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Home My WebLink AboutRes 31-74 11/19/1974 RESOLUTION NO. 31-74 A RESOLUTION ACCEPTING A BID FOR VILLAGE OF MOUNT PROSPECT CORPORATE PURPOSE BONDS, SERIES OF 1974 WHEREAS, the Village of Mount Prospect, pursuant to Ordinance 2531, passed and approved by the President and Board of Trustees on October 15, 1974, is authorized to issue non-referendum bonds to evidence indebtedness incurred for corporate purposes; and WHEREAS, on October 1,1974, (see minutes October 1,1974, p. 1) the President and Board of Trustees of the Village of Mount Prospect authorized the Village Mana- ger to sign a contract with Paul D. Speer & Associates, Inc. , retaining the latter as financial consultants for the issuance of bonds concerned with municipal library expansion and other corporate purposes; and WHEREAS, on October 22, 1974, (see minutes October 22, 1974, pp 1 & 2), the President and Board of Trustees of the Village of Mount Prospect approved a $4,000,000 bond issue as per Table 3 of the proposal prepared by Paul D. Speer & Associates, Inc. , and thereby so authorized and directed a mailing of a prospectus to prospective bidders and the publication of advertisements for sealed bids for said bonds to be received by and opened on November 19, 1974, at 12: 00 o'clock Noon; and WHEREAS, sealed bids for the aforesaid $4,000,000 in corporate purpose bonds for the Village of Mount Prospect have been received from the following bidders at the net interest cost set after their names: Net Interest Rate 1. Continental Illinois National Bank and Trust Company of Chicago and Halsey Stuart and Company, Inc. , and Associates 5.938378% 2. Harris Trust and Savings Bank and The First National Bank of Chicago and Associates 6.09417% 3. The Northern Trust Company and Associates 6.10142% WHEREAS, the President and Board of Trustees of the Village of Mount Prospect have determined that the bid submitted by Continental Illinois National Bank and Trust Company of Chicago and Halsey Stuart and Company, Inc. , and Associates, results in the lowest net interest cost to the Village; and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect desire to accept the bid of Continental Illinois National Bank and Trust Company of Chicago and Halsey Stuart and Company, Inc. , and Associates, and to direct the preparation of a bond ordinance in conformity therewith; NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the President and Board of Trustees of the Village of Mount Prospect do hereby accept the bid of Continental Illinois National Bank and Trust Company of Chicago and Halsey Stuart and Company, Inc. , and Associates, at the net interest cost of 5.939378% to the Village, a copy of which bid is attached to this Resolution as Exhibit A and is made a part hereof by this reference. SECTION TWO: That the President and Board of Trustees of the Village of Mount Prospect do hereby authorize and direct the preparation of an ordinance providing for borrowing money and issuing bonds of the Village of Mount Prospect in the amount of $4,000,000 for the purpose of acquiring land and the construction of a new public library building and equipping same thereon, as well as for the acquisi- tion of existing buildings to be furnished and improved for use as administrative offices for the Village of Mount Prospect, and providing for the levy and collection of a direct annual tax for the payment of principal and interest on said bonds, in conformity with the bid of Continental Illinois National Bank and Trust Company of Chicago and Halsey Stuart and Company. Inc. , and Associates, attached hereto as Exhibit A to this Resolution. SECTION THREE: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. AYES: 5 NA YS: 1 PASSED and APPROVED this 19th day of November, 1974. - - /'R~7 ~.:9' .,," <" .., /. .....-- ,~,.,. .~ -:.."......... ~ . /~,. /,/ --....,.,..;.-- ? :::7~-' /', ' ~~~-~- - / Village President ATTEST: /1 41u-4 U/ Village Clerk ,Air ,: )1;' /' ,~;;C~/l/..u.......,,~ " -2- .----,~ OFI"lCI/':l.L iUD FOR.lvl November 19, 1974 Village: Board Village Hall Mount Prospect, Illinois For $4,000,000 Corporate purpose Bonus, Series 1974 of the Village of Mount Prospect, described in the annexc~l Ofricial Nc;..ticeJf ~H-01P which is expres?ly made a part hereof, we will pay you the p:'.r value thereof p}us a preI1llu:n of $ . ..,,{ / [;. ,.f./.' ., plus accrued ll1tcrest from December 1, 1974 to the date of delivery. The bends arc to bear interest at the following respective coupon rates (each a multiple of I! 4 or I! 10 of 1 C;(, ) : Gentlemen: S200,OOO 200.000 200,000 200.000 200,000 200.0ClO 200,000 1977 1978 1979 1980 1981 1982 1983 . f""'. · ..,. r"" ..J, 1..~..--~-!~:/( i' . ~ \.,,, ,.6 i'.) l,{ =-{f' .:5V0'o J~ .5'L % _~-L-5j1. [;( .1,:1-<.53")- % J;..lfL% I\'lATURiTiES--Janunry 1 $200,000 19R4 ,5';!}f)C;( 200,000 1985 ~_qtL [il- 200,000 1986 5~J~ % 200,000 1987 ~1':_~'lj_% 200,000 1988 ':;"'5'(') % 200,000 1989 ..:;u3....fl. % $200,000 200,000 200,000 200,000 200,000 200,000 200,000 1990 1991 1992 1993 1994- 1995 1996 (,IDal __\I_L~- /0 _!11lP-% ~.3(?_% _11J.3l~% -7- '"' :') en J.!-L--1:..~~:...- 10 :(". O!) Cj,f [, .....y-.""- ..~. D~% Said bonds are to be executed and deEvered to us in accordance with the terms of this bid accompanied by the unqualified approving opinio'ir Messrs. Chapman and Cutler, Attorneys, Chicago, Illinois. You are to pay for said legal opinion and printi} ,': bonds. As evidence of our good faith, we enclose here\\rith d1eck in the sum or S80,OOO in accordance with your OfIicial Notice of Sale. A list of the members on whose behalf this bid is made is appended hereto. We will designate our nomination for paying agent of l!.':, issue by 4:00 P.M:., Local Time on this date and should we fail to do so by that time, or if such nomination is unacceptable, then the bonds and coupons may, at your option. be made payable at a bank of your choice. OUf calculation of interest cost from above is: Total Interest................... a;J-S1;1t~.('1 Less Premium . . . . . . . . . . . . . . . . . .. $ ;lJJ{ # if.) Net Interest Cost. . . . . . . . . . . . . . . .. ~ 7.:51J ~AIt.!P 7 :f' 03 ~}3 ....r.I Net Interest Rate. . . . . . . . . . . . . . ...;;: ~ i_I,I1_hL. % The foregoing bid was accepted and bonds sold by resolution of the Village Board of Mount Prospect, Illinois November 19, 1974 and receipt is hereby acknowledged of the good faith check which is being held in accordance with the terms of the Ofilcial Notice of Sale. \ Descrip~ion of Check: I AmO'.mt: S80,000 Name of Bank Continenta 1 Illinois National' Bank and Trust Company or Chicago Ch'cago Illinois City:' State ~ J --. Certified (Cashier's) Check No. J"} /17~.;;, ~ Dated (For Use of Village Only) The above eheck was returned and received for the above named Account Manager By r;:"~[lJm lG)f~ll1J U 0 ,~~~ Village Clerk -------. -~~--_._-~--------'-- -- Respectfullv submitted, .' Continental Illinois Nat~onal BanK Name and Trusr Company of Chicago ,___- Account Manager .....-,,:-- .' ,By M;. L;~-il'~c~;. 'f~rrish:-V;:-~~~P;~~-~~elJ.L- Address ~~~J'outh La Salle Street City Chicago State Illinois _ _ _ _ NOT .f, PART OF BID - - - , / VILLA.,GE:,/~MO~1*~'J' B OUP! ~I:LyNOIS . pY '//' // /- . ~/~r:,,~~c=-'C~'i_-/-- Mayor