Hueglin & Cashman, Inc., New York John Nuveen and Co., Inc., Chicago Piper, Jaffray & Hopwood, Inc., Minneapolis *Harris Trust & Savings Bank, Joint Manager ........ 69,585.45 Boatmen's National Bank of St. Louis, St. Louis Morgan Keegan & Co., Inc., Memphis Securities Corporation of Iowa, Cedar Rapids - In Association With - Northern Trust Securities, Inc., Manager Stifel Nicolaus & Co., Inc., St. Louis *First Chicago Capital Markets, Chicago, Merrill Lynch Capital Markets, New York, and Hutchinson, Shockey, Erley Co., Chicago and Rodman & Renshaw, Inc., Chicago, Joint Managers ..................................... 69,135.35 Robert W. Baird & Company, Inc., Milwaukee Banc One Capital Corporation, Chicago First Tennnessee Bank, N.A., Memphis Crestar Bank, Richmond "Bids not in conformance with ascending rates. Interest Rate 1994-1996 8.100% 1997 8.0008 1998-2008 6.1008 2009-2012 6.2008 1994-1995 6.0008 1996-1997 5.2508 1998 5.4008 1999 5.6008 2000 5.7008 2001 5.8008 2002 5.9008 2003 6.0008 2004 6.1008 2005 6.2008 2006 6.3008 2007-2009 6.4008 2010-2012 6.5508 1994-1998 7.5508 1999 7.4508 2000 5.5508 2001 5.7008 2002 5.8008 2003 5.9008 2004 6.0008 2005 6.1008 2006-2012 6.1258 1994-1998 7.4008 1999 6.3758 2000 5.4508 2001 5.550$ 2002 5.7008 2003 5.9008 2004 6.0508 2005 6.2008 2006-2012 6.3758 Net Interest $8,664,997.65 6.28228 $6,991,726.35 6.3244828 $8,603,998.89 6.23808 $8,781,505.14 6.36678 OFFICIAL BID FORM Village of Elk Grove Village Village Hall 901 Wellington Avenue Elk Grove Village, Illinois 60007 Madame and Gentlemen: EXHIBIT "B" November 12, 1991 For your $10,000,000 Village of Elk Grove Village, Cook and DuPage Counties, Illinois, General Obligation Bonds Series 1991, as described in the Official Notice of Sale, which is expressly made a hereof by $ 1 part reference, we will pay you iwhich amount is not less than $9,930,000) plus accrued interest from November 1, 1991 to the date of delivery. Th Bond nterest at the followinrespective rates (each a multiple of 1/8 or 1120 of 1%) for Bonds of each designated maturity (ascending rates as noted in the OfficiT Notice of Sale). $305,000 MATURITIES - December 1 940.4167 $305,000 ..............1994 U% $415,000 ............. 2000 ��', /Li% $630,000' ............. 320,000 % 440,000 2001/Q,.LO_% 670,000'............. 20071 ..............199A ............. 340,000.............. 199 % 465,000 ............. 20021,_,.L2__% 710,000' ............. 355,000 1997 495,000 % 2009/ .............. % ............. 200ZuLV_% 755,000' ............. 20104,7"% 375,000 ..............1998525,000 ......... .. 2 1�.�fp°Po 004(q.,.L2°Po 805,000' .............2011 Q..LLo% 395,000 .............. 1999 �.,�tyh 555,000 ............. 20056,.L-% 855,000' ............. 2012&&x% 590,000' .............2006,.,4a% 6,135.0000 The following bond payments (d any), each of which bears interest at the same rate, are to be accumulated into term bond amounts Bond Payment Years Term Maturity December 1 Date Amount -- 20 IA&nLl to 20 1 "7 ....................... 20 1_ $ �+-�—'�-- 20 to 20 ....................... 20 $ 20 to 20 ....................... 20 $ 20 to 20 ....................... 20 $ As evidence of ourgood faith we enclose herewith our (cashier's)( certified) check in the sum of $200,000 in accordance with your Official Notice of Sale. Unless we notify you to the contrary within 24 hours of the bid opening, CUSIP numbers are to be applied for and printed on the Bonds at our expense, and we agree to accept the Bonds at delivery with the CUSIP numbers as printed. NOT A PART OF BID Our calculation of interest cost from above is: Total Interest ................... $ K � Less Premium/Plus Discount....... $ to11t So Net Interest Cost ............... Net Interest Rate ................ 6,2 Return of our bid deposit check is acknowledged. By Date Respectfully submitted, Name Guy Murdock, S,V.P. Address City Ch 6.o State SL Zip 6o461 Tele -559-1683F, ,cy3 (A list of the members of our account on whose behalf this bid is made is attached hereto.) r- //z., r Colonia-/ &nkt EGk A0a<_ ACCEPTANCE CLAUSE The foregoing bid was accepted and Bonds sold by resolution of the Board of Trustees of the Village of Elk Grove Village, Illinois, on November 12, 1991 and receipt is hereby acknowledged of the good faith check which is being held in accordance with the terms of the Official Notice of Sale. Maturities Due THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS TABLE OF BOND YEARS—FROM NOVEMBER 1, 1991 (For Computation Purposes Only. Not Part of Bid.) Bond Years Maturities Bond Dec./ Amount Annual Cumulative 1994 ......... $305,000 940.4167 940.4167 1995 ......... 320,000 1,308.6666 2,247.0833 1996 ......... 340,000 1,728.3334 3,975.4167 1997 ......... 355,000 2,159.5833 6,135.0000 1998 ......... 375,000 2,656.2500 8,791.2500 1999 ......... 395,000 3,192.9167 11,984.1667 2000 ......... 415,000 3,769.5833 15,753.7500 2001 ......... 440,000 4,436.6667 20,190.4167 2002 ......... 465,000 5,153.7500 25,344.1667 2003 ......... 495,000 5,981.2500 31,325.4167 Average Life: 13.7928 years Village Manager Due Dec.1 Amount Annual Cumulative 2004 ......... $ 525,000 6,868.7500 38,194.1667 2005 ......... 555,000 7,816.2500 46,010.4167 2006 ......... 590,000 8,899.1666 54,909.5833 2007 ......... 630,000 10,132.5000 65,042.0833 2008 ......... 670,000 11,445.8334 76,487.9167 2009 ......... 710,000 12,839.1666 89,327.0833 2010 ......... 755.000 14, 407.9167 103, 735.0000 2011 ......... 805,000 16,167.0833 119,902.0833 2012 ......... 855,000 18,026.2500 137,928.3333 Total ......... $10,000,000 137,928.3333 EXTRACT OF MINUTES of a regular public meeting of the President and Board of Trustees of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, held at Village Hall, located at 901 Wellington Avenue, in said Village at 8:00 p.m., on the 12th day of November 1991. The President called the meeting to order and directed the Village Clerk to call the roll. Upon roll call, the following answered present: Charles J. Zettek , President, and Trustees Joseph T. Bosslet, Ronald L. Chernick, Nancy J. Czarnik, Dennis J. Gallitano, Michael A. Tgsto. The following were absent: James P. Petri Trustee Tosto presented, the Village Attorney explained, and the Village Clerk read into the record in full the following resolution: RESOLUTION confirming sale of $10,000,000 General Obligation Bonds, Series 1991, of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois. -1- Trustee Tosto moved and Trustee Gallitano seconded the motion that said resolution as pre- sented and read be adopted. After discussion thereof, the President directed that the roll be called for a vote upon the motion to adopt the reso- lution. Upon the roll being called, the following Trustees voted AYE: Ronald L. Chernick, Nancy J. Czarnik, Dennis J. Gallitano, Michael A. Tosto and the following Trustees voted NAY: Joseph T. Bosslet the President declared the motion carried and the resolution adopted, and henceforth did approve and sign the same in open meeting, and did direct the Village Clerk to record the same in full in the records of the President and Board of Trustees of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois. adjourned. Other business was duly transacted. Upon motion duly made and carried, the meeting -2- Patricia S. Smith Village Clerk FLX GROVE - V11V, [ • STATE OF ILLINOIS SS COUNTY OF COOK Village President CHARLES J. ZETTEK Village Clerk PATRICIA S. SMITH Village Manager CHARLES A. WILLIS CERTIFICATION OF RESOLUTION AND MINUTES Village Trustees JOSEPH T.BOSSLET RONALD L. CHERNICK NANCY J. CZARNIK DENNIS J. GALLITANO JAMES P. PETRI MICHAEL A. TOSTO I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois (the "Village"), and as such official I am the keeper of the journal of proceedings, books, records, minutes and files of the Village and of the President and Board of Trustees (the "Corporate Authorities") thereof. I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the legally convened meeting of the Corporate Authorities of the Village held on the 12th day of November 1991, and of a resolution, adopted at said meeting, numbered 49-91 , and entitled: RESOLUTION confirming sale of $10,000,000 General Obligation Bonds, Series 1991, of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois. I do further certify that the deliberations of the Corporate Authorities on the adoption of said resolution were taken openly; that the vote on the adoption of said resolution was taken openly; that said meeting was held at a specified time and place convenient to the public; that the notice of said meeting was duly given to all newspapers, radio or television stations and other news media requesting such notice; and that said meeting was called and held in strict accordance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and that the Corporate Authorities have complied with all of the applicable provisions of said Act, the Illinois Municipal Code, and their own procedural rules in the adoption of said resolution. IN WITNESS WHEREOF I have hereunto affixed my official signature and the seal of the Village this 14th day of November 1991. Patricia S. Smith Village Clerk (SEAL) 901 WELLINGTON AVENUE • ELK GROVE VILLAGE, ILLINOIS 60007-3499 • TELEPHONE (708) 439-3900