S-973 - 10/24/2000 - NOTE - OrdinancesOrdinance 2000 -SC -S- 9 7 3
AN ORDINANCE AUTHORIZING THE ISSUANCE
OF A $64,082.55 REFUNDING NOTE
OF THE VILLAGE OF OAK BROOK,
DU PAGE AND COOK COUNTIES, IL
WHEREAS, the Village of Oak Brook, DuPage and Cook Counties, IL (the "Village "), acting by its President
and Board of Trustees (the "Corporate Authorities "), borrowed $300,000 to purchase a tennis bubble and to
construct and install four tennis courts (collectively, the "Project "); and
WHEREAS, the Village negotiated and received a proposal (the "Proposal ") from Oak Brook Bank, Oak
Brook, IL (the "Lender "), in connection with the issuance of a Note under and pursuant to Ordinance S -745, passed
and approved September 8, 1992 (the "Original Ordinance ") of a $300,000 Note (the "Original Note "), to finance the
Project; and
WHEREAS, each October since issuance of the Original Note, the Village has renegotiated the outstanding
balance of the Original Note with Oak Brook Bank and authorized the execution of a refunding note; and
WHEREAS, the Village has insufficient funds to repay the outstanding principal balance of the Prior Note
and related costs and, therefore, must borrow money and issue its $64,082.55 Note (the "Note ") under this
ordinance for such purposes; and
WHEREAS, the Village desires to issue and sell the Note to the Lender in order to repay the Prior Note; and
WHEREAS, for convenience of reference only this ordinance is divided into numbered sections with
headings, which shall not define or limit the provisions hereof, as follows:
Page
Preambles....................................................................................................... ............................... 1
Section 1
Authority and Purpose ..................................................................................... ............................... 2
Section 2
Authorization and Terms of the Note ............................................................... ............................... 2
Section 3
Execution and Delivery ................................................................................... ............................... 2
Section 4
Transfer, Exchange and Registration .............................................................. ............................... 2
Section5
Registrar .......................................................................................................... ............................... 3
Section 6
Obligation of the Village .................................................................................. ............................... 4
Section 7
Form of Note and Security Agreement ........................................................... ............................... 4
Section 8
Exception from Arbitrage Rebate ................................................................... ............................... 4
Section9
Tax Covenants ............................................................................................... ............................... 4
Section 10
Bank Qualified Note ..................................................................................... ............................... 4
Section 11
Ordinance to Constitute a Contract ................................................................. ............................... 5
Section12
Publication ...................................................................................................... ............................... 5
Section13
Effective Date ............................................................................................... ............................... 5
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:
Section 1. and Purpose. This ordinance is adopted pursuant to the Constitution and laws of
the State of Illinois, including Section 8 -1 -3.1 of the Illinois Municipal Code (Section 8 -1 -3.1 of Chapter 24 of
the Illinois Revised Statutes) (collectively, as supplemented and amended, the "Act "), for the purpose of
Ordinance 2000 -SC -S- 973
Authorizing the Issuance of a
Refunding Note, Page 2
refunding the Prior Note (the "Refunding "), which was issued for the purpose of financing the Project, to be
made or undertaken by the Village of Oak Brook, IL.
Section 2: Authorization and Terms of the Note. To meet all or a part of the cost of the Refunding,
there is hereby appropriated the sum of $64,082.55, to be derived from the proceeds of the Note herein
described. For the purpose of financing such appropriation, the Note of the Village shall be issued and sold in
an aggregate principal amount of not to exceed $64,082.55. The Note shall be in substantially the form
generally used by the Lender for similarly sized loans, modified to conform to this ordinance. The Note shall
be dated as of the issuance, sale and delivery thereof. Pursuant to and in accordance with the Act, the Note
shall mature within one year of the date of issuance thereof. The Note shall bear interest on the outstanding
principal balance thereof at the rate of 4.81 % per annum from its date, or from the date drawn upon, as the
case may be, computed on the basis of a 360 -day year consisting of twelve 30 -day months. If for any reason
the Note shall lose its tax - exempt status under Section 103 of the Internal Revenue Code of 1986, as
amended, it shall bear interest at a rate equal to the Lender's Index Rate Floating (subject to the statutory
interest rate limit, the "Taxable Rate "). The Note shall bear interest on overdue principal, and to the extent
lawful on overdue interest, at the Lender's Index Rate Floating plus four percent (4 %) (subject to the statutory
interest rate limit, the "Overdue Rate "). The principal of and premium, if any, and interest on the Note shall be
payable in lawful money of the United States of America in eleven (11) equal monthly installments of
$2,805.94 each (based upon an approximate amortization of principal over 120 months), with a twelfth (12th)
installment equal to the principal balance plus accrued interest. The Note shall mature on or before October
28, 2001. Monthly installments on the Note shall be payable by check or draft of the Village mailed to the
registered owner of record of the Note appearing on the registration books maintained by the Village's
Treasurer, the registrar on behalf of the Village for such purpose, at the principal municipal office of such
registrar. Principal and interest payments on the Note shall be paid by check or draft (or other agreeable
method of payment) by the Village without the requirement of presentment, demand or notice, directly to the
Lender.
The Note shall be subject to prepayment prior to maturity at the option of the Village, without any required
notice, in whole or in part at any time at a prepayment price equal to the principal amount to be so,prepaid,
plus accrued interest on the Note to the prepayment date, duly noted by the Lender on the Note.
Section 3: Execution and Delivery„ The Note shall be executed in the name of the Village by the
manual or authorized facsimile signature of its President, and the corporate seal of the Village, or a facsimile
thereof, shall be thereon impressed, affixed or otherwise reproduced and attested by the manual or
authorized facsimile signature of its Village Clerk. In case any officer whose signature, or a facsimile of
whose signature, shall appear on the Note shall cease to hold such office before the issuance of such Note,
such Note shall nevertheless be valid and sufficient for all purposes, the same as if the person whose
signature, or a facsimile thereof, appears on such Note had not ceased to hold such office. Any Note may be
signed, sealed or attested on behalf of the Village by any person who, on the date of such act, shall hold the
proper office, notwithstanding that at the date of such Note such person may not hold such office. No
recourse shall be had for the payment of any Note against the President or any member of the Board of
Trustees or any officer or employee of the Village (past, present or future) who executes the Note, or on any
other basis.
Other than when the Lender is the registered owner of 100% of the outstanding Note, the Note shall bear
thereon a certificate of authentication executed manually by the registrar; and in such cases the Note shall
not be entitled to any right or benefit under this ordinance or shall be valid or obligatory of any purpose until
such certificate of authentication shall have been duly executed by the registrar.
Section ' Transfer. Exchange and Registration. The Note shall be negotiable, subject to the
Ordinance 2000 -SC -S -973
Authorizing the Issuance of a
Refunding Note, Page 3
provisions for registration of transfer contained herein. The Note shall be transferable only upon the
registration books maintained by the registrar on behalf of the Village for that purpose at the principal office of
the registrar, by the registered owner thereof in person or by such registered owner's attorney duly authorized
in writing, upon presentation thereof together with a written instrument of transfer satisfactory to the registrar
and duly executed by the registered owner or such registered owner's duly authorized attorney. Upon
presentation to effect transfer of any such Note, the registrar shall record the transfer on a register therefor.
The holder of the Note shall report all participations therein to the registrar.
For every such exchange or registration of transfer of the Note, the Village or the registrar may make a
charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect
to such exchange or transfer, which sum or sums shall be paid by the person requesting such exchange or
transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. No
other charge shall be made for the privilege of making such transfer or exchange. The provisions of the
Illinois Bond Replacement Act shall govern the replacement of a lost, destroyed or defaced Note.
The Village and the registrar may deem and treat the person in whose name the Note shall be registered
upon the registration books as the absolute owner of the Note, whether such Note shall be overdue or not, for
the purpose of receiving payment of, or on account of, the principal of, premium, if any, or interest thereon
and for all other purposes whatsoever, and all such payments so made to any such registered owner or upon
such registered owner's order shall be valid and effectual to satisfy and discharge the liability upon; such Note
to the extent of the sum or sums so paid, and neither the Village nor the registrar shall be affected by any
notice to the contrary.
Section 5: Registrar, The Village covenants that it shall at all times retain a registrar with respect to
the Note and shall cause to be maintained at the office of such registrar a place where the Note may be
presented for registration of transfer, that it shall require that the registrar maintain proper registration books
and that it shall require the registrar to perform the other duties and obligations imposed upon it by, this
ordinance in a manner consistent with the standards, customs and practices of the municipal securities
business. Other than with respect to the Treasurer, the Village may enter into appropriate agreements with
the registrar in connection with the foregoing. Any such registrar shall signify its acceptance of the duties and
obligations imposed upon it by this ordinance. The registrar by executing a certificate of authentication on the
Note shall be deemed to have certified to the Village that it has all requisite power to accept, and has
accepted, such duties and obligations not only with respect to the Note so authenticated. The registrar is to
be the agent of the Village for such purpose and shall not be liable in connection with the performance of its
duties except for its own negligence or default. The registrar shall, however, be responsible for any
representation in its certificate of authentication on the Note.
The Village may remove the registrar at any time. In case at any time the registrar shall resign or shall be
removed or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or if a receiver,
liquidator or conservator of the bond registrar, or of its property, shall be appointed, or if any public officer
shall take charge or control of the registrar or of its properties or affairs, the Village covenants and agrees that
it will thereupon appoint a successor registrar. The Village shall mail or cause to be mailed notice of any such
appointment made by it to the registered owner of the Note within twenty (20) days after such appointment.
Other than in respect of the Treasurer, any registrar appointed under the provisions of this Section shall be a
bank, trust company, national banking association or other qualified professional with respect to such
matters, maintaining its principal office in the State of Illinois.
A form of assignment for the Note is suggested as follows:
Ordinance 2000 -SC -S -973
Authorizing the Issuance of a
Refunding Note, Page 4
ASSIGNMENT
For value received the undersigned sells, assigns and transfers unto [Name,
address and social security number or FEIN of Assignee] the attached note of the Village of Oak Brook,
Illinois, issued under Ordinance 2000 -SC -S- , and hereby irrevocably constitutes and appoints
attorney to transfer the Note on the books kept for registration thereof, with
full power of substitution in the premises.
Dated
Signature Guarantee:
Section 6: Obligation of the Village. The Note shall be an obligation of the Village, described in
Section 8 -1 -3.1 of the Illinois Municipal Code.
Section 7: Form of Note and the Security Agreement. The Note shall be issued as a fully registered
instrument, and the Note and the Security Agreement shall be in substantially the form as generally used by
the Lender, with appropriate insertions and modifications to comply with the provisions of this ordinance and
with the blanks to be appropriately completed when the Note and the Security Agreement are prepared for
delivery. The Note shall state on its face that it is a "qualified tax - exempt obligation" under Section 265(b)(3)
of the Code and that it is issued under and pursuant to and incorporates the terms and provisions of this
ordinance.
Section 8: Exception from Arbitrage Rebate, The Village does not reasonably expect to issue more
than $5,000,000 of tax - exempt obligations in the year of the issuance of the Note within the meaning of the
small issuer exception under Section 148(f)(4)(C) of the Internal Revenue Code of 1986, as amended.
Section 9: Tax Covenants, The Village shall not take, or omit to take, any action lawful and within its
power to take, which action or omission would cause interest on the Note become subject to federal income
taxes in addition to federal income taxes to which interest on such Note is subject on the date of original
issuance thereof.
The Village shall not permit any of the proceeds of the Note, or any facilities financed with such proceeds, to
be used in any manner that would cause the Note to constitute a "private activity bond" within the meaning of
Section 141 of the Internal Revenue Code of 1986, as amended.
The Village shall not permit any of the proceeds of the Note or other monies to be invested in any manner
that would cause the Note to constitute an "arbitrage bond" within the meaning of Section 148 of the Internal
Revenue Code of 1986, as amended.
The Village shall comply with the provisions of Section 148(f) of the Internal Revenue Code of 1986, as
amended, relating to the rebate of certain investment earnings at periodic intervals to the United States of
America to the extent that there shall have been filed with the Village Clerk an opinion of Bond Counsel to the
effect that such compliance is necessary to preserve the exclusion from gross income for federal income tax
purposes of interest on the Note under Section 103 of the Internal Revenue Code of 1986, as amended.
Section 10, Bank Qualified Note. Pursuant to Section 265(b)(3) of the Internal Revenue Code of
1986, as amended, the Village hereby designates the Note as a "qualified tax - exempt obligation" as defined
Ordinance 2000 -SC -S -973
Authorizing the Issuance of a
Refunding Note, Page 5
in Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. The Village represents that the
reasonably anticipated amount of tax - exempt obligations that will be issued by the Village and all subordinate
entities of the Village during the calendar year in which the Note is issued will not exceed $10,000,000 (and
reasonably not to exceed $5,000,000) within the meaning of Section 265(b)(3) of the Internal Revenue Code
of 1986, as amended. The Village covenants that it will not designate and issue more than $10,000,000 (and
reasonably not to exceed $5,000,000) aggregate principal amount of tax - exempt obligations in such calendar
year. For purposes of this Section 10, the term "tax- exempt obligations" includes "qualified 501(c)(3) bonds"
(as defined in the Section 145 of the Internal Revenue Code of 1986, as amended) but does not include other
"private activity bonds" (as defined in Section 141 of the Internal Revenue Code of 1986, as amended).
Section 11: Ordinance to Constitute a Contract. The provisions of this ordinance shall constitute a
contract between the Village and the registered owners of the Note. Any pledge made in this ordinance and
the provisions, covenants and agreements herein set forth to be performed by or on behalf of the Village shall
be for the equal benefit, protection and security of the registered owners of any part or all of the Note. The
Note, and any participation therein, shall be of equal rank without preference, priority or distinction of any of
the Note over any other thereof except as expressly provided in or pursuant to this ordinance. This ordinance
shall constitute full authority for the issuance of the Note, and to the extent that the provisions of this
ordinance conflict with the provisions of any other ordinance or resolution of the Village the provisions of this
ordinance shall control. If any section, paragraph or provision of this Ordinance shall be held to be invalid or
unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall
not affect any of the remaining provisions of this ordinance.
Section 12: publication. This ordinance shall be immediately published in pamphlet form under
Section 1 -2 -4 of the Illinois Municipal Code.
Section 13: Effective Date. This ordinance shall become effective 10 days after its passage, approval
and publication as required by law.
PASSED THIS 24th day of October, 2000.
Ayes: Trustees Butler, Caleel, Craig, Kenny and McInerney
Nays: Trustee Savino
Absent: None
Abstain: None
APPROVED THIS 24th day of October, 2000.
0' '
Village President
1
ATTEST:
Village Clerk
Approved as to Form:
Village Attorney
Ordinance 2000 -SC -S -973
Authorizing the Issuance of a
Refunding Note, Page 6
Published 10 -25 -2000 Pamphlet form
Date Paper
Not Published
CERTIFICATE
I, Linda K. Gonnella, Village Clerk of the Village of Oak Brook, DuPage and Cook Counties, Illinois,
hereby certify that the foregoing Ordinance 2000 -SC -S- 973 , "An Ordinance Authorizing the Issuance of a
$64,082.55 Refunding Note of the Village of Oak Brook, DuPage and Cook Counties, Illinois," is a true copy
of an original ordinance which was duly adopted by the recorded affirmative votes of not less than four of the
members of the Corporate Authorities of the Village of a meeting thereof which was duly noticed, called and
held at 7:30 p.m. on October 24, 2000, as a regular meeting of the President and Board of Trustees at the
Village Hall, at which a quorum was present and acting throughout, and that such copy has been compared
by me with the original ordinance signed by the President of the Village on October 24, 2000, and recorded in
the ordinance book of thelVillage and that it is a correct transcript thereof and of the whole of such ordinance,
and that such ordinance has not been altered, amended, repealed or revoked, but is in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Village of Oak
Brook, Illinois, as of this 24th day of October, 2000.
•�i r yt+f+ ^ �IV
Linda K. Gonnella
Village Clerk
DISBURSEMENT REQUEST AND AUTHORIZATION
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Referenc:es In the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing " "'" has been omitted due to text length limitations.
Borrower: VILLAGE OF OAK BROOK Lender: OAK BROOK BANK
1200 OAK BROOK ROAD OAK BROOK OFFICE
OAK BROOK, IL 60523 1400 Sixteenth Street
Oak Brook, IL 60523
LOAN TYPE. This is a Fixed Rate (4.81096) Nondisclosable Loan to a Government Entity for $64,082.55 due on October 28, 2001.
PRIMARY PURPOSE OF LOAN. The primary purpose of this loan Is for:
❑ Personal, Family, or Household Purposes or Personal Investment.
® Business.
SPECIFIC PURPOSE. The specific purpose of this loan is: RENEWAL.
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DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will be disbursed until all of Lender's conditions for making the loan
have been satisfied. Please disburse the loan proceeds of $64,082.55 as follows:
Amount paid on Borrower's account:
$64,082.55 Payment on Loan #
Note Principal:
$64,082.55
$64,082.55
FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND WARRANTS TO LENDER THAT THE
INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN
BORROWER'S FINANCIAL CONDITION AS DISCLOSED IN BORROWER'S MOST RECENT FINANCIAL STATEMENT TO LENDER. THIS
AUTHORIZATION IS DATED OCTOBER 28, 2000.
BORROWER:
VILLAGE OF OAK BROOK
M. BUSHY, PRESIDENT of VIKLAGE OF
OAK BROOK f%4-
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BASER PRO Lending, Reg. U 3 Pat i T M OFF., VK S 10 00 06 (C) Conce nvex 1007, 2000 AN R1gAU Remved. - L F 1CMLPLU201C TR -260 PR -11
CHANGE IN TERMS AGREEMENT
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References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing "'" has been omitted due to text length limitations.
Borrower: VILLAGE OF OAK BROOK Lender: OAK BROOK BANK
1200 OAK BROOK ROAD OAK BROOK OFFICE J
OAK BROOK, IL 60523 1400 Sixteenth Street
Oak Brook, IL 60523
Principal Amount: $64,082.55 Interest Rate: 4.810% Date of Agreement- October 28, 2000
DESCRIPTION OF EXISTING INDEBTEDNESS. A PROMISSORY NOTE DATED OCTOBER 28, 1999 IN THE ORIGIANL ;PRINCIPAL AMOUNT OF
$93,881.56 (THE "NOTE').
i
DESCRIPTION OF COLLATERAL. NONE.
DESCRIPTION OF CHANGE IN TERMS. (1) THE MATURITY DATE UNDER THE NOTE HAS BEEN EXTENDED FROM OCTOBER 28, 2000 TO
OCTOBER 28, 2001; (11) THE OUTSTANDING PRINCIPAL UNDER THE NOTE SHALL BE AMORTIZED OVER A 24 MONTH PERIOD; AND (III) THE
MONTHLY PAYMENT UNDER THE NOTE SHALL INCREASE FROM $2,805.78 TO $2,805.94.
PROMISE TO PAY. VILLAGE OF OAK BROOK ("Borrower ") promises to pay to OAK BROOK BANK ( "Lender "), or order, in lawful money of the
United States of America, the principal amount of Sixty Four Thousand Eighty Two & 55/100 Dollars ($64,082.55), together with Interest at the
rate of 4.810% per annum on the unpaid principal balance from October 28, 2000, until paid In full.
PAYMENT. Borrower will pay this loan In 11 regular payments of $2,805.94 each and one irregular last payment estimated at $35,616.15.
Borrower's first payment is due November 28, 2000, and all subsequent payments are due on the same day of each month after that.
Borrower's final payment will be due on October 28, 2001, and will be for all principal and all accrued Interest not yet paid. Payments Include
principal and Interest. Interest on this Agreement Is computed on a 301360 simple Interest basis; that Is, with the exception of odd days In the
first payment period, monthly Interest Is calculated by applying the ratio of the annual Interest rate over a year of 360 pdays, multiplied by the
outstanding principal balance, multiplied by a month of 30 days. Interest for the odd days is calculated on the basis of the actual days to the
next full month and a 360 -day year. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in
writing. II
PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to
by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment schedule. Rather, early payments will
reduce the principal balance due and may result in Borrower's making fewer payments. Borrower agrees not to send Lender payments marked "paid
In full", "without recourse ", or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this
Agreement, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts,
Including any check or other payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or that is tendered
with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: OAK BROOK BANK, OAK BROOK
OFFICE, 1400 Sixteenth Street, Oak Brook, IL 60523.
LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged 5.000% of the regularly scheduled payment.1
INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, at Lender's option, and if permitted by applicable law, Lender
may add any unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the rate provided In this Agreement (including
any increased rate). Upon default, Lender, at its option, may, If permitted under applicable law, increase the Interest rate on this Agreement 4.000
percentage points. The interest rate will not exceed the maximum rate permitted by applicable law.
DEFAULT. Each of the following shall constitute an Event of Default under this Agreement:
Payment Default. Borrower fails to make any payment when due under the Indebtedness.
Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained, in this Agreement or in
any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Borrower.
Default In Favor of Third Parties. Borrower defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or
any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or Borr ower's ability to perform
Borrower's obligations under this Agreement or any of the Related Documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this
Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false
or misleading at any time thereafter.
Death or Insolvency. The death of Borrower or the dissolution or termination of Borrower's existence as a going business, the insolvency of
Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor
workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self -help,
repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Indebtedness.
This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not
apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which Is the basis of the creditor or forfeiture
proceeding and If Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond
for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate "reserve or bond for the
dispute.
Events Affecting Guarantor.
Adverse Change. A material adverse change occurs In Borrower's financial condition, or Lender believes the prospect of payment or
performance of the Indebtedness Is impaired.
Insecurity. Lender In good faith believes itself insecure.
II
Cure Provisions. If any default, other than a default in payment is curable and if Borrower has not been given a notice of a breach of the same
provision of this Agreement within the preceding twelve (12) months, it may be cured (and no event of default will have occlurred) if Borrower, after
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GOVERNMENTAL CERTIFICATE
Principal Loan Date Matti rity Loan No Call Collateral .Account Officer tnilth0s
082.. 10-2&-Z= 110-28-9001_1
References in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing • •" has been omitted due to text length limitations.
Entity: VILLAGE OF OAK BROOK
1200 OAK BROOK ROAD
OAK BROOK, IL 60523
WE, THE UNDERSIGNED, DO HEREBY CERTIFY THAT:
Lender: OAK BROOK BANK
OAK BROOK OFFICE
1400 Sixteenth Street
Oak Brook, IL 60523
THE ENTITY'S EXISTENCE. The complete and correct name of the governmental entity is VILLAGE OF OAK BROOK ("Entity'). The Entity is a
governmental entity which Is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws and
regulations of the Entity's state of organization The Entity has the full power and authority to own its properties and to transact the business and
activities in which it is presently engaged or presently proposes to engage. The Entity maintains an office at 1200 OAK BROOK! ROAD, OAK BROOK, IL
60523. The Entity shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with
all regulations, rules, ordinances, statutes, orders and decrees of the Entity and any other governmental or quasi - governmental authority or court
applicable to the Entity and the Entity's business activities.
CERTIFICATES ADOPTED. At a meeting of the appropriate governing body of the Entity, duly called and held on Oct. 24, 2000 , at which
a quorum was present and voting, or by other duly authorized action In lieu of a meeting, the resolutions set forth in this Certificate were adopted.
OFFICIAL. The following named person is an Official of VILLAGE OF OAK BROOK:
NAMES TITLES AUTHORIZED ACT� UAL
,,SIGNATURES
KAREN M. BUSHY PRESIDENT Y X /, /
ACTIONS AUTHORIZED. The authorized person listed above may enter into any agreements of any nature with Lender, and those agreements will
bind the Entity. Specifically, but without limitation, the authorized person is authorized, empowered, and directed to do the following for and on behalf
of the Entity:
Borrow Money. To borrow, as a cosigner or otherwise, from time to time from Lender, on such terms as may be agreed upon between the Entity
and Lender, such sum or sums of money as in his or her Judgment should be borrowed, without limitation.
Execute Notes. To execute and deliver to Lender the promissory note or notes, or other evidence of the Entity's credit accommodations, on
Lender's forms, at such rates of interest and on such terms as may be agreed upon, evidencing the sums of money sod borrowed or any of the
Entity's indebtedness to Lender, and also to execute and deliver to Lender one or more renewals, extensions, modifications, refinancings,
consolidations, or substitutions for one or more of the notes, any portion of the notes, or any other evidence of credit accommodations.
Execute Security Documents. To execute and deliver to Lender the forms of mortgage, deed of trust, pledge agreement, hypothecation
agreement, and other security agreements and financing statements which Lender may require and which shall evidence the terms and conditions
under and pursuant to which such liens and encumbrances, or any of them, are given; and also to execute and deliver to Lender any other written
instruments, any chattel paper, or any other collateral, of any kind or nature, which Lender may deem necessary or proper in connection with or
pertaining to the giving of the liens and encumbrances.
Negotiate Items. To draw, endorse, and discount with Lender all drafts, trade acceptances, promissory notes, or other evidences of
indebtedness payable to or belonging to the Entity or in which the Entity may have an interest, and either to receive cash for the same or to cause
such proceeds to be credited to the Entity's account with Lender, or to cause such other disposition of the proceeds derived therefrom as he or
she may deem advisable.
Further Acts. In the case of lines of credit, to designate additional or alternate individuals as being authorized to request advances under such
lines, and in all cases, to do and perform such other acts and things, to pay any and all fees and costs, and to execute and deliver such other
documents and agreements, Including agreements waiving the right to a trial by jury, as the Official may in his or her discretion deem
reasonably necessary or proper in order to carry into effect the provisions of this Certificate.
ASSUMED BUSINESS NAMES. The Entity has filed or recorded all documents or filings required by law relating to all assumed business names used
by the Entity. Excluding the name of the Entity, the following is a complete list of all assumed business names under which the Entity does business:
None.
NOTICES TO LENDER. The Entity will promptly notify Lender in writing at Lender's address shown above (or such other addresses as Lender may
designate from time to bme) prior to any (A) change in the Entity's name; (B) change in the Entity's assumed business name(s); (C) change in the
structure of the entity; (D) change in the authorized signer(s); (E) change in the Entity's principal office address; or (F) change in any other aspect
of the Entity that directly or indirectly relates to any agreements between the Entity and Lender.
CERTIFICATION CONCERNING OFFICIALS AND CERTIFICATES. The Official named above is duly elected, appointed, orppemployed by or for the
Entity, as the case may be, and occupies the position set opposite his or her respective name. This Certificate now stands oflrecord on the books of
the Entity, is in full force and effect, and has not been modified or revoked in any manner whatsoever.
CONTINUING VALIDITY. Any and all acts authorized pursuant to this Certificate and performed prior to the passage of this Certificate are hereby
ratified and approved. This Certificate shall be continuing, shall remain in full force and effect and Lender may rely on it until written notice of its
revocation shall have been delivered to and received by Lender at Lender's address shown above (or such addresses as Lender may designate from
time to time). Any such notice shall not affect any of the Entity's agreements or commitments in effect at the time notice is given.
IN TESTIMONY WHEREOF, We have hereunto set our hand and attest that the signature set opposite the name listed above is his or her
genuine signature.
We each have read all the provisions of this Certificate, and we each personally and on behalf of the Entity certify( that all statements and
representations made in this Certificate are true and correct. This Governmental Certificate Is dated Oct. 24, 2000
GOVERNMENTAL CERTIFICATE
(Continued)
CERTIFIED TO AND ATTESTED BY:
Authorizea Signer RA,�
Page 2
NOTE: If the Official signing this Certificate Is designated by the foregoing document as one of the officials authorized to act on the Entity's behalf, it is advisable to have this
Certificate signed by at least one non - authorized off Icial of the Entity.
a.ASER PRO Let►Otttg, Rag. U s Pat i T M Of, Var ! 14 00 oe (t) coecantrax 1901, 2000 AN Rights Reswv*& - N. f 1CF1 %LPL1C221C TR -280 PR -1)
CHANGE IN TERMS AGREEMENT
(Continued) Page 2
receiving written notice from Lender demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires
more than fifteen (15) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and
thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance on this Agreement and all accrued unpaid interest
Immediately due, and then Borrower will pay that amount.
ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to help collect this Agreement if Borrower does not pay. Borrower will pay
Lender that amount. This includes, subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not
there is a lawsuit, including attorneys' fees, expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or
Injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law.
JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either
Lender or Borrower against the other.
GOVERNING LAW. This Agreement will be governed by, construed and enforced In accordance with federal law and the�Iaws of the State of
Illinois. This Agreement has been accepted by Lender In the State of Illinois.
RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether
checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts borrower may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower
authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such accounts, and, at
Lender's option, to administratively freeze all such accounts to allow Lender to protect Lender's charge and setoff rights provided in this paragraph.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements
evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender's
right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change In terms. Nothing in this Agreement will
constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the ,onginal obligation(s),
including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers,
will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons
signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non- -wgning 'party consents to the
changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any Initial extension, modification or
release, but also to all such subsequent actions.
VILLAGE OF OAK BROOK ORDINANCE # 2000 -SC -S -973 . THIS CHANGE IN TERMS AGREEMENT IS ISSUED UNDER AND PURSUANT TO
24 INCORPORATES THE TERMS AND PROVISIONS OF THE BORROWER'S ORDINANCE 000 -SC -S -973 DATED OCTOBER
2000. A COPY OF SAID ORDINANCE is ATTACHED HERETO AND MADE A PART HEREOF AS EXHIBIT A.
QUALIFIED TAX-EXEMPT OBLIGATION. BORROWER REPRESENTS AND WARRANTS THAT TIS NOTE IS A "QUALIFIED TAX4DO=MPT
OBLIGATION" UNDER SECTION 265(Bx3) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.
INTEREST RATE IF TAX-EXEMPT STATUS IS LOST. BORROWER COVENANTS THAT IN THE EVENT THE NOTE LOSES ITS TAX-EXEMPT
STATUS UNDER SECTION 103 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE BORROWER SHALL PAY TO LENDER INTEREST
ON THE OUTSTANDING PRINCIPAL BALANCE AT A RATE EQUAL TO LENDER'S INDEX RATE AS ANNOUNCED BY LENDER FROM TIME TO TIME.
SUCCESSORS AND ASSIGNS. Subject to any limitations stated in this Agreement on transfer of Borrower's interest, this Agreement shall be binding
upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested In is person other than
Borrower, Lender, without notice to Borrower, may deal with Borrower's successors with reference to this Agreement and the Indebtedness by way of
forbearance or extension without releasing Borrower from the obligations of this Agreement or liability under the Indebtedness. N
MISCELLANEOUS PROVISIONS. Lender may delay or forgo enforcing any of its rights or remedies under this Agreement without losing them.
Borrower and any other person who signs, guarantees or endorses this Agreement, to the extent allowed by law, waive presentment, demand for
payment, and notice of dishonor. Upon any change in the terms of this Agreement, and unless otherwise expressly stated in writing, no party who
signs this Agreement, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that
Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or'Impair, fail to realize
upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to
anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the party with whom the
modification is made. The obligations under this Agreement are joint and several.
PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER
AGREES TO THE TERMS OF THE AGREEMENT.
BORROWER:
VILLAGE OF OAK BROOK�,
M. BUSHY, PRESIDENT of VI E OF
OAK BROOD - —
(LASER PRO Lending, Reg. U 8 Pat t TA Off, Vsr 5 14 00 06 (c) Concsntrsx 1007, 2000 AN Rights Rsssrvsd. - IL F %CFKLPL%D20CFC TR -260 PR -11