S-338 - 09/09/1975 - LIBRARY - Ordinances 2.0 -ITeiL-MeA T
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ORDINANCE NO. G°�►TR-AcT
5 - 33 8
AN ORDINANCE AUTHORIZING AN INSTALLMENT CONTRACT
FOR PURCHASE OF IMPROVEMENTS TO
THE OAK BROOK VILLAGE LIBRARY BUILDING
WHEREAS, the Village of Oak Brook, DuPage County, Illinois, has
advertised for bids in accordance with law for improvements to the Oak
Brook Village Library Building; and
WHEREAS, pursuant to Chapter 24, Section 11-61-3, of the Illinois
Revised Statutes (1973), the Village is authorized to purchase real estate
and personal property for public purposes pursuant to contracts which
provide for the consideration for such purchases to be paid in installments
during a period not exceeding ten (10) years with interest thereon not to
exceed the rate of seven percent (716) per annum on the unpaid balance; and
WHEREAS, the President and the Board of Trustees of the Village of
Oak Brook deem it to be in the best interests of the Village of Oak Brook to
purchase said improvements from F. J. Richter Construction Company on
an installment contract pursuant to Chapter 24, Section 11-61-3, of the
Illinois Revised Statutes (1973); and
WHEREAS, F. J. Richter Construction Company has agreed to sell
said improvements to the Village of Oak Brook pursuant to the Installment
Contract attached hereto as Exhibit A,
NOW, THEREFORE, BE IT ORDAINED by the President and Board
of Trustees of the Village of Oak Brook, DuPage County, Illinois, as follows:
SECTION 1: The provisions of the preamble hereinbefore set forth are hereby
restated herein as though herein fully set forth.
SECTION 2: The Village President and Village Clerk are hereby authorized
and directed to sign an Installment Contract, a copy of which is attached hereto
as Exhibit A, providing for the purchase of improvements to the Oak Brook
Village Library from F. J. Richter Construction Company for a sum not to exceed
ONE HUNDRED SEVENTY-ONE THOUSAND DOLLARS ($171, 000. 00) plus interest
at a rate not to exceed five and three quarters percent (5-3/4%) per annum from
November 1, 1975, on the principal amount remaining unpaid from time to time.
Payments of the purchase price plus interest shall be made by the Village in
sixty (60) monthly installments on the first of each month, beginning February 1,
1976, as set forth in Item 2 of Exhibit A hereto, subject to the right of the
Village to make payments prior to maturity, without penalty.
SECTION 3: For the purpose of providing the funds necessary to pay the
installments of interest and principal due under the installment contract,
the Village agrees to make provision therefor in the annual appropriation
ordinance to be duly adopted by the President and Board of Trustees, and
published, all in the manner, form, and time as provided by law.
SECTION 4: The President and Clerk of the Village of Oak Brook are hereby further
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authorized and directed to do all things necessary and essential, including
the execution of any documents and certificates necessary, to carry out the
provisions of said installment contract.
SECTION 5: All ordinances, rules, and regulations of the Village of Oak
Brook which are in conflict with the provisions of this Ordinance are hereby
repealed solely to the extent of the conflict.
SECTION 6: If any section, subsection, sentence, clause, or phrase of this
Ordinance is for any reason held to be invalid, such determination shall not
affect the validity of any remaining portion of this Ordinance.
SECTION 7: This Ordinance shall be in full force and effect from and after
its passage and approval as provided by law.
PASSED and APPROVED by the President and Board of Trustees of the
Village of Oak Brook this day of 1975.
APPROVED:
President
ATTEST:
Village Clerk
AYES:
NAYS:
ABSENT: C
APP OVED A TO FORM:
Village Attorney
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DRAFT: Revised 9-3-75
INSTALLMENT CONTRACT FOR PURCHASE OF
IMPROVEMENTS TO THE OAK BROOK VILLAGE LIBRARY
AN AGREEMENT between F. J. RICHTER CONSTRUCTION COMPANY,
an Illinois corporation (hereinafter referred to as "SELLER") and the VILLAGE
OF OAK BROOK, DU PAGE COUNTY, ILLINOIS (hereinafter referred to as
"BUYER").
WHEREAS, the President and Board of Trustees of BUYER have
determined that it is essential and in the public interest of BUYER to purchase
improvements to the Oak Brook Village Library to be used for public purposes,
said building constituting the existing Village Hall of the BUYER; and
WHEREAS, pursuant to the provisions of Chapter 24, Section 11-61-3,
of the Illinois Revised Statutes (1973), the BUYER is authorized to purchase
real estate and personal property for public purposes pursuant to contracts
which provide for the consideration for such purchases to be paid in installments
during a period not exceeding ten (10) years with interest thereon not to exceed
the rate of seven percent (716) per annum on the unpaid balance; and
WHEREAS, SELLER is offering to sell the said improvements pursuant
to the terms of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter contained, and other good and valuable consideration,
SELLER and BUYER mutually agree as follows:
1. SELLER agrees to improve the Oak Brook Village Library at
1200 Oak Brook Road, Oak Brook, Illinois, in accordance with specifications
prepared by H. James Hestrup & Associates dated March 28, 1975,
and revised and clarified May 1, 1975, and June 13, 1975, and on file in the
tim A
Office of the Village Clerk, said specifications to include Alternates A, B, and
D. In addition, the contract documents include the following:
This Agreement.
General Conditions of the Contract for Construction,
AIA Document A201, copyright 1970, pp. 1 through 18.
Supplementary Conditions of the Contract, pp. 2-1
through 2-11.
Specifications, Sections 3 through 14.
Drawings, Sheets Al through A4; M1 through M4; pl
through p3; and El through E6.
Addenda No. 1 dated May 1, 1975.
Addenda No. 2 dated June 13, 1975.
2. SELLER agrees to sell said improvements to BUYER, and BUYER
agrees to purchase said improvements from SELLER for the sum of ONE
HUNDRED SEVENTY THOUSAND SIX HUNDRED FORTY-NINE DOLLARS
($170, 649. 00) plus interest at the rate of five and three quarters percent
(5-3/4%) per annum from November 1, 1975, on the principal amount remaining
unpaid from time to time. BUYER will pay SELLER said purchase price, plus
interest, in sixty (60) monthly installments due the first day of each month,
beginning February 1, 1976, as follows:
Date Interest Principal Total Payment Balance
2- 1-76 $ 2, 512. 75 $ 2, 466. 70 $ 4, 979. 45 $ 168, 533. 30
(from 11-1-75)
3- 1-76 807. 56 22478. 51 3, 286. 07 166, 054. 79
4- 1-76 795. 68 2,490. 39 3, 286. 07 163, 564. 40
5- 1-76 783. 75 2, 502. 32 3, 286. 07 161, 062. 08
6- 1-76 771. 76 2, 514. 31 3, 286. 07 158, 547. 77
7- 1-76 759. 71 2, 526. 36 3, 286. 07 156, 021. 41
8- 1-76 747. 60 2, 538. 47 3, 286. 07 153, 482. 94
9- 1-76 735.44 2, 550. 63 3, 286. 07 150, 932. 31
10- 1-76 723. 22 2, 562. 85 3, 286. 07 148, 369. 46
11- 1-76 710. 94 2, 575. 13 3, 286. 07 145, 794. 33
12 1-76 698. 60 2, 587. 47 3, 286. 07 143, 206. 86
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Date Interest Principal Total Payment Balance
1-1-77 $ 686. 20 $ 2, 599. 87 $ 3,286. 07 $ 140, 606. 99
2-1-77 673. 74 2, 612. 33 3, 286. 07 137, 994. 66
3-1-77 661. 22 2, 624. 85 3, 286. 07 135, 369. 81
4-1-77 648. 65 2, 637. 42 3, 286. 07 132, 732. 39
5-1-77 636. 01 2, 650. 06 3, 286. 07 130, 082. 33
6-1-77 623. 31 2, 662. 76 3, 286. 07 127,419. 57
7-1-77 610. 55 2, 675. 52 3, 286. 07 124, 744. 05
8-1-77 597. 73 2, 688. 34 3, 286. 07 122, 055. 71.
9-1-77 584. 85 2, 701. 22 3, 286. 07 119, 354.49
10-1-77 571. 91 2, 714. 16 3, 286. 07 116, 640. 33
11-1-77 558. 90 2, 727. 17 3, 286. 07 113, 913. 16
12-1-77 545. 83 2, 740. 24 3, 286. 07 111, 172. 92
1-1-78 532. 70 2, 753. 37 3, 286. 07 108,419. 55
2-1-78 519. 51 2, 766. 56 3, 286. 07 105, 652. 99
3-1-78 506. 25 2, 779. 82 3, 286. 07 102, 873. 17
4-1-78 492. 93 2, 793. 14 3, 286. 07 100, 080. 03
5-1-78 479. 55 2, 806. 52 3, 286. 07 97, 273. 51
6-1-78 466. 10 2, 819. 97 3, 286. 07 94,453. 54
7-1-78 452. 59 2, 833. 48 3, 286. 07 91, 620. 06
8-1-78 439. 01 2, 847. 06 3, 286. 07 88, 773. 00
9-1-78 425. 37 2, 860. 70 3, 286. 07 85, 912. 30
10-1-78 411. 66 2, 874. 41 3, 286. 07 83, 037. 89
11-1-78 397. 89 2, 888. 18 3, 286. 07 80, 149. 71
12-1-78 384. 05 2, 902. 02 3, 286. 07 77, 247. 69
1-1-79 370. 15 2, 915. 92 3, 286. 07 74, 331. 77
2-1-79 356. 17 2, 929. 90 3, 286. 07 71, 401. 87
3-1-79 342. 13 2, 943. 94 3, 286. 07 68,457. 93
4-1-79 328. 03 2, 958. 04 3, 286. 07 65, 499. 89
5-1-79 313. 85 2, 972. 22 3, 286. 07 62, 527. 67
6-1-79 299. 61 2, 986. 46 3, 286. 07 59, 541. 21
7-1-79 285. 30 3, 000. 77 3, 286. 07 56, 540.44
8-1-79 270. 92 3, 015. 15 3, 286. 07 53, 525. 29
9-1-79 256. 48 3, 029. 59 3, 286. 07 50, 495. 70
10-1-79 241. 96 3, 044. 11 3, 286. 07 47, 451. 59
11-1-79 227. 37 3, 058. 70 3, 286. 07 44, 392. 89
12-1-79 212. 72 3, 073. 35 3, 286. 07 41, 319. 54
1-1-80 197. 99 3, 088. 08 3, 286. 07 38, 231.46
2-1-80 183. 19 3, 102. 88 3, 286. 07 35, 128. 58
3-1-80 168. 32 3, 117. 75 3, 286. 07 32, 010. 83
4-1-80 153. 39 3, 132. 68 3, 286. 07 28, 878. 15
5-1-80 138. 37 3, 147. 70 3, 286. 07 25, 730, 45
6-1-80 123.29 3, 162. 78 3, 286. 07 22, 567. 67
7-1-80 108. 14 3, 177. 93 3, 286. 07 19, 389. 74
8-1-80 92. 91 3, 193. 16 3, 286. 07 16, 196. 58
9-1-80 77. 61 3, 208. 46 3, 286. 07 12, 988. 12
10-1-80 62. 23 3, 223. 84 3, 286. 07 9, 764. 28
11-1-80 46. 79 3, 239. 28 3, 286. 07 6, 525. 00
12-1-80 31. 27 3, 254. 80 3, 286. 07 3, 270. 20
1-1-81 15. 67 3, 270. 20 3, 285. 87 - 0
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5-331f
The parties agree that the installments heretofore set forth reflect
the maximum sums under this provision which the BUYER shall be obligated
to pay to the SELLER. It is specifically understood, however, that these
installments are subject to modification in the event that an assignment of
the rights to payment by the SELLER is effected, as hereinafter provided in
Paragraph 6, in which event the amount of such installments shall be adjusted
to reflect amounts of interest computed upon the principal sum from time
to time remaining unpaid from date of actual disbursement by the assignee.'
BUYER shall have the right on the first day of any month to prepay
the purchase price, without penalty or premium, by paying the balance of
the principal amount then remaining unpaid on the date of such prepayment
plus the interest accrued thereon to the date of such prepayment; provided,
further, that BUYER shall have the right on the first day of any month to
prepay any one or more installments of the principal amount of the purchase
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price, without penalty or premium, by paying said installment or installments
plus the interest accrued to said prepayment date on the principal amount
then unpaid. Fifteen (15) days' written notice must be given by BUYER to
SELLER if the option to make such prepayment is to be exercised.
3. The work to be performed under this Agreement shall be commenced
upon vacation of the building by BUYER and shall be completed 120 calendar
days after the date on which said building is vacated by BUYER.
4. Upon completion of the construction of said improvements, SELLER
agrees to convey to BUYER good title thereto by good and sufficient Bill of
Sale and Title to said improvements shall thereupon vest in BUYER.
5. The parties hereto understand and agree that the payments required
under the terms of this Agreement shall be a general obligation of BUYER and
that the total amount due SELLER, together with all other general obligations of
BUYER, are within all statutory and constitutional debt limitations. BUYER
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shall take all necessary action to appropriate such funds as are necessary to
make the principal and interest payments required under this Agreement.
6. SELLER shall have the right at any time or from time to time to
assign this Agreement representing the purchase price then remaining unpaid
and the interest then and thereafter payable, as herein provided. Written
notice of any such assignment shall be given by SELLER to BUYER in the
same manner as provided in Section 7 hereof for giving of notices. BUYER
agrees that any remedies it may have for breach of contract shall be enforceable
against the SELLER and shall not be enforceable against the SELLER's assignee.
It is further provided, however, if this Agreement is assigned by SELLER
before completion of, and delivery of title to, the subject improvements, then
proceeds of the assignment shall be held by the BUYER as escrowee and paid
to SELLER as follows:
Based upon Applications for Payment submitted to the Architect
by the SELLER and Certificates of Payment issued by the Architect, BUYER
shall make progress payments on account of the Contract Sum to the SELLER,
as provided in the Conditions of the Contract as follows:
On or about the 15th day of each month, ninety percent (90%) of the
proportion of the Contract Sum properly allocable to labor, materials, and
equipment incorporated in the work and ninety percent (901o) of the portion
of the Contract Sum properly allocable to materials and equipment suitably
stored at the site or at some other location agreed upon in writing by the
parties, up to the date on which the Application for Payment is submitted,
less the aggregate of previous payments in each case; and upon substantial
completion of the entire work, a sum sufficient to increase the total payments
to ninety-five percent (951o) of the Contract Sum, less such retainages as the
Architect shall determine for all incomplete work and unsettled claims.
Final payment, constituting the entire unpaid balance of the Contract
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Sum, shall be paid by the BUYER to the SELLER thirty (30) days after
substantial completion of the work unless otherwise stipulated in the
Certificate of Substantial Completion, provided the work has been
completed, the Contract fully performed, and a final Certificate of Payment
has been issued by the Architect.
7. The Architect for the subject improvements is H. James Hestrup &
Associates.
8. All notices and demands required hereunder or related hereto shall
be in writing and shall be deemed to have been given or made when delivered
personally or when mailed by registered or certified mail, postage prepaid,
and addressed as follows:
If to SELLER: F. J. Richter Construction Company
1525 East Rand Road
Palatine, Illinois 60067
If to BUYER: Village Clerk
Village of Oak Brook
1200 Oak Brook Road
Oak Brook, Illinois 60521
IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed and attested to by their duly authorized officers and their
respective seals affixed this day of 1975.
F. J. RICHTER CONSTRUCTION COMPANY
By
ATTEST:
Secretary
VILLAGE OF OAK BROOK, ILLINOIS
By
President
ATTEST: ,
Village Clerk._-_
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