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S-385 - 09/13/1977 - BOND - Ordinances{{ ORDINANCE NO. IM I AN ORDINANCE providing for borrowing money and issuing $10,270,000 General Obligation Recreation Bonds of the Village of Oak Brook, DuPage and Cook Counties, Illinois, and providing for the levy and collection of a direct r annual tax for the payment of the prin- cipal of and interest on said bonds. WHEREAS, the President and Board of Trustees of the Vil- lage of Oak Brook, DuPage and Cook Counties, Illinois, by Ordinance No. S-376, adopted on May 313 19770 did call a special election to be held in and for said Village of Oak Brook on June 21, 1977, for " the purpose of submitting to the electors of said Village the fol- lowing lowing question: Shall the Village of Oak Brook; DuPage and Cook Counties, Illinois, purchase the property consist- ing of approximately 269 net acres generally bounded by Cermak Road on the North, York Road on the East, Oak Brook Road on the South, and the center line of Salt Creek on the West, exclusive of the property commonly referred to as the Butler National Golf Course, otherwise and commonly referred to as .the Butler International Sports Core in Oak Brook, Illinois, together with all existing improvements thereon and appurtenances thereto, pursuant to and in accord with the terms, provisions, and conditions of such agreements of purchase and attendant documents as the President and Board of Trustees of the Village and their duly authorized agents and employees shall in the exercise of their discretion deem prudent and advi8able to implement -the purchase herein con- templated, and expand, improve, and redevelop the properties and improvements known as the Executive Golf Course to an 18-hole, not less than 6,000- yard, regulation golf course, all to provide for natural open space, sports and recreation facil- ities, and flood control and storm water manage- ment facilities for the Village, and issue its bonds in the amount of TEN MILLION TWO HUNDRED SEVENTY THOUSAND DOLLARS ($10,270,000.00) to pay the cost of the purchase of said properties and improvements and said expansion, improvement, and redevelopment of the Executive Golf Course, all as hereinbefore described, said Recreation Bonds to bear interest at the rate of not to exceed seven per cent (7%) per annum? I I 1 " {, and , WHEREAS, the President and Board of Trustees of said Village did cause proper notice of said election to be given by publishing notice thereof once in The Doings, being a newspaper having a general circulation in the Village, there being no news- paper published in said Village, said notice being published not more than thirty (30) days nor less than fifteen (15) days prior to the date of said election, which said notice as so published did specify the place where such election was to be held, the time of opening and closing the polls, and the question to be voted upon; and WHEREAS, the President and Board of Trustees of said Village by proper proceedings adopted and spread upon its records found that all legal requirements in connection with said election were duly complied with and that a majority- of the electors of said Village voting at said election on said question above re- ferred to voted in favor thereof; and WHEREAS, in the judgment of the President and Board of Trustees it is necessary at this time to borrow the total author- ized amount of $10,270,000 for the purpose approved by the voters 1 and issue bonds in evidence thereof: NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Oak Brook, DuPage and Cook Counties, Illinois, as follows: Section 1. It shall be and it is found and determined that the President and Board of ;Trustees of the Village of .Oak Brook have been authorized by a majority of the electors of .sa d Village _2- i I <.r voting on the question at an election duly called, noticed, held and canvassed for that purpose to issue bonds of said Village in i the amount of $10,270,000 for the purpose of paying the cost of I purchasing a portion of the property commonly referred to as the Butler International Sports Core in Oak Brook, and expanding the Executive Golf Course to an 18-hole course, to provide open space, sports and recreation facilities, flood control and storm water management facilities for the Village. Section 2. In order to raise the sum of $10,270,000 needed at this time for the aforesaid purpose, there shall be bor- rowed by, for and on behalf of the Village of Oak Brook, DuPage / and Cook Counties, Illinois, the sum of $10,270,000, and to evi- dence said loan- negotiable coupon bonds of said Village be issued. Said bonds . shall each be designated "General Obligation Recreation Bond," be dated September 1, 1977, be numbered from 1 to 2054, inclusive, be of the denomination of $5,000 each, and mature serially on December 1 of the years and in the amounts and bear interest as follows: Serial Numbers, Principal Year of Rate of Both Inclusive Amount Maturity Interest 1 to 54 $270,000 1979 4. 80% 55 to 134 400, 000 1980 4.90% 135 to 224 450, 000 1981 4. 900/6 225 to 324 500,000 1982 4. 3076 325 to 424 500,000 1983 4. 300/6 425 to 544 600,000 1984 4. 30% 545 to 664 600,000 1985 4. 30%,. 665 to 784 600,000 1986 4. 30% 785 to 924 700,000 1987 4. 60 0 925 to 1064 700,000 1988 4. 600 lo65 to 1204 700,000 1989 4.60% 1205 to 1364 800,000 1990 4. 80% 1365 to 1524 800,000 1991 4. 800 1525 to 1694 850,000 1992 4. 80% 1695 to 1874 900,000 1993 4. 9016 1875 to 2054 900,000 1994 4. 90fo � _3_ Interest on said bonds shall be payable on June 1, 197$ and semi- annually thereafter on the first day of June and December in each year, which said interest payments to date of maturity of principal shall be evidenced by proper interest coupons attached to each bond and maturing on the dates herein provided. Both principal and in- terest shall be payable in lawful money of the United States of America at HARRIS TRUST AND SAyiNGS RANK, Ct ;rte as. Minois The seal of said Village shall be affixed to each of said E bonds and said bonds shall be signed by the President and be attested by the Clerk of said Village, and said interest coupons shall be signed and attested by said officials, respectively, by their respec- tive facsimile signatures, and said officials, by the execution of said bonds, shall adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons. Section 3. The bonds hereby authorized shall be payable to bearer, provided, however, that such bonds may be -subject to registration as to principal in the name of the holder on the books of the Treasurer of said Village, such registration to be . evidenced by notation of said Treasurer upon the back of such bonds. so regis- tered. No bond so registered shall be subject to transfer except upon such books and similarly noted on the back thereof unless the last registration shall have been to bearer. Such registration of any of said bonds shall not, however, affect the negotiability of the coupons attached to said bonds, but such coupons shall continue transferable by delivery merely. Section 4 . Each of said bonds and the interest coupons to be attached thereto shall be in substantially the following form: -4- C � (Form of Bond) UNITED STATES OF AMERICA ( STATE OF ILLINOIS COUNTIES OF DU PAGE AND COOK VILLAGE OF OAK BROOK GENERAL OBLIGATION RECREATION BOND Number $5,000 KNOW ALL MEN BY THESE PRESENTS, that the Village of Oak Brook, DuPage and Cook Counties, Illinois, hereby acknowledges itself to owe and for value received hereby promises to pay to bearer or, if this bond be registered, to the registered holder hereof the sum of FIVE THOUSAND DOLLARS ($5,000) on the first day of December, 19^, together with interest on said sum from the date hereof until paid at the rate of per cent ( %) per annum, payable on June 1, 1978 and semiannually thereafter on the first day of June and December in each year,- upon F presentation and surrender of the respective interest coupons hereto attached as they severally become due and payable. Both principal and interest are hereby made payable in lawful money of the United States of America at For the prompt payment of this bond, both principal and interest, as aforesaid, at maturity, and the levy of taxes suffi- cient for that purpose, the full faith, credit and resources of said Village are hereby irrevocably pledged. This bond is one of a- series of bonds in the principal amount of '$10,270,000 issued by said Village for the purpose of paying the cost of purchasing a portion of the property commonly -5- referred to as the Butler International Sports Core in Oak Brook, and expanding the Executive Golf Course to an 18-hole course, to provide open space, sports and recreation facilities, flood control and storm water management facilities for the Village, pursuant to and in all respects in compliance with the provisions of the "Illinois Municipal Code," approved May 29, 1961, and all acts amendatory thereof and supplementary thereto, and is authorized by a majority of the electors of said Village voting upon the question at an election duly called, noticed, held and canvassed for that purpose in said Village, and in compliance with an ordinance duly passed by the President and Board of Trustees of said Village, approved by the President thereof, and published, in all respects as by law required. It is hereby certified and recited that all acts, condi- tions and things required by the Constitution and Laws of the State of Illinois to exist or to be done precedent to and in the issuance of this bond, did exist, have happened, been done and performed in regular and due form and time as required by law; that the indebted- ness of said Village of Oak Brook, represented by this bond and the issue of which it forms a part, and including all other i-ndebted- -ness of said Village, howsoever evidenced and incurred, does not exceed any constitutional or statutory limitation; and that provi- sion has been made for the collection of a direct annual tax, in addition to all other taxes, on all of the taxable property in said Village sufficient to pay the interest hereon as the same falls due and also to pay and discharge the principal hereof at maturity. This bond is subject to registration as to principal in the name of the holder on the books of the Village Treasurer, such -6_ registration to be evidenced by notation of such Treasurer on the back hereof, and after such registration no transfer hereof, except upon such books and similarly noted hereon, shall be valid unless the last registration shall have been to bearer. Registration hereof shall not affect the negotiability of the coupons hereto attached, which shall continue negotiable by delivery merely, not- withstanding registration hereof. IN WITNESS WHEREOF, said Village of Oak Brook, DuPage and Cook Counties, Illinois, by its President and Board of Trustees, has caused its corporate seal to be hereunto affixed, and this bond to be signed by the President of said Village and attested by its Village Clerk, and the interest coupons hereto attached to be signed and- attested by said officials, respectively, by their facsimile signatures, and said officials, by the execution hereof, - do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, all as of the first day of September, 1977. Attest: Village Clerk President, Board of Trustees [SEAL] ( (Form of Coupon) Number $ _ On the first day of , 19_, the Village of Oak Brook, DuPage and Cook Counties, Illinois, will pay to -bearer Dollars ($ ) .in lawful money of the United States of America at for interest due that day on its -7- . 1 • f General Obligation Recreation Bond, dated September 1, 1977, Number I . i Attest: Village Clerk President, Board of Trustees (Form for Registration as to Principal) Date of Signature of Registration Name of Registered Owner Village Treasurer Section 5. For the purpose of providing the funds re- quired to pay the interest on said bonds promptly when and as the same falls due and to pay and discharge the principal thereof at ma- turity, there shall be and there is hereby levied upon all of the taxable property within said Village in each year while any of said bonds are outstanding a direct annual tax sufficient for that pur- pose, and there be and there is hereby levied on all of the taxable property in said Village, in addition to all other taxes, the fol- lowing annual tax, to-wit: . C C For the Year A Tax Sufficient To Produce The Sum Of 1977 $ 835, 467. 50 for interest up to June 1, 1979 t 1978 $ 740, 930. 00 for interest and principal 1979 $ 854, 650. 00 for interest and principal 1980 $ 883, 825. 00 for interest and principal 1981 $ 912, 050. 00 for interest and principal 1982 $890, 550. 00 for interest and principal 1983 $ 966, 900. 00 for interest and principal 1984 $941, 100. 00 for interest and principal ' 1985 $915, 300. 00 for interest and principal 1986 $986, 300. 00 for interest and principal 1987 $954, 100. 00 for interest and principal 1988 $921, 900. 00 for interest and principal 1989 $986, 600. 00 for interest and principal 1990 $948, 200. 00 for interest and principal 1991 $958, 600. 00 for interest and principal 1992 $966, 150. 00 for interest and principal 1993 $922, 050. 00 'for interest and principal Interest or principal coming due at any time when there are insufficient funds on hand from the foregoing tax levy to pay the same shall be paid promptly when due from- current funds on hand. in advancement of the collection of said taxes herein levied', - and when said taxes shall have been collected reimbursement shall be made to said funds in the amounts .thus advanced. Section 6. Forthwith as soon as this ordinance becomes effective, a copy hereof, certified by the Clerk of said Village,, which certificate shall recite that this ordinance has been passed by the President and Board of Trustees of said Village, approved 9 by the President, and published, shall be filed with the County Clerk of DuPage County, Illinois, and with the County Clerk of Cook County, Illinois, which said officials shall in and for each of the years 1977 to 1993, both years included, ascertain the rate per cent required to produce the aggregate tax hereinbefore provided to be levied in each of said years, respectively, and extend the same for collection on the tax books against all of the taxable property situated within said Village, and within said respective Counties, in connection with other taxes levied in each of said years,- respec-tively, in and by said Village for general corporate purposes of said I Village, and in each of said years such annual tax shall be levied and collected by said Village in like manner as taxes for general corporate purposes for each of said years are levied and collected, j and when collected such taxes shall be used solely for the purpose of paying principal and interest upon the bonds herein authorized when same mature. Section 7 • The funds derived from such levy shall be and the same are hereby appropriated and set aside for the sole and only purpose of paying principal of and interest on said bonds when and as the same become due, and the funds derived from the sale of said bonds shall be and they are hereby appropriated and set aside for the purpose hereinbefore set out. Section 8. Forthwith after this ordinance has become effective as ,provided by law, the .bonds herein authorized shall be executed and delivered to the Treasurer of said Village, and be by him delivered to THE NORTHERN TRUST COMPANY AND ASSOCLgTES the purchaser thereof, upon receipt of the -pur- chase price therefor, same to be the par value of said bonds plus ti accrued interest to date of delivery, and a premium of $ 408. 00 I _10- t t which contract for the sale of said bonds to said purchaser, heretofore entered into, shall be and the same is hereby in all respects ratified, approved, and confirmed. E Section 9. All ordinances, resolutions, and orders, or parts thereof, in conflict herewith, shall be and the same are to the extent of such conflict hereby repealed, and this ordinance shall be in full force and effect upon its passage and publication, as provided by law. APPROVED: Press , Koard of Trustees ADAPTED: , 1977 t t < i RECORDED: , 1977 2f 0 , + ATTEST: Village Clerk AYES: r NAYS: 4 ABSENT: p A ROV Village Attorney -'11 -