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HomeMy WebLinkAboutOrd 3292 12/07/1982 RDINANCE NO. 3292 AN ORDINANCE PROVIDING FOR THE ISSUE OF $1,900,000 UNLIMITED AD VALOREM TAX BONDS OF SPECIAL SERVICE AREA NO. 50P THE VILLAGE OF MOUNT PROSPECT~ COOK COUNTY, ILLINOIS, AND THE LEVY OF A DIRECT ANNUAL TAX SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST ON SAID BONDS. PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 7th DAY OF December ,1982. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the ~ th day of December 1982. ORDINANCE NO. 3292 AN ORDINANCE providing for the issue of ]~,900,000 Unlimited Ad Valorem Tax Bonds of Special Service Area No. 5 of the Village of Mount Prospect, Illinois, and the levy of tax sufficient to pay the interest on said bonds. Cook County, a direct annual principal and WHEREAS, pursuant to the provisions of Section 6(I) of Article VII of the 1970 Constitution of the State of Illinois and "AN ACT to provide the manner of levying or imposing taxes for the provision of speclal servlces to areas within the boundaries of home rule units and non-home rule municipalities and counties," approved September 21, 1973, as amended, the Village of Mount Prospect, Cook County, Illlnois (the "Village"), is authorized to create special servlce areas within the Village, issue bonds secured by the full faith and c?edit of such areas for providing special services to such areas and levy taxes against the property included in such area to pay the principal and interest on sald bonds; and WHEREAS, the President and Board of Trustees of the Village (the "Board") by ordinance adopted on the 7th day of September, 1982, did propose the establishment of Special Service Area No. 5 of the Village (the "Area") and the issuance of bonds of the Area (the "Bonds") in not to exceed the amount of $1,900,000, bearing interest at a rate of not to exceed 12% per annum and maturlng within 10 years from the issuance thereof and did call a public hearing thereon for the 29th day of September, 1982 (the "Hearing"); and WHEREAS, proper notice was given of the Hearing and at the Hearing held on the 29th day of September, 1952, all interested ersons thereto affected by the Area were allowed to and to be heard orally thereon; and WHEREAS, day of November, 1982, did establish the Area; WHEREAS, the Area is contiguous and the corporate limits of the Village; and file wr=~_n o~_~ions the Board by ordinance adopted on the 30th and is totally within WHEREAS, the Area will benefit specially from the municipal services to be provided (the "Services"), and the Services are unique and in addition to municipal services provide~ to the Village as a whole; and WHEREAS, no legally sufficient petition has been f~led objecting to the creation of the Area, 'the levy or imposition of a tax or the issuance of the Bonds, the Board is authorized to issue the Bonds and levy a direct annual tax against all of the taxable property included in the Area sufficient to pay the principal and interest on the Bonds; and determine WHEREAS, the Board has determined and does hereby that it is adgisable, necessary and in the best interest of the Village and the Area to provide for the construction and installation of the necessary water distribution mains and pumping stations to provide Lake Michigan Water to the Area (the "Project"), all such construction to be on existing or to be acquired, public property; and WH .... AS, it has heretofore been and it is hereby that the cost of the Project will exceed $!,900,000; and WH .... AS, it is in in the amount of $1,900,000 and estimated the publlc interest to issue Bonds to pay part of the cost of the WHEREAS, the proceeds of the Bonds shall and only for improvements for which the Village is Project; be used solely authorized under -2- the provisions of the I]!inols Munlc[pal Code, as amended, to levy taxes or speclal assessments or to appropriate the funds of the Village: NOW, THEREFORE, Be It Board of Trustees of I!!inols, as follows: Ordained by the President and the Vlllage of Mount Prospect, Cook County, by of the amount of $1,900,000 payable property taxes levied against all in the Area for the purpose Project. Section 2. That Section 1. That It is hereby found and determined that and at the proceedings hereinabove described in the preambles thls ordinance, the Villlage was authorized to issue Bonds in solely and only from ad valorem of the taxable property Included of paying part of the cost of the in order to raise the sum of $1,900,000 presently needed for the purpose aforesaid, there be borrowed on behalf of the Area the sum of $1,900,000 and that the Bonds, payable solely and only from ad valorem taxes levied against all of the taxable property in the Area, without limit as to rate or amount, be issued in said amount, the Bonds to be known as "Special Service Area No. 5 Unlimited Ad Valorem Tax Bonds," be dated December 1, 1982, be of the denomination of $5,000 each, be numbered 1 to 380, inclusive, become due serially on December of each of the years and in the amounts and bearing interest at the rates per annum as follows: Year of Maturity Principal Amount Rate of Interest 1983 $125,000 10.00% 1984 125,000 10.00% 1985 150,000 10.00% 1986 150,000 9.60% 1987 175,000 8.00% 1988 200,000 8.25% 1939 200,000 8.50% 1990 225,000 8.75% 1991 250,000 9.00% 1992 300,000 9.25% -3- to be payable on December 1, 1983, and semiannually such interest thereafter on the first days of June and December in each year until the Bonds are pald, which said interest payments to date of maturity shall be evidenced by proper interest coupons attached to each Bond and maturing on the dates provlded hereln. That the seal of the Village shall be affixed to each od' the Bonds and the Bonds shall be slgned by the President and attested by the Vlllage Clerk of the Vlllage; and said coupons shall be signed by said officials, respectively, by their respective facsimile signatures, and said officials, by the execution of the Bonds, shall adopt as and for their own proper signatures their respective facsimile signa'tures appearing on sald coupons; and that the Bonds be payable in lawful money of the United S~ates of America at The Northern Trust Company , Chicago , Illinois. That the Bonds shall be payable to bearer, provided, however, that the Bonds may be subject to registration as to prin6i- pal in the name of the holder on the books of the Village Treasurer of the Village, such registration to be evidenced by notation of said Treasurer upon the back of the Bonds so registered. No Bond so registered'shall be subject to transfer except upon such books and similarly noted on the back thereof, unless the last reg~stration thereof shall have been to bearer. Such reg~stratIon of any of the Bonds shall not, however, affect the negotiability of the coupons attached to the Bonds, but such coupons shall continue transferable by delivery merely. Section 3. That the Bonds, coupons and registration form shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA COUNTY OF COOK VILLAGE OF MOUNT PROSPECT SPECIAL SERVICE AREA NO. 5 UNLIMITED AD VALOREM TAX BOND Number $5,000 KNOW ALL MEN BY THESE PRESENTS, that the Village of Mount Prospect, Cook County, Illinois, hereby acknowledges itself to owe and for value received promises to pay to bearer, or if this bond be registered, then to the registered holder hereof, solely from taxes levied against all of the taxable property .in that part of and not otherwise, the sum of the first day of December, 19 at the rate of annum, from date Hereof until said Village known as Special Service Area No. 5 FIVE THOUSAND DOLLARS ($5,000) on , together with interest thereon per cent ( %) per paid, payable December 1, 1983, and semiannually thereafter on the first days of June and December of' each year, on presentation and surrender of the interest coupons hereto attached as they severally become due. Both principal hereof a~d interest hereon are payable in United States of America at the lawful money of the , , Illinois. This bond is one of a series of bonds issued by said Village for the purpose of constructing public improvements in said Special Service Area, pursuant to and in all respects in compliance with the provisions of Section 6,(1) of Article VII of the 1970 Constitution of the State of Illinois and "AN ACT to provide the manner of levying or imposing taxes for the provision -5- of specia.! services ~o areas within the boundaries of home rule units and non-home rule municipalities and counties," approved September 21, 1973, as amended, and in compliance with an ordinance duly passed by the President and Board of Trustees of said Village an~ published, in all respects as by law required. It is hereby certified and recited that all conditions, acts and things required by the Constitution and laws of the State of Illinois, to exist or to be done precedent to and in the issuance of this bond did exist, have happened, been properly done and performed in regular and due form and time as required by law; that the indebtedness of said Village, represented by this bond and the issue of which it is a part, and including all other indebtedness of said Village, howsoever evidenced and incurred, does not exceed any limitation imposed by law and that provision has been made for the collection of a direct annual tax in addition to all other taxes on all of the taxable property in said Special Service Area sufficient to pay the interest hereon as it fails due and also to pay and discharge the principal hereof at maturity. This bond in the name of the such registration is subject to registration as to principal holder on the books ~ the Village Treasurer, to be evidenced by notation of said Treasurer on the back hereof, and after such registration no transfer hereof, except upon such books and similarly noted hereon, shall be valid unless the last registration shall have been to bearer. Registration hereof shall not affect the negotiability of the coupons hereto attached, which shall continue negotiable by delivery merely, notwithstanding registration hereof. IN WITNESS WHEREOF, said Village of Mount Prospect, Cook County, Illinois, by its President and Board of Trustees, has caused its corporate sea] vo be hereto affixed and thls'bond to be signed by the President and attested by the Village Clerk of said Village, and the coupons hereto attached to be signed and attested by said officials, respectively, by their facsimile signatures, and said officials by the execution hereof, do adopt as and for their own proper signatures, their respective facsimile signatures appearing on said coupons, all as of the first day of December, 1982. Attest: President Village Clerk (Form of Coupon) Number On' the flrst day of Mount Prospect, Cook County, Illlnols, from taxes levied agalnst all taxable sald Village known as Special Service $ , 19__, the Village of will pay to bearer solely property in that part of Area No. 5 Dollars ($ ) in lawful money of the on its Special Service dated December !, 1982, United States of America at the .., Illinois, for interest due that day Area No. 5 Unlimited Ad Valorem Tax Bond, numbered Attest: (Facsimile Si_~nature) President (Facsimile Signature) Village Clerk -?- Date Registered (Form of Registration of Ownership) Signature of Name of Registered Owner Village Treasurer Section 4. That forthwith after this become effect, as provided by law, the Bonds shall be and delivered to the Village Treasurer of the Village ordinance has executed and be by him Trust Company delivered to the purchaser thereof, same to be namely, price therefor, The Northern , upon receipt of the purchase not less than par plus accrued interest to date of delivery; and that the contract for the sale of the Bonds heretofore entered into, be and is in all respects ratified, approved and confirmed, it being hereby found and determined that said contract is in the best interest of the Vlllage and that no person holding any office of the Village, either by election or appointment, is in any manner interested, either directly or indirectly, in his own name or in the name of any other person, association, trust'or corporation, in said contract for the purchase of the Bonds. Section 5. That for the purpose of providing the funds required to pay the interest on the Bonds as it falls due, and also to pay and discharge the principal thereof at maturity or mandatory redemption, there be and there shall be levled upon all the taxable property within the Area a direct annual tax for each of the years whlle the Bonds or any of them are outstanding in amounts sufficient for that purpose, and that there be and there is levied upon all of the said taxable property In the -8- Area tax, For in addition to to-wit: the Year 1982 1983 198~ 1985 5986 1987 1988 1989 1990 1991 all other taxes the following direct annual A Tax Sufficient to Produce the Sum of: $296,837.50 $284,337.50 $296 837.50 for interest $281 $292 $303 $286 $294 $3o0 $327 for interest and principal up to and including December 1, 1983 for interest and principal and principal 837.50 for interest and principal 437.50 for interest and principal 437.50 for interest and principal 937.50 for interest and principal 937.50 for interest and principal 250.00 for interest and principal 750.00 for interest and principal That in the event that by reason of a delay in the collection of taxes in the Village, proceeds of taxes hereby levied are not available in time to meet any payments of principal and interest upon the Bonds, then the fiscal officers of the Village are hereby directed to make such payments from any current funds of the Village that are available for that purpose in advancement · of the collection of said taxes levied when the proceeds of such taxes herein levied are received, such funds shall be reimbursed. That the Village covenants and agrees with the purchasers and the holders of the Bonds that so long as any of the Bonds remain outstanding, the Village will take no action or fail to take any action which in any way would adversely affect the ability of the Village to levy and collect the foregoing tax levy, and that the Village and its officers will comply With all present and future applicable laws In order to assure that the foregoing taxes will be levied, extended and collected as provided herein and deposited established to pay the principal of and interest on 6. That forthwith as soon as this ordinance the Village Clerk of said Village be and is with the County in the fund the Bonds. Section becomes effective, hereby directed to file a copy of said ordinance -9- C~erk of Cook County, I1]~nols, and it shall be the duty of' said County Clerk in and for each of the years 1982 to 1991, Inclusive, to ascertain the rate percent required to produce the aggregate tax hereinbefore levied, and extend the same for collection on the tax books against all of the taxable p~operty within the Area in addition to other taxes levied in each of said years in the Area an order to raise the respective amounts levied aforesaid, and such tax shall be computed, extended and collected in the same manner as now or hereafter provided by law for the computation, extension and collection of taxes for general corporate purposes of the Village, and when collected, the tax hereby levied shall be placed to the credit of a special fund to be designated and known as "Village of Mount Prospect Specla~ Service Area No. 5 Bond and Interest Fund of 1982" (the "Bond Fund"), and the Bond Fund ls hereby irrevocably pledged to and shall be used only for the purpose of paylng t~e principal of and lnterest on the Bonds or If it is not needed for such purpose, for repaying any loans made to the Bond Fund for the purpose of paylng the principal of and interest on the Bonds. Sect!on ?. That the funds derived from such levy be and the same are hereby appropriated and set aside for the sole and only purpose of paying principal of and interest on the Bonds when and as the same become due. That the funds derived from the sale of the Bonds be and~ they are hereby appropriated and set aside for the purpose hereln set out. That the accrued interest and any premium received on the sale 'of the Bonds shall be credited to and deposited by the Village Treasurer of the Villag~ in the Bond Fund, and an amount equal to the Maximum Annual Debt Serv'ice on the Bonds shall be credited to and deposited by said Treasurer in a fund to be designated and known as "Village of Mount Prospect Special Service Area No. 5 Bond Reserve Fund" (the "Reserve Fund"). For purposes of this ordinance and with respect to the issuance of the Bonds, the phrase "Maximum Annual Debt Service" means an amount of money equal to the highest future principal and interest requirement on all of the outstanding Bonds required to be paid in any fiscal year of the Village, including and subsequent to the fiscal year in which the computation is made. The money in the Reserve Fund shall be used to pay principal of or any time when there are insufficient Fund to pay the same, in which case to the Bond Fund. At any time that interest on the funds available said money shatl be the amount credited Bonds at in the Bond loaned to the Reserve Fund exceeds the Maximum Annual Debt Service on the Bonds, the excess shall be transferred to the Bond Fund and used to abate taxes accordingly. At such time as the amount credited to the Reserve Fund equals or exceeds the aggregate principal and interest remaining to be paid on all of the outstanding Bonds, all of the money in the Reserve Fund shall be transferred to the Bond Fund and used to abate taxes accordingly. That the baIance of the proceeds of the Bonds shall be credited to and deposited by said Treasurer in a fund to be designated and known as "Village of Mount Prospect Special Service Area No. 5 Construction Fund" ("the Construction Fund"), and the Construction Fund shall be held in trust for the benefit of the property owners, residents, taxpayers and voters of the Area and for the purchasers and holders from time to time of the Bonds. That the'money in the Construction Fund only as follows: first, for paying the and second, for paying the prlncipal of Bonds if there are not sufficient funds shall be used solely and costs of the Project; and interest on the on hand in the Bond Fund or Reserve Fund therefor, in whlch case said money sha31 be loaned to'the Bond Fund. That prior to the expenditure of any of the money In the Reserve Fund or the Construction Fund as provided herein, the same shall be invested In bonds, notes, certificates of indebtedness, treasury bills or other securities now or hereafter issued, which are guaranteed by the full faith and credit of the United States of America as to principal and interest. Interest earned on, or increment to, the money in the Reserve Fund shall be transferred to the Bond Fund and shall be used to abate taxes accordingly. Znterest earned on, or any increment to, the money in the Construction Fund shall be retained in the Construction Fund. After the Project has been completed, any money remaining in the Construction Fund shall be transferred to the Bond Fund and used to abate taxes accordingly. Section 8. That the principal proceeds of the sale of the Bonds be devoted to and used with due diligence for the com- pletlon of the Project, and that the Board covenants, represents and certifies as follows: (1) That the Village has incurred, or within six (6) months after the delivery of the Bonds expects to incur, substantial binding obligations with respect to the Project, said binding obligations comprising con-- tracts requiring the expenditure of Bond proceeds for the construction of the Project in the amount of not less than $!00,000, said amount being not less than 2-1/2~ of that portion of the cost of the Project to be financed with the proceeds of the Bonds. (2) ~nat the Village expects that all of the money derived from the sale of the Bonds and deposited in the Construction Fund, which is the fund from which the cost of the Project is to be paid, will be expended on or before December l, 1985, for the purpose of paying the cost of the Project, said date being within three (3) years following the date of issue of the Bonds. (3) ~nat the foregoing is based upon consultation with the~ consultants employed by the Village in connec- tion with the Project. -12- (4) That work on the Project is expected to pro- ceed with due diligence to completion. (5) That the Project has not been and is not expected to be sold or otherwise disposed of in whole or in part prior to the last maturity of the Bonds. (6) That all of the proceeds of sale of the Bonds and investment earnings thereon are needed for the purpose for which the Bonds are issued, including expenses incidental to such purpose and to the issuance of the Bonds. (7) That accrued lnterest received upon the sale of the Bonds will be applied to the first interest due thereon, and that the balance of the proceeds of sale of the Bonds will be deposited as provided in Section 7 hereof. (8) That except for the Bond Fund and for the Reserve Fund established hereunder, the Village has not created or established any debt service fund, redemption fund, reserve fund, replacement fund, or any similar fund to pay principal or interest on the Bonds. (9) That amounts deposited In the Bond Fund will be expended within a 13-month period beginning on the date of deposit, said fund will be depleted at least once annually to an amou~nt not greater than 1/12 of the then current annual debt service on the Bonds, and any amounts received from investment of money in said fund will be expended within a one year period beginning on the date of receipt. (10) That the Reserve Fund is to be established from Bond proceeds in an amount ~qual to the Maximum Annual Debt Service on the Bonds, a necessary require- ment in order to make the Bonds salable at an acceptable interest rate, as evidenced by the opinion of R. V. Norene, the independent financial advisor to the Village, and to the extent that the amount to the credit of the Reserve Fund exceeds the maximum amount permitted under Section 103(c) of the Internal Revenue Code of 1954, as amended, and any lawful regulations promulgated thereunder, for investment without restriction as to yield, appropriate restrictions as to investment of the Reserve Fund are hereby authorized and directed. (11) That although money in the Construction Fund may be required to be used to pay principal and interest on the Bonds to prevent or remedy a default, such amounts are not expected to be so used, and there is no assurance (due to necessity of using such money to pay for the Project within three (3) years of the issuance of the Bonds) that such money will be available to pay principal and interest on the Bonds even if all other sources of payment are exhausted. (12) That if at any time after the third anniversary of the date of issuance of the Bonds, the aggregate amount of money in the Construction Fund and the Reserve Fund equals or exceeds 15% of the par amount of the Bonds or 15% of the proceeds of the Bonds if t~ey were sold at a discount greater than 2% (the "M~nor Portion"), the money in the Construction Fund and the Reserve Fund in excess of the Minor Portion shall not be invested at a yield "materially higher" (within the meaning of Treas. Reg. §l.103-13(b)(5) (1979)) than the yield on the Bonds unless the Village receives an opinion of an attorney at law or a firm of attorneys of nationally recognized standing in matters pertaining to the tax-exempt status of interest on bonds issued by states and their political subdivisions and duly admitted to the practice of law before the highest court in any state or of the United States of America to the effect that investment of such moneys in the Construction Fund and the Reserve Fund in excess of the Minor Portion at a yield materially higher than the yie]d on the Bonds will not result in the inclusion of interest on the Bonds in gross income for federal income tax purposes. (As used herein, the te~m "yield" means that yield which when used in computing the present worth of all payments or principal and interest on an obligation produces an amount equal to the purchase price.) (13) That in valuing the moneys on deposit in the Construction Fund and the Reserve Fund at any time for the purpose of compling with paragraph (~2) of Section 8 hereof, investments will be taken into account at purchase price with the following exception: if an investment is purchased at a discount or results in interest payments for any annual period in excesu of interest payments for any preceding annual period (reflecting the annual reinvestment of accrued interest as to principal) the amount of such discount or excess interest (not discounted to present value) shall be added to the purchase price ratably each year over the term of the investment. The yield on such investment shall be calculated on the basis of the actual payments received from and the price paid for such investment. (~4) That in restricting the yield on the moneys on deposit in the Construction Fund and the Reserve Fund at any time for~the purpose pf compling with paragraph (12) of Section 8 hereof, the y~eld on and market price of investments wiI1 be determined in accordance with Treas. Reg. §l.103-13(c)(1)(ili) (I979) notwithstanding that the Bonds are not refunding bonds. (15) That the Bonds are not being issued to pay any principal or interest on any other issue of governmental obligations of the Village. (16) That at least once a year, the Village will cause all of the funds referred to in this ordinance to be audited by independent certified public accountants, -14- and such audit shall include a statement regarding the compliance by the Village with the various requirements of this Section. If such audit shows that the Village is not in compliance with such requirements in any respect, the Village shall immediately act to remedy such non- compliance. (17) The Village has not been notified of any disqualification or proposed disqualification of it by the Internal Revenue Service as a bond issuer which may not certify bond issues under Treas. Reg. ~l.103-13(a)(2)(ii) (1~79). (18) That to the best of the knowledge and belief of the Board, there are no facts, estimates or circumstances that would materially change the conclusions and representa- tions set out in this Section and the expectations set out in this Section are reasonable. The Board also certifies an~ further covenants with the purchasers and holders of the Bonds from time to time outstanding, that so long as any of the Bonds remain outstanding, moneys on deposit in any fund or account in connection with the Bonds, whether or not such moneys were derived from the proceeds of the sale of the Bonds or from any other sources, will not be used in a manner which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and any lawful regulations promulgated or proposed thereunder, including Treas. Reg. Sections 1 103-13, 1.103-14 and 1.103-15, as the same presently exist, or may from time to time hereafter be amended, supplemented or revised. The Board reserves the right, however, to make any investment of such moneys permitted by Illlnols law if, when and to the extent that said Section 103(c) or regulations promulgated thereunder shall be repealed or relaxed or shall be held void by final of a court of competent jurisdiction, but only if any made by virtue of such repeal, relaxation or decision in the opinion of counsel of recognized competence in result in making the interest on the Bonds subject to income taxation. decision investment would not, such matters, federal -15- Section 9. That this (30) days after adoption thirty the same being a newspaper published circulation within the Village. Section 10. That all ordinances, or parts thereof, in conflict herewith~ be ordinance be published once. within In the Mount Prosoect In and with a general resolutions and orders, and the same are hereby repealed and irmmediatety and forthwith upon its adoption, publication. Adopted December 7, 1982. AYES: Farley, Floros, Richardson, this ordinance be in full force and effect approval and Wattenberg, Krause NAYS: Arthur, Murauskis ABSENT: None Approved December 7, 1982. President Published in the Mount Prospect Herald on December 11 , 1982. Attest: · Village' Clerk Recorded in the Village Records on December 8 , 1982. -16- MINUTES of a regular ~ub!ic meeting of the President and ~oard of Trustees of the Village of Mount Prospect, Cook County, illinois, held at 112 E. Northwest Highway · J{ount Prospect, Illinois, at o'clock .M., on December, 1982. -- in said Village the ?th day of The meeting was called to Order by the President and upon the roll being called, Carolyn H. Krause the President, and the following Trustees answered present: Ralph Arthur, Gerald Farley, Leo Floros, Norma Murauskis, E. F. Richardson, and the following None Theodore Wattenberg Trustees were absent: Trustee Farley presented and the Village Clerk read in full an ordinance as follows: ~ ~== Farley said ordinance as read, and Trustee the-Motion ~ · A~ ~r a full and complete President directed the Village Clerk to call the upon moved the adoption of Rlcbaro on s ec.~nd ed discussion thereof, the roll for a vote the motion to adopt said ordinance as read: Upon the roll being called the following Trustees voted: AYE: Farley, Floros, Richardson, Wa%tenberg Mayor Krause and the following voted: NAY: Arthur, Murauskis The President declared the motion carried and said ordinance adopted, approved the sa~e in open meeting and directed the Clerk to record the same in full in the records of the Village of Mount Prospect, Cook County, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at the meeting. Upon ~otion duly ma~e, seconded and carried, the meeting was adjourned. Village Clerk TATE OF ILLINOIS ) ~-_= ) SS COUNTY OF COOK ) CERTIFICATION OF MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk of the Village of Mount Prospect, Cook County, Illinois (the "Village"), and that as such offlclal I am the keeper of the records and files of the President and Board of Trustees of the Village (the "Board"). I do further certify that the foregoing Is a full, true and complete transcript of that portion of the minutes of the meeting of the Board held on the 7th day of December, 1982, insofar as same relates to the adoption of Ordinance No. 3292 entitled: AN ORDINANCE providihg for the issue of $1,900,000 Unlimited Ad Valorem Tax Bonds of Special Service Area No. 5 of the Village of Mount Prospect, Cook County, Illinois, and the levy of a direct annual tax sufficient to pay the principal and interest on said bonds. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcrip~ of the minutes of said meeting'. I do further certify that the deliberations of the Board on the adoption of said ordinance were conducted openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that said meeting was called and held in strict compliance With the provisions of the Open Meetings Act of the State of Illinois, as amended, "AN ACT to provide the manner of levylng or imposing taxes for the provision of special services to areas wlthln the boundaries of home rule units and non-home rule municipalities and counties," approved September 21, 1973, as amended, and the Illinois Municipal Code, as amended, that the Board has complied with all of the provisions of said Acts and sald Code and with all of the procedural rules of the Board. IN WITNESS ture and the seal of WHEREOF, I hereunto affix my official signa- the Village, this 8th day of December, 1982. Village Clerk TATE OF ILLINOIS ) COUNTY OF COOK ) SS FILING CERTIFICATE I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of Cook County, tll~nois and as such official I do further certify that on the day of December, 1982, there was filed in my office a duly certified copy of Ordinance No. entitled: AN ORDINANCE providing for the ~ssue of $1,900,000 Unlimited Ad Valorem Tax Bonds of Special Service Area No. 5 of the Village of Mount Prospect, Cook County, illinois, and the levy of a direct annua! tax sufficient to pay the principal and interest on said bonds. duly adopted by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, on the 7th day of December, 1982, that the same has been deposited in the official files and records of my office, and that the direct annual tax provided for and levied in said ordinance will be extended against all of the taxable property located within Specia~ No. 5 of said Village in and for each of the years inclusive. Service Area 1982 to 1991, IN WITNESS WHEREOF, I hereunto affix my official signature seal of said County, thlS __ day of December, 1982. and the (SEAL) County Clerk Illinois of Cook County,