Minutes - 10/24/1977 - Bath & Tennis Members' Committee1
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I CALL MEETING TO ORDER
A. Roll Call
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VILLAGE OF OAK BROOK
MINUTES OF SPECIAL MEETING
October 24, 1977
The Special Meeting was called to order at 7:30 P.M. by President Howell. All
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trustees were present.
This is a special meeting of the President and Board of Trustees of the Village
of Oak Brook called by the President and Board of Trustees of the Village of
Oak Brook pursuant to a Notice by the President in accord with the rules of
this Board and the laws of Illinois, to be held on Monday, October 24, 1977,
at 7:30 P.M. in the Samuel E. Dean Board Room of the Oak Brook Village Commons
for the purpose of:
1. Considering and acting upon an ordinance authorizing the execution and
delivery of an agreement entitled "First Amendment to Agreement between
the Village of Oak Brook and The Butler Company dated May 31, 1977" wherein
the parties thereto agree to amend paragraph 3 of said Agreement to pro-
vide that the manner of payment of the purchase price of $9,420,000 for
the Butler International Sports Core shall be as follows:
Date Amount
Closing $ 8209000
1 -2 -78 392252000
1-2-79 190009000
1 -2 -80 120002000
1 -2 -81 39375,000
and that if the closing were pursuant to the terms of the Agreement
deferred the manner of payment would be as follows:
Closing $ 392459000
1 -2 -79 198001,000
1 -2 -80 13,0009000
1 -2 -81 3,375,000; and
2. Considering and acting upon an investment program involving the proceeds
of the General Obligation Recreation Bond issue authorized pursuant to
Ordinance No. S -385 adopted on September 13, 1977.
Notice of this special meeting was posted and published in the Village Hall on
October 21, 1977, and has remained posted to this time, and all newspapers on
record with the Village were notified on October 21, 1977, of the call of this
special meeting.
II SPORTS CORE - Amendment to Purchase Agreement - Ordinance 5 -387, AN ORDINANCE
AUTHORIZING THE EXECUTION AND DELIVERY OF A CERTAIN AGREEMENT ENTITLED "FIRST
AMENDMENT TO AGREEMENT BY AND BETWEEN THE VILLAGE OF OAK BROOK AND THE BUTLER
COMPANY, DATED MAY 31, 1977".
Trustee Cerne moved - seconded by Trustee Rush...
To approve Ordinance S-387 as read by title and waive reading of same.
Roll Call vote: Ayes - Trustees Brown, Cerne, Glaves, Philip,
Reynolds, Rush and President Howell
Nays - None
Absent - None So ordered.
III INVESTMENT OF THE PROCEEDS OF THE BOND SALE
Trustee Reynolds moved - seconded by Trustee Glaves...
That the following investments be made from the Bond proceeds received on
October 25, 1977, in federally secured Certificates of Deposit:
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Continued - Page 2 VILLAGE OF OAK BROOK - MINUTES OF SPECIAL MEETING October 24, 1977
III INVESTMENT OF THE PROCEEDS OF THE BOND SALE (Continued)
(1)
$3,225,000.00 to mature in
69 days
(2)
$ 700,000.00 to mature in
180 days
(3)
$1,369,250.00 to mature in
180 days
(4)
$12369,250.00 to mature in
180 days
(5)
$1,3692250.00 to mature in
180 days
(6)
$193699250.00 to mature in
180 days
Roll call vote: Ayes: Trustees Glaves,
Reynolds, Rush and President Howell
Nays: Trustees Brown,
Cerne and Philip
Absent: None
So ordered.
IV ADJOURNMENT:
Time 8:50 P.M.
Trustee Cerne
moved - seconded by Trustee
Rush...
That this meeting be adjourned.
Respectfully submitted,
V-1
Marianne Lakosil
Village Clerk
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