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Home My WebLink AboutOrd 653710/21/2020 Amendment between the intergovernmental agreement between the Villlage of MP and the MP Public Library for the insurance of general obligation bondsORDINANCE NO. 6537 ORDINANCE APPROVING AN AMENDMENT TO AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND THE MOUNT PROSPECT PUBLIC LIBRARY FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS NOW, THEREFORE, BE IT ORDAINED, by the Mayor and the Board of Trustees of the Village of Mount Prospect ("Village"), Cook County, Illinois, as follows: SECTION 11 *, The Mayor and the Board of Trustees of the Village find as follows: A. The Village is a home rule municipality pursuant to Section 7 of Article VII of the Constitution of the State of Illinois. B. The Mount Prospect Public Library ("the Library") is an Illinois Village Public Library. C. On May 21, 2002, the Village and the Library entered into an Intergovernmental Agreement ("the Agreement"). D. Pursuant to the Agreement, the Village caused general obligation bonds ("the Bonds") to be issued in the amount of $20,500,000 to fund the expansion of and improvement to the existing public library. The Bonds have a twenty year repayment schedule. E. Pursuant to the Agreement, the Library assumed the full responsibility for the repayment of the bonds, inclusive of principal and interest and all the costs associated with the bond issue. F Pursuant to the Agreement, the Library approves tax levies annually which are sufficient to cover the repayment of all principal and interest on the Bonds issued by the Village as they come due. G. Section 6 of the Agreement requires the Library to make a balloon payment to the Village on November 1, 2021 in an amount sufficient to cover the December 1, 2021 principal and interest payment, the June 1, 2022 interest payment, and the December 2022 principal and interest payment. H. The Village and the Library find that it is in the best interests of the parties to revise the Agreement to extend the term of the Bond repayment schedule by one year so that it will make a December 1, 2021 payment and a December 1, 2022 payment. 452380.11-11 1. The Library shall have tax levies in 2020 0 to cover the 2021 payment and it shall levy taxes in 2021 to cover the 2022 payment. SECTION 2: The current language in Section 0, of the Agreement, that reads as follows: "Furthermore, the LIBRARY agrees to remit to the VILLAGE a balloon payment on November 1, 2021 in an amount sufficient to cover the December 1, 2021 principal and interest payment, the June 1, 2022 interest payment interest payment, and the December 1, 2022 principal and interest payment." shall be deleted from the Agreement and replaced with language that reads as follows: "The LIBRARY shall remit t0 the VILLAGE at least two weeks before June 1, 2021 and December 1, 2021 an amount sufficient to cover the principal and interest payments due on June 1, 2021 and December 1, 2021, respectively. The LIBRARY shall also remit to the VILLAGE at least two weeks before June 1, 2022 and December 1, 2022 an amount sufficient to cover the principal and interest payment on June 1, 2022 and December 1, 2022, respectively." SECTION : This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law. ADOPTED this L..v day of October, 2020, pursuant to a roll call vote as follows: AYES: Gro i, Hatzis, Hoefert, Rogers, Baccotelli, Zadel NAYS: None ABSENT: None APPROVED this 20 day of October, 2020, by the Village Mayor of the Village of Mount Prospect, and attested by the Village Clerk, on the same day. Village'Mayor 4S2380,11,111,111,11111 APPROVED and FILED in my office this 21st day of October, 2020 and published in pamphlet form in the Village of Mount Prospect, Cook County, Illinois. ATTEST,: Village Clerk -0 4523801 Mount Prospect Public Library Board of Trustees ORDINANCE NO. 2020-2 ORDINANCE APPROVING AN AMENDMENT TO AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND► THE MOUNT PROSPECT PUBLIC LIBRARY FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS NOW, THEREFORE,, BE IT ORDAINED, by the Board of Trustees of the Mount Prospect Public Library ("Library"), Cook County, Illinois, as follows: SECTION 1: The Board of Trustees of the Library find as follows: A. The Mount Prospect Public Library is an Illinois Village Public Library, B. The Village of Mount Prospect ("Village") is a home rule municipality pursuant to Section 7 of Article VII of the Constitution of the State of Illinois. C. On May 21, 2002, the Library and Village entered into an Intergovernmental Agreement ("the Agreement"). D. Pursuant to the Agreement, the Village caused general obligation bonds ("the Bonds") to be issued in the amount of $20,500,000 to fund the expansion of and improvement to the existing public library. The Bonds have a twenty-year repayment schedule. E. Pursuant to the Agreement, the Library assumed the full responsibility for the repayment of the bonds, inclusive of principal and interest and all the costs associated with the bond issue. F. Pursuant to the Agreement, the Library approves tax levies annually which are sufficient to cover the repayment of all principal and interest on the Bonds issued by the Village as they come due. G. Section 6 of the Agreement requires the Library to make a balloon payment to the Village on November 1, 2021 in an amount sufficient to cover the December 1,, 2021 principal and interest payment, the June 1, 2022 interest payment, and the December 1, 2022 principal and interest payment. H. The Village and the Library find that it is in the best interests of the parties to revise the Agreement to extend the term of the Bond repayment schedule by one year so that it will make a December 1, 2021 payment and a December 1, 2022 payment. I. The Library shall have tax levies in 2020 to cover the 2021 payment and it shall levy taxes in 2021 to cover the 2022 payment. Ordinance No 2020-2 Amending the Village/Library IGA for Bonds October 15, 2020 Page 1 of 3 Mount Prospect Public Library Board of Trustees SECTION 2: The current language in Section f, of the Agreement, that reads as fpllows: "Furthermore, the LIBRARY agrees to remit to the VILLAGE a balloon payment on November 1, 2021 in an amount sufficient to cover the December 1, 2021 principal and interest payment, the June 1, 2022 interest payment, and the December 1, 2022 principal and interest payment." shall be deleted from the Agreement and replaced with language that reads as follows "The LIBRARY shall remit to the VILLAGE at least two weeks before June 1, 2021 and December 1, 2021 an amount sufficient to cover the principal and interest payments due on June 1, 2021 and December 1, 2021, respectively. The LIBRARY shall also remit to the VILLAGE at least two weeps before June 11 2022 and December 1, 2022 an amount sufficient to cover the principal and interest payment on June 1, 2022 and December 1, 2022, respectively." SECTION 3: This Ordinance shall be in full force and effect as of this date of adoption. TH ADOPTED this 15 day of October 2020, pursuant to a roll call vote as follows., ABSTAIN: TOTAL" ABSENT:T TAL, omo_ m6h ATTEST: Terri Gens, Sec,reltry/ Ordinance No 2020-2 Amending the Village/Library IGA for Bonds October 15, 2020 ra i ylvia M. Haas, President Page 2 of 3 STATE OF ILLINOIS) )ss Mount Prospect Public library Board of Trustees CERTIFICATION I, TERRI GENS, DO HEREBY CERTIFY THAT I am the Secretary of the Board of Library Trustees of the Mount Prospect Public Library and that the foregoing is a true and correct copy of an ordinance duly passed by the Board of Trustees of the Mount Prospect Public Library at a meeting of the Board of Trustees held on October 15, 2020, being titled "ORDINANCE APPROVING AN AMENDMENT To AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND THE MOUNT PROSPECT PUBLIC LIBRARY FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS" [ordinance No. 2020- 2]. "" . . . . . .... . . . . . . . . . . . . Terri Gent, Secretary Board of Trustees Mount Prospect Public Library Ordinance No 2020-2 Amending the Village/Library ICA for Bonds October 15, 2020 Page 3 of