HomeMy WebLinkAboutRESOLUTION - 1-63 - 1/17/1963 - AUTHORIZE 3750000 IN REV BONDS9/1/17/03
RESOLUTION NO. L-6-3
A RESOLUTION AUTHORIZING THE SALE OF 0,750,000
OF WATERWORKS AND SEWERAGE REVENUE BONDS SERIES 1963
WHEREAS, the President and Board of Trustees of the
Village of Elk Grove Village did on the 20th day of December,
1962, pass and approve Ordinance No. 2b3, which ordinance did
authorize and provide for the issuance of 64,000,000 of Waterworks
and Sewerage Revenue Bonds Series 1963, and
WHEREAS, the President and Board of Trustees of the
Village of Elk Grove Village deem it necessary and convenient
that 0,750,000 of Waterworks and Sewerage Revenue Bonds, being
part of the $4,000,000 in bonds heretofore authorized by Ordinance
No. 263, be sold at this time, reserving the Villagers right to
issue the additional 6y250,000 of Waterworks and Sewerage Revenue
Bonds authorized by ordinance Ivo. 263 at a future time, and
WHEREAS, the purpose of selling said bonds is to obtain
the moneys necessary for the Village to acquire the properties of
the Elk Grove Water and Sewer Company, Inc. and make necessary
and appropriate improvements to same as provided for in Ordinance
No. 263, and
WrL1,EAS, it is deemed to the beat interests of the Vil-
lage that said 0,750,000 of Waterworks and Sewerage Revenue Bonds
be sold competitively to the best bidder at a public sale and that
all steps be taken to stimulate competition among bond buyers to
purchase at such sale;
NOW, ThEREFORE, BE IT RESOLVED by the President and
Board of Trustees of the Village of Elk Grove Village, Counties
of Cook and DuPage, Illinois;
Section 1.That ;;;3,750,000 of Waterworks and Sewerage
Revenue Bonds Series 1963, which bonds have heretofore been
authorized by Ordinan"e No. 263, passed and approved December 20,
19622 be sold for the purpose of acquiring the moneys with which
to purchase the properties of the Elk Grove Water and Sewer Com-
pany, Inc. and making necessary improvements thereto; said bonds
to mature on May 1 in each of the years and at the amounts here-
after set forth:
1966
$100000
1979
$140,000
1967
20,000
1980
1500000
1968
0,000
0,000
lVQl
19 2
16o,000
170,000
1969
1970
50,000
1983
1800000
1971
6o,000
198.E
1y00000
1972
709000
1985
200,000
1973
809000
1986
2100000
1974
908000
1987
220,000
1975
1009000
1988
2 09000
1976
1100000
1989
2409000
1977
120,000
1990
240,000
1978
130,000
1991
250,000
1992
26o,000
and oe in the form and in full accord with the provisions made
for said bonds as provided for in Ordinance IIo. 263.
Section r. 'Thattoe sale utE—P a;-rpmentioned bonas
shall be had by tpe sdlicitiog of seeN d competitive bids, which
bids shall he inWally forwarded to or, e;,sit.en with Paul 1.
Speer, Financial consultaut of the Villare of Elk Krove Village,
at 33 South Clark Street, Gnicare 3, 1111nc's, tc to held by hirr.
in the condition received and transmitted b; him tc the Villar;e
Clerk on kebruarl 10, IN to be vi nod. ny nt Vll lacE Clerk on
said date at 11:00 c 1cl och a.m., Ce"t.ral WaUard Time, in Hoom
1282 of the First National kank r.nilrijUj , l+ S""th Clark Street,
Chicago 3, MUM, at which time arsd place sm1d Villare Clerk
shall make a public announcement of s8lc 1 id,-.
Section 1. "pat after the openir4 rf the Sealed bias
at the time and place aforementioned, the VI llave Clerk shall
deliver same to the President and hoard of Trustees of the Vil-
laye of Elk Grove Villave at its regular Villave .'card meeting
held at the Villave hall at 60 Landmeier knad, Elk trove Village,
Illinois, at 8:00 o1clock p.m., Centra! Slavnard Time, on Pebru-
ary 14 1.063, at which time aLn place a V�rwa1 award to the sqc-
cessfui bidder shall be ma��e.
Section 4. rnat the Viliacre Sler1 of the Villaf;e of
Elk =rave Villaqe is hereby- a.uthurizeo ars; directed to public}
mQUORbOr notice of saio sale in the bond buyer and also cause tc
be printed copies of the and Ordinance, nfflciai statement,
official notice of sale ane ocnd bid forms, 1n accordance witr;
the recommendations of yap! !. Speer, Mlave 71na-cla1 Consoltant.
Section y. ','nat cW s resolution sha11 be in full f"rce
and effect from and after Its passage and approval according tc
law.
PASSED this D� dai, of asnuary , 1y63.
APPMVEL this Zzp�day of dann&r; , 1 jb 1.
i
p esident
Attest:
t%11age Clerk