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