HomeMy WebLinkAbout04/29/1967 VB minutes M/NUTES OF SPECIAL ~ETING OF
HiE BOARD OF TRUSTEES
CALL TO ORDER
President Congreve called the meeting to order at 10:25 A.M.
The special meeting was called by the President upon twenty-four
hours' written notice to all members. The purpose of this meeting was
for approval of bond ordinance for the acquisition of the facilities Acquisition
of the Utility Sewer and Water Co~pany, and appointment of Ross, of Utility
Hardies, O'Keefe, Babcock, McDugald, and Parsons as special counsel Sewer &
in acquisition of the above facilities at a fee of $5,500. Water
ROLL CALL
~pon roll call: Bruhl Colfer Grittani Teichert Congreve
Ab sent: Ekren
REPORT OF VT,LT,&,qE F~NOINEE~
Cost of ~ui'si'~ion $655,000.00
Improvements - lift station 35,000.00
Engineering expense i 10,250.00
Miscellaneous administrative Engineer's
expense 5,000.00 Report
Legal expense 7,500.00
Bond discount 7,250.00
Contingency fund .5.~Q00.00
$725,000.00
She administrative expense includes fiscal agent fees to Paul Speers.
A feasibility report prepared by Consoer, Townsend & Associates was
presented to the Board by the Engineers. Trustee Teichert, seconded
by Trustee Colfer, moved to approve the engineering report of Consoer, Consoer,
Townsend & Associates dated April 19, 1967 entitled "Interim EngineeringTovnnsend
Report" and the detailed estimate of cost contained therein as presented Report
by the Village Engineer~ Bernard H. R. Hemeter.
Upon roll call: Ayes: Bruhl Colfer Orittani Teichert Congreve
Motion carried.
A report v~s given by the Finance Director stating he had reviewed the
audit report of Ernst and Ernst of the Waterworks and Sewerage Fund
for the fiscal year endir~ April 30, 1966, which indicates that the Report
Village b~s met the requirements outlined in Bond Ordinance 907. Ernst &
Operating income was more than sufficient to service additional bond Ph~nst
issues as the Village bad met the requirement of 135% of the maximum
ccmbined principal and interest requirement for any succeeding years.
For the fiscal year ending April 30, 1967, which is now being audited,
it is evident that operating income for the bond ordinance will
exceed that of the period ending April 30, 1966, making the revenue
available to service additional bond issues greater than the prior
fiscal year.
Trustee Teichert, seconded by Trustee Colfer, moved that earnings of
the Waterworks and Sewerage system for the fiscal year ending
April 30, 1966 are sufficient to permit issue of additional Waterworks Bonds
and Sewerage Revenue Bonds on parity with bonds outstanding and
within restrictive covenants of Sec. l0 of Ordinance #907 adopted
May 14, 1963.
Upon roll call: Ayes: Bruhl Colfer Grittani Teichert Congreve
Motion carried.
April 29, 1967
Trustee Colfer, seconded by Trustee Bruht, moved to approve Ernst &
Ernst audit report dated April 30, 1966.
Upon roll call: Ayes: Bruhl Coif er Grittani Teichert Congreve
Motion caruied.
Bond ~. Robert Burrows of Cbapmar~ and Cutler discussed the bond ordinance.
Ordinance The ordinance makes statement and determination of earnings of last
fiscal period in accordance with the terms of Ordinance #907, to
allow issuance of new bonds on even parity with existing bonds.
Trustee Teichert, seconded by Trustee Bruhl, ,moved to suspend the
rules requiring two readings of the ordinance.
Upon roll call: Ayes: Brtflul Colfer Grittani Teichert Congreve
Motion caruied.
ORDINANCE NO. 2000
~ustee Teichert, seconded by Trustee Bruhi, moved for passage of
Ordinance No. 2000:
AN ORDINANCE AL~HORIZING Ak~ PROVIDING FOR T}~ ISSbY'~ OF
$725,000 WATERWORKS AND SE%~ZRAGE REVEhVJE BONDS, SERIES
1967~ OF ~ VILLAGE OF MOUNT PROSPECT, COOK COUNT~Z,
Ord. #2000 ILLINOIS, FOR T}~2 PbRPOSE OF DEGRAYING T}~Z COST OF
IMPROVING AND EXTP~ING
SEWERAGE SYSTE~d OF SAID VILLAGE BY I~E ACQUISITION OF
AN EXISTING PRIVATELY O%~h~]D WATER %~ORKS AND DISTRIBUTION
SYST~[ AND AN EXISTING PRIVATELY O%~NED SANITARY SE~ER
SYSTEM A~D ~i~RHAFTER IMPROVING THE SAlsifY, PRESCRIBING
ALL T~Z DETAILS OF SAID BONDS, PROVIDING FOR THE COLLECTION,
SEGREGATION A~]D DISTRIBUTION OP ~2 REV~70I.~ OF T~
CO~3INED WATERWORKS Ah~D SE~,~PAGE SYST~Z.~ OF SAID VILLAGE
FOR T~6 PURPOSE OF PAYING Tf~ COST OF T~IE OPERATION AND
MAI~YfENANCE ~-~t%EOF, PROVIDING AN ADEQUATE DEPP~CIATION
FUND T}~PJ~FORE
SAID WA%~RWORKS AND SEt'gP~GE t~E~U~] BO~S, INCLINING
~OSE WA~ZWORKS AND SE¥~RAGE }~EVENUE BONDS }~PJ~TOFORE,
ISSUED AND PRESEntLY OO~fSTANDING, A~D PROVIDING FOR
~2'; MAIN~2~ANCE AND CONTINUATION OF CERTAIN ACCO[~S
OF ~ WATERWORKS A~D SEWERAGE FUND OF ~ VILLAGE.
Upon roll call: Ayes: Bruhl Colfer Grittani Teichert Congreve
M~t ion carried.
Trustee Bruhl, seconded by Trustee Teichert, moved that the appoint-
Special ment of the firm of Ross, Hardies, O'Keefe, Babcock, McDu~ld and
Cour~sel Parsons as special counsel in the acquisition of facilities of the
Utility Sewer and Water Company at a fee of $5,500.
Upon roll call: Ayes: Bruhl Colfer Grittar~i S%ichert Congreve
Motion carried.
~onom~g Firm Trustee Teichert, seconded by Trustee Bru[~l, moved to engage the
services of the bonding firm of Chapn~n and Cutler for an amount
not to exceed $2~000.
Upon roll call: Ayes: Bruhl Colfer Grittani Teichert Congreve
Motion carried.
ADJOURNY~I~T
Trustee Teichert, seconded by Trustee Bruhl, moved the meeting be
adjourned. Time: 11:05 A.M. Unanimous.
RICtL~RD H. ?.~D~,~OE,
Village Clerk
April 29, 1967