R-84 - 07/23/1968 - OAK BROOK UTILITY - ResolutionsOAK SitacK
%MLMy Co
PURC4414SE
OFFER' '
F{&"EmENT
R E S O L U T I O N
Whereas, the Village of Oakbrook is in part served by the Oak
Brook Utility Company, an Illinois corporation, which, operating
under a franchise known as Ordinances S -18 -A and S -18 -B, passed and
approved August 18, 1959, provides water and sewerage service with-
in said Village; and
Whereas, it is the opinion of the corporate authorities of the
Village of Oakbrook, that it is deemed to be in the beat interest
of the said Village of Oakbrook and its citizens that the properties
of the Oak Brook Utility Cc -pany, a corporation, be acquired for use
as a municipally owned and operated water and sewerage utility com-
pany; and
Whereas, Section 11 -139 -2 of the "Illinois Municipal Code of
196111, as amended, authorizes the corporate authorities of the Vil-
lage of Oakbrook to acquire, maintain and operate a combined watcc-
works and sewerage system either within or without the corporate
limits thereof;
NOW, 'THEREFORE, BE IT RESOLVED by the President and Board of
Trustees of the village of Oakbrook, Du Page County, Illinois, as
follows:
Section 1. That the Village of Oakbrook, Du Page County, Illinois,
offers to on into an option agreement with the Oak Brook Utility
Company, an Tilinois corporation, to purchase the properties of the
Oak. Brook Utility Company for a total price to be agreed upon by
the parties thereto, said option to extend for a period of ninety
(90) days. A copy of said option agreement is attached hereto and
by this reference made a part hereof.
Section 2. The President and Village Clerk are authorized
and directed to execute the original option agreement and such
copies thereof as a.-,A. required and to transmit the same to the
Oak Brook Utility Company for its acceptance.
Section 3. This resolution shall be in full force and effect
from and after its passage and approval as r,•ired by law.
PASSED and APPROVED this _,jn.Lday of July, 1968.
ATTEST:
Village Clerk
APPROVED:
"f 4r�
President
WI T11
11
E
EXHIBIT "A"
OPTION AGREEMENT
THIS AGREEMENT made this day of 1468,
by and between the OAK BROOK UTILITY COMPANY, an Illinois corporation,
and the VILLAGE OF OAKBROOK, a municipal corporation, in Du Page
County, Illinois:
WITNESSETH THAT:
Whereas, the Oak Brook Utility Company is a privately owned
public utility company furnishing water and sewerage service within
the Village of Oakbrook and is the owner of property used in provid-
ing such .service; and
Whereas, the corporate authorities of the Village of Oakbrook
deem it necessary and proper for said Village to acquire said utility
properties both within and without said Village and to operate and
maintain a waterworks and sewerage system;
NOW, THEREFORE, in consideration of the premises and the sum
of TEN AND NO /100 ($10.00) DOLLARS, in hand paid by the Village of
Oakbrook to the Oak Brook Utility Company, it is agreed by the parties
iloroty d3 iVil6via:
1. That the Oak Brook Utility Company, a corporation, hereby
and herewith grants to the Village of Oakbrook, a municipal corpor-
ation, an irrevocable option for a period of ninety (50) days to
enter into an agreement for purchase of all of the property of the
aforesaid Oak Brook Utility Company at a price to be agreed upon
by the parties and in substantial conformity with the "AGREEMENT ",
marked Exhibit "B" and by this reference made a part hereof.
0
-2-
2. The failure of the Village of Oakbrook to execute the
agreement marked Exhibit "B" during the ninety (90) day period
herein before referred to or thereafter shall in no way prejudice
it or cause any claim or cause of action to arise and the Oak Brook
Utility Company waives any such claim or demand.
IN WITNESS WHEREOF, the parties hereto have executed this
agreement on the date first written above.
OAK BROOK UTILITY COMPANY
By.
President
ATTEST:
Secretary
VILLAGE OF OAKBROOK
a municipal corporation,
By:�O � I L' . - �
President
ATTESTS
Y CJs
��� Village Clerk