HomeMy WebLinkAbout0030_001NJ --:-T ORDINANCE NO.
NEXT RESOLUl'ION, 'TO. 38-84
Clerk's Office
VILLAGE BOARD
VILLAGE OF MOUNT PROSPECT
0 R D E R 0 F B U S I N E S S
REGULAR MEETING
Meeting Location:
Board Room, 2nd Floor
Public Safety Building
112 East Northwest Highway
Mount Prospect, Illinois
I. CALL TO ORDER
INVOCATION - Trustee Ralph Arthur
ROLL CALL
AUGU.'
Meeting E ---
Tuesday
August 7, 1984
8:00 P.M.
Mayor Carolyn Kruase
Trustee Ralph Arthur Trustee Norma Murauskis
Trustee Gerald Farley Trustee George Van Geem
Trustee Leo Floros Trustee Theodore Wattenberg
IV. APPROVAL OF MINUTES OF REGULAR MEETING, July 17, 1984
V. APPROVAL OF BILLS
V1, COMMUNICATIONS AND PETITIONS - CITIZENS TO BE HEARD
A. Hank Friedrichs request on behalf of the Festival
Association to waive all fees involved with this
event.
VII. MAYOR'S REPORT
A. Ist reading of AN ORDINANCE AMENDING CHAPTER 1-3
OF THE VILLAGE CODE
This Ordinance creates a Classification "F" for
alcoholic beverages to be sold in conjunction with
a food court in a shopping center, establishes the
annual fee and hours of operation as well as
'creating One (1) such license for D & C Enterprises (Exhibit
B. A RESOLUTION TO OBJECT TO THE GRANTING OF VARIATIONS
BY COOK COUNTY ZONING BOARD OF APPEALS TO ALLOW THE
ERECTION OF AN OUTDOOR ADVERTISING SIGN AT THE
NORTHWEST CORNER OF BUSSE ROAD AND THE NORTHWEST
TOLLWAY IN ELK GROVE TOWNSHIP
A request for variation is pending before the
Cook Ccunty Zoning Board for a billboard sign
to be constructed within 10 feet from the Tollway
and to increase the size of the sign. The Village
opposes this proposal. (Exhibit E
C. Status Report on O'Hare Noise
D. Appoint-ments
E. Announ=nents
VIII. OLD BUSINESS
7
A. ZBA 23-%-84, 520 Hill Street
1st reading of AN ORDINANCE GRANTING A VARIATION
FOR CERTAIN PROPERTY KNOWN AS 520 HILL STREET
This Ordinance grants a variation to permit a
3 car qaraae. The Zoning Board of Appeals recorranended
4-0 to grant the variation. (Exhibit C
B. ZBA 26-V-84, 1711 Myrtle Drive
IX. NEW BUSINESS
A. ZBA 27-A-84, Text Amendment
This case deals with a request to amend the Zoning
Ordinance in order to permit dry cleaning to be
done on the premises. The Zoning Board of Appeals
voted 5-0 to recommend granting request.
B. ZBA 28-V-84, 800 Cathy Lane
This request is for a driveway width of 21' 8",
instead of the 18' permitted. The Zoning Board of
Appeals recommends by a vote of 5-0 to grant request.
C. ZBA 29-V-84, 2832 Briarwood Drive
This case deals with a request for a 3 car garage
on a house presently under construction and to
permit a 28' wide driveway, The Zoning Board of
Appeals recommends by a vote of 5-0 to grant both
requests, subject to the petitioner having the 28'
driveway taper to 18' wide at the curb.
D. ZBA 30-V-84, Northwest corner Edward & Northwest Hwy.
Request to permit parking in required rear yard; to
eliminate truck loading space; and to permit reduction
in length of one parking stall from 20' to 19'. This
is a vacant lot with the proposal to build a small
office building. The Zoning Board of Appeals voted
6-0 to grant all variations requested.
lst reading of AN ORDINANCE GRANTING A VARIATION
FOR CERTAIN PROPERTY COMMONLY KNOWN AS
1711 MYRTLE DRIVE
This Ordinance grants a variation to permit a
4 car detached garage. Zoning Board of
Appeals voted 2-2 on this request.
(Exhibit D)
C.
2nd reading of AN ORDINANCE AUTHORIZING THE SALE
OF REAL PROPERTY OWNED BY THE VILLAGE OF
MOUNT PROSPECT
This Ordinance authorizes the sale of 1.575 acres
owned by the Village. The property, located within
the Kensington Center for Business is to be sold to
Lee's Marketing.
(Exhibit E)
D.
Kensington Center, Plat of Resubdivision 15
This plat divides the Village owned property into
2 lots of record.
E.
A RESOLUTION AUTHORIZING THE EXECUTION OF A
MEMORANDUM OF AGREEMENT WITH LEE'S MARKETING SERVICES,
INC. AND CALLING A PUBLIC HEARING ON A PROPOSED
PROJECT
This Resolution establishes a public hearing date
of August 21, 1984, for the purpose of considering
the issuance of Industrial Revenue Bonds in an
amount not to exceed $800,000 for the purpose of
constructing a building.
(Exhibit F)
F.
A RESOLUTION ESTABLISHING RULES AND PROCEDURES FOR
IMPLEMENTATION OF THE ILLINOIS FREEDOM OF INFORMATION
ACT
This Resolution sets forth the Village's procedures
in conformance with the recently adopted legistation
on freedom of information.
(Exhibit G)
G.
lst reading of AN ORDINANCE PROVIDING FOR THE
FINANCING BY THE VILLAGE OF MOUNT PROSPECT, COOK
COUNTY, ILLINOIS, OF AN INDUSTRIAL PROJECT, AUTHORIZING
THE ISSUANCE OF A $2,000,000 INDUSTRIAL REVENUE BOND,
SERIES 1984 (TOKO AMERICA, INC. PROJECT) AND CONFIRMING
THE SALE THEREOF, AND AUTHORIZING THE EXECUTION AND
DELIVERY OF A LOAN AGREEMENT, A MORTGAGE AND SECURITY
AGREEMENT, AN ASSIGNMENT AND AGREEMENT, A BOND PURCHASE
AGREEMENT AND RELATED DOCUMENTS
This is the final step involved with the issuance of
Industrial Revenue Bonds for Toko America, Inc. in
order to construct a building within the Kensington
Center for Business.
(Exhibit H)
IX. NEW BUSINESS
A. ZBA 27-A-84, Text Amendment
This case deals with a request to amend the Zoning
Ordinance in order to permit dry cleaning to be
done on the premises. The Zoning Board of Appeals
voted 5-0 to recommend granting request.
B. ZBA 28-V-84, 800 Cathy Lane
This request is for a driveway width of 21' 8",
instead of the 18' permitted. The Zoning Board of
Appeals recommends by a vote of 5-0 to grant request.
C. ZBA 29-V-84, 2832 Briarwood Drive
This case deals with a request for a 3 car garage
on a house presently under construction and to
permit a 28' wide driveway, The Zoning Board of
Appeals recommends by a vote of 5-0 to grant both
requests, subject to the petitioner having the 28'
driveway taper to 18' wide at the curb.
D. ZBA 30-V-84, Northwest corner Edward & Northwest Hwy.
Request to permit parking in required rear yard; to
eliminate truck loading space; and to permit reduction
in length of one parking stall from 20' to 19'. This
is a vacant lot with the proposal to build a small
office building. The Zoning Board of Appeals voted
6-0 to grant all variations requested.
August 7, 1984
Page 3 of 3
E. ZBA 31-V-84, 1.504 East Emmerson Lane
This request deals with a variation to permit an
accessory structure (wooden shed) to be located
in the side yard within the 8 feet required from
the property line. The Zoning Board of Appeals
voted 2-4, recommending denial of this request.
F. ZBA 20-V-84, 800 West Central Road
This case deals with requests for variations in order
to permit a building within 5 feet of the front lot
line, instead of 30 feet; within 20 feet of the side
yard, instead of 30 feet; to permit a reduced parking
stall ratio for both office and warehouse use; to
permit one loading dock for the entire building; and
to permit parking within 0 feet of the property line
instead of the required 5 feet. The Zoning Board of
Appeals voted as follows: to permit building within
5 feet of front lot line 0-4, denied; to allow side
yard of 20 feet 3-1, denied; to reduce number of
parking spaces 3-1, denied; to permit parking within
0 feet of side yard 4-0, approved. The petitioner
withdrew his request pertaining to loading docks.
G. ZBA 24-Z-84 and 25-V-84, Lincoln Circle
This request deals with re -zoning property from R -X
to R-1, subject to annexation, and for a variation
for the 5 lots on the proposed cul de sac. This
subdivision is approximately 4.4 acres with 13 lots
proposed. The Zoning Board of Appeals voted 4-0 to
grant both the re -zoning and reduced frontage for
the lots on the cul de sac bulb.
H. lst reading of AN RESOLUTION TO DETERMINE THE AMOUNTS
OF MONEY ESTIMATED TO BE NECESSARY TO BE RAISED BY
TAXATION BY THE VILLAGE OF MOUNT PROSPECT UPON THE
TAXABLE PROPERTY WITHIN THE VILLAGE FOR THE YEAR
COMMENCING MAY 1, 1984 AND ENDING APRIL 30, 1985.
This Resolution establishes the levy for the Village
which monies will be collected through real estate
taxes collected in 1985, as well as calling for a
public hearing on August 21, 1984, to consider the
levy. (Exhibit J)
X. ANY OTHER BUSINESS
A. Nakanishi's Resubdivision
This plat places the property located on Main Street,
Sakura Restaurant, into the appropriate lots, which
is a reauirement of the ordinance granting variations
already passed and approved by the Board
B. lst reading of AN ORDINANCE RENAMING A PORTION OF
A STREET WITHIN THE CORPORATE BOUNDARIES OF THE
VILLAGE OF MOUNT PROSPECT
This Ordinance renames Mamiya Drive, so that the
entire cul de sac will bear the name Biermann Court. (Exhibit K)
C. lst reading of AN ORDINANCE AMENDING SCHEDULE VI
ENTITLED "NO PARKING ANY TIME" OF CHAPTER 18, TRAFFIC
CODE, OF THE VILLAGE
In conjunction with the improvement to Briarwood Drive
East Bridge, IDOT requires that the village restrict
parking on the bridge. This Ordinance will
accomplish that restriction. (Exhibit L)
D. Acknowledge receipt of audits of Motor Fuel Tax
Funds for 1981, 1982 and 1983, conducted by the
State of Illinois
XI. VILLAGE MANAGER'S REPORT
A. Bid Results:
1. Ambulance
2. Commonwealth Edison Right -Of -Way Improvements
3. Water System Improvements
XII. ADJOURNMENT
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
SZ,
TO: TERRANCE L. BURCHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: ZBA-20-V-84, 800 WEST CENTRAL ROAD
DATE: AUGUST 1, 1984
The petitioner, Charles Smith, seeks variations to expand an
office building on property zoned 1-1 Industrial immediately
adjacent to the East of Trade Service Publications on Central
Road. These variations include:
1. Reduction of the front yard setback from 30 feet to 5
feet ;
2. Side yard variation reducing the required yard from 30
feet to 20 feet.
3. Requesting changes in the parking and loading regula-
tions consistent with standards adopted for Kensington Center;
4. Variations to allow parking to be located within 3 feet
to 0 feet of the interior property lines instead of the required
5 feet.
5. To reduce the number of off-street loading spaces from
3 to 1.
The petitioner seeks to add an addition to the front of the
existing building used for general office suites and to erect a
separate building for office and warehouse use to the North of
the present building on the rear of the property. It is the
petitioner's intention to build in two phases, with the separate
stand-alone building at the rear of the property being completed
first and then the addition to the front of the building as a
second phase.
Terrance L. Burghard - Page Two
August 1, 1984
I
The staff report pointed out that no side yard variations are
required for parking since adequate room exists on the site to
provide parking (assuming that the parking standards for
Kensington Center are approved). Staff recommends that the East
driveway be ingress only and that the West driveway be eliminated
in the event that a connection to the private roadway immediately
to the West of the subject property can be accessed. Presently,
Trade Service Publications does not agree with the connection
since they have not consummated a sale for the lot North of their
property.
In addition to Trade Service Publications objection to a driveway
connection onto their private street, two neighbors residing
South of Central objected to the two story addition to the front
of the building indicating, as staff has noted, that the addition
could be accommodated to the North of the building, in their
view. .
The Zoning Board of Appeals voted separately on each variation
request as follows:
1. On a motion to approve the Zoning Board voted 0 Ayes and
4 Nayes to recommend denial of the front yard setback from 30
feet to 5 feet.
2. On a motion to approve the Zoning Board voted 3 Ayes and
1 Nay for the reduction of the required side yard from 30 feet
to 20 feet.
3. On a motion to approve the Zoning Board voted 3 Ayes and
1 Nay to modify the parking standards as modified for the
Kensington Center.
4. On a motion to approve the Zoning Board of Appeals voted
4 Ayes and 0 Nays to recommend approval of the parking variations
in the side yard.
In order to grant the variations cited in motions 1, 2 and 3
listed above, two thirds or four of the six Trustees must vote
affirmatively.
KHF: hg
MINUTES OF THE REGULAR MEETING OF THE
MOUNT PROSPECT ZONING BOARD OF APPEALS
ZBA Case No. 20-V-84 Hearing Date: June 28, 1984
Petitioner: Charles Smith
Subject Property: 800 West Central Road
Request. Variations from the 1-1 District regulations to
allow for expansion,,iof- "existing building:
Section 14.2202.A. to permit 5 ft. instead of
130 ft. front yard; Section 14.,2202.B to permit
20 ft, side yard instead of 30 ft.;
Section 14.2205.A.1 to permit 1 parking space
for each 250 sq. ft. of office space and 1 parking
space for each 1,500 sq. ft. of warehouse area
instead of 1 for 200 ratio. Section 14.2205.8
to permit one loading dock for the entire building;
Section 14.2205.F to allow parking within 3 ft.
to 0 ft. of property line instead of 5 ft.
Members in Attendance: Gilbert Basnik, Chairman; Lois Brothers;
John Green; Len Petrucelli
Absent: Robert Brettrager; Ronald Cassidy;
Marilyn O'May
Objectors: Wes Pinchot, 747 Whitegate
Bill Schmid, 907 Whitegate
Marshall Smith, Petitioner, being the building manager presented
his case. Mr. Smith stated that his family has owned the building
since 1969 and that the building was formerly Oscar Meyer's office
and manufacturing building.
The present use of the building consists of 1, 2, 3 and'4 suite
offices. These offices are such that no clients actually come to
these offices therefore parking is strictly for employees of each
office.
Mr. Smith stated that he proposes expansion in two phases, the first
being a building in the rear of the property, the second phase,
proposed construction, in IM, would be a 2 story building in the
front, of the exisating, building. It was stated by Mr. Smith that
the conunerical building's_ of his property, namely
, , t
Illinois Range and MllburnAros* ' have buildings set close to the
curb and that in order to have curb appeal, this new addition
Would create that effect, as well as providing additional office
space for his tenants. The design of the building in the front
was such as to provide the maximum window area for the existing
building, It was explained that inasmuch as the building only
rents to office uses, no deliveries would be made therefore the
loading dock is not a necessity. Following discussion, the
Petitioner withdrew his request for the variation for 1 loading
,zBA, 20-V-84
PA40 3
rucelli, seconded by Mr., Green ,moved to grant
lipsi-, to oermit DarkIna within 0 to 3 feet, Of the
piae yara properly i3.ne.
Upon roll call; Ayes: Brothers, G:reen, Petrucelli, Basnik
Nays;: Npne
,Motion carried.
These tern upend ations will be forwarded to the Villaqe Board
for their consideratiom.
Carol A. Fields
Recording Se-cretary
MINUTES OF Th R 4ULAR MEETING OF THE
MOUNT PROSPECT ZONING BOARD OF APPEALS
Case No. ZBA'"45, :`8`` Hearing Date: November 15,; 1964
Petitioner: GeorgeTomaras
Subject Property: 1762 Corktree Lane
Publication Date: October 6, 1964
Request; Variation from Section 14.1102 to allow
a patio to occupy all but one foot of
the required 6.6 foot side yard.
ZBA Members Present. Gilbert Basnik, Chairman
Ronald Cassidy
,john 'Green
Len Petrucelli
ZBA Members Absent: Lois Brothers
Robert Brettrager
Marilyn q"May
Objectors: None
Mr. Tomaras, petitioner, presented his case stating that he had
replaced a smaller patio with the larger pad and was not aware
a permit was necessary when replacing something. He has 'recently
installed a fence for which a permit was,obtained. =Mr. Tomaras
explained that the location of the patio is due to the fact that
he has a split-level home, the, lower level having patio door below
ground level with sloping banks on each side. Because of the
sloping effect, rain causes sail to gather on the area outside the
patio doors and sometimes actually seeps under the sliding doors.
It was noted that the neighbor to the east of the patio owns a'
corner lot with the rear yard abutting 14t Tomaras side yard and
the patio does not seem to interfere; with the drainage.
1t was the opinion of the staff that this large concrete patio
could effect the drainage' pattern.
There was discussion by members of the Board on what the petitioner
could do if'a variation was refused. Staff noted that a minimum of
4 feet would have to be removed in order for the patio not to be
located on the easement.
Mr. Petrucelli, seconded by Mr. Cassidy, moved to grant the
variation requested in ZBA 45--V-64.
Upon roll call: Ayes.' Cassidy, Petrucelli, Basnik
Nays:' Green
The motion passed 3-1, however, a majority of the Village Board
is required in order to grant this request.
Carol A. Fields
Recording Secretary'
MINUTES OF THE REGULAR "MEETING 'OF THE
MAYOR AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT
July 17, 1984
CALL TO ORDER
Mayor Krause called the meeting to order at 8:00 P.M.
INVOCATION
The invocation was given by Trustee Floros.
ROLL CALL
Present upon roll call: Mayor Carolyn Krause
Trustee Ralph Arthur
Trustee Leo Floros'
Trustee Norma Murauskis
Trustee George Van Geem
Trustee Theodore Wattenberg
Absent: Trustee Gerald Farley
APPROVAL OF MINUTES
Trustee Wattenberg, seconded by Trustee Murauskis, moved
to approve the minutes of the regular meeting of the
Mayor and Board of Trustees held July 3, 1984.
Upon roll call: Ayes: Floros, Van Geem, Wattenberg
Krause
Nays: None
Pass: Arthur, Murauskis
Motion carried.
APPROVAL OF BILLS AND FINANCIAL REPORT
Trustee Floros, seconded by Trustee Murauskis,
moved
to approve the following list of bills:
General Fund
$ 398,527.08
Revenue Sharing Fund
5,592.93
Motor Fuel Tax Fund
12,026.05
Community Development Block Grant
3,569.58
Illinois Municipal Retirement Fund
15,108.88
Water and Sewer Fund:
Operations and Maintenance
98,198.08
Parking System Revenue Fund
331.11
Risk Management Fund
49,687.19
Capital Improvement, Repair or
Replacement Fund
5,062.79
Trust Fund
1,802.00
X589.905.69
Upon roll call: Ayes: Arthur, Floros,'Murauskis,
Van Geem, Wattenberg
Nays: None
Motion carried.
Trustee Floros, seconded by Trustee Murauskis,
moved
to accept the financial report ,dated June
30, 1984,
subject to audit.
Upon roll call: Ayes: Arthur, Floros,
Murauskis,
Van Geem, Wattenberg
Nays: None
Motion carried.
Trustee Wattenberg requested that he be
given a list
of all legal bills.
CALL TO ORDER
INVOCATION
APPROVAL
MINUTES
JULY 3, 1984
APPROVE BILLS
APPROVE FINANCE
REPORT
0
CAROL FIELDS
RALPH DARLING
CITIZENS
UTILITIES
ZBA 10 -SU -84,
.Er
OLD ORCHARD
COLONY COUNTRY
July 17, 1984
\..wb.1.fiS i:N2 5,✓ 4kb.i+•++ do vAw 9M^T
°'S`.ra te4_ tte e
fo3.)..o,wjAq p of e s vithin the Cta11rt slstsl.
the Northwest. Municipal Canle"reC1Ce tO 10bbthe,M:
Assembly to police our legal system (inasmuch as the
Federal Government has to investigate local affairs);
to recommend complants be directed to State Represtatives;
recommend to the Chief Justices that they start
campaigning if they want to get re-elected. Mr. 'Wattenberg
stated that within the Mount Prospect Court people can
not hear the Judge while they are waiting for their case;
school children attending Court for educational purposes
are not allowed to take notes; and questioned why ,the
Court Deputies need to carry guns. Mayor Krause
referred these items to the Village Manager for follow-up.
A request for a liquor license was presented. from
D & C Enterprises. Attorney Bernard Lee stated that
his client desires to serve beer, wine, cocktails and
Irish Coffee in a newly created area within the Randhurst
Shopping Center. There will be several ethnic food
booths and'D & C Enterprises will only be serving the
alcoholic beverages` noted.' There ;was discussion on
how the customers would be restricted from taking ,these
beverages back into the mall as well controlling the
sale to minors. Mr. Burghard, Village, Manager, stated
that the responsibility rests with the licensee to
properly enforce all regulations, governing the sale of
alcohol and that due to the nature of this request, a
new liquor license classification should be established.
Trustee Arthur, seconded by, Trustee Wattenberg, moved
to authorized the creation of a new liquor license
classification and the creation of one such license
for D'& C Enterprises.
Upon roll call: Ayes: Arthur, Floros, Murauskis,
Van Geem, Wattenberg
Nays: None
Motion carried.
An ordinance will be presented for first reading on
August 7, 1984.
ANNOUNCEMENTS
Mayor Krause expressed apprication to Carol Fields, Village
Clerk on her participation and hard work on the July; 4th
parade. A plaque was presented to the Village in appreciation
for supporting Jaycees. Mayor Krause also expressed,
congratulations to Ralph Darling, Public Works, on his
recent appointment as Chairman and District Governor of
the Illionis Lions Club.
MayorKrauseannounced that the Citizens Utilities Rate
Hearing will be held on August 6th at Hersey High School.
OLD BUSINESS
ZBA-10-SU-84, Frediani Group, Colony Country
A request for a special use in order to develop the
vacant inner circle land within the old Orchard Colony
Country has been made by the Frediani Group. This
pxfoperty is governed by a 1972 Consent Decree. Mr.
Terry Frediani, petitioner, presented -his case which
included graphs and charts. The proposal is to build 3
three buildings (3) three stories high with parking around
the drives. Landscaping and (5) five entrees were also
provided.
Emmett; Staines, spokesperson for the Homeowners (400
families) stated the opposition of the current residents
living within Colony Country. (over 100 residents were
present at this meeting). Mr. Staines, stated that they
only want the same standard quality buildings that they
presently are living in. The buildings should stay within
the provisions of the Consent Decree, 2 buildings with
elevators, inside parking, meeting rooms, a central lobby
and better security.
Page Two
Harold Koca, 105 Brighton, also spoke in opposition
to the development. Mr. Koca stated that inorder to
change the court consent decree on a Planned Unit
Development,the Developer, Frediani Group, should have
to go to court and change the whole decree. This
includes changing the existing buildings to conform
with the proposed buildings.
After a question and answer period for the Board to
question both the Developer and the Homeowners, Mayor
Krause stated the following reasons for denial:
1)Does not reflect the spirit of the site plan and
P.U.D. originally layed out in the consent decree.
2)There is no evidence of a positive effect or benefit
on the P.U.D.
3)The surrounding property owners do not give their
consent to the proposal and have expressed a strong
opposition.
4)The proposal is a substantial difference from the
consent decree.
5)There is no evidence that traffic will be better.
As proposed it adds additional traffic problems.
6)The original consent decree calls for (2) two
buildings regardless of the height. The proposal
is for (3) three buildings which provides for a
lower building standard because there are no
elevators and no underground parking.
7)There is no evidence that the property value would
be maintained.
Trustee Floros, seconded by Trustee Murauskis, moved
to concur with the Zoning Board of Appeals for the
denial of this request.
Upon roll call: Ayes: Arthur, Floros, Murauskis,
Van Geem, Wattenberg
Nays: None
Motion carried.
Mayor Krause called for a recess at 9:35 P.M. RECESS
Mayor Krause called the meeting to order at 9:40 P.M. CALL TO ORDER
Present upon roll call.: Mayor Krause, Trustees Arthur, Floros
Murauskis, Van Geem, Wattenberg
Absent: Farley
ZBA 19-V-84, Hinz Litho on West Central Road
An ordinance was presented for 2nd reading to grant
variations to the side yard requirements for the
construction of a loading dock. Zoning Board of
Appeals recommends to grant the request.
Trustee Van Geem, seconded by Trustee MurAuskis, moved
for the passage of Ordinance 3437.
AN ORDINANCE GRANTING A VARIATION FOR CERTAIN
PROPERTY COMMONLY KNOWN AS 1750 WEST CENTRAL
ROAD, MOUNT PROSPECT
Upon roll Call: Ayes: Arthur, Floros, Murauskis,
Van Geem, Wattenberg
Nays: None
Motion carried.
ZBA 19-V-84
Hinz Litho
ORD. 3437
Page Three July 17, 1984
ZBA 23-v-84
ZBA 23-V-.4, 52(1 11131 Street
3'car that is under
520 Hill St
A request for a garage presently
construction as part of a single family home. The
SALE OF REAL
petitioner, Joseph Hardiman,°was present for questions.
PROPERTY AT
Zoning Board of Appeals recommends granting the request.'
KENSINGTON
Trustee Wattenberg, seconded by Trustee Murauskis, moved
to concur with the Zoning Board of Appeals to grant the
request.
Upon roll call: Ayes:' Arthur, Floros, Murauskis,'<
AGREEMENT WITH
Van Geem, Wattenberg
SCHOOL DISTRICT''
Nays: None
214
Motion carried.
An ordinance will be prepared for first reading _on`August
RES #37-84
7,,1984.
ZBA 26-V-84
ZBA 26-V-84 1711 Myrtle Drive
1711 Myrtle Dr
A request for a 4 car garage replacement on an existing
slab was presented by; the petitioner, Frank Mortellaro.
All the surrounding neighbors have consented. Zoning
,Board of Appeals recommends denial of this 'request.
Trustee Arthur, seconded by Trustee Wattenberg, moved
to grant the request.
Upon roll call: Ayes:; Arthur, Floros, Murauskis,'
Van Geem, Wattenberg
Nays: None
Motion carried.`
An Ordinance will be presented for first reading on
August 7, 1984, with the provision that no other
structures be build on this property.
SALE OF REAL
A ordinance was presented for first reading for the sale
PROPERTY AT
of real property owned by the, -Village located in the
KENSINGTON
Kensington Center. This property is to be sold to Lee's
Marketing Services, Inc. Within the contract there will
be a 30 day rider.
Second reading will be on August 7, 1984.
AGREEMENT WITH
A resolution was presented that would authorize the
SCHOOL DISTRICT''
execution of an agreement with School District 214
214
for a residential improvement program.
Trustee Floros, seconded by Trustee Van Geem, mewed
RES #37-84
for the passage of Resolution #37-84.
A RESOLUTION TO AUTHORIZE THE EXECUTION OF AN
AGREEMENT WITH TOWNSHIP HIGH SCHOOL DISTRICT NO.214
TO ESTABLISH A COOPERATIVE VILLAGE -DISTRICT
RESIDENTIAL IMPROVEMENT PROGRAM ON THE PROPERTY
PREVIOUSLY USED AS A VILLAGE WELL SITE, IN THE
VILLAGE OF MOUNT PROSPECT, ILLINOIS
Upon roll call: Ayes: Arthur, Floras, Murauskis',
Van Geem, Wattenberg
Nays: None
Motion carried.
IL FREEDOM OF
A resolution was 'presented that establishes rules and
INFORMATION
procedures for implementation of the Illinois Freedom of
Information Act. Police Chief 'Ron Pavlock was present
to answer questions, and hand out copies of the Illinois
Criminal Justice Information Authority Advisory. After
many questions from John Coleman, ,journal newswriter, the
.Board decided to continue this resolution to the next
meeting on August 7th.
July 17, 1984
Page Four
VILLAGE MANAGER'S REPORT
Village Manager Terrance L. Burghard presented the
°' results from the following bids.
Sealed bids were opened on July 10, 1984 for a
refuse contract. Only one bid was received and that
was from Browning-Ferris Industries, our current
contractor. This contract is for a 3 year period.
Monthly cost per single-family unit at $6.26 per month
and multi -family unit at $3.08 per month.
Trustee Wattenberg, seconded by Trustee Arthur, moved
to concur with the Village Manager's recommendation
to except the bid submitted by Browning-Ferris Ind.
Upon roll call: Ayes: Arthur, Floros, Murauskis,
Van Geem, Wattenberg
Nays: None
Motion carried.
REFUSE CONTRACT
BROWNING -FERRIS
Sealed bids were opened on July 11, 1984 for the BACKHOE LOADER
purchase of a Backhoe Loader Tractor. Bid tabulations TRACTOR
are as follows:
Less Option- Net
Base Trade- al Bid
Bidder Make/Model Bid In Bid Price
*F_ '- "-
West Side John De $58,000 $ ! 000 $4,670 $ S 5,670
Tractor 510B
Brooks John Deere $60,305 - - $60,305
Tractor,Inc 510E
Trustee Wattenberg, seconded by Trustee Floros, moved WEST SIDE
to accept the low bid by West Side Tractor Sales not to TRACTOR SALES
exceed a cost of $55,670.00.
Upon roll call; Ayes: Arthur, Floros, Murauskis,
Van Geem, Wattenberg
Nays: None
Motion carried.
Sealed bids were
opened on July 11,
1984 for the
LEAF PICKUP
purchase of a Leaf
Pickup Machine.
Bid results are
MACHINE
as follows:
Bidder
Make/Model
Bid Price
R.H.Lyons Equp.
T co -TTL -1-60-A
$14,928.00
Spring -Align
Tarco-TTL-1-60-A
15,260.00
Hydra -Truck
Tarco-TTL-1-60-A
15,395.00
Trustee Arthur,
seconded by Trustee
Van Geem, moved
to accept the low bid by R.H. Lyons
Equipment Co.
R.H. LYONS
not to exceed a
cost of $14,928.00.
EQUIPMENT CO
Upon roll call:
Ayes: Arthur, Floros, Murauskis,
Van Geem
Nays: Wattenberg
Motion carried.
Sealed bids were
opened on July 16,
1984 for the
RESURFACING
resurfacing of various streets, curbs and gutters.
STREETS/CURB &
Bid results are
as follows:
GUTTERS
Street Resurfacin!a Amount
Johnson Paving Co $483,848.83
Allied Ashpalt Paving Co 488,864.82
R.W. Dunteman Co 489,356.81
Arrow Road Construction Co 541,481.72
Callaghan Paving Inc 571,817.77
1
Page Five July 17, 1984
ADJOURN
July 17, 1984
'Curb and Gutter with h4justments �ount
Schroeder
roeaer Schroeder Concrete Qp $ 95,563.95
'Johnson Paving Co 115,986.00
After reviewing the curb and gutter proposals, it, was
determined that Schroeder & Schroeder,Conrete would be
unable to coinplete the proposed work.
it has been recommended that both contracts be awarded
to Johnson Paving Cc at the combined cost of $560,609.01.
Trustee Arthur, seconded by Trustee Wattenberg, moved
to accept the combined bid, by,J6hnson Paving Co. not
to exceed the cost of $500,609,01.
Upon roll call: Ayes.- Arthur, loros, Murauskis,
Van Geem, Wattenberg
Nays: None
Motion carried.
ADJOURNMENT
Trustee Murauskis, seconded by Trustee Arthur, move
to adjourn the meeting.
Upon roll call: Ayes: Unanimous
'Nays: None
Motion carried.
The meeting was adjourned at 11:01 P.M.
Carol A. Fields
Village Clerk
-GENERAL FUND
RENENUE SHARING.FUND
MOTOR FUEL TAX FUND
r nom_ MUNITY DEVELOPMENT
BLOCK GRANT
ILLINOIS MUNICIPAL
RETIREMENT FUND
WATER AND SEWER FUND
OPERATIONS AND MAINTENANCE
DEPREC, IMPROVEMENT
AND EXTENSION
PARKING SYSTEM REVENUE FUND
RISK MANAGEMENT FUND
—DITAL IMPROVEMENT
2EPAIR OR REPL. FUND
CORPORATE PURPOSES, 1973
CONSTRUCTION FUND
TRUST FUND
VILLAGE OF MOUNT PROSPECT
CASH POSITION
JULY 31, 1984
BEGINNING
DISBURSEMENTS
BALANCE
(PER ATTACHED
JULY 12, 1984
RECEIPTS
LIST -OF BILLS)
$943,871.12
$368,277.70
$348,007,37
79,061.48
7,758.64
819,492.79
53,346.85
29,130,84
5,992.53
30,000.00
(1) 31,460.67
42,481.86
6,120.34
1,263,172.98
17,011.01
135,845.84
28,000.00
60,212.,51
5,649.18
12,574.67
57,623.52
55,595.80
30,457,26
410,701.84
25,707.88
391,156.14
300000
304,477,63
3,220.00
14,516.25
$533,100.54 $669,879.76
(1) Includes draw down of $30,000.00 on letter of credit
TRANSFERS
(28,000.00)
28,000.00
CASH & INVEST,
BALANCE
JULY 31, 1984
$964,141.45
71,302,84
843,708.80
4,531.86
36,361.52
1,116,338.15
53,287.02
82,762.06
384,993.96
390,856.14
293,181038
VILLAGE OF MOUNT PROSPECT
PAGE 1
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
VENDOR
PURCHASE DESCRIPTION
INVOICE AMOUNT
TOTAL
CLEARING ACCOUNTS
AMOCO OIL COMPANY
REGULAR GASOLINE
$79536.94
S79536.94*
BALTIC PAINTING SERVICE
LICENSE REFUND
$37.50
$37.50
MARK L. BAUER
WORKMENS COMP. PAYMENT
$862.00
$862.00*
MR_. DONALD COLBY
REFUND FINAL WATER BILL
$34.86
$34.86
BLDRS. A-11243
REFUND BOND A-11243
$500.00
$500.00
AGHER BASSETT INSURANCE SERVICE
INSURANCE REIMBURSEMENT
$114.00
$114.00
HILL STREET DEV.-B-365
REFUND ENG. BOND B-365
$900.00
$900.00
INTERGOVERNMENTAL RISK MGMT AGENCY
IRMA CLAIMS 1
$193.75
$193.75
MR. CLEATIS M. KELLY
REFUND FINAL WATER BILL
544.37
$44.37
CHARLES KLEHM & SON NURSERY
TREES
$2.915.00
TREES
579426.25
TREES
$29275.00
$129616.25
GARY J KLEIN
WORKMENS COMP. PAYMENT
$765.88
$765.88*
J. O'DONNELL
REFUND BOND - B-322
$100.00
$100.00
PAYROLL ACCOUNT
ADJUSTMENTS TO PAYROLL 7/20/84
$757.71
ADJUSTMENTS TO PAYROLL 7/20/84
$287.29
r
PAYROLL PERIOD ENDING 7/19/84
$254.915.83
,
PAYROLL PERIOD ENDING 7/19/84
$239726.88
Y
PAYROLL PERIOD ENDING 7/19/84
$359.89
PAYROLL PERIOD ENDING 7/19/84
$2,509.13
$2829556.73*
Y CASH - MANAGEMENT SERVICES
TRAVEL & SUPPLIES
$30.00
v
TRAVEL & SUPPLIES
$10.00
Y
TRAVEL & SUPPLIES
$5.00
545.00*
PIERCE BUILDERS B-693
REFUND BOND B-693
$100.00
$100.00
POL-AIRF PRODUCTS, INC. B-839
REFUND BOND B-839
5100.00
$100.00
PRINCE ENTERPRISES• INC. B-638
REFUND BOND B-638
$100.00
5100.00
RED LOBSTER INN
REFUND OF ESTIMATED WATER BILL
$436.80
$436.80
ALVIN ROSE 8-929
REFUND BOND B-929
$100.00
$100.00
MR. ROBERT VAZQUEZ
REFUND FINAL WATER BILL
$25.20
$25.20
N. VEAZEY
REFUND FINAL WATER BILL
$81.09
$81.09
MR EDWIN T VIRTA
REFUND CREDIT WATER BILL
$174.42
$174.42
CLEARING ACCOUNTS
**-*TOTAL**
$307.424.79
VILLAGE OF MOUNT PROSPECT PAGE 2
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7131/84
VENDOR PURCHASE DESCRIPTION INVOICE AMOUNT TOTAL
GENERAL FUND $2639292.98 COMMUNITY DEVELOPMENT BLOCK GT $29509.13
WATER & SEWER FUND - 0&M $24.924.91 PARKING SYSTEM REVENUE FUND $359,89
RISK MANAGEMENT FUND 51.821.63 TRUST FUND 3149516.25
, , .> ****** *** * * ** ** ** * * ***** ** ** **** **** * * * * * * * ** * * ***** *********rrr;: * * * * * *** ** ** * *** * ******* * *** *- **
PUBLIC REPRESENTATION DIVISION
CAROL A. FIELDS SERVICES RENDERED/ ZBA 6-28-84 $100.00 5100.00
PETTY CASH - MANAGEMENT SERVICES TRAVEL & SUPPLIES $22.47 $22.47*
V & G PRINTERS INC. LETTERHEADSIFIRE & POLICE BOARD $71.25 $71.25
PUBLIC REPRESENTATION DIVISION
GENERAL FUND $193.72
VILLAGE MANAGER'S OFFICE
TERRANCE L. BURGHARD
CENTRAL CONTINENTAL BAKERY
CHAMBER OF COMMERCE OF THE UNITED
V.W. EIMICKE ASSOCIATES, INC.
IBM
INTERNATIONAL ASSOC OF FIRE CHIEFS
PETTY CASH - FIRE DEPARTMENT
PETTY CASH - MANAGEMENT SERVICES
PETTY CASH- VILLAGE MANAGERS OFFICE
PEDERSEN & HOUPT
***TOTAL** $193.72
LABOR NEGOTIATIONS
$61095
$61.95*
RECOGNITION LUNCHEON
$39.15
$39.15
EMPLOYEE BENEFITS/82
$12.00
$12.00
SERVICES RENDERED
$100.38
$100.38
MAINT. MEMORY TYPEWRITER
$49.50
$49050
CONFERENCE FEES
$70.00
$70.00
TRAVEL & SUPPLIES
$39.31
$39.31*
TRAVEL & SUPPLIES
$30.46
,
TRAVEL & SUPPLIES
$080
TRAVEL & SUPPLIES
$58.84
$90.10*
TRAVEL & SUPPLIES
$91.70,
,
TRAVEL & SUPPLIES
$92.46
Y
TRAVEL & SUPPLIES
$9.26
3193.42*
SERVICES RENDERED
$2.709.55
$29709.55
LlI�giZ-lL
VILLAGE MANAGER'S OFFICE
POSTMASTER MT PROSPECT
PROSPECT CATERING
ROTARY CLUB OF MT. PROSPECT
SA -IJ -TN CORPORATION
t RIESEN G REDMOND
VILLAGE MANAGER'S OFFICE
GENERAL FUND
FINANCE DEPARTMENT
VILLAGE OF MOUNT PROSPECT PAGE 3
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7131/84
PURCHASE DESCRIPTION INVOICE AMOUNT TOTAL
METER MACHINE POSTAGE $100.00 $100.00*
RECOGNITION LUNCHEON $356.25 $356.25
MEMBERSHIP' $95.25 $95.25
COPIER $247.30 $247.30
SERVICES RENDERED $19037.79 $19037.79
***TOTAL** $59201.95
$59201.95
BLAIR TEMPORARIES
SERVICES RENDERED
$198.00
$198.00
DECISION DATA COMPUTER CORP.
MAINTENANCE BILLING 711-7131
$21.00
$21.00
FORMS GROUP
SUPPLIES
$42.00
$42.00
A. CORPORATION
COMPUTER MAINT./JULY
$221.25
$221.25
MAINT. MAG CARO £ MEMORY TYPEWRITER
$109.50
$109.50
MONROE
OFFICE EQUIPMENT
$298.00
OFFICE EQUIPMENT
$298.00
$596.00
PETTY CASH - MANAGEMENT SERVICES
TRAVEL £ SUPPLIES
$1.37
$1.37*
P.F. PETTIBONE G COMPANY
DELINQUENT SA BOOK
$26.97
$26.97
POSTMASTER MT PROSPECT
METER MACHINE POSTAGE
$250.00
$250.00*
PUBLIX OFFICE SUPPLIES INC.
SUPPLIES
$129.17
OFFICE SUPPLIES
$10.24
$139.41
TRIO OFFICE MACHINES £ EQUIPMENT CO
MACHINE REPAIRS
$38.50
$38.50
XEROX CORPORATION
SUPPLIES
597.20
$97.20
FINANCE DEPARTMENT
.**TOTAL**
$1.741.20
GENERAL FUND 517741.20
ISK MANAGEMENT
ATE OF ILLINOIS DEPARTMENT OF LA UNEMPLOYMENT COMPENSATION $597.70 $597.70
LLAGE OF M.P.EMPLOYEE HEALTH BENE EMPLOYEE HEALTH BENEFITS $169910.68 ,
EMPLOYEE HEALTH BENEFITS 7/20/84 $59209.51
EMPLOYEE HEALTH BENEFITS 7/27/84 $5,917.74 $289037.93*
RISK MANAGEMENT -.*"TOTAL** $289635.63
RISK MANAGEMENT FUND
$289635.63
M .. , r, -,.,-Y****; **; M; ; : ;****ra****v*****r*r*****;:**r**Y** ; r* ;; *M***** r*** *Y**,=. **; *r** ** **•�:=x;=;::;:*;=**=�r*; * :�*;-
VILLAGE OF MOUNT PROSPECT
PAGE 4
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
VENDOR
PURCHASE DESCRIPTION
INVOICE AMOUNT
TOTAL
_LAGE CLERK'S OFFICE
?SSE'S FLOWERS & GIFTS
FLOWERS
$20.00
$20.00
JNEY BAGS9 INC.
NEWSLETTER INSERTS
$2*834.05
$29834.05
OBER-SCHMIDT PAPER CO.
SUPPLIES
S1t441.50
SUPPLIES
$51.74
$1.493.24
MOUNT PROSPECT PUBLIC SCHOOLS* DIST
SUPPLIES
$628.60
562P
?RTHWEST STATIONERS INC.
OFFICE SUPPLIES
$89.52
585
DOCK PUBLICATIONS
LEGAL PAGE AD
$20.66
LEGAL PAGE AD
$148.95
LEGAL AO
$20.70
5190.31
-TTY CASH - MANAGEMENT SERVICES
TRAVEL & SUPPLIES
$4.09
54.09*
OSTMASTER MT PROSPECT
METER MACHINE POSTAGE
$500.00
$500.00'=
PUBLIX OFFICE SUPPLIES INC.
OFFICE SUPPLIES
$107.94
$107.94
V & G PRINTERS INC.
LIBRARY INSERTS
$47.45
TOW & AUTO REPORT
$53.40
$100.85
'LLAGE CLERK'S OFFICE
*,-*TOTAL**
559968.60
GENERAL FUND
$19592.20 REVENUE SHARING
FUND
$4,376.40
ISK MANAGEMENT
ATE OF ILLINOIS DEPARTMENT OF LA UNEMPLOYMENT COMPENSATION $597.70 $597.70
LLAGE OF M.P.EMPLOYEE HEALTH BENE EMPLOYEE HEALTH BENEFITS $169910.68 ,
EMPLOYEE HEALTH BENEFITS 7/20/84 $59209.51
EMPLOYEE HEALTH BENEFITS 7/27/84 $5,917.74 $289037.93*
RISK MANAGEMENT -.*"TOTAL** $289635.63
RISK MANAGEMENT FUND
$289635.63
M .. , r, -,.,-Y****; **; M; ; : ;****ra****v*****r*r*****;:**r**Y** ; r* ;; *M***** r*** *Y**,=. **; *r** ** **•�:=x;=;::;:*;=**=�r*; * :�*;-
VILLAGE OF MOUNT PROSPECT
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
PAGE
VENDOR PURCHASE DESCRIPTION INVOICE AMOUNT TOTAL
POLICE DEPARTMENT
ANDERSON LOCK COMPANY
ARMEX INTERNATIONAL
BERKEY CAMERA SHOP
BERNARD CHEVROLET* INC.
INDUSTRIES
L 'SION DATA COMPUTER CORP.
DEVOKE CO.
GOODYEAR SERVICE STORES
HAINES E COMPANY
HARPER COLLEGE
HOLIDAY INN OF SPRINGFIELD -EAST
HONEY BEE SNACK SHOP
HOWARD JOHNSON'S
INTERNATIONAL BUSINESS MACHINES COR
I.A.M. CORPORATION
IBM
ILLINOIS BELL TELEPHONE CO.
(( NOIS CRIME PREVENTION OFFICERS
S_ MITCHELL BUICK, INC.
MULTICOM INC.
NORTHWEST CENTRAL DISPATCH SYSTEM
NORTHWEST STATIONERS INC.
O'HARE REPORTING SERVICE
OLYMPIA DODGE OF DES PLAINES• INC.
RONALD W. PAVLOCK
PETTY CASH - PUBLIC WORKS
ERIC E. PIEE
POSTMASTER MT PROSPECT
PROSPECT BOARDING KENNEL
RAPP'S
SOMAR ENTERPRISES
MISC KEYS
EQUIPMENT
FILM PROCESSING
REPAIR WORK/ DEDUCTABLE
SUPPLIES
MAINTENANCE BILLING 7/1-7/31
EQUIPMENT
TIRES
DIRECTORY SERVICE
TUITION E FEES/N.WITHEY
CONFERENCE EXPENSE
PRISONER FOOD/ JULY 84
TRAINING EXPENSE
OFFICE EQUIPMENT
COPIER III MONTHLY INST.
MEMORY TYPWRITER/ MAINT.
TELEPHONE SERVICE
TELEPHONE SERVICE
TELEPHONE SERVICE
MEMBERSHIP
TACTICAL UNIT CAR RENTAL/
PAGERS MONTHLY RENTAL
SUPPLIES
OFFICE SUPPLIES
OFFICE SUPPLIES
OFFICE SUPPLIES
SERVICES RENDERED
PARTS
CONFERENCE REIMBURSEMENT
TRAVEL E SUPPLIES
EQUIPMENT REPAIRS
EQUIPMENT REPAIRS
METER MACHINE POSTAGE
STRAYS/ JUNE 84
PARTS
SUPPLIES
AGREEMENT
MAY.JUNE EJ
$39.02
$39.02
$185.95
$185.95
$122.34
$122.34
$300.00
5300.00
$66.92
$66.92
$72.00
$72.00
8258.08
$258.08
$69.30
$69.30
$142.87
$142.87
$196.00
5196.00
$145.12
$145.12
$71.05
$71.05
$27.00
527.00;=
$798.00
$798.00
5275.89
$275.89
$46.00
$46.00
$30.85
548.63
$232.24
$311.72
$50.00
550.00
$300.00
$300.00=
$133.00
$133.00
$294.30
$294.30
$109.76
$47.20
$86.92
$243.88
$204.30
$204.30
$140.00
$140.00
$106.11
$106.11
$35.83
535.83
$1,123.25
$193.00
S1r316.25
$300.00
$300.00=
$538.00
$538.00
$357.36
5357.36
52025.30
$2.025.30
VENDOR
POLICE DEPARTMENT
TOWNSHIP HIGH SCHOOL DISTRICT 214
THE TRAFFIC INSTITUTE
UNIVERSITY OF NEBRASKA
7AVID WYSOPAL
POLICE DEPARTMENT
GENERAL FUND
VILLAGE OF MOUNT PROSPECT
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
PURCHASE DESCRIPTION
OFFICE SUPPLIES
REFERENCE MANUAL
HANDBOOK -,
UNIFORM REIMBURSEMENT
$8.042.53 REVENUE SHARING FUND
INVOICE AMOUNT
$6.75
$60.00
$20.00
$26.22
***TOTAL**
PAGE 6
TOTAL
$6.75
$60.00
$20.00
$26.12_9
$9.284
$1,242.03
'k.: �#::-'^�:-'.-,'.:-'.'-'vry:}=.='.'-rT.'r=Y.vv.'"`-#rV-�.�-':,#r#'v`#."-: ;X: '1`.-M.''':='v` :=SYS::: 'n`-'��'-'•'--'.-=X-".,� T� #-'`r�cvY VM :=�.`-�rmv�-"..."`-#-'::v�3=: ,'.<#rrvv##TYv.'-"�rrv: v',"-«"r''-.'"-i=vrri
cIRE C EMERGENCY PROTECTION DEPT.
3LE FIRE SAFETY EQUIP
SRO SUPPLY
AERICAN ELECTRIC SUPPLY COMPANY
;MERICAN FIRE E SAFETY BUREAU INC
BERKEY CAMERA SHOP
BRADFORD COMMUNICATION CORP
?RUCO BATTERY CO.
UREAU OF LABELS
=NTRAL TELEPHONE OF ILLINOIS
LOUPTESY HOME CENTER
08 MACHINE CO.
DECISION DATA COMPUTER CORP.
'DOUGLAS TRUCK PARTS
SLK GROVE SHEET METAL* INC.
MERGENCY SQUAD TRAINING INSTITUTE
2ICKSON COMMUNICATIONS
OWARD HINES LUMBER CO.
LLINOIS BELL TELEPHONE CO.
MISC PARTS
$33.92
$33.92
MISC PAINT SUPPLIES
$537.70
$537.70
MISC SUPPLIES
$567.90
$567-e'0
CARBON DIOXIDE
$27.00
$2 -
PHOTO FINISHING
$4.01
PHOTO FINISHING
$28.89
$32.90
REFERENCE MATERIAL
$18.67
$18.67
BATTERIES
$124.58
$124.58
SUBSCRIPTION
$68.75
$68.75
TELEPHONE SERVICE
$154.86
$154.96
BUILDING MATERIALS
528.13
MISC SUPPLIES
$207.59
$235.72
EQUIPMENT REPAIR
$10.00
$10.00
MAINTENANCE BILLING 7/1-7/31
$120.50
$120.50
EQUIPMENT
$27.83
$27.83
MATERIALS
550.00
$50.00
TRAINING EXPENSE
$2.400.00
$29400.00
RADIO REPAIRS
$82.50
$82.50
SUPPLIES
$5.54
$5.54
TELEPHONE SERVICE
$177.52
VILLAGE OF MOUNT PROSPECT
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
VENDOR PURCHASE DESCRIPTION
FIRE E EMERGENCY PROTECTION DEPT.
INDUSTRIAL GAS & EQUIPMENT
KALE UNIFORMS
R' KIMBALL TRAVEL♦ INC.
'SAFETY SUPPLY
B.R. LAINE INC
J.C. LICHT
METROCOM SERVICE
MIGHTY MITES AWARDS E SONS
MOTOROLA9 INC.
MOUNT PROSPECT STATE BANK
MURPHY SPORTS
HEIGHTS AUTOMOTIVE SUPPLY
NATL COORDINATING COUNCIL ON EMERG
'OVAL ELECTRIC CABLE
ONAL SAFETY COUNCIL
NORTHWEST COMMUNITY HOSPITAL
NORTHWEST STATIONERS INC.
PETTY CASH - FIRE DEPARTMENT
PIC COMMUNICATIONS9 INC.
POSTMASTER MT PROSPECT
R. SCHWARZ & ASSOC. 1984 SEMINAR
SEARS, ROEBUCK AND COMPANY
STANDARD PIPE & SUPPLY INC.
TRI STATE ELECTRONIC CORPORATION
TELEPHONE SERVICE
TELEPHONE SERVICE
SUPPLIES
UNIFORMS
TRAINING EXPENSES
MANUALS
MANUAL
EQUIPMEMT
MISC PAINT SUPPLIES
EQUIPMENT REPAIRS
SUPPLIES
COMMUNICATION EQUIPMENT
INT. -FIRE TRUCK NOTE DUE 7/30
PRIM.- FIRE TRUCK NOTE DUE 7/30
MISC CLOTHING
PARTS
PARTS
PARTS
`CONFERENCE FEES
SUPPLIES
MISC BOOKLETS
MISC SUPPLIES
SLIDES & CASSETTES
TRAINING
OFFICE SUPPLIES
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
EQUIPMENT MAINT. 7/84
REPAIRS
METER MACHINE POSTAGE
METER MACHINE POSTAGE
CONFERENCE EXPENSE
MISC WORK CLOTHES
MISC PLUMBING SUPPLIES
PARTS
INVOICE AMOUNT
$31.68
$28.62
$17.50
$96.29
$209.00
$27.96
$32.46
$700.00
$39.83
$528.27
$208.55
$2,239.00
$2,351.90
$159104.25
$29700.95
$55.45
$23.54
$64.47
$100.00
$53.25
$185.O0
$54.84
$121.46
$360.00
$33.75
$31.00
$5.58
$25.72
$141.00
$40.90
$50.00
$75.00
$125.00
$137.87
$100.88
$26.60
PAGE 7
TOTAL
$237.82
$17.50
$96.29
$209.00
$60.42
$700.00
$39.83
5528.27
$208.55
$2,239.00
$179456.15+
$2.700.95
$143.46
$100.00
$53.25
$361.30
$360.00
$33.75
$62.30*
$181.90
$125.00
$125.00
$137.87
$100.88
$26.60
VENDOR
IRE C EMERGENCY PROTECTION DEPT.
DEL ULREICH
V S G PRINTERS INC.
PAUL H. WATKINS
WINKELMANN SERVICE STATION, INC.
XEROX CORPORATION
rlRE S EMERGENCY PROTECTION DEPT.
GENERAL FUND
CAPITAL IMPRV. 6 REPL. FUND
VILLAGE OF MOUNT PROSPECT
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
PURCHASE DESCRIPTION
TRAINING EXPENSE
SUPPLIES
CONFERENCE EXPENSE
TRUCK TESTS
SUPPLIES
$13:678.84 REVENUE SHARING FUND
518,588.12
INVOICE AMOUNT
$574.00
$30.00
$749.00
$40.20
$97.20
*TOTAL**
PAGE 8
TOTAL
$574.00
530.00
$749.00
$40.70
$97
$329293.96
$27.00
j. w. -,r. :�-�;:;:. ; ; .'.; ; ?:.c �=r* ;=,-; ',:*Y* 'r -',-:r x:; #; ; ."'--`•;:; � :.`-; �:f •?::."-« ; #�:�'-�=; :3=; �=ry-:=:c.;-.ter,.;:;:.:=�."-�=;=;z�; r:v-...�..-.M;: ,:; .''.--'�#; ';-� Y;: #''.-� .j:'F #r.''-.'`-#•:=� ;:
CENTRAL DISPATCH SERVICE
NORTHWEST CENTRAL DISPATCH SYSTEM SERVICES FOR AUGUST $19040.92 $199940.92*
CENTRAL DISPATCH SERVICE ***TOTAL** $19994'
GENERAL FUND $19.940.92
-r •r Y•YY*�*vte vvYYvv♦ •v=.:�vYVYrMrMAi•�`Mv�� v •. YvvvvYs �r i'�ry v�v rii •�iY'�t •:=Ywi•v�M� r�vYVMvi=1 irM
inn h�r�•A yi-Y•. ^�.-� r•�i-•�.:Y
r+Ai v%v vvYYi HVYr'µi•
HEALTH SERVICES DIVISION
t4DERSON PEST CONTROL
SERVICES RENDERED
$100.00
$100.00
UWEN HARDWARE CO
BATTERIES
54.66
$4.66
ISSELL J. HANNULA, P.E.
SERVICES RENDERED
$250.00
5250.00
,%TIONAL SWIMMING POOL FOUNDATION
REFERENCE MANUAL
$13.46
$13.46
-TTY CASH - MANAGEMENT SERVICES
TRAVEL S SUPPLIES
$41.18
Y
TRAVEL E SUPPLIES
$79.08
$120.26*
3STMASTER MT PROSPECT
METER MACHINE POSTAGE
s100.00
$100.00*
LO'SZ$ 9L'8ZS ONISS330'dd 3 WII3
1£'9$ ONISS3DOdd 3 WlI3 dOHS V213WV3 A3Nb39
06'TZ$ 06'12s S3Ilddns 33I33O S31bis 1ONI H 3 9
1N3W1bVd30 1N3WdOl3A30 AlINnwwo 3
.-Y:x:x;==: MYM:x;=;x r:xrv;:;=Mr=x;=;,;,:x Y;: -x � �:x;=v;= �MM;`•YY=x�Y-x=xi;;rY=x : r=:=xM,YrMrMM;:rr�M�M .mY�. Y :,:rr7 tM �:; �YvrYv r;:�Y�rrrr;xrM
09'088'1$
ONnA Wd3N30
09.0886Ts
**IV101 **
NOISIAIQ S33IAb3S NVWf1H
.00'001$
00.0014
30V1SOd 3NIH3VW b313W
133dSObd 1W 'd31SVW'1
S919Zs
SL'OZ$
S3I1ddnS 30I33O
LB'S$
S3IlddnS 33I330
'3NI Sb3NO11V1S 1S3MH-L-�N
0£'££$
0£'££$
33IMi3S 3NOHd3131
'03 3NOHd3l31 1139 SIONIIII
OS'£Lsils
00'18£$
S3OIM 9V3 bOIN3S
00'Tits
S30I'd 9V3 bOIN3S
OS'Z8£$
S30Ib 9V3 bOIN3S
00'66£$
S30Ib 9V3 b0IN3S
ANVdW03 N011VIbOdSNVN1 SNbIO
SI'L+r1S
51OL4?1$
S30Ib 9V3 bOIN3S
'DNI*'03 IXV1 NV3Ib3WV
NOISIAIO S30IAb3S NVWf1H
OL'6+78$
ONnA IV2J3N39
OL *6478S
1V101rix
NOISIAIO S33IAb3S H1IV3H
06'09$
06'094
S3IlddnS
NOI1V210dM07 X083X
Zb'OOZs
Zt'OOZ$
SNOIS
NOI1VbOdbO3 S31VS b3IW3dd
NOISIAIO S33IAb3S H1IV3H
IV101
1Nf10WV 33IOANI
NOIldIbOS30 3SVHDbnd
MOON3A
48/1£1L 31VO 1N3WAVd
IbOd3M IVAObddV 319VAVd S1Nn0331►
6 39Vd
133dSOdd 1Nn ow 30 39VIIIA
VENDOR
COMMUNITY DEVELOPMENT DEPARTMENT
CALLAGHAN PAVING INC.
CO PUBLICATIONS
"REST COMPUTER SUPPLY• INC.
DC DRAFTING AIDES CORP.
IRST NATIONAL BANK OF MOUNT PRO SPE
ILLINOIS MUNICIPAL RETIREMENT FUND
NAHRO PROFESSIONAL DEVELOPMENT PROG
PETTY CASH - MANAGEMENT SERVICES
PLANNING RESOURCES• INC.
POSTMASTER MT PROSPECT
PiUBLIX OFFICE SUPPLIES INC.
TRKLA9 PETTIGREW* ALLEN 6 PAYNE
HOWARD L. WHITE C ASSOCIATES, INC.
COMMUNITY DEVELOPMENT DEPARTMENT
GENERAL FUND
STREET DIVISION
A-1.TIME RECORDER CO. INC.
LLIED ASPHALT PAVING
ADERSON LOCK COMPANY
ARBEE SALES CORP
ARLINGTON AMC/JEEP C RENAULTS INC.
�J TV SERVICE
ARTLETT MANUFACTURING CO.
BEARING OISTRIBUTORS9 INC.
VILLAGE OF MOUNT PROSPECT
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
PURCHASE DESCRIPTION
PROSPECT AVE. IMPROVEMENT/ ESTIMATE 0'
SUBSCRIPTION
SUPPLIES .
OFFICE SUPPLIES
RESIDENTIAL REHAB LOAN
IMRF FICA ONLY 7/5/84
TRAINING EXPENSE
TRAVEL E SUPPLIES
TRAVEL G SUPPLIES
FACADE INPROVEMENT PROGRAM
METER MACHINE POSTAGE
OFFICE SUPPLIES
SERVICES RENDERED
BENCHES E WASTE RECEPTACLES
INVOICE AMOUNT
$6,920.15
$198.00
$91.55
59.50
$149801.00
$176.70
$285.00
$5.00
$5.30
$39177.52
$100.00
$51.15
$19625.40
$19642.71
***TOTAL**
PAGE 10
TOTAL
$69920.15
$198.00
$91.55
$9.50
x14.801
5171
$285.00
$10.30*
$39177.52
$100.00*
$51.15
$19625.40
$1,642.71
$299135.95
$184.41 COMMUNITY DEVELOPMENT BLOCK GT $289951.54
SERVICE E PARTS
PAVING MATERIAL
PAVING MATERIAL
SERVICES RENDERED
MISC PARTS
PARTS
PARTS
PARTS C SERVICE
TOOLS
MISC PARTS
$53.00
$963.00
$39406.20
$40.00
$42.99
$27.45
$98.05
$108.50
$22.44
$171.00
$53.00
$4e369.2D
540.00
$42.99
3125.50
$108.50
$22.44
VILLAGE OF MOUNT PROSPECT
PAGE 11
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7131184
VENDOR
PURCHASE DESCRIPTION
INVOICE AMOUNT
TOTAL
STREET DIVISION
MISC PARTS
$1x003.90
511174.90
BILL'S LAWN S POWER
MISC PARTS
$107.03
$107.03
BRUCE MUNICIPAL EQUIPMENT
MISC PARTS
$895.88
-
MISC PARTS
$469.66
$1*365.54
E HARDWARE
SUPPLIES
$9.84
$9.84
CAU- INDUSTRIES
MISC SUPPLIES
$145.30
MISC SUPPLIES
$551.25
SUPPLIES
$66.91
$763.46
CHEM RITE PRODUCTS COMPANY
MISC SUPPLIES
$229.23
5229.23
CHICAGO TORO TURF -IRRIGATION, INC.
MISC PARTS
$72.54
MISC PARTS
$119.61
$192.15
CITIZENS UTILITIES CO. OF ILLINOIS
WATER SERVICE
$48.05
$48.05
FINKBINDER EQUIPMENT CO
EQUIPMENT
$127.32
$127.32
FREDRIKSEN E SONS
SERVICES RENDERED
532.00
SERVICES RENDERED
$100.00
SERVICES RENDERED
$100.00
SERVICES RENDERED
$99.04
SERVICES RENDERED
$100.00
SERVICES RENDERED
$100.00
$531.04
NO EQUIPMENT• INC.
PUMP
$352.00
$352.00
41 -LINE CONTRACTORS
SUPPLIES
$146.82
CHARLES KLEHM E SOP! NURSERY
TREES
$ 621.82
$121.25
TREES
57*172.00
TREES
52.022.75
TREES
$4x138.25
$13*954.25
KENNETH KOEPPEN
PLASTERING MATERIALS
$80.91
$80.91
LATTOF MOTOR SALES CO.
CHEVROLET SEDAN
$11799.76
$6*799.76m
LEWIS INTERNATIONAL INC.
MISC PARTS
$142.49
$142.49
J.C. LICHT
MISC SUPPLIES E BUILDING MATERIALS
$177.97
PAINT SUPPLIES
$62.20
$240.17
MATCO TOOLS CORP
TOOLS
$119.96
$119.96
METROCOM SERVICE
EQUIPMENT REPAIRS
568.37
PARTS
$42.07
$110.44
MEYER MATERIAL CO.
PAVING MATERIAL
$2.765.32
$29765.32
MONTGOMERY WARD
REPAIRS
$86.55
$86.55
NORTHWEST ELECTRICAL SUPPLY
ELECTRICAL SUPPLIES
$49.44
VILLAGE OF MOUNT PROSPECT PAGE 12
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
VENDOR PURCHASE DESCRIPTION INVOICE AMOUNT TOTAL
STREET DIVISION
ELECTRICAL SUPPLIES
$259.08
-
ELECTRICAL SUPPLIES
$186 44
ELECTRICAL. SUPPLIES
$77.20
$572.16
OTTAWA SILICA SAND CO.
SAND
$286.50
$286.50
TONY PATRASSO
SHOE ALLOWANCE
$7.54
$
PETTY CASH - MANAGEMENT SERVICES-
TRAVEL C SUPPLIES
$3.95
TRAVEL & SUPPLIES
$11.00
$14.95*
PETTY CASH - PUBLIC WORKS
TRAVEL & SUPPLIES
$2.73
TRAVEL & SUPPLIES
$7.94
TRAVEL & SUPPLIES
$13.15
TRAVEL & SUPPLIES
$15.86
TRAVEL E SUPPLIES
$1.85
r
TRAVEL & SUPPLIES
$2.00
TRAVEL & SUPPLIES
$3.31
r
TRAVEL & SUPPLIES
$31.18
r
TRAVEL C SUPPLIES
$10.85
r
TRAVEL & SUPPLIES
$9.46
TRAVEL & SUPPLIES
$1.60
599.93=
PERMALAWN INC
MANUAL
$6.79
$b 79
PROTECTIVE EQUIPMENT INC.
EQUIPMENT
$36.73
$-1
RELIANCE SAFETY EQUIPMENT CO.
EQUIPMENT
$20.32
$2� 2
RIKER DISTRIBUTING COMPANY• INC.
EQUIPMENT REPAIR
$160.00
$160.00
ROWLAND'S EQUIPMENT* INC.
PARTS
$18.98
MISC PARTS
$189.91
$208.89
SEARS• ROEBUCK AND COMPANY
PAINT
$19.99
$19.99
SHERW00D ENTERPRISES
UNIFORMS
$203.50
$203.50
SIMPLEX TIME RECORDER
PARTS
$283.05
$283.05
STANN & ASSOCIATES, INC.
SERVICES RENDERED
$185.00
$185.00
TECH SYN CORPORATION
PARTS
$13.75
$13.75
TERRACE SUPPLY COMPANY
PAINT
$28.74
$28.74
TRI SERVICE COMPANY
SERVICES RENDERED
$123.00
$123.00
TUFF-KOTE DINOL
VEHICLE REPAIRS
$135.00
$135.00
UGLY DUCKLING CAR RENTAL
CAR RENTAL/ JULY
$157.50
$157.50
JACK VENA LAWN MAINTENANCE INC
SERVICES RENDERED
$1.440.00
$1.440.00
.'ERMEER-ILLINOIS
MISC PARTS
$669.29
$669.29
WARNING LITES OF ILLINOIS
SERVICES RENDERED
$194.00
$194.00
VILLAGE OF MOUNT PROSPECT PAGE 13
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
VENDOR PURCHASE DESCRIPTION INVOICE AMOUNT TOTAL
STREET DIVISION
WASHINGTON RUBBER CO.
PARTS
$57.84
SERVICES RENDERED
$214.50
PARTS
$79.15
$136.99
ADAM WAWRZAK CARPET SERVICE
SERVICES RENDERED
x35.00
$35.00
WAY -KEN CONTRACTORS SUPPLY CO.
EQUIPMENT
$626.29
5626.29
SIDE TRACTOR SALES.
PARTS
$18.63
$18.63
V'A`T
tt ELMANS RADIATOR CO.
RADIATOR REPAIR
565.00
$65.00
L_NOTH BRUSH WORKS* INC.
EQUIPMENT
$363.60
$363.60
STREET DIVISION
$904.20
***TOTAL**
$40.221.00
GENERAL FUND
$27x259.71
REVENUE SHARING FUND
$21113.21
MOTOR FUEL TAX FUND
53#728.32
CAPITAL IMPRV. & REPL. FUND
57x119.76
rYr.rrr,�rYY,Y�rrYrvYY�YYYm,rvr�rr„ r�Yv�r.rr„ r.,.v.rr,Mr,,,Y „ rrTY,Yrs,rr�,�rrY�mY,�vrr�MYrr�r,.YYrrY,
WATER AND SEWER DIVISION
ANDER CHEMICAL CORP.
AwuALAB INC.
ASTRO WATER ENGINEERS
BADGER METER INC
BERKEY CAMERA SHOP
BERRY BEARING CO
BLAIR TEMPORARIES
BUREAU OF BUSINESS PRACTICE
CADE INDUSTRIES
CHEM RITE PRODUCTS COMPANY
COMMONWEALTH EDISON
CONTINENTAL IL.NAT.SANK&TRUST OF CH
FREDRIKSEN & SONS
LIQUID CHLORINE
$31358.75
339358.75
SERVICES RENDERED
$214.50
$214.50
TRIPOLYPHOSPHATE
$59860.00
$51860.00
METER PARTS
$11288.00
METERS
$51707.80
$61995.80
FILM PROCESSING
$64.76
FILM PROCESSING
$7.25
$72.01
PARTS
$24.00
$24.00
SERVICES RENDERED
$629.20
SERVICES RENDERED
$275.00
$904.20
SUBSCRIPTION
$48.24
1.48.24
SUPPLIES
$66.92
566.92
MISC SUPPLIES
567.75
$67.75
ELECTRIC SERVICE
$142.69
$142.69
VILLAGE SHARE WATER SUPPLY
$791533.58
5791533.58=
SERVICES RENDERED
$100.00
VILLAGE OF MOUNT PROSPECT
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
PAGE 14
VENDOR PURCHASE DESCRIPTION INVOICE AMOUNT TOTAL
WATER AND SEWER DIVISION
WILLIAM GEORGE
GREELEY AND HANSEN
`.B.M. CORPORATION
LLINOIS BELL TELEPHONE CO.
ILLINOIS MUNICIPAL RETIREMENT FUND
J. MERLE JONES AND SONS INC.
R. JONES TRUCKING AND GRADING
KOCH'S LUCKY ACRE
<.OEHN•S ROSEMONT GARDENS, INC.
EWIS INTERNATIONAL INC.
,TER AWARDS
'ROCOM SERVICE
"YER MATERIAL CO.
MOBIL OIL CORPORATION
NORTHERN ILLINOIS GAS CO.
NORTHWEST ELECTRICAL SUPPLY
'LYMPIA DODGE OF DES PLAINES. INC.
TTAWA SILICA SAND CO.
ETTY CASH - PUBLIC WORKS
SERVICES RENDERED
SHOE ALLOWANCE
SERVICES RENDERED
SERVICES RENDERED
COMPUTER MAINT./JULY
TELEPHONE SERVICE
TELEPHONE SERVICE
TELEPHONE SERVICE
TELEPHONE SERVICE
TELEPHONE SERVICE
TELEPHONE SERVICE
IMRF FICA ONLY 7/5/84
REPAIRS
TDP SOIL
SOD
SOD
MISC PARTS
SUPPLIES
EQUIPMENT REPAIRS
PARTS
PAVING MATERIAL
OIL
GAS SERVICE
GAS SERVICE
GAS SERVICE
ELECTRICAL SUPPLIES
PARTS
SAND
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
TRAVEL & SUPPLIES
$100.00
5200.00
$17.90
$17.90
$281000.00
$4.960.00
$32.960.00
$221.25
$22
$17.05
$15,54
$16.16
$16.22
$453.23
$16.19
$534.39
$19606.08
$1.606.08*
$49.28
$49.28
$60.00
$60.00
$23.75
$23.75
$72.00
$72.00
$241.06
$241.06
$8.00
$8.00
$135.88
$42.08
$17
$747.39
$74. 4
$315.00
$315.00
$23.38
$46.59
$26.62
$96.59
$1:026.36
$1e026.36
$8.82
$8.82
$286.50
$286.50
$1.71
M
$21.00
v
$5.01
$1.27
r
$9.50
r
$1.55
Y
$.92
$51.30
PARKING SYSTEM DIVISION
CHICAGO C NORTHWESTERN TRANS CO PARKING RECEIPTS $29240.10 $29240.10*
COMMONWEALTH EDISON ELECTRIC SERVICE $273.13
ELECTRIC SERVICE $6.62
ELECTRIC SERVICE $17.91
VILLAGE OF MOUNT PROSPECT
PAGE 15
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7%31184
VENDOR
PURCHASE DESCRIPTION
INVOICE AMOUNT
TOTAL
WATER AND SEWER DIVISION
TRAVEL C SUPPLIES
$5.04
TRAVEL C SUPPLIES
$12.36
Y
TRAVEL C SUPPLIES
$48.45
-
TRAVEL C SUPPLIES
$2.50
$160.61*
P"^ERSEN C HOUPT
SERVICES RENDERED
$211.25
$211.25
MASTER MT PROSPECT "'_
POSTAGE PERMIT/ WATER BILLS
$328.30
Y
METER MACHINE POSTAGE
$150.00
$478.30*
PROTECTIVE EQUIPMENT INC.
EQUIPMENT
$21.76
EQUIPMENT
$36.73
$58.49
RELIANCE SAFETY EQUIPMENT CO.
EQUIPMENT
$20.32
$20.32
SAM'S GLASS
GLASS INSTALLATION
$168.64
$168.64
SCHUSTER EQUIPMENT COMPANY
EQUIPMENT
$368.75
$368.75
SHERWOOD ENTERPRISES
UNIFORMS
$203.50
$203.50
SIDENER SUPPLY COMPANY
MISC PARTS
$507.23
$507.23
STANN C ASSOCIATES• INC.
SERVICES RENDERED
$430.00
$430.00
TECH SYN CORPORATION
MISC PARTS
$45.04
$45.04
TERRACE SUPPLY COMPANY
MISC TOOLS
$73.47
$73.47
UGLY DUCKLING CAR RENTAL
CAR RENTAL/ JULY
$157.50
$157.50
WASHINGTON RUBBER CO.
PARTS
$79.16
$79.16
D''TD WEINBERG
SHOE ALLOWANCE
$17.90
$17.90
L -c -R AND SEWER DIVISION
***TOTAL**
$1389920.93
WATER C SEWER FUND - OEM
$1109920.93 WATER C SEWER FUND
- DIE
$289000.00
PARKING SYSTEM DIVISION
CHICAGO C NORTHWESTERN TRANS CO PARKING RECEIPTS $29240.10 $29240.10*
COMMONWEALTH EDISON ELECTRIC SERVICE $273.13
ELECTRIC SERVICE $6.62
ELECTRIC SERVICE $17.91
VENDOR
PARKING SYSTEM DIVISION
ILLINOIS MUNICIPAL RETIREMENT FUND
MOUNT PROSPECT STATE BANK
PETTY CASH - PUBLIC WORKS
VILLAGE OF MOUNT PROSPECT
WAY -KEN CONTRACTORS SUPPLY CO.
PARKING SYSTEM DIVISION
PARKING SYSTEM REVENUE FUND
ENGINEERING DIVISION
B 6 H INDUSTRIES
COMMONWEALTH EDISON
DONOHUE E ASSOCIATES, INC.
ENGINEERING SOCIETIES LIBRARY
ENG/SURVEYORS SERVICE
LPS PAVEMENT COMPANY
MARTAM CONSTRUCTION
NORTHWEST ELECTRICAL SUPPLY
PETTY CASH - MANAGEMENT SERVICES
POSTMASTER MT PROSPECT
SOIL 6 MATERIAL CONSULTANTS9 INC.
TESTING SERVICE CORPORATION
VILLAGE OF MOUNT PROSPECT
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31%84
PURCHASE DESCRIPTION INVOICE AMOUNT
ELECTRIC SERVICE
IMRF FICA ONLY 7/5/84
NOTE PRIN DUE 7/14
NOTE INT. DUE 7/14
TRAVEL 6 SUPPLIES
WATER SERVICE
EQUIPMENT RENTAL
5129214.78
OFFICE SUPPLIES
OFFICE SUPPLIES
STREET9HIGHWAY9E TRAFFIC LIGHTING
FINAL BILLING SEWER REHAB DESIGN
PHOTOCOPIED DOCUMENTS
SUPPLIES
PAVING MATERIALS
HILL STREET RECONSTRUCTION
HILL STREET RECONSTRUCTION
ELECTRICAL SUPPLIES
TRAVEL E SUPPLIES
METER MACHINE POSTAGE
MATERIAL INSPECTIONS
MATERIAL INSPECTIONS
SERVICES RENDERED
$17.91
$15.60
$8x250.00
$19030.39
$13.32
$37.80
$312.00
*TOTAL**
553.69
$149.03
$39901.29
%300.00
$11.80
$56.82
$469.84
$29480.00
$209656.73
$314.10
$24.23
$75.00
$254.50
$240.00
$350.00
PAGE 16
TOTAL
5315.57
$15.60*
%99280.39*
53
%312.uO
$121214.78
$20 '
53190
$300.00
$11.80
$56.82
$469.84
$23.136.73
$314.10
$24.23*
$75.00*
$494.50
$350.00
=NGINEERING DIVISION ***TOTAL*; $299337.03
VENDOR
GENERAL FUND
CORPORATE PURPOSES 1973 CONST
VILLAGE OF MOUNT PROSPECT
ACCOUNTS PAYABLE APPROVAL REPORT
PAYMENT DATE 7/31/84
PURCHASE DESCRIPTION
$39634.51 MOTOR FUEL TAX FUND
$300.00
PAGE 17
INVOICE AMOUNT TOTAL
$25,402.52
r 'UNITY AND CIVIC SERVICES
Gkr_AT LACES FIRE EQUIPMENT SUPPLIES $73.76 $73.76
PETTY CASH - PUBLIC WORKS TRAVEL & SUPPLIES $40.34 $40.34*
WARNING LITES OF ILLINOIS SERVICES RENDERED $400.00 $400.00
COMMUNITY AND CIVIC SERVICES ***TOTAL** $514.10
GENERAL FUND 5514.10
PENSION FUNDS
LAOIS MUNICIPAL RETIREMENT FUND IMRF FICA ONLY 7/5/84 $6r120.34 $6-P120.34r
PENSION FUNDS ***TOTAL** $69120.34
ILL. MUNICIPAL RETIREMENT FUND $6,120.34
ALL DEPARTMENTS TOTAL $6699879.76
ORDINANCE NO.
AN ORDINANCE AMENDING CHAPTER 13 OF THE
I VILLAGE CODE OF MOUNT PROSPECT
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That subsection A.1 of Section 13.106 of
Chapter l3_entitled "Licenses and Permits", as amended, be and
the same is hereby further amended by adding, in proper
alphabetical sequence, the creation of anew classification of
liquor license to be known as a Class "F" (Food Cafe) liquor
license; so that said Section 13.106.A of Chapter 13 shall
hereafter be and read as follows:
"Section 13.106.A.1 Licenses and Permits. Class "F" (Food
Cafe) License, which shall authorize the licensee to sell
and offer for sale at retail alcoholic liquor for con-
sumption on the premises where sold, and only in conjunction
with the operation of a Food Service Court located in a
shopping mall. Any consumption of alcoholic beverages shall
be limited to those patrons who are dining in said "Food
Cafe". Said premises shall be separate from but contiguous
to the main Food Service Court, and shall not exceed 8,000
square feet in total floor area. Said premises shall be
maintained as an area separate and apart from the general
shopping mall with definite and restricted points of ingress
and egress. Signs shall be posted at all points of ingress
and egress prohibiting the removal of alcoholic beverages
from the Food Cafe."
SECTION TWO: That subsection A.2 of Section 13.106 of
Chapter 13 entitled "Licenses and Permits", as amended, be and
the same is hereby further amended by creating a new annual
license fee for the license classification Class "F" (Food
Cafe); so that hereafter said subsection A.2 of Section 13.106
shall be and read as follows:
"Section 13.106.A.2 Licenses and Permits.
License Classification Annual License Fee
Class
A
$2,000.00
Class
B
1,500.00
Class
C
1,500.00
Class
D
300.00
Class
E
1,500.00
Class
F
2,000.00
Class
G
300.00
Class
L
2,500.00
Class
M
2,500.00
Class
P
1,250.00
Class
R
1,500.00
Class
S
2,000.00
Class
V
1,000.00
Class
W
1,000.00"
SECTION THREE: That Section 13.115 of Chapter 13 entitled
Cl`osin�If6id_rs; Sunday Closing", as amended, be and the same is
hereby further amended by adding, in proper alphabetical
sequence, Subsection "E"; so that said Section 13.115 of
Chapter 13 shall hereafter be and read as follows:
- 2 -
"Section 13.115.E Closing Hours; Sunday Closing. it shall
be unlawful for any licensee holding a Class "F" (Food Cafe)
liquor license, created under the terms of this Chapter, to
sell or offer for sale any alcoholic liquor in or on any
premises for which a license providing for consumption on
the premises has been issued pursuant to this Chapter 13,
at a time when the shopping center in which said "Food Cafe"
is located is not open to the general public, or at a time
when less than fifty percent (50%) of those food concessions
located in the adjacent "Food Service Court" are operating
and open for business. Except that on Sunday no alcoholic
liquor may be sold or consumed before twelve (12:00) noon."
SECTION FOUR: That subsection A of Section 13.107 of Chapter
T-3' entitled -"Number of Licenses", as amended, be and the same
is hereby further amended by the addition of one (1) license
under the newly created classification of liquor license known
as a Class "F" (Food Cafe); so that said Section 113.107.A of
Chapter 13 shall hereafter be and read as follows:
"Section 13.107.A Number of Licenses.
Four (4)
Class
A
Licenses
Three (3)
Class
B
Licenses
Nine (9)
Class
C
Licenses
Two (2)
Class
D
Licenses
One (1)
Class
E
License
One (1)
Class
F
License
One (1)
Class
G
License
One (1)
Class
M
License
One (1)
Class
P
License
Seventeen (17)
Class
R
Licenses
Seventeen (17)
Class
S
Licenses
One (1)
Class
V
License
Five (5)
Class
W
Licenses"
SECTION FIVE: That this Ordinance shall be in full force and
eff—ect"-f-i—omand after its passage, approval and publication in
pamphlet form as provided by law.
AYES:
NAYS:
ABSENT:
PASSED AND APPROVED this
ATTEST:
Village C
day of
Vii-la7je—President
1 1984.
I�ESOLUTION NO,
A RESOLUTION TO OBJECVTO THE GRANTING OF VARIATIONS
BY THE COOK COUNTY ZONING BOARD OF APPEALS TO ALLOW
THE ERECTION OF AN OUTDOOR ADVERTISING SIGN AT THE
NORTHWEST CORNER OF BUSSE ROAD AND THE NORTHWEST TOLL -
WAY IN ELK GROVE TOWNSHIP
WHEREAS, a petition has been filed with the Cook County
Zoning Board of Appeals to vary the required setback from
500 feet to 10 feet and to increase the required length. from
35 feet to 48 feet to allow the erection of a double-faced
illuminated outdoor advertising sign on property adjacent to
the Village of Mount Prospect in unincorporated Cook County,
(Docket #4281); and
WHEREAS, the Village finds that the Variation request
is excessive in nature and there is no evidence that the
conditions of hardship are present per Article XII.73 Standards
for Variation, of the Cook County Zoning Ordinance; and
WHEREAS, the Village Board passed a comprehensive Sign
Ordinance on December 7, 1982 in an effort to improve the
overall quality of signage within the corporate boundaries
of the Village; and
WHEREAS, the subject property is located adjacent to
the Village of Mount Prospect and is within its planning
jurisdiction; and
WHEREAS, on May 13, 1982, the Village officially objected
to the granting of Variations for a similar case, Docket
#3760, for an advertising sign in Elk Grove Township; and
WHEREAS, the Village finds that it is in the best
interests of the Village to oppose the current Variation
request:
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD
OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS:
SECTION ONE: The Mayor and Board of Trustees do hereby
object to-_fF'e'"granting of Variations to allow the erection
of an outdoor advertising sign at the northwest corner of
the intersection of Busse Board and the Northwest Tollway in
Elk Grove Township.
SECTION TWO: A copy of this Resolution shall be forwarded
to Alex __R._S&:[ETF, Chairman of the Cook County Zoning Board
of Appeals, with a request that the Resolution be filed in
the official records of this case, Docket #4281.
SECTION THREE: This Resolution shall be in full force
and passage and approval. in accordance with
law.
PASSED and APPROVED this day of
AYES:
NAYS:
ABSENT:
ATTEST:
MAPICE19141
-%AEREAS. Mr. Joseph T. Hardiman has filed an application for
variatioIle with respect to his residence property commonly known as
520 Hill Street in the Village of Mount Prospect. Illinois (the
"Subject Property"): and
Lot 1 in Hill Street Subdivision of the East 400 feet of
that part of the North Half of the Southeast Quarter of the
Northeast Quarter of Section 34, Township 42 North, Range
11, East of the Third Principal Meridian. lying East of
Rand Road, in Cook County. Illinois: and
WHEREAS. Petitioner seeks the following variations from
Provisions of} 14 of the Village Code of Mount Prospect.
Illinois, to allow him to construct a three -car garage structure
containing 640 square feet of area with a 28 foot driveway. to -wit:
1. A variation from Section 14.102.B.4 providing for the
maximum size of a private garage to be 600 square feet.
2. A variation from section 14.116.0 providing maximum
driveway widths at 18 feet.
3. A variation from Section 14.1101.B.3 providing for garages
designed to house no more than two motor vehicles in an R-1
Single -Family Residence District.
WHEREAS. a public hearing was held on the variation requests
(designated as case No. ZBA-23-V-84) before the Zoning Board of
Appeals of the Village of Mount Prospect on the 28th day of June.
1984. pursuant to due and proper notice thereof published in the
Mount Pros2ect Herald on the 8th day of June. 1984; and
WHEREAS. the Zoning Board of Appeals has submitted its findings
and recommendations to the President and Board of Trustees of the
Village of Mount Prospect to allow the requested variations provided
that the driveway width as presently provided be retained and be
tapered to 28 feet in width at the entrance to the garage and at the
curb area as recommended by the administrative staff of the Village.
and the President and Board of Trustees of said village have given
further consideration to the variation requests and have determined
that the same satisfy the standards set forth in Section 14.605 of
Article VI of Chapter 14 of the Village Code. provided that the
triveway be tapered as recommended. and this Board further finds
that it would be in the beat interest of the Village to grant the
request for variations.
NOW THEREFORE. BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT. COOK COUNTY. ILLINOIS, AS
FOLLOWS:
SECTION ONE! The recitals set forth hereinabove are
incorporated herein as findings of fact by the President and Board
of Trustees of the Village of Mount Prospect.
SECTION TWO: The President and Board of Trustees of the Village
of Mount Prospect hereby grant to the Subject Property the
variations requested with respect to Sections 14.102.B.4. 14.116.C,
and 14.1101.B.3 of Chapter 14 of the Village Code of Mount Prospect.
Illinois. to allow the erection of a three -car garage having an area
M f 640 square feet with a driveway which flares to 28 feet in width
at the curb and the garage area.
SECTION THREE: Except for the variations granted herein, all
othei -applicable Village of Mount Prospect ordinances and
Regulations shall remain in full force and effect as to the Subject
Property.
SECTION FOUR: This ordinance shall be in full force and effect
from and after its passage. approval and publication in pamphlet
form in the manner provided #,. law.
PASSED AND APPROVED this - day of 1984.
AYES*
NAYS:
ABSENT*
VILLAGE CLERK
1796S
ORDINANCE NO.
AN ORDINANCE GRANTING A VARIATION FOR CERTAIN
PROPERTY COMMONLY KNOWN AS 1711 MYRTLE DRIVE
IN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS
WHEREAS. Mr. and Mrs. Frank J. Mortellaro have filed an
application for variations with respect to their residence property
at 1711 Myrtle Drive, in the Village of Mount Prospect. Illinois
(the "Subject Property"): and
WHEREAS. the Subject Property is described as follows:
Lot 18 in Colonial Heights First Edition, being a
Subdivision of part of Lots S. 6 and 7 in Owner's Division,
being a Subdivision of the southeast Quarter (except the
West Half of the Southwest Quarter thereof) of Section 10,
Township 41 North, Range 11. East of the Third Principal
Meridian. in Cook County, Illinois: and
WHEREAS, Petitioners seek variations from the following
provisions of Chapter 14 of the Village Code of Mount Prospect,
Illinois, to allow them to construct a replacement garage structure
to house four automobiles. containing 988 square feet in area and
located within the required five foot side and rear yard set back
line of the Subject Property:
1. A variation from Section 14.102.B.2 providing a minimum set
back of five feet from any interior lot line.
2. A variation from section 14.102.B.4 providing for the
maximum size of a private garage structure to be 600 square
feet.
3. A variation from Section 14.1101.B.3 providing only for a
two -car garage in an R-1 single Family Residence District:
and
WHEREAS, a public hearing was held on the requested variations
(designated as Case No. ZBA-26-V-84) before the Zoning Board of
Appeals of the Village of Mount Prospect on the 28th day of June.
1984, pursuant to due and proper notice thereof published in the
Mount Prospect Herald on the 8th day of June. 1984: and
WHEREAS, at said hearing the Petitioners presented 41 letters
signed by nearby residents of the Subject Property and stating that
there was no objection to the proposed garage replacement, and
further stated that no part of said structure would be used for
performing auto body or repair work or for any form of home
occupation: and
WHEREAS, the Zoning Board of Appeals has submitted its findings
to the President and Board of Trustees of the Village of Mount
Prospect disclosing that the requested variations did not receive a
majority favorable vote, and the President and Board of Trustees of
said Village have given further consideration to the variation
requests, and have considered the fact that the proposed garage
construction is for the purpose of replacing existing structures,
and have determined that such requests satisfy the standards set
forth in section 14.605 of Article VI of Chapter 14 of the Village
Code, provided that no auto body or repair or other home occupation
use is made of the subject garage structure, and that it would thus
be in the best interest of the Village to grant the requested
variations.
NOW. THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT. COOK COUNTY. ILLINOIS. AS
FOLLOWS:
SECTION ONE- The recitals set forth hereinabove are
incorporated herein as findings of fact by the President and Board
of Trustees of the Village of Mount Prospect.
SECTION TWO: The President and Board of Trustees of the Village
of Mount Prospect hereby grant to the Subject Property the requested
variations from Sections 14.102.B.2. 14.102.B.4 and 14.1101.B.3 of
Chapter 14 of the Village Code of Mount Prospect. Illinois. to allow
the construction of a replacement garage structure on condition that
no portion of the structure shall be used for auto body and repair
work or for any other home occupation.
SECTION THREE: Except for the variations granted herein, all
other applicable Village of Mount Prospect Ordinances and
Regulations shall remain in full force and effect as to the subject
Property.
SECTION FOUR: This Ordinance shall be in full force and effect
from and after its passage. approval and publication in pamphlet
form in the manner provided by law.
PASSED AND APPROVED this - day of 1984.
AYES:
NAYS:
ABSENT:
VILLAGE CLERK
Wa
V1t4W�'1UtyA1W *tj *14 0 D1 i.
u.,L)INANCE NO.
AN ORDINANCE TO AUTHORIZE THE SALE OF REAL PROPERTY
OWNED BY THE VILLAGE OF MOUNT PROSPECT, ILLINOIS
WHEREAS, there has been submitted to the President and Board
of Trustees a certain proposal by Lee's Marketing Services, Inc.
for the purchase of certain Village owned real estate, as
hereinafter described (a copy of which proposal is attached
hereto and made a part of this Ordinance by reference); -and
WHEREAS the Subject Real. Estate is vacant and the President
and Board of Trustees of the Village of Mount Prospect have
determined that the same is no longer necessary, appropriate or
required for municipal use, and that the purchase price offered
therefore at $239,500.00 is fair, reasonable and just; and
WHEREAS, it is determined to be in the best interest of the
Village of Mount Prospect that said real estate be sold to
Lee's Marketing Services, Inc. in accordance with its proposal.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The recitals set forth above are incorporated
herein as findings of fact by the President and Board of
Trustees of the Village of Mount Prospect.
SECTION TWO: The President and Board of Trustees of the
Village of Mount Prospect do hereby approve and accept the
proposal submitted by Lee's Marketing Services, Inc. for the
purchase of certain Village owned real estate, described as
follows:
The West 1.5705 acres of Lot 308 in Kensington Center -
Phase Three -A, being a Subdivision and Resubdivision in
part of the northwest quarter and the northeast quarter
of Section 35, Township 42 North, Range 11, East of the
Third Principal Meridian, in Cook County, Illinois.
Said property to be acquired at a purchase price of $239,500.00.
SECTION THREE: The Village President and Village Clerk are
hereby authorized and directed to execute such real estate
contract on behalf of the Village of Mount Prospect, and the
Community Development Department is authorized to undertake
the subdivision platting requirements regarding this transaction,
and the Village Attorney is hereby authorized to undertake all
necessary title commitment and document preparation requirements
to conclude the sale and conveyance of the Subject Property to
Lee's Marketing Services, Inc.
SECTION FOUR: This Ordinance shall be in full force and effect
upon its passage, approval and publication in pamphlet form
in accordance with law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this day of 1984.
.1 -- President
ATTEST: Village
Village Clerk
0
RESOLUTION NO.
A naG0LDTIOm AUTHORIZING THE EXECUTION OF A MEMORANDUM
OF AGREEMENT WITH LEES' MARKETING SERVICES, INC.
AND CALLING A PUBLIC HEARING ON A PROPOSED PROJECT
vmsEz83AS, the Village of Mount Prospect has heretofore, on
July 17, 1979, pursuant to its Constitutional home rule powers,
adopted Ordinance No. 2925 authorizing the Village to issue
industrial and commercial development project revenue bonds for the
purpose of, among other things, financing in =bole or in part the
cost of acquiring land and constructing and equipping industrial and
commercial buildings for use within the corporate limits of the
Village of Mount Prospect; and
WHEREAS, Lees` Marketing Services, Inc., an Illinois
corporation (the Corpnratioo)witb offices presently located in Mount
Prospect, Illinois, has determined to acquire land on FeebaoviIIe
Drive within the corporate limits of the Village of Mount Prospect,
to construct a building thereon and to install items of eqoipmeot
all for use as a light manufacturing, and office facility (the
"
"Project"); and
WHEREAS, the Corporation has requested that the village of
Mount Prospect issue its industrial development revenue bonds in an
amount not exceeding $000,000 for the purpose of obtaining the
necessary funds to allow the Corporation to acquire, construct and
equip the Project; and
vmcmzonAG, the site of the proposed Project in presently
zoned to permit the kind of industrial operations which the
Corporation engages in, and such operations do not create noise or
other adverse environmental conditions; and
WHEREAS, the proposed Project will enhance employment
opportunities within the community, will increase the tax base of
the community, will serve to attract similar firms with little or no
adverse environmental impact to locate within the oononooity and will
serve to enhance the reputation of the community in the
Corporation's dealings with its customers; and
WHEREAS, by reason of the matters hereinabove set forth,
the President and Board of Trustees of the Village of Mount Prospect
find and determine that the issuance of industrial development
revenue bonds of the Village pursuant to said Ordinance 2925 would
be for a public purpose and in furtherance of a matter which
pertains to the government and affairs of the Village of Mount
Prospect; and
WHEREAS, a Memorandum of Agreement has been presented to
the Village (as Issuer of such bonds) by the Corporation under the
terms of which the Village agrees, subject to the provisions of such
Agreement, to issue its revenue bonds and to finance the
acquisition, construction and equipping of the Project; and
WfraBEAS~ the President and Board of Trustees of the Village
of Mount Prospect find and determine that the execution of the
Memorandum of Agreement (a copy of which is attached hereto, labeled
Exhibit A and made a part of this Resolution by reference) would be
in the best interest of the Village; and
WHEREAS, Section I03(k) of the Internal Revenue code of
1954, an amended, provides that, in order for the interest on any
such bonds to be exempt from Federal income taxation, the Village
moot first call and bold a public hearing on the proposal to
undertake and finance the project and to issue the bonds:
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, AS
FOLLOWS:
SECTION ONE: The Mayor and Board of Trustees of this
Village find as facts the matters hereinabove set forth, and the
Mayor is hereby authorized to execute, and the Village Clerk is
hereby authorized to attest a Memorandum of Agreement with the
Corporation in substantially the form of such Agreement attached
hereto as Exhibit A and made a part hereof by this reference.
SECTION TWO: A public hearing on the proposal of the
Corporation that the Village issue its industrial development
revenue bonds, in a principal amount of not to exceed $800,000, in
order to finance the costs of the Project is hereby called
and shall be held on 21st day of August 1984, at 8:00 o'clock p.m.,
at the Public Safety Building, Second Floor, 112 East Northwest
Highway, Mount Prospect, Illinois. The said Clerk shall cause
notice of the public hearing to be published in The Mount Prospect
Herald, the official newspaper of the Village as well as a newspaper
of general circulation in the Village, at least once not less than
fourteen days prior to the date fixed for the public hearing. The
notice of hearing shall be in substantially the form attached hereto
as Exhibit B and made a part hereof by this reference.
SECTION THREE: The officers and employees of this
Village be, and they are hereby authorized to take such further
action as is necessary to carry out the intent and purposes of the
Memorandum of Agreement when executed and, subject to the provisions
of and the compliance with said Memorandum of Agreement, to prepare
the necessary documents and to issue revenue bonds described above
upon the terms and conditions stated in said Memorandum of Agreement
for the purpose of defraying the cost of the Project and the same is
hereby declared to be for a public purpose and to be a matter
pertaining to the government and affairs of the Village of Mount
Prospect.
SECTION FOUR: This Resolution shall be in full force
and effect after its passage and approval in the manner provided by
law.
PASSED and APPROVED this _ day of August, 1984.
AYES:
NAYS:
ABSENT:
ATTEST:
VILLAGE CLERK
MAYOR
5Z
Village of Mount Prospect
Mount Prospect, x|iovb
INTEROFFICE MEMORANDUM
TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: RONALD W. PAVLOCK, CHIEF OF POLICE
SUBJECT: FREEDOM OF INFORMATION ACT
DATE: JULY 23, 1984
As directed by you, I have summarized the options on release of information
in regard to victims, witnesses, and complainants by other departments of
the Village. In summary, information would not be released by other
departments of the Village when a police report has been filed.
Reference Mr. Coleman's comments at the Village Board Meeting of July 77
1904 on the tree incident (report attached), the information on this report
with the exception of the suspected offender could be released to the prrss
since all complainants were Village employees who dm not have a right to "
privacy relative to their official doties. In regard to the Fire Department's
release of information, in most instances a police report is not made unless
a crime has been committed.
On July 20, 1984 Mr. Redlfcht, theprimary author of the Illinois Criminal
Justice Advisory Letter on the Freedom of Information Act was contacted It
is his opinion that the departmental Policy of not releasing complainants'
and victims' "am -
es is correct, and that he law specificallyt,
indicates is
information should not be released. On July 19 1984 the
Attorney General's
Opinion Division of the State of Illinoisindicated that the best possible
procedure to follow until the full law has been clarified by court decisions
is the policy that has been implemented by the Mount Prospect Police Department.
Chief of Police
RWP:jh
Attachment
cc: Kenneth Fritz, David Jepson, Patrick Luehring,
Lawrence Pairitz, Herbert Weeks
ACCESS OF II MATION FROM MUNICIPAL DEPAi,—INTS
GENERAL
1. The Freedom on Information Act does not restrict access to information
that bears on the public duties of public employees and officials.
2. The Acts exemption'refer only to information related/given to a Law
Enforcement Agency.
PUBLIC WORKS
1. Public works normally has access to two types of information related
to the police department, accident reports reference damage to property,
and damage to Village Property.
2. There is no limitation on the access to information on accident reports,
since under Chapter 95J Section 408.
3. On other types of reports, i.e., damage to village property, violation
of sprinkling ordinance etc., complainant information should be kept
confidential unless the complainant is a public employee. However, this
pertains only if a police report has been filed (General I above). If
no police report has been filed, the information has not been reported
to a police agency, and there is no invasion of privacy.
FIRE DEPARTMMT
1. Information reported to the Fire Department does not come under the
Freedom of Information Act.
2. In ambulance and Fire calls, the police department does not have a
primary law enforcement function, but rather this is an assist role.
For example, traffic control at fire scenes. The primary report of
the incident is filed by the fire department, not with a law enforce-
ment agency. In many instances (ambulance calls) no report is made
by an officer assisting at the scene. Therefore, unless a formal
police report is filed, information can be accessed by any party.
In those cases where a formal police report is filed and a fire
department report, the information can be accessed from either report.
The police report is filed in many of these instances for management
purposes and to provide further information relative to an incident.
3. Situations on a fire or ambulance call which clearly indicate that a
crime has been committed, i.e., arson, battery on an individual, the
police report is the primary report since the essence of the report
is criminal activity. In these situations, no information is to be
released from a fire or police report unless as indicated in the
police department guidelines.
I PP.GE TWO - ACCESS C -ORMATION FRONT MUNICIPAL 1 ITKENTS
SUMMARY
In releasing information from other departments within the Village of
Mount Prospect, the key element is whether or not a police report has been
filed, and whether or not this is the primary report.
As a general rule, it is suggested that when a police report has been filed,
that the information be obtained from the police department under the
guidelines of the department as they pertain to the Freedom of Information
Act.
",MISCELLANEOUS INCIDENT RtrACIRT /MT. PROSPECT POLICE
/y��...�p�p}T. NO/...a�A)Y�E^"O/4}CE_CURRED � E//� �14E ��J�y
1. 4DDRE..L5.�0—� C �RREN�o,.......� .4,---.L G+.,_..... 7....._...J. ��NO. O♦
_._..........J.///ice/"� . ...�..`
D. V{;GTe14'g. /NA4C �(^E. ,I /{'q' Y' /j S[%/R ACEI T.U.O. wO4 E/�A'-O'dyiR F,�S /{�'' ,1A^R T. NO. D r+U�(/E PWONE .%B uStNE^"�5"�5 v..ONE
V! M / ✓,.3i�C .._.._ ...-. / `mP... ./R_..-Y�--•�—NA*T. M50. I..H O.�E PP1. BNf; g.S P�nCI
B'C b3 ME PORii R E TO 4
la. .ARENT CR cu ARDIAN OI YlGYl4 �s JUYENiLE��� 9LX/RACE 5. GMfi: Add PE55 PT. NO. 1 HOME RHONE 1).��0/U-5��,w Ckv ONE
%vNDo, ..op ERgY
COMPLETE FOR LOST OR FOUND PROPERTY Lost .ouw D
0 LtlsEk S NAME sE%/RA f/Y O R« xtl O E UD ESS
♦. T. NO, 21. HD4C RHONE 2x. OUS�N ESS P«ONE
xi.. NDERS NAME ._....._...,.... .. .,�.�....... .....� _L. A.. ._.... ... ^ .G,._ .,�.__.,..,......_......._�......_,.__....�..
ME ACVOR ESS / AWY &d.� 4Y. W��.MSIDNE 2ffi. DIISINE55 PHONE
NTORY N0. q 33. NGP'. Sk',. Pip Ay.
__...____..____...._.�____._.._._._..www...__...._..._.._...._w......__...______..__.........w...._._.._.......�........._..............____...m....._w..._
-_ _.....__ ._.._....... _.....-___.. __...�1..`r' .f.Y .Gc>hn.��?Y_ �,°i terA/
.__1. _.
_..,_............................._.........._._.__.... 7",__., .,`C..._�._... '�.'.._.�4 x�%�'d _.L07L .
_!C ._ s+ _L3..lt % ._.w?pmfCf.....,L�✓"fit' __f?......_._..'s'cL,� _✓O.1��'/"�/�'
G r-' .19 riu e
.. C,� L . ... ....... . •[ [ ODE
w... .. .._. J' ......... .... .. w r Rqv w.Gl.,....,,_..,,,.......,,,,..e .........
la_ E M . S I ,v. r*.fJ f f; upi OFl)�n4 Orri(EM . W 5)•M Ho. � iY AH O.
A RESOLUTION ESTABLISHING RULES AND PROCEDURES FOR
IMPLEMENTATION OF THE
ILLINOIS FREEDOM OF INFORMATION ACT
WHEREAS, in the fall of 1983, the Governor of the State of
Illinois certified legislation creating the Illinois "Freedom
of Information Act" (House Bill 234, P.A, 83-1013) to take
effect July 1, 1984; and
WHEREAS, such Act is intended to allow all persons access to
full and complete information regarding the affairs of State
and local government and the official acts and policies of
those who represent them as public officials and public
employees; and
WHEREAS, pursuant to Section 2(g) of said Act., each public
body may promulgate rules and regulations in conformity with
the provisions of the Act pertaining to the availability of
records and procedures to be followed; and
WHEREAS, the Mayor and Board of Trustees have determined that
it is in the best interest of the Village to promulgate rules
and procedures regarding access to Village records, including
the times and places where such records will be made available
and the persons from whom such records may be obtained.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: It is the policy of the Village of Mount Prospect
7L`a_ta_f1 —persons are entitled to full and complete information
regarding the affairs of Village Government, The Village will
make available for inspection or will provide copies of all
public records upon request, unless such records are specifically
exempted by Sect -ion Seven of the Illinois Freedom of Information
Act. This policy shall not extend to requests which would
disrupt the duly undertaken work of the Village or violate
individual privacy, or those requests which are intended to
further a commercial enterprise.
SECTION TWO: The Village will comply with written requests
TO-FT-67ri—crecords within seven (7) working days after receipt
of such request, or will notify such person within the same
time period of the Village's decision to deny the request.
In the event that the Village cannot fill the request within
the seven (7) working day period, the Village will notify the
person making the request that an additional seven (7) days
will be required to comply with the request. Such notification
will include the specific reason for the delay as provided
in the Illinois Freedom of Information Act.
SECTION THREE: Denial of Requests.
A. When a request for Village records is denied, the Village
will notify the person making the request in writing.
This notification will contain the following:
The reason for denial, including the specific
provision in the Illinois Freedom of Informa-
tion Act on which the denial is based.
The name and title of the person responsible
for the denial.
The right to appeal such denial,
I
B. Persons who are denied their request for access to
public records may appeal this decision to the President
of the Mount Prospect Board of Trustees, who will make
a decision to either affirm the denial of disclosure
or to allow disclosure within seven (7) working days
after the notice of appeal is filed. Such notice of
appeal must be filed within fourteen (14) working days
of notification of denial. If the decision to deny
the request is affirmed by the President of the Board
of Trustees, the person making the request has a right
to appeal this decision to the Circuit Court of Cook
County.
SECTION FOUR: Procedures for Requesting Access to Village Records.
A. Oral requests for access to Village records must be
made in person. Such request must be made at the
appropriate Village office during normal working
hours.
B. All written requests for access to Village records
and all requests for certified copies of Village
records must be mailed to the Village Clerk at the
following address: office of the Village Clerk,
Village of Mount Prospect, 100 South Emerson Street,
Mount Prospect, Illinois 60056.
C. Persons requesting access to Village records must
specify the following:
1. The name and address of the person making
said request.
2. The name of the specific document or
documents requested.
3. The type of access desired (e.g., inspec-
tion, photocopy, certified copy, etc.).
SECTION FIVE: Fees.
A. Persons requesting Village records shall be charged
for the actual costs incurred in reproducing, certify-
ing or otherwise providing the requested public
record, according to the following schedule:
1. Photocopies $ .25 per page
2. Certified Copies 1.00 per document
3. Computer Printouts .25 per page
4. Printed Documents:
a. Village Code 25.00
b. Building Code (Ch.21) 5.00
C, Development Code (Ch.16) 5.00
d. Zoning Ordinance (Ch,14) W/map 10.
00 Zoning Map 3.00
10.00
f. Village Budget
g, Landlord/Tenant Ordinance
Pamphlet .25
h, Comprehensive Plan w/map 7.00
i, Comprehensive Map 2.00
j, copy of Plat on Paper LOO
k. copy of Plat on Mylar 1.00 per square foot
B. If a request is made in person, all fees must be paid
upon receipt of the requested doctunent. Persons making
written requests for copies of Public records shall
be billed for all applicable fees and postage,
C. The Village may waive fees where a waiver of the fees
is determined to be in the public interest.
SECTION SIX: The Village shall maintain arid make available
75—rinsFeHion and copying, and send through the mail, if
requested, the following information:
A. A reasoriably current list of all types or categories of
records under the Village's control, This list shall
be reasonably detailed in order to aid persons in
obtaining access to N/illage records, Thi's list shall
include a description of public records stored by
means of electronic data processing which may be
obtained in printout form upon request.
B. A. brief description of the Village organization which
will include, but not be limited to, a short suiwary
of its purpose, a block diagram which illustrates
functional subdivisions, current operating budget,
the number and location of its separate offices, the
approximate number of full and part-time employees and
the identification and membershi.�,,t of the Village Board
and all commissions and con'anittees which operate in
an advisory capacity relative to the operation of the
Village.
SECTION SEVEN: This Resolution shall be in full force and
e17—ecF-1-'F(5 �-ind after its passage and approval in the manner
provided by law.
Now
PASSED and APPROVED this --- day of 1 1984
.................
TJ LT I -ag-e -'U I Z . . ........ . . ....... - -------
call the roll.
MINUTES of a regular public meeting of the President and
Board of Trustees of the Village of Mount Prospect, Cook
County, Illinois, held in the Village of Mount Prospect,
Illinois, at _ o'clock, _, on the __.. day of August, 1984.
The President called the meeting to order and directed the Village Clerk to
Upon the roll being called, Carolyn H. Krause, the President, and the
following Trustees answered present:
The following Trustees were absent:
* * *
(Other Business)
The following ordinance was considered by the President and Board of
Trustees:
D071784
AN ORDINANCE PROVIDING FOR THE FINANCING BY
THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS, OF AN INDUSTRIAL PROJECT, AUTHORIZING
THE ISSUANCE OF A $2,000,000 INDUSTRIAL REVENUE
BOND, SERIES 1984 (TOKO AMERICA, INC. PROJECT) AND
CONFIRMING THE SALE THEREOF, AND AUTHORIZING
THE EXECUTION AND DELIVERY OF A LOAN AGREE-
MENT, A MORTGAGE AND SECURITY AGREEMENT, AN
ASSIGNMENT AND AGREEMENT, A BOND PURCHASE
AGREEMENT AND RELATED DOCUMENTS.
WHEREAS, the Village of Mount Prospect, Cook County, Illinois (the
"Issuer") is a duly constituted and validly existing municipality under Section 6(a) of
Article VII of the 1970 Constitution of the State of Illinois (the "Issuer"); and
WHEREAS, the Issuer, pursuant to Ordinance No. 2925, adopted by its
President and Board of Trustees on July 17, 1979, as supplemented and amended (the
"Act"), is authorized and empowered to issue its revenue bonds to finance in whole or in
part the costs of acquiring land and constructing and equipping industrial buildings, to the
end that the Issuer may be able to relieve conditions of unemployment and to encourage
the increase of industry and commerce within the Village of Mount Prospect; and
WHEREAS, the Issuer, by resolution duly adopted on June 5, 1984, entered
into a Memorandum of Agreement with Toko America, Inc., an Illinois corporation (the
"Company"), regarding the issuance of its industrial revenue bonds for the purpose of
acquiring land and constructing and equipping an industrial building thereon, including
related site improvements; and
WHEREAS, as a result of negotiations between the Issuer and the Company,
contracts have been or will be entered into by the Company for the acquisition of
approximately 160,767 square feet of land and the construction thereon of a building of
approximately 18,000 square -feet to be owned and operated by the Company as office,
warehouse and laboratory facilities (the "Project") and located 1250 Feehanville Drive,
Mount Prospect, Illinois, which Project will be owned by the Company and used by the
Company in its business as an importer, assembler and marketer of electronic
EE91=
L
13ijoX maN l,plrl 1,Muvig -owulluS ai4,L Aq ijuuIg IRDIUlatjo JO JOAUJ Ul panssi llpaj;) jo Jallal
ajqUaOAaJ.IT uv Aq puu (paugap j9jjuuiaaatj axe swial asoqj su) 910N 941 'lUOUlaa-12V
u-eorj ai4l jo iju-elg ay4l ol luawu2iss-9 ue Aq painoas si puog ai4i 'SVH1121HM
Puu '.)i.'Ol mON 'NJOI mON )Iuuig ruaiwai4o ol stsEq paluilo2au u uodn ,(4oaloid ;)ul
'u;)'-IawV 0)10,L) t861 SaWaS 'puoS anuBAWd repisnpul, pajuu2isap PUB paziioqlnle jalys
-uiajai4 puoq anuaAal papisnpui ax4l Ilas ol sasodoad jonssl 9141 'SV9'gaHM
PUB Isloullll
ll;)adso.icl junoW JO a2uTTIA ail; ut awaiuujoa puu Ajisnpui jo asuamui aT41 a2B.Inoz)ua
,F,u-e sail!unlioddo juawfLoldwa TRuOl;!PPB alua-10 Mm Pus WV 9q; Aq jOj PaPlAoid sasodind
-?ql qs'TdwOz)z)-B Mm pu-e iaj;)7aji3qo aqj jo aq Him lDaCO-Icl 0114 'SVH-daHM
PUB -l000l000lzs uutll
ssal jou aq Illm 'puoq anUaAaJ loijlsnpui aiql jo a;)u-enssi pus uop-exodaid aqj of 2ullialai
slso;) 2utpnl;)ui ljoaload aiql jo s1soz ai4l jui4l palswilsa si 11 'SV9-daHtj
PUB '.IUatUaaJ2V UVOrl P!BS JO SUOISIAoid PUB slllelap a741 uz i4lioj las ss its 'puoq qnUaAqj
jupisnpui gens Aq PaDUaplAa SV 13alO.Id al4l jo uoilonilsuo;) pus not pinbov ai4l jo jsoD aqj
feed of juapijjns aq 11-eqs iptqm swial uodn paloid aqj 9;)ueuij of puoq anuaAai Tulilsnput
sir anssi of 2uilllm si janssl atil puu 1paload aqj jo uoijanilsuoa pus uoillsinbov aqj qslId
-w000v oz ',&uBdwoD aqj jo s,&auow jaqjo qjjm jat4ja2oj ljuaptjjns wns u Au-edwoz) aqj
pual 11-ey4s janssl a,41 ipiqm of ju-onsand AuudwoZ) aip ql!m 'pautjap jazyBuiaJ914 ss 'juaw
-9aJ2V UROrl 18 Olul Jalua TT -84s janssl atil juqj pasodoid si 11 lSV3-gHHtj
ol luunsind 't86T '61 aunr uo pauliap jazjuulaia,4 Puos aqi jo aouwnssi aill ol Suilulai
2uij,saj4 ;)ilqnd u plaqianssl ai4l jo saoisnij, jo pjBoe puu juaplsaid aT44 'P9PUOW'g SU 'tG6T
jo apoo anuaAa-d lOuJaluI a'41 JO WCOT uoiloaS ol ;uensmd 'SV916MA
M � =
Aq p9plAoid sasodind ai4l qsijdwooaR Illm PUB jajDBjBqo aill jo aq ITIm PUB Isjuauodwoo
NOW, THEREFORE, BE IT ORDAINED By the President and Board of
Trustees of the Village of Mount Prospect, Cook County, Illinois, AS FOLLOWS:
DEFINITIONS
Section 1. The following words and terms as used in this Ordinance shall
have the following meanings unless the context or use indicates another or different
meaning or intent:
"Act" means Ordinance No. 2925, duly adopted by the President and Board
of Trustees of the Issuer on July 17, 1979, as supplemented and amended.
"Agreement" means the Loan Agreement dated as of August 1, 1984, by and
between the Issuer and the Company, as from time to time supplemented and amended.
"Assignment" means the Assignment and Agreement dated as of August 1,
1984, by and between the Issuer and the Bank, as from time to time supplemented and
amended.
"Authorized Company Representative" means such person at the time and
from time to time designated to act on behalf of the Company by written certificate
furnished to the Issuer and the Bank, containing the specimen signature of such person
and signed on behalf of the Company by the President, any Vice President, the Treasurer,
the Secretary or any Assistant Secretary of the Company. Such certificate may desig-
nate an alternate or alternates.
"Bank" means Chemical Bank, New York, New York, a banking corporation
duly organized and validly existing under the laws of the State of New York, its succes-
sors and assigns, and any other registered owner of the Bond.
"Bond" means the Bond of the Issuer issued pursuant hereto.
"Bond Counsel" means a firm of attorneys of nationally recognized standing
on the subject of bonds of states and their political subdivisions.
"Bond Fund" means the Village of Mount Prospect, Industrial Revenue Bond
Fund (Toko America, Inc. Project) created and established in Section 7 hereof.
M
"j, aiql ui uoppad -e jo builIj aqj fq jdazma 2uijBa1qai jo matAaj jaypinj ol ;Dafqn--.i
IOU St 14;)114M S9124S PajjUfj a141 JO 9;)IAJaS anUaA,9-& rouialul aill io Ainsuaij, 844 p,
juatul.iYado(I aqj Aq u931 -al uoijau iaypo Aue ao iaploqpuolg jawJOJ .10 JaPTOtjPUOs Aule
o; aaijou lioug iaqlo ao Azmaioijap jo aatjou uallpm v jo azuenssi aip (q)
T-oic)ipnf L, jo 2uijapuai .10 aDuunssi aqj luopolsi2al jo juawlavue ail; (11,
EEU�� �11
I
— 1 4 a *Tff oTo"MF M,
=51BLU ul, V I� 1 11 11111 .f 0
M# # i _ 10:1: 11111111 [oll III 1f f 0=
jo 2utlInsai '2UIAIAjns Auu puu IsioutIll jo alLIS aqj jo smul aqj japun 2utisixa AIPITRA
pu-e paziue2jo ATnp uoijR.1odjoo -e I-Dul luaijawV o)ioL suuaw ,fLuudtuo
1111111111111111111111 ''It: 11111111,111 114441MURI-10 0 i 111 9 1 .
-aiddns atuil ol owil woij su 'Nuoig ai4i puu janssl ai4l uaamlaq pu-e Aq V861 'I Isn2nV jo
MTESF-9-mo-Mmm M-31
(c) the issuance of any public or private ruling or technical procedure by
the Department of the Treasury or the Internal Revenue Service of the United
States;
(d) the Company or any other "principal user" of the Project (or any "rela-
ted person" as defined in Section 103(b)(6)(C) of the Code) shall have paid or
insured capital expenditures in an aggregate amount in the Village of Mount
Prospect in an amount such as to cause the aggregate face amount of the Bond to
exceed the limitations of Section 103(b)(6)(D) of the Code;
(e) nationally recognized Bond Counsel shall have advised any Bondholder or
former Bondholder in writing either that interest on the Bond is currently includ-
ible in gross income for Federal income tax purposes or that such Bond Counsel
cannot render its opinion, without materially qualifying the same, to the effect
that interest on the Bond is currently excludible from gross income for Federal
income tax purposes; or
(f) the occurrence of any other act, event or circumstance;
with or having the effect that the interest income on the Bond is includible in the gross
income for Federal income tax purposes of any Bondholder or former Bondholder (other
than for a period during which such Bondholder or former Bondholder was the Company
or any other "substantial user" of the facility as defined in Section 103 of the Code or a
"related person"). Such Determination of Taxability shall be deemed to have occurred
upon the date as of which interest on the Bond became so includible or, if such date shall
not be so determinable, the date of the occurrence of the particular Determination of
Taxability.
"Equipment" means the equipment to be acquired by the Company through
the use of the proceeds of the Bond and installed in the Building as a part of the Project.
The term "event of default" means those events specified in and defined in
Section 11 hereof.
-5-
wo
EEDICaMi
'MJ07, maN ul 9D'JJO T-ediz)utjd sjj 1p alsi awtad S41 st' NU -913 T-831wai4o fiq paz)unouu'B
-?Wil oi awil wojj isaialui jo alpa wnuuu jad aqj suuaw ,ajv-H awial,,
pup paluawalddns awil ol awt4 wojj se laoupuipao sp4l susaw aDupulpa
if . cl
ljo IRdiz)uijd ay4l Aud ol luai;)tjjns aq 01 p9plAoid aip ajoN q;)it4m uo sluawked 1.10pun
-9jaqj apBw u7aol aqj Avda.1 ol Auvdwoo at4i jo uoilu2tlqo a4z 9;)UaPIAD 01 Jap.10 Ul ')JU,88
9141 o; janssl aqj Aq pasiopua pup juawaaa2y aqj jo (L,)Z-:p uoijoaS o; juiRnsind ianssl
a4l o; aTqL,,Kud apuw SupduloD ai4l jo ajoN Ajossiwo.1cl atil suvaw ,aloN,,
e •. Jo ia;laj atil pup janssl 9T41 lfiuudwo:) aT41 uaam;aq pup Aq '1,861 'T Isn2nV
jo SR • juawaaa2V &IljnDaS pup a2p2jjoW 9141 supatu A1821joym
MaN ')PDX MaN '*Plrl 'NURG RUIRI!RS al4l supoul I)PUS •. JO Jollariv
EM&I
AllinDas I-euoijjppp sp Nuue aqj ol 3jupe j1pajo jo jallarI aqj Aq •. .• • Isuoiliasui
aluiAoiddu i4llm Z) I!q!Llxg su juawaa.12V al4l ol •. wjoj 914, ul llpgj;) jo Jajjqj
alnlllsqns Awe jo I!paio jo jallal ajqlG3OAa.IJI aLil SUVaUl
Illipa-lo JO jallarL,
URmrTm-T-wl-,
1;)a[OJd aqj jo ji-ed p sajnjjjsuo3 i4an4m lluawaaa2v a,41 jo ljvd u apaw pup ol pa: D Iju
4 V
V I!qltixa ui paq!jDsap klj-eln;)iljvd ajow alvisa TBaa aqj supaw
lapuVrill
4 It
pup satlnp aqj • ••r jossazansAuia pup • jo ajujS aqj jo uotinillsuoo OL6T 9 1
u Isiouilll Ajunoo �IooZ) IlDadsoid junohT JO 92"ITIA all; su'89w ,janssl,,
wodwi juliwis jo spiom • pup ,j apunaaaq,, ,,uiajai4,, ,,joajati,, splom aiqo
"Project" means the Land, Building and Equipment to be constructed and
acquired by the Company and financed with the proceeds of the Bond, as defined and
described in the Agreement.
AUTHORIZATION OF THE PROJECT
Section 2. That in order to relieve conditions of unemployment and to
encourage the increase of industry and commerce in the Village of Mount Prospect,
Illinois, the Project shall be and is hereby approved and authorized to be financed as
described herein. The action of the Village Clerk in publishing notice of the aforesaid
public hearing as required by Section 103(k) of the Code is hereby ratified, approved and
confirmed. The estimated cost of the construction of the Project is not less than
$2,225,000, of which $2,000,000 will be provided by the issuance of the Bond hereinafter
authorized and the loan of the proceeds thereof to the Company. It is hereby found and
declared that the financing of the Project and the use thereof by the Company as herein-
before and hereinafter provided is necessary to accomplish the public purposes described
in the preamble hereto, and that in order to further secure the Bond, the assignment of
the right, title and interest of the Issuer in and to the Agreement, the Note and the
Mortgage (except certain indemnification and expense payments), pursuant to the
Assignment, the mortgaging of and granting of a security interest in the Project pursuant
to the Mortgage, and the provision of further security for the prompt payment of the
principal of, premium, if any, and interest on the Bond pursuant to the Letter of Credit,
are necessary and proper.
AUTHORIZATION AND PAYMENT OF BOND
Section 3. That for the purpose of financing a portion of the cost of the
Project there shall be and there is hereby authorized to be issued by the Issuer its Indus-
trial Revenue Bond, Series 1984 (Toko America, Inc. Project) in the principal sum of
$2,000,000, to be dated the date of its delivery, lettered R and numbered 1, payable to
Chemical Bank, or registered assigns, maturing as to principal in thirty-two (32) quar-
go
uagm aSusga 11Bgs alsg alquxey gap4m 'A11T1gexej, 3o uopeutwaalaQ 9741 jo aauaaan0oo
aql jo alsp aq1 uagl aigsuiwaalap jou st alsp Bons 3t ao Ialgexel awsaaq 1saij puog 9141 uo
lsaaajut 113141 91sp ag1 Jo ss an1ja9jj9 �(„91e2� aTgsXR1 PRIUI11 agl) wnuue aad (%IT) juaa
aad Sieg quo pus quo snld al13g awiad aqj of Tsnba al -ea 13 of o1quxsl awsaaq 1sag puog
agl uo lsaaalui 9741 awil aqj ju atgsaildde aleg ldwaxg res, 9741 woa3 passaaaui aq Trags
puog aql uo alsa lsaaalui aqj A11T1gexel, jo uoileulwaalaQ a 3o juan9 aql ul
•suoilsaodaoa uo pasodwl xel
awoaut Teaapad jo al -ea Aaolnlels TeutSaew 1sag2iq ag1 usaw ITegs „911314 x13,1, alsaodaoDu
(ti) pus :puog a141 jo aousnssi jo alsp agl uo 10ajja ui aleg xes alsaodaoC) a141 snutw quo
aagwnu a14l s1 tpigm 3o aolsuiwouap agl pus oaualuas SulpaOaad aqj ui of paaaajaa aSusga
74ans Sutmolloj laajja ui alsg xes alsaodaoD 9141 snutw quo aagwnu 9141 s1 g0111m jo
aoleaawnu 9741 (TewlOap a ss passaadxa) uoilasa3 s saulp ajeg ldwaxg xes aqj jo janpoad
agl usaw TTs14s „aleg ldwaxg xej, palsnCpy,, (1) joaaaq sasodand ao3 •alsg xsZ alsaodaoo
a741 ui aSuuga guns 3o alsp aqj jo ss an110ajja 6alsg jdwaxg xBz palsn[pV aqj of (alsg
xsZ aleaodaoo agl ui assaaaap a 3o assa aqj ui) passaaaui ao (alsg xsZ alsaodaoO 9141 u1
aseaaoui us 3o asea agl ui) passaaaap aq TTs14s al -ed jdwaxg xej, agl `puog a741 jo aousnssi
9141 aalye aleg xes alsaodioD 0141 ui aseaa0ap ao assaa0ut ue Jo juana 9141 ul
•pasdela sAup jo aagwnu Tenjau 9741 jo stseq aqj uo pa2ae740 pus
s.&ep 09£ 3o 2u1lsisuoo aeaA aepualez) a 3o stseq agl uo pajndwoa aq 11e14s lsaaalul -pied
ATTn3 s1 puog aqj iljun aaj3saaagj aagwanoN pus 1sn2nV IA-eW 'Aaenaga3 14osa jo Asp lsatj
aql uo pue t86T `T aagwanoN uo algeAed 'saSusgo alsg awiad aql se pus uagM aSuega
TTsgs alsg ldwaxg xes, qa174M 6(„911314 ldwaxg xey„ aql) aleg awiad aqj 3o (%59) luaa
aad ani3-A1x1s 01 Tenba 91sa a 1e (papinoad aaj3suiaaaq se s1u9n9 aa7410 ulslaao pus All
-TigsxRj jo uo1luutwaala(l s uodn jdaaxa) puog agl jo alsp aqj woaj puog aql jo junows
Tsdiaupd ptsdun aql uo lsaaalui Sui maq pus bolaaagl aigsatidds awoaaq Asw Ajlmisw
of aotad uolldwapaa of jaadsaa gj1M glaoj las aalJsu19a914 suoisinoad aql ss ldeoxa 4,66i
'T jsnSnV Suipniaui pus 01 9861 IT aagw9noN Sulauawwoa OOS`Z9$ 3o sjuawTTsjsut ATa91
and as the Prime Rate changes. On the date of the first quarterly interest payment
following the Determination of Taxability, in addition to the regular quarterly interest
payment, a payment shall be made for all past additional interest at the Initial Taxable
Rate due from the date that interest on the Bond first became taxable, or if such date is
not determinable then the date of the occurrence of the Determination of Taxability, to
the date of the first quarterly interest payment date following the Determination of
Taxability, together with any interest and penalties imposed on the Bondholder or any
former Bondholder by reason of its failure to include the interest paid on the Bond in its
Federal income tax return. The provisions of this paragraph shall be self-executing
without the need for any modification or amendment of the Bond. If any person shall
have owned the Bond on or after the date that interest on the Bond first becomes tax-
able, or if such date is not determinable then the date of the occurrence of the Determi-
nation of Taxability, but transferred the Bond prior to the quarterly interest payment
date on which such additional interest is to be paid, then any such prior owner of the
Bond shall be paid an amount equal to the difference between the interest accruing on
the Bond at the Initial Taxable Rate and the interest accruing on the Bond at the Tax
Exempt Rate for the period during which such owner owned the Bond from the date that
such interest became taxable (or the date of the occurrence of the Determination of
Taxability) to the date of transfer, plus all income taxes, interest, penalties, fines,
additions to tax or other amounts levied or assessed as a result of the Determination of
Taxability. The covenants contained in this paragraph shall survive the final payment of
the principal of, premium, if any, and interest on the Bond.
est payment following the Determination of Taxability, the remaining unpaid principal
installments shall bear interest from such date at the Prime Rate (the "Taxable Rate").
In the event of delay or default in the payment of principal or interest on
the Bond hereunder and during the continuation of such delay or default, the Bond shall
-9-
-01-
puv janssl agi aqj ol
alquARd
apBw alON at4l
juawaaatV atil
Aq painaas janssi agi
jo uoijt,2ijqo pallwil u
aq TT'914S
'uOa-latil IsaJalul
141!m -laqla2Ol 'PuOlg
aqJ,
• ECIE•"
ju-ensind pus ui paqlaasap jaqljnj se Ixul 1ejape3 Iaqlo Aue jo wal slljoid ssoaxa Au's Ixial
wnwiuiw &u -e Ixel a;)uajajaid Auu Aq paloajj-a ao of loafqns si puog aqj jo 2u• ea Jo
as-eiq,Dind aqj 01 ATIDaJ'Pul JO AT;Z)aJ'P alqvinqlaille ssaupalqapui jo isaialut jo junowe Aut,
JO T-adiamad jo Isaialui jo juaw.&Bd AuL, I-eqj Juana a41 ut Auudwoo alql uioij sluawked
TRUOTIMPLI uvIJaQ 01 PaTlRua aq IluLls puog agi jo joumo jolqlo Jo )JUIBEI clqL
Eam
puog a41 uo alqLALd pus anp aq of Isaialui jo junowu palutuilsa aiql puv poijad juamAud
Isaialui olquDildd-o a141 2uianp awil of atuil wo-ij i;)ajja ut oluld aullacl a741 jo PUOEI atil
uo alqeAud aq Ilu4s Isaaalul 143114M UO all3p 14D'ga JO aDU'BAPIR Ul skep ssauisnq (G) aAlj IS'Bal
IL, a3ijou ualllam tl;lm Auvdwoo aql pule janssl 9141 aplAoid Ilv74s 3juug atij,
daLs"
maN ')IJOX m9N JO AID 041 ut >iu'88 9141 JO a;)IJJO Tudiz)uiid 9741 IR sinoq 2ui3iu.Bq JBjn2aj
2uijnp janssl a141 jo.&u-edwoD a4l Aq uoijaadsui ioj alqBT!UA-e aq TI-V14s puog aqj lianssl aqj
.jo AuRdwoo aqj jo Isanbai uodn 'pue uoajaql pajou jaA jou pu-e p! -ed aiojojajalqj Isaialul
pu-o (uoildwapai joj ITu3 jo uogwajaz);)u uodn jo Allini-ew ju jaq4aqm) pled aaojojajaq4
I-ediz)utjd jo puu pied 2uiaq uaql isaialut pu-e (uoildwapai aoj ITuD JO uOREJ919338 uodn
,jo fq!.in;Rw 1-e aaqla14m) pled 2uiaq uaqj ILdiauiad aqj jo juawfi-ed jo junom pee alvp aqj
puog a741 of V alnpai4DS se pativellp P-30aald luawked 941 uo alou IT-gqs MU -89 aqJ, *31.10)L
maN 'M JOA m@N jo AIID aqj ut �uu2 aqj jo aoijjo liRdtautid aiql 4P spunj alq'gllgAIR Alaiv
-Ipawwl ja410 jo Tujapaj ut ualiawV jo sa4alS pallufl aqj jo,&auow Injm-al ut :quulg aqj of
alqL,Aud aq lluqs puog aqj uo isaialui pus lAuB j! Ituntwaad ljo Iedtouijd aqL
PRIT auo pu-e auo snTd lalq-Bz)'Tdd-o uai4i s -e la;,e-g alquxuL atil jo a;u-d alqexla.L Jull!ul qT44
lalu-g idwaxg xtj, paisn(pV ati; la;1811 Idulaxa xuL atil ol renba alvi u ju Isajolui maq
endorsed to the Bank, a mortgage on and a security interest in the Project pursuant to
the Mortgage, an assignment and pledge of the right, title and interest of the Issuer in
and to the Agreement, the Note and the Mortgage (except certain indemnification and
expense payments) pursuant to the Assignment and by the Letter of Credit, and shall be
payable solely from the revenues and income derived from the Agreement and the Note
(except to the extent paid out of moneys attributable to the Bond proceeds, the income
from the temporary investment thereof or payments made pursuant to or derived from
the Mortgage or the Letter of Credit), and shall be a valid claim of the owner thereof
only against the Bond Fund and other moneys held by the Bank and the revenues and
income derived from the Agreement and the Note (except as provided aforesaid), which
revenues and income shall be used for no other purpose than to pay the principal of,
premium, if any, and interest on the Bond, except as may be otherwise expressly author-
ized in this Ordinance and in the Agreement. The Bond and the obligation to pay interest
thereon do not now and shall never constitute an indebtedness or a loan of credit of the
Issuer, the State of Illinois or any political subdivision thereof, or a charge against the
general credit or taxing powers of any of them, within the meaning of any constitutional
or statutory provision, but shall be secured as aforesaid, and shall be payable solely from
the revenues and income derived from the Agreement and the Note (except as provided
aforesaid). The owner of the Bond shall not have the right to compel the taxing power of
the Issuer, the State of Illinois or any political subdivision thereof to pay the principal of,
premium, if any or interest on the Bond.
Principal installments of the Bond shall be subject to prior redemption in
whole, or in part, in inverse order of maturity, at the option of the Issuer from any
available funds, including the prepayment of the Note or a portion thereof at the option
of the Company pursuant to Section 7.1 of the Agreement on any interest payment date,
in the amount of $62,500 or any whole multiple thereof, at a redemption price of 100% of
the principal amount thereof being redeemed plus accrued interest thereon to the date
-11-
fixed for redemption, plus a premium for each amount so redeemed in accordance with
Aovember
1, 1984
- August 1, 1985
5%
November
1, 1985
- August 1, 1986
3%
November
1, 1986
- August 1, 1987
1%
November
1, 1987
and thereafter
none
redemption prior to maturity, on any interest payment date, in whole, at the option of
the Issuer, from any available funds including prepayment of the Note, upon a Determi-
nation of Taxability or upon damage to or destruction of the Project, at a redemption
price of par plus accrued interest to the date fixed for redemption.
written notice from the Company specifying a date for the prior redemption of the Bond
(or a portion thereof), the Bank shall, to the extent that amounts are or become available
therefor in the and Fund, apply such amounts in the and Fund on behalf of the Issuer to
the prior redemption of the and (ora portion thereof) in accordance with the preceding
paragraphs. All principal amounts of the and designated for prior redemption will cease
to bear interest on the date of such redemption.
The Bond shall be signed by the President of the Issuer by her manum
signature, and attested by the manual signature of the Village Clerk of the Issuer, and
the official seal of the Issuer shall be affixed thereto. In case any official whose signa-
ture shall appear on the Bond shall cease to be such official before the delivery of the
Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same
as if he had remained in office until delivery.
currender of the Bond for transfer at the principal office of the Issuer, duly endorsed for
IM
attorney duly authorized in writing, the Issuer shall execute and deliver in the name of
the transferee a substitute fully registered Bond of the same series, in the denomination
of the unpaid principal amount thereof, with the same outstanding maturity and interest
rate, dated the first day of the February, May, August or November next preceding the
date of its issuance, or if issued on the first day of a February, May, August or
November, as of such date. The Issuer shall cause books for the registration and for the
transfer of the Bond as provided in this Ordinance to be kept by the Village Clerk of the
Issuer. The Village Clerk, as Bond Registrar, shall keep and maintain, on behalf of the
Issuer, registration books indicating the name and address of the owner from time to
time of the Bond. The Village Clerk shall not be required to transfer the Bond during the
period of ten (10) days next preceding any interest payment date of the Bond nor to
transfer the Bond after the mailing of notice calling the Bond (or a portion thereof) for
prior redemption has been given as herein provided. The person in whose name the Bond
shall be registered shall be deemed and regarded as the absolute owner thereof for all
purposes, and payment of or on account of the principal of, premium, if any, or interest
on the Bond shall be made only to or upon the written order of the registered owner
thereof or his legal representative, but such registration may be changed as hereinabove
provided. All such payments shall be valid and effectual to satisfy and discharge the
liability upon the Bond to the extent of the sum or sums so paid. In each case the Issuer
shall require the payment by the owner of the Bond requesting transfer of any tax or
other governmental charge required to be paid with respect to such transfer.
In the event the Bond is mutilated, lost, stolen or destroyed, the Issuer may
execute a substitute Bond of like date, tenor and maturity as the Bond mutilated, lost,
stolen or destroyed; provided that, in the case the Bond is mutilated, the mutilated Bond
shall first be surrendered to the Issuer, and in the case the Bond is lost, stolen or des-
troyed, there shall be first furnished to the Issuer evidence of such loss, theft or destruc-
tion satisfactory to the Issuer, together with indemnity satisfactory to the Issuer. The
-13-
_tt_
pediDupd . ' paaaist2aj jo •
a]
t861 s9l.19S • • i,.anUOAald Teijlsnpul
814 1814 14
TWO MILLION DOLLARS ($2,000,000), maturing as to principal in thirty-
two (32) quarterly installments of $62,500 commencing November 1, 1986 to and includ-
ing August 1, 1994, except as the provisions hereinafter set forth with respect to
redemption prior to maturity may become applicable hereto, together with interest on
the unpaid principal amount hereof from the date hereof (except upon a Determination of
Taxability and certain other events as hereinafter provided) at a rate equal to sixty-five
percent (65%) of the Prime Rate (as defined in the Bond Ordinance hereinafter referred
to) (the "Tax Exempt Rate"), which Tax Exempt Rate shall change when and as said
Prime Rate changes, payable on November 1, 1984, and on the first day of each
February, May, August and November thereafter until this Bond is fully paid. Interest
shall be computed on the basis of a calendar year consisting of 360 days, and charged on
the basis of the actual number of days elapsed. The principal hereof and premium, if
any, and interest hereon are payable in lawful money of the United States of America in
Federal or other immediately available funds at the principal office of the Bank in the
City of New York, New York.
In the event of an increase or decrease in the Corporate Tax Rate after the
issuance of this Bond, the Tax Exempt Rate shall be decreased (in the case of an increase
in the Corporate Tax Rate) or increased (in the case of a decrease in the Corporate Tax
Rate) to the Adjusted Tax Exempt Rate, effective as of the date of such change in the
Corporate Tax Rate. For purposes hereof (i) "Adjusted Tax Exempt Rate" shall mean the
product of the Tax Exempt Rate times a fraction (expressed as a decimal) the numerator
of which is the number one minus the Corporate Tax Rate in effect following such
change referred to in the preceding sentence and the denominator of which is the number
one minus the Corporate Tax Rate in effect on the date of issuance of the Bond; and (ii)
"Corporate Tax Rate" shall mean the highest marginal statutory rate of Federal income
tax imposed on corporations.
-15-
no
UI PaUlIRIU00 SIU-eU9AOD 9141, -f,.jjj!quxvL jo uoijuuiwjaj9Cj Ppes jo ;Tnsai u st, passassu Jo
PaIA9T slunow-e jai4lo ao xui oi suoil!pp'e 'sauij Isailluuad 11saaalut 'Sax -al awoaui Ilo snId
laajsu-ejl jo a;up atp ol (f.;jjjq-sxuj jo uopuuiwjaja(j ai4l jo aouaam000 au; jo alap aq;
.io) alquxul aweaaq Isaaalui q3ns 11BY41 alup aq; wojj puog su4j paumo jaumo 743ns Ypp4m
2ui.jnp popad atil -ioj almd Idwaxg xvj, aq; ju puog stip uo 2utnj;)z)u isaialut aq; pus alie'd
9jqRxvj juillul aill lie puog sp4j uo 2utnj3zm Isaialut ay4l uaamlaq aDuajajjlp aq; ol renba
junowie us pied aq T172149 PuO19 aqj jo jaumo aotad qans 'pied aq ol si isaialut Tvuoillppe
qDns q3tqm uo alvp juawAud Isaaalui Apalmb ai4l o; aoud puog sxql paijajsuujl Inq
I,&jjjjquxu,L jo uopLuiwjaj9(j pies jo az)uajjnz)z)o aq; jo al -op ai4i uaql aTq-8uIw.Iojap jou ST
al-ap i4ans jj jo IajqBx-ej sawoaaq lsjij puog sitil uo isaaalui 1ei4i @jBp aq; jaljB Jo uo puog
SIT41 PaUMO OAVT4 TTuqs uosaad Au -e jj 'alON 9ql JO lu9wPuDw'B .10 UOTIBDIRPOW AU -6 JOJ POau
sig; Inoi4llm 2upnoaxa-pas aq ITBi4s 14d-ej2Bjvd sp4l JO S.UOISIAoid aqL -ujnjaj XiEn awooul
IL,.iapaj sj! ui puog stql uo pied isaaa;ui aq; apnlz)ui o; ajnll-ej s;j jo uosBaj Aq japloqpuoig
.iaw.ioj Au -e xo japloqpuo2 aq; uo pasodwi sailluuad pus Isaia;ui Amu qjIm jaqj@2oj If.;Illq
-exL,L jo uolluulwjala(j P!.es 2ulmolloj al-ep juawfiud ;sa-20lul &TJali-enb lsjtj ai4l jo al-ep
ail; ol IL;jTjqLxojL jo uotjuutwja;aCj piss jo aDuaamao aq; jo 9;-ep ay4l uaq; alquuiwja;ap
jou si allop i4ans jj jo lalquxul aweaaq lsiij puog sp4j uo ;saialui ;V4; 9;vp a'41 wojj
anp almd alqLxuL jup!ul aT41 ;-e jsaia;ui I-euopIppu Ind ITia joj ap-aw aq Ijui4s ;uBWAL'd
v I;uawAud Isaialui Apa;junb -IuTn2aj aq; o; uoi;lppu ui I.&;411quxpj, jo uopuuiwja;aCj
pies 2uimollo3 ;uawAud lsaja;ut Apala-unb isaij aq; jo a;Lp ai4l uo -so2uuqz) a;IBH awlicl
PPRS SE pus U914m a2u-8140 ITu4s aIR-8 ajquxuj, Ipp!ul qoiqm I.&;!I!qexLj, jo uopuuTuIjqjq(j
pies jo az)uaajnoDo ai4i jo alLp aLli uai4i alquuiwjalap jou si alup i4ans jt jo lalqexul
sawoaaq lsjij puog stql uo isaialui j14l 91UP al4l JO SIB aAll39jja alqux7aj, 1'eillul,
aq;) wnuuu jad (%Y T) juaaaad JTuq auo pus auo snId alwa awijd piss ol T-enba alua u ol
T
alqux-el sawoaaq lsjtj puog aq; uo isaialui aLjj awil a4l ju alquoildde al -e -d Idwaxg ",L
aq; wojj pas-eajaui aq ITui4s puog sig; uo a; -ea isaialui 9T41 (ol pajjajai jolyoulaiati az)ueu
-1pao puog ai4l ui pauijap ss) AlljlqiRx-ej, jo UOIjUUIWJ9j0(j 73 JO JU9A9 ay4l U1
this paragraph shall survive the final payment of the principal of, premium, if any, and
interest on this Bond.
If the Bond remains outstanding after the date of the first quarterly inter-
est payment following the Determination of Taxability, the remaining unpaid principal
installments shall bear interest from such date at the Prime Rate (the "Taxable Rate").
In the event of delay or default in the payment of principal or interest on
the Bond under the Bond Ordinance hereinafter referred to and during the continuation of
such delay or default, this Bond shall bear interest at the Tax Exempt Rate, the Initial
Taxable Rate, the Adjusted Tax Exempt Rate or the Taxable Rate, as then applicable,
plus one and one half percent (17'%) per annum.
The Bank shall provide the Issuer and the Company (as hereinafter defined)
with written notice at least five (5) business days in advance of each date on which
interest shall be payable on this Bond of the Prime Rate in effect from time to time
during the applicable interest payment period and the estimated amount of interest to be
due and payable on this Bond on such interest payment date.
The Bank or other owner of this Bond shall be entitled to certain additional
payments from the Company (as hereinafter defined) in the event that any payment of
interest or principal or any amount of interest or indebtedness attributable directly or
indirectly to the purchase or carrying of this Bond is subject to or affected by any pref=
erence tax, any minimum tax, any excess profits tax or any other Federal tax, as further
described in and pursuant to Section 4.2(c) of the Loan Agreement hereinafter referred
to.
Payments of principal (whether at maturity or upon acceleration or call for -
redemption) and payments of interest shall be noted by the Bank on the Payment Record_
Schedule "A" made a part of this Bond, as provided in the Bond Ordinance hereinafter
identified, pursuant to which this Bond is issued. The Bank or any other owner of this
Bond shall make this Bond available for inspection during regular banking hours at the
-17-
principal office of the Bank in the City of New York, New York, at the request of the
Company or the Issuer.
This Bond is issued in the principal sum of $2,000,000 and designatem
"Industrial Revenue Bond, Series 1984 (Toko America, Inc. Project)", pursuant to the
hereinafter described Act and to a Bond Ordinance duly adopted by the governing body of
the Issuer on August —, 1984 (the "Bond Ordinance") for the purpose of providing funds to
finance the cost of acquiring land and constructing and equipping an industrial building
thereon, including related site improvements located within the Village of Mount
Prospect, Cook County, Illinois (the "Project") and paying expenses incidental thereto, to
the end that the Issuer may be able to relieve conditions of unemployment and encourage
the increase of industry and commerce in the Village of Mount Prospect, Illinois. The
proceeds of this Bond will be used by the Issuer to pay or reimburse Toko America, Inc., a
corporation incorporated and existing under the laws of the State of Illinois (the "Com-
pany"), for a portion of the costs of the construction of the Project, under the terms of a
Loan Agreement dated as of August 1, 1984, by and between the Issuer and the Company
(which agreement, as from time to time supplemented and amended, is hereinafter
referred to as the "Agreement").
This Bond is secured by a pledge and assignment of the revenues and
income derived by the Issuer from the repayment of the loan by the Company and other
revenues and income derived pursuant to the Agreement and the Promissory Note issued
by the Company thereunder (the "Note"), and is further secured by an assignment of the
right, title and interest of the Issuer in and to the Agreement, the Note and the Mortgage
and Security Agreement referred to in the Agreement (except certain indemnification
and expense payments) a mortgage on and security interest in the Project, all as more
fully described in the Bond Ordinance. Reference is made to the Bond Ordinance for a
description of the provisions, among others, with respect to the nature and extent of the
security, the rights, duties and obligations of the Issuer, the rights of the owner of this
-18-
Bond, and the terms on which this Bond is or may be issued and to all of the provisions to
which the owner hereof by the acceptance of this Bond assents. The principal of, pre-
mium, if any and interest on this Bond is further secured by an irrevocable letter of
credit (the "Letter of Credit") delivered by The Saitama Bank, Ltd. in favor -of the
Chemical Bank. Reference is hereby made to the Letter of Credit for a statement of the
terms and conditions thereof.
This Bond is issued pursuant to and in full compliance with the provisions of
Ordinance No. 2925, adopted by the President and Board of Trustees on July 17, 1979, as
supplemented and amended (the "Act"), and pursuant to the Bond Ordinance. THIS BOND
SHALL NOT BE DEEMED TO CONSTITUTE AN INDEBTEDNESS OR A LOAN OF CRE-
DIT OF THE ISSUER, THE STATE OF ILLINOIS OR ANY POLITICAL SUBDIVISION
THEREOF, WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PRO-
VISION, BUT IS A LIMITED OBLIGATION OF THE ISSUER, PAYABLE SOLELY OUT OF
THE REVENUES AND INCOME OF THE ISSUER DERIVED PURSUANT TO THE NOTE
AND THE AGREEMENT. No owner of this Bond shall have the right to compel any
exercise of the taxing power of the Issuer, the State of Illinois or any political subdivision
thereof, to pay this Bond or the interest or premium, if any, hereon, and this Bond does
not constitute an indebtedness or a loan of credit of the Issuer, the State of Illinois or
any political subdivision thereof, within the meaning of any constitutional or statutory
provision. Pursuant to the provisions of the Agreement, payments sufficient for the
prompt payment when due of the principal of, premium, if any, and interest on this Bond
are to be paid by the Company to the Bank for the account of the Issuer and deposited in
a special account created by the Issuer and designated "Village of Mount Prospect, Indus-
trial Revenue Bond Fund (Toko America, Inc. Project)" (the "Bond Fund"), and all reve-
nues and income accruing from the repayment of the loan by the Company under the
Agreement and the Note have been duly pledged and assigned to the Bank for that pur-
pose, under the Bond Ordinance, to secure payment of the principal of, premium, if any,
and interest on this Bond.
-19-
f` •: installments of this Bond are subject to prior redemption in
whole, or in part in inverse order of maturity, at the option of the Issuer from any
available funds, including the prepayment of the Note or a portion thereof at the option
of the Company pursuant to Section 7.1 of the Agreement, on any interest payment date,
in the amount of $62,500 or any whole multiple thereof, at a redemption price of 100% of
the principal amount being redeemed plus accrued interest thereon to the date fixed for
redemption, plus a premium for each amount so redeemed in accordance with the follow-
ing schedule:
November 1, 1984 - August 1, 1985 5%
November 1, 1985 - August 1, 1986 3%
November 1, 1986 - August 1, 1987 1%
November 1, 1987 and thereafter none
Outstanding principal installments of the Bond shall be further subject ta
redemption prior to maturity, on any interest payment date, in whole, at the option of
the Issuer, from any available funds, including prepayment of the Note, upon a Determi-
nation of Taxability or damage to or destruction of the Project, at a redemption price of
par plus accrued interest to the date fixed for redemption.
Upon receipt by the Issuer and the Bank of at least three (3) days' prior
written notice from the Company specifying a date for the prior redemption of this Bond
(or a portion hereof), the Bank shall, to the extent that amounts are or become available
therefor in the Bond Fund, apply such amounts in the Bond Fund on behalf of the Issuer to
the redemption of this Bond (or a portion hereof) in accordance with the preceding para-
graphs. All principal amounts of this Bond designated for prior redemption shall cease to
bear interest on the date fixed for such redemption.
In certain events, on the conditions, in the manner and with the effect set
forth in the Bond Ordinance, this Bond may become or may be declared due and payable
-20-
Modifications, alterations or amendments of the provisions of the Bond
Ordinance may be made only to the extent and in the circumstances permitted by the
1 11 11 1 191 1� Fif 121211, 1 FF 1�11'51r� ii;111111��I'j
conditions and things required by the Constitution and the laws of the State of Illinois to
happen, exist and be performed precedent to and in the issuance of this and have hap-
pened, exist and have been performed in due time, for and manner as required by law;
and that the issuance of this Bond, together with all other obligations of the Issuer, does
not exceed or violate any constitutional or statutory limitation.
IN WITNESS WHEREOF, the Village of Mount Prospect, Cook County,
Illinois, has caused this Bond to be signed on its behalf by the manual signature of its
be affixed hereto, all as of August , 1984.
By
President
Rage Clerk ............ ............ .
Date
SCHEDULE A
PAYMENT RECORD
Principal
Principal Balance
_?.aXment Due
-22-
Chemical Bank
Interest Authorized -
Payment Official and Title
SC14EDULE A
PAYMENT RECORD
Principal Chemical Bank
Principal Balance Interest Authorized
Date Payment Due Payment Official and Title
-23-
Section 5. There is hereby created and established with the Bank, which is
hereby constituted and appointed as depositary for the Issuer, a special fund in the name
of the Issuer to be designated "Village of Mount Prospect, Industrial Revenue Bond Con-
struction Fund (Toko America, Inc. Project)". The proceeds received by the Issuer upon
the sale of the Bond, exclusive of accrued interest, if any, which shall be deposited in the
Bond Fund, shall be deposited in the Construction Fund which shall be held in a separate
account by the Bank, as depositary. Moneys in the Construction Fund shall be expended
in accordance with the provisions of the Agreement, and particularly Section 3.3 thereof.
i*ng to the Construction Fund and all disbursements therefrom and may designate one or
more escrow agents for purposes of disbursing all or portions of the Construction Fund.
The completion of the Project and payment of all costs and expenses
dent thereto shall be evidenced by the filing with the Issuer and the Bank of a certificate
of the Authorized Company Representative required by Section 3.4 of the Agreement.
Any moneys thereafter remaining in the Construction Fund shall be applied in accordance
with Section 3.4 of the Agreement.
PRO
Section 6. It is the declared intention of the Issuer to authorize the
bursement of the proceeds of the Bond in order to finance the construction of the Project
by the Company, pursuant to the Agreement in substantially the form which has been
The Agreement and the revenues and income thereof, including all moneys
received under its terms and conditions and the Note therein authorized, are provided to
Imm
be sufficient to pay the principal of, premium, if any, and interest on the Bond hereby
authorized, and are hereby pledged and ordered paid into the Bond Fund as specified in
Section 7 hereof. The Agreement provides that the Company shall remit the required
payments in repayment of the loan under the terms and conditions of the Agreement
directly to the Bank for the account of the Issuer for deposit in the Bond Fund and such
provision is hereby expressly approved.
not general obligations of the Issuer, but are special and limited obligations secured by an
assignment and pledge of the right, title and interest of the Issuer in and to the Agree-
ment, the Note and the Mortgage, pursuant to the Assignment, a mortgage on and secur-
ity interest in the Project, pursuant to the Mortgage, and the Letter of Credit, and shall
be payable by the Issuer solely and only out of the revenues and income derived from the
Agreement and the Note and as otherwise provided herein.
There is hereby created by the Issuer and ordered established with the
Bank, as depositary, a special fund to be designated "Village of Mount Prospect, Indus-
trial Revenue Bond Fund (Toko America, Inc. Project)", which shall be used to pay the
principal of, premium, if any, and interest on the Bond.
equal to the accrued interest paid by the purchaser of the Bond, if any; (b) any amount
remaining in the Construction Fund to the extent provided in Section 3.4 of the Agree-
ment; (c) all payments made on the Note; (d) all prepayments of the Note as specified in
Article VII of the Agreement; and (e) all other moneys received by the Bank under and
pursuant to any of the provisions of the Agreement, the Note, the Assignment, the Mort-
gage or the Letter of Credit which are required or accompanied by directions that such
M
moneys are to be deposited in the Bond Fund. The Bank is authorized and directed to
apply amounts available therefor in the Bond Fund to the payment when due of the
principal of, premium, if any, and interest on the Bond (whether at maturity or upon
acceleration or call for redemption).
The Issuer covenants and agrees that, should there be a default under tha;
Agreement, the Issuer shall fully cooperate with the Bank as owner of the Bond or any
other owner of the Bond to the end of fully protecting the rights and security of the Bank
or such other owner of the Bond. Nothing herein shall be construed as requiring the
Issuer to operate the Project or to use any funds or revenues from any source other than
funds and revenues derived from the Agreement and the Note (except as otherwise
provided herein).
Any amounts remaining in - Bond Fund, after
principal of, premium, if any, and interest on the Bond and the charges and expenses of
the Bank, shall be paid to the Company, as provided herein and in Section 9.5 of the
Agreement.
securitySection 8. As • due and punctual payment of the principal
of, premium, if any, and interest on the Bond hereby authorized, the Issuer hereby assigns
and pledges to the Bank all revenues and income derived by the Issuer pursuant to the
Agreement, the Note and the Mortgage (except any payment made pursuant to Section
4.2(f) of the Agreement, relating to the obligation of the Company to pay reasonable and
necessary expenses of the Issuer, Section 5.3 of the Agreement, relating to indemnifica-
tion of the Issuer by the Company, and Section 6.4 of the Agreement, relating to the
obligation of the Company to pay attorneys' fees and expenses incurred by the Issuer
upon a default thereunder) and all rights and remedies of the Issuer under the Agreement,
1M
the Note and the Mortgage to enforce payment thereof and as evidence of such assign-
ment, pledge and security interest and of the agreement of the Bank to accept its
responsibilities with respect to the Construction Fund created pursuant to Section 5
hereof, to the Bond Fund created pursuant to Section 7 hereof and to any other duty
imposed upon the Bank by this Ordinance or the Agreement, the President of the Issuer is
hereby authorized to execute the Assignment for and on behalf of the Issuer and the
Village Clerk of the Issuer is hereby authorized to attest the same and to affix thereto
the official seal of the Issuer, and said officers are authorized and directed to cause the
Assignment to be executed by the Bank, the Assignment to be in substantially the form
which has been presented to and is hereby approved by the Issuer.
As further security for the payment of the principal of, premium, if any,
and interest on the Bond, the Company will execute and deliver the Mortgage and will
cause to be delivered the Letter of Credit, each in substantially the form presented to
the Issuer, the form, terms and provisions of which are hereby approved, and the Com-
pany will cause the Mortgage to be recorded in the real estate records of the office of
the Recorder of Deeds of Cook County, Illinois.
Section 9. Any moneys held as part of the Construction Fund created
pursuant to Section 5 hereof and the Bond Fund created pursuant to Section 7 hereof,
may be invested or reinvested on the direction of the Authorized Company Representa-
tive, in accordance with the provisions of Section 3.5 of the Agreement. Any such
investment shall be held by or under control of the Bank and shall be deemed at all times
a part of the fund for which the investment was made, and the interest accruing thereon
and any profit realized from such investments shall be credited to such fund, and any loss
resulting from such investments shall be charged to such fund, which loss shall be an
WA
obligation of the Company as provided in the Agreement. The Company shall forthwith
pay to the Bank for deposit into such fund the amount of any losses on such investments
provided that such payment shall not release the Bank from any liability due to its negli-
gence or willful misconduct.
for disbursement, the Authorized Company Representative may, upon 72 hours' prior
notice from the Company to the Bank, direct the Bank to cause a sufficient amount of
the investments to be sold and reduced to cash to the credit of such funds regardless of
the loss on such liquidation. Absent such direction, the Bank is authorized to and shall
liquidate such investments whenever necessary to make timely payment of any amounts
due on the Bond.
With respect to Section 103(c) of the Code, the Company has made certain
covenants with the Issuer in Section 3.6 of the Agreement, and the Company will make
certain certifications and representations with respect to Section 103(c) of the Code on
the date of delivery of the Bond, which the Issuer shall accept and adopt, and the Issuer,
acting in reliance on such covenants, certifications and representations, hereby cove-
nants with the Bank and any other owner of the Bond that so long as any principal of,
premium, if any, or interest on the Bond remains unpaid, the Issuer will not take or
authorize the taking of any action which will cause the Bond to be classified as an "arbi-
trage bond" within the meaning of Section 103(c) of the Code and any regulations prom-
ulgated or proposed thereunder, including Section 1.103-13, Section 1.103-14 and Section
1.103-15 of the Income Tax Regulations (26 C.F.R., Part 1) as the same presently exist or
may from time to time hereafter be amended, be amended, supplemented or revised, or
within the meaning of any Federal legislation and any regulations promulgated or pro-
posed thereunder.
MM
Section 10. The Issuer covenants that it will promptly cause to be paid,
solely and only from the sources mentioned in the Bond, the principal of, premium, if
any, and interest on the Bond hereby authorized at the place, on the dates and in the
manner provided herein and in the Bond according to the true intent and meaning
thereof. The Bond and the obligation to pay interest thereon are limited obligations of
the Issuer, secured by the Note of the Company, the Assignment, the Mortgage, and the
Letter of Credit, and payable as set out in Section 3 hereof.
The Issuer covenants that it will faithfully perform at all times any and all
covenants, undertakings, stipulations and provisions contained in this Ordinance, the
Bond, the Agreement, the Mortgage and the Assignment, and in its proceedings pertain-
ing thereto. The Issuer covenants that it is duly authorized as an exercise of its powers
as a home rule unit under Section 6(a) of Article VII of the 1970 Constitution of the State
of Illinois and the Act, to issue the Bond authorized hereby and to pledge and assign the
revenues and income hereby pledged and assigned in the manner and to the extent herein
set forth; that all action on its part for the issuance of the Bond has been or will, before
delivery of the Bond, have been duly and effectively taken and that the Bond, when
issued and delivered to the Bank, will be a valid and enforceable limited obligation of the
Issuer according to the true intent and meaning thereof.
The Issuer covenants that it will execute, acknowledge and deliver such
instruments, financing statements and other documents as the Bank or any other owner
of the Bond may reasonably request for the better assuring, granting, pledging and
assigning unto the Bank the right, title and interest of the Issuer in and to the Agreement
and the Note, as well as the rights of the Issuer in and to the required payments of reve-
nues and income pursuant to Section 4.2(a) of the Agreement and the Note hereby
wo
l
assigned and pledged to the payment of the principal of, premium, if any, and interest on
the Bond. The Issuer covenants and agrees that, except as herein and in the Agreement
provided, it will not sell, convey, mortgage, encumber or otherwise dispose of any part of
the revenues and income derived from the Agreement and the Note, or of its rights under
the Agreement, the Note and the Mortgage.
The Issuer covenants . r agrees books and documents in its posses-
sion relating to the Project and the payments on the Note and under the Agreement shall
at all reasonable times be open to inspection by the Bank or any other owner of the Bond
or such accountants or other agencies as the Bank or such owner may from time to time
designate.
owner of the Bond, enforce all of its rights and all of the obligations of the Company
under the Agreement for the benefit of the Bank or any other owner of the Bond. The
Issuer shall protect the rights of the Bank or any other owner of the Bond hereunder with
respect to the assignment and pledge of the revenues and income coming due under the
Agreement and the Note.
EVENTS OF DEFAULT
Sectionof . . occurs it is herebydefined as and
•. r' • r • • • . •r- r.
(a) Default in the due and punctual payment of any
interest on the Bond.
(b) Default in the due and punctual payment of any
principal of or premium, if any, on the Bond, whether at the
stated maturity thereof or upon call for redemption or pro-
ceedings for the acceleration thereof.
En
(c) An "Event of Default" shall have occurred and be
(d) The Letter of Credit is terminated other than koj
reason of payment of all of the principal of the Bond with
(e) The Letter of Credit Bank becomes insolvent, or a
receiver, trustee, custodian or similar entity is appointed for
or otherwise takes control of the Letter of Credit Bank or of
the whole or any part of its property and, within thirty (30)
days thereafter, the Company is unable to secure a substitute
letter of credit substantially in the form of the Letter of
Credit delivered by a bank acceptable to the holder of the
Bond.
Upon the occurrence of an event of default hereunder and so long as such
event of default is continuing, the Bank or any other owner of the Bond, by notice in
writing delivered to the Company and the Issuer, shall declare the principal of the Bond
and the interest accrued thereon immediately due and payable, and immediately accele-
rate such principal and interest and draw against the Letter of Credit up to the stated
amount thereof. Upon any such declaration and acceleration all payments under the
Agreement and the Note from the Company shall become immediately due and payable
as provided in Section 6.2 of the Agreement.
While any principal of, premium, if any, or interest on the Bond remains
unpaid, the Issuer shall not exercise any of the remedies available upon an "Event of
Default" specified in Section 6.2 of the Agreement without first obtaining the prior
-31-
m■
. .. r amm=
aapunajaq Ilnujap JO JUBAa up jo . . _
_• &uw Apawaa
.. ol panilsuoD
aq 11mis r Apawai jo jamod ljq2tj lqz)ns Aup itudwi-
ao A;tnba ut ao mut ;u 2ut;srxa aal3paaaq ao Mou ao aapunaaaq puog ag; jo sauMo aaq;o AUR
ao >jupg aql o; uant2 Apawai aaq;o Aup o; uotltppu ui aq TTugs pus antluTnwna aq TTugs Apa
-waa gans A.aaAa pup galea 1nq clpawaa aaq;o fiuu 3o antsnTaxa aq of papua;ut sl xuug ag;
o; panaasaa ao uodn paaaajuoa aauuutpao seg; 3o swia; aq; Aq fpawaa ON
•q;aoi Jas ;tpaao
jo aa1Jaq aq; pup a u2;aoW aq; `aloN ag1 `luawaaibV aq; ut pup utaaaq su fusdw0
aq1 jo suoilp2ilgo pup sagnp aq; jo aouuwaojaad aq; Tadwoa put, aaaojua o; pup puog 9141
uo lsaaalut pup £up jt 'wntwaad 'jo Tpdtoutad aq1 jo ;uawfud a141 aoaojua o; 2utpaaaoad
aaglo so snwppuaw 'uo1lap 'Jtns Cq Altnba ut ao mvj 1t, Apawaa atgpTtpnt, fup ansand
A. -ow pup aouputpao sT141 ao ltpaaZ) jo aalJ9Z aq; 1827321JON aq; 'lu9wu2'ssV 9141 'aJoN
aq1 cluawaaa2V aq1 aapun lstxa se s1142ta gans astaaaxa ARw puog aql jo aauMo saglo
Cut, ao :jupS aql 'aapunaaaq 1Tnp3ap Jo Juana up jo aauaaanaao aql uodn
ENITTIT-W-M1110,1017 �T- �419-011111!11
or interest on the Bond on behalf of the Issuer, upon receipt of such moneys by the BanN
been paid under the provisions of this Section 11 and all expenses of the Bank and the
Ufto M11
The Bank or any other owner of the Bond may in its discretion waive any
event of default hereunder and its consequences and rescind any declaration of accelera-
tion of principal, and in cases of any such waiver or rescission, or in case any proceeding
taken by the Bank on account of any such event of default hereunder shall have been
discontinued or abandoned or determined adversely, then and in every such case the
Issuer, the Company, the Bank and any other owner of the Bond shall be restored to their
former positions and rights hereunder, respectively, but no such waiver or rescission shall
extend to any subsequent or other event of default hereunder, or impair any right conse-
quent thereon.
pany under the provisions of this Section 11, the Issuer hereby grants the Company full
authority for account of the Issuer to perform or observe any covenant or obligation
alleged in said notice not to have been performed or observed, in the name and stead of
the Issuer with full power to do any and all things and acts to the same extent that the
Issuer could do in order to remedy such default.
am
SALE OF O r OF DOCUMENTS
Section 12. (a) The sale of the Bond to the Bank is hereby authorized at
price of $2,000,000 plus accrued interest, if any, and payment pursuant to the Bond
Purchase Agreement in substantially the form which has been presented to the Issuer is
hereby approved by the Issuer, and the Bond Purchase Agreement in substantially the
form which has been presented to the Issuer is hereby in all respects authorized,
approved and confirmed.
The President of the Issuer is hereby authorized and directed to execute
the Bond Purchase Agreement for and on behalf of the Issuer, and the Village Clerk of
the Issuer is hereby authorized to attest the same and to affix the official seal of the
Issuer thereto.
Assignment'k'b) The Agreement, the Mortgage, the • the Letter of Cre-
dit,
hereby approved by the Issuer and are in all respects authorized, approved and confirmed.
The President of the Issuer is hereby authorized and directed to execute
the Agreement, the Mortgage and the Assignment for and on behalf of the Issuer, and the
Village Clerk of the Issuer is hereby authorized to attest the same and to affix the offi-
cial seal of the Issuer thereto.
PERFORMANCE PROVISIONS
Section 13. The President and the Village Clerk of the Issuer, for and on:
behalf of the Issuer be, and each of them hereby is, authorized and directed to do anyzind-
all things necessary to effect the performance of all obligations of the Issuer uridee and'
pursuant to this Ordinance, the advancement of the loan, the execution and delivery . of,
the Bond and the performance of all other acts of whatever nature necessary to effect
2nd carry out the authority conferred by this Ordinance. The President and the Village
M
Clerk of the Issuer be, and they are hereby, further authorized and directed for and on
behalf of the Issuer, to execute all papers, documents, certificates and other instruments
that may be required for the carrying out of the authority conferred by this Ordinance or
to evidence said authority and to exercise and otherwise take all necessary action to the
full realization of the rights, accomplishments and purposes of the Issuer under the
Agreement, the Mortgage, the Assignment and the Bond Purchase Agreement and to
discharge all of the obligations of the Issuer thereunder.
Section 14. All notices, certificates or other communications shall be
sufficiently given and shall be deemed given when the same are (i) deposited in the
United States mail and sent by first class mail, postage prepaid, or (ii) delivered, in each
case to the parties at the following addresses or such other address as a party may desig-
nate by notice to the other parties: if to the Issuer, at 100 South Emerson Street, Mount
Prospect, Illinois 60156, Attention: Finance Director; if to the Bank, at Chemical Bank,
277 Park Avenue, New York, New York 10172, Attention: Frances L. Bonham, Assistant
Manager, provided that all payments to the Bank shall be made to the Bank at 52
Broadway, New York, New York 10004, Attention: Marlene Stewart, Wholesale Loan
Department; and if to the Company, at 5520 West Touhy Avenue, Skokie, Illinois 60077,
Attention: President, or at such other addresses as the parties may subsequently specify.
ORDINANCE A CONTRACT; PROVISIONS FOR
MODIFICATIONS, ALTERATIONSAMENDMENTS
Section 15. The provisions of this Ordinance shall constitute a contract
between the Issuer and the owner of the Bond hereby authorized; and after the issuance
of the Bond, no modification, alteration, amendment or supplement to the provisions of
this Ordinance shall be made in any manner except with the written consent of the Bank
or any other owner of the Bond and the Letter of Credit Bank until such time as all
principal of, premium, if any, and interest on the Bond shall have been paid in full.
-35-
i rr
Section 16. All rights and obligations of the Issuer and the Company und(s
the Bond, this Ordinance, the Agreement, the Note, the Assignment, the Mortgage, the
Letter of Credit and the Bond Purchase Agreement shall terminate and such instruments
shall cease to be of further effect, and the Bank or any other owner of the Bond shall
surrender the Bond, cancel the Bond, deliver it to the Issuer, deliver a copy of the can-
celled Bond to the Company and assign and deliver to the Company any moneys in the
Bond Fund required to be paid to the Company under Section 7 hereof (except moneys
held by the Bank for the payment of principal of, premium, if any, or interest on the
Bond) when:
(a) all expenses of the Issuer and the Bank shall have
been paid;
(b) the Issuer, the Company and the Letter of Credit
Bank shall have performed all of their covenants and promises
in the Bond, this Ordinance, the Agreement, the Assignment,
the Mortgage, the Letter of Credit and the Bond Purchase
Agreement; and
(c) all principal of, premium, if any, and interest on
the Bond have been paid.
Section 17. If any section, paragraph, clause or provision of this Ordinance
shall be ruled by any court of competent jurisdiction to be invalid, the invalidity of such
section, paragraph, clause or provision shall not affect any of the remaining sections,
paragraphs, clauses or provisions hereof.
so
Section 18. The captions or headings of this Ordinance are for convenience
only and in no way define, limit or describe the scope or intent of any provision of this
Ordinance.
EFFECTIVE DATE
Section 19. All ordinances, resolutions and orders, or parts thereof, in
conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby
superseded. This Ordinance shall be in full force and effect immediately upon its adop-
tion.
(SEAL)
ATTEST:
Village Clerk
Adopted August 1984
Approved August 1984
Recorded August , 1984
-37-
President
Trustee moved and Trustee sec-
onded the motion that said ordinance as presented be adopted.
called for a vote upon the motion to adopt the ordinance as read.
Upon roll being called, the President and the following Trustees voted:
ABSENT OR NOT VOTING:
Whereupon the President declared the motion carried and the ordinance
adopted, and henceforth did approve and sign the same in open meeting, and did direct
the Village Clerk to record the same in full in the records of the President and Board of
Trustees of the Village of Mount Prospect, Cook County, Illinois.
Other business not pertinent to the adoption of said ordinance was duly
transacted at said meeting.
(SEAL)
Upon motion duly made and seconded, the meeting was adjourned.
Mf.*z
Village Clerk
STATE OF ILLINOIS
SS.
COUNTY OF COOK
I, Carol A. Fields, do hereby certify that I am the duly qualified and acting
Clerk of the Village of Mount Prospect, Cook County, Illinois, and as such officer I am
the keeper of the records and files of the President and Board of Trustees of said Village.
I do further certify that the foregoing constitutes a full, true and complete
transcript of the minutes of the legally convened meeting of said President and Board of
Trustees of said Village held on the _ day of August 1984, insofar as same relates to the
adoption of a bond ordinance authorizing the issuance of a $2,000,000 Industrial Revenue
Bond, Series 1984 (Toko America, Inc. Project) of said Village, a true, correct and com-
plete copy of which said ordinance as adopted at same meeting appears in the foregoing
transcript of the minutes of said meeting.
[ do further certify that the deliberations of the President and Board of
Trustees on the adoption of said ordinance were taken openly; that the vote on the adop-
tion 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
newspapers, radio or television stations and other news media requesting such notice; and
that said meeting was called and held in strict accordance with the provisions of the
Open Meetings Act of the State of Illinois, as amended, and the provisions of the Illinois
Municipal Code, as amended, and that said President and Board of Trustees have com-
plied with all of the applicable provisions of said Act and said Code and their procedural
rules in the adoption of said ordinance.
IN WITNESS WHEREOF, I have hereunto affixed my official signature and
the seal of said Village, this day of August, 1984.
(SEAL)
Village Clerk, Village of Mount Prospect,
Cook County, Illinois
-39-
V860L0S
£0909 stoutIIl 10213atgo
laaals aosuow lsaM III
aallno pus uuuidugo
•o•d 'ssoO •g pasgatg
:Aq pasudaad luawnslsut silty
l4oadsw,d lunoW jo 92'6111A agl cuOij 't861 `I jsn2nV jo su palup Iuatuaaj2
pus luawu2lssV agl Japun ,so, maN ` o . aN AXuu uatu�ago of pa pa l puu pau issu
uaaq anug uu ; apuna at alquntaoaa slunou u puu luawaa 2 ltanaas puu a2v2;, ow
sigl of puu ut loadsoaa lunoihi jo aiull!A agl JO lsasalur puu anal Ilg2t ag;L
V86I `i lsn2nV jo su paluQ
INawH2lHDv ,&MHIIoHs (IKV aDVDIiIOPJ
saa2u2lsolk SV
'QZ'I `xKvg VW`d.jvs alu
pug
`SIOxI'I'II `KiNfloo X000 `J aaclsolla Imflo I ao RDV I -m
(INV
ao2u2laow sy
"oxI `voRIawv OHOZ
MORTGAGE AND SECURITY AGREEMENT
TABLE OF CONTENTS
Page
Parties.....................................................
1
Preambles....................................................
1
Granting Clauses
...............................................
2
Section 1.
Maintenance of Premises
4
...........................
Section2.
Taxes .........................................
4
Section 3.
Insurance
......................................
5
Section 4.
Damage and Destruction ...........................
7
Section5.
Condemnation
...................................
8
Section 6.
Performance or Payment by Mortgagee .................
9
Section 7.
Events of Default
10
................................
Section 8.
Remedies on Default ..............................
11
Section 9.
Additional Remedies
15
..............................
Section 10.
Remedies Cumulative
16
.............................
Section 11.
Agreement to Pay Costs, Attorneys' Fees ...............
16
Section 12.
Mortgagee's Right of Access to Premises ...............
16
Section 13.
Provisions Severable; Governing Law ...................
16
Section 14.
Successors and Assigns .............................
16
Section 15.
Amendment of Mortgage ...........................
17
Section 16.
Transfer of Premises
..............................
17
Testimonium..................................................
17
Signaturesand Seals ............................................
17
Exhibit A - Legal Description ......................................
MORTGAGE AND SECURITY AGREEMENT
THIS MORTGAGE AND SECURITY AGREEMENT (the "Mortgage") dated
as of August 1, 1984, by and between TORO AMERICA, INC., a corporation duly orga-
nized and validly existing under the laws of the State of Illinois and qualified to do
business as a foreign corporation in the State of Illinois, having its principal place of
business at 5520 W. Touhy Avenue, Skokie, Illinois 60077 (the "Mortgagor"), and the
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, a political subdivision and
a home rule unit of government under Section 6(a) of Article VII of the 1970 Constitution
of the State of Illinois, having its principal office at 30 North Wolf Road, Mount
Prospect, Illinois 60156 (the "Mortgagee") and The Saitama Bank, Ltd., a banking
corporation organized under the laws of the State of New York having its principal office
at 44 Wall Street, New York, New York 10005 (the "Letter of Credit Bank");
WITNESSETH:
WHEREAS, the Mortgagee is issuing its Industrial Revenue Bond, Series
1984 (Toko America, Inc. Project) (the "Bond"), pursuant to a Bond Ordinance duly
adopted by the governing body of the Mortgagee on August _, 1984 (the "Bond
Ordinance"), for the purpose of lending the proceeds thereof to the Mortgagor to finance
the costs of acquiring land and constructing a building thereon (the "Project") on land
located in the Village of Mount Prospect, Cook County, Illinois; and
WHEREAS, the Mortgagor will own and operate the Project as an industrial
project and the Project will constitute a "development project" within the meaning of
and in furtherance of the purposes of Ordinance No. 2925, adopted by the governing body
of the Mortgage on July 1, 1979 as supplemented and amended (the "Act"); and
WHEREAS, the Mortgagor is indebted to the Mortgagee in the principal
sum of Two Million Dollars ($2,000,000) lent to the Mortgagor pursuant to the terms of
the Loan Agreement dated as of August 1, 1984, by and between the Mortgagee and the
Mortgagor (the "Agreement"), under the terms of which the Mortgagor has issued its
Promissory Note payable to the Mortgagee (the "Note") to evidence its obligation to
repay the loan; and
WHEREAS, the Bond and the obligation to pay interest thereon are special,
limited obligations of the Issuer payable solely out of the revenues and income derived by
the Issuer pursuant to the Agreement and the Note, and the Bond and the obligation to
pay interest thereon do not constitute and shall not be deemed to constitute an indebted-
ness or a loan of credit of the Issuer, the State of Illinois or any political subdivision
thereof, or a charge against the general credit or taxing powers of any of them, within
the meaning of any constitutional or statutory provision; and
WHEREAS, the Bond is further secured by an irrevocable letter of credit
(the "Letter of Credit") issued by the Letter of Credit Bank in favor of the Chemical
Bank, New York, New York, purchaser of the Bond, pursuant to the Reimbursement
Agreement dated as of August _, 1984, by and between the Mortgagor and the Fetter of
Credit Bank (the "Reimbursement Agreement'), whereby the Mortgagor has agreed to
reimburse the Letter of Credit Bank for all drawings made by the Trustee on the Letter
of Credit and to pay certain other costs and expenses; and
WHEREAS, the Mortgagor is desirous that the Mortgagee issue the Bond
and apply the proceeds as aforesaid and is willing to enter into this Mortgage to further
secure the Note and the Bond and in order to enhance the marketability of the Bond and
thereby achieve cost savings to the Mortgagor, and as an inducement to the purchase of
the Bond by all who shall at any time become owners of the Bond; and
WHEREAS, the Mortgagee intends to assign and pledge all of its right, title
and interest in and to this Mortgage to Chemical Bank, a banking cor aoration duly or-
ganized and validly existing under the laws of the State of New York, having its principal
office at 277 Park Avenue, New York, New York 19172 (the "Bank"), pursuant to the
Assignment and Agreement dated as of August 1, 1984, by and between the Mortgagee
and the Bank (the "Assignment");
NOW, THEREFORE, the Mortgagor to secure the payment of the principal
of, premium, if any, and interest on the Note and the Bond in accordance with the terms
and provisions thereof, and the payment of any other sums therein provided for, and the
payment of any sums due and owing by the Mortgagor from time to time under the
Reimbursement Agreement and the observance and performance of the covenants and
agreements contained herein or in the Note, the Bond, the Bond Ordinance or in any
other instrument or document securing the Note or the Bond or in the Agreement and the
other indebtedness which this Mortgage by its terms secures, and also in consideration of
the sum of Ten Dollars in hand paid, the receipt whereof is hereby acknowledged, does by
these presents grant, bargain, sell, convey, mortgage, warrant, assign and pledge unto the
Mortgagee, and its successors and assigns (including the Bank), and the Letter of Credit
Bank, its successors and assigns, and does hereby grant to the Mortgagee, and its
successors and assigns (including the Bank), and the Letter of Credit Bank, its successors
and assigns, a security interest in, all and singular the properties, rights, interests and
privileges described in Granting Clauses I, II, III and IV below, all of same being
collectively referred to herein as the "Premises":
GRANTING CLAUSE I
That certain real estate lying in the Village of Mount Prospect, Cook
County, Illinois, more particularly described in Exhibit A attached hereto and made a
part hereof (sometimes hereinafter referred to as the "Real Estate");
GRANTING CLAUSE II
.. . • . �► •
•
-2-
the parties hereto to include equipment, machinery, apparatus and other personal
property of the Mortgagor which is not permanently attached to the Real Estate or which
is not permanently attached to the permanently attached improvements now or hereafter
located thereon;
GRANTING CLAUSE III
All right, title and interest of the Mortgagor now owned or hereafter
acquired in and to all, and singular the estates, tenements, hereditaments, privileges,
easements, franchises and appurtenances belonging or in any wise appertaining to the
property described in the preceding Chanting Clause I and the buildings and improve-
ments now or hereafter located thereon and the reversions, rents, issues, revenues and
profits thereof, including all interest of the Mortgagor in all rents, issues and profits of
the aforementioned property and all rents, issues, profits, revenues, royalties, bonuses,
rights and benefits due, payable or accruing (including all deposits of money as advanced
rent or for security) under any and all leases or subleases and renewals thereof of said
property (including during any period allowed by law for the redemption of said property
after any foreclosure or other sale), together with the right, but not the obligation to
collect, receive and receipt for all such .rents and apply them to the indebtedness hereby
secured and to demand, sue for and recover the same when due or payable, provided that
the assignments made hereby shall not impair or diminish the obligations of the
Mortgagor under the provisions of such leases nor shall such obligations be imposed upon
the Mortgagee; by acceptance of this Mortgage, the Mortgagee agrees, and will cause the
Bank as its assignee to agree, not as a limitation or condition hereof, but as a personal
covenant available only to the Mortgagor, that, until an event of default shall occur
hereunder giving the Mortgagee and the Bank the right to foreclose this Mortgage, the
Mortgagor may collect, receive and enjoy such rents;
GRANTING CLAUSE IV
All equipment (as defined in Article 9 of the Illinois Uniform Commercial
Code), machinery and other related personal property now owned or hereafter acquired
by the Mortgagor and now or hereafter placed in, affixed to or used in connection with
the buildings now or hereafter constructed upon the Real Estate described in Exhibit A
attached hereto and made a part hereof and which is now or hereafter subject to the lien
hereof, including without limitation the machinery, equipment, apparatus, equipment
fittings and readily removable fixtures described in Exhibit B attached hereto and made a
part hereof, wherever located (sometimes hereinafter referred to as the "Equipment");
And as to the property aforesaid which is not deemed to be real property,
including but not limited to fixtures, this Mortgage is hereby deemed to be as well a
Security Agreement under the provisions of the Illinois Uniform Commercial Code for
the purpose of creating hereby a security interest in said property, which is hereby
granted by the Mortgagor, as debtor, to the Mortgagee, as secured party, and assigned to
the Bank, as assignee of the secured party, and to the Fetter of Credit Bank, as secured
party further securing the indebtedness hereby secured; the addresses of the Mortgagor
(debtor), the Mortgagee (secured party), the Bank (assignee of the secured, party) and the
Letter of Credit Bank: (secured party) appear at the beginning of this Mortgage;
SU ECT, HOWEVER,, as of any particular time, to: (i) any exception to
title shown in Exhibit A attached hereto and made a part hereof (including the rights,
easements and covenants therein described), (ii) liens for ad valorem taxes and special
assessments or installments thereof not then delinquent, or, if delinquent, being con-
tested in accordance herewith, (iii) the Agreement, the Assignment, the Reimbursement
-3-
Agreement and this Mortgage, (iv) recorded utility, access and other easements and
rights-of-way, mineral rights, restrictions and exceptions that will not materially
interfere with or impair the operations being conducted on the Premises or substantially
diminish the value thereof, and (v) such minor defects, irregularities encumbrances,
easements, rights-of-way and clouds on title as normally exist with respect to properties
similar in character to the Premises and as do not in the aggregate materially impair the
property affected thereby for the purpose for which it was acquired or is held by the
Mortgagor or substantially diminish the value thereof, all of the foregoing sometimes
being hereinafter referred to as the "Permitted Encumbrances";
TO HAVE AND TO HOLD the Premises and the properties, rights and
privileges hereby granted, bargained, sold, conveyed, mortgaged, warranted, assigned,
pledged and in which a security interest is granted, or intended to be granted, to the
Mortgagee, and its successors and assigns (including the Bank), and to the Letter of
Credit Bank, its successors and assigns, forever; provided, however, that this Mortgage is
upon the express condition that if the Mortgagor shall pay or cause to be paid all
indebtedness hereby secured and shall keep, perform and observe all and singular the
covenants and promises in the Note, the Reimbursement :agreement and in this Mortgage
or in any other instrument or document securing the Note or in the Agreement expressed
to be kept, performed and observed by the Mortgagor, and the principal of, premium, if
any, and interest on the Bond shall have been paid in full, and all amounts due and
payable under the Reimbursement Agreement have been paid in full then this Mortgage
and the estate and rights hereby granted shall cease, determine and be void and this
Mortgage shall be released by the Mortgagee, the Bank and the Letter of Credit Bank
upon the written request and at the expense of the Mortgagor, otherwise to remain in full
force and effect.
IT IS FURTHER UNDERSTOOD AND AGREED THAT:
Section 1. Maintenance of Premises. The Mortgagor shall, at its own
expense:
(a) keep the Premises in as reasonably safe condition as its opera-
tions shall permit;
(b) keep the Premises in good repair and in good operating condi-
tion, ordinary wear and tear excepted, making from time to time all neces-
sary repairs thereto and renewals and replacements thereof;
(c) not create or permit to be created or remain, and will
promptly discharge, all liens, security interests, encumbrances and charges
on the Premises or any part thereof, other than Permitted Encumbrances,
exhibiting satisfactory discharge of same to the Bank; provided, however,
that the Mortgagor shall have the right to contest, in good faith, any such
liens, security interests, encumbrances and charges, provided reasonable
security shall first be given to the Bank;
(d) complete within a reasonable time the construction of the
Project and any other acquisition, construction, equipping and improvement
of the Premises now or at any time in the process of erection on the
Premises;
Z.0
(e) comply with all present and future laws, ordinances, orders,
decrees, rules, regulations and requirements of every duly constituted
governmental entity, authority, commission and court and the officers
thereof of which the Mortgagor has notice and the failure to comply with
which would materially and adversely affect the Premises, or the use, occu-
pancy or condition thereof;
(f) not make any material alterations to the Premises which would
materially and adversely affect the value of the Premises, or the use, oc-
cupancy or condition thereof; and
(g) promptly notify the Bank of any damage to or destruction of
the Premises, any pending or threatened proceedings for the taking (by
eminent domain or otherwise) of any part thereof, any notice from any
governmental authority alleging violation of any building code, zoning ordi-
nance or other governmental requirement, or any other event or condition
which might materially and adversely impair, affect or reduce the integrity
of the Premises or their intended use or value.
Section 2. Taxes. The Mortgagor shall pay when the same shall become
due or payable:
(a) all legally assessed taxes and charges on account of the owner-
ship, use, occupancy or operation of the Premises, including but not limited
to all sales, use, occupation, real and personal property taxes, all permit and
inspection fees, occupation and license fees and all water, gas, electric light..,
power or other utility charges assessed or charged on or against the Premises
or on account of either the use or occupancy by the Mortgagor thereof or the
activities conducted thereon or therein; and
(b) all taxes, assessments and impositions, general and special,
ordinary and extraordinary, of every name and kind, which shall be lawfully
taxed, levied, imposed or assessed upon all or any part of the Premises or the
interest of the Mortgagor therein.
If under applicable law any such tax, charge, fee, rate, imposition or as-
sessment may at the option of the taxpayer be paid in installments, the Mortgagor may
exercise such option.
Nothing contained herein shall be deemed to constitute an admission by the
Mortgagor that the Mortgagor is liable for any tax, charge, fee, rate, imposition or
assessment.
To prevent default hereunder, the Mortgagor shall pay in full under protest,
in the manner provided by statute, any tax, charge or assessment described in this
Section 2 which the Mortgagor may desire to contest.
If, by the laws of the United States of America, or of any state or munici-
pality having jurisdiction over the Bank, the Letter of Credit Bank, the Mortgagee, the
Mortgagor or the Premises, any tax is imposed or becomes due in respect of the issuance
of the Note or the Bond or the recording of this Mortgage, the Mortgagor shall pay such
tax in the manner required by such law. In the event that any law, statute, rule,
-5-
regulation, order or court decree has the effect of deducting from the value of the
Premises for the purpose of taxation any lien thereon, or imposing upon the Mortgagee,
the Letter of Credit Bank or the Bank the payment of the whole or any part of the taxes
required to be paid by the Mortgagor, or changing in any way the laws relating to the
taxation of mortgages or debts secured by mortgages or the interest of the Mortgagee,
the Letter of Credit Bank or the Bank in the Premises, or the manner of collection of
taxes, so as to affect this Mortgage, the indebtedness hereby secured, the Mortgagee, the
Letter of Credit Bank or the Bank, the Mortgagor shall pay such taxes, or reimburse the
Mortgagee, the Letter of Credit Bank or the Bank, as the case may be, therefor on
demand, unless the Mortgagee, the Letter of Credit Bank or the Bank, as the case may
be, determines, in the Mortgagee's, the Letter of Credit Bank's or the Bank's sole and
exclusive judgment, that such payment or reimbursement by the Mortgagor is unlawful;
in which event the principal of and accrued interest on the Note shall be due and payable
within thirty (30) days after written demand by the Mortgagee, the Letter of Credit Bank
or the Bank to the Mortgagor. Nothing in this paragraph shall require the Mortgagor to
pay any income, franchise or excise tax imposed upon the Mortgagee, the Letter of
Credit Bank or the Bank, excepting only such which may be levied against the income of
the Mortgagee, the Letter of Credit Bank or the Bank as a complete or partial substitute
for taxes required to be paid by the Mortgagor pursuant hereto.
Section 3. Insurance. During the Construction Period (as defined in the
Agreement) the Mortgagor shall maintain builder's risk insurance in the standard form at
the time in use in the State of Illinois to the full insurable value of the Premises in an
amount not less than the outstanding indebtedness secured hereby (with deductible pro-
visions not to exceed $100,000). Upon the Completion Date (as defined in the Agree-
ment) and throughout the remaining term of this Mortgage, the Mortgagor shall keep the
Premises continuously insured against such risks as are customarily insured against by
businesses of like size and type in the State of Illinois, paying as the same become due all
premiums in respect thereto, including but not necessarily limited to:
(a) Insurance upon the repair or replacement basis in an amount
not less than the then outstanding indebtedness secured hereby (with
deductible provisions not to exceed $100,000) against loss or damage by fire
and lightning, with uniform standard extended coverage endorsement limited
only as may be provided in the standard form of extended coverage endorse-
ment at the time in use in the State of Illinois, and containing a replacement
cost agreed amount endorsement.
(b) Explosion insurance on steam boilers, pressure vessels and
pressure piping (which are not already insured under the policy referred to in
Subsection (a) above) in an amount equal to the full insurable value of the
steam boilers, pressure vessels and pressure piping installed on the Premises
(with deductible provisions not to exceed $1,000).
(c) Insurance to the extent of $5,000,000 per occurrence against
liability for bodily injury including death resulting therefrom, and to the
extent of $5,000,000 per occurrence against liability for damage to property
of others, including loss of use thereof, occurring on or in any way related to.
the Premises or any part thereof.
(d) Workmen's Compensation Insurance for the employees of the
Mortgagor or any other active operator of the Premises, required by the laws
of the State of Illinois.
-6-
Copies or certificates of the insurance policies required by this Section 3
shall be delivered by the Mortgagor to the Mortgagee, the Letter of Credit Bank and the
Bank, and, in the case of policies expiring throughout the term of this Mortgage, copies
or certificates of any new or renewal policies shall be delivered by the Mortgagor, the
Letter, of Credit Bank to the Bank not less than thirty (30) days prior to the date of such
expiration.
Policies of insurance provided for in this Section 3 shall name the Mort-
gagor as insured, provided, however, that the Mortgagee, the Letter of Credit Bank and
the Bank shall also be named as additional parties insured pursuant to a standard
mortgagee clause, and provided further that while any principal of, premium, if any, and
interest on the Bond remains unpaid all casualty insurance proceeds shall be payable as
hereinafter provided.
All insurance required by this Section 3 shall be effected with generally
recognized responsible insurance companies selected by the Mortgagor, may be by
blanket insurance policy or policies and shall be in such form and amounts and issued by
such companies as shall be satisfactory to the Bank. To the extent available, the
Mortgagor shall cause appropriate provisions to be inserted in each insurance policy
making each policy noncancellable by the insurance carrier, providing that such policy
cannot be modified without at least thirty (30) days' prior written notice to the
Mortgagor, the Mortgagee, the Letter of Credit Bank and the Bank and further providing
that no claims shall be paid thereunder without ten (10) days' advance written notice to
the Mortgagee, the Letter of Credit Bank and the Bank. No claim shall be made and no
suit or action at law or in equity shall be brought by the Mortgagee, by the Letter of
Credit Bank, by the Bank or by anyone claiming by, through or under the Mortgagee, the
Letter of Credit Bank or the Bank, against the Mortgagor for any damage to the
Premises covered by the insurance provided for by this Section 3, however caused, but
nothing in this paragraph shall diminish the obligation of the Mortgagor to repair or
rebuild to the extent hereinafter provided. The Mortgagor shall have the sole right and
responsibility to adjust any loss with the insurer involved and to conduct any negotiations
in connection therewith, provided that so long as any principal of, premium, if any, or
interest on the Bond remains unpaid no settlement of any claim in excess of $500,000 as
it pertains to the Premises shall be effected without the written consent of the Letter of
Credit Bank or the Bank, which consent shall not be unreasonably withheld.
The net proceeds of the insurance carried pursuant to the provisions of
Subsections (a) and (b) above shall be received by the Mortgagor (or the Bank as provided
in Section 4 hereof) and shall then be paid and applied as hereinafter provided and the net
proceeds of insurance carried pursuant to Subsections (c) and (d) hereof shall be applied
toward the satisfaction or extinguishment of the liability with respect to which such
insurance proceeds have been paid.
Section 4. Damage and Destruction. If prior to full payment of the Bond
the Premises are destroyed in whole or in part or are damaged by fire or other casualty
to such extent that the claim for loss under the insurance required to be carried pursuant
to Section 3 hereof resulting from such destruction of or damage to the Premises is not
greater than $50,000, the Mortgagor (i) will promptly repair, rebuild or restore the
property damaged or destroyed to substantially the same condition as it existed prior to
the event causing such damage or destruction, with such changes, alterations and modifi-
cations (including the substitution and addition of other property which shall become
-7-
subject to the lien of this Mortgage) as may be desired by the Mortgagor and as will not
impair the value, operating unity or productive capacity or the character of the Premises
as an industrial project, and (ii) will apply for such purpose so much as may be necessary
of any net proceeds of insurance resulting from such claims for losses, as well as any
additional moneys of the Mortgagor necessary therefor. all net proceeds of insurance
resulting from such claims for losses not in excess of $50,000 shall be paid to the Mor-
tgagor.
If prior to full payment of the Bond the Premises are destroyed in whole or
in part or are damaged by fire or other casualty to such extent that the claim for loss
under the insurance required to be carried pursuant to rection 3 hereof resulting from
such destruction of or damage to the Premises is in excess of $50,000, the Mortgagor
shall promptly give written notice thereof to the Letter of Credit Bank and the Bank.
All net proceeds of insurance resulting from such claims (for losses in excess of $50,000)
shall be paid to and held by the Bank in a separate trust account, whereupon the
Mortgagor may prepay the Note as a whole pursuant to vection 7.1 of the agreement or
shall take the following steps: (i) the Mortgagor will proceed promptly to repair, rebuild
or restore the property damaged or destroyed to substantially the same condition as it
existed prior to the event causing such damage or destruction, with such changes,
alterations and modifications (including the substitution and addition of other property)
as may be desired by the Mortgagor and as will not impair the value or productive
capacity or the character of the Premises as an industrial project, and (ii) at the written
direction of the Mortgagor, the Bank will apply so much of the net proceed, of such
insurance to the payment of the costs of such repair, rebuilding or restoration, either on
completion thereof or as the work progresses. Each such direction of the Mortgagor shall
be accompanied by a certificate of an architect or engineer (who shall be selected by the
Mortgagor and be satisfactory to the Bank) in charge of the rebuilding, repair or
restoration, dated not more than five (5) days prior to such direction, setting forth in
substance that (a) the sum then directed to be applied either has been paid by the Mort-
gagor, or is justly due, to contractors, subcontractors, materialmen, engineers, architects
or other persons who shall have rendered services or furnished materials or improvements
for the rebuilding, repair or restoration therein specified; the names of such persons, a
brief description of such services or materials or improvements and the several amounts
so paid or due to each of such persons; and a statement that none of the costs of the
services or materials or improvements described in such certificate has been or is being
made the basis in any previous or then pending direction for payment under this vection
and that the sum then directed to be applied does not exceed the value of the services or
materials or improvements described in the certificate, and (b) that, except for the
amount, if any, stated (pursuant to Subsection (a) preceding) in such certificate to be due
for services or materials or improvements,, there is not outstanding any indebtedness
known to the persons signing such certificate which is then due for labor, wages,
materials, supplies or services in connection with the repair, rebuilding or restoration
which, if unpaid might become the basis of vendors, mechanics', laborers' or material. -
men's liens (other than those being contested in good faith by the Mortgagor) upon the
Premises or any part thereof. Each such direction of the Mortgagor shall also be
accompanied by such lien waivers, contractor's sworn statements, title insurance
endorsements, plats of survey and other evidences of cost, payment and performance as
the Bank may require. In the event the net proceeds are not sufficient to pay in full the
costs of such repair, rebuilding or restoration, the Mortgagor will nonetheless complete
the work thereof and will pay that portion of the costs thereof in excess of the amount of
said net proceeds. No payment made by the Bank from such net proceeds of insurance
prior to the final completion of such repair, rebuilding, or restoration shall exceed ninety
-8-
percent (90%) of the value of the
work performed from time to time, as such value, shall
• - determined by - Bank • and exclusive judgment; funds other than
proceeds
of insurance shall be disbursed prior to disbursement of such proceeds; and at all times
the • • balance of proceeds remaining in the hands of the
together
with funds deposited r • .• to the satisfaction of
by
behalf of the Mortgagor to pay the cost of such repair, rebuilding or restoration shall be
at least sufficient in the reasonable judgment of the Bank to pay the entire unpaid cost
of •"rebuildingor • and clear of or
balance of the net proceeds of any such insurance proceeds shall be paid into the Bond
Fun• defined in the Bond • Bond has •
een fully paid, all such net
proceeds will be paid to the Mortgagor.
Section 5. Condemnation. As further security for the indebtedness hereby
secured, the' Mortgagor hereby assigns to the Mortgagee, and its successors and assigns
(including the Bank), and to the Letter of Credit Bank, its successors and assigns any and
all awards at any time made for the taking (whether permanent or temporary:.) by
condemnation, eminent domain or otherwise of all or any part of the Premises or any
rights, interests or privileges appurtenant thereto, together with the right (but not the
duty) hereby assigned to the Bank, as assignee of the Mortgagee, to collect, receive,
receipt for, compromise and adjust such awards and to endorse the name of the
Mortgagor on any commercial paper given, in payment thereof. If no event of default
shall have occurred and be continuing hereunder, the Mortgagor shall have the right to
direct all such proceedings for the taking by condemnation, eminent domain or otherwise
of all or any part of the Premises.
In the event that title to, or the temporary use of, the :Premises, or any
part thereof, shall be taken under the exercise of the power of eminent domain by any
governmental body or by any person, firm or corporation acting under governmental
authority, the Mortgagor, the Mortgagee, the Letter of Credit Bank and the Bank will
cause the net proceeds received by them or any of them from any award made in such
eminent domain proceedings, to be paid to and held by the Bank in a separate trust
account, to be applied in one or more of the following ways as shall be directed to the
Mortgagor in writing by the Bank:
(a) The restoration of the Premises to substantially the same
condition as they existed prior to the exercise of the power of eminent
domain.
(b) The acquisition, by purchase, construction or otherwise, by the
Mortgagor of other improvements of equal value and utility suitable for the
operations of the Mortgagor on the Premises or on a site within the corpo-
rate boundaries of the Village of Mount Prospect, Illinois (which
improvements shall be deemed a part of the Premises and subject to the lien
of this Mortgage); provided, that such improvements shall be acquired or
constructed by the Mortgagor subject to no liens or encumbrances prior to
the lien of this Mortgage, other than Permitted Encumbrances. The funds
shall be disbursed in the same manner set forth for the disbursement of
insurance proceeds in the event damage to or destruction of the Premises
exceeds $500,000 in the second paragraph of Section 4 hereof.
(c) The prepayment of the Note as a whole pursuant to Section 7.1
of the Agreement.
-9-
Within sixty (60) days from the date of entry of a final order in any eminent
domain proceedings granting condemnation, the Bank shall direct the Mortgagor in
writing as to which of the ways specified in this Section 5 the Bank elects to have the
condemnation award applied. Any balance of the net proceeds of the award in such
eminent domain proceedings shall be paid into the Bond Fund (as defined in the Bond
Ordinance). If the Bond has been fully paid, all net proceeds will be paid to the Mort-
gagor.
Any moneys held by the Bank under the provisions of this Section 5 or
Section 4 hereof shall, at the written direction of the Authorized Company Representa-
tive (as defined in the Agreement), be invested or reinvested by the Bank in investments
enumerated in Section 3.5 of the Agreement. The Mortgagor shall forthwith pay to the
Bank for deposit into the appropriate account the amount of any losses on such invest-
ments provided that such payment shall not release the Bank from any liability due to its
negligence or willful misconduct.
The term "net proceeds", as used herein with respect to any insurance or
condemnation award, means the gross proceeds from any such insurance or condemnation
award remaining after payment of all expenses (including attorneys' fees and any ex-
penses of the Mortgagee and the Bank) incurred in the collection of such gross proceeds.
Section 6. Special Provisions Concerning Equipment. The Mortgagor shall
be under no obligation to renew, repair or replace any inadequate, obsolete, worn out,
unsuitable, undesirable or unneccessary Equipment. If no event of default shall have
occurred and be continuing under this Mortgage, in any instance where the Mortgagor in
its discretion determines that any items constituting the Equipment have become
inadequate, obsolete, worn out, unsuitable, damaged or destroyed, undesirable or
unnecessary, the Mortgagor may remove such items from the Premises and sell, trade in,
exchange or otherwise dispose of said Equipment (as a whole or in part) without any
responsibility or accountability to the Mortgagee, the Trustee or the Fetter of Credit
Bank therefor, provided that the Mortgagor shall, at its option: (a) substitute and install
or construct anywhere on the Premises other machinery, equipment, structures or
related property having equal or greater value or utility in the operation of the Premises
for the purpose for which they are intended (provided such removal and substitution shall
not impair the operating unity of the Premises or substantially reduce their value), all of
which substituted machinery, equipment, structures or related property shall be free of
all liens, charges and encumbrances, except Permitted Encumbrances, and shall become a
part of the Equipment and the Premises, or (b) not make any such substitution and
installation, provided (i) that in the case of the sale of any such Equipment or in the case
of the scrapping thereof, the Mortgagor shall pay into the Bond Fund the proceeds from
such sale or the scrap value thereof, as the case may be, (ii) that in the case of the
trade-in of such Equipment for other equipment not to be installed on the Premises, the
Mortgagor shall pay into the Bond Fund the amount of the credit received by it for such
trade-in, and (iii) that in the case of the transfer or the disposition other than the sale of
any such Equipment, exclusive of damage or destruction as provided in this Mortgage, the
Mortgagor shall pay into the Bond Fund an amount equal to the original cost thereof less
depreciation at rates calculated in accordance with generally accepted accounting
principles.
-10-
The removal from the Premises of any of the Equipment pursuant to the
provisions of this Section 6 shall not entitle the Mortgagor to any abatement or
diminution of the indebtedness hereby secured.
The Mortgagor will promptly report to the Bank and the letter of Credit
Bank each such removal, sale, trade-in, exchange or other disposition of any item of
Equipment having a depreciated value (calculated in accordance with generally accepted
accounting principles) of more than $50,000 or certify annually to the Bank and the
Letter of Credit Bank that no such removal, sale, trade-in, exchange or other, disposition
has occurred. The Mortgagor will pay to the Bank such amounts as are required by the
provisions of the preceding subsection (b) of this Section 6 to be paid into the Bond Fund
promptly after the sale, trade --in or other disposition requiring such payment; provided,
that no payment need be made until the amount to be paid into the Bond Fund on account
of all such sales, trade-ins or other dispositions not previously reported aggregates at
least 550,000.. The Mortgagor will pay any costs, including attorneys' fees, incurred in
subjecting to the security interest granted herein and the lien of the Indenture any items
of machinery or equipment that under the provisions of this Section 6 are to become part
of the Equipment. The Mortgagor will not remove, or permit the removal of, any of the
Equipment from the Premises except in accordance with the provisions of this Section 6.
Upon compliance with this Section 6, the Mortgagee agrees to deliver, and
to cause the Bank to deliver, and the Fetter of Credit Bank agrees to deliver, any
releases deemed necessary by the Mortgagor with regard to the removal of any such
Equipment.
Section 7. Performance or Payment by Mortgagee. In case the Mortgagor
shall fail to perform any covenants herein contained, the Mortgagee and the Bank, each
may, but need not:
(a) make any payment or perform any act herein required of the
Mortgagor in any form and manner deemed expedient;
(b) make full or partial payments of principal of or interest on
prior encumbrances, if any;
(c) purchase, discharge, compromise or settle any tax lien or other
prior lien or title or claim thereof; or
(d) redeem from any tax sale or forfeiture affecting the Premises
or contest any tax assessment.
Notwithstanding the foregoing, the Mortgagee or the Bank, as the case may
be, shall not make any payment authorized hereunder if (i) the Mortgagor shall, in good.
faith, contest the validity of any claim, lien, or demand for which the Mortgagee or the
Bank may make payment, (ii) the Mortgagor, at its own expense, defends itself and the
Mortgagee and the Bank against the same, and (iii) the Mortgagee or the Bank, as the
case may be, shall pay and satisfy any such adverse judgment that may be rendered
thereon before the enforcement thereof against the Mortgagor or the Premises; provided,
that if the Mortgagee or the Bank shall require, the Mortgagor shall (A) furnish to the
Mortgagee or the Bank a surety bond satisfactory to the Mortgagee or the Bank in an
amount equal to such contested lien, claim or demand indemnifying the Mortgagee or the
Bank against liability for the same and holding the Premises free from the effect of such
-11-
lien or claim, and (B) shall take such other steps as may be reasonably necessary or
desirable in the opinion of the Mortgagee or the Bank to protect the Mortgagee or the
Bank from any adverse consequences in respect of the Mortgagee's or the Bank's interest
in the Premises that may result from failure to make such payment. _
All moneys paid for any of the purposes herein authorized and all expenses
paid or incurred in connection therewith, including attorneys' fees, and any other moneys
advanced by the Mortgagee, the Letter of Credit Bank or the Bank to protect the
Premises and the lien hereof, plus reasonable out-of-pocket expenses of the Mortgagee,
the Letter of Credit Bank or the Bank for each matter concerning which action herein
authorized may be taken shall be so much additional indebtedness secured hereby and
shall become immediately due and payable without notice and with interest thereon at
the Prime Rate (as defined in the Bond Ordinance). The Mortgagee, the Letter of Credit
Bank or the Bank, as the case may be, shall be subrogated to all rights, claims and liens
of any party whose debt is discharged pursuant to this Section 6. Inaction of the
Mortgagee, the Letter of Credit Bank or the Bank, as the case may be, shall never be
considered as a waiver of any right accruing to it on account of any default hereunder on
the part of the Mortgagor: The Mortgagee, the Letter of Credit Bank or the Bank, as the
case may be, in making any payment hereby authorized may do so according to any bill,
statement or estimate procured from the appropriate public office or holder of the claim
to be discharged without inquiry into the accuracy of such bill, statement or estimate or
into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim
thereof.
Section S• Events of Default. The Mortgagor shall pay each item of in-
debtedness herein mentioned, including principal, premium, if any, and interest, when due
according to the terms hereof and of the Note, the Reimbursement Agreement and the
Agreement. Upon the occurrence and continuation of an "event of default" hereunder,
all of the unpaid indebtedness secured hereby may at the option of the Bank, as holder of
the Note, become due and payable, pursuant to the Bond Ordinance and the Agreement.
The occurrence and continuation of any one of the following shall constitute an "event of
default"' hereunder:
(a) Failure by the Mortgagor to pay any amounts required to be
paid as principal, premium, if any, or interest under the Note or the Agree-
ment at the times and in the manner specified therein, or
(b) Failure by the Mortgagor to observe any of the covenants set
forth in Section 5.1 of the Agreement; or
(c) Failure by the Mortgagor to pay any amounts required to be
paid under the Reimbursement Agreement at the times and in the manner
specified therein; or
(d) Failure by the Mortgagor to observe and perform any covenant,
condition or agreement on its part to be observed or performed in this Mort-
gage, other than as referred to in Subsections (a) and (b) above, for a period
of thirty () days after written notice, specifying such failure and
requesting that it be remedied, given to the Mortgagor by the Mortgagee,
the Letter of Credit Bank or the Bank, unless the Mortgagee, the Letter of
Credit Bank and the Bank shall, agree in writing to an extension of such time
prior to its expiration; or
-12-
(e) The dissolution or liquidation of the Mortgagor or the filing by
the Mortgagor of a voluntary petition in bankruptcy, or failure by the Mort-
gagor promptly to lift any execution, garnishment or attachment of such
consequence as will impair its ability to carry on its obligations hereunder,
or any order for relief under Title 11 of the United States Code, as amended
from time to time, is entered against the Mortgagor, or if a petition or
answer proposing the entry of an order for relief under Title 11 of the United
States Code, as amended from time to time, or its reorganization, arrange-
ment or debt readjustment under any present or future Federal bankruptcy
act or any similar Federal or state law shall be filed in any court and such
petition or answer shall not be discharged or denied within sixty (60) days
after the filing thereof, or if the Mortgagor shall fail generally to pay its
debts as they become due, or if a custodian (including, without limitation, a
receiver, trustee, assignee for the benefit of creditors or liquidator of the
Mortgagor) shall be appointed for or take possession of all or a substantial
part of its property and shall not be discharged within sixty (60) days after
such appointment or taking possession, or if the Mortgagor shall consent to
or acquiesce in such appointment or taking possession, or assignment by the
Mortgagor for the benefit of its creditors, or the entry by the Mortgagor into
an agreement of composition with its creditors; provided, that the term
dissolution or liquidation of the Mortgagor", as used in this Subsection (d),
shall not be construed to include the cessation of the corporate existence of
the Mortgagor resulting either from a merger or consolidation of the
Mortgagor into or with another domestic corporation or a dissolution or
liquidation of the Mortgagor following a transfer of all or substantially all of
its assets as an entirety under the conditions permitting such actions con-
tained in Section 5.2 of the Agreement; or
(f) Any warranty, representation or other statement made by or
on behalf of the Mortgagor contained herein, or in any commitment or
certificate furnished by the Mortgagor in compliance with or in reference
hereto, is false or misleading in any material respect and shall not be made
true within thirty (30) days after notice thereof is given by the Mortagagee,
the Bank or the Letter of Credit Bank to the Mortgagor; or
(g) An "Event of Default" shall occur and be continuing under the
Agreement; or
(h) An "event of default" shall occur and be continuing under the
Bond Ordinance; or
(i) Receipt by the Bank of written notice from the Letter of
Credit Bank that an "event of default" has occurred and is continuing under
the Reimbursement Agreement.
Section 9. Remedies on Default. If an "event of default" occurs and is
continuing hereunder, the Mortgagee, the Bank as assignee of the Mortgagee, and the
Letter of Credit bank shall have the following rights and remedies:
(a) The Bank may exercise any right, power or remedy permitted
to it by law as a holder of the Note, and shall have in particular, without
-13-
limiting the generality of the foregoing, the right to declare the entire
principal and all unpaid interest accrued on the Note to be, and upon written
notice to the Mortgagor of such declaration, such Note and the unpaid
accrued interest thereon shall thereupon become forthwith due and payable,
without presentment, demand or protest, all of which are hereby expressly
waived. The Mortgagor shall forthwith pay to the Bank the entire principal
of and interest accrued on the Note.
The Bank shall waive, rescind and annul such declaration and the
consequences thereof, provided that any declaration of acceleration on the
Bond pursuant to Section 11 of the Bond Ordinance has been waived,
rescinded and annulled.
(b) The Mortgagee, the Bank and the Letter of Credit Bank each
shall, with respect to any part of the Premises constituting property of the
type in respect of which the realization on a lien or security interest granted
therein is governed by the Illinois Uniform Commercial Code, have all the
rights, options and remedies of a secured party under the Illinois Uniform
Commercial Code, including without limitation the right to the possession of
any such property, or any part thereof, and the right to enter any premises
where any such property may be found. Any requirement of the Illinois
Uniform Commercial Code for reasonable notification shall be met by
mailing written notice to the Mortgagor/Debtor at its address above set
forth at least ten (10)days prior to tl.e sale or other event for which such
notice is required. The proceeds of any sale or realization upon any such
property shall be applied to the payment of the indebtedness hereby secured,
after first deducting therefrom any expenses for retaking, selling or
otherwise disposing of said property, including reasonable attorneys' fees and
legal expenses incurred by the Mortgagee, the Bank or the Letter of Credit
Bank, as the case may be, in connection therewith. If any deficiency shall
result after such application, then the Mortgagor shall be and remain liable
therefor and shall immediately pay the same to the Mortgagee, the Bank or
the Letter of Credit Bank, as the case may be.
(c) The Mortgagee, the Bank or the Letter of Credit Bank each
may take whatever action at law or in equity may appear necessary or
desirable to collect the payments and other amounts then due and thereafter
to become due or to enforce performance and observance of any obligation,
agreement or covenant of the Mortgagor under the Agreement, the Note, the
Reimbursement Agreement or under this Mortgage.
(d) The Mortgagee, the Letter of Credit Bank and the Bank each
shall have the right to foreclose the lien hereof. In any suit to foreclose the
lien hereof, there shall be allowed and included as additional indebtedness in
the decree for sale all expenditures and expenses which may be paid or
incurred by or on behalf of the Mortgagee, the Letter of Credit Bank and the
Bank for attorneys' fees, appraisers' fees, outlays for documentary and
expert evidence, stenographers' charges, publication costs and costs (which
may be estimated as to items to be costs expended after entry of the decree)
of procuring all such abstracts of title, title searches and examinations,
guarantee policies, Torrens certificates and similar data and assurances with
respect to title, as the Mortgagee, the Letter of Credit Bank or the Bank, as
-14-
the case may be, may deem to be reasonably necessary either to prosecute
such suit or to evidence to bidders at any sale pursuant thereto the true
condition of the title to or the value of the Premises. All expenditures and
expenses of the nature in this paragraph mentioned shall become so much
additional indebtedness secured hereby and immediately due and payable,
with interest thereon at the Prime Rate (as defined in the Bond Ordinance)
from the date of expenditure until paid. If at any foreclosure proceeding the
Premises shall be sold for a sum less than the total amount of indebtedness
for which judgment is therein given, the judgment creditor shall be entitled
to the entry of a deficiency decree against the Mortgagor for the amount of
such deficiency; and the Mortgagor does hereby irrevocably consent to the
appointment of a receiver for the Premises and of the rents, issues and
profits thereof after such sale and until such deficiency decree is satisfied in
full.
(e) Upon the bringing of any suit to foreclose this Mortgage or to
enforce any other remedy available hereunder, the Mortgagee, the Letter of
Credit Bank and the Bank each shall, as a matter of right, without notice and
without giving bond to the Mortgagor, or anyone claiming by, under or
through the Mortgagor, and without regard to the solvency or insolvency of
the Mortgagor or the then value of the Premises, to the extent permitted by
applicable law, be entitled to have a receiver appointed for all or any part of
the Premises and the, rents, issues and profits thereof, with such power as
the court making such appointment shall confer, and the Mortgagor hereby
consents to the appointment of such receiver and shall not oppose any such
appointment. Any such receiver may, to the extent permitted under
applicable law, without notice, enter upon and take possession of the
Premises or any part thereof by, summary proceedings, ejectment or
otherwise, and may remove the Mortgagor, or other persons and any and all
property therefrom and income, rents, issues and profits accruing with
respect thereto or any part thereof, whether during the pendency of any
foreclosure or until any right of redemption shall expire or otherwise.
(f) Upon the occurrence of any event of default hereunder, the
Mortgagor in furtherance of, and not by way of limitation of, the Granting
Clauses of this Mortgage, hereby bargains, sells, assigns and sets over to the
Mortgagee, and its successors and assigns (including the Bank), and the
Letter of Credit Bank all leases, rents, issues and profits of the Premises,
which, whether before or after foreclosure or during the period of
redemption, until the full and complete payment of said indebtedness and
performance of all obligations, covenants or agreements hereunder, shall
accrue and be owing for the use and occupation of the Premises or of any
part thereof, it being the intention hereof to establish an absolute transfer
and assignment of all such leases, rents, issues and profits. The Mortgagee
hereby agrees, and will cause the Bank to agree, and the Letter of Credit
Bank agrees not to accept any such rents, issues and profits until an event of
default shall have occurred and be continuing hereunder. For the purpose
aforesaid, the Mortgagor does hereby constitute and appoint the Bank its
attorney in fact irrevocably in its name to rent, lease or let all or any
portion of the Premises to any party or, parties at such rental and upon such
terms as the Bank shall, in its discretion, determine, to receive, collect and
receipt for all sums due or owing for such use, rents and occupation, as the
-15-
same may accrue, with the same rights and powers and subject to the same
immunities, exoneration of liability and rights of recourse and indemnity as
the Bank would have upon taking possession pursuant to the provisions of
subsection (g) below; and out of the amount so collected to pay and discharge
all unpaid principal of, premium, if any, and interest on the Note. The
Mortgagor represents, and agrees that no rent has been or will be paid by any
person in possession of any portion of the Premises for more than one
installment in advance and that the payment of none of the rents to accrue
for any portion of the Premises has been or will be waived, released,
reduced, discounted or otherwise discharged or compromised by the
Mortgagor. The Mortgagor waives any rights of set off against any person in
possession of any portion of the Premises. The Mortgagor agrees that it will
not assign any of the rents or profits of the Premises, except to a purchaser
or grantee of the Premises. Nothing herein contained shall be construed as
constituting the Bank a mortgagee in possession in the absence of the taking
of actual possession of the Premises by the Bank pursuant to subsection (g)
below. In the exercise of the powers herein granted the Bank, no liability
shall be asserted or enforced against the Bank, all such liability being
expressly waived and released by the Mortgagor. The Mortgagor further
agrees to assign and transfer to the Bank all future leases upon all or any
part of the Premises and to execute and deliver, at the request of the Bank,
all such further assurances and assignments in the Premises as the Bank shall
from time to time require. Although it is the intention of the parties that
the assignment contained in this subsection (f) shall be a present assignment,
it is expressly understood and agreed, anything herein contained to the
contrary notwithstanding, that the Bank shall not exercise any of the rights
or powers conferred upon it by this subsection (f) until an event of default
shall occur and be continuing under this Mortgage. From time to time, the
Mortgagor will furnish the Bank with executed copies of any leases and with
estoppel letters from each tenant under any such lease, which estoppel
letters shall be in a form satisfactory to the Bank and shall be delivered
within thirty (30) days after the Bank's written demand therefor. In the
event the Bank requires that the Mortgagor execute and record a separate
collateral assignment of rents or separate assignments of any of the leases
to the Bank, the terms and provisions of those assignments shall control in
the event of a conflict between the terms of this Mortgage and the terms
thereof. The right to collect the rents, issues and profits of the Premises,
shall be in addition to all other rights and remedies of the Mortgagee and the
Bank hereunder or afforded by law, and may be exercised concurrently
therewith or independently thereof. The expense (including any receiver's
fees, attorneys' fees, costs and agent's compensation) incurred pursuant to
the powers herein contained shall be secured hereby. The Mortgagee and the
Bank shall not be liable to account to the Mortgagor for any action taken
pursuant hereto other than to account for any rents actually received by the
Mortgagee.
(g) The Mortgagor shall, forthwith upon demand of the Mortgagee, the
Letter Credit Bank or the Bank, as the case may be, surrender to the
Mortgagee, the Fetter of Credit Bank or the Bank, as the case may be, and
the Mortgagee or the Bank shall be entitled to take actual possession of, the
Premises or any part thereof, personally or by its agent or attorneys, and the
Mortgagee, the Letter of Credit Bank or the Bank, in its discretion, may
-16-
enter upon and take and maintain possession of all or any part of the
Premises, together with all documents, books, records, papers, and accounts
of the Mortgagor or the then owner of the Premises relating thereto, and
may exclude the Mortgagor, such owner, and any agents and servants thereof
wholly therefrom and may, on behalf of the Mortgagor or such owner, or in
its own name and under the powers herein granted: (i) hold, operate manage,
and control all or any part of the Premises and conduct the business, if any,
relating to the leasing of the Premises, either personally or by its agents,
with full power to use such measures, legal or equitable, as in its discretion
may be deemed proper or necessary to enforce the payment or security of
the rents, issues, deposits, profits, and avails of the Premises, including
without limitation actions for recovery of rent, actions in forcible detainer,
and actions in distress for rent, all without notice to the Mortgagor; (ii)
cancel or terminate any lease or sublease of all or any part of the Premises
for any cause or on any ground that would entitle the Mortgagor to cancel
the same; (iii) elect to disaffirm any lease or sublease of all or any part of
the Premises made subsequent to this Mortgage without the Bank's prior
written consent; (iv) extend or modify any then existing lease and make new
leases of all or any part of the Premises, which extensions, modifications,
and new leases may provide for terms to expire, or for options to lessees to
extend or renew terms to expire, beyond the maturity date of the Note or
the Bond and the issuance of a deed or deeds to a purchaser or purchasers at
a foreclosure sale, it being understood and agreed that any such leases, and
the options or other such provisions to be contained therein, shall be binding
upon the Mortgagor, all persons whose interests in the Premises are subject
to the lien hereof, and the purchaser or purchasers at any foreclosure sale,
notwithstanding any redemption from sale, discharge of the indebtedness
hereby secured, satisfaction of any foreclosure decree, or issuance of any
certificate of sale or deed to any such purchaser; (v) make all necessary or
proper repairs, decoration renewals, replacements, alterations, additions,
betterments, and improvements in connection with the Premises as may
seem judicious to the Mortgagee, the Letter of Credit Bank or the Bank, as
the case may be, to insure and reinsure the Premises and all risks incidental
to the Mortgagee's or the Bank's possession, operation, and management
thereof, and to receive all rents, issues, deposits, profits, and avails
therefrom; and (vi) apply the net income, after allowing a reasonable fee for
the collection thereof and for the management of the Premises, to the
payment of taxes, insurance premiums and other charges applicable to the
Premises, or in reduction of the indebtedness hereby secured, in such order
and manner as the Mortgagee or the Bank shall select. Nothing herein
contained shall be construed as constituting the Mortgagee or the Bank a
mortgagee in possession in the absence of the actual taking of possession of
the Premises.
Any proceeds derived from the exercise of any right or remedy described
above, or the exercise of any combination of the rights and remedies described above
shall be distributed in accordance with Section 11 of the Bond Ordinance.
Section 10. Additional Remedies. The Mortgagor shall not and will not
apply for or avail itself of any appraisement, valuation, stay, extension exemption or
redemption laws, or any so-called "Moratorium Laws", now existing or hereafter enacted,
in order to prevent or hinder the enforcement or foreclosure of this Mortgage or, the sale
-17-
of the Premises, but hereby waives the benefit of such laws. The Mortgagor for itself
and all who may claim through or under it waives any and all right to have the property
and estates comprising the Premises marshalled upon any foreclosure of the lien hereof
and agrees that any court having jurisdiction to foreclose such lien may order the
Premises sold as an entirety. The Mortgagor hereby waives any and all rights of the
redemption from sale to which it may be entitled under the laws of the State of Illinois,
on behalf of the Mortgagor and each and every person acquiring any interest in, or title
to, the Premises described herein subsequent to the date of this Mortgage, and on behalf
of all other persons to the extent permitted by law.
Section 11. Remedies Cumulative. No remedy or right of the Mortgagee,
the Letter of Credit Bank or the Bank acting as assignee of the Mortgagee shall be
exclusive of, but shall be cumulative and in addition to, every other remedy or right now
or hereafter existing at law or in equity or by statute or otherwise. No delay in the
exercise or omission to exercise any remedy or right accruing on any default shall impair
any such remedy or right or be construed to be a waiver of any such default or acqui-
escence therein, nor shall it affect any subsequent default of the same or a different
nature. Every such remedy or right may be exercised concurrently or independently, and
when and as often as may be deemed expedient by the Mortgagee, the Letter of Credit
Bank or the Bank, as the case may be.
Section 12. Priority of Remedies. While any principal installments of the
Bond are outstanding, the Bond, as assignee of the Mortgagee, shall have the exclusive
right to enforce the remedies set forth in Section 9 hereof; the Letter of Credit Bank
shall not exercise any such remedy without the consent of the Bank; and any proceeds
derived from the exercise of any such remedy shall be distributed as provided in the Bond
Ordinance. When the principal of, premium, if any, and interest on the Bond have been
fully paid and all other obligations shall have been paid under the Agreement, the Note,
this Mortgage, and the Bond Ordinance and the Letter of Credit Bank shall have the
exclusive right to exercise the remedies set forth in Section 9 hereof -' the Bank, as
assignee of the Mortgagee, shall not exercise any such remedy without the consent of the
Letter of Credit Bank; the rights, duties and obligations of the Mortgagee and the Bank
hereunder shall inure to and be assumed by the Letter of Credit Bank; and any proceeds
derived from the exercise of any such remedy shall be distributed to the Letter of Credit
Bank in satisfaction of the indebtedness hereby secured.
Section 13. Agreement to Pay Costs, Attorneys' Fees. If the Mortgagee or
the Bank shall be made a party to or shall intervene in any action or proceeding affecting
the Premises or the title thereto or the interest of the Mortgagee or the Bank under this
Mortgage, or if the Mortgagee or the Bank employs an attorney to collect any or all of
the indebtedness hereby secured, the Mortgagee or the Bank, as the case may be, shall, be
reimbursed by the Mortgagor, immediately and without demand, for all reasonable costs,
charges, expenses and attorneys' fees incurred by it in any such case, and the same shall
be secured hereby as a further charge and lien upon the Premises.
Section 14. Mor'tgagee's,, Letter of Credit Bank's and Bank's Right of
Access to Premises. The Mortgagee, the Letter of Credit Bank and the Bank each shall
have the right to inspect the Premises at all reasonable times and access thereto shall be
permitted for that purpose, in accordance with Section 5.1 of the Agreement.
Section 15. Provisions Severable; Governing Law. All rights, powers and
remedies provided herein may be exercised only to the extent that .the exercise thprpnf
-18-
does not violate any applicable law, and are intended to be limited to the extent neces-
sary so that they will not render this Mortgage invalid, unenforceable or not entitled to
be recorded, registered or filed under any applicable law. If any term of this Mortgage
shall be determined to be invalid, illegal or unenforceable by a court of competent juris-
diction, the validity of the other terms of this Mortgage shall in no way be affected
thereby. This Mortgage shall be governed exclusively by and construed in accordance
with the applicable laws of the State of Illinois.
Section 16. Successors and Assigns. Whenever the Mortgagor, the Mort-
gagee, the Letter of Credit Bank or the Bank is referred to, such reference shall be
deemed to include the successors and assigns of such party; and all the covenants,
promises and agreements in this Mortgage contained by or on behalf of the Mortgagor, or
by or on behalf of the Mortgagee, by or on behalf of the Bank, or by or on behalf of the
Letter of Credit Bank shall bind and inure to the benefit of the respective successors and
assigns of such parties, whether so expressed or not.
Section 17. Amendment of Mortgage. This Mortgage and the provisions
hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the change, waiver, discharge
or termination is sought.
Section 18. Transfer of Premises. The Mortgagor shall not sell, lease or
otherwise dispose of the Premises or any portion thereof prior to the payment in full of
the Note and the Bond and all amounts due and payable under the Letter of Credit any
such sale, lease or other disposition shall constitute an event of default hereunder, and
shall give the Mortgagee, the Letter of Credit Bank and the Bank each the right to
declare the entire principal of and accrued interest on the Note and all other
indebtedness hereby secured to be immediately due and payable and to pursue any
remedy or right set forth in Section 9 of this Mortgage to the extent set forth in said
Section 9.
-19-
IN WITNESS WHEREOF, the :Mortgagor, the Mortgagee and the Letter of
Credit Bank have caused this Mortgage to be executed in their respective names and
attested by their respective duly authorized officers and sealed, all as of the date first
above written.
(SEAL)
ATTEST:
Secretary
COUNTY
(SEAL)
ATTEST:
Village" Clerk ---------�
(SEAL)
ATTEST:
Its
-20-
TOKO AMERICA, INC.
By
President
VILLAGE OF MOUNT PROSPECT, COOK
ILLINOIS
By
..�.......__e President ��-
THE SAITAMA BANK, LTD.
By
Its
ACKNOWLEDGMENT
The undersigned hereby acknowledges the assignment and pledge from the
Mortgagee of the rights and obligations of the Mortgagee hereunder, pursuant to the
terms of the Assignment and Agreement referred to hereint and hereby acknowledges
delivery of the Promissory Note of the Mortgagor described herein, pursuant to the terms
of said Assignment and Agreement.
ATTEST:
Its
-21-
CHEMICAL BANK
By
Its
STATE OF ILLINOIS )
)SS
COUNTY OF COOK )
I, a Notary Public in and for the said County
in the State aforesaid, do hereby certify that_ and
w
personally known to me to be the same persons hose names are, respectively, as
and_ of TOGO AMERICA, INC., a
California corporation, subscribed to the foregoing instrument, appeared before me this
day in person and severally acknowledged that they, being thereunto duly authorized,
signed, sealed with the seal of said corporation, and delivered the said instrument as the
free and voluntary act of said corporation and as their own free and voluntary act, for
the uses and purposes therein set forth.
GIVEN under my hand and notarial seal this _th day of August, 1984.
Notary Public in and for-�
(SEAL) Cook County, Illinois
My Commission expires:
-22-
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
I, , a Notary Public in and for the said
County in the State aforesaid, do hereby certify that _
and personally known to me to be the same persons
whose names are, respectively, as the President and the Village Clerk of the VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, a political subdivision and a home
rule unit of government under Section 6(a) of Article VII of the 1970 Constitution of the
State of Illinois, subscribed to the foregoing instrument, appeared before me this day in
person and severally acknowledged that they, being thereunto duly authorized, signed,
sealed with the seal of said municipality and delivered the said instrument as the free
and voluntary act, for the uses and purposes therein set forth.
GIVEN under my hand and notarial seal this day of August, 1984.
(SEAL)
My Commission expires:
-23-
Notary Public in and for
County, Illinois
STATE OF NEW YORK )
) SS
COUNTY OF NEW YORK )
I, , a Notary Public in and for the said County in
the State aforesaid, do hereby certify that and
personally known to me to be the sai�ae persons wl_"ose names are,
respectively, as w and of CHEMICAL
BANK, a banking corporation µduly organised and validly x Ist-ing under the laws of the
State of New York, subscribed to the foregoing instrument, appeared before nae this day
in person and severally acknowledged that they, being thereunto duly authorized, signed
and delivered the said instrument as the free and voluntary act of said banking corpo-
ration and as their own free and voluntary act, for the uses and purposes therein set
forth.
1984. GIVEN under my hand and notarial seal this day of
(SEAL)
My Commission expires:
-24-
Notary Public in and for ........__wee_�.....w
New York County, New York
I
STATE OF NEW YORK )
) SS
COUNTY OF NEW YORK )
I, , a Notary Public in and for the said County in
the State aforesaid, do hereby certify that and
personally known to me to be the same persons whose names are,
respectively, as and of THE
SAITAMA BANK, LTD., a banking corporation duly organized and validly existing under
the laws of the State of New York, subscribed to the foregoing instrument, appeared
before me this day in person and severally acknowledged that they, being thereunto duly
authorized, signed and delivered the said instrument as the free and voluntary act of said
banking corporation and as their own free and voluntary act, for the uses and purposes
therein set forth.
GIVEN under my hand and notarial seal this _ day of
My Commission expires:
-25-
Notary Public in and for
New York County, New York
EXHIBIT A
LEGAL DESCRIPTION
Lot 303 in Kensington Center Resubdivision VIII as recorded in the office of
the Cook County Recorder of Deeds on'June 22, 1982 as document 26268098, being a
Subdivision and Resubdivision of lots 303, 305 and 307 in Kensington Center Phase
Three -A, a part of the Northwest i of the Northeast I of Section 35, Township 42 North,
Range 11 East, of the Third Principal Meridian according to the plat thereof recorded in
the office of the Cook County Recorder of Deeds on May 4, 1981, as document 25859082,
all located in Cook County, Illinois.
VILLAGE OF MOUNT PROSPECT, COOS COUNTY, ILLINOIS
AND
TORO AMERICA, INC.
LOAN AGREEMENT
Dated as of August 1, 1984
This instrument was prepared by:
Richard H. Goss, P.C.
Chapman and Cutler
111 West Monroe Street
Chicago, Illinois 60603
D071784
LOAN AGREEMENT
TABLE OF CONTENTS
Section Heading Page
PARTIES............................................... 1
PREAMBLES............................................... 1
ARTICLE I
DEFINITION OF TERMS ..........................................
1
ARTICLE II
REPRESENTATIONS
SECTION 2.1
Representations of the Issuer .........................
5
SECTION 2.2
Representations of the Company ......................
6
ARTICLE III
ACQUISITION AND CONSTRUCTION OF THE PROJECT;
ISSUANCE OF THE BOND
SECTION 3.1.
Agreement to Acquire and Construct the Project;
Title .........................................
8
SECTION 3.2
Agreement to Issue Bond; Application of Bond
Proceeds ........................................
8
SECTION 3.3
Disbursements from the Construction Fund ...............
8
SECTION 3.4
Establishment of Completion Date; Obligation of
Company to Complete ..............................
9
SECTION 3.5
Investment of Moneys in the Construction Fund
andBond Fund ....................................
10
SECTION 3.6
Special Arbitrage Certifications .......................
11
ARTICLE IV
REPAYMENT PROVISIONS
SECTION 4.1
Bond Proceeds .................................
11
SECTION 4.2
Repayment of the Loan and Payment of Other
Amounts Payable ..................................
11
f 4
SECTION 4.3
SECTION 4.4
SECTION 5.1
SECTION 5.2
SECTION 5.3
SECTION 5.4
SECTION 5.5
SECTION 5.6
SECTION 5.7
SECTION 5.8
SECTION 5.9
SECTION 5.10
SECTION 5.11
SECTION 6.1
SECTION 6.2
SECTION 6.3
SECTION 6.4
SECTION 6.5
SECTION 6.6
SECTION 7.1
No Defense or Set -Off - Unconditional Obliga-
tion...........................................
Assignment and Pledge of Issuer's Rights .................
ARTICLE V
SPECIAL COVENANTS AND AGREEMENTS
Issuer's and Bank's Right of Access to the
Premises........................................
Company to Maintain its Corporate Existence;
Conditions Under Which Exceptions Permitted .............
Release and Indemnification Covenants ..................
Records and Financial Statements of Company ........ „ .. .
Tax Exempt Status of the Bond ........................
Insurance.......................................
Maintenance and Repair ......................... „ .. .
Qualification in Illinois .............................
AffirmativeCovenants .............................
NegativeCovenants .................. .............. .
Letterof Credit ...................................
ARTICLE VI
EVENTS OF DEFAULT AND REMEDIES
Events of Default .................................
Remedies on Default ....... .......................... .
Notice of Event of Default ...........................
Agreement to Pay Attorneys' Fees and Expenses ............
No Remedy Exclusive ..............................
No Additional Waiver Implied by One Waiver ..............
ARTICLE VII
PREPAYMENT OF NOTE
14
14
14
15
15
15
16
17
17
17
18
18
18
19
20
21
21
21
21
Option to Prepay the Note ........................... 22
-ii-
SECTION 7.2 Redemption of the Bond ............................. 22
ARTICLE VIII
FINANCINGSTATEMENTS ........................................ 22
ARTICLE IX
MISCELLANEOUS
SECTION 9.1
Notices .........................................
23
SECTION 9.2
Assignments .....................................
23
SECTION 9.3
Severability .....................................
23
SECTION 9.4
Execution of Counterparts ...........................
23
SECTION 9.5
Amounts Remaining in Bond Fund ......................
23
SECTION 9.6
Amendments, Changes and Modifications ................
23
SECTION 9.7
Governing Law ...................................
23
SECTION 9.8
Authorized Company Representative ...................
24
SECTION 9.9
Term of the Agreement .............................
24
SECTION 9.10
Binding Effect ....................................
24
SECTION 9.11
Immunity of Trustees, Officers, and
Employees......................................
24
TESTIMONIUM
...............................................
25
SIGNATURES AND SEALS
.........................................
25
EXHIBIT A
Description of the Land
EXHIBIT B
Equipment
EXHIBIT C
Promissory Note
LOAN AGREEMENT
THIS LOAN AGREEMENT made and entered into as of August 1, 1984, by
and between the VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, a politi-
cal subdivision and a home rule unit of government under Section 6(a) of Article VII of
the 1970 Constitution of the State of Illinois (the "Issuer"), and TOKO AMERICA, INC., a
corporation duly organized and validly existing under the laws of the State of Illinois (the
"Company');
WITNESSETH:
WHEREAS, Ordinance No. 2925, duly adopted by the President and Board of
Trustees of the Issuer on July 17, 1979 in exercise of its powers as a home rule unit of
government, as supplemented and amended (the "Act"), authorizes and empowers the
Issuer to issue its revenue bonds and to lend the proceeds thereof for the purpose of
financing development projects; and
WHEREAS, pursuant to and in accordance with the provisions of the Act,
the Issuer has agreed to issue its revenue bond and to lend the proceeds thereof to the
Company for the purpose of financing the cost of the acquisition of land and construction
and equipping of a building thereon (the "Project"), which Project shall be owned and
operated by the Company as an authorized development project under the Act; and
WHEREAS, the revenue bond to be issued by the Issuer under the Bond
Ordinance duly adopted by the President and Board of Trustees of the Issuer on August
_, 1984 to finance the Project will be secured by (i) a pledge and assignment of this
Loan Agreement and the Promissory Note of the Company issued pursuant to this Loan
Agreement (the "Note"), pursuant to the Assignment and Agreement (the "Assignment")
dated as of August 1, 1984, by and between the Issuer and Chemical Bank, a banking
corporation duly organized and validly existing under the laws of the State of New York
(the "Bank"), (ii) an assignment and pledge of the Mortgage and Security Agreement
dated as of August 1, 1984, by and among the Company, the Issuer and The Saitama Bank,
Ltd., New York, New York (the "!Mortgage"), pursuant to the Assignment, and (iii) the
Letter of Credit (the "Letter of Credit") dated as of August _, 1984, from The Saitama
Bank, Ltd. (the "Letter of Credit Bank"), in favor of the Bank;
NOW, THEREFORE, in consideration of the respective representations and
agreements herein contained, the parties hereto agree as follows (provided, that in the
performance of the agreements of the Issuer herein contained, any obligation it may
thereby incur for the payment of money shall not constitute an indebtedness or a loan of
credit nor give rise to a pecuniary liability of the Issuer, the State of Illinois or any
political subdivision thereof, or a charge against the general credit or taxing powers of
any of them., but shall be payable solely out of the revenues derived from this Loan
Agreement, the Note, the sale of the bond referred to in Section 3.2 hereof, the income
from the temporary investment thereof and any proceeds derived from and payments
made pursuant to the Mortgage and the Letter of Credit, all as herein provided):
ARTICLE I
DEFINITION OF TERMS
Certain terms used in this Loan Agreement are hereinafter defined in this
Article I. When used herein, such terms shall have the meanings given to them by the
language employed in this Article I defining such terms unless the context clearly indi-
cates otherwise:
"Act" means Ordinance No. 2925 adopted by the President and Board of
Trustees of the Issuer on July 17, 1979, as supplemented and amended.
"Agreement" means this Loan Agreement, as from time to time supple-
mented and amended.
"Assignment" means the Assignment and Agreement dated as of August 1,
1984, by and between the Issuer and the Bank, as from time to time supplemented and
amended.
"Authorized Company Representative" means such person at the time and
from time to time designated to act on behalf of the Company by written certificate
furnished to the Issuer and the Bank, containing the specimen signature of such person
and signed on behalf of the Company by the president, any vice president, the treasurer,
the secretary or any assistant secretary of the Company. Such certificate may designate
an alternate or alternates.
"Bank" means Chemical Bank, New York, New York, a banking corporation
duly organized and validly existing under the laws of the State of New York, its succes-
sors and assigns, and any other registered owner of the Bond.
"Bond" means the Bond of the Issuer issued pursuant to the Bond Ordinance.
"Bond Counsel" means a firm of attorneys of nationally recognized standing
on the subject of bonds of states and their political subdivisions.
"Bond Fund" means the Village of Mount Prospect, Industrial Revenue Bond
Fund (Toko America, Inc. Project) created and established in Section 7 of the Bond
Ordinance.
"Bondholder" means Chemical Bank, as original purchaser of the Bond, its
successors and assigns, and any other registered owner of the Bond.
"Bond Purchase Agreement" means the Bond Purchase Agreement dated as
of August 1, 1984 by and between the Issuer and the Bank, as from time to time supple-
mented and amended.
"Bond Ordinance" or "Ordinance" means the Ordinance of the Issuer
adopted on August , 1984, authorizing among other things the issuance and sale of the
Bond, as from time to time supplemented and amended.
"Building" means the industrial building to be constructed on the Land
through the use of the proceeds of the Bond, constituting a portion of the Project.
"Code" means the Internal Revenue Code of 1954, as amended.
"Company" means Toko America, Inc. a corporation duly organized and
validly existing under the laws of the State of Illinois, and any surviving, resulting or
transferee corporation as permitted by Section 5.2 hereof.
"Completion Date" means the date of completion of the Project as that
date shall be certified as provided in Section 3.4 hereof.
-2-
"Construction Fund" means the Village of Mount Prospect, Industrial Reve-
nue Bond Construction Fund (Toko America, Inc. Project) created and established in
Section 5 of the Bond Ordinance.
"Construction- Period" means the period between the beginning of the
construction of the Project or the date on which the Bond is first delivered to the pur-
chaser thereof, whichever is earlier, and the Completion Date.
"Cost of the Project" means the sum of the items authorized to be paid
from the Construction Fund pursuant to the provisions of (a) through (h) of Section 3.3
hereof.
"Determination of Taxability" means the occurrence of
(a) the enactment of legislation, the issuance or rendering of a judicial
decision or decree, or an order, ruling, regulation or official statement of general
application of the Department of the Treasury or of the Internal Revenue Service
of the United States;
(b) the issuance of a written notice of deficiency or other final notice to
any Bondholder or former Bondholder or any other action taken by the Department
of the Treasury or the Internal Revenue Service of the United States which is not
subject to further review or rehearing except by the filing of a petition in the Tax
Court of the United States or by other judicial proceeding;
(c) the issuance of any public or private ruling or technical procedure by
the Department of the Treasury or the Internal Revenue Service of the United
States;
(d) Bond Counsel shall have advised any Bondholder or former Bondholder in
writing either that interest on the Bond is currently includible in gross income for
Federal income tax purposes or that such Bond Counsel cannot render its opinion,
without materially qualifying the same, to the effect that interest on the Bond is
currently excludible from gross income for Federal income tax purposes; or
(e) the occurrence of any other act, event or circumstance;
with or having the effect that the interest income on the Bond is includible in the gross
income for Federal income tax purposes of any Bondholder or former Bondholder (other
than for a period during which such Bondholder or former Bondholder was the Company
or any other "substantial user" of the facility as defined in Section 103 of the Code or a
"related person"). Such Determination of Taxability shall be deemed to have occurred
upon the date as of which interest on the Bond became so includible or, if such date shall
not be so determinable, the date of the occurrence of the particular Determination of
Taxability.
"Equipment" means that equipment described in Exhibit B hereto to be
acquired by the Company through the use of the proceeds of the Bond and installed in the
Building as a part of the Project.
"ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.
-3-
"Intangible Assets" means good will, patents, trademarks, copyrights,
franchises, licenses and such other assets as are properly classified as "intangible assets"
under generally accepted accounting principles.
"Issuer" means the Village of Mount Prospect, Cook County, Illinois, a
political subdivision and a home rule unit of government under Section 6(a) of Article VII
of the 1970 Constitution of the State of Illinois, and any successor body to the duties or
functions of the Issuer.
"Land" means the real estate more particularly described in Exhibit A
attached hereto and made a part hereof, which constitutes a part of the Project and on
which the Building is situated.
"Letter of Credit" means that certain irrevocable letter of credit from The
Saitama Bank, Ltd., New York, New York, in the amount of $2,112,500, dated August ,
1984, in favor of the Bank.
"Letter of Credit Bank" means The Saitama Bank, Ltd., a banking corpora-
tion organized under the laws of the State of New York.
"Mortgage" means the Mortgage and Security Agreement dated as of
August 1, 1984, by and between the Company, the Issuer and the Letter of Credit Bank,
as from time to time supplemented and amended.
"Note" means the promissory note of the Company made payable to the
Issuer pursuant to Section 4.2(a) hereof and endorsed by the Issuer to the Bank, in order
to evidence the obligation of the Company to repay the loan made hereunder, payments
on which Note are provided to be sufficient to pay the principal of, premium, if any, and
interest on the Bond.
"Permitted Encumbrances" means the Permitted Encumbrances, as defined
in the Mortgage.
"Person" means any corporation, natural person, firm, joint venture, part-
nership, trust, unincorporated organization, government or any department or agency of
any government.
"Premises" means the property subject to the lien of, or intended to be
subject to the lien of, the Mortgage, including the Land and the Project.
"Prime Rate" means the per annum rate of interest from time to time
announced by Chemical Bank as its prime rate at its principal office in New York, New
York.
"Project" means the Land, Building and Equipment to be acquired and
constructed by the Company, all financed with the proceeds of the Bond.
The words "hereof", "herein", "hereunder" and other words of similar import
refer to this Agreement as a whole.
Unless otherwise specified, references to Articles, Sections and other
subdivisions of this Agreement are to the designated Articles, Sections and other subdivi-
sions of this Agreement as originally executed.
-4-
The headings of this Agreement are for convenience only and shall not
define or limit the provisions hereof.
Any accounting term used herein and not separately defined shall have the
meaning given to it under generally accepted accounting principles applied on a consis-
tent basis.
ARTICLE 11
REPRESENTATIONS
SECTION 2.1. REPRESENTATIONS OF THE ISSUER. The Issuer makes
the following representations as the basis for the undertakings on its part herein con-
tained:
(a) The Issuer is duly organized and validly existing as a municipality
and a home rule unit of government under Section.. 6(a) of Article VII of the 1970 Consti-
tution of the State of Illinois. Under the provisions of the Act, the Issuer has the power
to enter into the transactions contemplated by this Agreement, the !'Mortgage, the
Assignment, the Bond Purchase Agreement, the Bond Ordinance and the Bond and to
carry out its obligations hereunder and thereunder. The Project constitutes, and will
constitute, a "development project" within the meaning of the Act. By proper action of
the governing body of the Issuer, the Issuer has been duly authorized to execute and
deliver this Agreement, the Mortgage, the Assignment, the Bond Purchase Agreement
and the Bond.
(b) To finance a portion of the Costs of the Project the Issuer proposes
to issue its Bond in the principal amount of $2,000,000, which will mature and bear
interest and be subject to prior redemption, as set forth in Section 3 of the Bond Ordi-
nance. The proceeds of the Bond will be lent to the Company and used by the Company
for the purpose of acquiring and constructing the Project and paying Costs of the Project
as set out in Section 3.3 hereof.
(c) The Bond is to be issued under and secured by the Bond Ordinance,
and the right, title and interest of the Issuer in and to this Agreement, the Note and the
Mortgage (except the right of the Issuer to receive payments, if any, under Section
4.(e), 5.3 and 6.4 hereof) will be assigned and pledged to the Bank pursuant to the
Assignment, the Note will be endorsed to the Bank, and the Letter of Credit will be
executed by the Letter of Credit Bank, all as security for payment of the principal of,
premium, if any, and interest on the Bond.
(d) The Issuer has not assigned or pledged and will not assign or pledge
its interest in this Agreement, the Note or the Mortgage, other than to secure the Bond.
(e) The Issuer is not in default under any of the provisions of the laws of
the State of Illinois which would affect its existence or its powers referred to in the
preceding subsection (a).
(f) Under existing statutes and decisions no taxes on income or profits
are imposed on the Issuer.
(g) The Issuer hereby finds and determines that the financing of the
Project will further the public purposes of the Act.
-5-
(h) The Issuer hereby finds and determines that all requirements of the
Act have been completed.
(i) No member of the governing body of the Issuer or officer, agent or
employee thereof is directly or indirectly a party to or is in any manner interested in the
Company or in the transactions contemplated by this Agreement, the Mortgage, the
Assignment or the Bond Purchase Agreement.
SECTION 2.2. REPRESENTATIONS OF THE COMPANY. The Company
makes the following representations as the basis for the undertakings on its part herein
contained:
(a) The Company is a corporation duly organized, validly existing and in
good standing under the laws of the State of Illinois; the Company has power to enter
into, and by proper corporate action, has been duly authorized to execute and deliver this
Agreement, the Note and the Mortgage and to acknowledge the Bond Purchase Agree-
ment; and this Agreement, the Note, the Mortgage, and the Bond Purchase Agreement
constitute legal, valid, and binding obligations of the Company, enforceable in accor-
dance with their respective terms.
(b) Neither the execution or acknowledgement and delivery of this
Agreement, the Note, the Mortgage and the Bond Purchase Agreement, the consumma-
tion of the transactions contemplated hereby or thereby, nor the fulfillment of or com-
pliance with the terms and conditions of this Agreement, the Note, the Mortgage and the
Bond Purchase Agreement, conflicts with or results in a breach of any of the terms,
conditions or provisions of any restriction or any agreement or instrument to which the
Company is now a party or by which it is bound, or constitutes a default under any of the
foregoing, or results in the creation or imposition of any lien, charge or encumbrance
whatsoever upon any of the property or assets of the Company or any Subsidiary thereof,
other than Permitted Encumbrances. No condition exists which would, upon the execu-
tion of this Agreement, with the lapse of time or the giving of notice or both, become an
Event of Default hereunder.
(c) The annual financial statements of the Company dated as of July 31,
1983, do not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements contained therein not misleading; since that date,
there have not been any material adverse changes in the business, properties, financial
position or results of operations of the Company, whether or not arising from transac-
tions in the ordinary course of business; and since such date, except in the ordinary
course of business, the Company has not entered into any material transaction or incur-
red any material liability.
(d) The Company has good and marketable title to substantially all of
its properties and assets, free from all liens, charges and encumbrances, other than
Permitted Encumbrances.
(e) The Company has filed a.0 tax returns required to be filed by it
under the law of any jurisdiction and has paid all taxes, assessments, fees and other
governmental charges upon the Company, or upon any of its propertles, or any of its
income or franchises, which are due and payable, other than any such taxes, assessments,
fees and other charges being contested in good faith by the Company and for which
adequate reserves are maintained by the Company, and the Company is unaware of any
unasserted tax assessments against it for which adequate reserves have not been pro-
vided.
(f) As of the date hereof, the Company does not have any Subsidiaries.
(g) The Company is in substantial compliance with all laws, ordinances,
governmental rules and regulations to which it is subject; and has obtained all material
licenses, permits, franchises, and other governmental authorizations necessary to the
ownership of its properties and to the conduct of its business.
(h) Each Plan (as defined in Article IV of ERISA) of the Company is in
compliance with the applicable provisions of ERISA, the Code and any other applicable
Federal or state laws and no Reportable Event (as defined in ERISA) has occurred and is
continuing with respect to any such Plan.
(i) The Project will be acquired and constructed through the use of the
Bond proceeds lent hereunder and will be located on the Land which is within the corpo-
rate limits of the Village of Mount Prospect, Cook County, Illinois.
0) The Company intends to use, and will use, the Project, or will cause
the Project to be used, in such a manner so as to maintain the status of the Project as a
"development project" within the meaning of the Act for at least the duration of this
Agreement.
(k) The property comprising the Project constitutes and will constitute
at all times during the term of this Agreement, as set forth in Section 9.9 hereof, either
land or property of a character subject to the allowance for depreciation under Section
167 of the Code as it exists at the time of the execution of this Agreement, and substan-
tially all expenditures for and the Costs of the Project will be charged to a capital
account for Federal income tax purposes, or would be so chargeable either with a proper
election or but for a proper election to deduct.
(1) The Costs of the Project have been determined or estimated in
accordance with sound engineering and accounting principles.
(m) In estimating the Costs of the Project, no amount has been included
which, under the Federal income tax laws, was or will be deductible by the Company in
the year in which it was paid or incurred other than through an allowance for deprecia-
tion or amortization.
(n) The proceeds from the sale of the Bond will not be used to provide
working capital or to finance inventory within the meaning of Section 103(b) of the Code.
(o) No part of the Project was constructed and no costs of the Project
were incurred or expended on or before June 5, the date on which the Issuer first took
official action with respect to the issuance of the Bond.
(p) The Company intends to use, and will use, the Project, for at least
the duration of this Agreement, as office, warehouse and laboratory facilities in its
business as an importer, assembler and distributor of electronic components and (ii) such
other industrial uses as the Company may deem appropriate.
(q) The construction of the -Project will create additional employment in
and increase the tax base of the Village of Mount Prospect, Cook County, Illinois.
-7-
ARTICLE III
ACQUISITION AND CONSTRUCTION OF THE PROJECT; ISSUANCE OF THE BOND
SECTION 3.1. AGREEMENT TO ACQUIRE AND CONSTRUCT THE
PROJECT; TITLE. The Company agrees that it will acquire and construct, or complete
the acquisition and construction of, the Project, substantially in accordance with the
plans and specifications therefor prepared by architects and engineers selected by the
Company, including any and all supplements, amendments and additions (or deletions)
thereto (or therefrom) which plans and specifications shall be available to the Issuer and
the Bank upon reasonable request; provided, however, that such other facilities and
property contemplated by such supplements, amendments or additions (or deletions) to
(or from) said plans and specifications shall not materially impair the effective use of the
Project contemplated by this Agreement nor reduce its value.
The Company represents and warrants that it has acquired or will acquire
good and marketable title to the Land to enable it to construct and use the Project or
cause the Project to be used as contemplated by this Agreement. The Company further
represents that it has or will acquire good and marketable title to all the real and per-
sonal property constituting the Project in order to enable the Company to use the Project
as contemplated by this Agreement.
Concurrently with the issuance and sale of the Bond, the Company will
deliver to the Bank an ALTA lender's title insurance policy in the amount of $1,700,000,
written by Title Insurance Company of Minnesota, dated the date of delivery of the Bond,
with comprehensive endorsement number 1 and zoning endorsement 3.1, with extended
coverage over all printed Schedule B exceptions, showing title to the Premises in the
Company, subject only to the General Exclusions in that company's policies and the
Permitted Encumbrances.
SECTION 3.2. AGREEMENT TO ISSUE BOND; APPLICATION OF BOND
PROCEEDS. In order to provide funds to finance a portion of the Costs of the Project,
as provided in Section 4.1 hereof, the Issuer agrees that it will issue under the Bond
Ordinance, and, pursuant to the Bond Purchase Agreement, sell and cause to be delivered
to the Bank, its Bond in the principal amount of $2,000,000, bearing interest, maturing
and subject to prior redemption as set forth in the Bond Ordinance. The Issuer will
thereupon lend the proceeds of the Bond to the Company by depositing the proceeds of
the Bond as follows: (1) in the Bond Fund, a sum equal to the accrued interest, if any,
paid by the purchaser of the Bond; and (2) the balance of the proceeds from the sale of
the Bond in the Construction Fund..
SECTION 3.3. DISBURSEMENTS FROM THE CONSTRUCTION FUND.
The Issuer authorizes and directs the Bank to disburse the moneys in the Construction
Fund to or on behalf of the Company for the following purposes (but, subject to the
provisions of Section 3.5 hereof, for no other purpose):
(a) Payment to the Company of such amounts, if any, as shall be nece
sary to reimburse the Company
time prior . or expendituresor .
n 'with t
preparation of plans and specifications for the Project (including any preliminary study
planning of - Project
(b) Payment or reimbursement of any legal, financial and accounting
fees and expenses, costs of the execution and filing of any instruments and the prepara-
-8-
tion of all other documents in connection therewith, and payment or reimbursement of
all fees, costs and expenses for the preparation of this Agreement, the Bond Ordinance,
the Bond Purchase Agreement, the Assignment, the Mortgage, the Guaranty, the Letter
of Credit and the Bond.
(c) Payment or reimbursement for land, labor, services, materials and
supplies used or furnished in the acquisition and construction of the Project, all as pro-
vided in the plans, specifications and work orders therefor, payment or reimbursement
for the cost of the construction, acquisition and installation of utility services or other
facilities and the acquisition and installation of all real and personal property deemed
necessary in connection with the Project and payment or reimbursement for the miscel-
laneous capitalized expenditures incidental to any of the foregoing items.
(d) Payment or reimbursement of the fees, if any, for architectural,
engineering, legal, investment banking and supervisory services with respect to the
Project.
(e) To the extent not paid by a contractor for construction with respect
to any part of the Project, payment or reimbursement of the premiums on all insurance
required to be taken out and maintained during the Construction Period, if any.
(f) Payment of the taxes, assessments and other charges, if any, that
may become payable during the Construction Period with respect to the Project, or reim-
bursement thereof if paid by the Company.
(g) Payment or reimbursement of expenses incurred in seeking to
enforce any remedy against any supplier, conveyor, grantor, contractor or subcontractor
in respect of any default under a contract relating to the Project.
(h) Payment of any other costs permitted by the Act.
(i) All moneys remaining in the Construction Fund after the Completion
Date and after payment or provision for payment of all other items provided for in the
preceding subsections (a) to (h), inclusive, of this Section 3.3, shall, at the direction of
the Company, be used in accordance with Section 3.4 hereof.
Each of the payments referred to in this Section 3.3, other than those
payments referred to in subsection (i) above, shall be made upon receipt by the Bank of a
written requisition signed by the Authorized Company Representative stating with
respect to each payment to be made: (i) the requisition number, (ii) the name and
address of the person, firm or corporation to whom payment is due, (iii) the amount to be
paid, (iv) that each obligation mentioned therein has been properly incurred, is a proper
charge against the Construction Fund and has not been the basis of any previous with-
drawal, and (v) that the amount remaining in the Construction Fund after the withdrawal
in question is made, the reasonable estimate of investment income thereon, plus funds of
the Company available for such purpose will, after payment of the amounts then reques-
ted, be sufficient to pay the cost of completing the Project.
The Company covenants and agrees that it will cause all of the proceeds of
the Bond to be disbursed for the Costs of the Project.
SECTION 3.4. ESTABLISHMENT OF COMPLETION DATE; OBLIGATION
OF COMPANY TO COMPLETE. The Completion Date shall be evidenced to the Bank by
a certificate signed by the Authorized Company Representative stating the Costs of the
-9-
Project and stating that (i) the construction of the Project has been completed substan-
tially in accordance with the plans, specifications and work orders therefor and all labor,
services, materials and supplies used in such construction have been paid for, and (ii) all
other facilities necessary in connection with the Project have been acquired, improved
and installed in accordance -with the plans, specifications and work orders therefor and
all costs and expenses incurred in connection therewith (other than costs and expenses
for which the Company has withheld payment) have been paid. If the Company withholds
the payment of any such cost or expense of the Project the certificate shall state the
amount of such withholding and the reason therefor. Notwithstanding the foregoing, such
certificate may state that it is given without prejudice to any rights against third parties
which exist at the date of such certificate or which may subsequently come into being.
It shall be the duty of the Company to cause such certificate to be furnished to the Bank
within a reasonable period after the Project shall have been completed. The Company
shall also deliver to the Bank, together with the Completion Certificate, a permanent
certificate of occupancy of the Premises and a final release of lien executed by the
general contractor responsible for the construction of the Project.
Upon receipt of such certificate, the Bank shall transfer all moneys then in
the Construction Fund to the Bond Fund; the amount so transferred to the Bond Fund
shall not exceed an amount equal to the difference between (i) ten percent (10%) of the
sum of the moneys initially deposited in the Construction Fund, plus any earnings
thereon, less (ii) any amounts paid for non-qualified costs of the Project within the
meaning of Section 103 of the Code and the regulations proposed or promulgated there-
under; provided however, that the Company may transfer a larger amount to the Bond
Fund if it obtains the opinion of Bond Counsel to the effect that such transfer will not
affect the exemption from Federal income taxes of the interest paid on the Bond. Not-
withstanding the foregoing, to the extent it is applicable to the Bond, the Company
agrees to comply with Revenue Procedure 79-5, as supplemented by Revenue Procedure
81-22, of the Internal Revenue Service.
In the event the moneys in the Construction Fund available for payment of
the Costs of the Project should not be sufficient to pay the costs thereof in full, the
Company agrees to pay directly, or to deposit in the Construction Fund moneys sufficient
to pay, the costs of completing the Project as may be in excess of the moneys available
therefor in the Construction Fund. The Issuer does not make any warranty, either
express or implied, that the moneys which will be paid into the Construction Fund and
which, under the provisions of this Agreement, will be available for payment of a portion
of the Costs of the Project, will be sufficient to pay all the costs which will be incurred
in that connection. The Company agrees that, if after exhaustion of the moneys in the
Construction Fund, the Company should pay, or deposit moneys in the Construction Fund
for the payment of, any portion of the Costs of the Project pursuant to the provisions of
this Section 3.4, it shall not be entitled to any reimbursement therefor from the Issuer or
from the Bank, nor shall it be entitled to any diminution of the amounts payable under
Section 4.2 hereof or under the Note.
SECTION 3.5. INVESTMENT OF MONEYS IN THE CONSTRUCTION FUND
AND BOND FUND. Any moneys held as a part of the Bond Fund or the Construction
Fund shall be invested or reinvested by the Bank at the oral or written direction of the
Authorized Company Representative as provided in Section 9 of the Bond Ordinance, to
the extent permitted by law, in (i) any bonds or other obligations which as to principal
and interest constitute direct obligations of or are unconditionally guaranteed by the
United States of America or any instrumentality thereof; (ii) obligations of the Federal
National Mortgage Association; and (iii) time certificates of deposit of banks as defined
by the Illinois Banking Act, including the Bank, which have a combined capital and sur-
-10-
plus of at least $50,000,000 and which are insured by the Federal Deposit Insurance
Corporation. Any such securities may be purchased by the Bank at the offering or mar-
ket price thereof at the time of such purchase. The Bank may make any and all such
investments through its own investment department.
The investments so purchased shall be held by the Bank and shall be deemed
at all times a part of the Construction Fund or Bond Fund, as the case may be, and the
interest accruing thereon and any profit realized therefrom shall be credited to such fund
and any net losses resulting from such investment shall be charged to such fund and paid
by the Company. The Company shall forthwith pay to the Bank for deposit in the Con-
struction Fund or the Bond Fund, as the case may be, the amount of any losses on such
investments provided that such payment shall not release the Bank from any liability due
to its negligence or willful misconduct.
SECTION 3.6. SPECIAL ARBITRAGE CERTIFICATIONS. The Issuer and
the Company jointly and severally covenant with the Bank as purchaser and owner of the
Bond and with any other owner of the Bond that so long as any principal of, premium, if
any, or interest on the Bond remains unpaid, moneys on deposit in any fund or account in
connection with the Bond, whether or not such moneys were derived from the proceeds of
the sale of the Bond or from any other sources, will not be used in a manner which will
cause the Bond to be an "arbitrage bond" within the meaning of Section 103 of the Code,
and any lawful regulations promulgated or proposed thereunder, including Sections 1.103-
13, 1.103-14 1.103-15 of the Income Tax Regulations (26 C.F.R., Part 1), as the same
exist on the date of this Agreement, or may from time to time hereafter be amended,
supplemented or revised. The Issuer and the Company acknowledge that H.R. 4170 will
affect the ability to invest the proceeds of industrial revenue bonds issued subsequent to
December 31, 1984 at an unrestricted yield. The Issuer and the Company covenant to
follow the mandate of such legislation, if applicable to the Bond, and all lawful regula-
tions promulgated pursuant thereto.
ARTICLE IV
REPAYMENT PROVISIONS
SECTION" 4.1. BOND PROCEEDS. The Issuer covenants and agrees, upon
the terms and conditions of this Agreement, to finance a portion of the Costs of the
Project for the Company. Pursuant to said covenant and agreement, the Issuer will issue
the Bund upon the terms and conditions contained in the Bund Ordinance and this Agree-
ment and will lend the proceeds of the Bond to the Company by causing the Bond pro-
ceeds to be applied as provided in Article III hereof. Except as provided in Section 3.2
hereof, such proceeds shall be disbursed by the Bank to or on behalf of the Company as
provided in Section 3.3 hereof. -
SECTION 4.2. REPAYMENT OF THE LOAN AND PAYMENT OF OTHER
AMOUNTS PAYABLE. (a) In order to evidence its obligation to repay the loan made
hereunder by the Issuer, the Company will issue its Note in the principal amount of
$2,000,000. The Note shall be dated as of the date of delivery of the Bond, and shall
mature as to principal in thirty two quarterly installments of $62,500 each, commencing
November 1, 1986 to and including August 1, 1904, except as the provisions hereinafter
set forth with respect to prepayment may become applicable thereto. The Note shall
bear interest on the unpaid principal amount thereof from the date of the Note (except
upon a Determination of Taxability and in certain other events as hereinafter provided)
at a rate equal to sixty-five per cent (65%) of the Prime Rate (the "Tax Exempt Rate"),
which Tax Exempt Rate shall change when and as the Prime Rate changes, computed on
-11-
the basis of a calendar year consisting of 360 days and charged on the basis of the actual
number of days elapsed. Interest on the Note shall be payable quarterly not later than
10:00 A.M. on November 1, 1984 and not later than 10:00 A.M. on the first day of each
February, May, August and November thereafter until the Note is fully paid. The Note
shall be in substantially then form of Exhibit B attached hereto and made a part hereof.
The Issuer and the Company agree that the Note shall be payable to the Issuer and shall
be endorsed and pledged to the Bank for the benefit of the Bond. The Note shall be
subject to prepayment as herein provided. The Company covenants and agrees that the
payments of principal of, premium, if any, and interest on the Note shall at all times be
sufficient to enable the Issuer to pay when due the principal of, premium, if any, and
interest on the Bond.
(b) Yield Protection. In the event of an increase or decrease in the
Corporate Tax Rate after the date of this Agreement, the Tax Exempt Rate shall be
decreased (in the case of an increase in the Corporate Tax Rate) or increased (in the case
of a decrease in the Corporate Tax Rate) to the Adjusted Tax Exempt Rate, effective as
of the date of such change in the Corporate Tax Rate. For purposes of this Section 4.2,
(i) "Adjusted Tax Exempt Rate" shall mean the product of the Tax Exempt Rate times a
fraction (expressed as a decimal) the numerator of which is the number one minus the
Corporate Tax Rate in effect following such change referred to in the preceding sen-
tence and the denominator of which is the number one minus the Corporate Tax Rate in
effect on the date of issuance of the Bond; and (ii) "Corporate Tax Rate" shall mean the
highest marginal statutory rate of Federal income tax imposed on corporations.
(c) Minimum Tax. If at any time (whether before or after redemption
or other payment of the Bond or any sale or other transfer of the Bond to any other
person, firm or corporation) as a result of a change in the Code or any judicial or admini-
strative interpretation thereof, (a) any payment of interest or principal or any amount in
respect of or measured in whole or in part by reference to interest on or principal of the
Bond or any amount of interest on indebtedness attributable directly or indirectly to the
purchase or carrying of the Bond, is, in the opinion of counsel for the Bondholder, subject
to or affected by a preference tax (meaning a tax imposed by Section 55-58 of the Code,
as amended from time to time, or any successor sections thereto or any similar items), a
minimum tax, an excess profits tax or other Federal tax which changes the basis of
taxation of the payments of interest on or principal of the Bond, or interest on indebted-
ness attributable directly or indirectly to the purchase or carrying of the Bond is, in the
opinion of counsel for the Bondholder, adversely affected, then, upon written notice to
such effect from the Bondholder to the Company and the Letter of Credit Bank, which
notice shall set forth the date as of which any payment or amount shall have become
subject to such preference, minimum, excess profits or other Federal tax or such deduc-
tibility or other tax treatment shall have been affected, the Company shall pay to the
Bondholder in immediately available funds an amount (as specified in said written notice)
which, after giving effect to all taxes, interest, penalties, additions to tax and other
charges required to be paid by the Bondholder as a result of, attributable to or in respect
of such payment, shall be equal to the amount of any such preference, minimum, excess
profits or other Federal taxes and any interest, penalties and additions to tax which are
payable by the Bondholder as a consequence of such change, it being the intent and
purpose of the parties hereto that the profit of the Bondholder with respect to the pay-
ment of interest to it on the Bond shall not be diminished by any such change in the Code
or any judicial or administrative interpretation thereof (whether through or as a result of
direct or indirect Federal taxation of the interest on or principal of the Bond or other-
wise). Notwithstanding the foregoing provisions of this Subsection 4.2(c), no payment by
the Company shall be required in respect of a preference, minimum, excess profits or
other Federal tax to which this Subsection 4.2(c) relates to the extent that such tax is
-12-
imposed and computed without regard to whether interest on the Bond is or may be
exempt from tax under the provisions of Section 103 of the Code or any successor provi-
sions thereto. The covenants contained in this Section 4.2(c) shall survive the final
payment of the principal of, premium, if any, and interest on the Note. -
(d) Increase in Interest as a Result of Determination of Taxabilit. It is
the intention of the parties hereto that interest on the Bond shall be and remain exempt
from Federal income taxation. Accordingly, in the event of a Determination of Taxabil-
ity the interest rate on the Note shall be increased from the Tax Exempt Rate applicable
at the time the interest on the Bond first became taxable to a rate equal to the Prime
Rate plus one and one half per cent (11'%) per annum (the "Initial Taxable Rate"), effec-
tive as of the date that interest on the Bond first became taxable, or if such date is not
determinable then the date of the occurrence of the Determination if Taxability, which
Initial Taxable Rate shall change when and as the Prime Rate changes. On the date of
the first quarterly interest payment following the Determination of Taxability, in addi-
tion to the regular quarterly interest payment, a payment shall be made for all past
additional interest at the Initial Taxable Rate due from the date that interest on the
Bond first became taxable, or if such date is not determinable then the date of the
occurrence of the Determination of Taxability, to the date of the first quarterly interest
payment date following the Determination of Taxability, together with any interest and
penalties imposed on the Bondholder or any former Bondholder by reason of its failure to
include the interest paid on the Bond in its Federal income tax return. The provisions of
this Subsection 4.2(d) shall be self-executing without the need for any modification or
amendment of the Note. If any person shall have owned the Bond on or after the date
that interest on the Bond first becomes taxable, or if such date is not determinable then
the date of the occurrence of the Determination of Taxability, but transferred the Bond
prior to the quarterly interest payment date on which such additional interest is to be
paid by the Company, the Company shall pay any such prior owner of the Bond an amount
equal to the difference between the interest accruing on the Bond at the Initial Taxable
Rate and the interest accruing on the Bond at the Tax Exempt Rate for the period which
such owner owned the Bond from the date that such interest became taxable (or the date
of the occurrence of the Determination of Taxability) to the date of transfer, plus all
income taxes, interest, penalties, fines, additions to tax or other amounts levied or
assessed as a result of the Determination of Taxability. The covenants contained in this
Section 4.2(d) shall survive the final payment of the principal of premium, if any, and
interest on the Note.
If the Bond remains outstanding after the date of the first quarterly inter-
est payment following the Determination of Taxability, the remaining unpaid principal
installments of the Note shall bear interest from such date at the Prime Rate (the "Tax-
able Rate").
(e) Default Rate. In the event of the occurrence of an Event of Default
hereunder and while such Event of Default is continuing, the Note shall bear interest at
the Tax Exempt Rate, the Adjusted Tax Exempt Rate, the Initial Taxable Rate or the
Taxable Rate, as then applicable, plus one and one half percent (11%) per annum.
(f) The Company also agrees to pay, upon written request, reasonable
expenses of the Issuer incurred in fulfilling its obligations under the Bond Ordinance, this
Agreement, the Bond Purchase Agreement, the Mortgage and the Assignment, which are
not otherwise required to be paid by the Company under the terms of this Agreement,
and shall pay all fees and out-of-pocket expenses of the legal counsel to and the financial
consultants of the Issuer promptly upon demand.
-13-
(g) The Company hereby covenants and agrees that it will execute the
Mortgage to secure its obligations under the Note and the obligations of the Issuer on the
Bond.
If the date when any of the payments required to be made by this Section
4.2 shall be a legal holiday or a day on which banking institutions in the city in which the
principal office of the Bank is authorized by law to close, then such payments shall be
made on or before the next business day.
SECTION 4.3. NO DEFENSE OR SET-OFF - UNCONDITIONAL OBLIGA-
TION. The obligations of the Company to make the payments required in Section 4.2
hereof and pursuant to the Note and to perform and observe the other agreements on its
part contained herein shall be absolute and unconditional, irrespective of any defense or
any rights of set-off, recoupment or counterclaim it might otherwise have against the
Issuer or the Bank, and the Company shall pay absolutely net during the term of this
Agreement the payments to be made on account of the loan as prescribed in Section 4.2
hereof and all other payments required hereunder free of any deductions and without
abatement, diminution or set-off other than those herein expressly provided; and until
such time as the principal of, premium, if any, and interest on the Bond shall have been
fully paid, the Company: (i) will not suspend or discontinue any payments provided for in
Section 4.2 hereof; (ii) will perform and observe all of its other agreements contained in
this Agreement; and (iii) will not terminate this Agreement for any cause, including,
without limiting the generality of the foregoing, its failure to complete the construction
of the Project, the occurrence of any acts or circumstances that may constitute failure
of consideration, destruction of or damage to the Project, commercial frustration of
purpose, any change in the tax laws of the United States of America or of the State of
Illinois or any political subdivision of either of these, or any failure of the Issuer to
perform and observe any agreement, whether express or implied, or any duty, liability or
obligation arising out of or connected with this Agreement, except to the extent per-
mitted by this Agreement.
SECTION 4.4. ASSIGNMENT AND PLEDGE OF ISSUER'S RIGHTS. As
security for the payment of its Bond, the Issuer will assign and pledge to the Bank the
right, title and interest of the Issuer in and to this Agreement, the Note and the Mort-
gage, including the right to receive payments hereunder and thereunder (except the right
to receive payments, if any, under Sections 4.2(f), 5.3 and 6.3 hereof), and hereby directs
the Company to make said payments directly to the Bank for the account of the Issuer,
and, by the Bond Ordinance and the Assignment, directs the Bank to apply such payments
to the payment of the principal of, premium, if any, and interest on the Bond, when due.
The Company herewith assents to such pledge and assignment and will make payments
directly to the Bank without defense or set-off by reason of any dispute between the
Company and the Bank.
ARTICLE V
SPECIAL COVENANTS AND AGREEMENTS
SECTION 5.1. ISSUER'S AND BANKS RIGHT OF ACCESS TO THE PREM-
ISES. The Company agrees that during the term of this Agreement the Issuer, the Bank
and their or either of their duly authorized agents shall have the right during regular
business hours to enter upon the Land and "to examine and inspect the Project. The
Company agrees that the Issuer, the Bank and their or either of their duly authorized
agents shall have, subject to such limitations, restrictions and requirements as the Com-
pany may reasonably prescribe in order to preserve trade secrets and secret processes
-14-
and formulate, including but not limited to the standard plant visitor agreement of the
Company, if any, such rights of access to the Project as may be reasonably necessary to
determine that the Company has constructed the Project and is using the Project in such
a manner as to constitute an "industrial project" within the meaning of the Act. How-
ever, nothing contained in this Section 5.1 or in any other provision of this Agreement
shall be construed to entitle the Issuer or the Bank to any information or inspection
involving the confidential know-how of the Company.
SECTION 5.2. COMPANY TO MAINTAIN ITS CORPORATE EXISTENCE;
CONDITIONS UNDER WHICH EXCEPTIONS PERMITTED. The Company agrees that
during the term of this Agreement it will maintain its corporate existence, will not
dissolve or otherwise dispose of all or substantially all of its assets, and will not consoli-
date with or merge into another corporation or permit one or more corporations to
consolidate or merge into it; provided that the Company may, without violating the
agreements contained in this Section 5.2, consolidate with or merge into another domes-
tic corporation (i.e., a corporation incorporated and existing under the laws of one of the
states of the United States of America or under the laws of the United States of
America) or permit one or more other domestic corporations to consolidate with or
merge into it, or sell or otherwise transfer to another domestic corporation all or sub-
stantially all of its assets as an entirety and thereafter dissolve, provided, the surviving,
resulting or transferee corporation, as the case may be, (i) is the Company, (ii) has a
Consolidated Tangible Net Worth (after giving effect to such merger, consolidation or
transfer of assets) at least equal to or greater than the Consolidated Tangible Net Worth
of the Company immediately prior to the consummation of such transaction and (iii) such
merger, consolidation or transfer of assets has no adverse effect on the Letter of Credit
or the Company causes to be delivered to the Bank a substitute Letter of Credit issued
by the Letter of Credit Bank substantially in the same form as the original Letter of
Credit, which substitute Letter of Credit shall name the surviving entity as the account
party and shall otherwise be in the same form as the Letter of Credit. The Company
hereby agrees to promptly notify the Issuer, the Letter of Credit Bank and the Bank of
any such merger, consolidation or transfer of assets.
The Company covenants not to sell, lease, or otherwise dispose of the
Project prior to the payment in full of the Note and the Bond.
SECTION 5.3. RELEASE AND INDEMNIFICATION COVENANTS. The
Company during the term of this Agreement releases the Issuer from and covenants and
agrees that the Issuer shall not be liable for, and to indemnify and hold the Issuer harm-
less against, any loss or damage to property or any injury to or death of any person
occurring on or about or resulting from any defect in the Project, provided that the
indemnity provided in this sentence shall be effective only to the extent of any loss that
may be sustained by the Issuer in excess of the net proceeds received by the Issuer from
any insurance carried with respect to the loss sustained, and provided further, that the
indemnity shall not be effective for damages that result from negligence or intentional
acts on the part of the Issuer.
SECTION 5.4. RECORDS AND FINANCIAL STATEMENTS OF COM-
PANY. The Bank and the Issuer shall be permitted during regular business hours during
the term of this Agreement to examine the books and records of the Company with
respect to the Project.
The Company agrees to furnish to the Bank and the Issuer, within one
hundred twenty (120) days after the close of each fiscal year of the Company, a copy of
the reviewed financial statements of the Company prepared in conformity with generally
-15-
accepted accounting principles applied on a basis consistent with that of the preceding
fiscal year by independent certified public accountants acceptable to the Bank. Such
report shall be accompanied by a certificate ("non -default certificate") of the Company
executed by the president, any vice president or the chief financial or chief accounting
officer of the Company to the effect that the Company has obtained no knowledge of any
default by the Company in the fulfillment of any of the terms, covenants, provisions or
conditions of this Agreement or, if the Company has obtained knowledge of any such
default or defaults, it shall disclose the same and the nature thereof. The Company
further agrees to furnish to the Bank and the Issuer, within sixty (60) days after the close
of each quarterly period of the Company (except the last quarter of the Company's fiscal
year), quarterly financial statements signed by the president, any vice president or the
chief financial or chief accounting officer of the Company showing the financial position
of the Company at the close of each such quarterly period and the results of the opera-
tions of the Company for each such quarterly period, accompanied by a non -default
certificate, as aforesaid.
At the times aforesaid the Company shall furnish the Bank such other
information as the Bank may reasonably request.
SECTION 5.5. TAX EXEMPT STATUS OF THE BOND. The Issuer cove-
nants that it shall, prior to the issuance of the Bond, duly elect to have the provisions of
Section 103(b)(6)(D) of the Code apply to such issue and such election shall be made in
accordance with the applicable regulations or procedures of the Internal Revenue Ser-
vice. The Company covenants and agrees that it shall furnish to the Issuer whatever
information is necessary for the Issuer to make such election and shall file such supple-
mental statements and other information as are required by the applicable regulations or
procedures of the Internal Revenue Service.
The Company represents that (i) the proceeds of the Bond are to be used
with respect to facilities to be located in the Village of Mount Prospect, Cook County,
Illinois; (ii) the Company will be the only principal user of the facilities to be constructed
with the proceeds of the Bond within the meaning of Section 103(b)(6) of the Code; and
(iii) there are no outstanding obligations of any state, territory or possession of the
United States of America, or any political subdivision of the foregoing or of the District
of Columbia constituting "exempt small issues" within the meaning of Section 1.103-10 of
the Income Tax Regulations (26 C.F.R., Part 1) (the "Regulations"), the proceeds of
which have been or are to be used primarily with respect to facilities located in the
Village of Mount.. Prospect, Cook County, Illinois (or outside the Village of Mount
Prospect, Cook County, Illinois, but "contiguous" thereto or "integrated" therewith within
the meaning of the Regulations), and which are to be used primarily by the Company
(including any person related to the Company within the meaning of Section 103(b)(6)(C)
of the Code) other than the Bond.
The Company further covenants that it does not presently intend to make
any capital expenditures which will cause the interest on the Bond to become subject to
Federal income taxes pursuant to the provisions of Section 103(b) of the Code so long as
any principal of, premium, if any, or interest on the Bond remains unpaid. The Company
further covenants that it will not take any action nor permit any action to be taken
which would cause the interest on the Bond to become subject to Federal income taxes,
provided, that the Company shall not have violated this covenant if the interest on the
Bond becomes taxable to a person who is a substantial user of the Project or a related
person pursuant to the provisions of Section 103(b)(13) of the Code.
-16-
If application of Revenue Ruling 81-216 or Proposed Treasury Regulation
Sections 1.103-7(b)(6) and 1.103-10(a) to the Bond would result in the aggregation of the
Bond with any other obligation issued or to be issued by or on behalf of any state, terri-
tory or possession of the United States, or any political subdivision of the foregoing, or of
the District of Columbia, which constitutes an "industrial development bond" within the
meaning of the Code, causing the interest on the Bond to be or become subject to Fed-
eral income taxes pursuant to Section 103(b) of the Code, the Company shall be deemed
to have failed to observe the foregoing covenant.
The Company further covenants that it shall furnish to the Issuer and the
Bank (i) at the time of the issuance of the Bond, a statement of the aggregate amount of
capital expenditures made or incurred by anyone during the period beginning three years
before the date of such issue with respect to facilities located within the corporate
boundaries of the Village of Mount Prospect, Cook County, Illinois (or outside the "pillage
of Mount Prospect, Cook County, Illinois, but "contiguous" thereto or "integrated" there-
with within the meaning of the Regulations) of which the Company or any related person
is or was a principal user (the "Included Capital Expenditures"), (ii) within 90 days follow-
ing the close of each fiscal year of the Company occurring within two years after the
date of the issuance of the Bond, a statement of the aggregate amount of Included Capi-
tal Expenditures made or incurred during the period beginning with the date of the issu-
ance of the Bond or the beginning of the fiscal year for which the statement is made and
ending on the last day of the preceding fiscal year, (iii) within 90 days following the third
anniversary date of the issuance of the Bond, a statement of the aggregate amount of
Included Capital Expenditures made or incurred during the period beginning with the date
of the beginning of the fiscal year following the fiscal year for which the last statement
was filed with the Bank and ending on such anniversary date, and (iv) within 30 days after
the maximum amount of capital expenditures permitted under Section 103(b)(6)(D) of the
Code have been made or incurred, a statement to that effect. Each such statement shall
set forth (A) a description of those capital expenditures which are capital expenditures
under Section 103(b)(6)(D)(ii) of the Code and shall take into account facilities referred
to in Section 103(b)(6)(E) of the Code in computing such capital expenditures, and (B) a
description, and the reason for the exclusion, of any capital expenditures which the
Company has not taken into account under Section 103(b)(6)(F) of the Code or other-
wise. This covenant shall survive the termination of this Agreement.
The Company shall also file and cause any other principal user, if any, to
file a supplemental statement, attached to its income tax return for each applicable
taxable year, which lists by date and amount any subsequent Section 103(b)(6)(D) capital
expenditures, with the district director or director of the regional service center with
whom the Company's or such principal user's income tax return is required to be filed on
the due date prescribed for filing such return (without regard to any extensions of time).
SECTION 5.6. INSURANCE. The Company agrees to maintain all neces-
sary insurance with respect to the Premises in accordance with its customary insurance
practices and as provided in the Mortgage.
SECTION 5.7. MAINTENANCE AND REPAIR. The Company agrees that it
will (i) maintain the Premises and its other properties in as reasonably safe condition as
its operations shall permit, and (ii) maintain the Premises and its other properties in good
repair and operating condition, ordinary wear and tear excepted, making from time to
time all necessary repairs thereto and renewals and replacements thereof.
SECTION 5.8. QUALIFICATION IN ILLINOIS. The Company agrees that
throughout the term of this Agreement it, or any surviving, resulting or transferee corpo-
-17-
ration as permitted under Section 5.2 hereof, will be qualified to do business in the State
of Illinois and will be a corporation in good standing in the state of its incorporation.
SECTION 5.9. AFFIRMATIVE COVENANTS The Company hereby cove-
nants that it shall:
(a) pay when due all taxes, assessments and governmental charges
imposed upon it, its income or profits or any of its properties when the same become due
or payable, other than any such taxes, assessments, fees and other charges being con-
tested in good faith by the Company and for which adequate reserves are maintained by
the Company;
(b) comply with ERISA, and to report the details of any Reportable
Event (as defined in ERISA) not more than thirty (3 O) days subsequent to such Reportable
Event, if such Reportable Event will have a material adverse effect on the Company;
(c) notify the Bank of any material adverse litigation, administrative
proceeding or business development in excess of $250,000;
(d) notify the Bank of the occurrence of any Event of Default; and
(e) comply with all applicable laws, ordinances, regulations, rules and
orders.
SECTION 5.10. NEGATIVE COVENANTS. The Company covenants and
agrees that so long as any principal of, premium, if any, or interest on the Bond remains
unpaid, it shall not, directly or indirectly, unless the Bank shall otherwise consent in
writing, incur, create or permit to exist any lien, mortgage, pledge or other encumbrance
upon the Project or any portion thereof, whether are now owned or hereafter acquired.
SECTION 5.11. LETTER OF CREDIT. Prior to the initial delivery of the
Bond to the Bank, the Company hereby covenants and agrees to obtain and deliver the
irrevocable Letter of Credit issued by the Letter of Credit Bank in favor of the Bank.
The Letter of Credit shall be issued by the Letter of Credit Bank pursuant to the Reim-
bursement Agreement between the Company and the Letter of Credit Bank (the "Reim-
bursement Agreement"); shall be dated the date of delivery of the Bonds; shall expire on
December 14, 1994; shall in in the amount of (i) the aggregate principal amount of the
Bonds to enable the Issuer to pay the principal of the Bonds at maturity, upon call for
redemption or acceleration, plus (ii) an amount equal to the maximum interest to accrue
on the Bonds for one hundred thirty-five (135) °days at an assumed interest rate of fifteen
(15) percent per annum; and shall be in substantially the same .form as Exhibit _
attached to the Reimbursement Agreement and made a part thereof.
The Company shall take whatever action may be necessary to maintain the
Letter of Credit in full force and effect while any Bond is outstanding, including the
payment of any transfer fees required by the Letter of Credit Bank upon any transfer of
the Letter of Credit to any successor holder of the Bond, and shall cooperate with the
Letter of Credit Bank and the Trustee in connection with the issuance of any substitute
Letter of Credit, as provided in the Reimbursement Agreement, and shall pay any fees
and costs in connection with the issuance of such substitute Letter of Credit.
-18-
ARTICLE VI
EVENTS OF DEFAULT AND REMEDIES
SECTION 6.1. - EVENTS OF DEFAULT. The occurrence and continuation of
anyone of the following shall constitute an Event of Default hereunder:
(a) failure by the Company to pay any amounts representing principal,
premium, if any, or interest required to be paid under the Note and this Agree-
ment at the times specified therein or herein; or
(b) failure by the Company to observe any of the covenants set forth in
Section 5.10 hereof; or
(c) failure by the Company to observe and perform any covenant, condition
or agreement on its part to be observed or performed in this Agreement, other
than as referred to in (a) and (b) above, for a period of thirty (30) days after
written notice, specifying such failure and requesting that it be remedied, given to
the Company by the Issuer or the Bank, unless the Issuer and the Bank shall agree
in writing to an extension of such time prior to its expiration; or
(d) the dissolution or liquidation of the Company or the filing by the Com-
pany a voluntary petition in bankruptcy, or failure by the Company promptly to
lift any execution, garnishment or attachment of such consequence as will impair
the Company's ability to carry on its obligations hereunder, or an order, for relief
under Title 11 of the United States Code, as amended from time to time, is
entered against the Company, or if a petition or answer proposing the entry of an
order for relief against the Company under Title 11 of the United States Code, as
amended from time to time, or its reorganization, arrangement or debt readjust-
ment under any present or future Federal bankruptcy act or any similar Federal or
state law shall be filed in any court and such petition or answer shall not be dis-
charged or denied within sixty (60) days after the filing thereof, or if the Company
shall fail generally to pay its debts as they become due, or if a custodian (includ-
ing without limitation a receiver, trustee, assignee for the benefit of creditors or
liquidator of the Company) shall be appointed for or take possession of all or a
substantial portion of the property of the Company and shall not be discharged
within sixty (60) days after such appointment or taking possession, or if the Com-
pany shall consent to or acquiesce in such appointment or taking possession, or
assignment by the Company for the benefit of its creditors, or the entry by the
Company into an agreement of composition with its creditors; the term "dissolu-
tion or liquidation of the Company", as used in this subsection, shall not be con-
strued to include the cessation of the corporate existence of the Company result-
ing either from a merger or consolidation of the Company into or with another
domestic corporation or a dissolution or liquidation of the Company following a
transfer of all or substantially all of its assets as an entirety, under the conditions
permitting such actions contained in Section 5.2 hereof; or
(e) any warranty, representation or other statement made by or on behalf
of the Company contained herein, or in any commitment or certificate furnished
by the Company in compliance with or in reference hereto, is false or misleading
as of the date given in any material respect and shall not have been cured within
thirty (30) days; or
-19-
(f) any indebtedness of the Company for borrowed money in excess of
$100,000 becomes or is declared to be due and payable prior to its expressed
maturity by reason of any default by the Company in the performance or obser-
vance of any obligation or condition; provided, however, that if such default shall
be remedied or cured" by the Company or be waived by the holders of such obliga-
tion, and any such declaration be rescinded or annulled, then the Event of Default
hereunder by reason thereof shall be deemed to have been thereupon cured; or
(g) an "event of default" shall occur and be continuing under the Mortgage;
(h) a Reportable Event (as defined in ERISA) shall have occurred, which
event shall have a material, adverse effect upon the Company and shall remain
uncured for a period of thirty (30) days.
SECTION 6.2. REMEDIES ON DEFAULT. Whenever any Event of Default
shall have happened and be continuing hereunder, the Bank or any other owner of the
Bond may exercise any one or more of the following remedies:
(a) The Bank (or any other owner of the Bond) may exercise any right,
power or remedy permitted to it by law as a holder of the Note, and shall have in
particular, without limiting the generality of the foregoing, the right to declare
the entire principal and all unpaid interest accrued on the Note to be, and upon
written notice to the Company and the Issuer of such declaration, such Note and
the unpaid. accrued interest thereon shall thereupon become forthwith due and
payable, without presentment, demand or protest, all of which are hereby
expressly waived. The Company shall forthwith pay to the Bank (or any other
owner of the Bond) the entire principal of, premium, if any, and interest accrued
on the Note..
The Bank shall waive, rescind and annul such declaration and the conse-
quences thereof, when any declaration of acceleration on the Bond has been
waived, rescinded and annulled pursuant to and in accordance with Section 11 of
the Bond Ordinance.
(b) The Issuer or the Bank (or any other owner of the Bond) may take
whatever action at law or inequity may appear necessary or desirable to collect
the payments and other amounts then due and thereafter to become due or to
enforce performance and observance of any obligation, agreement or covenant of
the Company under this Agreement.
In case the Bank (or any other owner of the Bond) shall have proceeded to
enforce its rights under this Agreement, and such proceedings shall have been discon-
tinued or abandoned for any reason or shall have been determined adversely to the Bank
(or any other owner of the Bond), then and in every such case the Company and the Bank
(or any other owner of the Bond) shall be restored respectively to their several positions
and rights hereunder, and all rights, remedies and powers of the Company and the Bank
(or any other owner of the Bond) shall continue as though no such proceeding had been
taken.
In case there shall be pending proceedings bankruptcy or s
applica-
bler the
or or w•• a; for the property of the
Company, or of sproceedings
Com-
pany, * the creditorspof • •.ny, the Bank (or any other owner of
-20-
the Bond) shall be entitled and empowered, by intervention in such proceedings or other-
wise, to file and prove a claim or claims for the whole amount owing and unpaid pursuant
to this Agreement and, in case of any judicial proceedings, to file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have the
claims of the Bank (or any other owner of the Bond) allowed in such judicial proceedings
relative to the Company, its creditors or its property, and to collect and receive any
moneys or other property payable or deliverable on any such claims, and to distribute the
same after the deduction of its charges and expenses; and any receiver, assignee or
trustee in bankruptcy or reorganization is hereby authorized to make such payments to
the Bank (or any other owner of the Bond), and to pay to the Bank (or any other owner of
the Bond) any amount due it for compensation and expenses, including reasonable counsel
fees incurred by it up to the date of such distribution.
SECTION 6.3. NOTICE OF EVENT OF DEFAULT. The Company agrees
that it shall give prompt notice in writing to the Bank and the Issuer and the Letter of
Credit Bank, within five (5) days of the Company obtaining knowledge of any occurrence
of an Event of Default, or any event which with the passage of time or the giving of,
notice or both, would constitute an Event of Default, of any other development, financial
or otherwise, which the Company reasonably believes is reasonably likely to have a
material adverse effect on the ability of the Company to perform its obligations under
this Agreement, the Note and Mortgage.
SECTION 6.4. AGREEMENT TO PAY ATTORNEYS' FEES AND EXPEN-
SES. In the event the Company should default under any of the provisions of this Agree-
ment and the Issuer or the Bank (or any other owner of the Bond) should employ attorneys
or incur other expenses for the collection of the payments due under this Agreement or
the Note or the enforcement of performance or observance of any obligation or agree-
ment on the part of the Company herein contained, the Company agrees that it will on
demand therefor pay to the Issuer or the Bank (or any other owner of the Bond) the
reasonable fees of such attorneys and such other expenses so incurred by the Issuer or the
Bank (or any other owner of the Bond).
SECTION 6.5. NO REMEDY EXCLUSIVE. No remedy herein conferred
upon or reserved to the Issuer or the Bank (or any other owner of the Bond) is intended to
be exclusive of any other available remedy or remedies, but each and every such remedy
shall be cumulative and shall be in addition to every other remedy given under this
Agreement, the Mortgage, or the Bond Ordinance or now or hereafter existing at law or
in equity or by statute. No delay or omission to exercise any right or power accruing
upon any Event of Default hereunder shall impair any such right or power or shall be
construed to be a waiver thereof, but any such right and power may be exercised from
time to time and as often as may be deemed expedient. In order to entitle the Issuer to
exercise any remedy reserved to it in this Article VI, it shall not be necessary to give any
notice, other than such notice as may be herein expressly required. Such rights and
remedies as are given the Issuer hereunder shall also extend to the Bank and any other
owner of the Bond, and the Bank and any other owner of the Bond shall be deemed third
party beneficiaries of all covenants and agreements herein contained.
SECTION 6.6. NO ADDITIONAL WAIVER IMPLIED BY ONE WAIVER. In
the event any agreement contained in this Agreement should be breached by the Com-
pany and thereafter waived by the Issuer or. the Bank (or any other owner of the Bond),
such waiver shall be limited to the particular breach so waived and shall not be deemed
to waive any other breach hereunder.
-21-
ARTICLE VII
PREPAYMENT OF NOTE
SECTION 7.1. - OPTION TO PREPAY THE NOTE. The Company shall have
and is hereby granted the option to prepay the outstanding principal installments of the
Note in whole, or in part in the amount of $62,500 or any whole multiple thereof, on any
interest payment date, by paying to the Bank for the account of the Issuer such amounts
to be used to redeem all or a portion of the Bond then outstanding, in the manner, at the
redemption prices (including premium, if any), from the sources and at the times
specified in Section 3 of the Bond Ordinance.
Upon a Determination of Taxability or upon damage or destruction of the
Project as provided in the Bond Ordinance, the Company shall have the option to prepay
the Note in whole, on any interest payment date, at the prepayment price of par plus
accrued interest.
SECTION 7.2. REDEMPTION OF THE BOND. To exercise an option
granted to the Company by this Article VII, the Company shall give written notice to the
Issuer and the Bank and the Letter of Credit Bank, which notice shall specify therein the
date upon which prepayment of the Note (or a portion thereof) will be made, which date
shall be not less than three (3) days from the date the notice is mailed, and shall specify
the principal amount of the Note to be so prepaid. The Issuer has directed the Bank to
take forthwith all steps (other than the payment of the money required to redeem the
Bond, or a portion thereof) necessary under the applicable provisions of the Bond Ordi-
nance and the Assignment to effect the redemption of the Bond (or portion thereof) in
amounts equal to the principal amount of the Note prepaid as provided in Section 7.1
hereof.
ARTICLE VIII
FINANCING STATEMENTS
The Company will, at its expense, take all necessary action to maintain and
preserve the lien and security interest of the Mortgage so long as any principal of, pre-
mium, if any, or interest on the Bond is unpaid.
The Company will, forthwith after the execution and delivery of the Mort-
gage and thereafter from time to time, cause the Mortgage (including any amendments
thereof and supplements thereto), the Assignment (including any amendments thereof and
supplements thereto) and any financing statements in respect of the Mortgage and the
Assignment, to be filed, registered and recorded in such manner and in such places as
may be required by law in order to publish notice of and fully to perfect and protect the
liens and security interests created thereby, and from time to time will perform or cause
to be performed any other act as provided by law and will execute or cause to be execu-
ted any and all continuation statements and further instruments that may be requested
by the Issuer or the Bank for such publication, perfection and protection. Except to the
extent it is exempt therefrom, the Company will pay or cause to be paid all filing, regis-
tration and recording fees incident to such filing, registration and recording, and all
expenses incident to the preparation, execution and acknowledgment of such instruments
of further assurance, and all Federal or state- fees and other similar fees, duties, imposts,
assessments and charges arising out of or in connection with the execution and delivery
of the Mortgage, said financing statements and such instruments of further assurance..
-22-
ARTICLE I%
MISCELLANEOUS
SECTION 9.1. NOTICES. All notices, certificates or other communica-
tions shall be sufficiently given and shall be deemed given when the same are (i) deposi-
ted in the United States mail and sent by first class mail, postage prepaid;, or (ii) deliv-
ered, in each case, -to the parties at -the addresses set forth below or at such other
address as a party may designate by notice to the other parties: if to the Issuer, at 100
South Emerson Street, Mount Prospect, Illinois 60156, Attention: Finance Director; if to
the Company, at 5520 W. Touhy Avenue, Skokie, Illinois 60077, Attention: President; if
to the Letter of Credit Bank at The Saitama Bank. Ltd., 44 Wall Street, New York, New
York 10005, Attention: Deputy General Manager; and if to the Bank, at Chemical Bank,
277 Park Avenue, New York, New York 10004, Attention: Frances L. Bonham, Assistant
Manager, provided, that all payments to the Bank shall be made to the Bank at 52
Broadway, New York, New York 10004, Attention: Marlene Stewart, Wholesale Loan
Department, or at such other addresses as may hereafter be given by the parties. A
duplicate copy of each notice, certificate or other communication given hereunder by
either the Issuer or the Company to the other shall also be given to the Bank.
SECTION 9.2. ASSIGNMENT& This Agreement may not be assigned by
either party without consent of the other and the Bank (or any other owner of the Bond),
except that the Issuer shall assign to the Bank its rights under this Agreement as pro-
vided by Section 4.4 hereof, the Bank shall assign its right, title and interest in and to
this Agreement to any successor registered owner of the Bond pursuant to the Assign-
ment, and the Company may without any consent assign to any surviving, resulting or
transferee corporation its rights under this Agreement as provided by Section 5.2 hereof.
SECTION 9.3. SEVERABILITY. If any provision of this Agreement shall be
held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable, the same
shall not affect any other provision or provisions herein contained or render the same
invalid, inoperative or unenforceable to any extent whatsoever.
SECTION 9.4. EXECUTION OF COUNTERPARTS. This Agreement may
be simultaneously executed in several counterparts, each of which shall be an original,
and all of which shall constitute but one and the same instrument; provided, however,
that for purposes of perfecting a security interest in this Agreement by the Bank under
Article 9 of the Illinois Uniform. Commercial Code, only the counterpart delivered,
pledged and assigned to the Bank shall be deemed the original.
SECTION 9.5. AMOUNT'S REMAINING IN BOND FUNIS. It is agreed by
the parties hereto that after payment in full of (i) the Bond, and (ii) all other amounts
required to be paid under this Agreement, the Note, the Assignment, the Mortgage, the
Letter of Credit, the Reimbursement Agreement and the Bond Ordinance, any amounts
remaining in the Bond Fund shall belong to and be paid to the Company by the Bank.
SECTION 9.6. AMENDMENT,% CHANGES AND MODIFICATIONS. Except
as otherwise provided in this Agreement or the Bond Ordinance, subsequent to the initial.
issuance of the Bond and prior to its payment in full, this Agreement may not be effec-
tively amended, changed, modified, altered or terminated without the written consent of
the Bank or any other owner of the Bond.
SECTION 9.7. GOVERNING LAW. This Agreement shall be governed
exclusively by and construed in accordance with the applicable laws of the State of
Illinois.
-23-
SECTION 9.8. AUTHORIZED COMPANY REPRESENTATIVE. Whenever
under the provisions of this Agreement the approval of the Company is required or the
Company is required to take some action at the request of the Issuer, such approval or
such request shall be given for the Company by the Authorized Company Representative,
and the Issuer and the Bank shall be authorized to act on any such approval or request
and neither party hereto shall have any complaint against the other or against the Bank
as a result of any such action taken.
SECTION 9.9. TERM OF THE AGREEMENT. This Agreement shall be in
full force and effect from the date hereof, and shall continue in effect until the payment
in full of all principal of, premium, if any, and interest on the Bond, all expenses of the
Issuer and the Bank required to be paid by the Company hereunder have been paid, and
the Issuer and the Company shall have performed all of their covenants, promises and
obligations hereunder, including payment of the Note in full. All covenants, representa-
tions and certifications by the Company as to all matters affecting the tax-exempt
status of the Bond and covenants of the Company to pay interest at the Initial Taxable
Rate shall survive the termination of this Agreement.
SECTION 9.10. BINDING EFFECT. This Agreement shall inure to the
benefit of and shall be binding upon the Issuer, the Company and their respective succes-
sors and assigns; subject, however, to the limitations contained in Sections 4.4 and 5.2
hereof.
SECTION 9.11. IMMUNITY OF TRUSTEES, OFFICERS AND
EMPLOYEES. No recourse shall be had on any obligation, covenant or agreement in this
Agreement against any past, present or future Trustee, officer or employee of the Issuer,
or any successor to the Issuer, as such, either directly or indirectly, under any rule of law
or equity, statute or constitution, or by the enforcement of any assessment or penalty or
otherwise, and all such liability of any such Trustees, officers or employees as such is
hereby expressly waived and released as a condition of and consideration for the execu-
tion and delivery of this Agreement.
-24-
IN WITNESS WHEREOF, the Issuer and the Company have caused this
Agreement to be executed in their respective names and attested by their duly author-
ized officers and sealed, all as of the date first above written.
(SEAL)
Attest:
Village Clerk
(SEAL)
Attest:
Secretary
VILLAGE OF MOUNT PROSPECT,
COOK COUNTY, ILLINOIS
By
President
TOKO AMERICA, INC.
By
President
The interest of the Village of Mount Prospect, Cook County, Illinois in this
Agreement and all amounts receivable hereunder (except the right to payments, if any,
under Sections 4.2(f), 5.3 and 6.4 hereof) has been assigned and pledged to Chemical
Bank, New York, New York, pursuant to the Assignment and Agreement dated as of
August 1, 1984, by and between the Village of Mount Prospect, Cook County, Illinois, and
said Bank. For purposes of Article 9 of the Illinois Uniform Commercial Code, the
counterpart of this Agreement pledged, delivered and assigned to said Bank shall be
deemed the original.
-25-
DESCRIPTION OF THE LAND
Lot 303 in Kensington Center Resubdivision VIII as recorded in the office of
the Cook County Recorder of Deeds on June 22, 1982 as document 26268098, being a
Subdivision and Resubdivision of lots 303, 305 and 307 in Kensington Center Phase
Three -A, a part of the Northwest z of the Northeast z of- Section 35, Township 42 North,
Range 11 East, of the Third Principal Meridian according to the plat thereof recorded in
the office of the Cook County Recorder of Deeds on May 4, 1981, as document 25859082,
all located in Cook County, Illinois.
IW.400111w i
EQUIPMENT
TORO AMERICA, INC.
PROMISSORY NOTE
FOR VALUE RECEIVED, TOKO AMERICA, INC., a Illinois corporation (the
"Company"), hereby promises to pay to the Village of Mount Prospect, Cook County,
Illinois, or its successors and assigns (the "Issuer"), for deposit in the "Village of Mount
Prospect, Industrial Revenue Bond Fund (Toko America, Inc. Project)" (the 'Bond Fund")
established pursuant to Section 7 of the Bond Ordinance adopted by the members of the
Issuer on August _, 1984 (the 'Bond Ordinance"), and held by and payable at Chemical
Bank (the 'Bank") at 52 Broadway, New York, New York 10004, Attention: Marlene
Stewart, Wholesale Loan Department, in Federal or other immediately available funds
the principal amount of Two Million Dollars ($2,000,000), payable in thirty-two (32)
quarterly installments of $62,500 each, commencing not later than 10:00 A.M. on
November 1, 1986 and not later than 10:00 A.M. on the first day of each February, May,
August and November to and including August 1, 1994, except as the provisions herein-
after set forth with respect to prepayment may become applicable hereto, with interest
on the unpaid principal amount hereof from the date hereof (except upon a Determina-
tion of Taxability and certain other events as provided hereinafter and in Section 4.2 of
the hereinafter described Loan Agreement) at a rate equal to sixty-five percent (65%) of
the Prime Rate (as defined in the hereinafter described Loan Agreement) (the "Tax
Exempt Rate"), which Tax Exempt Rate shall change when and as said Prime Rate
changes, computed on the basis of a calendar year consisting of 360 days and charged on
the basis of the actual number of days elapsed, payable quarterly in Federal or other
immediately available funds not later than 10:00 A.M. on November 1, 1984 and not later
than 10:00 A.M. on the first day of each February, May, August and November thereafter
until this Promissory Note is fully paid.
In the event of an increase or decrease in the Corporate Tax Rate after the
date of this Promissory Note, the Tax Exempt Rate shall be decreased (in the case of an
increase in the Corporate Tax Rate) or increased (in the the case of a decrease in the
Corporate Tax Rate) to the Adjusted Tax Exempt Rate, effective as of the date of such
change in the Corporate Tax Rate. For the purpose hereof, (i) "Adjusted Tax Exempt
Rate" shall mean the product of the Tax Exempt Rate times a fraction (expressed as a
decimal) the numerator of which is the number one minus the Corporate Tax Rate in
effect following such change referred to in the preceding sentence and the denominator
of which is the number one minus the Corporate Tax Rate in effect on the date of issu-
ance of the Bond hereinafter referred to; and (ii) "Corporate Tax Rate" shall mean the
highest marginal statutory rate of Federal income tax imposed on corporations.
In the event of a Determination of Taxability, as defined in the Loan
Agreement hereinafter referred to, the interest rate on this Promissory Note shall be
increased from the Tax Exempt Rate applicable at that time to a rate equal to said
Prime Rate plus one and one half percent (11%) per annum (the "Initial Taxable Rate"),
effective as of the date that interest on said Bond first becomes taxable or, if such date
is not determinable, then the date of the occurrence of said Determination of Taxability,
which Initial Taxable Rate shall change when and as said Prime Rate changes. On the
date of the first quarterly interest payment following said Determination of Taxability,
in addition to the regular quarterly interest payment, a payment shall be made for an
past additional interest at the Taxable Rate due from the date that interest on said Bond
first became taxable or, if such date is not determinable, then the date of the occurrence
of said Determination of Taxability, to the date of the first quarterly interest payment
date following said Determination of Taxability together with any interest and penalties
imposed on the Bondholder on any former Bondholder by reason of its failure to include
the interest paid on said Bond in its Federal income tax return. The provisions of this
paragraph shall be self-executing without the need for any modification or amendment of
this Promissory Note. If any person shall have owned said Bond on or after the date that
interest on said Bond first becomes taxable, or if such date is not determinable then the
date of the occurrence of said Determination of Taxability, but transferred said Bond
prior to the quarterly interest payment date on which such additional interest is to be
paid by the Company, the Company shall pay any such prior owner of said Bond an
amount equal to the difference between the interest accruing on said Bond at the Tax-
able Rate and the interest accruing on said Bond at the Tax Exempt Rate for the period
which such owner owned said Bond from the date that such interest became taxable (or
the date of the occurrence of said Determination of Taxability) to the date of transfer,
plus all income taxes, interest, penalties, fines, additions to tax or other amounts levied
or assessed as a result of said Determination of Taxability. The covenants contained in
this paragraph shall survive the final payment of the principal of, premium, if any, and
interest on this Promissory Note.
If the .Bond remains outstanding after the date of the first quarterly inter-
est payment following the Determination of Taxability, the remaining unpaid principal
installments of this Note shall bear interest from such date at the Prime Rate (the
"Taxable Rate'').
In the event of the occurrence of an "Event of Default" under the Loan
Agreement hereinafter referred to and the continuation of such "Event of Default", this
Promissory Note shall bear interest at the Tax Exempt Rate, the Adjusted Tax Exempt
Rate, the Initial Taxable Rate or the Taxable Rate, as then applicable, plus one and one
half percent (lf%) per annum.
This Promissory Note is issued pursuant to the Loan Agreement dated as of
August 1, 1984, by and between the Issuer and the Company (the "Agreement"), and is
issued in consideration of the loan made thereunder and to evidence the obligations of
the Company set forth in Section 4.2(a) thereof and is secured by a Mortgage and Secur-
ity Agreement dated as of August 1, 1984 by the Company to the Issuer (the "Mort-
gage"). The terms and provisions of the Mortgage, including particularly and without
limitation Section 18 thereof relating to the sale, transfer or other disposition of the
premises described therein, are hereby incorporated herein by this reference as if set
forth herein in full. The Company covenants and agrees that the payments of principal
hereof and premium, if any, and interest hereon shall at all times be sufficient to enable
the Issuer to pay when due the principal of, premium, if any, and interest on its Industrial
Revenue Bond, Series 1984 (Toko America, Inc. Project) in the principal amount of
$2,000,000 (the "Bond").
Each payment of principal of, premium, if any, and interest on this Promis-
sory Note shall at all times be sufficient to pay the total amount of principal of (whether
at maturity or upon acceleration or prior redemption), premium, if any, and interest on
the Brand on the same date; provided that the Excess Amount (as hereinafter defined)
held by the Bank in the Bond Fund on a payment date shall be credited against the pay-
ment due hereon on such date; and provided further that, subject to the provisions of the
next succeeding sentence, if at any time the amount held by the Bank in the Bond Fund
should be sufficient (and remain sufficient) to pay at the times required the principal of,
premium, if any, and interest on the Bond then remaining unpaid, the Company shall not
be obligated to make any further payments hereunder. Notwithstanding the provisions of
the preceding sentence, if on any date the Excess Amount held by the Bank in the Bond
Fund is insufficient to make the then required payments of principal of, premium, if any,
-2-
or interest on the Bond (whether at maturity or upon acceleration or prior redemption) on
such date, the Company shall forthwith pay such deficiency hereunder. The term "Excess
Amount" as of any date shall mean the amount in the Bond Fund on such date in excess of
the amount required for payment of the principal of the Bond at maturity and past due
interest in all cases where the Bond has not been presented for payment. The total
payments to be made by the Company hereunder shall be sufficient to pay when due the
principal of, premium, if any, and interest on the Bond (whether at maturity or upon
acceleration or prior redemption).
This Promissory Note is entitled to the benefits and is subject to the condi-
tions of the Agreement. The obligations of the Company to make the payments required
hereunder shall be absolute and unconditional without any defense or right of set-off,
counterclaim or recoupment by reason of any default by the Issuer under the Agreement
or any default by the Bank under the Agreement, the Mortgage any other agreement
between the Company and the Issuer or the Bank, or out of any indebtedness or liability
at -any time owing to the Company by the Issuer or the Bank, or for any other reason.
This Promissory Note is subject to optional prepayment, in whole or in part,
as provided in Article VII of the Agreement.
In certain events, on the conditions, in the manner and with the effect set
out in the Agreement, the principal of this Note may be declared due and payable before
the stated maturity thereof, together with accrued interest thereon. Reference is
hereby made to the Agreement for a complete statement of the terms and conditions
under which the maturity of this Note may be accelerated. As more fully set forth in the
Agreement, the maturity of this Promissory Note may be accelerated upon any Event of
Default as therein defined. Included among the Events of Default is a failure by the
Company to pay any installment of principal of, premium, if any, or interest on this
Promissory Note or under the Agreement at the times specified therein or herein.
If: (i) this Promissory Note or the Agreement, the Mortgage or any docu-
ment referred to therein is placed in the hands of an attorney for collection or enforce-
ment or is collected or enforced through any legal proceeding; (ii) an attorney is retained
to represent the Issuer or the Bank (or any other holder hereof) in any bankruptcy, reor-
ganization, receivership, or other proceedings affecting creditors' rights and involving a
claim under this Promissory Note, the Agreement, the Mortgage or any other such docu-
ment; (iii) an attorney is retained to protect or enforce the lien of the Mortgage or the
Mortgage, this Promissory Note or any other such document; or (iv) an attorney is
retained to represent the Issuer or the Bank (or any other holder hereof) in any other
proceedings whatsoever in connection with this Promissory Note, the Agreement, the
Mortgage, any of such other documents or any property subject thereto, then the Com-
pany shall pay to the Issuer, the Bank or any other holder hereof all attorneys' fees, costa
and expenses incurred in connection therewith, in addition to all other amounts due
hereunder.
The Company, each guarantor hereof, if any, and any and all others who are
now or may become liable for all or part of the obligations of the Company under this
Promissory Note (all of the foregoing being referred to collectively herein as the "Obli-
gors") agree to be jointly and severally bound hereby and jointly and severally. (i) waive
and renounce any and all redemption and exemption rights and the benefit of all valua-
tion and appraisement privileges against the indebtedness evidenced by this Promissory
Note or by any extension or renewal hereof; (ii) waive presentment and demand for
payment, notices of nonpayment and of dishonor, protest of dishonor, and notice of
protest; (iii) waive all notices in connection with the delivery and acceptance hereof and
-3-
all other notices in connection with the performance, default, or enforcement of the
payment hereof or hereunder, unless specifically required by the Agreement or the
Guaranty (as defined in the Agreement); (iv) waive any and all lack of diligence and
delays in the enforcement of the payment hereof; (v) agree that the liability of each of
Obligors shall be unconditional and without regard to the liability of any other person or
entity for the payment hereof, and shall not in any manner be affected by any indulgence
or forbearance granted or consented to by the Issuer or the Bank (or any other holder
hereof) to any of them with respect hereto; (vi) consent to any and all extensions of time,
renewals, waivers, or modifications that maybe granted by the Issuer or the Bank (or any
other holder hereof) with respect to the payment or other provisions hereof, and to the
release of any security at any time given for the payment hereof, or any part thereof,
with or without substitution, and to the release of any person or entity liable for the
payment hereof; and (vii) consent to the addition of any and all other makers, indorsers,
guarantors, and other obligors for the payment hereof, and to the acceptance of any and
all other security for the payment hereof, and agree that the addition of any such obli-
gors or security shall not affect the liability of any of Obligors for the payment hereof.
No recourse shall be had for the payment 'of this Promissory Note, or for
any claim based hereon or on the Agreement, against any officer, director or stock-
holder, past, present or future, of the Company as such, either directly or through the
Company, under any constitutional provision, statute or rule of law, or by the enforce-
ment or any assessment or by any legal or equitable proceeding or otherwise.
IN WITNESS WHEREOF, the Company has caused this Promissory Note to
be duly executed, attested, sealed and delivered as of August , 1984.
TORO AMERICA, INC.
(SEAL) By
President
ATTEST:
By
Secretary
-4-
ENDORSEMENT
Pay, without recourse, to the order of Chemical Bank, as assignee under
the Assignment and Agreement dated as of August 1, 1984, from the undersigned. , -
(SEAL)
Attest:
Village Clerk
-5-
VILLAGE OF MOUNT PROSPECT,
COOK COUNTY, ILLINOIS
By
President
4
ASSIGNMENT AND AGREEMENT
THIS ASSIGNMENT AND AGREEMENT (the "Assignment") dated as of
August 1, 1984, by and between the VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS, to a political subdivision and a home rule unite of government under Section
6(a) of the Article VII of the 1970 Constitution of the State of Illinois (the "Issuer"), and
CHEMICAL BANK, New York, New York, a banking corporation duly organized and
validly existing under the laws of the State of New York (the "Bank");
WITNESSETH:
1. The Issuer hereby assigns and pledges to the Bank, and its successors and
assigns, as security for the due and punctual payment of the principal of, premium, if
any, and interest on the Industrial Revenue Bond, Series 1984 (Toko America, Inc.
Project) in the principal amount of $2,000,000 (the "Bond") issued by the Issuer pursuant
to a Bond Resolution adopted by the governing body of the Issuer on August , 1984
(the "Bond Resolution"), all of its right, title and interest in and to, and including without
limitation its rights to payment of any and all amounts which may become due under, (a)
the Loan Agreement (the "Agreement") dated as of August 1, 1984, by and between the
Issuer and Toko America, Inc., a corporation duly organized and validly existing under the
laws of the State of Illinois (the "Company"), as amended from time to time, except any
payment made pursuant to Section 4.2(f) of the Agreement relating to the payment by
the Company of reasonable and necessary expenses of the Issuer, Section 5.3 of the
Agreement relating to indemnification of the Issuer by the Company and Section 6.4 of
the Agreement relating to the duty of the Company to reimburse the Issuer for attorneys'
fees and expenses upon an "Event of Default" thereunder, which Agreement relates to
the financing by the Issuer of a portion of the cost of acquisition of land and the con -
D071784
a
struction and equipping of a building thereon (the "Project"), (b) the Promissory Note of
the Company made payable to the Issuer and endorsed by the Issuer to the Bank under the
terms of the Agreement (the "Note"), (c) the Mortgage and Security Agreement dated as
of August 1, 1984, by and between the Company, the Issuer and The Saitama Bank, Ltd.
(the "Letter of Credit Bank") (the "Mortgage"), including without limitation the lien on
the premises described therein and in Exhibit A attached hereto and made a part hereof,
and (d) all other rights and remedies to enforce such payment of any amount due the
Issuer by the Company under the Agreement, the Note and the Mortgage.
2. The Bank acknowledges receipt of an executed counterpart of the
Agreement and a certified copy of the Bond Resolution, and agrees to hold and disburse
all funds which it may receive pursuant to the Agreement or the Bond Resolution in
accordance with the applicable provisions thereof. The Bank accepts its responsibilities
with respect to the Construction Fund as specified in Section 5 of the Bond Resolution
and the Bond Fund as specified in Section 7 of the Bond Resolution. Disbursements from
the Construction Fund and the Bond Fund shall only be made in accordance with the
applicable provisions of the Agreement and the Bond Resolution. The Bank further
agrees to perform such other duties and obligations as are specifically set forth herein
and in (i) the Bond Resolution, (ii) the Agreement and (iii) the Mortgage. In the perfor-
mance of such duties and obligations, the Bank may rely and shall be protected in acting
or refraining from acting on any instrument believed by the Bank to be genuine and to
have been filed or presented by the proper party or parties. The Bank shall not be liable
for any action taken or omitted to be taken by the Bank in good faith and believed by the
Bank to be authorized hereby or by the Agreement, the Bond Resolution or the Mortgage,
nor for any action taken or omitted to be taken by the Bank in accordance with the
advice of its attorney.
-2-
K
3. The parties agree that the assignment and pledge made hereby shall not
subject the Bank to, transfer, pass or in any way affect or modify, any obligations, if any,
of the Issuer under the Agreement, it being understood and agreed that all such obliga-
tions, if any, of the Issuer shall be and remain enforceable only against the Issuer. This
Assignment is given solely for the purpose of securing the obligations of the Issuer refer-
red to in Section 1 hereof.
4. The Bank is hereby authorized and directed (a) to promptly apply
amounts available therefor in the Bond Fund to the payment of the principal of, pre-
mium, if any, and interest on the Bond (whether at maturity or upon acceleration or call
for redemption) in the manner contemplated by the Bond Resolution; and (b) to note on
Schedule A attached to the Bond the amounts of principal of and interest on the Bond
paid (whether at maturity or upon acceleration or call for redemption). Upon request by
the Company or the Issuer, the Bond shall be available for inspection by the Company or
the Issuer during regular banking hours at the principal office of the Bank in the City of
New York, New York for the purpose of checking such notations on said Schedule A.
5. The Issuer represents and warrants that the rights of the Issuer under
the Agreement, the Note and the Mortgage assigned and pledged hereby are owned by the
Issuer, free and clear of any lien, charge, mortgage, pledge, security interest or encum-
brance.
6. If an "Event of . Default" shall occur and be continuing under the Agree-
ment, the Bank, without obligation to resort to any other security, at its own expense or
the expense of the Company, shall have the right at any time and from time to time, in
its sole discretion, to enforce the rights and remedies specified in Article VI of the
Agreement pledged and assigned hereunder, to enforce the rights and remedies under the
Note, the Mortgage, and the Bond Resolution, and to take any and all action which, in the
-3-
the judgment of the Bank, is necessary or appropriate to enforce the rights of the Issuer
in respect of its interests in the moneys payable under the Agreement and the Note,
including drawing on the Letter of Credit dated the date of the Bond from the Letter of
Credit Bank in favor of the Bank (the "Letter of Credit"). Upon any such enforcement of
rights under the Agreement, the Note, the Mortgage, or the Bond Resolution, after
deducting all costs and expenses of every kind of the Bank and the Issuer, including attor-
neys' fees, from the proceeds of any recovery, the Bank shall apply any residue to the
payment of any liabilities of the Issuer on the Bond, all as provided in the Bond
Resolution. The balance, if any, remaining after payment in full of all of the liabilities
of the Issuer on the Bond shall be paid to the Company pursuant to Section 9.5 of the
Agreement.
7. The remedies provided herein shall not be deemed exclusive, but shall be
cumulative and shall be in addition to all other remedies existing at law or in equity or by
statute.
8. During the term of this Assignment, unless compliance shall have been
waived in writing by the Bank, the Issuer agrees:
(a) it will deliver to the Bank copies of any documents delivered to the
Company under the Agreement; and
(b) it will not consent to or agree to any modifications of the Bond Resolu-
tion or the Agreement or waive any of the terms thereof without the prior written
consent of the Bank or any other owner of the Bond.
9. Notwithstanding the foregoing provisions of this Assignment, the Bank
understands and agrees that the obligations of the Issuer to pay the principal of,
premium, if any, and interest on the Bond are limited obligations of the Issuer payable
solely and only out of the payments required under the Note and under Section 4.2(a) of
-4-
the Agreement and out of certain other payments required by the Agreement (except as
otherwise provided in the Bond Resolution), and that the Bond and the obligation to pay
interest thereon do not constitute an indebtedness or a loan of credit of the Issuer, the
State of Illinois or of any political subdivision thereof, or a charge against their general
credit or taxing powers, within the meaning of any constitutional or statutory provision.
10. No delay on the part of the Bank in exercising any of its options,
powers or rights, or any partial or single exercise thereof, shall constitute a waiver
thereof.
11. The Issuer agrees that it will from time to time, at the reasonable
request of the Bank, execute and deliver such instruments of further assurance with
respect to the assignment, pledge and security interest provided for in this Assignment as
the Bank may specify. Upon the request of the Bank, the Issuer agrees to execute and
file or cause to be filed a financing statement under the Uniform Commercial Code of
Illinois or any other document the filing of which, in the judgment of the Bank, is nec-
essary or desirable to establish and protect its security interest in such revenues and
income and the rights of the Issuer under the Agreement, the Note and the Mortgage
assigned or pledged to the Bank pursuant to the Bond Resolution and this Assignment.
Upon the payment in full of the principal of, premium, if any, and interest on the Bond,
the Bank, or any other owner of the Bond, will surrender the Bond, cancel the Bond,
deliver the Bond to the Issuer and deliver a copy of the cancelled Bond to the Company.
Upon the termination of this Assignment, the Bank will execute and deliver to the Issuer
all releases and other instruments reasonably requested by the Issuer or the Company for
the purpose of evidencing the release and discharge of the liens and security interest
evidenced by this Agreement.
-5-
12. The Bank hereby covenants and agrees that, in the event the Bank shall
assign or transfer the Bond, if shall assign to any such assignee or transferee of the Bond
all of its right, title and interest in and to this Assignment,
. The rights and obligations of the Bank under
this Assignment, _ shall inure to and be
assumed by such assignee or transferee of the Bond.
13. All notices, demands or other communications hereunder shall be in
writing and shall be given and shall be deemed to have been given when the same are (i)
deposited in the United States mail and sent by first class mail, postage prepaid, or (ii)
delivered, in each case to the parties at the following addresses or at such other address
as a party shall give by notice to the other parties: if to the Issuer, at 100 South
Emerson Street, Mount Prospect, Illinois. 60156, Attention: Finance Director; if to the
Bank, at Chemical New York Corporation-U.S.A., 70 West Madison Street, Chicago,
Illinois 60602, Attention: Anne E. Liddell, Assistant Vice President, provided, that all
payments to the Bank shall be made to the Bank at 52 Broadway, New York, New York
10004, Attention: Marlene Stewart, Wholesale Loan Department; and if to the Company,
at 5520 West Touhy Avenue, Skokie, Illinois 60077, Attention:
President, or at such other address as the parties
may hereafter provide. A duplicate copy of each notice, demand or other communication
given hereunder by either the Issuer or the Bank to the other shall also be given to the
Company.
14. This Assignment, including the rights, duties and obligations of the
Bank hereunder, shall be governed by and construed in accordance with the laws of the
State of Illinois.
15.
If any
provision of
this Assignment shall be held or deemed to be or
shall, in fact, be
illegal,
inoperative
or unenforceable, the same shall not affect any
-6-
other provision or provisions contained herein or render the same invalid, inoperative or
unenforceable to any extent whatsoever.
16. This Assignment may be simultaneously executed in several counter-
parts, each of which shall be an original and all of which shall constitute but one and the
same instrument.
IN WITNESS WHEREOF, the Issuer and the Bank have caused this Assign-
ment to be executed in their respective names and attested by their duly authorized
officers and sealed, all as of the date first above written.
COUNTY,
(SEAL)
Attest:
Village Clerk
Attest:
Its
-7-
VILLAGE OF MOUNT PROSPECT, COOK
ILLINOIS
By
President
CHEMICAL BANK
By_
Its
STATE OF ILLINOIS )
SS
COUNTY OF COOK )
I, , a Notary Public in and for the said County in
the State aforesaid, do hereby certify that Carolyn H. Krause and Carol Fields personally
known to me to be the same persons whose names are, respectively, as the President and
the Village Clerk of the VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS,
to a political subdivision and a home rule unit of government under Section 6(a) of
Article VII of the 1970 Constitution of the State of Illinois, subscribed to the foregoing
instrument, appeared before me this day in person and severally acknowledged that they,
being thereunto duly authorized, signed, sealed with the seal of said municipality and
delivered the said instrument as the free and voluntary act of said municipality and as
their own free and voluntary act, for the uses and purposes therein set forth.
GIVEN under my hand and notarial seal this day of August, 1984.
Notary Public in and for
Cook County, Illinois
(SEAL)
My Commission expires:
STATE OF )
COUNTY OF )
11 , a Notary Public in and for the said county
in the State aforesaid, do hereby certify that and
personally known to me to be the same persons
whose names are, respectively, as and
of CHEMICAL BANK, a banking corporation duly
organized and validly existing under the laws of the State of New York, subscribed to the
foregoing instrument, appeared before me this day in person and severally acknowledged
that they, being thereunto duly authorized, signed, and delivered the said instrument as
the free and voluntary act of said banking corporation and as their own free and
voluntary act, for the uses and purposes therein set forth.
GIVEN under my hand and notarial seal this day of
1984.
Notary Public in and for
County,
(SEAL)
My Commission expires:
EXHIBIT A
DESCRIPTION OF THE LAND
Lot 303 in Kensington Center Resubdivision VIII as recorded in the office of
the Cook County Recorder of Deeds on June 22, 1982 as document 26268098, being a
Subdivision and Resubdivision of lots 303, 305 and 307 in Kensington Center Phase
Three -A, a part of the Northwest ; of the Northeast z of Section 35, Township 42 North,
Range 11 East, of the Third Principal Meridian according to the plat thereof recorded in
the office of the Cook County Recorder of Deeds on May 4, 1981, as document 25859082,
all located in Cook County, Illinois.
BOND PURCHASE AGREEMENT
THIS IS A BOND PURCHASE AGREEMENT dated as of August 1, 1984, by
and between the VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, a politi-
cal subdivision and a home rule unit of government under Section 6(a) of Article VII of
the 1970 Constitution of the State of Illinois (the "Issuer"), and CHEMICAL BANK, New
York, New York, a banking corporation duly organized and validly existing under the laws
of the State of New York (the "Bank").
SECTION 1. Re resentations and Warranties.
The Issuer represents and warrants that:
1.1. Author. Its representations and warranties contained in the Loan
Agreement (the "Agreement") dated as of August 1, 1984, by and between the Issuer and
Toko America, Inc., a corporation duly organized and validly existing under the laws of
the State of Illinois (the "Company"), are true and correct. The Issuer further represents
and warrants that the execution and delivery of this Bond Purchase Agreement, the
Agreement, the Mortgage and Security Agreement dated as of August 1, 1984, by and
between the Company and the Issuer (the "Mortgage"), the Assignment and Agreement
dated as of August 1, 1984, by and between the Issuer and the Bank (the "Assignment"),
and the Industrial Revenue Bond, Series 1984 (Toko America, Inc. Project) in the princi-
pal amount of $2,000,000 (the "Bond") issued pursuant to the Bond Resolution duly
adopted by the governing body of the Issuer on August _, 1984 (the "Bond Resolution"),
are within its authority, have been duly authorized by proper proceedings, and will not
contravene any provision of applicable law or of any judgment, action, decree, agreement
or instrument binding on it; and that the Bond Resolution has been duly adopted by the
governing body of the Issuer, and is in full force and effect without amendment thereto.
1.2. Use of Proceeds. The full proceeds (except accrued interest, if any,
paid into the Bond Fund, as hereinafter defined) from the sale of the Bond to be issued
under the Bond Resolution will be deposited in the Construction Fund (as defined in
Section 5 of the Bond Resolution) (the "Construction Fund"), and used as provided in the
Agreement and the Bond Resolution. The proceeds of the sale of the Bond to be issued
under the Bond Resolution will not be used for any purpose other than as provided in the
Agreement and the Bond Resolution.
1.3. Litigation and Governmental Authorization. There is no action or
proceeding pending, or to the knowledge of the Issuer, threatened by or against the Issuer
before any court or administrative agency which might adversely affect the authority or
ability of the Issuer to perform its obligations under the Agreement, the Mortgage, the
Assignment, this Bond Purchase Agreement or the Bond. All authorizations, consents and
approvals of governmental bodies or agencies required in connection with the execution
and delivery of the Agreement, the Mortgage, the Assignment, this Bond Purchase
Agreement and the Bond, or in connection with the carrying out by the Issuer of its
obligations under the Agreement, the Mortgage, the Assignment, this Bond Purchase
Agreement and the Bond have been obtained.
SECTION 2. The Bond.
2.1. Issuance of the Bond. The Bank agrees, upon the terms and subject to
the conditions conf—afni.-ed in this Bond purchase Agreement, to purchase from the Issuer,
and the Issuer agrees to issue and sell to the Bank, the Bond in the principal amount of
$2,000,000 at a purchase price equal to the principal amount of the Bond plus accrued
D071784
�A,
interest to the date of delivery, if any, which purchase price shall be paid in immediately
available funds. The purchase price shall be paid by the Bank by crediting $2,000,000 to
the Construction Fund and crediting accrued interest, if any, to the Bond Fund (as
defined in the Bond Resolution), and such payment shall be evidenced to the Issuer by a
written advice of the Bank. The Bond shall be designated "Industrial Revenue Bond,
Series 1984 (Toko America, Inc. Project)", shall be dated the date of delivery, shall
mature on July 1, 1994, shall bear interest (except upon a Determination of Taxability
and certain other events as provided in the Agreement) at a rate equal to sixty-five per
cent (65%) of the Prime Rate (as defined in the Bond Resolution) (the "Tax Exempt
Rate"), which Tax Exempt Rate shall change when and as said Prime Rate changes,
computed on the basis of a calendar year consisting of 360 days and charged on the basis
of the actual number of days elapsed, payable on November 1, 1984 and on the first day
of each February, May, August and November thereafter, shall be subject to prior
redemption as set forth in the Bond and the Bond Resolution, and shall be in substantially
the form set forth in, and subject to the terms and provisions of, the Bond Resolution.
2.2. Closi. The purchase of the Bond shall take place at the offices of
Chapman and Cutler, Bond Counsel, on a mutually agreeable date not later than August
31, 1984 (or on such later date if agreed upon by the Bank, the Issuer and the Company).
2.3. Conditions of Purchase of the Bond. The obligation of the Bank to
purchase the Bond hereunder is conditioned upon:
(1) The Bond is issued pursuant to the Bond Resolution and
secured by a Mortgage and Security Agreement dated as of August 1,
1984 between the Company and the Issuer and The Saitama Bank,
Ltd., the "Letter of Credit Bank", and by an irrevocable letter of
credit from The Saitama Bank, Ltd. in favor of the Bank (the "Letter
of Credit");
(2) the fact that at the conclusion of such sale and after the
application of any proceeds therefrom no default specified in the
Agreement or the Bond Resolution and no event which, with the
giving of notice or lapse of time or both, would become such a default
shall have occurred and be continuing;
(3) the fact that the representations and warranties of the
Issuer contained or referred to in Section 1 hereof, the representa-
tions and warranties of the Company in the Agreement and the Mort-
gage are true and correct on and as of such date of purchase;
(4) receipt by the Bank of the Bond, the Promissory Note of
the Company issued pursuant to the Agreement (the "Note") and the
Letter of Credit;
(5) receipt by the Bank of a certified copy of the Bond Reso-
lution and fully executed copies of this Bond Purchase Agreement, the
Agreement and the Assignment.
(6) receipt by the Bank of the opinion of Masuda, Funai, Eifert
& Mitchell, Ltd., Chicago, Illinois, Counsel for the Company, dated
the date of such purchase and in form and substance satisfactory to
the Bank and Chapman and Cutler;
-2-
(7) receipt by the Bank of an opinion of Pedersen be Houpt,
P.C., Chicago, Illinois, counsel for the Issuer, dated the date of such
purchase, in form and substance satisfactory to the Bank and
Chapman and Cutler;
(8) receipt by the Bank of an opinion of Chapman and Cutler,
as bond counsel, dated the date of such purchase and in a form satis-
factory to the Bank, to the effect that the Bond has been duly author-
ized, executed and delivered by the Issuer and is a valid and binding
limited obligation of the Issuer, that the Agreement and the Assign-
ment have been duly authorized, executed and delivered by the Issuer
and constitute the legal, valid and binding obligations of the Issuer
enforceable in accordance with their respective terms (subject to any
applicable bankruptcy, reorganization, insolvency, moratorium or
other similar laws or equitable principles affecting the rights and
remedies of creditors and secured parties) and to the further effect
that interest paid on the Bond will be excludable from the gross
income of the recipients thereof for Federal income tax purposes,
except for interest on the Bond held by a "substantial user" of the
Project or a "related person" within the meaning of Section 103 of the
Internal Revenue Code of 1954, as amended and including appropriate
references to pending Federal tax legislation, if any, affecting the tax
exempt status of interest paid on the Bond;
(9) receipt by the Bank of arbitrage certifications signed by
authorized officers of the Issuer and the Company, dated the date of
such purchase and in form and substance satisfactory to the Bank and
to Chapman and Cutler;
(10) receipt by the Bank of a mortgagee's title insurance
policy in the amount of $2,000,000 insuring title to the land and
building constituting a portion of the Project (as defined in the Bond
Resolution) written by Title Insurance Company of Minnesota, dated
the date of delivery of the Bond, with comprehensive endorsement
number 1 and zoning endorsement 3.1, with extended coverage over
all printed Schedule B exceptions, showing title in the Company,
subject only to the General Exclusions in that company's policies;
(11) receipt by the Bank of a survey of the real property des-
cribed in the Agreement and the Mortgage, prepared and certified by
an Illinois licensed land surveyor acceptable to the Bank, naming the
Bank and Title Insurance Company of Minnesota as the entities for
whom it is prepared, and complying with Illinois Land Survey
Standards and ATA-ACSM Standards; such survey shall contain a
certification of the surveyor that said real property is not located in a
flood area as designated by Federal or state authorities;
(12) receipt by the Bank of an MAI appraisal satisfactory to
the Bank of the property of the 'Company located in the Village of
Mount Prospect, Illinois;
(13) receipt by the Bank of the certificates of insurance
required by the Mortgage;
-3-
(14) receipt by the Bank of a certificate of the architect for
the Project to the effect that the Project has been constructed to
date in conformity with all building, fire and environmental codes and
regulations, and if said Project is completed then also to the effect
that the Project has been completed in conformity with the plans and
specifications therefor; -
(15) receipt by the Bank, if available, of a permanent, tempo-
rary or conditional certificate of occupancy for said Project;
(16) receipt by the Bank of 1983 year-end audited financial
statements of the Company;
(17) receipt by the Bank of a certificate of non -default from
the Company; and
(18) receipt by the Bank of all other documents and opinions it
may reasonably request relating to (i) the existence of the Issuer, (ii)
the authority for and validity of the Bond, the Bond Resolution, the
Agreement, the Assignment, the Mortgage and this Bond Purchase
Agreement, and (iii) other matters relevant thereto, all in form and
substance satisfactory to the Bank.
The receipt by the Issuer of payment by the Bank of the purchase price of the Bond under
Section 2.1 hereof shall be deemed to be a representation and warranty by the Issuer as
of the date of such receipt as to the facts specified in subsections (1) and (2) above.
SECTION 3. Re resentations and Covenants.
3.1. The Issuer reaffirms to the Bank its covenants and agreements con-
tained in the Agreement.
3.2. The Bank represents that in purchasing the Bond it is not relying on
any representations of the Issuer with respect to the financial quality of the Bond. The
Bunk is relying solely on statements and representations of the Company and the Letter
of Credit Bank and on its own knowledge and investigation of the facts and circum-
stances relating to the purchase of the Bond. The Bank hereby waives any claims that it
may have against the members of the governing body of the Issuer arising out of any
action such governing body has taken or should have taken in the authorization, issuance
or sale of the Bond or with respect to any statement or representation made by the Issuer
in connection with the authorization, issuance and sale of the Bond.
3.3. The Bank represents that its business is that of a commercial bank,
having assets in excess of $50,000,000. In connection with its business, the Bank holds an
extensive portfolio of investments and other securities. The Bank has knowledge and
experience in financial and business matters and is capable of evaluating the merits and
risks of purchasing the Bond.
3.4. The Bank represents that it is familiar with the businesses and proper-
ties of the Company, and has determined that the Bond be secured not only by the Note,
but also by a mortgage of and security interest in the Project (as defined in the Agree-
ment) and by the Letter of Credit.
-4-
3.5. The Bank represents that the Issuer and the Company have made
information available to the Bank during the course of the transaction and prior to the
purchase of the Bond, and have given representatives of the Bank the opportunity to ask
questions and receive answers from the Company concerning the terms and conditions of
the Bond offering and to obtain any additional information relative to the financial data
and business of the Company and the properties to be mortgaged. The Bank hereby
represents that it has been offered access to all information about the Company which it
has determined to be relevant to its decision to make the investment in the Bond con-
templated herein.
3.6. The Bank understands that the Bond has not been registered under the
Securities Act of 1933, as amended. The Bank represents that it is purchasing the Bond
for investment for its own account and not with the present view of transferring the
Bond or any portion thereof.
3.7. It is agreed that in the event that the Bank sells, assigns or otherwise
transfers the Bond to any other owner, it will do so only in accordance with the then
applicable provisions of the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended.
3.8. The Company will pay all expenses of the Bank and the Issuer in
connection with the preparation of documents, the issuance and delivery of the Bond,
including the fees and out-of-pocket expenses of Chapman and Cutler, bond counsel, and
will pay all of its own expenses. The Company agrees to hold the Bank and the Issuer
harmless from any such fees and expenses notwithstanding the failure to complete the
purchase of the Bond.
SECTION 4. Miscellaneous.
4.1. Limitation. Anything in this Bond Purchase Agreement to the con-
trary notwithstanding, no official of the Issuer shall be personally liable on this Bond
Purchase Agreement or any contract or obligation executed pursuant hereto.
4.2. Notices. All notices, demands or other communications hereunder
shall be in writing and shall be deemed to have been given when the same are (i) deposi-
ted in the United States mail and sent by first class mail, postage prepaid, or (ii) deliv-
ered, in each case, to the parties at the addresses set forth below or at such other
address as a party may designate by notice to the other parties:
(a) if to the Issuer, at 100 South Emerson Street, Mount Prospect, Illinois
60156, Attention: Finance Director; and
(b) if to the Bank, at Chemical New York Corporation - U.S.A., 70 West
Madison Street, Chicago, Illinois 60602, Attention: Anne E. Liddell, Assistant Vice
President; provided, that all payments to the Bank shall be made to the Bank at 52
Broadway, New York, New York 10004, Attention: Marlene Stewart, Wholesale Loan
Department.
A copy of all such notices, demands or other communications hereunder
shall be mailed to the Company at 5620 West Touhy, Skokie, Illinois 60077, Attention:
President.
4.3. Term of Agreement. The term of this Bond Purchase Agreement shall
be until the termination of the obligation of the Bank to purchase the Bond hereunder or
-5-
until the payment in full of the Bond and any other amounts due to the Bank under the
Agreement, the Note, the Assignment, the Mortgage and the Letter of Credit, whichever
is later.
4.4. Copies of Certificates, etc. Whenever the Issuer is required to deliver
notices, certificates, opinions, statements or other information hereunder to the Bank, it
shall do so in such number of copies as the Bank shall reasonably specify.
4.5. No Waivers. No failure or delay by the Bank in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of
any other right, power or privilege.
4_6. Governin Law. This Bond Purchase Agreement and the Bond shall be
deemed to be a contract made under and shall be construed in accordance with and
governed by the laws of the State of Illinois.
4.7. Changes, Waivers, etc. Neither this Bond Purchase Agreement nor
any provisions hereof may be changed, waived, discharged or terminated, except by a
statement in writing signed by each party against which enforcement of the change,
waiver, discharge or termination is sought.
4.8. Counter arts. This Bond Purchase Agreement may be signed in any
number of counterparts with the same effect as if the signatures thereto and hereto were
upon the same instrument. Complete sets of counterparts shall be lodged with the Issuer
and the Bank.
IN WITNESS WHEREOF, the Issuer and the Bank have caused this Bond
Purchase Agreement to be executed in their respective names and attested by duly
authorized officers, all as of the date first above written. -
(SEAL)
Attest:
Village Clerk
Attest:
Its
VILLAGE OF MOUNT PROSPECT,
COOK COUNTY, ILLINOIS
By
President
CHEMICAL BANK
By
Its
-6-
.
The Company acknowledges receipt of a copy of the Bond Purchase Agree-
ment and assents to all of its terms and conditions insofar as they create obligations on
behalf of the Company, all as of the date first above written.
TOKO AMERICA, INC.
BY�w..�.m. ....._w_
President
(SEAL)
Attest:
Secretary
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: ZBA-27-V-84, TEXT AMENDMENT TO PERMIT ON -PREMISE
DRY CLEANING IN A B-3 DISTRICT
DATE: JULY 31, 1984
Petitioner, Bom Jick Lee, requests a text amendment to the B-3
Zoning District deleting the prohibition of cleaning, dyeing and
laundry on --premise and instead permitting such small service
locations limiting their operation to include no more than three
satellite dry cleaning pickup locations.
This proposal being a text amendment to the B-3 District would
apply in all B-3 Districts throughout the Village.
The Zoning Board of Appeals considered this request at their July
26 meeting and voted 5-0 to recommend approval of the text
amendment. The staff concurs in recommending approval of this
text amendment allowing up to three satellite units and operating
as a permitted use in the B-3 District.
KHF: hg
MINUTES OF THL _JUNT PROSPECT ZONING BU,.AD OF APPEALS
Case No, ZBA 27-A-84 Hearing Date: July 26, 1984
Petitioner: Bom Jick Lee
Publication Date: July 9, 1984
Request: Text Amendment to B-3 Zoning to delete
prohibition ofcleaning, dyeing and
laundry on premises, Section 14.2001.B,12
and to amend Section 14.2001.A.2 to. read
"Cleaning, dyeing, or laundry establishments
where any cleaning, dyeing, or laundry
done on premises is limited to no more than
three (3) satellite locations."
ZBA Attendance: Gilbert Basnik, Chairman
Robert Brettrager
Ronald Cassidy
John Green
Marilyn O'May'
ZBA Absent: Lois Brothers'
Len Petrucelli (arrived later in meeting)
Objectors: None
Mar Lee spoke for the petitioner stating that the family presently
-
operates a dry cleaning drop-off (satellite) business on north
Elmhurst Road at Camp Mc Donald Road. The actual cleaning is done
at their Arlington Heights store and the volume is such that they want
to be able to have the cleaning done .at the Mount Prospect store,
which make it self-supporting.
The staff comments were noted, with the only concern having been
expressed by Code Enforcement relative to disposal of waste
materials.. - Ms. Lee explained that the federal guidelines allow
for the storage of a certain amount-of chemicals. The cleaning
operation would• only require half the amount allowed.
The subject of satellite stores =ias discussed, It was recommended
that if this text amendment was granted,"a limitation of be placed
to serve no more than 3 satellite locations.
The staff stated they thought the request was reasonable and as
long as the petitioner guaranteed the use and disposal of chemicals
was monitored would have no objection to the text amendment,
Mrs. O'May, seconded by Mr. Brettrager, moved to recommend granting
the text amendment in ZBA 27-A-84.
Upon roll call: Ayes: Brettrager, Cassidy, Green, O'May, Basnik
Nays; None
Motion carried.
This recommendation will be forwarded to the Village ''Board
Carol A. Fields, Recor'dinq'Secretary
Village of Mount Prospect
Mount Prospect, Illinois c
INTEROFFICE MEMORANDUM"1,
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: ZBA-28-V-84, 800 CATHY LANE
DATE: AUGUST 1, 1984
The petitioner, Gary Mundt, is seeking a variation from the
Zoning Ordinance to allow a driveway width of 21'8" rather than
the permitted 18 feet. Work proceeded without benefit of permit
or variation. The request for the variation is recommended for
approval by both the Zoning Board of Appeals and the staff since
adequate sight distances are maintained and attempts have been
made to accommodate mature landscaping on the site without
compromising safety. The Zoning Board of Appeals voted 5-0
recommending approval of the variation.
KHF: hg
,." MINUTES OF TH )UNT PROSPECT ZONING t J OF APPEALS,
Case No. ZBA 28-V-84 Hearing Date: July 26, 1984"
Petitioner: Gary W. Mundt
Subject Property: 800 Cathy Lane
Publication Date: July`9, 1984
Request: Section 1.4.116.0 to allow a driveway to
be 21 ft. 8 in. rather than the permitted
18 ft. maximum width.
ZBA Members Present: Gilbert,Basnik, Chairman
Robert Brettr'ager
Ronald Cassidy
John Green
Marilyn, O'' May
ZBA Members;Absent: Lois Brothers
Len Petrucelli (arrived later in meeting)
Objectors: None
Mr. Mundt presented his case, ;stating 'that the driveway has been
poured at 21' 8" and that a permit was not obtained. It was
noted that the variation; requested is for 3 ft. 8 in.
The staff report was noted, with the only concern being that
the Village Engineer should make sure the drainage meets standards.
Staff also stated that the petitioner has attempted to retain the
existing landscaping and general character of the residnce.
Mr. Cassidy, seconded by Mr. Green, moved to recommend to the
Village Board that the requested variation be granted.
Upon roll, call: Ayes: Brettrager, Cassidy, Green, O'May, Basnik
Nays None
Motion carried,
This recommendation will be forwarded to the Village Board for
their consideration,
Carol. A. Fields
Recording secretary
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: ZBA-29-V-84, 2832 BRIARWOOD DRIVE EAST
DATE: AUGUST 1, 1984
The petitioner, Arlene and Gerald Lukas, seek a variation for a
three car attached garage and driveway width of 28 feet instead
of a maximum of 18 feet in width. Engineering Division
recommended that the driveway approach be a maximum of 18 feet in
width with a three foot flair at the curb. Community Development
suggested that the driveway be a maximum of 18 feet for the
majority of the width of the driveway but flair out to the
requested 28 foot width at the garage entrance.
The Zoning Board of Appeals voted 5-0 to recommend approval for a
three car garage and 5-0 to recommend approval of a 28 foot
driveway provided that it is tapered to 18 feet at the curb.
KHF: hg
MINUTES OF TH._�OUNT PROSPECT ZONING BUARD OF APPEALS'
Case No. ZBA,29-V-84 Hearing Date: July 26, 1984
Petitioner: Arlene & Gerald Lukas
Subject Property: 2832 Briarwood Drive East
Request: Section 14.1101.B.3 to allow a'3 -car garage
Section 11`6.0 to allow a 28 foot driveway
instead of 18 feet wide, as permitted.
ZBA Members Present: Gilbert Basnik Chairman
Robert Brettrager
Ronald Cassidy
John Green
Marilyn O'May
ZBA Members Absent: Lois Brothers
Len Petrucelli
Objectors: None
Arlene Lukas, petitioner, stated that .she and her husband
presently have a house under construction in the Briarwood'
Subdivision and would like to have a 3 car attached garage._
There would be 3 separate doorsfor this garage, with a floor
coverage of 600 sq. ft.
Mrs. Lukas stated that this lot is 95 ft. wide lot at the
front and much :larger in the rear, which is on the lake side,
and in order to make use of the garage'a 28`foot`wide driveway
is requested.
The Zoning Board of Appeals members suggested the driveway be
tapered from the garage doors to 18 feet wide ,at the curb.
Mr. Green stated that while this particular area has large lots,
when driveways are permitted in excess of the allowable 18 feet
at the curb,,, the area available"for those parking on the street
is reduced; since most of the area would be driveways.
Ron Dugo,'305 E. Hiawatha Trail,; asked how and why the 18 foot
width was decided. Staff explained that with 2 car garages, that
was the ,area permitted for curb -cuts, and since 3 car garages
are only approved following a public hearing, the 18 ,feet is still
the area set forth in the Village Code as permissible.
Staff was requested to investigate the regulations with respect
to .driveway widths in other municipalities.
Mr. Green, seconded by Mr. Brettrager, moved to grant the request
for a 3 -car attached garagein ZBA 29-V-84.
Upon roll call: Ayes: Brettrager, Cassidy, Green, O"May, Basnik
Nays: None
Motion carried'
Village of Mount Prospect
Mount Prospect, Illinois
TO:
FROM:
SUBJECT:
DATE:
INTEROFFICE MEMORANDUM
TERRANCE L. BURGHARD, VILLAGE MANAGER
KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
ZBA-30-V-84, NORTHWEST CORNER OF NORTHWEST HIGHWAY
AND EDWARD STREET
AUGUST 1, 1984
The petitioner, Ray Ivancic, requests a variation from the Zoning
Ordinance to allow parking in the required 20 foot rear yard, to
eliminate the truck loading space requirement, and be permitted a
19 foot length parking stall instead of the required 20 feet.
The subject site is odd -shaped, narrowing down significantly at
the Northeast corner. The petitioner proposes to erect an office
building on the site and maintain adequate sight distance at the
intersection; and proposes to landscape the site in a very
attractive fashion. The proposed development of this odd -shaped
parcel is reasonable and should be considered favorably in the
staff's opinion.
The Zoning Board of Appeals voted 6-0 in favor of the variation
request on this property.
KHF: hg
MINUTES OF THE, jUNT PROSPECT ZONING BG.__.D OF APPEALS
Case No. ZBA 30-V-,84 Hearing Date: July 26, 1984
Petitioner: Raymond Ivancic
Subject Property: Northwest corner of. Northwest Highway
and Edward Street
Publication Date: July 9, 1984
Request: Variation from Section '14.2002.0 to
allow parking in 1000 of required rear
yard; Section 14.2005.B to eliminate a
truck loading space; and Section 14.2602.B
to allow one parking stall 19 feet in
lengtr,, rather than the required 20 feet.
ZBA Members Presents Gilbert Basnik, Chairman
Robert Brettrager
Ronald Cassidy
Jahn Green
Marilyn O'May
Len Petrucelli
ZBA Members Absent: Lois Brothers
Objectors: Norman Elliott, 312 S Edward
Harvey'Glander, 320 s; Edward
Mr. Ivancic presented his case. This property, which is vacant
land, never having been built -,on, is a corner lot', with a rather
usual shape. Mr. Ivancic would like to build a small office building,
one story, approximately the size of a ranch home. The proposal
would provide 11 parking spaces, one more than required by the
Village Code. The one space would have to be one foot shorter
than the requirement in order to provide a--turn-about area.
Mr. Ivancic stated that the Code allows up to 75% building coverage
and this proposal would be 69% coverage. It was also stated that
the tenants would probably be professional offices,such as CPA's
or attorneys, therefore eliminating the; reed for a 'loading dock area.
Mr. Glander, 320 South Edward, expressed concern that: the
bu.ldng^ould create a parking problem in the single family
neighborhood. Mr. Basn.k explained that under the Village Code
the petitioner was providing the required number of parking spaces
and no reduction in parking spaces was requested.
Staff comments were presented, noting that staff considered this
a reasonable request and that all landscaping requirements, as
well as all other requirements would have to be met.
Mr. Brettrager, seconded by Mr. Cassidy, moved to grant the
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: IVANCIC SUBDIVISION - NORTHWEST CORNER OF
NORTHWEST HIGHWAY AND EDWARD STREET
DATE: AUGUST 2, 1984
The petitioner, Ray Ivancic, is seeking variations to build an
office building on the Northwest Corner of Edward Street and
Northwest Highway. Associated with that request is the need for
three lots of record to be consolidated into a single lot of
record. The Community Development Department recommends approval
of the request for this proposed subdivision. The Engineering
Division approves the subdivision subject to iron pipe monuments
being placed at the points of curvature on the new proposed lot
of record.
The Plan Commission considered the new subdivision at their
August 1 meeting and unanimously recommended approval of
Ivancic's subdivison provided, however, that the monumentation
recommended by the Village Engineer be complied with.
KHF: hg
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ'COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: ZBA-31-V-84, 1504 EAST EMMERSON LANE
DATE: AUGUST 1, 1984
The petitioner, Dennis Chaplin, seeks to vary the Zoning
Ordinance by relocating an existing shed to within three feet of
the residence and eight feet from the property line, and further
to place the shed in the required side yard instead of the rear
yard.
Upon an inspection of the property, staff found that ample room
exists in the rear yard in which to locate the shed where it
would comply with the. Village Zoning Ordinance. The staff
recommends against the approval of this request. Staff noted
that excavation was completed and forms were laid adjacent to the
residence either during or prior to the application for the
request.
The Zoning Board of Appeals on a motion to approve the variations
voted 2 ayes, 4 nays, therefore their recommendation will be to
deny the request for variation.
KHF: hg
MINUTES OF THE -LOUNT PROSPECT ZONING BOftAD OF APPEALS
Case No. ZBA 31-V-84 Hearing Date: July 26, 1984
Petitioner: Dennis M. Chaplin
Subject Property: 1504 East Emmerson Lane
Publication Date: July 9, 1984
Request: Variation from Section 14.1102.B.1 to
allow an accessory structure in the
required side yard; Section 14.102.B.1
and Section 14.102.B.2 to permit a shed
to be located closer to the principal
structure and sideproperty line than
permitted.
ZBA Members Present: Gilbert Basnik, Chairman
Robert Brettrager
Ronald Cassidy
John Green
Marilyn O'May
Len Petrucelli
ZBA Members Absent: Lois Brothers
Objectors: Richard Hendricks, 1537 Emmerson Lane
Mr. Chaplin presented his case stating that he bought this
home last year and there was at that . time a wooden shed in the
back yard. With small children to use the back yard, it was
Mr. Chaplin's intention to re -locate the shed town area so that
the children could be seen from the house. It was suggested
that the shed be placed in the rear of the,yard, however,
Mr. Chaplin stated there was a swale with"a drainage pattern in
the rear of the lot and felt he would be interferr'ing with drainage
if the shed was re -located to that area.
It was the feeling of staff that this shed would be better if
re -located to the rear of the property, or least to an area that
would not be in the side yard which would place it within 5 feet
of the side property line.
Mr. Hendricks stated that he cannot remember a request of this
type being presented before and that approval could set a precedent"
and therefore requested denial of the request.
Mr. Lee King, 101 Yates, stated that he was a neighbor and that
many homes in the area have sheds in the side yards and that he
had no objection to the request.
Mr. Cassidy, seconded by Mr. Petrucelli, moved to grant the
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: ZBA-20-V-84, 800 WEST CENTRAL ROAD
DATE:
AUGUST 1, 1984
The petitioner, Charles Smith, seeks variations to expand an
office building on property zoned I-1 Industrial immediately
adjacent to the East of Trade Service Publications on Central
Road. These variations include:
1. Reduction of the front yard setback from 30 feet to 5
feet ;
2. Side yard variation reducing the required yard from 30
feet to 20 feet.
3. Requesting changes in the parking and loading regula-
tions consistent with standards adopted for Kensington Center;
4. Variations to allow parking to be located within 3 feet
to 0 feet of the interior property lines instead of the required
5 feet.
5. To reduce the number of off-street loading spaces from
3 to 1.
The petitioner seeks to add an addition to the front of the
existing building used for general office suites.and to erect a
separate building for office and warehouse use to the North of
the present building on the rear of the property. It is the
petitioner's intention to build in two phases, with the separate
stand-alone building at the rear of the property being completed
first and then the addition to the front of the building as a
second phase.
Terrance L. Burghard - Page Two
August 1, 1984
The staff report pointed out that no side yard variations are
required for parking since adequate room exists on the site to
provide parking (assuming that the parking standards for
Kensington Center are approved). Staff recommends that the East
driveway be ingress only and that the West driveway be eliminated
in the event that a connection to the private roadway immediately
to the West of the subject property can be accessed. Presently,
Trade Service Publications does not agree with the connection
since they have not consummated a sale for the lot North of their
property.
In addition to Trade Service Publications objection to a driveway
connection onto their private street, two neighbors residing
South of Central objected to the two story addition to the front
of the building indicating, as staff has noted, that the addition
could be accommodated to the North of the building, in their
view. .
The Zoning Board of Appeals voted separately on each variation
request as follows:
1. On a motion to approve the Zoning Board voted 0 Ayes and
4 Nayes to recommend denial of the front yard setback from 30
feet to S feet.
2. On a motion to approve the Zoning Board voted 3 Ayes and
1 Nay for the reduction of the required side yard from 30 feet
to 20 feet.
3. On a motion to approve the Zoning Board voted 3 Ayes and
1 Nay to modify the parking standards as modified for the
Kensington Center.
4. On a motion to approve the Zoning Board of Appeals voted
4 Ayes and 0 Nays to recommend approval of the parking variations
in the side yard.
In order to grant the variations cited in motions 1, 2 and 3
listed above, two thirds or four of the six Trustees must vote
affirmatively.
KHF: hg
front of the
the 'commericz
Ill noir Ran(
curb and that
would create
space for hiE
was such as t
building. Tt
rents to off!
loading docki
Petitioner wi
A-,j-'V-,8,,,
Av
Mr. Petrucelli`, sec
Upon roll call Ayes: Brothers, Gree
Nags: None
Motion carried,
These recommendations will be io'rwarde
or their consideration'.
Carol A
Recordr
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
a
SUBJECT: CENTRAL PARK CENTER SUBDIVISION
800 WEST CENTRAL ROAD
DATE: AUGUST 2, 1984
Petitioner Charles Smith has submitted a request for variations
in order to make additions and erect a new building on the site.
Also in conjunction with this request a new subdivision was
necessary due to lot configurations and portions of lots having
been sold to the adjacent Illinois Range Company. The new
subdivision plat reflects those changes in land ownership and
also indicates an additional 17 feet being dedicated to public
right-of-way on Central Road. This additional 17 feet makes the
right-of-way on the North side of Central Road 50 feet consistent
with other stretches in the area.
The staff has reviewed the proposed subdivision and find it to be
in order. The Plan Commission reviewed this subdivision and
unanimously approved the subdivision subject to the petitioner
indicating by letter that no additional utility easements were
required on the property.
KHF: hg
W
4
i
PUBLICATIONS, INC.
Mr. Ken Fritz
Village of Mt. Prospect
100 S. Emerson
Mt. Prospect, IL 60056
RE:
Dear Mr. Fritz:
7000 W. (7FNTPA! 7;0,1;,
MT PROSPECT, ILL 60056 PHONE .312) 392 1720
June 6, 1984
800 W. Central Road property Zoning Board
of Appeals Hearing, June 7, 1984.
As we discussed yesterday, Mr. Marshall Smith approached
me some weeks ago as to their plans for expansion at 800 w.
Central Road and the possibility of their creating an entrance
to the road on our property. I advised Mr. Smith to supply me
with information as to what they planned on doing. He did deliver
to me late last week a copy of the plan and traffic patterns.
Then on Monday he called regarding a hearing this week, of which
I had not received any notification. A copy of the letter to
Mr. Charles C. Smith was delivered to me on Monday.
During my conversation with Mr. Smith at no time did
I infer that we would permit an entry to the road on our property
but that I would take a look at what he had in mind. Mr. Smith
was aware that the road was not completed. According to the
plan submitted he assumed that we would be agreeable.
As I indicated, we would gain no benefit from such an
arrangement and a premature agreement at this time could cause
us problems in the future if we should decide on an expansion
with either the front or back of our property. Accordingly, I
submit that we will not consider any entry to the road on our
property at this time.
Sincerely Yours,
TRADE SERVICE PUBLICATIONS,/INC.
E. V. rlironko
EVM:sk Vice President
-r
# c- # ,
a
tip p
F
.3
"Y'.,
$ a
{
,=79.2r
Mt
a -
F _
#7
,� „.. � # j - .,, £_- .�' � � '•�� � i� =':�. �. '- ��- �. �`. € � � � � - -� � � : - fir. a �..s'€ t ��. t 'y,�`.
1 � "
.��
nQu
kv
' +
L4 4,7M
44z—
{t
4'
jj]�V
�' S wiz *+ -
,
.s
.$V
4
$ x
,4
� r
Z_ z0-v-� -
'1' 50' 1'v zv
�j j[j�T��} ��(( MT. PRo'�'EG'� �7EP? OF 4owtMUNITY DEvEvaPMEIJT-.1UNE � , �t984
-,) Lk 1-11 i1 1L `Ly � � �.V 11 � �
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO- TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: ZBA-24-Z-84 AND ZBA-25-V-84, LINCOLN CIRCLE
SUBDIVISION - SOUTH SIDE OF LINCOLN NEAR MEIER
DATE: AUGUST 1, 1984
Mr. Don Craig, petitioner, has resubmitted an application to
rezone subject property on the South side of Lincoln approxi-
mately 300 feet West of Meier Road. Previously, Mr. Craig had
sought variations on several lots in the cul-de-sac of the
subdivision in December of 1981. And subsequently, gained
approval from the Village Board to vary the lots slightly in the
lot frontage for a 12 lot subdivision. The development did not
move forward because of economic conditions present at that time
and since then, Mr. Craig has initiated a new application for the
same property to be divided into 13 lots, seeking smaller
variations in lot frontage for Lots 5 through 9 with a lot
frontage of 50 feet for each of these lots as opposed to 65 feet
in width as required by our code. The previous submission
included 12 lots in the subdivision and 4 of the lots were
substandard, two having lot widths of 49 feet and two having lot
widths of 50 feet with a cul-de-sac radius of 65 feet. The new
proposal is to increase the lots in number to 13 increasing the
radius of the cul-de-sac to 70 feet and resulting in 5 lots with
a lot width at the cul-de-sac of 50 feet each.
Since this property is unincorporated at the present time, a
petition for annexation will be presented and in addition, will
require a rezoning following the annexation from an R -X to R-1
Single Family Zoning District.
The staff has modified their original staff report since the
subdivision has been modified to include lot widths of 50 feet
for those located on the cul-de-sac bulb and increasing the lots
from 12 to 13. Community Development staff recommends approval
of the rezoning from R -X to R-1 and the variations in lot width
from 65 feet to 50 feet. The Zoning Board of Appeals, at their
June 28 meeting, voted 4 ayes and 0 nays to approve both the
rezoning from R -X to R-1 and the variation in lot width of 50
feet instead of the required 65 feet.
KHF: hg
Attach.
BEING A S )IVISION OF THE N�
'H 3/4
OF THE NORTHEi
SOUTHWEST 114 OF SECTION 10,
(EXCEPT THE E4ST 300 0
RANGE
11, EAST OF THE THIRD
PRINCIPAL
MERIDIAN, IN CC/
10
4 1A IM N 4M,
S& VY
LL
LO
10
7,9 7"o
4
9. 106 it if
3 24 sy. 'r/.
115 V'
oi
tt
53 7 i -f.
J7
17.9
00
Z:SA 24 -:Z +2.5 - V,- 81
GRAPHIC SCALE IN DEET
N FEET
r"011l LINE 017 THE S11'/l OF SEC. 10-41-11
LINCOLN-- eqtniso-D — �7.... —&T -R EET
O STREer�l 0
THEREBY 0 )CATED FOR PUBLIC 1,=umENr
!4756
0 7
"ar L[NE
0 IT 13
11. 06 7 SO. F r�
. . . ....... 9195
5O- F7 .9,591 so. IT 0
12
(o
w w p z � � � i i � �, ` r...
V)
C,
9593 So rr .,
I t— 9591 �Q Fr. LL
" .
14 c� Ww Lu
Lk Lo Z�
,VoWlj ON
�;Qt- ARC 8302 SO FF.0 'Y 421 So IT,
W 10
to
d 4
I fo lK
cr u w
0 112 19 4!:) lu
W10, 043 SOF 0. Fr.
10,026s ku
'10 Ap 0 lu
w Lu
(n 9 to
Q u-
-ul
(A
8
j6,725 SO Fr.91879 so pr. 15, 165 50 Fr,
Fr EASEME' 7 FOR PUBLIC UpLiri
L 10
Tl; -O9– — 123 0 — 11809
9t22'
361-18 t'j * E
SOUTH 314 0 H� V4 OF THE
Oct ol� 4E SW 14 Rrj
NE '14 LIN ')�le 040OF SEC I I 'I
3
C, HAVEN -AR
DE
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM:v_lx
KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR / P,
SUBJECT: LINCOLN CIRCLE SUBDIVISION - SOUTH SIDE OF LINCOLN
300 FEET WEST OF MEIER ROAD
DATE: AUGUST 2, 1984
Don Craig, owner and petitioner of subject site, is seeking minor
lot width variations on Lots 5 through 9. In addition, there is
a need to review and consider approval of the plat of subdivison
for 13 lots. The plat of subdivision for Lincoln Circle has been
reviewed by staff. The Engineering Division has a few suggested
modifications to the engineering plans that will be corrected
shortly. Community Development recommends that the subdivision
be approved, subject to these few modifications to the
engineering plans. The Plan Commission, on August 1, considered
the plat of subdivision and recommended approval by a unanimous
vote of 6-0 subject to engineering plans being accepted by the
Village' Engineer.
KHF: hg
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: MAYOR CAROLYN H. KRAUSE AND BOARD OF TRUSTEES
FROM: VILLAGE MANAGER
DATE: AUGUST 2, 1984
SUBJECT: 1984 TAX LEVY
Pursuant to the procedures to enact the 1984 Tax Levy, we
have scheduled for the Agenda a Resolution determining the
amount of money necessary to be raised by the Real Estate
Tax Levy. While the Village is not required by Law to
follow the Truth in Taxation Act, the Village Board has
determined as a policy matter that it will do so and publish
the necessary Public Notice required by the Act. Therefore,
this Resolution sets forth the estimated Levy, calls for a
Public Hearing and authorizes the publication. The Public
Hearing is being scheduled for August 21 and the Public
Notice will go into the local newspaper on or about August
9. After the Public Hearing on August 21, we will have the
first reading of the Tax Levy Ordinance and the second
reading is scheduled for September 4 so that we may properly
file the Tax Levy Ordinance by the second Tuesday of September.
The proposed Tax Levy amounts in the Resolution are consistent
with our budget policies and represents a total Village
increase of 3.2%. The 3.2% Levy is substantially below the
5% increase which triggers the Truth in Taxation Statute.
To comply with the spirit of the Act, however,.the Board has
determined previously that we will publish and hold the
Public Hearing.
Actually, the Levy for total Village services exclusive of
the Library and the Special Service Districts is being
reduced by 1.1%. In 1983, we levied $4,596,727. The 1984
Levy consistent with Budget policies is established at
$4,548,015.
Library services are increasing 2,8%. Last year's Levy for
the Library was $1,167,814 and the proposed Levy is $1,199,950.
The Tax Levy for all of our Special Service Districts is
increasing from $1,006,668 to $1,238,577. This represents a
23% increase and is attributable primarily to Special Service
District #5 which covers our expenses for Lake Michigan
water. Again, these increases are consistent with prior
Village Board policy. The aggregate Tax Levy, Village,
Library and Special Service Districts, is increasing from
last year's $6,771,209 to $6,986,542, which is a 3.2% increase.
We are again able to decrease the Real Estate Tax Levy for
Village services through our continued scrutiny of Village
expenses and operations together with an improving economy
which restores revenue growth. We are able to do this even
though we are facing increases through the Refuse Contract
and expanding some of our capital improvements. Real Estate
Taxes for general corporate purposes are declining some 5.3%,
employee pensions are declining 11.4% and debt service is
declining 5.7.%.
Mr. David Jepson will be available at the meeting to answer
any detailed questions you might have about the Tax Levy and
the procedures for the Public Hearing.
TERRANCE L. BURGHARD"�
TLB/rcw
RESOLUTION NO.
A RESOLUTION TO DETERMINE THE AMOUNTS OF MONEY
ESTIMATED TO BE NECESSARY TO BE RAISED BY TAXATION
BY THE VILLAGE OF MOUNT PROSPECT UPON THE TAXABLE
PROPERTY WITHIN THE VILLAGE FOR THE YEAR COMMENCING
MAY 1, 1984 AND ENDING APRIL 30, 1985
WHEREAS, pursuant to Public Act 82-102 there has been enacted
into law, effective July 29, 1981, certain legislation entitled
"The Truth in Taxation Act", as amended; and
WHEREAS, pursuant to said Act any taxing body which proposes
to adopt a tax levy in an aggregate amount of more than 105% of
the amount of taxes extended on the tax levy in the preceding year
on taxable property within such taxing body is required to make
a determination as to such amounts to be levied, not less than
twenty (20) days prior to the adoption of the tax levy, and is
further required to hold a public hearing regarding the proposed
tax levy, pursuant to the publication of a proper notice of
hearing; and
WHEREAS, on the 17th day of April, 1984 the Village of
Mount Prospect adopted Resolution 15-84 approving the Annual
Budget for the fiscal year from May l, 1984 to April 30, 1985,
covering the cost, expenses and liabilities of all general corporate
and special municipal purposes and activities to be undertaken
during the said fiscal year; and
WHEREAS, pursuant to said Budget, the Village of Mount Prospect
anticipates and determines that it shall require an aggregate tax
levy of $6,986,642'00, as more particularly set forth in attached
Schedule A, upon the taxable property within the Village, which
proposed tax levy is an increase over the tax levy for the
preceding fiscal year as extended of $215,333,00; and
WHEREAS" such proposed Village tax levy for the year beginning
— May I, 1984 and ending April 30, 1985 constitutes a tax increase
of approximately 3.2% and it is deemed to be in the public interest
that u public hearing be held with respect to the various aggregate
tax levy amounts, as hereinafter set forth,
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION l: This Board does hereby determine that the aggre-
gate amount of money to be levied (exclusive of any amounts levied
for election cost purposes) as necessary to be raised by taxation
upon the taxable property within this Village for the year
commencing May l, 1984 and ending April 30, 1985, for general
corporate and special municipal purposes, is estimated to be
$6,986,542.00.
SECTION 2: The amounts herein above determined to be the
aggregate tax levy for the year commencing May l, 1984 and ending
April 30, 1985 constitute a proposed tax levy of approximately
I03.2% of the property taxes extended upon the tax levy for the
preceding year ending April 30, 1984; an aggregate tax levy increase
'
of approximately 3.2%.
SECTION 3: A public hearing with respect to the intent of the
President and Board of Trustees of this Village to adopt a tax
levy ordinance to establish and levy the amounts determined herein
to be raised by taxation, shall be held in the Board Room in the
Public Safety Building, 112 E. Northwest Highway, Mount Prospect,
Illinois at 8:00 p.m. o'clock C.D.T. on Tuesday, August 21, 1984.
SECTION 4: The Village Clerk is herein authorized and
directed to publish a notice of said public hearing in the Mount
P H ld newspaper by no sooner than August 7, 1984 nor
later than August 14, 1984, which notice shall be substantially
- set forth in the attached Exhibit A, and shall state in plain and
simple language (l) the amount of property taxes, exclusive of
election costs, extended or estimated to be extended on behalf
of the Village for the preceding year ending April 30, 1984; (2)
the amount of the proposed levy, exclusive of election costs, for
0
the current year beginning May l, 1984: (J) the percentage increase
or decrease in the amount of taxes to be levied; and (4) the date,
time and place of the public hearing concerning the proposed tax
levy. The form of notice shall be no less than 1/8th page in size
and the smallest type used shall be twelve point and shall be en-
closed in a black border no less than 1/4th inch wide. The notice
shall not be placed in that portion of the newspaper where legal
notices and classified advertisements appear.
SECTION 5: This Resolution shall be in full force and effect
upon its passage and approval in accordance with law.
PASSED AND APPROVED THIS DAY OF AUGUST, 1884.
AYES:
NAYS:
ABSENT:
ATTEST:
VILLAGE CLERK
3
MAYOR
Exhibit A
VILLAGE OF MOUNT PROSPECT
NOTICE OF PUBLIC HEARING ON THE 1984 TAX LEVY
NOTICE IS HEREBY GIVEN, that a public hearing shall be held
in the Board Room of the Public Safety Building, I12 East
Northwest Highway, Mount Prospect, Illinois at 8:00 pm o'clock
CDT on August 21, 1984° regarding the action of the President
and Board of Trustees of the Village of Mount Prospect to
adopt a Tax Levy Ordinance for the fiscal year commencing
May l, 1984, and ending April 30° 1985, in the total aggregate
amount of $6,986,542 (exclusive of election costs) which levy
constitutes an increase of 3.2% over that tax levy extension
of $6,77I~209 levied by the Village of Mount Prospect for the
preceding tax year.
At said public hearing the President and Board of Trustees
shall explain the reasons for the proposed increase in the tax
levy and shall permit all persons desiring to be heard an
opportunity to comment and present testimony thereon.
Dated this 9th day of August, 1984 /s/ Carol A. Fields
Village Clerk
VILLAGE OF MOUNT PROSPECT
COMPARATIVE PROPERTY TAX LEVIES
FOR THE TAX YEARS 1983 AND 1984
Village Services:
General Corporate Purposes
Garbage Collection
Capital Improvements
Employee Pensions
Debt Service
Total Village Services
Library Services:
Library Operation
Employee Pensions
Total Library Services
Special Service Areas:
Special Service Area No. I
Prospect Meadows Water
Debt Service
Special Service Area No. 2
Golf View Estates (8lackhawk) Water
Debt Service
Special Service Area No, 3
Busse/Wille Street Improvements
Debt Service
Special Service Area No. 4
Busse/Wille Street Improvements
Debt Service
Special Service Area No. 5
Lake Michigan Water
Debt Service
Construction
Total Special Service Areas
Aggregate Village Tax Levies
Schedule A
1983
Levy
1984
Percentage
Change
$1,957,000
$1,854,000
- 5.3%
1,08I,500
I,169,050
+ 8.1
103,000
206,800
+lUO.0
944,192
836,875
- 1I.4
511,035
_482,090
- 5.7
$4,596,727
$4,548^015
- 1.1%
$1"090,564
$1,117,550
+ 2.5%
77,250
82,400
+_6.7
$1,167,814
$1,199,960
+ 2.8%
$ �3,407
$ 23,930
+ 2.0%
26,486
30,975
+ 16.0
4,919
4,910
O'O
9,838
9,838
0.0
27I,400
236,250
- 13'0
670,5�
__���
±��_
941,958
1,168,915
+ 24.1
$1,OP6,668
1_1,230,_577
± 23.0%
16,771,?09
�����
����
_3.2%
���
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR �/4
SUBJECT: NAKANISHI SUBDIVISION - SAKURA RESTAURANT,
107 SOUTH MAIN STREET
DATE: AUGUST 2, 1984
The petitioner seeks to consolidate separate lots into a single
lot of record for the property containing the Sakura Restaurant,
Barber Shop, Maico Hearing Aid and the new Mr. E Hair Design.
The corrections cited earlier by the Engineering Department and
Community Development have been corrected and therefore, the plat
of subdivision is recommended for approval. The Plan Commission
considered the subdivision at their meeting of August 1 and voted
6-0 to recommend approval of the subdivision.
KHF: hg
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT: PROPOSED RENAMING OF MAMIYA DRIVE TO BIERMANN CT.
DATE: AUGUST 2, 1984
Opus Corporation has requested a name change for Mamiya Drive and
Biermann Circle. Their recommendation is that the two names be
changed to Biermann Court thereby eliminating two separate names
for the same stretch. They stated that their primary concern is
to eliminate the Mamiya Drive name. The name change would
eliminate any further corporate company names of streets or
drives in the Kensington Center. Opus Corporation felt the
Biermann name has long been a familiar one in the community and
it would be most appropriate to extend the name to cover the
entire cul-de-sac street in this segment of Kensington Center.
KHF. hg
ORDINANCE NO
AN ORDINANCE RENAMING A PROTION OF A STREET WITHIN
THE CORPORATE BOUNDARIES OF THE VILLAGE OF MOUNT PROSPECT
WHEREAS, the President and Board of Trustees of the Village of
Mount Prospect have annexed certain land and territory to the
Village of Mount Prospect; and
WHEREAS, the President and Board of Trustees of the Village of
Mount Prospect have reviewed the names of certain streets in
the newly annexed area, being the subject of this Ordinance; and
WHEREAS, the President and Board of Trustees of the Village of
Mount Prospect believe it to be in the best interest of the
Village that a certain street name be changed.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That pursuant to the authority granted to the
Village of Mount Prospect under the Illinois Revised Statutes,
the name of the following street located as indicated below in
Township 42N, Range 11, East of the Third Principal Meridian,
Cook County, Illinois, which street, being a cul de sac, is
presently named Mamiya Court and Biermann Circle,shall herein-
after be known as BIERMANN COURT, entire jurisdiction,
all of which is located within the West Half of the Northeast
Quarter of Section 35, Township 42N, Range 11 East of the
Third Principal Meridian, in Mount Prospect, Cook County,
Illinois. A map of the street name change as set forth
herein is attached hereto and hereby made a part hereof.
SECTION TWO: The Village Clerk is hereby directed to notify
each of the landowners of such lots by letter and inform
them of the new street name.
SECTION THREE: The Village Clerk is hereby directed to forward
a certified copy of this Ordinance by Registered Mail or
Certified Mail to the proper U.S. Postal Branch and proper
election authorities, and to record a certified copy of this
Ordinance with the Recorder of Deeds of Cook County.
SECTION FOUR: This Ordinance shall be in full force and effect
T-r-om and after its passage, approval and publication in
pamphlet form in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this -.._ day of 1984.
ATTEST:
Village Clerk
Village President
K
ORDINANCE NO.
AN ORDINANCE AMENDING SCHEDULE VI ENTITLED
"NO PARKING ANY TIME" OF CHAPTER 18, TRAFFIC CODE,
OFTHE VILLAGE OF MOUNT PROSPECT
BE IT ORDAINED By THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
.SECTION ONE: That Section 18.2006, Schedule VI entitled
No Paj-j—
g Any Time" of Chapter 18, Traffic Code, of the
Village Of Mount Prospect, as amended, is hereby further
amended by adding in Proper alphabetical sequence the
restriction On Briar -wood Drive East Bridge; so that hereafter
said Section 18.2006 shall be and read as follows:
Name of Side of
Street
Street Desc iPtion
Briarwood Drive East & West Entire Jurisdiction
East Bridge
SECTION TWO: That this Ordinance shall be in full
effect from and after i t s force and
Passage, approval and Publication
in pamphlet form.in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this
ATTEST:
day of
V-1-fPresident-'--___-
r 1984.
_
��������
��������
July 24, 1984
Mr' Terrance 8urghard DL �Lo
Village of Mount Prospect�*`"^~—
Village of Mount Prospect
l00 S. Emerson —'
Mount Prospect, IL 60056
Dear Terry:
This letter serves as the follow-up to our recent phone conversation concerning
the status of Namiya Drive and 8iermanm Circle- As I indicated to you on
the phone, we would like to change the name of the road presently known as
Mamiya Drive to Oiermann Court' Similarly, Biermann Circle would also be
changed to be included under the Biermann Court name.
Our primary concern is to eliminate the Mamiya Drive name, for obvious reasons.
Additionally, this will be simpler and more appealing to all parties involved.
Should you have any questions or suggestions concerning this proposed change,
or should any further steps be required, please call me at your earliest
convenience.
Sincerely,
OPUS DESIGNERS BUILDERS DEVELOPERS, INC.
Michael J. Cushing
Real Estate Representative
nuC/as
ovmaGoOF^ce",,Ell pC T 4
�
600 N. WN
ING
KENSIN6 TON
i
i
i
i I MA,MIYA DRIVE
J
W
WHEELIN W
2
3
800 E. BUSINESS
CENTER DRIVE
i
700 E. BUSINESS
CENTER DRIVE
oR�y�
� 801 E. BUSINESl-
C1=NTER DRIVE
P.
11
ROA D
799 BIERMANN E
CIRCL E
r
I
I
i
r
i
BUSINESS CEN T
900 E. BUSINESS
CENTER DRIVE
901 E. BUSINE'
CENTER DRIVE \W\
VILLAGE OF MOUNT PROSPECT Date: July 24, 1984
ILLINOIS Subject Purchase cf New Ambulance
INTEROFFICE MEMORANDUM
TO Terrance L. Burghard, Village Manager C PA
FROM: Lawrence A. Pairitz, Fire Chief
The attached memo is the recommendation of our Apparatus Committee
regarding the purchase cf a replacement ambulance. I concur witi-,
their recommendaticns that the new ambulance should be purchased from
Frontline Emergency Vehicles represented by Essential Services Sales,
Inc. in the amount of $45,306.00.
Further, I commend the members of the committee for developing a
competitive set of specificationsresulting in four bids with a total
spread of less than $1400.00 as well as for their energies in studying
the four units thoroughly before making a recommendation.
..� a �C
Lawrence A. Pairitz
Fire Chief
LAP/mh
Att.
D - C. -11 11 � � se -r
S-1 - (9 Y D -(q 6 -91a
I
VILLAGE OF MOUNT PROSPECT Date: July 20, 1984
ILLINOIS subject: Recommenda-tion for New
INTEROFFICE MEMORANDUM Ambulance
TO: Chief Lawrence A. Pairitz
FROM: Capt. Dennis Thill
On July 9, 1984, at 10:00 A.M. bids were opened for a new Type III
ambulance by the Assistant Village Manager John Bowman. The results
of these bids are as follows:
FRONTLINE EMERGENCY VEHICLES - $45,306.00
Represented by Essential Services Sales, Inc.
MCCOY MILLER INC - $45.585.00
ReDre.sented by McCarty Fire Equipment
E.V.F. INC. - 146-390.00
Represented by Midwest Ambulance Sales. Inc.
WHEELED COACH CORPORATION - $46,700.00
Represented by Rolland Specialty Vehicles and Products
The'ApparaIIUS Committee is reccrr.rren(flng that we purchase a new 1985
ambulance Type III on a 1985 chassis from Frontline Emergency Vehicles
represented by Essential Services Sales, Inc
The Apparatus Committee all agreed t ' hat the Frontline ambulance was as good
or better quality as the other ambulances bid. Also, being low bid we
believe that it would be in the best interest of the Village to purchase
this ambulance.
Members present at this meeting were Capt. Dennis ThIll, Firefighters Del
Ulrelch, Robert Clark, Mark Ceisel and Mechanic Jim Eichholz.
Delivery of this ambulance would be approximately December, 1984 or January,
1985 because the 1985 chassis will not be in until September.
Respectfully submitted,
Capt. Dennis Th 1 11
DT/rnh
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: TERRANCE L. BURGHARD, VILLAGE MANAGER
FROM: KENNETH H. FRITZ, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT
BID OPENING RESULTS ON COMMONWEALTH EDISON PROJECT
DATE: AUGUST 2, 1984
Enclosed are the results of the August 1, 1984 bid opening for
the Commonwealth Edison Right -of -Way Pathway and Landscaping
project. There were four aspects to the project: pathway
construction, landscaping, regrading, and a play structure. We
received only two bids, one for the play structure only, and one
for everything but the play structure. The bid for the play
structure ($8,324.00) is reasonable and well within the proposed
budget for the project, and I would recommend accepting it on
that basis. The bid for the pathway, landscaping, and regrading
came in at $111,669.32. Our budget for the total project is
$66,700.00 under Capital Expenditures (see enclosed page from
1984-5 budget). The bid greatly exceeds our budget allocation
and I recommend rejecting it and rebidding on the pathway,
landscaping and regrading only with a new bid opening date of
September 11, 1984. This would also allow us to send notice of
the opening to a greater number of contractors and receive more
representative and competitive bids on the project.
KHF: hg
Attach.
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: Village Manager
FROM: Director Public Works
DATE: August 2, 1984
SUBJECT: Bid for Water System Improvements
At 10:00 A.M. on July 27, 1984, bid proposals were received for
improvements to our water distribution system which had been
necessitated as a result of receiving water from Lake Michigan.
Our engineer consultant, Greeley & Hansen,prepared all plans and
specifications and subsequently reviewed the bid proposals.
There were 48 invitational bid letters sent out to prospective
bidders and eleven contractors picked up plans and specifications.
There were only two bids received:
P -D Mechanical Service Company $272,545
Northwestern Industrial Piping Inc. $274,201
Our engineer's estimate on this job prior to bidding was $300,000.
I recommend acceptance of the bid as submitted by P -D Mechanical
Service Company in the amount of $272,545.
Funding for this project is included on page 135 of the current
budget in the amount of $500,000 under Lake Michigan Water Controls -
account code #41-072-10-8748. This contract now up for approval
is only the first phase of the water system improvement bids.
The contract deals mainly with the mechanical portion of the work
which includes piping changes in the wellhouses and connections
to the JAWA delivery structure. The second contract to be let
in about a month will deal with the electrical portion of the
work on the automatic control system revisions.
Director of Public Works
HU,V: j
Attachment
C, c
i,, J I A I I GREELEY AINJO FA A P1 S E 1\1
E N (.'i I `J F F R r
D
22? SOUTH RIVERSIDIE PLA2A, CHICAGO, il-LJNaS
The two Proposals have been tabulated as shown on the attached
Bid Tabulation. The bidders, the amount of bid security accompanying
each bid and the total computed price are listed in the Bid Tabulation
and summarized as follows:
FOUNOEOINIS14
UGO
August 1, 1984
Honorable President and
G IN, Yf
Board of Trustees
Village of Mount Prospect
100 S. Emerson Street
Mount Prospect, Illinois 60056
Subject: Report on Bids
1�3
Water Distribution System Improvements
Gentlemen:
In accordance with your instructions, we have tabulated the Proposals
for construction of Water Distribution System Improvements and present
our findings herewith.
1. General
Proposals were received, opened and read aloud at 10:00 A.M.,
Central Daylight Time, on July 27, 1984, in accordance with an advertise—
ment for bids published on July 6, 1984.
Proposals were invited for the construction of interior piping,
outside piping, valve vaults, miscellaneous equipment, electrical
work, and associated work for water distribution system improvements
in the Village.
2,. Proposals Received
Two Proposals were received, both of which were accompanied by
the required bid security. All bidders acknowledged receipt of Addendum
No. 1.
The two Proposals have been tabulated as shown on the attached
Bid Tabulation. The bidders, the amount of bid security accompanying
each bid and the total computed price are listed in the Bid Tabulation
and summarized as follows:
FOUNOEOINIS14
Honorable President and
Board of Trustees
Village of Mount Prospect
Bidder
Engineer's Estimate
P -D Mechanical Services Co.
Northwestern Idustrial
Piping, Inc.
3. Irregularities
-2- August 1, 1984
Total
Amount
of Bid
$300,000
$272,545
$274,201
Irregularities in Proposals submitted by the bidders are as
follows:
a. P -D Mechanical Services Company:
1) Bidder did not submit statement of construction
experience, equipment and financial condition, as
required in Instructions to Bidders, paragraph 1-2.03.
b. Northwestern Industrial Piping, Inc.
1) Bidder did not fill in bid prices, in words, on the
Proposal Form.
4. Contingent Condit ons
None of the proposals submitted contained statement of contingent
conditions relative to the Proposal, Award of Contract or execution
of the work.
5. Qualifications of Bidders
The apparent low bidder, P -D Mechanical Services Inc., scubmitted
qualifications on July 30, 1984. P -D Mechanical is a new company
formed by personnel from Wanzenberg Construction Co. Based on the
information submitted by P -D Mechanical, they appear to possess the
necessary construction experience, equipment and personnel to perform
the work. P -D Mechanical Services Co.'s Financial Statement indicates
a limitation in the size of construction projects that can be performed
by the Company.
The second low bidder, Northwestern Industrial Piping, Inc.,
appears qualified in all respects to perform the work.
Honorable President and
Board of Trustees
Village of Mount Prospect
Bidder
Engineer's Estimate
P -D Mechanical Services Co.
Northwestern Idustrial
Piping, Inc.
3. Irre ularities
-2- August 1, 1984
Total
Amount
of B id
$300,000
$272,545
$274,201
Irregularities in Proposals submitted by the bidders are as
follows:
a. P -D Mechanical Services Company:
(1) Bidder did not submit statement of construction
experience, equipment and financial condition, as
required in Instructions to Bidders, paragraph I-2.03.
b. Northwestern Industrial Piping, Inc.
(1) Bidder did not fill in bid prices, in words, on the
Proposal Form.
4. Cont"n ent Condit ons
None of the proposals submitted contained statement of contingent
conditions relative to the Proposal, Award of Contract or execution
of the work.
5. Qualifications of Bidders
The apparent low bidder, P -D Mechanical Services Inc., scubmitted
qualifications on July 30, 1984. P -D Mechanical is a new company
formed by personnel from Wanzenberg Construction Co. Based on the
information submitted by P -D Mechanical, they appear to possess the
necessary construction experience, equipment and personnel to perform
the work. P -D Mechanical Services Co.'s Financial Statement indicates
a limitation in the size of construction projects that can be performed
by the Company.
The second low bidder, Northwestern Industrial Piping, Inc.,
appears qualified in all respects to perform the work.
Honorable President and
Board of Trustees
Village of Mount Prospect -3- August 1, 1984
6. We recommend the following:
Village review the financial statement of the lowest bidder
to determine if it meets Village standards for a contract
of this size.
Village Attorney review the proposal of the lowest bidder
to verify that it is a legal and binding proposal, complying
with the requirements of the V ilalge.
Yours very truly,
GREELEY AND HANSEN
Terrence J. Hodnik
TJH/jmd
cc: Mr. Herbert L. Weeks
! I VILL`AGE`O MOUNT PROSPECT, IL
',2 WATER DISTRIBUTION SYSTEM IMPROVEMtNTS` NUMBER
BIbs .RECEIVED:, JULY 27, 1984, 10.. -DO AM UNIT 4F
D�m DESCR-IPTION UNITS
`3 1 INTERIOR.PIPI,NG, SUMP PUMP., `ALTITUDE VALVE
+ SIGNAL LINE AND RECIRC PUMP RIPINO;
7 MECHANICAL EQUIPMENT, VALVES, PREFAB VALVE
VAULTS, MANHOLES, ELECTRICAL' WORK,
9 CATMODIC,SYSTEMS L.S. -
A
11 8 -INCH WATER MAIN L.F. 60
12
13, `3' " , " 10 -'INCH WATER MA I'W L.F. 162
14
63 4 12 -INCH WATER MAIN, L.F.• 465
16 _
17 5 14 -"INCH WATER MAIN _ LF --9-2
18
19 6 IRON CASTINGS _� LBS_._. 18,000
20
21 7 ADDITIONAL EARTH EXCAVATION C.Y. 75
22
23 8 ADDITIONAL SELECT FILL
,
24
2E+ 9 ADDITIONAL CLASS D CONCRETE C.Y. 10
26
27
29 TOTAL COMPUTED "PRICE BY BIDDER
30
31 TOTAL COMPUTED PRICE BY VILLAGE
33 BID SECURITY
4
36
39 37'
38
ENGINEERS
ESTIMATE
P—D MECHANICAL SVC CO
3701 COMMERCIAL AVE
NORTHBROOK, IL 60062
NORTHWESTERN IND PIPING`
7475 OAK PARK AVE
NILES, IL 60648'
UNIT PRICE
TOTAL
UNIT PRICE
TOTAL
UNIT PRICE
TOTAL
UNIT PRic
—
—
232,650
00
—
216,000
00
—
204,000
00,
43
33.
2,600
00
25
00
t,°500
0,0
53
Op
3,180
00-
52
47
8,500
00
35
OQ
5,670
p0
62
60
10;141
00..
60
25
28,2OO
00
50
00
23,400
00
53
20
24,898
00
..
80
1
43
C0
7,400
18,000
00
00
50
1
00
00
-4,600
18,00.0
00
00
82
__..1
00
20
7,544
21,600
00
00
00
u .
Bl0U_
19
00
600
950
00
15
00488
0
1 z5
—1, 2 5 0
00
00
6
—15'
50
00
488
750
00
00
110
00
1,100'00
�_
300,000
00
100
00
1,000
00
160
p0
i 600
Op
—__.__.__,__.
272,545
10$ BID B
00
KD.
274,201
1G$ BID BOND,
00.
Village of MoountProspect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO: viIIage'mmnuger
FROM: Project Engineer
DATE: August 2, 1984
SUBJECT: Motor Fuel Tax (MFT)
The Motor Fuel Tax Audit Reports for calendar years 1981
through 1983 indicate that the 1983 General Maintenance
Program (83 -00000 -00 -Gm) is deficient of certain procedural
actions. The Audit Report (n38-40) states that a request
for Finds (Form BLn-471) is required before the 1983
General Maintenance Program is complete. On April 23, 1984
the Village completed the required documentation. The 1983
General Maintenance Program is now complete and agrees with
the mrr auditors in Schaumburg.
Engineering
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
0
1
Plan
a Commission
8:00 P.M.
, C
S.D.A. 7:30 PM*
6 T Special
Safet� %ssion Board of Trustees
Zoning Board of
L9
ra P.M. j 8:00 P.M.* Appeals 8:00 P.M.*
Mt Prospect Police i j
Explorers 7:30 PM*jE,S.D.A. 7;30 PM*** j
1 I Committee of theI4 € Plan Commission 151 Cable TV C16
'
01 Whole 7.30 P.M.* 8.04 P.M. Commission
7:30 P.M.
E
E.S.D.A. 7:30 PM***
1
�1
_ ? 20 21 Business 22 2
l'
Board of Trustees ZoningBoard of
8:40 P.M.* District Develop'
I& ReDevelopment Comm
Appeals s:ao P.M.
7:30 P.M.
Mt Prospect Police ;
1
iExplorers 7:30 PM* IE.S.D.A. 7.30 PM***
3
27 Committee of the 28 2 0
Whole 7:30 P.M.*j
FRIDAY SATURDAY
Coffee with
Elected Official
110:00 - Noon
!Village Hall OPEN
9:40 - Noon
jLimited Services
GO-),
'
7i (18
2 ? 25
M
I 1E.S.D.A. 7:30 PM*** I i
Village Hall SPECIAL NOTICE September 8, 1984 September 8, 1984 All meetings will be held in the Trustees' Room, 2nd floor
will be CLOSED Coffee with Elected Village Hall OPEN Village Hall, 100 South Emerson Street, unless otherwise noted.
Mon Sept. 3rd Officials 10.00—Noon 9:00 — Noon t+; [bard Rooni, 2nd floor, 112 E. Northwest Highway
p Senior Citizen tenter, 150 S. Emerson Street
Lunch Room, Lower Level:, Village Hall