S-1268 - 07/14/2009 - FINANCE - Ordinances Supporting DocumentsITEM 10.11.2)
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AGENDA ITEM
Regular Board of Trustees Meeting
of
July 14, 2009
SUBJECT: Bond Refunding - 2001 Installment Contract Certificates
FROM: Sharon Dangles, Acting Finance Director
BUDGET SOURCE/BUDGET IMPACT: Program 281 - Installment Contract Debt Service
RECOMMENDED MOTION: That the Village President and Board of Trustees adopt the
attached ordinance approving the refunding of $2,225,000 outstanding principal amount of
the General Fund Certificates, Series 2001 and authorizing the issuance of $2,300,000
General Fund Certificates, Series 2009, of the Village of Oak Brook, Illinois.
Attached you will find an ordinance prepared by Bond Counsel (Katten, Muchin, Rosenman
LLP) authorizing the issuance of General Fund Certificates, Series 2009, in the amount of
$2,300,000 and refunding the General Fund Certificates, Series 2001, in the amount of
$2,225,000. This issue is being sold on a competitive basis and since the bids are not due until
July 14, 2009, the documents provided are in draft form. These forms omit information related
to the successful bid, interest rates, and payment schedule as this will not be known until the bids
are received. Final ordinances and attachments will be provided at the July 14, 2009 meeting.
Key provisions of the ordinance include:
• The new certificates will be dated July 15, 2009 with debt service payments scheduled on
June 1 and December 1 each year. The Series 2009 certificates will be retired over a
nine -year period, with the final maturity scheduled on December 1, 2017.
A portion of the proceeds of the 2009 Certificates will pay the redemption price of the
Prior Certificates on or prior to September 1, 2009.
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• The certificates will be an obligation of the General Fund, with sales taxes being pledged
for the repayment of the certificates.
The Village President, Village Clerk, and other Officials of the Village are authorized to
sign various documents related to the financing.
Also included with the ordinance are three documents related to the financing agreement. The
Installment Purchase Agreement is executed between the Village and the Village Treasurer
(acting as nominee seller for the various contractors who are involved with the project). The
purpose of this agreement is to establish that the nominee seller will be paid for the project over
the remaining nine -year period and the terms of the payment. The Assignment Agreement is
executed by the Village Treasurer (as nominee seller) and The Bank of New York Mellon Trust
Company, N.A. (as paying agent), whereby the Treasurer assigns the rights to receive installment
payments to the paying agent. The Village will make the installment payments directly to the
paying agent, who in turn will pay the certificate holders. The last document is the Escrow
Deposit Agreement where there are now outstanding and unpaid 2001 certificates in the amount
of $2,225,000 and part of the proceeds from the 2009 certificates will be used to refund the Prior
certificates.
Kevin McCanna from Speers Financial, Inc. will be in attendance to discuss the restructuring of
the bonds and the savings for the Village of Oak Brook.
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AMENDED AND RESTATED
INSTALLMENT PURCHASE AGREEMENT
f
AMENDED AND RESTATED INSTALLMENT PURCHASE AGREEMENT
(the "Purchase Agreement "), dated as of July 15, 2009, by and between the Village of Oak
Brook, Illinois (the "Village ") and Sharon Dangles, the Acting Village Treasurer of the Village
of Oak Brook, Illinois (the "Village "), as the nominee seller (the "Nominee Seller ") for the
hereinafter defined Project.
RECITALS:
1. Pursuant to and in accordance with the provisions of Section 11 -61 -3 of
the Illinois Municipal Code, 65 Illinois Compiled Statutes 5 (the "Act "), and the Local 1
Government Debt Reform Act, 30 Illinois Compiled Statutes 350 (the "Local Government Debt
Reform Act ") and pursuant to an ordinance adopted by the President and Board of Trustees of
the Village on December 12, 2000 and entitled: "Ordinance Approving an Installment Purchase 4
Agreement and Authorizing the Issuance of $4,000,000 General Fund Certificates, Series 2001,
of the Village of Oak Brook, Illinois," the Village previously entered into an Installment
Purchase Agreement dated as of December 1, 2000 (the "Original Purchase Agreement ") to
provide for the purchase of the herein - defined Project, with a repayment term not to exceed
twenty years. 5
2. The improvements constituting the Project consist of costs of construction
of improvements to the Village's Municipal Building Complex (the "Project "). The Project
includes the construction of an addition on the west side of the Village Hall of approximately
32,700 square feet and the renovation of the existing Village Hall. 6
3. The Village now desires to refinance the remaining installment payments
due under the Original Purchase Agreement. The refinancing contemplated herein is permitted
under the provisions of the Local Government Debt Reform Act and pursuant to an ordinance
adopted by the President and Board of Trustees of the Village on July 14, 2009 and entitled:
"Ordinance Approving and Authorizing Execution of an Amended and Restated Installment
Purchase Agreement and the Issuance of $2,280,000 General Fund Refunding Certificates, Series
2009, of the Village of Oak Brook, Illinois" (the "Ordinance "). This Purchase Agreement, as so
authorized, has a repayment term not to exceed twenty years. The estimated remaining total cost
Of the Project, including refinancing of the costs of construction, equipping, architectural,
engineering, legal, financial and other expenses related to the Project and the expenses related to
the refinancing contemplated herein, is $2,280,000, and there are insufficient Village funds on
hand and lawfully available to pay such costs.
4. Pursuant to the provisions of the Act, the Village has the power, among
t
other things, to purchase or lease either real or personal property for public purposes pursuant to
contracts which provide for the consideration for such purchase or lease to be paid through
installments to be made at stated intervals during a certain period of time, but in no case shall
such contracts provide for the consideration to be paid during a period of time in excess of
tY Years. The indebtedness incurred under Section 11 -61 -3 of the Act when aggregated with
rsting indebtedness of the Village, may not exceed the debt limits provided in Division 5 of
Article 8 of the Act.
5. This Purchase Agreement is a contract as described in the Act and
constitutes a bond as described in the Local Government Debt Reform Act. This Purchase
Agreement is issued in part pursuant to the provisions of the Local Government Debt Reform
Act and this recital shall be conclusive as against the Village, the Board of Trustees of the
Village and any other person as to the validity of this Purchase Agreement and its compliance
with the provisions of the Local Government Debt Reform Act. This Purchase Agreement
supersedes the Original Purchase Agreement in its entirety.
NOW, THEREFORE, in consideration of the foregoing and the mutual
agreements hereinafter set forth and other valuable consideration the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:
1. Pursuant to the Ordinance, the Village will issue its $2,280,000 aggregate
principal amount of General Fund Refunding Certificates, Series 2009 (the "Certificates "),
evidencing fractionalized interests of the owners thereof in the right to receive amounts due
hereunder. The Nominee Seller has entered into an Assignment Agreement dated as of July 1, 4
2009 (the "Assignment Agreement "), with The Bank of New York Mellon Trust Company,
N.A., as assignee on behalf of the holders from time to time of the Certificates (the "Assignee "),
providing for the sale and assignment of this Purchase Agreement (including specifically, the
right to receive the payments due hereunder), by the Nominee Seller to the Assignee. The
Village hereby consents to such sale and assignment of this Purchase Agreement pursuant to the
Assignment Agreement. No other transfer or assignment of this Purchase Agreement, or any 5
term or provision hereof, may be made hereunder without the prior written consent of the parties
hereto. Any other such transfer or assignment, without the prior written consent of the parties
hereto, shall not vest in the transferee or assignee any right, title or interest in this Purchase
Agreement or the Project. The Assignee, as the purchasers and assignee of this Purchase
Agreement, shall not assume any liability for the performance of any contractor, all such 6
liability, if any, being specifically waived by the Village.
2. Pursuant to Section 17(b) of the Local Government Debt Reform Act, the
Acting Village Treasurer, as Nominee Seller, and the Village are authorized to enter into this
Purchase Agreement and, when this Purchase Agreement is fully executed and filed with the
Nominee Seller, the Village will be authorized to issue the Certificates evidencing the
indebtedness incurred by the Village under this Purchase Agreement. The Nominee Seller is
acting hereunder as the nominee for the various contractors who previously entered into
contracts with the Village concerning the Project, including contracts relating to financial, legal,
architectural and engineering services. Upon the resignation or removal of Sharon Dangles, as
Acting Village Treasurer, her successor as Acting Village Treasurer shall become the Nominee
Seller under this Purchase Agreement.
3. The Village hereby agrees to purchase the Project and to pay to the
assignee of this Purchase Agreement (being the holders from time to time of the Certificates) the
installment payments set forth below, which represent principal payments and interest on unpaid
Principal as follows:
-2-
December 1, 2013 274,787.50
The principal and interest components of each installment payment (the "Debt
Service Payments ") made hereunder on the dates specified (the "Debt Service Payment Dates ")
are set forth in Exhibit A attached hereto and made a part hereof.
Principal amounts of the Debt Service Payments which become due hereunder are
due December 1 in each year set forth above and are payable in lawful money of the United
States of America. Principal amounts of the Debt Service Payments due hereunder shall bear
interest (calculated on the basis of a 360 -day year consisting of twelve 30 -day months) payable
in lawful money of the United States of America on December 1 and June 1 of each year,
beginning on December 1, 2009, at the following rates per annum:
2.00% for the principal installment due in the year 2009;
2.00% for the principal installment due in the year 2010;
2.00% for the principal installment due in the year 2011;
2.00% for the principal installment due in the year 2012;
2.25% for the principal installment due in the year 2013;
2.75% for the principal installment due in the year 2014;
3.00% for the principal installment due in the year 2015;
3.25% for the principal installment due in the year 2016; and
3.50% for the principal installment due in the year 2017.
4. Debt Service Payments made hereunder will be deposited into the Debt
Service Account established and maintained under the Ordinance.
5. Moneys received by the Village from the Assignee under the Assignment
Agreement shall be deposited to the credit of a special account of the Village to be known as the
"Certificate Proceeds Account." Moneys in the Certificate Proceeds Account shall be used for
the purpose of refunding $2,225,000 outstanding principal amount of the General Fund
Certificates, Series 2001, of the Village, maturing in the years 2009 to 2015, inclusive, and for
the Payment of costs of issuance of the Certificates, but may hereafter be reappropriated and used
for other purposes if the amount remaining in the Certificate Proceeds Account after such
reappropriation will be sufficient to complete the Project and such reappropriation is permitted
under Illinois law and will not adversely affect the exclusion from gross income for Federal
income tax purposes of interest on the Certificates.
B11
Installment
Installment
Payment Date
Payment
Payment Date
Payment
December 1, 2009
$227,09056
June 1, 2014
$ 16,918.75
June 1, 2010
27,187.50
December 1, 2014
276,918.75
December 1, 2010
272,187.50
June 1, 2015
13,343.75
June 1, 2011
24,737.50
December 1, 2015
278,343.75
December 1, 2011
269,737.50
June 1, 2016
9,368.75
June 1, 2012
22,287.50
December 1, 2016
284,368.75
December 1, 2012
272,287.50
June 1, 2017
4,900.00
June 1, 2013
19,787.50
December 1, 2017
284,900.00
December 1, 2013 274,787.50
The principal and interest components of each installment payment (the "Debt
Service Payments ") made hereunder on the dates specified (the "Debt Service Payment Dates ")
are set forth in Exhibit A attached hereto and made a part hereof.
Principal amounts of the Debt Service Payments which become due hereunder are
due December 1 in each year set forth above and are payable in lawful money of the United
States of America. Principal amounts of the Debt Service Payments due hereunder shall bear
interest (calculated on the basis of a 360 -day year consisting of twelve 30 -day months) payable
in lawful money of the United States of America on December 1 and June 1 of each year,
beginning on December 1, 2009, at the following rates per annum:
2.00% for the principal installment due in the year 2009;
2.00% for the principal installment due in the year 2010;
2.00% for the principal installment due in the year 2011;
2.00% for the principal installment due in the year 2012;
2.25% for the principal installment due in the year 2013;
2.75% for the principal installment due in the year 2014;
3.00% for the principal installment due in the year 2015;
3.25% for the principal installment due in the year 2016; and
3.50% for the principal installment due in the year 2017.
4. Debt Service Payments made hereunder will be deposited into the Debt
Service Account established and maintained under the Ordinance.
5. Moneys received by the Village from the Assignee under the Assignment
Agreement shall be deposited to the credit of a special account of the Village to be known as the
"Certificate Proceeds Account." Moneys in the Certificate Proceeds Account shall be used for
the purpose of refunding $2,225,000 outstanding principal amount of the General Fund
Certificates, Series 2001, of the Village, maturing in the years 2009 to 2015, inclusive, and for
the Payment of costs of issuance of the Certificates, but may hereafter be reappropriated and used
for other purposes if the amount remaining in the Certificate Proceeds Account after such
reappropriation will be sufficient to complete the Project and such reappropriation is permitted
under Illinois law and will not adversely affect the exclusion from gross income for Federal
income tax purposes of interest on the Certificates.
B11
6. No right, title or interest, legal or equitable, in the Project, or any part
thereof, shall vest, under any circumstances, in any contractor or the Assignee.
7. No extension, change, modification or amendment to or of this Purchase
Agreement shall be made or claimed, and no notice of any extension, change, modification or
amendment made or claimed shall have any force or effect whatsoever unless it shall be made in
writing and signed by the parties hereto. No changes, modifications or amendments to the
payment or assignment of payment provisions hereof are effective as to the Assignee unless
specifically consented to in writing by the Assignee.
8. The Village recognizes that Section 149(a) of the Internal Revenue Code
of 1986 requires the Certificates and this Purchase Agreement to be issued and to remain in fully
registered form in order that interest thereon is exempt from Federal income taxation under laws
in force at the time this Purchase Agreement is delivered. In this connection, the Village agrees
that it will not take any action to permit the Certificates or this Purchase Agreement to be issued
in, or converted into, bearer or coupon form.
9. The Village hereby represents, warrants and agrees that the obligation to
make the payments due hereunder shall be a contractual obligation of the Village, subject to
annual appropriation and payable without priority from the general funds of the Village and such
other sources of payment as are otherwise lawfully available. The Village has agreed and
covenanted to budget funds of the Village annually and in a timely manner so as to provide for
the making of all payments when due under the terms of this Purchase Agreement. The Village
has also pledged the 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, as further security for the
payment of amounts due under this Purchase Agreement. Such pledge is on a panty with the
prior pledge of the sales tax and use tax receipts as security for the payment of the General Fund
Certificates, Series 1999, of the Village and General Fund Refunding Certificates, Series 2003,
of the Village. The Village represents and warrants that the total amounts due hereunder,
together with all other indebtedness of the Village, are within all statutory and constitutional debt
limitations.
10. There is no statutory authority for the levy of a separate tax in addition to
other Village taxes or the levy of a special tax unlimited as to rate or amount to pay the Debt
Service Payments due hereunder and that no person shall have the right to mandamus any tax in
connection with payments to be made hereunder.
11. 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 to be paid under this Purchase
Agreement to become subject to Federal income taxes in addition to Federal income taxes to
which interest thereon is subject on the date of execution thereof.
The Village shall not permit any of the Project financed or refinanced with such
proceeds, to be used in any manner that would cause this Purchase Agreement to constitute a
"private activity bond" within the meaning of Section 141 of the Code.
13
The Village shall not permit any moneys to be invested in any manner that would
cause this Purchase Agreement to constitute an "arbitrage bond" within the meaning of Section
148 of the Code or a "hedge bond" within the meaning of Section 149(g) of the Code.
The Village shall comply with the provisions of Section 148(f) of the Code
relating to the rebate of certain investment earnings at periodic intervals to the United States of
America.
Pursuant to Section 265(b)(3)(B) of the Code, the Village hereby designates this
Purchase Agreement as a "qualified tax- exempt obligation" as defined in Section 265(b)(3) of
the Code. 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
current calendar year does not exceed $30,000,000. The Village covenants that it will not
designate and issue more than $30,000,000 aggregate principal amount of tax- exempt obligations
in the current calendar year. For purposes of the two preceding sentences, the term "tax- exempt
obligations" does not include "private activity bonds" (as defined in Section 141 of the Code).
12. The covenants and agreements herein contained shall extend to and be
obligatory upon the heirs, executors, administrators and assigns of the respective parties.
13. In the event any provision of the Purchase Agreement shall be held invalid
or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or
render unenforceable any other provision hereof.
14. If the Village should default in the performance of its obligations
hereunder, the owner of this Purchase Agreement shall be entitled to collect from the Village all
costs, fees and expenses incurred by such owner in regard to the same, including but not limited
to reasonable attorneys' fees and expenses, and the Village shall pay the same upon demand
therefor.
15. This Purchase Agreement may be executed in several counterparts, each
of which shall be an original and all of which shall constitute one and the same instrument.
-5-
IN WITNESS WHEREOF, the parties to this Purchase Agreement have hereunto
set their hands as of this 15t" day of July, 2009.
SHARON DANGLES,
ACTING VILLAGE TREASURER,
as Nominee Seller
MI
ATTEST:
Village Clerk
(SEAL
Principal
Payment Date Component
EXHIBIT A
Interest
Component
Debt Service
Payment
December 1, 2009
$205,000
$22,090.56
$227,090.56
June 1, 2010
27,187.50
27,187.50
December 1, 2010
245,000
27,187.50
272,187.50
June 1, 2011
24,737.50
24,737.50
December 1, 2011
245,000
24,737.50
269,737.50
June 1, 2012
22,287.50
22,287.50
December 1, 2012
250,000
22,287.50
272,287.50
June 1, 2013
19,787.50
19,787.50
December 1, 2013
255,000
19,787.50
274,787.50
June 1, 2014
16,918.75
16,918.75
December 1, 2014
260,000
16,918.75
276,918.75
June 1, 2015
13,343.75
13,343.75
December 1, 2015
265,000
13,343.75
278,343.75
June 1, 2016
9,368.75
9,368.75
December 1, 2016
275,000
9,368.75
284,368.75
June 1, 2017
4,900.00
4,900.00
December 1, 2017
280,000
4,900.00
284,900.00
_7
CM0260725904v5 009
_209767 -000047(1422: 55 PM
ASSIGNMENT AGREEMENT RELATING TO AN
AMENDED AND RESTATED INSTALLMENT PURCHASE AGREEMENT
THIS ASSIGNMENT AGREEMENT, dated as of July 15, 2009, is made by and
between Sharon Dangles, the Village Treasurer of the Village of Oak Brook, Illinois (the
"Assignor ") and The Bank of New York Mellon Trust Company, N.A., as paying agent (the
"Assignee ");
WITNESSETH:
WHEREAS, the Village of Oak Brook, Illinois (the "Village ") and Sharon
Dangles, the Village Treasurer of the Village, acting as Nominee Seller, have entered into an
Amended and Restated Installment Purchase Agreement (the "Agreement') with respect to the
refinancing of the previous acquisition and construction of improvements to the Municipal
Building Complex owned by the Village (the "Project') and a copy of the Agreement is attached
hereto; and
WHEREAS, a portion of the purchase price for the Project is to be paid on an
installment basis as provided in the Agreement; and
WHEREAS, the Assignor, as the Nominee Seller under the Agreement, wishes to
assign and transfer to the Assignee all of its rights, title and interest in and to all of the payments
to be made to the Assignor by the Village under the Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter contained, and other valuable consideration, it is mutually agreed between the
Assignor and the Assignee as follows:
1. That the Assignor hereby assigns and transfers to the Assignee for the sole
benefit of the holders from time to time of the General Fund Refunding Certificates,
Series 2009, of the Village, all of its rights, title and interest in and to all of the payments
to be made to the Assignor by the Village under the Agreement.
2. That the Assignor further agrees that it shall at any time hereafter, upon
the request of the Assignee, make, execute and deliver all other documents, acts and
things as may be necessary or proper to perfect said transfer and cause said payments to
be made to the Assignee.
3. That the Assignee shall have no obligation or liability under the
Agreement by reason of or arising out of, this Assignment; nor shall the Assignee be
obligated to perform any of the obligations or duties thereunder of the Assignor or of the
Village.
4. Reserved.
5. That the Assignor shall not agree to any amendment of nor departure from
the Agreement affecting in any way the payments to be received by the Assignee.
Agreement, and in the name of the Assignor, or otherwise, to take all actions that
Assignor would be entitled to take thereunder.
6. That this Assignment may be executed in several counterparts, each of
which shall be an original, and all of which shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Assignor and the Assignee have each caused this
Assignment to be executed, all as of this fifteenth day of July, 2009.
SHARON DANGLES,
ACTING VILLAGE TREASURER,
as Nominee Seller
Cffi02-j 60725905v5 209767 -00009 7/202009 3:05 PM
-2-
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.,
as Paying Agent
Agreement, and in the name of the Assignor, or otherwise, to take all actions that
Assignor would be entitled to take thereunder.
6. That this Assignment may be executed in several counterparts, each of
which shall be an original, and all of which shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Assignor and the Assignee have each caused this
Assignment to be executed, all as of this fifteenth day of July, 2009.
SHARON DANGLES,
ACTING VILLAGE TREASURER,
as Nominee Seller
72020093:05 PM
-2-
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.,
as Paying Agent
By: _
Its:
2009 ESCROW DEPOSIT AGREEMENT
2009 ESCROW DEPOSIT AGREEMENT dated as of July 15, 2009, by and
between the Village of Oak Brook (the "Village "), a municipal corporation of the State of Illinois
and The Bank of New York Mellon Trust Company, N.A. (the "Escrow Agent "), a bank
organized and existing under the laws of the United States and having a principal corporate trust
office in the City of Chicago, Illinois.
WHEREAS, there are now outstanding and unpaid $2,225,000 aggregate
principal amount of General Fund Certificates, Series 2001, of the Village maturing in the years
2009 through 2015 (the "Prior Certificates "), which are more particularly described as follows:
DATED:
December 1, 2001
REGISTRAR/PAYING AGENT:
The Bank of New York Mellon Trust
Company, N.A.
PRINCIPAL DUE:
December 1
INTEREST DUE:
June 1 and December 1
MATURITIES AND INTEREST RATES:
Year Principal Amount
Interest Rate
2009 $275,000
4.70%
2010 285,000
4.70
2011 300,000
4.70
2012 315,000
4.70
2013 330,000
4.70
2014 350,000
4.70
2015 370,000
4.70
WHEREAS, the Village has authorized the issuance of its $ General
Fund Refunding Certificates, Series 2009 (the "2009 Certificates ") and part of the proceeds of
the 2009 Certificates, will be used to refund the Prior Certificates;
WHEREAS, the Village has elected to redeem the Prior Certificates, on
September 1, 2009, at a redemption price equal to 100% of the principal amount of the Prior
Certificates;
WHEREAS, a portion of the proceeds of the 2009 Certificates are to be invested
in the obligations set forth in Schedule A attached hereto so that the maturing principal of and
the interest earned on such obligations, together with other moneys held hereunder, will be
sufficient to pay the redemption price of the Prior Certificates and the interest on the Prior
Certificates as the same shall become due and payable on and prior to the September 1, 2009
redemption date.
NOW THEREFORE, in consideration of the foregoing and of the mutual
covenants hereinafter set forth, the parties hereto agree as follows:
1. There is hereby created and established with the Escrow Agent, a special
and irrevocable escrow fund designated the "2009 Escrow Fund" (the "Escrow Fund ") to be held
in the custody of the Escrow Agent separate and apart from other funds of or held by the Village
or the Escrow Agent.
in the custody of the Escrow Agent separate and apart from other funds of or held by the Village
or the Escrow Agent.
2. Concurrently with the execution of this Agreement, the Village shall pay
to the Escrow Agent for deposit in the Escrow Fund the sum of $2,250,850.22, from the proceeds
of sale of the 2009 Certificates. Of the amount paid to the Escrow Agent, $2,250,850.00 shall be
applied to the purchase of the United States Treasury Securities — State and Local Government
Series listed in Schedule A attached hereto (the "Government Obligations ") and $0.22 shall be
held uninvested in the Escrow Fund. The Escrow Agent shall deposit all moneys so received
from the Village in the Escrow Fund and apply such moneys in accordance with this Section and
Section 3 hereof.
3. The deposit of moneys and Government Obligations in and credited to the
Escrow Fund shall constitute an irrevocable deposit of said moneys and Government Obligations
and the interest earned thereon for the benefit of the owners of the Prior Certificates. The
Escrow Agent shall deposit any proceeds (whether principal, interest or otherwise) derived from
the Government Obligations in the Escrow Fund. The Escrow Agent shall from time to time pay
over the moneys in the Escrow Fund to the paying agent for the Prior Certificates, in an amount
sufficient to pay when due and payable the interest on the Prior Certificates to and including the
September 1, 2009 redemption date, and the redemption price of the Prior Certificates to be
redeemed on the redemption date. The closing balance remaining in the Escrow Fund after any
semi - annual payment date, to the extent such balance shall exceed $1,000 from time to time,
shall be invested in multiples of $100 in zero yield United States Treasury Certificates — State
and Local Government Series maturing on the next payment date.
4. Except as provided herein, the Escrow Agent shall have no power or duty
to invest any moneys held hereunder or to sell, transfer or otherwise dispose of, or to make
substitutions of, the Government Obligations.
The Escrow Agent shall not make substitutions of the Government Obligations
held hereunder or sell, transfer or otherwise dispose of such Government Obligations provided,
however, that:
(a) At the written request of the Village and upon compliance with the
conditions hereinafter stated, the Escrow Agent shall, to the extent from time to time
permitted by law, have the power to sell, transfer, otherwise dispose of or request the
redemption of the Government Obligations acquired hereunder and to substitute therefor
other non - callable, direct obligations of the United States of America, Refcorp interest
strips or securities fully and unconditionally guaranteed as to the timely payment of
principal and interest by the United States of America, provided, that the full faith and
credit of the United States of America has been pledged to any such direct obligation or
guarantee. The Escrow Agent shall purchase such substituted Government Obligations
with the proceeds derived from the sale, transfer, disposition or redemption of the
Government Obligations. The substitution of Government Obligations described above
may be effected only if:
,41102 60726105x2 209767 -000047202009529 PM -2
(i) the Escrow Agent shall certify, in reliance upon an opinion of a
firm of independent certified public accountants, that the moneys and
Government Obligations, including the interest to be earned thereon, to be
substituted will be no less than an amount sufficient to pay the redemption price
of the Prior Certificates on the September 1, 2009 redemption date, and to pay
interest on the Prior Certificates to the redemption date, upon completion of such
substitutions; and
(ii) the Village shall furnish the Escrow Agent with an unqualified
opinion of nationally recognized attorneys on the subject of municipal bonds to
the effect that the substitution is then permitted by law and will not cause any of
the Prior Certificates or the 2009 Certificates to become an "arbitrage bond" as
hereinafter defined.
(b) If any substitution of Government Obligations pursuant to the provisions
of the preceding subparagraph (a) shall, after the satisfaction of all of the conditions set
forth in clauses (i) and (ii) of said subparagraph (a), result in the creation of any surplus
amount in the Escrow Fund that will not, in the opinion of the firm of independent
certified public accountants referred to in clause (i) of said subparagraph (a), thereafter be
required for the payment of the redemption price of, or the interest on, the Prior
Certificates, in accordance with the provisions of this Agreement, the amount of such
surplus shall, at the written request of the Village, be transferred to the Village.
The Village hereby covenants that no part of the moneys or funds at any time in
the Escrow Fund shall be used directly or indirectly to acquire any securities or obligations the
acquisition of which would cause any of the Prior Certificates or 2009 Certificates to be an
"arbitrage bond" as defined in Section 148 of the Internal Revenue Code of 1986, and the rules
and regulations promulgated thereunder, as then in effect.
5. The Village has irrevocably elected to refund and redeem the Prior
Certificates as provided in the Bond Ordinance and this Agreement. The Village hereby directs
the Escrow Agent, in its capacity as bond registrar for the Prior Certificates, to mail notice of the
redemption of the Prior Certificates, not less than 30 days nor more than 60 days prior to the
applicable redemption date, to the registered owners of the Prior Certificates to be redeemed at
their last addresses appearing in the registration books maintained by such bond registrar.
6. The owners of the Prior Certificates shall have an express lien on all
moneys and obligations in the Escrow Fund until paid out and applied in accordance with this
Agreement. The Escrow Agent shall have no lien on the Escrow Fund.
7. In consideration of all services rendered and to be rendered by the Escrow
Agent under this Agreement, the Village will pay the Escrow Agent a fee of $300.00 on the date
Of issuance of the 2009 Certificates.
8. The Escrow Agent may consult with counsel concerning any of its duties
under this Agreement and shall be fully protected in any action taken in good faith in accordance
with such advice. The Escrow Agent shall be indemnified and saved harmless by the Village,
from and against any and all liability, including all expenses reasonably incurred in its defense,
141102_6072610M 209767 -00004 7202009 5:29 PM _3
to which the Escrow Agent shall be subject by reason of any action taken or omitted or any
investment or disbursement of any part of the Escrow Fund made by the Escrow Agent pursuant
to this Agreement; provided, however, the Escrow Agent shall not be indemnified by the Village
for its negligence or willful misconduct. The costs and expenses of enforcing this right of
indemnification shall also be paid by the Village. This right of indemnification shall survive the
termination of this Agreement, and the resignation or removal of the Escrow Agent.
9. The Escrow Agent, acting in good faith and in its sole discretion, may
disregard any and all notices or instructions given by the Village or by any other person, firm or
corporation, except (i) notices or instructions specifically provided for under this Agreement and
(ii) orders or process of any court. If any property subject to this Agreement is at any time
attached, garnished, or levied upon under any court order or in case the payment, assignment,
transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court
order, or in case any order, judgment or decree shall be made or entered by any court affecting
such property or any part thereof, then and in any of such events the Escrow Agent, in its sole
discretion, may rely upon and comply with any such order, writ, judgment, or decree which it is
advised by its legal counsel is binding upon it.
10. The Escrow Agent shall be responsible in fulfilling its duties under this
Agreement to a standard of care which could fairly be attributable to an experienced corporate
escrow agent. The Escrow Agent shall also be duly protected in relying upon any written notice,
demand, certificate or document which it in good faith believes to be genuine.
11. This Agreement shall terminate on January 10, 2010. Any moneys and
obligations remaining in the Escrow Fund upon termination of this Agreement shall be
transferred to the Village.
12. If any one or more of the covenants or agreements provided in this
Agreement on the part of the Village or the Escrow Agent to be performed should be determined
by a court of competent jurisdiction to be contrary to law, such covenant or agreement shall be
deemed and construed to be severable from the remaining covenants and agreements herein
contained and shall in no way affect the validity of the remaining provisions of this Agreement.
13. This Agreement is made for the benefit of the Village, the Escrow Agent
and the owners from time to time of the Prior Certificates and it shall not be repealed, revoked,
altered or amended without the written consent of all such owners, and the written consent of the
Escrow Agent; provided however, that the Village and the Escrow Agent may, without the
consent of, or notice to, such owners, enter into such agreements supplemental to this Agreement
as shall not adversely affect the rights of such owners and as shall not be inconsistent with the
terms and provisions of this Agreement, for any one or more of the following purposes:
(a) to cure any ambiguity or formal defect or omission in this Agreement; and
(b) to grant to, or confer upon the Escrow Agent for the benefit of the owners
of the Prior Certificates, any additional rights, remedies, powers or authority that may
lawfully be granted to, or conferred upon, the Escrow Agent.
01102_60726105x2 209767 -000067202009529 PM
The Escrow Agent shall be entitled to rely exclusively upon an unqualified
opinion of nationally recognized attorneys on the subject of municipal bonds with respect to
compliance with this Agreement, including the extent, if any, to which any change, modification,
addition or elimination affects the rights of the owners of the Prior Certificates or that any
instrument executed hereunder complies with the conditions and provisions of this Section.
14. Any notice, authorization, request for consent or demand required or
permitted to be given in accordance with the terms of this Agreement shall be in writing.
15. This Agreement may be executed in several counterparts, all of which
shall be regarded for all purposes as one original and shall constitute and be but one and the same
instrument.
-5-
cM02_60726105r2 209767 -000017202009 529 PM
M
IN WITNESS WHEREOF, the parties hereto have each caused this 2009 Escrow
Deposit Agreement to be executed by their duly authorized officers as of the date first above
written.
(SEAL)
Attest:
Village Clerk
(SEAL)
Attest:
VILLAGE OF OAK BROOK
M
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
as Escrow Agent
By:
Trust Officer
IN W=SS WHEREOF, the parties hereto have each caused this 2009 Escrow
Deposit Agreement to be executed by their duly authorized officers as of the date first above
written.
(SEAL)
Attest:
Village Clerk
(SEAL)
Attest:
ice President
VILLAGE OF OAK BROOK
M
Village President
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
as Escrow Agent
8
SCHEDULE A
GOVERNMENT OBLIGATIONS
1 Schedule of SLGS Securities
Security Principal Interest Rate Maturity Date First Interest
Number Amount (percentage) (mmdd I Payment
_) ( (mmddyyy)
1'1 $2,250,850.00 I 0.14% 09/01/09 j 09101109
Katten
KattenMuchlnitosenman LLP
525 W Monroe Street
Chicago, IL 6o661 -3693
32.902.5200 tel
312.902.1o61 fax
CHRISTOPHER C. TOREM
Christopher tomm@kattenlaw.com
312.902.5680 direct
312.577.4763 tax
July 16, 2009
Via FedEx
Ms. Sharon Dangles
Acting Finance Director
Village of Oak Brook
1200 Oak Brook Road
Oak Brook, IL 60523
Re: VILLAGE OF OAK BROOK, ILLINOIS
$2,280,000 General Fund Refunding Certificates, Series 2009
Dear Sharon:
We have prepared and enclose herewith the $2,280,000 General Fund Refunding Certificates,
Series 2009, of the Village, consisting of 9 Certificates. Each Certificate must be signed
manually signed by the Village President and the Village Clerk. The seal of the Village must be
impressed upon each certificate.
Please return the fully executed Certificates to my attention at your earliest convenience and no
later than July 241h. The closing papers will be coming by separate cover.
ry truly yours,
Christ pher C/
CCT:bae
Enclosures
cc: Rose Kane
Barbara L. Chevalier
CHICAGO CHARLOTTE IRVING LONDON LOS ANGELES NEW YORK PALO ALTO WASHINGTON, DC WWW.KATTENLAW.COM
LONDON AFFILIATE: KATTEN MUCHIN ROSENMAN CORNISH LLP
A limited liability partnership including professional corporations
Form 8038 -G Information Return for Tax-Exempt Governmental Obligations
► Udder Internal Revenue Code section 149(e) OMB No. 1545 -0720
. (Rev. November 2000) ► See separate Instructions.
Department of me rmasury Caution: If the issue price is under $100,000, use Form 8038 -GC.
Inhmal Revenue Service
Return, check here ►
1
Issuer's name
2 Issuer's empbyer identification number
30
Village of Oak Brook
36 6009534
3
Number and street (or P.O. box if mail is not delivered to street address)
Room /suite
4 Report number
Enter the remaining weighted average maturity of the bonds to be currently refunded .
1200 Oak Brook Road
3.539 years
3 01
5
City, town, or post office, state, and ZIP code
years
6 Date of issue
Enter the last date on which the refunded bonds will be called . . . . . .
Oak Brook, Illinois 60523 -2255
September 1, 2009
July 29, 2009
7
Name of issue
8 CUSIP number
General Fund Refunding Certificates, Series 2009
671088 CM2
9
Name and title of officer or legal representative whom the IRS may call for more information
10 Telephone rrxnber of oficar or legal representative
Sharon Dangles, Acting Village Treasurer
( 630 ) 368 -5070
MMUML Type of Issue (check applicable box(es) and enter the issue price) See instruc
11 ❑ Education . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 ❑ Health and hospital . . . . . . . . . . . . . . . . . . . . . . . . .
13 ❑ Transportation . . . . . . . . . . . . . . . . . . . . . . . . . .
14 ❑ Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . .
15 ❑ Environment (including sewage bonds) . . . . . . . . . . . . . . . . . . .
16 ❑ Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 ❑ Utilities . . . . . . . . . . . . .
18 El Other. Describe ► Municipal Building Improvements
19 If obligations are TANS or RANs, check box ► ❑ If obligations are BANS, check box ► ❑
20 If obligations are in the form of a lease or installment sale, check box ► ❑
Description of Obligations. Complete for the entire issue for which this form is
(a) Final maturity date (1) Issue price (c) Stated redemption (d) Weighted
price at maturity average maturay
21 1211/2017 1 $ 2,312,256 S 2,280 000 4.578 ye
Uses —'Proceeds of Bond Issue (including underwriters' discount
22 Proceeds used for accrued interest . . . . . . . . . . . . . . . . . . . . .
23 Issue price of entire issue (enter amount from line 21, column (b)) . .
24 Proceeds used for bond issuance costs (including underwriters' discount) 24 61,40
25 Proceeds used for credit enhancement . . . . . . . . . . . 25 4
26 Proceeds allocated to reasonably required reserve or replacement fund 26 4
27 Proceeds used to currently refund prior issues . . . . . . . 27 2,250,85
28 Proceeds used to advance refund prior issues 28
29 Total ( dd Ines 24 throu h 28)
(e) Yield
30
Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here)
. .
30
-0-
Description of Refunded Bonds (Complete this part only for refunding
bonds.)
31
Enter the remaining weighted average maturity of the bonds to be currently refunded .
. . ►
3.539 years
32
Enter the remaining weighted average maturity of the bonds to be advance refunded
. ►
years
33
Enter the last date on which the refunded bonds will be called . . . . . .
. . ►
September 1, 2009
34
FntAr thp. datP.(S) the m-fundPd bonds were issued ► January 4. 2001
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . . . i7a -u-
36a Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract (see instructors) -0-
b Enter the final maturity date of the guaranteed investment contract ► 37 Pooled financings: a Proceeds of this issue that are to be used to make loans to other governmental units -0-
b if this issue is a loan made from the proceeds of another tax - exempt issue, check box ► ❑ and enter the name of the
issuer ► and the date of the issue ►
38 If the issuer has designated the issue under section 265(b)(3)(B)()(lll) (small issuer exception), check box . . . ► ❑v
39 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . . . . . . . . . ► ❑
40 If the issuer has identified a hedge, check box ► ❑
Under penalties of perjury, declare that have examined this re[um and accompanying schedules and statements, and to the list of my krmwledge
antl belief, Ney�afe true, correct, aril complete.
Sign
Here
I PF Signature of issuer's authorized repre*nfative Date
For Paperwork Reduction Act Notice, see page 2 of the Instructions.
CH102 _60740844_209767 -00004 7120 /2009 0
Sharon Dangles
or pnm name and title
Cat No. 637735 Form
(Rev. 11 -2000)
Farm 8038 -G Information Return for Tax - Exempt Governmental Obligations
► Under Internal Revenue Code section 149(e) OMB No. 1545 -0720
(Rev. November 2000) ► Soo separate instructions.
NppBf "IReY ine�� Caution: If the issue price is under $100,000, use Form 8038 -GC.
imenw
Reportino Authoritv If Amended Return, check here ► ❑
1
Issuer's name
2 Issuer's employer ideniification number
12
Village of Oak Brook
36 6009534
3
Number and street (or P.O. box if mail is not delivered to street address)
Room /suite
4 Report number
❑ Public safety . . . . . . . . . . .
1200 Oak Brook Road
15
301
5
City, town, a post office, state, and ZIP code
❑ Housing . . . . . . . . . . . .
6 Date of issue
17
Oak Brook, Illinois 60523.2255
. . . . . .
July 29, 2009
7
Name of issue
If obligations are TANS or RANs, check box ►
8 CUSIP number
20
General Fund Refunding Certificates, Series 2009
671088 CM2
9
Name and title of officer or legal representative whom the IRS may call for more information
10 Telephone number of officer a legal representsM
(o) stated redemption (d) Weighted
price at maturity average maturity
Sharon Dangles, Acting Village Treasurer
( 630 ) 368 -5070
11
❑ Education . . . . . . . . . .
. . . . . . . . . . . . . . . . . .
12
❑ Health and hospital . . . . . . .
. . . . . . . . . . . . . . . . . .
13
❑ Transportation . . . . . . . . .
. . . . . . . . . . . . . . . . . .
14
❑ Public safety . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
15
❑ Environment (including sewage bonds) .
. . . . . . . . . . . . . . . . . .
16
❑ Housing . . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
17
❑ Utilities . . . . . . . . . . . .
. . . . . .
18
El Other. Describe ► Municipal Building Improvements
19
If obligations are TANS or RANs, check box ►
❑ If obligations are BANS, check box ► ❑
20
If obligations are in the form of a lease or installment sale, check box ► ❑
Description of Obligations. Complete
for the entire issue for which this form is
(a) Final maturity date (b) IMe Price
(o) stated redemption (d) Weighted
price at maturity average maturity
21
12f1/2017
1 S 2.312.256
1 $ 2.280.000
1 4.578 ve
22
Proceeds used for accrued interest . . . . . . . . . . . .
. . . .
. . . . .
23
Issue price of entire issue (enter amount from line 21, column (b)) .
.
24
Proceeds used for bond issuance costs (including underwriters' discount)
24
61,406
25
Proceeds used for credit enhancement . . . . . . . .
25
-0-
26
Proceeds allocated to reasonably required reserve or replacement fund
26
-0-
27
Proceeds used to currently refund prior issues . . . . . . .
27
2,250,850
28
Proceeds used to advance refund prior issues . .
28
-0-
29 Total (add lines 24 through 28)
(e) Yield
31 Enter the remaining weighted average maturity of the bonds to be currently refunded . . . ► 3.539 years
32 Enter the remaining weighted average maturity of the bonds to be advance refunded . . . ► years
33 Enter the last date on which the refunded bonds will be called . . . . . . . . ► September 1, 2009
34 Enter the dates) the refunded bonds were issued ► January 4, 2001
35 Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) . , , 35 -0-
36a Enter the amount of gross proceeds invested a to be invested in a guaranteed investment contract (see instructions) 36a -0-
b Enter the final maturity date of the guaranteed investment contract ►
37 Pooled financings: a Proceeds of this issue that are to be used to make loans to other governmental units 37a -0-
b If this issue is a loan made from the proceeds of another tax- exempt issue, check box ► ❑ and enter the name of the
issuer ► and the date Of the issue ►
38 If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box . . . ► ❑�
39 If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box . . . . . . . . . . . . ► ❑
40 If the issuer has identified a hedge, check box ► ❑
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge
and belief, they�aje true, correct , and complete.
Sign
Here
I F signature of issuer's authorized repre#mauve Date
For Paperwork Reduction Act Notice, see page 2 of the Instructions.
CH102_607408M_209767 -00004 7120/2009
Sharon Dangles
2009 'Acting Village Trea
Type or print name and one
Cat. No. 637735 Form 8
(Rev. 11 -2000)
VILLAGE OF OAK BROOK, ILLINOIS
ELECTION TO REDEEM
GENERAL FUND CERTIFICATES, SERIES 2001
July 29, 2009
The Bank of New York Mellon Trust Company, N.A.
Chicago, Illinois
The Village of Oak Brook, Illinois (the "Village ") is providing to you as bond
registrar for the General Fund Certificates, Series 2001, of the Village (the "Series 2001
Certificates ") this Election to Redeem General Fund Refunding Certificates, Series 2001.
The Village has irrevocably elected to redeem, and will redeem on September 1,
2009, the $2,225,000 principal amount of Series 2001 Certificates maturing on December 1 of
the years 2009 to 2015, both inclusive, at a redemption price equal to 100% of the principal
amount of such Series 2001 Certificates to be redeemed.
You are hereby instructed to give notice of the redemption of such Series 2001
Certificates to be redeemed to the registered owners of Series 2001 Certificates, not less than 30
days nor more than 60 days prior to the September 1, 2009 redemption date.
VILLAGE OF OAK BROOK
By:
Acting Village Treasurer
BOND REGISTRAR'S ACKNOWLEDGEMENT
The Bank of New York Mellon Trust Company, N.A., bond registrar for the
General Fund Certificates, Series 2001, of the Village of Oak Brook, Illinois, acknowledges
receipt of the foregoing election.
Dated: July 29, 2009
THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A.
a
-2-
C11102 60740794x1 209767 -00004 7/20/20092:56 PM
9. A. 6) ZONING BOARD OF APPEALS - Removed
B. ORDINANCES & RESOLUTIONS
1) RESOLUTION R -1051, A RESOLUTION IN OPPOSITION TO PROPOSED
CHANGES TO THE GRAUE MILL DAM IN THE VILLAGE OF OAK
BROOK, ILLINOIS
Trustee Wolin indicated that this topic had been discussed at several previous
meetings, therefore he felt there was no need to go into detail, but he explained
that essentially a study had been done regarding the Salt Creek water quality
pursuant to the Clean Water Act and the conclusion of the study was that to
improve the quality of the water that the Graue Mill Dam should be removed, or
at least part of the dam. He added that there were two negative effects for the
Village of Oak Brook, one being the way the dam looks and that it would narrow
Salt Creek in that area. The Board had discussed this and it was their opinion that
the benefits of the clean water did not outweigh the benefits of keeping the
historic value of the dam as well as benefits that accrue of having the dam in
place.
Motion by Trustee Wolin, seconded by Trustee Aktipis, for passage of Resolution
R -1051, A Resolution in Opposition to Proposed Changes to the Graue Mill Dam
in the Village of Oak Brook, Illinois. ROLL CALL VOTE:
Ayes: 5 - Trustees Aktipis, Moy, Saiyed, Wolin and Zannis.
Nays: 0 - None.
Absent: 1 - Trustee Carson. Motion carried.
2) ORDINANCES S -1268, AN ORDINANCE APPROVING AN AMENDED
AND RESTATED INSTALLMENT PURC14ASE AGREEMENT AND
AUTHORIZING THE ISSUANCE OF $2,280,000 GENERAL FUND
REFUNDING CERTIFICATES, SERIES 2009, OF THE VILLAGE OF OAK
BROOK, ILLINOIS - BOND REFUNDING — 2001 INSTALLMENT
CONTRACT CERTIFICATES
Trustee Aktipis commented that the Village looked at options relative to
outstanding bonds and by making appropriate analysis it was concluded that by
refunding the bonding and extending the terms of the bond a couple of more
years, there would be a substantial savings benefit for the Village. It is due to the
fact that interest rates are lower now than they were when the bonds were issued.
Mr. Kevin McCann from Speers Financical, Inc. reported that bids were taken
today and two were received. The original certificates were at 4.7% and the best
bid was from Robert W. Baird & Co. at 2.7652 %. There is a savings of over
$100,000. The Village's bond rating of AA2 was confirmed, which is a very high
grade bond rating and the transaction should close in about three weeks.
VILLAGE OF OAK BROOK Minutes Page 7 of 12 REGULAR MEETING OF
JULY 14, 2009
9. OB2) Motion by Trustee Aktipis, seconded by Trustee Moy, for passage of Ordinance
S -1268, An Ordinance Approving an Amended and Restated Installment
Purchase Agreement and Authorizing the Issuance of $2,280,000. General Fund
Refunding Certificates, Series 2009, of the Village of Oak Brook, Illinois — Bond
Refunding — 2001 Installment Contract Certificates. ROLL CALL VOTE:
Ayes: 5 - Trustees Aktipis, Moy, Saiyed, Wolin and Zannis.
Nays: 0 - None.
Absent: 1 - Trustee Carson. Motion carried.
3) ORDINANCES G -889, AN ORDINANCE ESTABLISHING ADDITIONAL
REQUIREMENTS FOR THE ISSUANCE OF A TAXICAB DRIVER'S
LICENSE AND AMENDING SECTION 4 -2 -5 OF THE VILLAGE CODE OF
THE VILLAGE OF OAK BROOK
Village Manager Niemeyer reported that during a previous revision of the Village
Code regarding Taxicab Driver's qualifications, the prohibition of issuance of a
driver's license to individuals convicted of operating a motor vehicle under the
influence of alcohol was inadvertently deleted. The new phraseology in the
previous revision indicating "an intoxicating compound" was assumed to include
alcoholic liquor. However, definition of "intoxicating compound" in the State
Statutes does not include alcoholic liquor. Therefore, staff felt that it is important
to add alcoholic liquor to Village Code in order to protect the public health, safety
and welfare.
Motion by Trustee Saiyed, seconded by Trustee Moy, for passage of Ordinance
G -889, An Ordinance Establishing Additional Requirements for the Issuance of a
Taxicab Driver's License and Amending Section 4 -2 -5 of the Village Code of the
Village of Oak Brook. ROLL CALL VOTE:
Ayes: 5 - Trustees Aktipis, Moy, Saiyed, Wolin and Zannis.
Nays: 0 - None.
Absent: 1 - Trustee Carson. Motion carried.
C. AWARD OF CONTRACTS —None presented.
D. 2008 COMPREHENSIVE ANNUAL FINANCIAL REPORT AND
MANAGEMENT LETTER
Trustee Aktipis indicated that this report was an extensive report as to the financial
condition of the Village for 2008. He added that it will be placed on file and viewed
by residents or anyone else who has an interest. Be stated that at this time no action
was required from the Board.
VILLAGE OF OAK BROOK Minutes Page 8 of 12 REGULAR MEETING OF
JULY 14, 2009