S-1123 - 06/06/2005 - FINANCE - Ordinances ExhibitsEXHIBIT A
LEGAL DESCRIPTION OF THE OAK BROOK PROMENADE
REDEVELOPMENT PROJECT AREA
m
Commonly known as: 3001 -3003 and 3121 Butterfield Road, Oak Brook, Illinois
PARCEL 1
06 -28 -103 -009
LOT 2 OF BUTLER COMPANY M -1 INC. ASSESSMENT PLAT NO. 2 EXCEPT
THE WESTERLY 265 FEET THEREOF AS MEASURED ALONG THE
NORTHERLY LINE THEREOF, AND EXCEPT THAT PART THEREOF
DESCRIBED AS FOLLOWS:
THAT PART OF LOT 2, AFORESAID, IN THE NORTH HALF OF SECTION 28,
TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN,
ACCORDING TO THE PLAT THEREOF RECORDED JULY 89 1964 AS
DOCUMENT R64 -24069 IN DUPAGE COUNTY, ILLINOIS, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID LOT 2, BEING THE
POINT OF INTERSECTION OF THE SOUTH RIGHT OF WAY LINE OF F.A.
ROUTE 131 WITH THE EXISTING CENTER LINE OF MEYERS ROAD; THENCE
WESTERLY ALONG SAID SOUTH RIGHT OF WAY LINE, A DISTANCE OF 55.4
FEET TO A POINT ON THE EXISTING WEST RIGHT OF WAY LINE OF MEYERS
ROAD FOR A POINT OF BEGINNING; THENCE SOUTHWESTERLY ALONG
SAID WEST RIGHT OF WAY LINE WHICH FORMS AN ANGLE OF 58 DEGREES
25 MINUTES 31 SECONDS TO THE LEFT WITH A PROLONGATION OF THE
LAST DESCRIBED COURSE, A DISTANCE OF 361.1 FEET TO A POINT, SAID
WEST RIGHT OF WAY LINE BEING THE EAST LINE OF THE CHICAGO TITLE
AND TRUST COMPANY, AS TRUSTEE UNDER TRUST NUMBER 46940
PROPERTY; THENCE NORTHEASTERLY ALONG A LINE WHICH FORMS AN
ANGLE OF 176 DEGREES 08 MINUTES 00 SECONDS TO THE RIGHT WITH A
PROLONGATION OF THE LAST DESCRIBED COURSE, A DISTANCE OF 347.5
FEET TO A POINT ON THE SOUTH RIGHT OF WAY LINE OF F.A. ROUTE 131;
THENCE EASTERLY ALONG SAID SOUTH RIGHT OF WAY LINE, A DISTANCE
OF 27.5 FEET TO THE POINT OF BEGINNING, BEING THE LAND CONVEYED
TO THE PEOPLE OF THE STATE OF ILLINOIS, DEPARTMENT OF
TRANSPORTATION BY DEED RECORDED JULY 29, 1974 AS DOCUMENT R74-
38411.
Ordinance 2005- TX- TIF -EX2 -S -1123
Providing for Issuance of $4,250,000
Note & Pledging Tax Revenues Page 17 of 17
Section 26 Publication. This Ordinance shall be published within ten (10) days of Its
passage in pamphlet form, by authority of the Corporate Authorities, but shall be immediately in
full force and effect upon its adoption and approval.
APPROVED THIS 6t' day of June, 2005
Ke in Quinlan
Village President
PASSED THIS 6 1 day of June, 2005
Ayes: Trustees Craig, Kennedy, Sanford and Yusuf
Nays
None
Absent None
C;
Recuse: Trustees Aktipis and Manofs
ATTEST:
Linda K. Gonnella, CMC
UN
Village Clerk
PARCEL 2
06 -28- 103 -014
THAT PART OF NORTHERN ILLINOIS GAS COMPANY'S 82.5 FOOT RIGHT OF
WAY KNOWN AS NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP
ASSESSMENT PLAT NO. 1 (PLAT DOCUMENT 950269) LYING SOUTH OF AND
ABUTTING LOT 2 (EXCEPT THE WESTERLY 265, FEET AS MEASURED ALONG
THE NORTHERLY LINE THEREOF), IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 2, OF PART OF THE NORTHWEST QUARTER OF
SECTION 28, TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED
JULY 8, 1964 AS DOCUMENT R64- 24069, IN DUPAGE COUNTY, ILLINOIS; ALSO
DESCRIBED AS FOLLOWS:
THAT PART OF NORTHERN ILLINOIS GAS COMPANY PARCEL NO. NIG 2 -63,
AS SHOWN ON NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP
ASSESSMENT PLAT NO. 1, DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF LOT 1 IN GLIDDEN
SUBDIVISION, AS RECORDED OCTOBER 3, 1969 AS DOCUMENT R69 -43878
FOR A POINT OF BEGINNING; THENCE NORTH 65 DEGREES 27 MINUTES 37
SECONDS EAST ALONG THE NORTH LINE OF SAID PARCEL NIG 2 -63 (BEING
ALSO THE SOUTHERLY LINE OF LOT 2 IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 2, AS RECORDED JULY 8, 1964 AS DOCUMENT R64-
24069), 517.90 FEET, MORE OR LESS, TO A POINT ON THE NORTHWESTERLY
LINE OF NORTHERN ILLINOIS TOLL HIGHWAY PARCEL NO. E -2 -63.5; THENCE
SOUTH 04 DEGREES 30 MINUTES 01 SECOND WEST ALONG SAID
NORTHWESTERLY LINE OF PARCEL NO. E -2 -63.5, 94.36 FEET, MORE OR LESS,
TO AN ANGLE POINT IN SAID NORTHWESTERLY LINE; THENCE SOUTH 65
DEGREES 27 MINUTES 37 SECONDS WEST ALONG SAID NORTHWESTERLY
LINE OF PARCEL NO. E -2 -63.51 465.95 FEET, MORE OR 'LESS, TO THE
INTERSECTION OF THE SOUTHERLY EXTENSION OF THE AFOREMENTIONED
EASTERLY LINE OF LOT 1 IN GLIDDEN SUBDIVISION WITH SAID
NORTHWESTERLY LINE OF PARCEL NO. E -2 -63.5; THENCE NORTH 28
DEGREES 48 MINUTES WEST ALONG THE SOUTHERLY EXTENSION OF THE
EASTERLY LINE OF SAID LOT 1 IN GLIDDEN SUBDIVISION 82.73 FEET, MORE
OR LESS, TO THE POINT OF BEGINNING, ALL IN SECTION 28, TOWNSHIP 39
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN DUPAGE
COUNTY, ILLINOIS.
PARCEL 3
06 -28- 103 -005
LOT 1 IN GLIDDEN SUBDIVISION NO. 1, BEING A SUBDIVISION OF THE
WESTERLY 265 FEET AS MEASURED ALONG THE NORTHERLY LINE
THEREOF, OF LOT 2 IN BUTLER COMPANY M -1 INCORPORATED
ASSESSMENT PLAT NO. 2 OF PART OF THE NORTHWEST QUARTER OF
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SECTION 28, TOWNSHIP 39 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT OF SAID GLIDDEN
SUBDIVISION NO. 1 RECORDED OCTOBER 3, 1969 AS DOCUMENT R69- 43878,
IN DUPAGE COUNTY, ILLINOIS
PARCEL 4
06 -28 -103 -014
THAT PART OF NORTHERN ILLINOIS GAS COMPANY PARCEL NO. NIG 2 -63
AS SHOWN ON NORTHERN ILLINOIS GAS COMPANY YORK TOWNSHIP
ASSESSMENT PLAT NO. 1, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF LOT 1 IN GLIDDEN
SUBDIVISION AS RECORDED OCTOBER 3, 1969 AS DOCUMENT R69 -43878
AND PROCEEDING SOUTH 28 DEGREES 48 MINUTES EAST ALONG A
SOUTHERLY EXTENSION OF THE EAST LINE OF SAID LOT 1, A DISTANCE OF
82.73 FEET, MORE OR LESS, TO A POINT ON THE NORTHERLY LINE OF
NORTHERN ILLINOIS TOLL HIGHWAY PARCEL E -2 -63.5; THENCE SOUTH 65
DEGREES 27 MINUTES 37 SECONDS WEST ALONG SAID NORTHERLY LINE
265.61 FEET, MORE OR LESS, TO THE INTERSECTION OF THE SOUTHERLY
EXTENSION OF THE WESTERLY LINE OF LOT 2 IN BUTLER COMPANY M -1,
INC. ASSESSMENT PLAT NO. 2 RECORDED JULY 8, 1964 AS DOCUMENT R64-
24069 AND THE AFOREMENTIONED NORTHERLY LINE; THENCE NORTH 28
DEGREES 48 MINUTES WEST ALONG SAID SOUTHERLY EXTENSION, 82.73
FEET, MORE OR LESS, TO THE SOUTHWEST CORNER OF LOT 2 IN THE
AFOREMENTIONED BUTLER COMPANY ASSESSMENT PLAT (SAID CORNER
BEING ON THE NORTH LINE OF NORTHERN ILLINOIS GAS COMPANY
PROPERTY PARCEL NO. NIG 2 -63); THENCE NORTH 65 DEGREES 27 MINUTES
37 SECONDS EAST ALONG SAID NORTH LINE (SAID LINE BEING COINCIDENT
WITH THE SOUTH LINE OF AFOREMENTIONED LOT 2),265.61 FEET, MORE OR
LESS, TO THE POINT OF BEGINNING, ALL IN SECTION 28, TOWNSHIP 39
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN DUPAGE
COUNTY, ILLINOIS.
PARCEL 5
06 -28- 103 -018 and 06- 28- 103 -019
THAT PART OF THE NORTHWEST QUARTER OF SECTION 28, TOWNSHIP 39
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN DUPAGE
COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS:
BEGINNING AT THE EASTERLY MOST NORTHEAST CORNER OF LOT 5 IN
HOMESTEAD VILLAGE, BEING A SUBDIVISION OF PART OF THE
NORTHWEST QUARTER OF SAID SECTION 28 AND SECTION 29, ACCORDING
TO THE PLAT THEREOF RECORDED SEPTEMBER 1, 1998 AS DOCUMENT R98-
179522, SAID POINT OF BEGINNING BEING ON THE SOUTHERLY LINE OF
NORTHERN ILLINOIS GAS COMPANY ASSESSMENT PLAT NO 1 PARCEL NO
NIG2 -63N ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT
-20-
950269; THENCE NORTH 65 DEGREES 32 MINUTES 08 SECONDS EAST (NORTH
65 DEGREES 37 MINUTES EAST, RECORD) ALONG SAID SOUTHERLY LINE OF
NORTHERN ILLINOIS GAS COMPANY ASSESSMENT PLAT NO. 1 PARCEL NO.
NIG2 -63N, A DISTANCE OF 451.02 FEET (450.89 FEET RECORD) TO THE
EASTERLY LINE OF SAID NORTHERLY ILLINOIS GAS COMPANY
ASSESSMENT PLAT NO. 1 PARCEL NO NIG2 -63N; THENCE NORTH 04
DEGREES 34 MINUTES 53 SECONDS EAST (NORTH 04 DEGREES 47 MINUTES
EAST, RECORD) ALONG SAID EAST LINE OF THE NORTHERN ILLINOIS GAS
COMPANY ASSESSMENT PLAT NO. 1 PARCEL NO. NIG2 -63N, AND ALONG AN
EASTERLY LINE OF LOT 2 IN BUTLER COMPANY M -1 INC. ASSESSMENT
PLAT NO. 2 ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT
NO. R64- 24069, A DISTANCE OF 191.20 FEET (191.21 FEET RECORD) TO A
SOUTHEASTERLY CORNER OF SAID LOT 2 IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 2; THENCE SOUTH 85 DEGREES 23 MINUTES 50
SECONDS EAST (SOUTH 85 DEGREES 13 MINUTES EAST RECORD), ALONG A
SOUTHERLY LINE OF SAID LOT 2 IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 2, A DISTANCE OF 100.00 FEET TO A
SOUTHEASTERLY CORNER OF SAID LOT 2 IN BUTLER COMPANY M -1 INC.
ASSESSMENT PLAT NO. 2, SAID POINT BEING ON THE WESTERLY LINE OF
THE NORTHERN ILLINOIS TOLL HIGHWAY PERMANENT EASEMENT PARCEL
NO. E -2 -63.1 ACCORDING TO DOCUMENT NO. 846924; THENCE SOUTH 04
DEGREES 35 MINUTES 51 SECONDS WEST (SOUTH 04 DEGREES 47 MINUTES
WEST, RECORD) ALONG THE WESTERLY LINE OF THE NORTHERN ILLINOIS
TOLL HIGHWAY PERMANENT EASEMENT PARCEL NO. E -2 -63.1, AND ALONG
THE WESTERLY LINE OF THE NORTHERN ILLINOIS GAS COMPANY YORK
TOWNSHIP ASSESSMENT PLAT NO. 1 LOT 8 -2 ACCORDING TO THE PLAT
THEREOF RECORDED AS DOCUMENT NO. R64- 28042, A DISTANCE OF 250.00
FEET TO THE NORTHERLY LINE OF THE NORTHERN ILLINOIS TOLL
HIGHWAY; THENCE SOUTH 65 DEGREES 32 MINUTES 08 SECONDS WEST
(SOUTH 65 DEGREES 37 MINUTES WEST, RECORD) ALONG SAID
NORTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY, A
DISTANCE OF 349.98 FEET TO THE SOUTHEASTERLY CORNER OF
TECHNOLOGY DRIVE AS DEDICATED BY THE PLAT OF SAID HOMESTEAD
VILLAGE; THENCE THE FOLLOWING SIX (6) COURSES AND DISTANCES
ALONG THE EASTERLY AND NORTHERLY LINE OF SAID TECHNOLOGY
DRIVE: 1) THENCE NORTH 24 DEGREES 22 MINUTES 20 SECONDS WEST
(NORTH 25 DEGREES 41 MINUTES 17 SECONDS WEST, RECORD) A DISTANCE
OF 97.36 FEET TO THE NORTHEAST CORNER OF SAID TECHNOLOGY DRIVE;
2) THENCE SOUTH 65 DEGREES 37 MINUTES 40 SECONDS WEST (SOUTH 64
DEGREES 18 MINUTES 43 SECONDS WEST, RECORD) A DISTANCE OF 80 00
FEET; 3) THENCE SOUTH 24 DEGREES 22 MINUTES 20 SECONDS EAST
(SOUTH 25 DEGREES 41 MINUTES 17 SECONDS EAST, RECORD) A DISTANCE
OF 15.00 FEET; 4) THENCE SOUTH 65 DEGREES 37 MINUTES 40 SECONDS
WEST (SOUTH 64 DEGREES 18 MINUTES 43 SECONDS WEST, RECORD) A
DISTANCE OF 4.75 FEET; 5) THENCE SOUTH 13 DEGREES 41 MINUTES 39
SECONDS WEST, (SOUTH 12 DEGREES 00 MINUTES 14 SECONDS WEST,
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RECORD) A DISTANCE OF 20.78 FEET; 6) THENCE SOUTH 65 DEGREES 32
MINUTES 08 SECONDS WEST, (SOUTH 64 DEGREES 13 MINUTES 11 SECONDS
WEST, RECORD) A DISTANCE OF 62.44 FEET TO THE SOUTHEAST CORNER
OF SAID LOT 5 IN HOMESTEAD VILLAGE; THENCE NORTH 24 DEGREES 22
MINUTES 20 SECONDS WEST (NORTH 25 DEGREES 41 MINUTES 17 SECONDS
WEST, RECORD) ALONG THE EASTERLY MOST LINE OF SAID LOT 5, A
DISTANCE OF 33.80 FEET TO SAID POINT OF BEGINNING, IN DUPAGE
COUNTY, ILLINOIS.
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EXHIBIT B
Form of Note
STATE OF ILLINOIS
COOK AND DUPAGE COUNTIES
VILLAGE OF OAK BROOK
TAX INCREMENT ALLOCATION REVENUE NOTE
(OAK BROOK PROMENADE REDEVELOPMENT PROJECT), SERIES 2005
SOLE NOTE: MAXIMUM AMOUNT:
REGISTERED REGISTERED
NO. ONE $4,2501000
KNOW ALL PERSONS BY THESE PRESENTS that the VILLAGE OF OAK BROOK, COOK
AND DUPAGE COUNTIES, ILLINOIS (the "Village"), a municipality and body corporate and
politic duly organized under the laws of the State of Illinois, for value received hereby
acknowledges itself to owe and promises to pay to the Registered Owner hereof, or registered
assigns, the Outstanding Principal Amount of this Note, as hereinafter described, on the earlier to
occur of (1) February 1 of the year following the fifteenth anniversary of the hereinafter defined
Funded Date or (ii) the date on which the Village has made provision for or payment in full of all
principal of and interest on this Note, as provided In the hereinafter defined Redevelopment
Agreement (said date being the "Final Maturity"). The Village further promises to pay interest
at the hereinafter defined Interest Rate (computed on the basis of a 360 -day year of twelve 30 -day
months) on such Outstanding Principal Amount on February and August 1 of each year (being
the "Regular Interest Payment Date ") until paid, commencing on the first February 1 following
the Funded Date on which funds are available and on deposit in the hereinafter defined 2005
Developer Account, except as the hereinafter stated provisions for redemption prior to maturity
may and shall become applicable hereto. The "Outstanding Principal Amount" is that amount,
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not to exceed the Face Amount of this Note as set forth above, shown as advanced in even
multiples of $100 from time to time and received by the Village for value, as is noted on this
Note in the form of Advances for Value hereon, less payments of principal hereon. The Interest
Rate is eight percent (8.00 %) per annum. The Dated Date hereof shall be deemed to be the first
date on which the first substantial draw is made on the Note.
Interest when due ( "Current Interest") shall be paid from the later of the Dated Date or
from the most recent Regular Interest Payment Date to which interest has been paid or duly
provided for, until the principal amount of the Note is paid or duly provided for, as provided
from the hereinafter defined 2005 Developer Account of the hereinafter defined Special Tax
Allocation Fund, and if funds on deposit therein and to the credit thereof are insufficient for such
purpose, such failure to pay shall not in and of itself constitute an event of default, but such
interest shall thereupon be recorded by the Note Registrar as Additional Interest ( "Additional
Interest"). Additional Interest which is owing and unpaid shall itself bear interest at the rate of
eight percent (8.00 %) per annum The order of payments on this Note shall be first, Additional
Interest (including interest thereon), second, Current Interest, and next, mandatory redemption of
the Outstanding Principal Amount, as adjusted and shown as advanced in the form of Advances
for Value hereon. If sufficient Pledged Moneys are not available to make a full payment of
Current Interest or Additional Interest, all payments shall be made on a pro rata basis to all
Registered Owners of the 2005 Note. Failure to pay when due any installment of Current Interest
or any amount of Outstanding Principal Amount due to insufficiency of the hereinafter defined
Pledged Moneys, whether at a Regular Interest Payment Date, at Stated Maturity, Final Maturity
or otherwise, shall in no event be deemed to be an event of default hereon. The Registered
Owner of this Note, by acceptance hereof, hereby expressly agrees and acknowledges that (1)
there may be Additional Interest (including interest thereon) hereon, that is, that Current Interest
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may not have been paid, without any special notation having been made upon this Note, and (ii)
the amounts due and payable of Outstanding Principal Amount hereof and interest hereon are
subject to adjustment as provided in the hereinafter defined Redevelopment Agreement.
The principal of this Note shall be payable by check of draft in lawful money of the
United States of America upon presentation at the principal office maintained for the purpose by
the Director of Finance, as paying agent and Note Registrar (the "Note Registrar "). Interest on
this Note shall be paid to the Registered Owner hereof as shown on the Register at the close of
business on the 15th day of the month immediately prior to the applicable Regular Interest
Payment Date. Interest hereon shall be paid by check or draft of the Note Registrar, payable
upon presentation thereof in lawful money of the United States of America, mailed to the address
of such Registered Owner as it appears on the Register or at such other address furnished to the
Note Registrar in writing or as directed by such Registered Owner or in any manner provided in
the hereinafter defined Ordinance.
This Note is a term note and is subject to mandatory redemption by operation of the 2005
Developer Account of the Special Tax Allocation Fund at a price of par plus accrued interest
without premium, on any date, whenever an annual Accounting shall demonstrate that there is on
deposit in the 2005 Developer Account an amount in excess of the amount required to pay all
Additional Interest and to pay Current Interest due and payable during the Note Year
commencing on the January 1 next succeeding such Accounting. The Note Registrar shall make
provision for the mandatory redemption of this Note to the fullest extent practicable from such
excess.
The Village covenants that it will cause the Note Registrar to redeem this Note pursuant
to the mandatory redemption required for this Note. Proper provision for mandatory redemption
-25-
having been made, the Village covenants that the Outstanding Principal Amount hereof to be
redeemed shall be payable at the Final Maturity.
Subject to the provisions of the Redevelopment Agreement, this Note may be transferred
as a whole but not in part. Upon surrender hereof at the principal office maintained for the
purpose by the Note Registrar, accompanied by a written instrument or instruments of transfer in
form satisfactory to the Note Registrar and duly executed by the Registered Owner or an attorney
for such owner duly authorized in writing, the Note Registrar shall register this Note in the name
of the new Registered Owner on the registration grid provided herein, and shall also enter the
name and address of the new registered owner in the Note Registrar.
The person in whose name this Note is registered on the Note Register shall be deemed
and regarded as the absolute owner hereof for all purposes, and payment of the principal of or
interest hereon shall be made only to or upon the order of the Registered Owner hereof or the
owner's legal representative All such payments shall be valid and effectual to satisfy and
discharge the liability upon this Note to the extent of the sum or sums so paid
This Note is issued pursuant to Division 74.4 of Article 11 of the Illinois Municipal Code
and all laws amendatory thereof and supplemental thereto, (the "TIF Act"), and the principal of
and interest, and premium, if any, hereon are payable solely from (1) a portion of the ad valorem
taxes, if any, arising from the taxes levied upon taxable real property in the Oak Brook
Promenade Redevelopment Project Area heretofore designated by the Village in accord with the
provisions of the TIF Act (the "Redevelopment Project Area ") by any and all taxing districts or
municipal corporations having the power to tax real property in the Redevelopment Project Area,
which taxes are attributable to the increase in the then current equalized assessed valuation of
each taxable lot, block, tract or parcel of real property in the Redevelopment Project Area over
and above the Initial equalized assessed value of each such piece of property, all as determined
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by the County Clerk of the County of DuPage, Illinois, in accordance with the provisions of the
TIF Act (the "Incremental Property Taxes ") and twenty percent (20 %) of the incremental sales
tax collected by the Village from the Redevelopment Project Area (the "Pledged Sales Taxes")
(said portion of the Incremental Property Taxes and the Pledged Sales Taxes being the
"Incremental Taxes "), and on deposit in and pledged to the 2005 Developer Account of the 2005
Village of Oak Brook, Oak Brook Promenade Redevelopment Project Area Special Tax
Allocation Fund (the "Special Tax Allocation Fund") heretofore established by the Village in
connection with the designation of the Redevelopment Project Area and (ii) the investment
earnings thereon (the "Incremental Taxes " and the investment earnings thereon being,
collectively, the "Pledged Moneys " under the hereinafter defined Ordinance). This Note is being
issued for the purposes of paying or reimbursing a portion of certain costs of a redevelopment
project in the Redevelopment Project Area, all as more fully described in proceedings adopted by
the President and Board of Trustees of the Village (the "Corporate Authorities ") pursuant to the
TIF Act and in an ordinance authorizing the issuance of this Note adopted by the Corporate
Authorities on the 6th day of June, 2005 (the "Ordinance") and in that certain Redevelopment
Agreement by and between the Village and the Developer, and relating to the Redevelopment
Project Area (as supplemented or amended, the "Redevelopment Agreement"), to all the
provisions of which the holder by the acceptance of this Note assents. Under the TIF Act, the
Ordinance and the Redevelopment Agreement, the Incremental Taxes shall be deposited in the
Special Tax Allocation Fund. Incremental Taxes on deposit in the 2005 Developer Account of
the Special Tax Allocation Fund shall be used and are pledged for paying the principal of and
interest on this Note and then in making any further required payments to any funds and accounts
as provided by the terms of the Ordinance. Terms used but not defined herein shall have the same
meaning as provided in the Ordinance and the Redevelopment Agreement.
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This Note, together with the interest thereon, is a limited obligation of the Village,
payable solely from the Pledged Moneys and the amounts on deposit in and pledged to the 2005
Developer Account as provided in the Ordinance and the Redevelopment Agreement. For the
prompt payment of this Note, both principal and interest, as aforesaid, at maturity, the Pledged
Moneys are hereby irrevocably pledged THIS NOTE DOES NOT CONSTITUTE AN INDEBTEDNESS
OF THE VILLAGE WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION
OR LIMITATION. NO HOLDER OF THIS NOTE SHALL HAVE THE RIGHT TO COMPEL THE EXERCISE
OF ANY TAXING POWER OF THE VILLAGE FOR PAYMENT OF PRINCIPAL HEREOF OR INTEREST
HEREON
It is hereby certified and recited that all conditions, acts and things required by law to
exist or to be done precedent to and in the issuance of this Note did exist, have happened, been
done and performed in regular and due form and time as required by law, and the Village hereby
covenants and agrees that it has made provision for the segregation of the Pledged Moneys and
that it will properly account for said taxes and will comply with all the covenants of and maintain
the funds and accounts as provided by the Ordinance and the Redevelopment Agreement.
This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Note Registrar.
The tables and forms following the signatures on this Note and entitled Advances for
Value and Registered Owner Notation are an integral part of this Note as if in each case fully set
forth at this place and are incorporated herein by this reference.
IN WITNESS WHEREOF the Village has caused this Note to be signed by the manual or
duly authorized facsimile signatures of its Village President and by its Village Clerk and its
corporate seal or a facsimile thereof to be hereunto affixed, all as of the date of delivery hereof,
to wit, the day of , 2005.
VILLAGE OF OAK BROOK,
COOK AND DUPAGE COUNTIES, ILLINOIS
[SEAL] By
Village President, Village of Oak
Brook, Cook and DuPage Counties,
Illinois
Attest:
Village Clerk, Village of Oak Brook,
Cook and DuPage Counties, Illinois
Date of Authentication: , 2005
CERTIFICATE Note Registrar and Paying Agent:
OF Director of Finance, Village of Oak
AUTHENTICATION Brook, Cook and DuPage
Counties, Illinois
This Note is the Note described in the
within mentioned Ordinance and is the Tax
Increment Allocation Revenue Note (Oak
Brook Promenade Redevelopment Project),
Series 2005, of the Village of Oak Brook,
Cook and DuPage Counties, Illinois.
, Director of Finance
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State of Illinois
Cook and DuPage Counties
Village of Oak Brook
TAX INCREMENT ALLOCATION REVENUE NOTE
(OAK BROOK PROMENADE REDEVELOPMENT PROJECT), SERIES 2005
SOLE NOTE:
REGISTERED
MAXIMUM AMOUNT:
REGISTERED
NO. ONE $43250,000
ADVANCES FOR VALUE
This Note is valid to the amount set forth below, the aggregate of said amounts being its
Outstanding Principal Amount.
SIGNATURE OF
AMOUNT ADVANCED ($) DATE ADVANCED DIRECTOR OF FINANCE
STATE OF ILLINOIS
COOK AND DUPAGE COUNTIES
VILLAGE OF OAK BROOK
TAX INCREMENT ALLOCATION REVENUE NOTE
(OAK BROOK PROMENADE REDEVELOPMENT PROJECT), SERIES 2005
SOLE NOTE:
REGISTERED
No. ONE
REGISTERED OWNER NOTATION
MAXIMUM AMOUNT:
REGISTERED
$4,250,000
This Note shall be registered on the Note Register of the Village kept for the purpose by
the Director of Finance, as Note Registrar. The principal and interest on this Note shall be
payable only to or upon the order of the Registered Owner or such owner's legal representative.
No registration hereof shall be valid unless signed by the Note Registrar.
DATE OF NAME OF SIGNATURE OF
REGISTRATION & AMOUNT REGISTERED OWNER DIRECTOR OF FINANCE
OF NOTE OWNED
STATE OF ILLINOIS )
) SS
COOK AND DUPAGE COUNTIES)
CERTIFICATION OF ORDINANCE, MINUTES
AND PUBLICATION IN PAMPHLET FORM
I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk-
of the Village of Oak Brook, Cook and DuPage Counties, Illinois (the "Village"), and that as
such official I am the keeper of the records and files of the President and Board of Trustees of the
Village (the "Corporate Authorities ").
I do further certify that the foregoing is a full, true and complete transcript of that portion
of the minutes of the meeting of the Corporate Authorities held on the 6th day of June, 2005,
insofar as same relates to the adoption of an ordinance entitled:
AN ORDINANCE of the Village of Oak Brook, Cook and DuPage
Counties, Illinois, providing for the issuance of a not to exceed
$4,250,000 Tax Increment Revenue Note (Oak Brook Promenade
Redevelopment Project), Series 2005, and pledging certain
incremental property tax revenues to the payment thereof.
(the "Ordinance"), a true, correct and complete copy of which Ordinance as adopted at said
meeting appears in the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the Corporate Authorities on the adoption of
the Ordinance were conducted openly, that the vote on the adoption of said ordinance was taken
openly; that said meeting was held at a specified time and place convenient to the public; that
notice of said meeting was duly given to all of the news media requesting such notice, that an
agenda for said meeting (the "Agenda ") was posted at the location where said meeting was held
and at the principal office of the Corporate Authorities not less than 48 hours in advance of
holding said meeting; that the Agenda described or made specific reference to the Ordinance; that
said meeting was called and held in strict compliance with the provisions of the Open Meetings
Act of the State of Illinois, as amended, and that the Corporate Authorities have complied with
all of the provisions of said TIF Act and the Illinois Municipal Code, as amended, and with all of
the procedural rules of the Corporate Authorities.
I do further certify that I have attached hereto a true, correct and complete copy of the
Agenda as so posted.
I do further certify that the Ordinance was published by authority of the Corporate
Authorities in pamphlet form at _.m. on the 6th day of June, 2005, and the Ordinance as
so published was on said date readily available for public inspection and distribution, in
sufficient number to meet the needs of the general public, at my office as Village Clerk located in
the Village.
IN WITNESS WHEREOF, I have hereunto affixed my official signature and the seal of the
Village, this 6th day of June, 2005.
[SEAL]
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Village Clerk
VILLAGE CLERK TO ATTACH THE AGENDA
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