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Home My WebLink AboutII. Bond Issue Status Report 02/10/2009 Mouot Prospect INTEROFFICE MEMORANDUM Village of Mount Prospect Mount Prospect, Illinois TO: MICHAEL E. JANONIS, VILLAGE MANAGER FROM: DIRECTOR OF FINANCE DATE: FEBRUARY 6, 2009 SUBJECT: PROPOSED 2009 BOND ISSUE For the past several months' staff has been working with a financial advisor on a planned bond issuance for the replacement Fire Station #14 and companion projects. The bond sale is set for February 17. Included with this memo are materials to be used to follow along with discussion at the February 10 Strategic Planning meeting with the Board. The materials include a copy of the draft Preliminary Official Statement (POS), Notice of Sale (NOS), debt repayment schedule, copy of the rating presentation used for the conference call with Standard & Poor's and a schedule of events that has directed the work of all the parties involved. Also included is an adjusted 2008 property tax levy that includes the new debt. The draft POS and NOS (Exhibits I & II) will be released in its final version on February 10,2009. It is essentially complete, but there may be some final minor changes before the release date. The debt repayment schedule (Exhibit III) was prepared based on existing debt service levels and to take advantage of the long-term rates in the market. The impact on property taxes was also taken into consideration when developing the repayment plan. A copy of the ratings presentation made to Standard & Poor's on February 5 is included as Exhibit IV to provide some insight for the Board as to what was discussed during the ratings call. We can expect word on whether the Village was successful in obtaining a ratings increase on Monday, February 9. I will bring copies of the rating opinion to the meeting on Tuesday night. Finally, I have included a copy of the adjusted property tax levy for 2008 (Exhibit VI). The levy was adjusted to account for the new debt service payments resulting from the February 17 bond sale. The levy increase for 2008 now stands at 3.45%. If you recall the original levy showed a decrease of .42%. I will be prepared to discuss each of these items in further detail at the February 10 workshop. VL~~~/tP, CL David O. Erb Director of Finance 1:\COW\Series 2009 Bond Issue.doc il.I,.!: .c OJ - " .... '" o ;;.... ~ ~ ~ ''? _ v, ~ :s: ~~ o '" ~ .~ ~ C 2 [i ~] 8 ~ _-0 ::: " a ~ ill 0 't; ',,= - " 'f1 u ~~ 'C '" s 5- ,-. Io0o ~ 0 r' " .~ .~ .5 ~ ] 'gj 0.. .... v, 0 ;.a -= ;; .g ~i t.;) ;:; OJ " ~~ g~ u""O .:: '"5 '.,) 0 ~ ~ ~2 ~ ~ ~ ~ ,. 0 .:.J 0 . .2 'E r; 8[; ""0;'::: ~ 0 ~ i/~ 8 )r; ,..,.-C:: ;::: 0 @-c: = ~ C If.4 ]"5 S-~ i-" :?' 8 .s o - - 5 ~ ';g :E':.o ~ ~ ~ ,:::., ;.;., " " 'fJ ,e c:; r ..= (/; ~] u 0 =o:l ~~ o ...... r.,) '..... _ 0 .g ~ ::C 'h is ~, ,.2 @ .S 15 Q '1) -B tl ""O-B ~~ S 25 '1) ::: ~ ~: 'g : ~@ v 0 ?-'> ::: ::: r:: .~ '; . ~jj r:: ~ ,2-, Exhibit I PRELIMINARY OFFICIAL STATEMENT D:\TED FEBRUARY _, 2009 SALE DATE AND TIME: February 17, 2009 10:00 A.M. CST NEW ISSUE - BOOK ENTRY ONLY - BANK QUALIFIED RATING+: : " " Subject to compliance by the Vii/age with certain covenants, in the opinion of Bond Counsel. under present law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preftrence in computing the federal alternative minimum tax for individuals and corporations, but such interest is taken into account in computing an adjustment used in determining the federal alternative minimum taxfor certain corporations. Interest on the Bonds is not exempt from present Illinois income taxes. See "TAX EXEMPTION" herein for a more complete discussion. The Bonds are "qualified tax-exempt obligations" under Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. See "QUALIFIED TAX-EXEMPT OBLIGATIONS" herein. $10,000,000 VILLAGE OF MOUNT PROSPECT COOK COUNTY, ILLINOIS GENERAL OBLIGATION BONDS, SERIES 2009 Dated: The Date of Issuance Due: December 1, as shown on the inside cover The General Obligation Bonds, Series 2009 (the "Bonds"), of the Village of Mount Prospect, Cook County, Illinois (the "Village"), will be issued in fully registered form and will be registered initially only in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository for the Bonds. Purchasers of the Bonds will not receive certificates representing their interests in the Bonds purchased. Ownership by the beneficial owners of the Bonds will be evidenced by book-entry only. Principal of and interest on the Bonds will be paid by , Chicago, Illinois, as bond registrar and paying agent, to DTC, which in turn will remit such payments to its participants for subsequent disbursement to the beneficial owners of the Bonds. As long as Cede & Co. is the registered owner as nominee of DTC, payments on the Bonds will be made to such registered owner, and disbursement of such payments will be the responsibility of DTC and its participants. Interest on the Bonds (computed on the basis of a 360-day year of twelve 30-day months) will be payable semiannually on each June I and December I, commencing December I, 2009. Proceeds of the Bonds will be used to provide funds to (i) construct and equip a replacement fire station, expand the public works facility and relocate the emergency operations center; and, (ii) pay for certain costs associated with the issuance of the Bonds. The Bonds, in the opinion of Chapman and Cutler LLP, Chicago, Illinois, Bond Counsel, are valid and legally binding obligations of the Village payable both as to principal and interest from ad valorem taxes levied against all taxable property in the Village without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors' rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. The Bonds are subject to redemption prior to maturity in the manner, at the times and at the redemption prices described herein under the "THE BONDS-Optional Redemption". The Bonds are offered at a public sale, subject to the approval of legality by Chapman and Cutler LLP, Chicago, Illinois, Bond Counsel. Certain legal matters will be passed upon for the Village by its counsel, Klein, Thorpe and Jenkins Ltd., Chicago, Illinois. Chapman and Cutler LLP will also act as Disclosure Counsel to the Village. Delivery of the Bonds through the facilities ofDTC will be on or about March 11,2009. PMA SECURITIES, INC. AS FINANCIAL ADVISOR +See "BOND RATING" herein. The date of this Official Statement is February _,2009. MATURITY SCHEDULE, AMOUNTS, INTEREST RATES, PRICES OR YIELDS, AND CUSIPS $10,000,000 General Obligation Bonds, Series 2009 Maturity December 1 2009 Amount $ 200,000 Rate Price or Yield (%) CUSIP* (622826) 2023 2024 2025 2026 2027 2028 1,035,000 1,560,000 1,650,000 1,750,000 1,850,000 1,955,000 *CUSIP data herein is provided by Standard & Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the same may be supplemented or amended by the Village of Mount Prospect, Cook County, Illinois (the "Village"), from time to time (collectively, the "Official Statement"), may be treated as an Official Statement with respect to the Bonds described herein that is deemed final by the Village as of the date hereof (or of any such supplement or amendment). No dealer, broker, salesman or other person has been authorized to give any information or to make any representations other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as statements of the Village or the Underwriter. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person, in any jurisdiction in which it is unlawful to make such offer, solicitation or sale. Unless otherwise indicated, the Village is the source of all tables and statistical and financial information contained in this Official Statement. The information set forth herein relating to governmental bodies other than the Village has been obtained from such governmental bodies or from other sources believed to be reliable. The information and opinions expressed herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Village since the date of this Official Statement. The Underwriter has provided the following sentence for inclusion in this Official Statement. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. This Official Statement should be considered in its entirety and no one factor considered less important than any other by reason of its position in this Official Statement. Where statutes, resolutions, reports or other documents are referred to herein, reference should be made to such statutes, resolutions, reports or other documents for more complete information regarding the rights and obligations of parties thereto, facts and opinions contained therein and the subject matter thereof. Upon issuance, the Bonds will not be registered under the Securities Act of 1933, as amended, and will not be listed on any stock or other securities exchange and neither the Securities and Exchange Commission nor any other Federal, State, Municipal or other governmental entity, other than the Village, shall have passed upon the accuracy or adequacy of this Official Statement. Certain persons participating in this offering may engage in transactions that maintain or otherwise affect the price of the Bonds. Specifically, the Underwriter may overallot in connection with the offering, and may bid for, and purchase, the Bonds in the open market. The prices and other terms respecting the offering and sale of the Bonds may be changed from time to time by the Underwriter after the Bonds are released for sale, and the Bonds may be offered and sold at prices other than the initial offering prices, including sales to dealers who may sell the Bonds into investment accounts. VILLAGE OF MOUNT PROSPECT COOK COUNTY, ILLINOIS 50 SOUTH EMERSON STREET MOUNT PROSPECT, ILLINOIS 60056 847-392-6000 * * * * * * * * * * * * * * * * * * * * * * * Villai!e President Irvana K. Wilks Board of Trustees Paul Wm. Hoefert Arlene A. Juracek A. John Kom John 1. Matuszak Steven S. Polit Michael A. Zadel Villai!e Manai!er Michael E. Janonis Villai!e Clerk M. Lisa Angell Finance Director David O. Erb Assistant Villai!e Manai!er David Strahl Villai!e Attornev Everette M. Hill Deputy Finance Director Lynn M. Jarog * * * * * * * * * * * * * * * * * * * * * * * Pavini! Ai!ent/Bond Rei!istrar Bond and Disclosure Counsel Chapman and Cutler LLP 111 West Monroe Street Chicago, Illinois 60603 General Counsel Klein, Thorpe and Jenkins Ltd. 20 North Wacker Drive, Suite 1660 Chicago, Illinois 60606 Independent Auditor Sikich LLP 998 Corporate Boulevard Aurora, Illinois 60502 Financial Advisor PMA Securities, Inc. 27545 Diehl Road Warrenville, Illinois 60555 TABLE OF CONTENTS PAGE INTRODUCTION .......................................................................................................................................................................1 THE BONDS ...............................................................................................................................................................................1 General Description ........ ....... ..... ......... ... .... ....... ................. ............... ........ .... ......... ................ ........... ............. ....... ..... .............1 Registration and Exchange ........ ........... ...... ........ ................. .................... .... ..... ................ ........ ..... ..................... ............. ........1 Authority and Purpose..... ......... ...... ...... ...... ......... ............................... ........... ............. ............. ........ ................... ........... ..........2 Security and Payment....... ....... .............................. ........ .................... ................. ....... ....... ....... ............................ ............... .....2 Optional Redemption.................................................................................................................... ...........................................2 Redemption Procedures.................................................................................................................... .......................................3 SOURCES AND USES ...............................................................................................................................................................3 THE PROJECT ........ ....... ........ ................... ... ..... ................... ....................... ..... .............. ..... ........... ............. ......... ..... .... ..............4 BOOK-ENTRY SySTEM...........................................................................................................................................................4 REAL PROPERTY ASSESSMENT, TAX LEVY AND COLLECTION PROCEDURES.......................................................6 Summary of Property Assessment, Tax Levy and Collection Procedures...............................................................................6 Real Property Assessment.................................................................................................................... ....................................6 Equalization.................................................................................................................. ........................................................... 8 Exemptions.................................................................................................................... .......................................................... 9 Tax Levy.... .......... ........ .............. ........... ...... ....... ................. ............................... ........... ....... .......... ...... .............. ....... ............ .11 Extensions .... ...... ............ ............ .......... .............. ................. .................. ...... ....... ............ ...... ..... ..... .......... ... ........ .................. .11 Collections .. ....... ........................ .......... ....... ...... .................. ................. .............. .................. .......... ............ ......... ...... .............11 Truth in Taxation Law............... .......... ....... ........ ................. ................ ......... .............. .......... ........ ............ .......... ...................12 THE VILLAGE..... ............. ........... .......... ............... ................. ................ ............. ............ ................ ............. .............. ..............13 Employees..................................................................................................................... ........................................................ .14 Community Life... ............. ....... ............. ............... ........ ...................... ............... .......................... ............... .............. ..............14 Education..................................................................................................................... ......................................................... .15 Transportation.... ................ ................................... ............................. ............ ........................ ............................. ...................15 Investment Policy......... ...... ................ ... ..... ..... ....... ......... .................. .............. .... .............. ...... ......... ................... ...................15 SOCIO-ECONOMIC CHARACTERISTICS.... ................. .................. .................. ....... ....... ....... ....... ..................... ........... .......16 Population Trend... ........ ..... .............. ......... ..... .................. ........ ...... ... ....... .......... .............. .......... .... ................ ....... ............. ....16 Education ... ......... ........... ......... .................. .... ................... ..... .................... .... .................. ........... .... ................. ...... ........ ..... ....16 Income........................................................................................................................ .......................................................... .17 Housing....................................................................................................................... ...........................................................1 7 Residential Building Permits .............................................................................................................................. .................. .18 Retail Sales......... .................. ....... ................. ............ ......... ............................. ...... ........ ................ ..................... ........ ............ .18 Employment. ...... .................. .................... .... ...................... ............................ ...... ........ ................. ............................. ........... .19 Largest Private Employers within the Village .......................................................................................................................19 Unemployment.... ................... .... ....... ... ............. .................. ...................... ...... .... ........... ...... ..... ..... .............. ...... ...... ............. .20 Historical Unemployment Statistics.................................................................................................................... .................. .20 Largest Taxpayers..................................................................................................................... ............................................ .20 CERTAIN FINANCIAL INFORMATION ...............................................................................................................................21 Trend of Equalized Assessed Valuation ............... ....... ............... ......... ......... ......... ....... ................ ..................... ...... ............. .21 Tax Rates ............ ................... ............................... ......... .............. ................ .... .................... .......... ..................... ...................21 Representative Tax Rates for Property within the Village.....................................................................................................21 Tax Extensions and Collections .................... .............................. ................ ...... ......................... ....... .......... ......... ........ ..........22 Summary of Outstanding General Obligation Debt......................................... ..................... .......... ..................... ................. .22 Debt Repayment Schedule... ................... ..... .................................... ............ ........... ...................... ...................... .................. .23 Overlapping Bonded Debt..... ..... ......... ........ .................... ................. ........... ............. ............ ......... ........... .......... .................. .23 Debt Statement...................................................................................................................... ................................................ .24 Debt Ratios .............................................................................................................................. ............................................. .24 GENERAL FUND SUMMARY ...............................................................................................................................................25 General....................................................................................................................... ........................................................... .25 Budgetary Procedures.................................................................................................................... ....................................... .25 Operating Results, Budget and Fund Balances ......................................................................................................................25 Summary of General Fund Results and Fund Balances .........................................................................................................26 Summary of General Fund Assets, Liabilities and Fund Balances ........................................................................................27 Budget Summary......... ...... ....... ...... ... .... .... .......... ................ .................... .... ........ ........... ..... ..... ......... ..... ............. ........ ..........28 SHORT-TERM BORROWING ................................................................................................................................................28 FUTURE FINANCING .............................................................................................................................................................28 RETIREMENT COMMITMENTS ...........................................................................................................................................28 DEFAULT RECORD ................................................................................................................................................................29 TAX EXEMPTION ...................................................................................................................................................................29 QUALIFIED TAX-EXEMPT OBLIGATIONS ........................................................................................................................31 LITIGATION....... ........ ...... ......... .......... ........ ............ ..... ........ .... ..... ................. ................. ......... ................ ........ ...... ..... ......... ....31 BOND RATING ........................................................................................................................................................................31 CONTINUING DISCLOSURE.................................................................................................................................................32 THE UNDERTAKING ..............................................................................................................................................................32 Annual Financial Information Disclosure ............. ..... ....... ..... ..... .......... ....... ............ ..................... ............... ..... ..... ... ...... ... ....32 Material Events Disclosure...... ............ ................. ............. ............................................. .............. ........ .......... .................. .....33 Consequences of Failure of the Village to Provide Information............................................................................................33 Amendment; Waiver...... ..... ....... .......... ................. ......... ... ..... .... ......... ......... .... ........ ....... .............. ........ .......... ........ ..... ......... .34 Termination of Undertaking.................................................................................................................... ............................. .34 Additional Information..................................................................................................................... .....................................34 Dissemination Agent......................................................................................................................... .....................................34 CERTAIN LEGAL MATTERS ................................................................................................................................................35 UNDERWRITING ....................................................................................................................................................................35 FINANCIAL ADVISOR ...........................................................................................................................................................35 THE OFFICIAL STATEMENT ................................................................................................................................................35 Accuracy and Completeness of the Official Statement..........................................................................................................36 Appendices: A. Form of Legal Opinion of Bond Counsel B. Comprehensive Annual Financial Statement for the Fiscal Year Ended December 31, 2007 C. Official Notice of Sale and Bid Form $10,000,000 VILLAGE OF MOUNT PROSPECT COOK COUNTY, ILLINOIS GENERAL OBLIGATION BONDS, SERIES 2009 INTRODUCTION The purpose of this Official Statement is to set forth certain information concerning the Village of Mount Prospect, Cook County, Illinois (the "Village"), in connection with the offering and sale of its General Obligation Bonds, Series 2009 (the "Bonds"). This Official Statement includes the cover page, the reverse thereof and the Appendices. Certain factors that may affect an investment decision concerning the Bonds are described throughout this Official Statement. Persons considering a purchase of the Bonds should read this Official Statement in its entirety. THE BONDS General Description The Bonds will be issued in fully registered form, without coupons, in denominations of $5,000 each or authorized integral multiples thereof under a book-entry only system operated by The Depository Trust Company, New York, New York ("DTC"). Principal of and interest on the Bonds will be payable as described under the caption "BOOK-ENTRY SYSTEM" by , Chicago, Illinois, as paying agent and bond registrar (the "Bond Registrar"). The Bonds will be dated as of the date of delivery and will mature as shown on the inside cover page of this Official Statement. Interest will be payable on each June I and December 1, beginning December 1, 2009. The Bonds will bear interest from their dated date, or from the most recent interest payment date to which interest has been paid or provided for, computed on the basis of a 360-day year consisting of twelve 30-day months. The principal of the Bonds will be payable in lawful money of the United States of America upon presentation and surrender thereof at the principal corporate trust office of the Bond Registrar in Chicago, Illinois. Interest on each Bond will be paid by check or draft of the Bond Registrar payable upon presentation in lawful money of the United States of America to the person in whose name such Bond is registered at the close of business on the 15th day of the month next preceding the interest payment date. The Bonds are subject to redemption pnor to maturity as discussed under "Optional Redemption" herein. Registration and Exchange The Bonds may be transferred or exchanged only on the registration books (the "Bond Register") of the Bond Registrar; provided, however, that the Village may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a Bond surrendered for redemption. Upon surrender for transfer of any Bond at the principal corporate trust office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by, the registered owner or his attorney duly authorized in writing, the Village shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of the same maturity of authorized denominations for a like aggregate principal amount. Any fully registered Bond or Bonds may be exchanged at said office of the Bond Registrar for a like aggregate principal amount of Bond or Bonds of the same maturity and interest rate. The execution by the Village of any fully registered Bond shall constitute full and due authorization of such Bond and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, the principal amount of outstanding Bonds of each maturity authenticated by the Bond Registrar shall not exceed the authorized principal amount of Bonds for such maturity less previous retirements. The Bond Registrar shall not be required to transfer or exchange any Bond during the period beginning at the close of business on the 15th day of the month next preceding any interest payment date on such Bond and ending at the opening of business on such interest payment date, nor to transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen (15) days next preceding mailing of a notice of redemption of any Bonds. Authority and Purpose The Bonds are being issued pursuant to the home rule powers of the Village under Section 6, Article VII of the 1970 Constitution of the State of Illinois and pursuant to a bond ordinance adopted by the President and Board of Trustees of the Village (the "Board") on the 17th day of February, 2009 (the "Bond Ordinance"). Proceeds of the Bonds will be used to (i) construct and equip a replacement fire station, expand the public works facility and relocate the emergency operations center (see "THE PROJECT" herein) and, (ii) pay certain costs associated with the issuance of the Bonds. Security and Payment The Bonds, in the opinion of Bond Counsel, are payable from ad valorem taxes levied against all of the taxable property in the Village without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors' rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. The Bond Ordinance will be filed with the County Clerk of Cook County, Illinois (the "County Clerk") and will serve as authorization to the County Clerk to extend and collect the property taxes as set forth in the Bond Ordinance. The form of the opinion of Bond Counsel is set forth in Appendix A. Optional Redemption The Bonds maturing on and after December 1,2023 are subject to redemption prior to maturity, at the option of the Village, in whole or in part in such principal amounts and from such maturities as determined by the Village, in integral multiples of $5,000, selected by lot by the Bond Registrar, on December 1, 2017 and on any date thereafter, at a redemption price of par plus accrued interest to the redemption date. 2 Redemption Procedures Unless waived by any holder of Bonds to be redeemed, notice of the call for any redemption shall be given by the Bond Registrar on behalf of the Village by mailing the redemption notice by first- class mail at least (30) days and not more than sixty (60) days prior to the date fixed for redemption to the registered owner of the Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Bond Registrar. All notices of redemption shall state (1) the redemption date, (2) the redemption price, (3) ifless than all the outstanding Bonds of a particular maturity are to be redeemed, the identification (and, in the case of partial redemption of Bonds within such maturity, the respective principal amounts) of the Bonds to be redeemed, (4) that on the redemption date interest thereon shall cease to accrue from and after said date, and (5) the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Bond Registrar. Unless moneys sufficient to pay the redemption price of the Bonds to be redeemed shall have been received by the Bond Registrar prior to the giving of such notice of redemption, such notice may, at the option of the Village, state that said redemption shall be conditioned upon the receipt of such moneys by the Bond Registrar on or prior to the date fixed for redemption. If such moneys are not received, such notice shall be of no force and effect, the Village shall not redeem such Bonds, and the Bond Registrar shall give notice, in the same manner in which the notice of redemption was given, that such moneys were not so received and that such Bonds will not be redeemed. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, subject to the stated condition above, on the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the Village shall default in payment of redemption price), such Bonds or portion of Bonds shall cease to bear or accrue interest. Neither the failure to mail such redemption notices, nor any defect in any notice so mailed, to any particular owner of a Bond, shall affect the sufficiency of such notice with respect to other registered owners. Notice having been properly given, failure of a registered owner of a Bond to receive such notice shall not be deemed to invalidate, limit or delay the effect of the notice or redemption action described in the notice. SOURCES AND USES The sources and uses of funds with respect to the Bonds are estimated as follows: Estimated Source of Funds Par Amount of the Bonds .......... ............ .... ............... .......... Net Original Issue Premium/(Discount)............................. Total Sources.......................................................... Estimated Uses of Funds Deposit into the Project Fund .......................................... Costs of Issuance* ...... .......................... ........ ....... ............ Total Uses.. .................... ........... ........ ....... ............ *lncludes Underwriter's discount, Financial Advisor fee, Bond and Disclosure Counsel fee, Bond Registrar's fee and other costs of issuance. 3 THE PROJECT The Village plans to construct and equip a new fire station # 14 due to the cost of the necessary improvements to and location of fire station #14. Additionally, the Village plans to expand the public works vehicle maintenance facility to accommodate the repair of the fire department fleet which is currently maintained at fire station #14. The Village also plans to relocate the emergency operation center to a new location because the current location is too small and is across the street from railroad tracks. The total cost of the projects described above (collectively, the "Project") is budgeted for approximately $14.5 million. The Village intends to finance $12.5 million of the Project costs and fund the balance of the costs with funds on hand. The Project is scheduled to be completed by August 2010. BOOK-ENTRY SYSTEM DTC will act as securities depository for the Bonds. The Bonds will be issued as fully registered bonds registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully registered Bond will be issued for each maturity of the Bonds, in the aggregate principal amount of such maturity, and will be deposited with DTC. DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section l7A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other bond transactions in deposited bonds, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of bond certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC, is the holding company for DTC, National Securities Clearing Corporation, Fixed Income Clearing Corporation, all of which are registered cleaning agencies DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non U.S. securities brokers and dealers, banks trust companies, and clearing corporation that clear through or maintain a custodial relationships with a Direct Participant, either directly or indirectly ("Indirect Participations"). DTC has S&P's highest rating: AAA. The DTC Rules applicable to its participants are on file with the SEe. More information about DTC can be found at www.dtcc.com and www.dtc.org. Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC's records. The ownership interest of each actual purchaser of each Bond ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their 4 ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued. To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC's records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which mayor may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the Bond Registrar and request that copies of notices be provided directly to them. Redemption notices shall be sent to DTC. If less than all of the Bonds within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Village as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Redemption proceeds, distributions, and dividend payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detailed information from the Village or Bond Registrar, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with bonds held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, the Bond Registrar, or the Village, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Village or the Bond Registrar, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to Beneficial Owners will be the responsibility of Direct and Indirect Participants. 5 DTC may discontinue providing its services as securities depository with respect to the Bonds at any time by giving reasonable notice to the Village or the Bond Registrar. Under such circumstances, in the event that a successor securities depository is not obtained, Bond certificates are required to be printed and delivered. The Village may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Bond certificates will be printed and delivered. The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that the Village believes to be reliable, but the Village takes no responsibility for the accuracy thereof. The Village will have no responsibility or obligation to any Securities Depository, any Participants in the Book-Entry System or the Beneficial Owners with respect to (i) the accuracy of any records maintained by the Securities Depository or any Participant; (ii) the payment by the Securities Depository or by any Participant of any amount due to any Beneficial Owner in respect of the principal amount or redemption price of, or interest on, any Bonds; (iii) the delivery of any notice by the Securities Depository or any Participant; (iv) the selection of the Beneficial Owners to receive payment in the event of any partial redemption of the Bonds; or (v) any other action taken by the Securities Depository or any Participant. REAL PROPERTY ASSESSMENT. TAX LEVY AND COLLECTION PROCEDURES Summary of Property Assessment, Tax Levy and Collection Procedures A separate tax to pay the principal of and interest on the Bonds has been levied on all taxable real property within the Village. The information under this caption describes the current procedures for real property assessments, tax levies and collections in Cook County, Illinois (the "County"). There can be no assurance that the procedures described herein will not change. Real Property Assessment The County Assessor (the "Assessor") is responsible for the assessment of all taxable real property within the County, including that in the Village, except for certain railroad property and pollution control facilities, which are assessed directly by the Illinois Department of Revenue (the "Department of Revenue"). For triennial reassessment purposes, Cook County is divided into three districts: west and south suburbs (the "South Tri"), north and northwest suburbs (the "North Tri"), and the City of Chicago (the "City Tri"). The Village is located in the North Tri and was reassessed for the 2007 tax levy year. Real property in the County is separated into classes for assessment purposes. After the County Assessor establishes the fair market value of a parcel of property, that value is multiplied by the appropriate classification percentage to arrive at the assessed valuation (the "Assessed Valuation") for the parcel. The classification percentages range from 16% for certain residential, commercial and industrial property to 36% and 38%, respectively, for other industrial and commercial property. On September 17, 2008, the Cook County Board of Commissioners approved changes to the property classification ordinance. The changes reduce the percentages used to calculate the assessed value of real property in the County for real estate tax purposes. These reductions will take effect in the 2009 tax levy year. Such new classification percentages range from 10% for certain residential, commercial and industrial property to 25% for other industrial and commercial property. 6 Property is classified for assessment into six basic categories, each of which is assessed (beginning with the 2009 tax levy year) at various percentages of fair market value as follows: Class 1) unimproved real estate - 10%; Class 2) residential - 10%; Class 3) rental-residential - 16%, in tax year 2009, 13% in assessment year 2010, and 10% in assessment year 2011 and subsequent years; Class 4) not-for-profit - 25%; Class 5a) commercial - 25%; Class 5b) industrial - 25%. There are also seven additional categories. Newly constructed industrial properties or substantially rehabilitated sections of existing industrial properties within the County may qualify for a Class 6b assessment level, which assessment level is 10% for the first 10 years and for any subsequent 10-year renewal periods. However, if the incentive is not renewed, the 6b assessment level is 15% in year 11 and 20% in year 12, hereafter reverting to Class 5b. Real estate, which is to be used for industrial or commercial purposes where such real estate has undergone environmental testing and remediation, may be eligible for a Class C assessment level. The Class C assessment level for industrial properties is 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5b. Class C commercial properties are assessed at 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Commercial properties that are newly constructed or substantially rehabilitated and are within an area determined to be an area in need of commercial development may be classified as Class 7a or 7b property, and will then be assessed at a level of 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Certain commercial and industrial properties located in zones determined to be in need of substantial revitalization or in an enterprise community could be eligible for Class 8 assessments. The Class 8 assessment level for industrial properties is 10% for the first 10 years and for any subsequent 10-year renewal periods. If the incentive is not renewed, the Class 8 assessment level for industrial properties is 15% in year 11 and 20% in year 12, thereafter reverting to Class 5b. The Class 8 assessment level for commercial properties is 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Substantially rehabilitated or new construction multi- family residential properties within certain target areas, empowerment or enterprise zones may be eligible for Class 9 categorization. The Class 9 assessment level is 10% for an initial 10-year period, renewable upon application for additionallO-year periods. When the Class 9 assessment level expires, the assessment level reverts to the applicable classification. Rental-residential (Class 3) properties subject to a Section 8 contract that has been renewed under the "Mark Up To Market" option may qualify for a Class S assessment level. The Class S assessment level is 10% for the term of the Section 8 contract renewal under the Mark Up To Market option, and for any additional terms of renewal of the Section 8 contract under the Mark Up To Market option. When the Class S assessment level expires, the assessment level reverts to Class 3. Substantially rehabilitated properties which are designated as Class 3, Class 4, Class 5a or Class 5b and which qualify as Landmark or Contributing buildings may qualify for a Class L assessment level. The Class L assessment level for Class 3, 4 or 5b properties is 10% for the first 10 years and for any subsequent 10-year renewal periods. If the incentive is not renewed, the Class L assessment level is 15% in year 11 and 20% in year 12, thereafter reverting to Class 3, 4 or 5b. Class L commercial properties are assessed at 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. The Assessor has established procedures enabling taxpayers to contest their proposed Assessed Valuations. Once the Assessor certifies its final Assessed Valuations, a taxpayer can seek review of its assessment by appealing to the Cook County Board of Review, which consists of three commissioners elected by the voters of the County. The Board of Review has the power to adjust the Assessed Valuations set by the Assessor. Owners of both residential property having six or fewer units and owners of real estate other than residential property with six or fewer units are able to appeal decisions of the Board of Review to the Illinois Property Tax Appeal Board (the "PTAB"), a statewide administrative body. The PTAB has 7 the power to determine the Assessed Valuation of real property based on equity and the weight of the evidence. Taxpayers may appeal the decision of PT AB to either the Circuit Court of Cook County or the Illinois Appellate Court under the Illinois Administrative Review Law. As an alternative to seeking review of Assessed Valuations by PT AB, taxpayers who have first exhausted their remedies before the Board of Review may file an objection in the Circuit Court of Cook County similar to the previous judicial review procedure but with a different standard of proof than that previously required. In addition, in cases where the Assessor agrees that an assessment error has been made after tax bills have been issued, the Assessor can correct any factual error, and thus reduce the amount of taxes due, by issuing a Certificate of Error. Certificates of Error are not issued in cases where the only issue is the opinion of the valuation of the property. Equalization After the County Assessor has established the Assessed Valuation for each parcel for a given year, and following any revisions by the Board of Review or PTAB, the Illinois Department of Revenue is required by statute to review the Assessed Valuations. The Illinois Department of Revenue establishes an equalization factor (the "Equalization Factor"), commonly called the "multiplier," for each county to make all valuations uniform among the 102 counties in the State of Illinois (the "State"). Under State law, the aggregate of the assessments within each county is to be equalized at 33-113% of the estimated fair cash value of real property located within the county prior to any applicable exemptions. One multiplier is applied to all property in Cook County, regardless of its assessment category, except for some farmland property which is not subject to equalization. Once the Equalization Factor is established, the Assessed Valuation, as revised by the Board of Review or PT AB, is multiplied by the Equalization Factor to determine the equalized assessed valuation (the "EA V") of that parcel. The EA V for each parcel is the final property valuation used for determination of tax liability. The aggregate EA V for all parcels in any taxing body's jurisdiction, plus the valuation of property assessed directly by the State, constitutes the total real estate tax base for the taxing body and is the figure used to calculate tax rates (the "Assessment Base"). The following table sets forth the Equalization Factor for Cook County for the last 10 tax levy years. TAX LEVY YEAR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 EQUALIZATION FACTOR 2.1799 2.2505 2.2235 2.3098 2.4689 2.4598 2.5757 2.7320 2.7076 2.8439 8 Exemptions Public Act 95-644, effective October 17, 2007, made changes to and added a number of property tax exemptions taken by residential property owners. These changes are discussed below. An annual General Homestead Exemption provides that the EA V of certain property owned and used for residential purposes ("Residential Property") may be reduced by $5,000 for assessment years 2004 through assessment year 2007. Additionally, the reduction may be $5,500 for assessment year 2008, and $6,000 for assessment years 2009 and forward (the "General Homestead Exemption"). The Alternative General Homestead Exemption (the "Alternative General Homestead Exemption") caps EA V increases for homeowners (who also reside on the property as their principal place of residence) at 7% a year, up to a certain maximum each year as defined by the statute. Any amount of increase that exceeds the maximum exemption as defined is added to the 7% increase and is part of that property's taxable EA V. Homes that do not increase by at least 7% a year are entitled, in the alternative, to the General Homestead Exemption as discussed above. The Base Year for purposes of calculation of the Alternative General Homestead Exemption is 2002 for properties located in the City Tri, 2003 for properties located in the North Tri and 2004 for properties located in the South Tri. The Base Homestead Value is the EA V of the homestead property minus the General Homestead Exemption for that year: $4,500 for years prior to 2004; $5,000 for 2004 through 2007; $5,500 for 2008 and $6,000 for the year 2009 and thereafter. For properties in the City Tri, the Alternative General Homestead Exemption cannot exceed $33,000 for assessment year 2006 (except as noted below), $26,000 for assessment year 2007, $20,000 for assessment year 2008 and $6,000 thereafter. For properties in the North Tri, the Alternative General Homestead Exemption cannot exceed $20,000 for assessment year 2006, $33,000 for assessment year 2007, $26,000 for assessment year 2008, $20,000 for assessment year 2009 and $6,000 thereafter. For properties in the South Tri, the Alternative General Homestead Exemption cannot exceed $20,000 for assessment years 2006 and 2007, $33,000 for assessment year 2008, $26,000 for assessment year 2009, $20,000 for assessment year 2010 and $6,000 thereafter. Furthermore, only in the City Tri and only for assessment year 2006, the maximum exemption amount may be increased to: (i) $40,000, provided that the EA V of the property for assessment year 2006 exceeds the EA V of that property for assessment year 2002 by an amount equal to or greater than 100%, or (ii) $35,000 provided that the EA V of the property for assessment year 2006 exceeds the EA V of that property for assessment year 2002 by an amount greater than 80% but not more than 100%. Finally, the Long-Time Occupant Homestead Exemption applies to those counties subject to the Alternative General Homestead Exemption, including Cook County. Beginning with assessment year 2007 and thereafter, the EA V of homestead property of a taxpayer who has owned the property for at least 10 years (or 5 years if purchased with certain government assistance) and who has a household income of $100,000 or less ("Qualified Homestead Property") may increase by no more than 10% per year. If the taxpayer's annual income is $75,000 or less, the EA V of the Qualified Homestead Property may increase by no more than 7% per year. There is no exemption limit for Qualified Homestead Properties. Individuals applying for this exemption must comply with the following guidelines: (i) continuously occupy their property for 10 years, as of January 1st of the assessment year, and occupy such property as their principal residence or, (ii) continuously occupy their property as their principal place of residence for 5 years, as of January 1 st of the assessment year, provided that the property was purchased with certain government assistance. 9 In addition, the Homestead Improvement Exemption ("Homestead Improvement Exemption") applies to residential properties that have been improved and to properties that have been rebuilt in the two years following a catastrophic event. The exemption is limited to $45,000 through December 31, 2003, and $75,000 per year beginning January 1,2004, and thereafter, to the extent the assessed value is attributable solely to such improvements or rebuilding. Additional exemptions exist for senior citizens. The Senior Citizens Homestead Exemption ("Senior Citizens Homestead Exemption") operates annually to reduce the EA V on a senior citizen's home by $3,500 in all counties. In addition, for assessment year 2008 and thereafter, the maximum reduction is $4,000 for all counties. Furthermore, property that is first occupied as a residence after January 1 of any assessment year by a person who is eligible for the Senior Citizens Homestead Exemption must be granted a prorata exemption for the assessment year based on the number of days during the assessment year that the property is occupied as a residence by a person eligible for the exemption. A Senior Citizens Assessment Freeze Homestead Exemption ("Senior Citizens Assessment Freeze Homestead Exemption") freezes property tax assessments for homeowners who are 65 and older, reside in their property as their principal place of residence and receive a household income not in excess of the maximum income limitation. The maximum income limitation is $50,000 for assessment years 2006 and 2007; for assessment years 2008 and after, the maximum income limitation is $55,000. In general, the exemption grants qualifying senior citizens an exemption based upon a "freeze" of their home's Assessed Valuation. Another exemption, available to disabled veterans, may be applied annually to exempt up to $70,000 of the Assessed Valuation of property owned and used exclusively by such veterans or their spouses for residential purposes. However, individuals claiming exemption under the Disabled Persons' Homestead Exemption ("Disabled Persons' Homestead Exemption") or the hereinafter defined Disabled Veterans Standard Homestead Exemption cannot claim the aforementioned exemption. Also, certain property is exempt from taxation on the basis of ownership and/or use, such as public parks, not-for-profit schools and public schools, churches, and not-for-profit hospitals and public hospitals. Furthermore, beginning with assessment year 2007, the Disabled Persons' Homestead Exemption provides an annual homestead exemption in the amount of $2,000 for property that is owned and occupied by certain persons with a disability. However, individuals claiming exemption as a disabled veteran or claiming exemption under the Disabled Veterans Standard Homestead Exemption cannot claim the Disabled Persons' Homestead Exemption. In addition, the Disabled Veterans Standard Homestead Exemption ("Disabled Veterans Standard Homestead Exemption") provides disabled veterans an annual homestead exemption starting with assessment year 2007 and thereafter. Specifically, (i) those veterans with a service-connected disability of 75% are granted an exemption of $5,000 and (ii) those veterans with a service-connected disability of less than 75%, but at least 50%, are granted an exemption of $2,500. Furthermore, the veteran's surviving spouse is entitled to the benefit of the exemption, provided that the spouse has legal or beneficial title of the homestead, resides permanently on the homestead and does not remarry. However, individuals claiming exemption as a disabled veteran or claiming an exemption under the Disabled Persons' Homestead Exemption cannot claim the aforementioned exemption. 10 Also, beginning with assessment year 2007, the Returning Veterans' Homestead Exemption ("Returning Veterans' Homestead Exemption") is available for property owned and occupied as the principal residence of a veteran in the assessment year the veteran returns from an armed conflict while on active duty in the United States armed forces. This provision grants a homestead exemption of $5,000, which is applicable in all counties. In order to apply for this exemption, the individual must pay real estate taxes on the property, own the property or have either a legal or an equitable interest in the property, subject to some limitations. Those individuals eligible for this exemption may claim the exemption in addition to other homestead exemptions, unless otherwise noted. Tax Levy As part of the annual budgetary process of governmental units (the "Units") with power to levy taxes in the County, proceedings are adopted by the designated body for each Unit each year in which they determine to levy real estate taxes. The administration and collection of real estate taxes is statutorily assigned to the County Clerk and the County Treasurer. After the Units file their annual tax levies, the County Clerk computes the annual tax rate for each Unit. The Cook County Clerk uses the prior year's Equalized Assessed Valuation (EA V) to compute the taxing district's maximum allowable levy. The maximum that can be raised for a Unit is the maximum tax rate for that Unit multiplied by the prior year EA V for all property currently in the district. The prior year EA V includes the prior year EA V plus the EA V of any new property, the current year value of any annexed property, and any recovered tax increment value, minus any disconnected property for the current year under the Property Tax Extension Limitation Law, as amended. The tax rate for a Unit is computed by dividing the lesser of the maximum allowable levy or the actual levy by the current year EA V. Extensions The County Clerk then computes the total tax rate applicable to each parcel of real property by aggregating the tax rates of all of the Units having jurisdiction over the particular parcel. The County Clerk extends the tax by entering the tax (determined by multiplying the total tax rate by the Equalized Assessed Valuation of that parcel for the current tax year) in the books prepared for the County Collector (the "Warrant Books") along with the tax rates, the Assessed Valuation and the EA V. The Warrant Books are the County Collector's authority for the collection of taxes and are used by the County Collector as the basis for issuing tax bills to all property owners. Collections Property taxes are collected by the County Collector, who is also the County Treasurer, who remits to each Unit its share of the collections. Taxes levied in one year become payable during the following year in two installments, the first due on March 1 and the second on the later of August 1 or 30 days after the mailing of the tax bills. A payment due is deemed to be paid on time if the payment is postmarked on the due date. The first installment is equal to one-half of the prior years' tax bill. However, if a certificate of error is approved by a court or certified on or before November 30 of the preceding year and before the estimated tax bills are prepared, then the first installment is instead equal to one-half of the corrected prior year's tax bill. The second installment is for the balance of the current year's tax bill, and is based on the then current tax year levy, assessed value and Equalization Factor, and reflects any changes from the prior year in those factors. The following table sets forth the second installment penalty date for the last ten tax levy years in Cook County; the first installment penalty date has been March 1 for all such years. 11 TAX LEVY YEAR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 SECOND INSTALLMENT PENALTY DATE November 1, 1999 October 2, 2000 November 1,2001 November 1, 2002 October 1, 2003 November 15, 2004 November 1,2005 September 1, 2006 December 3,2007 November 3,2008 It is possible that the changes to the assessment appeals process described above will cause delays similar to those experienced in past years in preparation and mailing of second installment in future years. The County may provide for tax bills to be payable in four installments instead of two. The County has not determined to require payment of tax bills in four installments. During the periods of peak collections, tax receipts are forwarded to each Unit on a weekly basis. Upon receipt of taxes from the County Collector, the Village promptly credits the taxes received to the funds for which they were levied. At the end of each collection year, the County Collector presents the Warrant Books to the Circuit Court and applies for a judgment for all unpaid taxes. The court orders resulting from the application for judgment provides for an annual tax sale (the "Annual Tax Sale") of unpaid taxes shown on that year's Warrant Books. A public sale is held, at which time successful tax buyers pay the unpaid taxes plus penalties. Unpaid taxes accrue penalties at the rate of 1.5% per month from their due date until the date of sale. Taxpayers can redeem their property by paying the amount paid at the sale, plus a maximum of 12% for each six month period after the sale. If no redemption is made within the applicable redemption period (ranging from six months to two and one-half years depending on the type and occupancy of the property) and the tax buyer files a petition in the Circuit Court, notifying the necessary parties in accordance with the applicable law, the tax buyer receives a deed to the property. In addition, there are miscellaneous statutory provisions for foreclosure of tax liens. If there is no sale of the tax lien on a parcel of property at the Annual Tax Sale, the taxes are forfeited and the property becomes eligible to be purchased at any time thereafter at an amount equal to all delinquent taxes and interest accrued to the date of purchase. Redemption periods and procedures are the same as applicable to the Annual Tax Sale. The scavenger sale (the "Scavenger Sale"), like the Annual Tax Sale, is a sale of unpaid taxes. The Scavenger Sale is scheduled to be held every two years on all property on which two or more years' taxes are delinquent. The sale price of the unpaid taxes is the amount bid at such sale, which may be less than the amount of delinquent taxes. Redemption periods vary from six months to two and one-half years depending upon the type and occupancy of the property. Truth in Taxation Law Legislation known as the Truth in Taxation Law (the "Law") limits the aggregate amount of certain taxes which can be levied by, and extended for, a taxing district to 105% of the amount oftaxes 12 extended in the preceding year unless specified notice, hearing and certification requirements are met by the taxing body. The express purpose of the Law is to require published disclosure of, and hearing upon, an intention to adopt a levy in excess of the specified levels. The provisions of the Law do not apply to levies made to pay principal of and interest on the Bonds. The Village covenanted in the Bond Ordinance that it will not take any action which would adversely affect the levy, extension, collection, and application of the taxes levied by the Village for payment of principal of and interest on the Bonds. The Village also covenanted that it will comply with all present and future laws concerning the levy, extension, and collection of such taxes levied by the Village. THE VILLAGE The Village is a home rule unit located approximately 22 miles northwest of downtown Chicago, Illinois. It was settled in the l870s and later incorporated in 1917. The current population is approximately 56,265. The current elected Village officials and selected appointed positions are: Elected Positions Name Irvana K. Wilks Paul Wm. Hoefert Arlene A. Juracek A. John Kom John 1. Matuszak Steven S. Polit Michal A. Zadel Position Mayor Trustee Trustee Trustee Trustee Trustee Trustee * Appointed (1) Elected as a Trustee in 1991 (2) First elected to the Board in 2007 Year First Elected 2005(1) 1991 2007 2005*(2) 2008* 2008* 2001 Term Expires 2009 2011 2011 2011 2009 2009 2009 Appointed Positions Name Position Michael E. Janonis M. Lisa Angell David O. Erb David O. Erb Glen Andler Nancy Morgan Bill Cooney Joan Petitt John Dahlberg Michael Figolah Village Manager Village Clerk Village Treasurer Director of Finance Director of Public Works Director of Human Services Director of Community Developme Director of Human Resources Police Chief Fire Chief Village residents benefit from top-rated public safety technology and services. The Fire Department has earned one of the best fire ratings (ISO Rating Class 2), the Police Department has achieved international police accreditation and the Public Works Department's community-wide recycling and urban reforestation programs have served as models for other communities. The Mount 13 Prospect Public Library is on the forefront of information technology used to supplement research efforts. The Village is a member of the Solid Waste Agency of Northern Cook County (SWANCC). The Village makes payments to SW ANCC for the disposal of residential solid waste and for its allocable share of the project costs of SW ANCC, which are funded with revenue obligations. The Village is also a member of the Northwest Suburban Municipal Joint Action Water Authority. The Village's water system maintains 158.4 miles of water mains, serving approximately 11,500 metered accounts with an average daily pump age of 4.3 million gallons. Sewage treatment is the responsibility of the Metropolitan Water Reclamation District. Employees The Village has approximately 321 full-time and 25 part-time employees. In addition, approximately 60 seasonal employees are hired throughout the year. Listed below are the unions to which 181 of the full-time employees are members. The Village considers its relationship with its employees to be good. Union Name Mount Prospect Fire Union, Local 4119, LA.F.F., AFL-CIO .......... Metropolitan Alliance of Police, Police Chapter #84 ....................... Metropolitan Alliance of Police, Sergeants Chapter #85 .................. Service Employees International Union, Local 73............................ Number of Members 63 70 10 38 Contract Expires December 31, 2011 April 30, 2012 April 30, 2012 April 30, 2012 Source: The Village's Finance Department Community Life In November of 2008, BusinessWeek named the Village as the winner of its second annual review of the "Best Places in America to Raise Kids." According to the report, the Village was able to achieve this ranking as a result of low crime, affordable homes, award-winning schools and small-town charm coupled with conservative fiscal values and community involvement. The Village's downtown area has experienced significant private and public reinvestment over the past several years, including the redevelopment of the 1.3 million square foot Randhurst Shopping Center, the first enclosed regional shopping center in the area. Residential convenience goods, banks, government services, restaurants and service establishments can be found throughout the downtown area. The recent addition of townhomes and luxury condominiums in the town center is furthering the Village's vision of a mixed-use downtown district. The Kensington Business Center attracts numerous high-profile corporations with its 12 landscaped lakes, winding jogging trails, recreational park and picnic areas as well as its proximity to O'Hare International Airport. Lake Center Corporate Park is the second largest industrial district within the Village and offers unique "build-to-suit" opportunities for office and manufacturing facilities. The Lake Center Corporate Park has recently been improved with landscaping and public infrastructure designed to support a variety of uses. Village residents of all ages are served by four area park districts maintaining nearly 400 acres of parks and recreation facilities within the Village. The park districts provide an outdoor wave pool, two 14 golf courses, miniature golf course, sled hill, outdoor skating rinks, playgrounds, ball fields and tennis courts for residents. The Cook County Forest Preserve also has facilities nearby. Education Students residing in the Village are served by six elementary school districts and one high school district. Higher education facilities are available at Community College District No. 512 (Harper Community College). In addition, there are numerous institutions of higher education accessible throughout the Chicago Metropolitan Area. Transportation Rand Road (U.S. 12) and Northwest Highway (U.S 14) are east-west thoroughfares that lead from the Village to the Tri-State Tollway (I-294). Driving time to Chicago's "Loop" business district is approximately 50 minutes. Driving time to O'Hare International Airport and Midway Airport are approximately 15 minutes and 55 minutes, respectively. Rail commuters can take the Union Pacific from the Village to the "Loop" in approximately 40 minutes by express service, and approximately 45 minutes by local service. Bus service is also available. Investment Policy Although home rule units are not limited by law to particular investments, the Village has adopted its own formal investment policy which incorporates the statutory requirements and which also includes collateral and ratio requirements for the various types of authorized investments. These include deposits/investments in insured commercial banks, savings and loan institutions, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services, Illinois Funds (created by the Illinois State Legislature under the control of the State Comptroller that maintains a $1 per share value which is equal to the participants fair value), and Illinois Metropolitan Investment Fund (IMET), a not-for-profit investment trust formed pursuant to the Illinois Municipal Code and managed by a Board of Trustees elected from the participating members. IMET is not registered with the SEC as an investment company. Investments in IMET are valued at IMET's share price, the price for which the investment could be sold. The Village's investment policy does limit its deposits to financial institutions that are members of the FDIC system and are capable of posting collateral for amounts in excess of FDIC insurance. It is the policy of the Village to invest its funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the Village and conforming to all state and local statutes governing the investment of public funds, using the "prudent person" standard for managing the overall portfolio. The primary objectives of the policy are, in order of priority, legality, safety of principal, liquidity, and rate of return. 15 SOCIO-ECONOMIC CHARACTERISTICS Population Trend Below are the population statistics for the Village, the County and the State. The Village.......................................... The County.......................................... The State... ...................... ..................... 1990 53,170 5,105,067 11,430,602 2000 56,265 5,376,741 12,419,293 2007* 53,711 5,285,107 12,852,548 % Change 1990-2007 1.02% 3.53% 12.44 % * 2007 figures reflect an estimated 2007 population for the Village, the County and the State (most current figures available). Source: U.S. Census Bureau, 1990 and 2000 Census and U.S. Census Bureau, Population Estimates Program. Education The educational background of Village residents as compared to the County and the State is illustrated in the following table. Educational Levels for Persons 25 years of Age and Older Education Level Less than 9th Grade............................... 9th to 12th grade, no diploma ............... High school graduate............ ................. Some college, no degree ....................... Associate degree. ....... ..... ..... .................. Bachelor's degree ......... ........ ................. Graduate or professional degree............ The Village 7.0% 7.3 23.8 20.7 5.9 23.4 11.9 100.0% Please note that totals may not equal 100.0% due to rounding Source: 2000 Census, U.S. Department of Commerce, Census Bureau 16 The County 9.6% 12.7 24.2 20.3 5.2 17.2 10.8 100.0% The State 7.5% 11.1 27.7 21.6 6.1 16.5 ~ 100.0% Income The following table sets forth the distribution of household income for the Village compared with the County and the State. Household Income Under $10,000............................................ $10,000 to $14,999..................................... $15,000 to $24,999..................................... $25,000 to $34,999..................................... $35,000 to $49,999..................................... $50,000 to $74,999..................................... $75,000 to $99,999..................................... $100,000 to $149,999....... ...... ....... ....... ...... $150,000 to $199,999....... ...... ...... ..... ......... $200,000 or more ....................................... Median household income ......................... The Village 3.8% 3.9 9.3 9.5 15.7 22.9 15.6 13.2 3.4 2.7 $57,165 Please note that totals may not equal 100.0% due to rounding Source: 2000 Census, U.S. Department of Commerce, Census Bureau Housing The County 9.8% 5.4 10.9 11.7 16.0 19.8 11.3 9.2 2.7 3.2 $45,922 The State 8.3% 5.5 11.3 11.9 16.2 20.7 11.6 9.0 2.6 2.8 $46,590 The 2000 U.S. Census reports that the median home value in the Village was $217,700 and 71.5% of the residences were owner-occupied. Median home value in the County was $157,700 and 57.9% were owner-occupied. Median home value in the State was $130,800 and 67.3% were owner- occupied. Number of Number of Value of Specific Units in Units in Owner-Occupied Units The Village Percent (%) The County Percent (%) Less than $50,000............... 47 0.4 15,576 1.9 $50,000 to $99,999............. 245 2.0 141,600 17.3 $100,000 to $149,000......... 893 7.1 218,621 26.8 $150,000 to $199,999......... 3,717 29.6 184,050 22.5 $200,000 to $299,999......... 6,217 49.5 147,478 18.1 $300,000 to $499,999 ........ 1,302 10.4 74,446 9.1 $500,000 to $999,999......... 129 1.0 28,249 3.5 $1,000,000 or more ............ 9 0.1 6,512 0.8 Median value...................... $217,700 $157,700 17 Housing Continued Value of Specific Owner-Occupied Units Less than $50,000................ $50,000 to $99,999.............. $100,000 to $149,000.......... $150,000 to $199,999.......... $200,000 to $299,999.......... $300,000 to $499,999 ......... $500,000 to $999,999.......... $1,000,000 or more ............. Number of Units in The State 230,049 651,605 583,409 429,311 344,651 163,254 55,673 12,386 Median value....................... $130,800 Please note that totals may not equal 100.0% due to rounding Source: 2000 Census, U.S. Department of Commerce, Census Bureau Residential Building Permits Percent (%) 9.3 26.4 23.6 17.4 14.0 6.6 2.3 0.5 The following table sets forth the reported number of residential building permits issued and relative construction costs in the Village for each of the years listed. Year 2003........ ...... .................. ............ ....... 2004........ ......... ...... ..................... ....... 2005....... .................. ................... ....... 2006....... .................. ............. ....... ...... 2007.................................................. . 2008 * .... ..................... ............. ........... Reported Number of Building Permits 18 29 46 30 12 4 Construction Cost $ 4,187,200 7,879,100 19,494,000 9,933,288 3,942,866 1,550,000 * Cumulative number of reported building permits year to date, as of November 2008. Source: U.S. Census Bureau Retail Sales The following table shows for Calendar Years 2004-2007 and for the first three quarters of 2008 the estimated retail sales based on the 1 % municipal sales tax receipts reported by retailers in the Village. 2004 The Village...................... $796,416,875 2005 $810,101,704 * Through 3rd quarter 2008. Source: Illinois Department of Revenue 2006 $882,410,279 2008* $757,785,834 2007 $881,140,039 18 Employment The Village has a significant employment base provided by a range of manufacturing, commercial and public enterprises. The following table categorizes occupations for residents 16 years of age and older living in the Village compared with the County and the State. Occupational Category Management, professional, and related occupations ... Service occupations. ............ ......... ....... ............ ............ Sales and office occupations ....................................... Farming, fishing and forestry occupations .................. Construction, extraction, and maintenance ................ Production, transportation, and material moving ....... Totals. .... ...... .... ........... ........ .......... ....... ............. ........... The Village 39.4% 10.4 31.3 0.1 5.9 12.9 100 0% The County 35.2% 14.0 28.5 0.1 7.1 15.1 100.0% Please note that totals may not equal 100.0% due to rounding Source: 2000 Census, U.S. Department of Commerce, Census Bureau Largest Private Employers within the Village The State 34.2% 13.9 27.6 0.3 8.2 15.8 100.0% The following table reflects the diversity of the major private employers within the Village by the products manufactured or services performed and the approximate number of employees. Name Product or Service Caremark, Inc. .................................... Mail order pharmaceutical products.................. Robert Bosch Tool Corp. ................... Corporate headquarters & wholesaler of portable electric tools, saws, sanders & drills... Advance Mechanical Systems, Inc. ... Heating, air conditioning, plumbing & water treatment contractors......................................... Chase Bank.. ....................................... Banking services.......................... ........... ........... Siemens Building Technologies, Temperature control fire & security systems Inc., Fire Safety Division ................... sales & service................................................... Cummins-Allison Corp. ..................... Corporate headquarters & money handling equipment & perforators .................................. Cardone Record Services, Inc. ........... Document imaging, conversions & scanning, microfilming services, filing supplies & recording management systems......................... IT Gurus, Inc. ..................................... Information technology consulting services...... Arrow Road Construction Co............. Company headquarters & asphalt paving mixes. NTN USA Corp.................................. Corporate headquarters & anti-friction ball, hub & roller bearings & universal joints ................. Source: 2008 Manufacturers' News, Inc., Illinois Manufacturers and Services Directories 19 Approximate No. of Employees 750 600 250 200 200 200 180 150 150 150 Unemployment Preliminary unemployment statistics for November 2008 as reported by the Illinois Department of Employment Security reveal unemployment rates of 4.5%,6.6% and 6.9% for the Village, the County and the State, respectively. Source: Illinois Department of Employment Security Historical Unemployment Statistics The Village... .......... ......... ................... ..... The County.......... ......... .............. ............. The State.................................................. 2003 5.6% 7.4 6.7 Source: Illinois Department of Employment Security Largest Taxpayers Taxpayer Randhurst Shopping Center.......................... ........... CRP Holdings...... ................... ...... .............. ............. Home Properties Colony..... ......................... ........... Mount Prospect Plaza.............................................. Golf Plaza.. ................................ .............. ......... ....... Costco Property Tax ............ ............. ....... ........ ........ Huntington Square................................................... PFG 800 Biermann LP ............................................ Cummins Allison Corp............................................ First Industrial LP.................................................... Total........................................................................ . 2004 4.9% 6.8 6.2 2006 3.2% 4.7 4.6 2007 3.4% 5.1 5.0 2005 4.7% 6.5 5.8 2007 Assessed Valuation $ 38,681,906 29,404,769 22,430,491 21,982,090 17,448,188 11,644,590 11,509,007 11,255,616 11,114,044 11.005.324 $186.476,025 The above taxpayers represent 9.97% of the Village's $1,870,325,316 2007 EAV. Every reasonable effort has been made to determine and report the largest taxpayers and to include all taxable property of those taxpayers listed. Many of the taxpayers listed, however, may own multiple parcels, and it is possible that some parcels and their valuations may not be included. The 2007 EA V is the most current available. Source: Cook County Clerk's Office 20 CERTAIN FINANCIAL INFORMATION Trend of Equalized Assessed Valuation (Estimated 331/3% of Fair Market Value) By Type Residential........... Commercial...... .... Industrial.............. Railroad.. ......... ..... TOTAL ................ 2003 $ 823,558,021 339,716,638 158,341,177 271.107 $1.321.886.943 2004 $ 940,125,430 374,813,387 175,903,709 334.619 $1.491.177 .145 2005 $1,016,362,276 381,718,354 196,556,462 338.630 $1.594.975.722 2006 $1,048,895,640 357,812,772 190,150,899 450.150 $1.597.309.461 2007* $1.870.325.316 *Breakdown ofEA V not available at this time. Source: Cook County Clerk's Office Tax Rates (Per $100 Equalized Assessed Valuation) 2003 2004 2005 2006 2007 Corporate..... ........... .............. $0.480 $0.444 $0.457 $0.469 $0.416 Bonds and Interest................ 0.078 0.070 0.091 0.083 0.071 Garbage ................................ 0.173 0.154 0.122 0.126 0.110 Police Pension ...................... 0.070 0.065 0.081 0.085 0.077 Fire Pension.......................... 0.073 0.068 0.075 0.083 0.076 Total..................................... $0.874 $0.801 $0.827 $0.846 $0.750 Source: Cook County Clerk's Office Representative Tax Rates for Property within the Village Taxing Body(1) 2003 2004 2005 2006 2007 Cook County .................................................... $0.630 $0.593 $0.533 $0.500 $0.446 Cook County Forest Preserve........................... 0.059 0.060 0.060 0.057 0.053 Suburban Tuberculosis Sanitarium .................. 0.004 0.001 0.005 0.005 0.000 Consolidated Elections ........................ ............. 0.029 0.000 0.014 0.000 0.012 Elk Grove Township(2) ..................................... 0.072 0.062 0.062 0.062 0.057 Metropolitan Water Reclamation District ....... 0.361 0.347 0.315 0.284 0.263 Northwest Mosquito Abatement ...................... 0.010 0.009 0.009 0.009 0.008 The Village....................................................... 0.874 0.801 0.827 0.846 0.750 Village of Mount Prospect Library District ..... 0.487 0.475 0.466 0.482 0.439 Mount Prospect Special Service Area 5........... 0.141 0.125 0.117 0.118 0.101 Mount Prospect Park District........................... 0.498 0.455 0.459 0.474 0.411 School District Number 57............................... 3.019 2.740 2.643 2.694 2.334 Township High School District Number 214... 1.982 1.818 1.759 1.823 1.621 Community College District No. 512 .............. 0.310 0.279 0.281 0.288 0.260 TOT AL............................................................. $8.476 $7.765 $7.550 $7.642 $6.755 (1) For taxpayers living in Elk Grove Township (2) Includes Road and Bridge and General Assistance Source: Cook County Clerk's Office 21 Tax Extensions and Collections Extension Collection % Collected 2003 $11,539,756 11,442,985 99.16% 2004 $11,939,893 11,700,218 97.99% 2005 $13,175,689 12,982,330 98.53% * As of December 31, 2008 Source: The Village's Finance Department Summary of Outstanding General Obligation Bonded Debt (At the close of this issue) TYill< Dated Date General Obligation Bonds, Series 2001.................................. 10/01/2001 General Obligation Library Bonds, Series 2002..................... 06/01/2002 General Obligation Bonds, Series 2003 .................................. 02/01/2003 General Obligation Library Refunding Bonds, Series 2006... 12/15/2006 The Bonds ......... ........ ................... ..... ...................... .......... ...... Total..... ............ ................................ ................... ............. ....... 2006 $13,506,574 13,417,438 99.34% Original Amount ofIssue $5,000,000 20,500,000 12,235,000 10,000,000 10,000,000 2007* $14,014,838 13,551,558 96.69% Current Amount Outstanding $3,705,000 7,520,000 9,400,000 9,900,000 10.000.000 $40.525.000 Final Maturity Date 12/01/2021 12/01/2016 12/01/2022 12/01/2022 12/01/2028 In addition, the Village has five Illinois EPA loans totaling $3,805,678 with a final payment due June 3, 2019. The Village issued these obligations for flood control and pay for the debt service with a portion of its home rule sales tax. 22 Debt Repayment Schedule Shown below is the maturity schedule for the outstanding general obligation bonded debt of the Village as of the closing of the Bonds. Principal The Total Cumulative Retirement Fiscal Year Outstanding Bonds Principal Amount Percent 2009 $ 1,620,000 $ 200,000 $ 1,820,000 $ 1,820,000 4.49% 2010 1,690,000 1,690,000 3,510,000 8.66 2011 1,750,000 1,750,000 5,260,000 12.98 2012 1,830,000 1,830,000 7,090,000 17.50 2013 1,900,000 1,900,000 8,990,000 22.18 2014 1,990,000 1,990,000 10,980,000 27.09 2015 2,075,000 2,075,000 13,055,000 32.21 2016 2,270,000 2,270,000 15,325,000 37.82 2017 2,365,000 2,365,000 17,690,000 43.65 2018 2,460,000 2,460,000 20,150,000 49.72 2019 2,565,000 2,565,000 22,715,000 56.05 2020 2,680,000 2,680,000 25,395,000 62.67 2021 2,795,000 2,795,000 28,190,000 69.56 2022 2,535,000 2,535,000 30,725,000 75.82 2023 1,035,000 1,035,000 31,760,000 78.37 2024 1,560,000 1,560,000 33,320,000 82.22 2025 1,650,000 1,650,000 34,970,000 86.29 2026 1,750,000 1,750,000 36,720,000 90.61 2027 1,850,000 1,850,000 38,570,000 95.18 2028 1,955,000 1,955,000 40,525,000 100.00 $ 30,525,000 $ 10,000,000 $ 40,525,000 Overlapping Bonded Debt (As of ) [To Come] Source: Cook County Clerk's Office 23 Debt Statement Direct Debt.. ............................. .................... ........... ................... .............. The Bonds. ...... ........... ......... ............. ......... ...... ........ .............. ........... ........ Total........................................................................................................ . Net Direct Debt........................................................................................ Overlapping Debt ............. ......... ....................... ......... .... ............... ............ Net Direct and Overlapping Debt............................................................ Equalized Assessed Valuation (2007) ......... ..... ......... .................. ............. $30,525,000 $10,000,000 $40,525,000 $40,525,000 $ $ $1,870,325,316 Debt Ratios Estimated Market Valuation, 2007 ............. ................ .......... ............ ....... Equalized Assessed Valuation, 2007 ............ ............ ................ ............... Estimated Population ............................................................................... Net Direct Debt to Equalized Assessed Valuation................................... Net Direct Debt to Estimated Market Valuation...................................... Net Direct and Overlapping Debt to Equalized Assessed Valuation....... Net Direct and Overlapping Debt to Estimated Market Valuation.......... Net Direct Debt Per Capita...................................................................... Net Direct and Overlapping Debt Per Capita........................................... $5,610,975,948 $1,870,325,316 56,265 2.17% 0.72% % % $720.25 $ 24 GENERAL FUND SUMMARY General The Village accounts for its financial resources on the basis of funds or account groups, each of which is considered a separate accounting entity. The General Fund is the general operating fund of the Village. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or major capital projects) that are legally restricted to expenditures for specified purposes. Capital Funds are used to account for financial resources to be used for acquisition or construction of major capital facilities. Proprietary Funds account for operations financed and operated as Enterprise Funds such that operations are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges or where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Budgetary Procedures The Village Manager submits to the Board a proposed operating budget for the fiscal year commencing January 1. The budget includes proposed expenditures and the means of financing them for the upcoming year. Public hearings are then conducted by the Village to obtain taxpayer comments and, subsequently, the budget is adopted by the Board through the passage of a budget ordinance. In addition, budgetary integration is employed as a management device during the year for the general fund and for certain special revenue, debt service and capital projects funds. The Village amends the budget two times. Typically, the budget is amended within the first six months of the fiscal year and again just prior to the end of the budget year. The budget is prepared on a basis consistent with generally accepted accounting principals. Operating Results, Budget and Fund Balances The Village follows a modified accrual basis of accounting for all governmental funds. The government-wide financial statements, the proprietary fund and fiduciary funds are accounted for using the accrual basis of accounting. Appendix B contains the Comprehensive Annual Financial Statement of the Village for the fiscal year ended December 31, 2007. Appendix B should be read in its entirety in connection with the following information. The tables on the following pages set forth a summary of the operating results and fund balances of the Village's General Fund, for the fiscal years ended December 31,2004 through 2007, the summary of assets and liabilities and fund balances for the General Fund of the Village for the fiscal years ended December 31, 2003 through 2007, the preliminary results for the fiscal year ending December 31, 2008 and the budget for the General Fund of the Village for the fiscal year ending December 31, 2009. The summary of the operating results and fund balances is qualified in its entirety by reference to the audited financial statements of the Village for the fiscal years ended December 31, 2004 through December 31, 2007. Copies of such audited financial statements are available upon request to the Village or the Financial Advisor. 25 Summary of General Fund Results and Fund Balances (Years Ended December 31) Preliminary 2004 2005 2006 2007 2008 REVENUES: Property taxes $ 7,965,530 $ 8,420,737 $ 9,648,141 $ 9,896,594 $ 10,446,000 Other taxes 5,189,856 7,052,859 6,240,957 6,369,220 7,443,000 Licenses, permits and fees 2,798,930 2,908,061 3,216,982 3,445,370 3,178,000 Intergovernmental 13,672,588 14,567,704 15,872,105 17,075,429 17,060,000 Charges for services 749,216 685,029 1,186,990 1,631,636 1,580,000 Fines and forfeits 554,741 581,439 521,473 720,673 674,000 Investment Income 45,869 177,853 474,141 479,704 258,000 Miscellaneous 460,682 389,607 412,583 319,091 377,000 Total Revenues $ 31,437,412 $ 34,783,289 $ 37,573,372 $ 39,937,717 $ 41,016,000 EXPENDITURES: Current: General government $ 4,346,454 $ 4,463,740 $ 4,901,739 $ 5,298,202 $ 5,654,000 Public safety 20,900,521 21,619,797 23,167,054 24,707,040 25,900,000 Highways and streets 5,212,118 5,344,238 5,506,275 7,299,378 7,075,000 Health 109,477 115,216 121,031 119,773 120,000 Welfare 991,991 976,994 1,045,607 1,210,945 1,340,000 Culture and recreation 274,491 284,229 333,148 281,737 330,000 Total Expenditures $ 31,835,052 $ 32,804,214 $ 35,074,854 $ 38,917,075 $ 40,419,000 Excess Revenue (Expenditures) $ (397,640) $ 1,979,075 $ 2,498,518 $ 1,020,642 $ 597,000 Other Financing Sources (Uses): Operating Transfers-In $ - $ - $ - $ 105 $ Operating Transfers-Out (270,000) (821,695) (1,207,827) (12,902) (721,000) Other 1,101,483 1,000 Total Other Financing Sources (Uses) $ (270,000) $ 279,788 $ (1,207,827) $ (12,797) $ (720,000) Excess Revenue and Other Financing Sources or (Expenditures and Other Financing Uses) $ (667,640) $ 2,258,863 $ 1,290,691 $ 1,007,845 $ (123,000) Fund Balance, Beginning of Year 8,925,154 8,257,514 10,516,377 11 ,807,068 12,814,913 Fund Balance, End of Year $ 8,257,514 $ 10,516,377 $ 11,807,068 $ 12,814,913 $ 12,691,913 Source: Compiled from the Village's Comprehensive Annual Financial Statements for Fiscal Years Ending December 31, 2004-2007 and the Village's estimates for Fiscal Year Ended December 31, 2008. 26 Summary of General Fund Assets, Liabilities and Fund Balances (Years Ended December 31) Preliminary 2004 2005 2006 2007 2008 ASSETS: Cash and investments $ 3,318,126 $ 5,875,788 $ 7,038,324 $ 7,184,546 $ 7,022,424 Receivables: Property taxes 8,433,820 9,485,589 9,979,918 10,978,708 10,532,200 Other taxes 1,066,353 1,384,025 1,215,146 1,494,634 1,146,300 Accrued interest 5,813 17,279 55,485 60,939 11,900 Other 147,745 135,415 167,477 203,676 494,900 Due from other funds 2,508,066 1,460,520 1,746,404 1,466,659 1,617,100 Due from fiduciary funds 3,501 226 40,945 48,700 Due from other governments 2,531,681 2,518,122 2,763,050 3,509,591 2,786,100 Inventories 7,364 11 ,602 2,205 3,609 1,100 Prepaid items 75,992 89,637 71,324 37,301 211,500 Total Assets $ 18,098,461 $ 20,978,203 $ 23,039,333 $ 24,980,608 $ 23,872,224 LIABILITIES AND FUND BALANCE: Liabilities: Accounts Payable $ 740,968 $ 310,592 $ 382,346 $ 517,801 $ 453,911 Accrued Payroll 507,862 591,946 609,970 943,651 131,000 Due to other funds 32,626 316 Due to fiduciary funds 8,178 165,357 149,267 50,000 Deferred property taxes 8,433,820 9,485,589 9,979,918 10,418,303 10,418,300 Deferred revenues 117,493 73,383 94,674 136,673 127,100 Total Liabilities $ 9,840,947 $ 10,461,826 $ 11,232,265 $ 12,165,695 $ 11,180,311 Fund Balance: Reserved for inventory $ 7,364 $ 11 ,602 $ 2,205 $ 3,609 $ 1,100 Reserved for prepaid items 75,992 89,637 71,324 37,301 211,500 Reserved for encumbrances 136,338 211,260 Unreserved - Undesignated 8,037,820 10,203,878 11,733,539 12,774,003 12,479,313 Total Fund Balance $ 8,257,514 $ 10,516,377 $ 11,807,068 $ 12,814,913 $ 12,691,913 Total Liabilities and Fund Balance $ 18,098,461 $ 20,978,203 $ 23,039,333 $ 24,980,608 $ 23,872,224 Source: Compiled from the Village's Comprehensive Annual Financial Statements for Fiscal Years Ending December 31, 2004-2007 and the Village's estimates for Fiscal Year Ended December 31, 2008. 27 Budget Summary 2009 Budget ESTIMATED REVENUES: Property taxes Other taxes Licenses, permits and fees Intergovernrnenta1 Charges for services Fines and forfeits Investment Income Miscellaneous Total Revenues $10,812,000 7,594,000 3,775,000 16,250,500 1,590,500 699,000 402,000 512,000 $41,635,000 ESTIMATED EXPENDITURES: Current: General governrnent Public safety Highways and streets Health Welfare Culture and recreation Total Expenditures $ 5,696,621 26,747,180 6,893,752 127,033 1,741,134 429,280 $41,635,000 Excess Revenue (Expenditures) $ General Fund Balance, Beginning of Year Estimated General Fund Balance, End of Year 12,691,913 $12,691,913 Source: The Village's Finance Department SHORT-TERM BORROWING The Village has not borrowed on a short-term basis to meet current year cash flow requirements for at least five years. FUTURE FINANCING The Village plans to issue in January 2010 approximately $2.7 million of general obligation bonds to finance the balance of the cost of the Project. RETIREMENT COMMITMENTS Note 13 to the Village's Comprehensive Annual Financial Statement for the fiscal year ended December 31, 2007 summarizes its retirement commitments in full detail. See Appendix B. 28 DEFAULT RECORD The Village has no record of default and has met its debt repayment obligations promptly. TAX EXEMPTION Federal tax law contains a number of requirements and restrictions which apply to the Bonds, including investment restrictions, periodic payments of arbitrage profits to the United States, requirements regarding the proper use of bond proceeds and the facilities financed therewith, and certain other matters. The Village has covenanted to comply with all requirements that must be satisfied in order for the interest on the Bonds to be excludable from gross income for federal income tax purposes. Failure to comply with certain of such covenants could cause interest on the Bonds to become includable in gross income for federal income tax purposes retroactively to the date of issuance of the Bonds. Subject to the Village's compliance with the above-referenced covenants, under present law, in the opinion of Bond Counsel, interest on the Bonds is excludable from the gross income of the owners thereof for federal income tax purposes, and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations. Interest on the Bonds is taken into account, however, in computing an adjustment used in determining the federal alternative minimum tax for certain corporations. The Internal Revenue Code of 1986, as amended (the "Code"), includes provisions for an alternative minimum tax ("AMT") for corporations in addition to the corporate regular tax in certain cases. The AMT, if any, depends upon the corporation's alternative minimum taxable income ("AMTI"), which is the corporation's taxable income with certain adjustments. One of the adjustment items used in computing the AMTI of a corporation (with certain exceptions) is an amount equal to 75% of the excess of such corporation's "adjusted current earnings" over an amount equal to its AMTI (before such adjustment item and the alternative tax net operating loss deduction). "Adjusted current earnings" would include all tax exempt interest, including interest on the Bonds. In rendering its opinion, Bond Counsel will rely upon certification of the Village with respect to certain material facts within the Village's knowledge. Bond Counsel's opinion represents its legal judgment based upon its review of the law and the facts that it deems relevant to render such opinion and is not a guarantee of a result. Ownership of the Bonds may result in collateral federal income tax consequences to certain taxpayers, including, without limitation, corporations subject to the branch profits tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax-exempt obligations. Prospective purchasers of the Bonds should consult their tax advisors as to applicability of any such collateral consequences. The issue price (the "Issue Price") for each maturity of the Bonds is the price at which a substantial amount of such maturity of the Bonds is first sold to the public. The Issue Price of a maturity of the Bonds may be different from the price set forth, or the price corresponding to the yield set forth, on the inside cover page hereof. If the Issue Price of a maturity of the Bonds is less than the principal amount payable at maturity, the difference between the Issue Price of each such maturity, if any, of the Bonds (the "OlD Bonds") and the principal amount payable at maturity is original issue discount. 29 For an investor who purchases an OlD Bond in the initial public offering at the Issue Price for such maturity and who holds such OlD Bond to its stated maturity, subject to the condition that the Village complies with the covenants discussed above, (a) the full amount of original issue discount with respect to such OlD Bond constitutes interest which is excludable from the gross income of the owner thereof for federal income tax purposes; (b) such owner will not realize taxable capital gain or market discount upon payment of such OlD Bond at its stated maturity; (c) such original issue discount is not included as an item of tax preference in computing the alternative minimum tax for individuals and corporations under the Code, but is taken into account in computing an adjustment used in determining the alternative minimum tax for certain corporations under the Code, as described above; and (d) the accretion of original issue discount in each year may result in an alternative minimum tax liability for corporations or certain other collateral federal income tax consequences in each year even though a corresponding cash payment may not be received until a later year. Based upon the stated position of the Illinois Department of Revenue under Illinois income tax law, accreted original issue discount on such OlD Bonds is subject to taxation as it accretes, even though there may not be a corresponding cash payment until a later year. Owners of OlD Bonds should consult their own tax advisors with respect to the state and local tax consequences of original issue discount on such OlD Bonds. Owners of Bonds who dispose of Bonds prior to the stated maturity (whether by sale, redemption or otherwise), purchase Bonds in the initial public offering, but at a price different from the Issue Price or purchase Bonds subsequent to the initial public offering should consult their own tax advisors. If a Bond is purchased at any time for a price that is less than the Bond's stated redemption price at maturity or, in the case of an OlD Bond, its Issue Price plus accreted original issue discount (the "Revised Issue Price"), the purchaser will be treated as having purchased a Bond with market discount subject to the market discount rules of the Code (unless a statutory de minimis rule applies). Accrued market discount is treated as taxable ordinary income and is recognized when a Bond is disposed of (to the extent such accrued discount does not exceed gain realized) or, at the purchaser's election, as it accrues. Such treatment would apply to any purchaser who purchases an OlD Bond for a price that is less than its Revised Issue Price. The applicability of the market discount rules may adversely affect the liquidity or secondary market price of such Bond. Purchasers should consult their own tax advisors regarding the potential implications of market discount with respect to the Bonds. An investor may purchase a Bond at a price in excess of its stated principal amount. Such excess is characterized for federal income tax purposes as "bond premium" and must be amortized by an investor on a constant yield basis over the remaining term of the Bond in a manner that takes into account potential call dates and call prices. An investor cannot deduct amortized bond premium relating to a tax-exempt bond. The amortized bond premium is treated as a reduction in the tax-exempt interest received. As bond premium is amortized, it reduces the investor's basis in the Bond. Investors who purchase a Bond at a premium should consult their own tax advisors regarding the amortization of bond premium and its effect on the Bond's basis for purposes of computing gain or loss in connection with the sale, exchange, redemption or early retirement of the Bond. There are or may be pending in the Congress of the United States legislative proposals, including some that carry retroactive effective dates, that, if enacted, could alter or amend the federal tax matters referred to above or adversely affect the market value of the Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it would apply to bonds issued prior to enactment. Prospective purchasers of the Bonds should consult their own tax advisors regarding any pending or proposed federal tax legislation. Bond Counsel expresses no opinion regarding any pending or proposed federal tax legislation. 30 The Internal Revenue Service (the "Service") has an ongoing program of auditing tax-exempt obligations to determine whether, in the view of the Service, interest on such tax-exempt obligations is includable in the gross income of the owners thereof for federal income tax purposes. It cannot be predicted whether or not the Service will commence an audit of the Bonds. If an audit is commenced, under current procedures the Service may treat the Village as a taxpayer and the Bondholders may have no right to participate in such procedure. The commencement of an audit could adversely affect the market value and liquidity of the Bonds until the audit is concluded, regardless of the ultimate outcome. Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations, including the Bonds, are in certain cases required to be reported to the Service. Additionally, backup withholding may apply to any such payments to any Bond owner who fails to provide an accurate Form W-9 Request for Taxpayer Identification Number and Certification, or a substantially identical form, or to any Bond owner who is notified by the Service of a failure to report any interest or dividends required to be shown on federal income tax returns. The reporting and backup withholding requirements do not affect the excludability of such interest from gross income for federal tax purposes. Ownership of the Bonds may result in other state and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding any such collateral consequences arising with respect to the Bonds. Prospective purchasers of the Bonds should consult their tax advisors regarding the applicability of any such state and local taxes. QUALIFIED TAX-EXEMPT OBLIGATIONS Subject to the Village's compliance with certain covenants, in the opinion of Bond Counsel, the Bonds are "qualified tax-exempt obligations" under the small issuer exception provided under Section 265(b )(3) of the Code, which affords banks and certain other financial institutions more favorable treatment of their deduction for interest expense than would otherwise be allowed under Section 265(b)(2) of the Code. LITIGATION There is no controversy or litigation of any nature now pending or threatened restraining or enjoining the issuance, sale, execution or delivery of the Bonds or in any way contesting or affecting the validity of the Bonds or any proceedings of the Village taken with respect to the issuance or sale thereof. BOND RATING ("_") has assigned its municipal bond rating of "_" to the Bonds. This rating reflects only the view of _ and any explanation of the significance of such rating may only be obtained from _' Certain information concerning the Bonds and the Village not included in this Official Statement was furnished to _ by the Village. There is no assurance that the rating will be maintained for any given period of time or that it may not be changed by _ if, in its judgment, circumstances so warrant. Any downward change in or withdrawal of the rating may have an adverse effect on the market price of the Bonds. Except as may be required by the Undertaking described below under the heading "CONTINUING DISCLOSURE," neither the Village nor the Underwriter undertakes responsibility to bring to the attention of the owners of the Bonds any proposed change in or withdrawal of such rating or to oppose any such revision or withdrawal. 31 CONTINUING DISCLOSURE The Village will enter into a Continuing Disclosure Undertaking (the "Undertaking") for the benefit of the beneficial owners of the Bonds to send certain information annually and to provide notice of certain events to certain information repositories pursuant to the requirements of Section (b)(5) of Rule 15c2-12 (the "Rule") adopted by the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934. The information to be provided on an annual basis, the events that will be noticed on an occurrence basis and a summary of other terms of the Undertaking, including termination, amendment and remedies, are set forth below under "THE UNDERTAKING." The Village has not failed to comply in all material respects with each and every undertaking previously entered into by it pursuant to the Rule. A failure by the Village to comply with the Undertaking will not constitute a default under the Bond Ordinance and beneficial owners of the Bonds are limited to the remedies described in the Undertaking. See "THE UNDERTAKING-Consequences of Failure of the Village to Provide Information." A failure by the Village to comply with the Undertaking must be reported in accordance with the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the Bonds and their market price. Bond Counsel expresses no OpInIOn as to whether the Undertaking complies with the requirements of Section (b)(5) of the Rule. THE UNDERTAKING The following is a brief summary of certain provisions of the Undertaking of the Village, and does not purport to be complete. The statements made under this caption are subject to the detailed provisions of the Undertaking, a copy of which is available upon request from the Village. Annual Financial Information Disclosure The Village covenants that it will disseminate its Annual Financial Information and its Audited Financial Statements, if any (as described below), to each Nationally Recognized Municipal Securities Information Repository (a "NRMSIR") then recognized by the Commission for purposes of the Rule and to the repository, if any, designated by the State of Illinois as the state depository (the "SID") and recognized as such by the Commission for purposes of the Rule. The Village is required to deliver such information so that such entities receive the information by the dates specified in the Undertaking. "Annual Financial Information" means information of the type contained in the following tables, headings, subheadings and exhibits of the Final Official Statement: Largest Taxpayers Trend of Equalized Assessed Valuation Tax Rates Tax Extensions and Collections Largest Taxpayers Debt Repayment Schedule Overlapping Bonded Debt Debt Statement 32 Debt Ratios Summary of General Fund Results and Fund Balances Summary of General Fund Assets, Liabilities and Fund Balances "Audited Financial Statements" means the combined financial statements of the Village prepared in accordance with generally accepted accounting principles and Government Auditing Standards, issued by the Comptroller General of the United States. Material Events Disclosure The Village covenants that it will disseminate to each NRMSIR or to the Municipal Securities Rulemaking Board (the "MSRB") and to the SID, if any, in a timely manner the disclosure of the occurrence of an Event (as described below) with respect to the Bonds that is material, as materiality is interpreted under the Securities Exchange Act of 1934, as amended. The "Events" are: . Principal and interest payment delinquencies . Non-payment related defaults . Unscheduled draws on debt service reserves reflecting financial difficulties . Unscheduled draws on credit enhancements reflecting financial difficulties . Substitution of credit or liquidity providers, or their failure to perform . Adverse tax opinions or events affecting the tax -exempt status of the security . Modifications to the rights of security holders . Bond calls . Defeasances . Release, substitution or sale of property securing repayment of the securities . Rating changes Consequences of Failure of the Village to Provide Information The Village shall give notice in a timely manner to each NRMSIR or to the MSRB and to the SID, if any, of any failure to provide disclosure of Annual Financial Information and Audited Financial Statements when the same are due under the Undertaking. In the event of a failure of the Village to comply with any provision of the Undertaking, the beneficial owner of any Bond may seek mandamus or specific performance by court order to cause the Village to comply with its obligations under the Undertaking. A default under the Undertaking shall not be deemed a default under the Bond Ordinance, and the sole remedy under the Undertaking in the event of any failure of the Village to comply with the Undertaking shall be an action to compel performance. 33 Amendment; Waiver Notwithstanding any other provision of the Undertaking, the Village by resolution or ordinance authorizing such amendment or waiver, may amend the Undertaking, and any provision of the Undertaking may be waived, if: (a) The amendment or the waiver is made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of the Village, or type of business conducted; (b) The Undertaking, as amended, or the provision, as waived, would have complied with the requirements of the Rule at the time of the primary offering, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (c) The amendment or waiver does not materially impair the interests of the beneficial owners of the Bonds, as determined by parties unaffiliated with the Village (such as Bond Counsel). Termination of Undertaking The Undertaking shall be terminated if the Village shall no longer have any legal liability for any obligation on or relating to repayment of the Bonds under the Bond Ordinance. The Village shall give notice to each NRMSIR or to the MSRB and to the SID, if any, in a timely manner if this paragraph is applicable. Additional Information Nothing in the Undertaking shall be deemed to prevent the Village from disseminating any other information, using the means of dissemination set forth in the Undertaking or any other means of communication, or including any other information in any Annual Financial Information or Audited Financial Statements or notice of occurrence of a material Event, in addition to that which is required by the Undertaking. If the Village chooses to include any information from any document or notice of occurrence of a material Event in addition to that which is specifically required by the Undertaking, the Village shall have no obligation under the Undertaking to update such information or include it in any future disclosure or notice of occurrence of a material Event. Dissemination Agent The Village may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under the Undertaking, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. So long as such method continues to be approved by the Commission for purposes of the Rule, the Village may satisfy its obligations for all purposes of the Undertaking to provide information or notice to each NRMSIR and to the SID, if any, by sending such information or notice to Disclosure USA (at, as of the date of the Undertaking www.DisclosureUSA.org) for submission to each NRMSIR and to the SID, if any. 34 CERTAIN LEGAL MATTERS Certain legal matters incident to the authorization, issuance and sale of the Bonds are subject to the approving legal opinion of Chapman and Cutler LLP, Chicago, Illinois, as Bond Counsel (the "Bond Counsel") who has been retained by, and acts as, Bond Counsel to the Village. Bond Counsel has not been retained or consulted on disclosure matters and has not undertaken to review or verify the accuracy, completeness or sufficiency of this Official Statement or other offering material relating to the Bonds and assumes no responsibility for the statements or information contained in or incorporated by reference in this Official Statement, except that in its capacity as Bond Counsel, Chapman and Cutler LLP has, at the request of the Underwriter, supplied the information under the headings "TAX EXEMPTION" and "QUALIFIED TAX EXEMPT OBLIGATIONS." Certain legal matters will be passed upon for the Village by its counsel, Klein, Thorpe and Jenkins Ltd., Chicago, Illinois. Chapman and Cutler LLP will also act as Disclosure Counsel to the Village. UNDERWRITING The Bonds were offered for sale by the Village at a public, competitive sale on February 17,2009. The best bid submitted at the sale was submitted by (the "Underwriter"). The Village awarded the contract for sale of the Bonds to the Underwriter at a price of $ . The Underwriter has represented to the Village that the Bonds have been subsequently re-offered to the public initially at the yields set forth on the inside cover of the Official Statement. FINANCIAL ADVISOR PMA Securities, Inc. of Warrenville, Illinois, has been retained as financial advisor (the "Financial Advisor") in connection with the issuance of the Bonds. In preparing this Official Statement, the Financial Advisor has relied upon the Village, and other sources, having access to relevant data to provide accurate information for this Official Statement. To the best of the Financial Advisor's knowledge, the information contained in this Official Statement is true and accurate. However, the Financial Advisor has not been engaged, nor has it undertaken, to independently verify the accuracy of such information. The Financial Advisor's duties, responsibilities, and fees arise solely from that as financial advisor to the Village. THE OFFICIAL STATEMENT This Official Statement includes the cover page, reverse thereof and the Appendices hereto. All references to material not purporting to be quoted in full are only summaries of certain provisions thereof and do not purport to summarize or describe all the provisions thereof. Reference is hereby made to such instruments, documents and other materials for the complete provision thereof, copies of which will be furnished upon request to the Village. 35 Accuracy and Completeness of the Official Statement This Official Statement has been approved by the Village for distribution to the Underwriter of the Bonds. The Village's officials will provide to the original purchaser of the Bonds at the time of delivery of the Bonds, a certificate confirming to the purchaser that, to the best of their knowledge and belief, the Official Statement, with respect to the Bonds, at the time of the sale and delivery of the Bonds, was true and correct in all material respects and did not at any time contain an untrue statement of a material fact or omit to state a material fact required to be stated, where necessary to make the statements, in light of the circumstances under which they were made, not misleading. /s/ Village President Village of Mount Prospect Cook County, Illinois 36 Appendix B Comprehensive Annual Financial Statement for the Fiscal Year Ended December 31,2007 The comprehensive annual financial statement contained in this Appendix B (the "CAFR"), induding the independent auditor's report accompanying the CAFR, has been prepared by Sikich LLP, Aurora, Illinois (the "Auditor"), and approved by formal action of the President and Board of Trustees of the Village. The Village has not requested the Auditor to update information contained in the CAFR; nor has the Village requested that the Auditor consent to the use of the CAFR in this Official Statement. Other than as expressly set forth in this Official Statement, the financial information contained in the CAFR has not been updated since the date of the CAFR. The inclusion of the CAFR in this Official Statement in and of itself is not intended to demonstrate the fiscal condition of the Village since the date of the CAFR. If you have a specific question or inquiry relating to the financial information of the Village since the date of the CAFR, you should contact David O. Erb, Director of Finance of the Village. Exhibit II OFFICIAL NOTICE OF SALE AND BID FORM FOR $10,000,000 VILLAGE OF MOUNT PROSPECT COOK COUNTY, ILLINOIS GENERAL OBLIGA nON BONDS, SERIES 2009 DA TE AND TIME: February 17, 2009 Beginning at 9:45 a.m. until 10:00 a.m. Central Standard Time PLACE: PMA Securities, Inc. 27545 Diehl Road, Suite 100 Warrenville, Illinois 60555 Attention: Robert Lewis Phone: (630) 657-6445 FORM OF BIDDING: Electronic, as described herein OFFICIAL NOTICE OF SALE VILLAGE OF MOUNT PROSPECT COOK COUNTY, ILLINOIS $10,000,000 General Obligation Bonds, Series 2009 NOTICE IS HEREBY GIVEN that the President and Board of Trustees (the "Board") of the Village of Mount Prospect, Cook County, Illinois (the "Village"), will receive bids, via MuniAuction hosted by Grant Street Group (as more fully described below), for the purchase of its $10,000,000 General Obligation Bonds, Series 2009 (the "Bonds"), on an all or none basis at the following time and place: TIME: Beginning at 9:45 a.m. until 10:00 a.m. Central Standard Time February 17,2009 PLACE: Offices of the Village's Financial Advisor: PMA Securities, Inc. (the "Financial Advisor") 27545 Diehl Road, Suite 100 Warrenville, Illinois 60555 AWARD OF BONDS: Bids will be publicly announced at the above time and place. Unless all bids are rejected, award will be made by a notification of sale to the bidder offering the lowest true interest cost ("TIC") to the Village. Proceeds of the Bonds will be used to (i) construct and equip a replacement fire station, expand the public works facility and replace the emergency operations center; and (ii) pay for certain costs associated with the issuance of the Bonds. The Bonds will be authorized by a bond ordinance adopted by the Board on the 17th day of February, 2009 (the "Bond Ordinance"). The Bonds are being issued pursuant to the home rule powers of the Village under Section 6, Article Vll of the 1970 Constitution of the State of Illinois and the Bond Ordinance. The Bonds are payable from ad valorem taxes levied against all of the taxable property in the Village without limitation as to rate or amount. The Bond Ordinance will be filed with the County Clerk of Cook County, Illinois (the "County Clerk") and will serve as authorization to the County Clerk to extend and collect the property taxes as set forth in the Bond Ordinance. See "THE BONDS - Security and Payment" in the Preliminary Official Statement. All bids must be submitted on the MuniAuction website at www.grantstrecLcol11 beginning at 9:45 a.m. until 10:00 a.m. Central Standard Time on February 17, 2009. No telephone, telefax or personal delivery bids will be accepted. The use of MuniAuction shall be at the bidder's risk and expense and the Village shall have no liability with respect thereto, including (without limitation) liability with respect to incomplete, late arriving and non-arriving bids. Any questions regarding bidding on the MuniAuction website should be directed to Grant Street Group (the "Auction Administrator") at (412) 391-5555 x 370. Each bidder ("Bidder") may change and submit bids as many times as it likes during the bidding time period; provided, however, each and any bid submitted subsequent to a Bidder's initial bid must result in a lower TIC with respect to a bid, when compared to the immediately preceding bid of such bidder. In the event that the revised bid does not produce a lower TIC with respect to a bid, the prior bid will remain valid. If any bid in the auction becomes a leading bid two (2) minutes prior to the end of the auction, then the auction will be automatically extended by two (2) minutes from the time such bid was received by MuniAuction. The auction end time will continue to be extended, indefinitely, until a single leading bid remains the leading bid for at least two minutes. The last valid bid submitted by a Bidder before the end of the bidding time period will be compared to all other final bids submitted by others to determine the winning Bidder or Bidders. During the bidding, no Bidder will see any other Bidder's bid, but Bidders will be able to see the ranking of their bid relative to other bids (i.e., "Leader", "Cover", "3rd" etc.). On the Auction Page, Bidders will be able to see whether a bid has been submitted. Bidders must comply with the Rules of MuniAuction in addition to the requirements of this Official Notice of Sale. To the extent there is a conflict between the Rules of MuniAuction and this Official Notice of Sale, this Official Notice of Sale shall control. A Bidder submitting a winning bid ("Winning Bid") is irrevocably obligated to purchase the Bonds at the rates and prices of the Winning Bid, if acceptable to the Village, as set forth in this Official Notice of Sale. Winning Bids are not officially awarded to winning Bidders until formally accepted by the Village. Neither the Village, the Financial Advisor, nor the Auction Administrator is responsible for technical difficulties that result in loss of Bidder's internet connection with MuniAuction, slowness in transmission of bids, any other technical problems resulting in bid submission failure, or any computational or data entry errors associated with using MuniAuction. If for any reason a Bidder is disconnected from the Auction Page during the auction after having submitted a Winning Bid, such bid is valid and binding upon such Bidder, unless the Village exercises its right to reject bids, as set forth herein. Bids which generate error messages are not accepted until the error is corrected and the bid is received prior to the deadline. -2- Bidders accept and agree to abide by all terms and conditions specified in this Official Notice of Sale (including amendments, if any) related to the auction. Neither the Village, the Financial Advisor, nor the Auction Administrator is responsible to any Bidder for any defect or inaccuracy in this Official Notice of Sale, amendments, or Preliminary Official Statement as they appear on MuniAuction resulting in bid submission failure, or any computational or data entry errors associated with using MuniAction. Only Bidders who request and receive admission to the auction may submit bids. MuniAuction and the Auction Administrator reserve the right to deny access to the MuniAuction website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in their sole and absolute discretion. Neither the Village, the Financial Advisor, nor the Auction Administrator is responsible for protecting the confidentiality of a Bidder's MuniAuction password. If two bids submitted in the same auction by the same or two or more different Bidders result in the same TIC, the first confirmed bid received by MuniAuction prevails. Any change to a submitted bid constitutes a new bid, regardless of whether there is a corresponding change in the TIC. Bidders must compare their final bids to those shown on the Observation Page immediately after the bidding time period ends, and if they disagree with the final results shown on the Observation Page they must report them to MuniAuction within 15 minutes after the bidding time period ends. Regardless of the final results reported by MuniAuction, the Bonds are definitively awarded to the winning Bidder (the "Underwriter") only upon official award by the Village. If, for any reason, the Village fails to: (i) award the Bonds to the winner reported by MuniAuction, or (ii) deliver the Bonds to the Underwriter at settlement, neither the Village, the Financial Advisor, nor the Auction Administrator will be liable for damages. Bidders who submit a bid on the Auction Page by clicking the "Submit Bid" button must confirm that bid by clicking the "Yes, Submit Bid" button on the Confirmation Page. -3- The Bonds will be dated the date of issuance thereof and will mature on December 1 of each of the years as follows: Maturity December 1 2009 Amount $200,000 2023 2024 2025 2026 2027 2028 1,035,000 1,560,000 1,650,000 1,750,000 1,850,000 1,955,000 Any Bidder electing to designate any maturities as term Bonds shall so specify on the affirmed bid form. The term Bonds shall be subject to mandatory sinking fund redemption by lot in the amounts currently specified for the serial Bonds, at a redemption price of 100% of the principal amount thereof. The Bonds will be awarded to the single and best Bidder whose bid will be determined upon the basis of the lowest TIC at the rate or rates designated in said bid from the dated date to the respective maturity dates after deducting any premium or adding any discount. The TIC will be calculated as the rate which, when used in computing the present value of all payments of principal and interest to be paid on the Bonds (commencing on December 1, 2009 and semiannually thereafter), produces an amount on the date of the Bonds (expected to be March 11, 2009) equal to the purchase price set forth in the bid. In the event of more than one proposal specifying the lowest TIC, the Bonds will be awarded to the Bidder whose bid was submitted first in time on the MuniAuction webpage. The TIC of each bid will be computed by MuniAuction and reported on the Observation Page of the MuniAuction webpage immediately following the date and time for receipt of bids. These TICs are subject to verification by the Financial Advisor and will be posted for information purposes only and will not signify an actual award of any bid or an official declaration of the Winning Bid. The Village or the Financial Advisor will notify the bidder to whom the Bonds will be awarded, if and when such award is made. All interest rates must be in multiples of one-eighth or one-twentieth of one percent (1/8 or 1/20 of 1 %), and not more than one rate for a single maturity shall be specified. The rate bid for each maturity shall not exceed 6.00%. The rates shall be in non- descending order. The differential between the highest rate bid and the lowest rate bid shall not exceed four percent (4.00%). All bids must be for all of the Bonds and must be for not less than 99.0% and not more than 102.0% of the par amount thereof. The Village has applied for municipal bond insurance for the Bonds. Bidders may contact the providers thereof for information concerning eligibility for municipal bond insurance -4- and applicable premium prices. The use of a municipal bond insurance policy is completely within the discretion of the prospective bidders. The premium for the municipal bond insurance policy shall be paid by the Underwriter. The Village shall have no obligation to pay for the municipal bond insurance policy. A good faith deposit will not be required prior to bid opening. The Underwriter is required to submit a certified or cashier's check on a solvent bank or trust company or a wire transfer for Two PERCENT OF PAR payable to the Village Treasurer as evidence of good faith of the bidder (the "Deposit") not later than 3:30 P.M. Central Standard Time by the next business day following the award. The Deposit of the Underwriter will be retained by the Village pending delivery of the Bonds. The Village may hold the proceeds of any Deposit or invest the same (at the Village's risk) in obligations that mature at or before the delivery of the Bonds, until disposed of, as follows: (a) at the delivery of the Bonds and upon compliance with the Underwriter's obligation to take up and pay for the Bonds, the full amount of the Deposit held by the Village, without adjustment for interest, shall be applied toward the purchase price of the Bonds at that time, and the full amount of any interest earnings thereon shall be retained by the Village; and (b) if the Underwriter fails to take up and pay for the Bonds when tendered, the full amount of the Deposit plus any interest earnings thereon will be forfeited to the Village as liquidated damages. The Underwriter shall provide Bond Counsel, within 48 hours of the award, the required issue statistics to complete parts II-V of Department of Treasury Form 8038-G. At the time of delivery, the Village will furnish to the Underwriter the approving legal opinion of Bond Counsel, together with a complete certified transcript of all proceedings in connection with the issuance of the Bonds which shall include a non-litigation certificate showing that there is no litigation pending or threatened as to the validity or security of the Bonds. Subject to compliance by the Village with certain covenants, in the opinion of Bond Counsel, under present law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations under the Internal Revenue Code of 1986, as amended (the "Code"). Interest on the Bonds is taken into account, however, in computing an adjustment used in determining the federal alternative minimum tax for certain corporations, as more fully discussed under the heading "TAX EXEMPTION" in the Preliminary Official Statement. Interest on the Bonds is not exempt from present lllinois income taxes. Subject to the Village's compliance with certain covenants, in the opinion of Bond Counsel, the Bonds are "qualified tax-exempt obligations" under the small issuer exception provided under Section 265(b)(3) of the Code, which affords banks and certain other financial institutions more favorable treatment of their deduction for interest expense than would otherwise be allowed under Section 265(b )(2) of the Code. The Bonds will be issued as fully-registered Bonds without coupons and, when issued, will be registered in the name of CEDE & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository of the Bonds. A single -5- Bond certificate for each maturity will be issued to DTC and immobilized in its custody. Individual purchases may be made in book-entry-only form only through DTC participants, in the principal amount of $5,000 and integral multiples thereof. Individual purchasers will not receive Bonds evidencing their ownership of the Bonds purchased. The Underwriter shall be required to deposit the Bond certificates with DTC as a condition to delivery of the Bonds. The Village will make payments of principal and interest on the Bonds to DTC or its nominee as registered owner of the Bonds in same-day funds. Transfer of those payments to participants of DTC will be the responsibility of DTC; transfer of the payments to beneficial owners by DTC participants will be the responsibility of such participants and other nominees of beneficial owners all as required by DTC rules and procedures. No assurance can be given by the Village that DTC, its participants and other nominees of beneficial owners will make prompt transfer of the payments as required by DTC rules and procedures. The Village assumes no liability for failures of DTC, its participants or other nominees to promptly transfer payments to beneficial owners of the Bonds. In the event that the secuntIes depository relationship with DTC for the Bonds is terminated and the Village does not appoint a successor depository, the Village will prepare, authenticate and deliver, at its expense, fully-registered Bond certificates in denominations of $5,000 or an integral multiple thereof in the aggregate principal amount of the Bonds of the same maturities and with the same interest rate or rates then outstanding to the beneficial owners of the Bonds. The Bonds maturing on and after December 1, 2023 are subject to redemption prior to maturity, at the option of the Village, in whole or in part in such principal amounts and from such maturities as determined by the Village, in integral multiples of $5,000, selected by lot by the Bond Registrar, on December 1, 2017 and on any date thereafter, at a redemption price of par plus accrued interest to the redemption date. It is intended that CUSIP numbers will be printed on the Bonds, but the failure to print or type such numbers on any Bonds nor any error with respect thereto shall not constitute cause for a failure or refusal by the Underwriter to accept delivery of and make payment for the Bonds. All expenses in relation to the printing of CUSIP numbers, including CUSIP Service Bureau charges for the assignment of said numbers, shall be the responsibility of and shall be paid by the Underwriter. The Village covenants and agrees to enter into a written agreement or contract, constituting an undertaking (the "Undertaking") to provide ongoing disclosure about the Village for the benefit of the beneficial owners of the Bonds on or before the date of delivery of the Bonds as required under Section (b)( 5) of Rule 15c2-12 (the "Rule") adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Undertaking shall be as described in the Preliminary Official Statement, with such changes as may be agreed in writing by the Underwriter. Except as set forth in the Preliminary Official Statement, the Village has not failed to comply in all material respects with each and every undertaking previously entered into by it pursuant to the Rule. -6- The Underwriter's obligation to purchase the Bonds shall be conditioned upon the Village delivering the Undertaking on or before the date of delivery of the Bonds. The Village declares the Preliminary Official Statement provided in connection with the sale of the Bonds to be final as of its date for purposes of the Rule, except for the omission of the offering price or yields, the interest rates, any other terms or provisions required by the Village specified in the bid, ratings, other terms of the Bonds depending on such matters, and the identities of the underwriters. Upon the sale of the Bonds, the Village will publish an Official Statement in substantially the same form as the Preliminary Official Statement, subject to minor additions, deletions and revisions as required to complete the Preliminary Official Statement. By submission of its bid, the Underwriter will be deemed to have certified that it has obtained and reviewed the Preliminary Official Statement. Promptly after the sale date, but in no event later than seven business days after the sale date, the Village will provide the Underwriter with a reasonable number (not to exceed 75) of final Official Statements. The Underwriter agrees to supply to the Village all information necessary to complete the Official Statement within 24 hours after the award of the Bonds. The Village reserves the right to reject any or all bids and to determine the best bid in its sole discretion, and to waive any informality in any bid. Additionally, the Village reserves the right to modify or amend this Official Notice of Sale; however, any such modification or amendment shall not be made less than twenty-four (24) hours prior to the date and time for receipt of bids on the Bonds and any such modification or amendment will be announced on the Amendments Page of the MuniAuction webpage and through Thompson Municipal News. By submitting a bid, any Bidder makes the representation that it understands Bond Counsel represents the Village in the Bond transaction and, if such Bidder has retained Bond Counsel in an unrelated matter, such Bidder represents that the signatory to the bid is duly authorized to, and does consent to and waive for and on behalf of such Bidder, any conflict of interest of Bond Counsel arising from any adverse position to the Village in this matter; such consent and waiver shall supersede any formalities otherwise required in any separate understandings, guidelines or contractual arrangements between the Bidder and Bond Counsel. The Bonds will be delivered to the Underwriter against full payment in immediately available funds as soon as they can be prepared and executed, which is expected to be March 11,2009. Should delivery, however, be delayed beyond forty-five (45) days from the date of sale for any reason beyond the control of the Village except failure of performance by the Underwriter, the Village may cancel the award or the Underwriter may withdraw the Deposit and thereafter the Underwriter's interest in and liability for the Bonds will cease. -7- The Preliminary Official Statement and the Official Bid Form, together with other pertinent information, may be obtained from the Village, Attention: David O. Erb, Finance Director, 50 South Emerson Street, Mount Prospect, Illinois, 60056, Telephone: (847) 392-6000, or from the Financial Advisor, Attention: Robert Lewis, 27545 Diehl Road, Suite 100, Warrenville, Illinois 60555, Telephone: (630) 657-6445. By order of the President and Board of Trustees of the Village, dated this _ day of February, 2009. Isl Irvana K. Wilks --~----_._---~---_.. ~--------_._-~-- Village President Village of Mount Prospect Cook County, Illinois -8- OFFICIAL BID FORM President and Board of Trustees Village of Mount Prospect Cook County, Illinois February 17,2009 Ladies and Gentlemen: Subject to all the provisions of your Notice of Sale, which is expressly made a part of this bid, we offer to purchase $10,000,000 General Obligation Bonds, Series 2009, dated the date of delivery thereof, as described in said Notice, by paying a price of $ (which is not less than 99.0% and not more than 102.0% of the par amount of the Bonds). The Bonds shall bear interest in non-descending order as follows (each rate (i) a multiple of 1/8 or 1/20 of 1 % and (ii) not exceeding 6.00%): Maturity December 1 Amount Rate 2009 $200,000 % 2023 1,035,000 % 2024 1,560,000 % 2025 1,650,000 % 2026 1,750,000 % 2027 1,850,000 % 2028 1,955,000 % The differential between the highest and the lowest rates listed does not exceed four percent (4.00%). The maturities indicated below constitute term bonds. Each term bond is subject to mandatory sinking fund redemption by lot in the amounts currently specified for the serial Bonds, at a redemption price of 100% of the principal amount thereof. Maturity: Term Maturity: Maturity: Term Maturity: Maturity: Term Maturity: The Bonds or portions of the Bonds due on and after December 1, 2023, in multiples of $5,000, are subject to redemption at the option of the Village from such maturities as the Village may determine and by lot within any maturity, on any date occurring on or after December 1, 2017, at par, plus accrued interest to the date fixed for redemption. If the total interest cost, true interest cost or net interest cost stated below is incorrectly computed, the undersigned agrees that the above interest rates and premium below shall prevail. Total Interest Cost on the Bonds calculated to maturity at the rates specified above (Less Premium) Net Interest Cost True Interest Cost $ $ $ % The Bonds are to be accompanied by the unqualified approving legal opinIOn of Chapman and Cutler LLP, Chicago, Illinois, Bond Counsel, and a certificate evidencing that no litigation is pending against the Village, which will affect the validity or security of the Bonds. Attorneys' fees, Rating Agency fees, Auction Administrator fees, Financial Advisor fees, the cost of preparing and printing the Bonds, the fees of the bond registrar and paying agent for the Bonds, the cost of printing and mailing the Notice of Sale, the Preliminary Official Statement and the Official Statement and miscellaneous expenses of the Village incurred in connection with the offering and delivery of the Bonds shall all be the obligation of the Village. We understand that if we are the winning bidder that we will deposit with the Treasurer of the Village not later than 3:30 P.M. (CST) on the day after the sale a certified or cashier's check or a wire in the amount of $200,000 payable to said Village as a guarantee of good faith, to be applied in accordance with the Notice of Sale. We understand that we may procure municipal bond insurance for the Bonds. The premium for the municipal bond insurance policy, if procured, shall be paid by us. The Village shall have no obligation to pay the same. BIDDER'S OPTION We have purchased insurance from: (Check One) - FSA - Assured Guaranty Other Maturities: (Check One) - Years All -2- Managing Underwriter Direct Contact: By: Address: Phone Number: Fax Number: E-Mail Address: -PLEASE A TT ACH A LIST OF ACCOUNT MEMBERS- TOTAL BOND YEARS AVERAGE LIFE $171,707.22 17 .171 Years The foregoing offer is hereby accepted this 17th day of February, 2009, by the President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois and authorized to make such acceptance. Village President Village of Mount Prospect Cook County, Illinois -3- ai OJ l: nl J:: () o - - U Gl :C' :l rn ~ nl .!: .5 Q) L- a. s::: o - :!: It) Q)N (.)- '~~ Q) ~ OC/)Q) Q)-- a..c cu f/) Q) E E C 'x o."CO Q) L. ~f/)a. :!: 0 a. _ a.<t OEo Q) a. f/) Ol _ "C ,.!!!WUQ) :: Ol Q) > s::: (.) +- 0 f/) L. ><0. W f/) Q) - cu L. Q) s::: Q) C) Gl U .~ Gl rn - .c Gl C "C Gl Ul o Q. o L- a. 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LO co O'l LO I- co O'l 0 N C"'> ":t CD I'-- 0 ..- N C"'> ":t CD I'-- co > CIl 0 0 ..- ..- ..- ..- ...- ..- ...- ...- ...- ...- N N N N N N N N N 0) 0) 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ....J >- N N N N N N N N N N N N N N N N N N N N N \0 0 r- ,.....-l C ,.....-l ~ ,.....-l c c ~ ~ u e ~ ~ a e e .,.D ~ a) .,.D .,.D ~ a) a) ~ ~ ~ ~ a) 8 a) t- ~ N ~ r./J. (l) ~ ~ ~ .~ u bJJ ~ 00 (1)" ~ ~ '"0 .E~: .~ 0 ~ ~ ~ c 0 ~ ~ ~, ~ '"0 ~ a) ~ .~ ...q ~: 0 8 ~ OJ ~ .~ a) ~ ~ ~ 0 00' a) a) ~ $....t r./J. bJJ 0 ;> ~ ~ .~ '"0 .~ ~. a) ~ 00 u ~ ~ 0 0\ a) .~ 0 $....t ~ ~ ~ ~ u ~ ~. . . . . Exhibit V Village of Mount Prospect General Obligation Bonds, Series 2009 Role Issuer Bond/Disc1osure Counsel Financial Advisor Local Counsel Preliminary Schedule of Events (As of Thursday, January 22, 2009) Participant Village of Mount Prospect Chapman and Cutler LLP PMA Securities, Inc. Klein, Thorpe and Jenkins Ltd. Abbreviation Village BC PMA LC April 2009 Sun Mon Tue Wed Thu I Fri I Sat 29 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 567 8 9 Sat 28 29 30 31 1 2 3 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 .23 24 25 26 27 28 29 30 31 1 2 3 4 5 6 7 February 2009 March 2009 Sun Mon Tue Wed Thu Fri Sat Sat 25 26 27 28 29 30 31 22 23 28 1 2 3 4 5 6 7 1 2 6 7 8 9 10 11 12 13 14 8 9 13 14 15 16 17 18 19 20 21 15 16 20 21 22 23 24 25 26 27 28 2 23 27 28 1 2 4 5 6 7 29 30 3 4 Responisble Date Participant(s) 01/06/09 01/06/09 PMA 01/07/09 01/07/09 Village 01/13/09 01/13/09 Village/LC 01/20/09 01/20/09 Village 01/20/09 01/22/09 PMA o 1/22/09 01/23/09 PMA 01/27/09 01/27/09 Village 01/29/09 01/29/09 All 01/29/09 01/30/09 PMA 01/30/09 02/02/09 PMA 02/03/09 02/05/09 Village/PMA Task Distribute revised plan of finance Proposals for Bond Counsel due Bond Counsel interviews Regular Village Board Meeting Select Bond Counsel Distribute draft of Preliminary Official Statement (POS) and Notice of Sale (NOS) Strategic planning meeting Comments due on first draft of POS for rating( s) Distribute second draft ofPOS and NOS with List sale in The Bond 02/03/09 02/03/09 PMA Receive 02/06/09 02/06/09 Comments due on second draft ofPOS and NOS 02/06/09 02/06/09 All Post sale on MuniAuction 02/06/09 02/09/09 PMA Distribute draft of bond ordinance and reimbursement ordinance 02/1 0/09 Print POS 02/1 0/09 02/10/09 PMA Apply for bond insurance at purchaser's option 02/10/09 02/10/09 PMA Thursday, January 22, 2009 PMA Securities, Inc. Page 1 of2 Village of Mount Prospect General Obligation Bonds, Series 2009 Role Issuer BondlDisclosure Counsel Financial Advisor Local Counsel Preliminary Schedule of Events (As of Thursday, January 22,2009) Participant Village of Mount Prospect Chapman and Cutler LLP PMA Securities, Inc. Klein, Thorpe and Jenkins Ltd. Abbreviation Village BC PMA LC April 2009 Sun Mon rue Wed rhu I Fri I Sat 29 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 January 2009 Sun Mon rue I Wed rhu Fri I Sat 28 29 30 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 11123 24 25 26 27 28 29 30 31 1 234 567 February 2009 March 2009 Sat 30 23 28 6 2 7 12 13 9 14 19 20 16 21 26 27 23 28 5 6 30 4 Date Responisble Participant(s) Regular Village Board Meeting Pass reimbursement ordinance Pass ordinance authorizing the issuance of the Bonds Sign bid forms Print Final Official Statement Finalize and file Closing Thursday, January 22,2009 PMA Securities, Inc. Page 2 of2 Exhibit VI VILLAGE OF MOUNT PROSPECT AND THE MOUNT PROSPECT PUBLIC LIBRARY SUMMARY OF 2008 PROPERTY TAX LEVY 2% Net Provision Total 2008 2008 Loss and 2008 Levv Abatement Levv Costs Extension VILLAGE OF MOUNT PROSPECT General Corporate Fund 7,620,047 0 7,620,047 152,401 7,772,448 Refuse Fund 1,750,000 0 1,750,000 35,000 1,785,000 Police Pension Fund 1,521,096 0 1,521,096 30,422 1,551,518 Firefighters' Pension Fund 1,501,020 0 1,501,020 30,020 1,531,040 Debt Service Funds Series 2001 (Ord. 5212) 380,740 0 380,740 7,615 388,355 Series 2003 (Ord. 5301 909,908 0 909,908 18,198 928,106 Series2009 530,881 0 530,881 10;618 541,499 Total Village 14,213,692 0 14,213,692 284,274 14,497,966 MOUNT PROSPECT PUBLIC LIBRARY Library Operations 6,925,270 0 6,925,270 138,505 7,063,775 Library Debt Service 1,629,934 0 1,629,934 32,599 1,662,533 Total Library 8,555,204 0 8,555,204 171,104 8,726,308 TOTAL - VILLAGE OF MOUNT PROSPECT AND PUBLIC LIBRARY 22,768,896 0 22,768,896 455,378 23,224,274 SPECIAL SERVICE AREA NO.5 1,515,464 o 1,515,464 30,309 1,545,773 Levy Including New Debt Service Original Levy 13,956,467 -0.42%