R-205 - 05/11/1976 - BOND - Resolutions0;�- A 0;'
RESOLUTION confirming sale of
3,000,000 Waterworks Revenue Bonds,
Series 1976, of the Village of Oak
Brook, Cook and DuPage Counties,
Illinois, fixing the interest rates on
said bonds. designating the paying
agent therefor and directing the
delivery of said bonds to the purchaser.
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W ATA WRKS
Rev.
130fib $ALE
WHEREAS, the Village of Oak Brook, Cook and DuPage
Counties, Illinois, is authorized to issue $3, 000, 000 Waterworks Revenue
Bonds, Series 1976, of said Village, in accordance with the provisions
of Ordinance No. S -360 entitled:
"AN ORDINANCE authorizing the issue of
$S, 000, 000 Waterworke Revenue Bonds,
Series 1976, of the Village of Oak Brook,
DuPage County, Illinois, for the purpose
of defraying the cost of constructing improve-
ments and extensions to the waterworks
system of said Village, prescribing all the
details of said bonds, and providing for the
collection, segregation and distribution of
the revenues of such waterworks system. "
adopted by the President and Board of Trustees of said Village on
May 11, 1976; and
WHEREAS, said bonds in the principal amount of $3, 000, 000
have been offered for sale and the bid of John Nuveen & Co., Inc.
to purchase said bonds at a total price of $2, 946,480. 00 plus accrued
interest to date of delivery, ham been determined to conform to all
terms of the official notice of sale and to be the highest and best bid
submitted for said bonds; and
WHEREAS, The Northern Trwt,Company
, has been agreed uroa between the
Village and the purchaser as paying agent for said bondat and
WHEREAS, in Section 12 of said Ordinance No. S -360
the President and Board of Trustees agreed to adopt a resolution fixing
the interest rates on the bonds in accordance with the terms of the
acceptable cigar to purchase the bonds, designating the paying agent
and directing the delivery of said bonds to the purchaser:
NOW, THEREFORE, Be It and It Is Hereby Resolved by
the President and Board of 'Trustees of the Village of .Oak Brook, Cook
and DuPage Counties, Illinois, as follows-
Section, 1; -The $3, 4iier000 Waterworks Revenue Bonds,
Series 1976, of the Village of Oak Brook, Cook and DuPage Counties, Illinois,
authorized to be issued by Ordinance No. 5-360 entitled:
"AN ORDINANCE authorizing the issue of
$5, 000, 000 Waterworks Revenue Bonds,
Series 1976,, of the Village of Oak Brook,
DuPage County, Illinois, for the purpose
of defraying the cost of constructing improve -
meats and extensions to the waterworks
system of said Village, prescribing all the
details of said bonds, and providing for the
collection, segregation and distribution of
the revenues of such waterworks system."
adopted by the President and Board of Trustees of said Village on
May 11, 1976, be executed by the officials of said Village in the
manner and form as provided for in and by said ordinance, said bonds
being dated August 1, 1976, of the denomination of $5, 000 each,
numbered from 1 to 600, inclusive, and maturing on May 1 of the
years, in the amounts and bearing interest as follows:
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Serial Numbers, Principal Year of Rate of
Both Inclusive Amount Maturity Interest
1 to 20
100,000
1978
4.40%
21 to 45
125,000
1979
4.40%
46 to 70
125,000
1980
4.40%
71 to 95
125,000
1981
5.10,0
96 to 125
150,000
1982
5.10%
126 to 160
175,000
1983
5.10%
161 to 200
200,000
1984
5.50%
201 to 240
200,000
1985
5.50%
241 to 280
200,000
1986
5.50%
281 to 325
225,000
1987
5.50%
326 to 370
225.000
1988
5.50%
371 to 420
250,000
1989
5.75%
421 to 475
275,000
1990
5.'5%
476 to 535
300,000
1991
5.75%
536 to 600
325,000
1992
5.75°
Section 2. The Northern Trust Company
,
be and is hereby confirmed
as
paying agent for said bonds.
Section 3. The officials of said Village be and they
hereby are ordered and directed to have the bonds prepared for de-
livery to said purchaser, and to execute said bonds bearing the
rates of interest specified herein. Upon execution thereof, said
bonds shall be deposited with the Treasurer and be by him delivered
to the purchaser thereof, namely, John Nuveen & Co.
upon rbceipt of the purchase price therefor, being the sum of
$2, 946, 480.00 and accrued interest to the date of delivery; in
accordance with the terms of the contract heretofore entered into
by and between the purchaser and the Village, said purchase price
being such that the interest cost to the Village of the proceeds of
sale of said bonds does not exceed eight per cent (8%) annually
computed to maturity according to the standard table of bond values.
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Section 4. This resolution shall be in fall force and
effect immediately upon its passage and approval.
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AYES: Trustees $rows, Cerne, cougreve, Gives, Hugh'
and Preoldeat Howell.
NAYS: hone
ABSENT: Trustee Philip
APPROVED-
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