R-111 - 10/13/1970 - OAK BROOK UTILITY CO. - ResolutionsQMU:mk 10- 0 •
OAK @ReOk
R r j 1ITiLeTy Co-
AwR C mss
aF +ER
AGG *6&AENT
RESQI:VT'IOR
Whereas, the Village of oak Brook is in part served by the
Oak Brook Utility Company, an Illinois corporation, which, operat-
ing under a franchise known as Ordinances S -18 -A and S -18 -B, passed
and Approved August 18, 1959, provides water and sewerage service
within said Village; and
WA gross, it is the opinion of the corporate authorities of the
Village ' mf -Oak Brook, that it is deemed to be in the best interest
Of the said Village of Oak Brook and its citizens that the properties
Of the Oak -Brook'Utility Company, a corporation, be acquired for use
as a mubiripally owned and operated water and sewerage utility oom-
panyz . amd.
Whereas., Section 11 -139 -2 of the "Illinois municipal Code of
1961',: as amended, authorizes the corporate authorities of the vil-
lags:ke of Oak Brook to acquire, maintain and orate a combined water -
v;or and sewerage system either within or without the corporate
limits thereogi
ROW, THBREFORE, BE IT RESOLVED by the President and Board of
Trustees of the Village of Oak Brook, D4490 'County, Illinois, as
follows:
Section 1. That the, Village of Oak Brook, DuPage Cosnty, Illinois,
of fei"W '4ft er into an option agreement with the'Oak Brook Utility
Company, An Illinois corporation, to purchise the properties of the
Oak ;;rook utility Company for a total price to be agreed upon by
the parties thesrto, said option to extend.for.a period of ninety
(90)' days . A cop} of said option agreement is attached hereto and
by thia reference made a part hereof.
Section 2. The President and Village Clerk are authorized
and red sEW VZ execute the original option agreement and such
copies thereof as are required and to transmit the same to the
Oak Srook,Utility Company for its acceptance.
Section 3. This resolution shall be in full force and effect
from M aftgi its Passage and app val as required by law.
PASSED and APPROVED this day of October, 1970.
APPROVED:
ATTESTS
:t,
Rr P' r EXHIBIT °A°
OPTION AGREEMENT
THIS AGREEMENT made this day of October, 1970, by and
between the OAK BROOK UTILITY COMPANY, an Illinois corporation, and
the VILLAGE OF OAK BROOK, a municipal corporation, in DuPage County,
Illinois:
WITNESSETH THAT:
Whereas, the Oak Brook Utility Company is a privately owned
public utility company furnishing water and sewerage service within
the Village of Oak Brook and is the owner of property used in provid-
ing such service; and
Whereas, the corporate authorities of the Village of Oak Brook
deem it necessary and proper for said Village to acquire said utility
properties both within and without said Village and to operate and
maintain a waterworks and sewerage system;
NOW, THEREFORE, in consideration of the premises and the sum of
ONE THOUSAND AND NO 1100 DOLLARS ($1,000.00), in hand paid by the
Village of Oak Brook to the Oak Brook Utility Company, it is agreed
by the parties hereto as follows:
1. That the Oak Brook Utility Company, a corporation, hereby
and herewith grants to the Village of Oak Brook, a municipal corpor-
ation, an irrevocable option for a period of ninety (90) days to
enter into an agreement for purchase of all of the property of the
aforesaid Oak Brook Utility Company, including land upon which
facilities of said company are located, and including the extin-
guishment by the Oak Brook Utility Company of contracCual indebtedness
including that due developers, at a price of FIVE MILLION TWENTY-
THREE THOUSAND AND NO 1100 DOLLARS ($5,023,000.00), which shall be
FOUR MILLION TWO HUNDRED FIFTY THOUSAND AND N01100 DOLLARS ($4,250,000.00)
for existing facilities; THREE HUNDRED THOUSAND AND NO /100 DOLLARS
($300,000.00) for improvements completed since September 1, 1969; ONE
HUNDRED SEVENTY -THREE THOUSAND AND NO /100 DOLLARS ($173,000.00) for
1aad1 and THREZ HUNDRED THOUSAND AND NO /10C DOLLARS ($300000.00) .
WITH
R-4 11 .
-2-
to extinguish indebtedness.
IN WITNESS WHEREOF, the parties hereto have executed this
agreement on the date first written above.
OAK BROOK UTILITY COMPANY
ATTEST:
ATTL' T:
Ad
Secretary
Iviwq
a e ere
By:
rest ant
VILLAGE OF OAR BROOK,
a municipal corporation,
rea3 en
t