S-930 - 04/13/1999 - BOND - Ordinances ORDINANCE NO. 99-BND-GO-FI-cIP-S-930
ORDINANCE AUTHORIZING THE ISSUANCE OF $10,000,000 GENERAL
OBLIGATION ALTERNATE BONDS OF THE VILLAGE OF OAK BROOK,
ILLINOIS FOR THE PURPOSE OF FINANCING CAPITAL IMPROVEMENTS
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF OAK BROOK, ILLINOIS, AS FOLLOWS:
Section 1. Authority and Purpose. This ordinance is adopted pursuant to
Article 8 of the Illinois Municipal Code, 65 Illinois Compiled Statutes 5/8 and the Local
Government Debt Reform Act, 30 Illinois Compiled Statutes 350, for the purpose of
financing the following capital improvements (the "Capital Improvements"):
1 . The construction of a new public library, including furnishings,
equipment and library materials, at an estimated cost of $5,200,000.
2. Village municipal building improvements,including the construction
of an addition to the municipal building, the construction of a new fire station,
the renovation of facilities for use by the police department, and the installation
of heating, ventilation, air conditioning and electrical systems, at an estimated
aggregate cost of $6,500,000.
3. The improvement of the irrigation system at the Oak Brook Golf
Club, at an estimated cost of $840,000.
Section 2. Authorization of Bonds. To meet part of the $12,540,000
estimated total cost of the Capital Improvements, including the cost of issuance of the
bonds herein authorized and, at the option of the Village, provision for capitalized
interest on bonds and bond reserve funds, all as permitted under the Local Government
Debt Reform Act, the Village is hereby authorized to issue general obligation bonds of
the Village (the "Bonds") in one or more series and in the maximum aggregate principal
amount of not to exceed $10,000,000. The Bonds shall constitute "Alternate Bonds"
under Section 15 of the Local Government Debt Reform Act, 30 Illinois Compiled
Statutes 350/15. The estimated cost of the Capital Improvements not financed from
the proceeds of sale of the Bonds will be met from available funds of the Village.
Section 3. Revenue Source. The Bonds shall be payable from sales tax and use
tax receipts derived by the Village from taxes imposed under the Use Tax Act, 35
Illinois Compiled Statutes 105; the Service Use Tax Act, 35 Illinois Compiled Statutes
110; the Service Occupation Tax Act, 35 Illinois Compiled Statutes 115; and the
Retailer's Occupation Tax Act, 35 Illinois Compiled Statutes 120, which constitute a
"Revenue Source" within the meaning of Section 15 of the Local Government Debt
Reform Act.
The Revenue Source is hereby pledged for the payment of the Bonds. The
President and Board of Trustees of the Village covenants to provide for, collect and
apply such Revenue Source to the payment of the Bonds and the provision of not less
than an additional .25 times the annual debt service on the Bonds.
Section 4. General Obligations. The full faith and credit of the Village are
hereby irrevocably pledged to the punctual payment of the principal of and interest on
the Bonds. The Bonds shall be direct and general obligations of the Village, and the
Village shall be obligated to levy ad valorem taxes upon all the taxable property in the
Village for the payment of the Bonds and the interest thereon, without limitation as to
rate or amount.
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Section 5. Priority of Payment. The payment of the principal of and interest on
the Bonds shall be made from the following sources in the following priority:
FIRST, from the Revenue Source pledged pursuant to Section 3 of this
ordinance;
SECOND, from any available funds of the Village not then appropriated for
other purposes; and
THIRD, from the taxes derived from the levy of ad valorem taxes pursuant
to Section 4 of this ordinance.
Section 6. Supplemental Proceedings. If no petition meeting the requirements
specified in Section 15 of the Local Government Debt Reform Act is filed during the
applicable petition period, then the President and Board of Trustees of the Village may
adopt additional ordinances and proceedings supplementing or amending this ordinance
so long as the maximum amount of Bonds herein authorized is not exceeded and there
is no material change in the purpose described in this ordinance. Such additional
ordinances or proceedings shall in all instances become effective immediately without
publication or posting or any further act or requirement.
Section 7. Publication. This ordinance shall be published in the "Daily Herald',
a newspaper of general circulation in the Village. The publication of this ordinance
shall be accompanied by the publication of the notice required by Section 15 of the
Local Government Debt Reform Act.
For a period of 30 days after such publication, a petition may be filed with the
Village Clerk signed by electors numbering the greater of (i) 7.5% of the registered
voters in the Village or (ii) 200 of those registered voters or 15% of those registered
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voters, whichever is less, asking that the issuance of the Bonds be submitted to
referendum. If no petition is filed within such 30 day period, then the Bonds shall be
authorized to be issued.
Section 8. Effective Date. This ordinance shall take effect in the manner
provided by law.
Adopted this 1311 day of April, 1999, by roll call vote as follows:
Ayes: Trustees Caleel, Kenny, McInerney and President Bushy
Nays: Trustee Shumate
Absent: Trustee Bartecki
Abstain: Trustee Savino (Whose vote is counted with the majority and,
therefore, given the effect of an aye.)
Approved: April 13, 1999
u Ih- •2
Village President
Published: April 23 1999
Attest 3 '�Ji
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