S-953 - 09/14/1999 - FINANCE - Ordinances Supporting Documents a " -r'.
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Motion by Trustee McInerney, seconded by Trustee Coleel to approve
the appointment of.Tanis Lundquist to the 1999 Oak Brook Autumn
Festival Committee, as the Butler School PTA Representative, to lilt
the unexpired term of Sherry Mazda (who resigned), with her term
expiring December 31, 1999; and the appointment of Joyce Antoniolli
to the 1999 Oak Brook Autumn Festival Committee, At-Large
Representative, to fill the unexpired tetra of Adam Butler (elected to
the Village Board in 4199),with her terms expiring December 31, 1999:
VOICE VOTE. Lotion carried.
B. ORDINANCES&RE-SOLUTIONS
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l) INAN -ISL—G—F F S-953 AN ORDINAN ss
APP& VIN &TMQRIZING EXECUIION OF
AN INSTALLMENT P1M=HASE CONTRACT AND GEK rv:
THE ISSUANSE QF S820 W GEM- AL FUNDS
CERTIFICA'T'ES °tERIES 1999 OF THE VILLAGE OF OAK
sROOK.ILLrNO�s. i
The ordinance authorizes the issuance of$820,000 General Fund
Certificates in order to finance the irrigation system improvements
at the peak Brook 'Golf Club and the costs associated with the
financing. Kerr provisions of the ordinance include:
Oak Brook Bank will be the purchaser of the certificates.
The interest rate is fixed at 4.93% per year. Based on the
opinion of bond counsel, the interest is exempt from federal
income taxes.
The certificates will be dated September 24, 1999 (the
anticipated closing date of the transaction). Payments will be
made over a ten year period with the final installment being due
on September 15,2009. The certificates are callable on or after
September 15 2006.
• Interest is paid semi-annually on March 15 and September 15.
Principal payments are due on September 15 each year.
• In order to obtain the most favorable rate for the financing,sales
taxes have been pledged for the repayment of the certificates.
Section 9 of the ordinance notes the Village's intent to use golf
course revenues as repayment of the obligation.
• The Village President is authorized to sign various documents
related to the installment purchase financing.
j The Installment Purchase Contract is to be executed by the Village
and the irrigation system contractor (Halloran & Yauch). The
VILLAGE OF OAK BROOK Minutes Page 4 of 13 September 14, 1999
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purpose of this contract is that the contractor agrees to accept 1'
installments over ten years for thc, irrigation system project. The
Assignment Agreement is executed by the contractor and Oak
Brook Bank, whereby the contractor assigns his rights to receive
installment payments to Oak Brook Bank. Thus, the Village wili �
make the installment payments to Oak Brook Bank. A legal
opinion from bond counsel,Katten,Muchin,&Zavis,states that the
Village is authorized to finance this project and provides the
opinion that this obligation is exempt from federal income taxes.
Oak Brook Bank has requested that a section be added which j
imposes a 2%p+-r annum penalty on any late payments made by the jl
Village. This provision will be added and a revised ordinance will
be distributed on Tuesday.
Motion by Trustee Caleel, seconded by Trustee McInerney to
approve Ordinance 1999-SC-G-FOP-S-953, "An Ordinarycz
Approving and Authorizing' the Execution of an Installment
Purchase Contract and the Issuance of $820,000 General Fund
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Certificates, Series 1999, of the Village of Oak Brook, Illinois" as
presented and waive the full reading thereof: ROLL CALL VOTE:
Ayes: 6—Trustees Butler,`Caieel,Craig,Kenny,McInerney and
Savino
Nays: 0-None.
Absent: 0-None. Motion Carried
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C. AWARD OF CONTRACTS: l
1) 1999 SAFETY PATHWAY PROJECT:
1944 SAFETY
PATHWAY PR1.
Two sealed bids were received September 1, 1999. The budget,for
this project is $98,000 in the Safety Pathway Improvements
Program (463-9070). The engineer's estimate of construction cost
was$89,469. Work is scheduled to be completed by November 2�,
1999.
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Motion by Trustee Craig, seconded by Trustee McInerney that a
contract be awarded, subject to staff' review, to the lowest
responsible bidder: Lemont Paving Company, 11550 Archer
Avenue, Lemont, Illinois, 60439, based on the unit prices bid, for
an estimated total project price of $62,717. ROLL CALL VOTE:
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VILLAGE OF OAK BROOK Minutes Page ,$of 13 September 14, 1999 ��