HomeMy WebLinkAboutOrd 4622 02/15/1994 ORDINANCE NO. 4622
AN ORDINANCE ESTABLISHING AN ESCROW FUND FOR THE PAYMENT
OF OUTSTANDING GENERAL OBLIGATION BONDS, SERIES 1992A,
OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS AND
AUTHORIZING AN ESCROW DEPOSIT AGREEMENT
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 15th day of February , 1994
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
15th day of February , 1994.
ORDINANCE NO. 4 6 2 2
ORDINANCE ESTABLISHING AN ESCROW FUND FOR ~
PAYMEIXrr OF OUTSTANDING GENERAL OBLIGATION
BONDS, SERIES 1992A, OF THE VILLAGE OF MOUNT
PROSPECT, ILLINOIS AND AUTHORIZING AN ESCROW
DEPOSIT AGP ~-~MENT
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, ILLINOIS, AS FOLLOWS:
Section 1. This ordinance is adopted pursuant to the provisions of Section 6 of
Article VII of the Illinois Constitution of 1970 for the purpose of providing for the net
defeasance of $1,430,000 outstanding principal amount of General Obligation Bonds, Series
1992A, of the Village (the "Outstanding Bonds"). The Outstanding Bonds, constitute a portion
of each maturity of the General Obligation Bonds, Series 1992A, maturing in the years 1994 to
1998, both inclusive and are more particularly described as follows:
Principal Amount
Maturity to be defeased
1994 $245,000
1995 250,000
1996 250,000
1997 280,000
1998 405,000
Section 2. The President and Board of Trustees of the Village hereby determines
that it is advantageous and in the public interest to establish an irrevocable escrow fund in an
amount, together with investment earnings, sufficient to provide for the prompt payment of the
principal of and interest on the Outstanding Bonds as the same shall become due and payable;
and to provide for the proper administration of said escrow fund, the Village shall enter into an
Escrow Deposit Agreement with American National Bank and Trust Company of Chicago.
Section 3. The Village President is hereby authorized to enter into the Escrow
Deposit Agreement. The final form of such Escrow Deposit Agreement shall be substantially
in the form of the Escrow Deposit Agreement presented at this meeting and on file at the office
of the Village Clerk, but may contain such adjustments in text as the Village President shall
determine to be necessary or desirable in connection with the net defeasance of the Outstanding
Bonds. The final form of the Escrow Deposit Agreement shall be executed on behalf of the
Village by the Village President, under the seal of the Village, attested by the Village Clerk.
Section 4. The Village Clerk is hereby authorized and directed to publish this
ordinance in pamphlet form and to file copies thereof for public inspection in her office.
Section 5. This ordinance shall become effective in the manner provided by law.
Adopted this 15th day of February, 1994, by roll call vote as follows:
Ayes: Clowes, Corcoran, Hoefert, Hendricks,
Skowron, Wilks
Nays: None
Approved: February 1~994
Village President
[SEAL]
/
Village Clerk
· ,DOCU~ fl: CHOO05 (58516-0~018-7) 86060.1 ;DATE:0?./03/94/TIIVIE:17:36 ----
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