HomeMy WebLinkAbout6. NEW BUSINESS 03/05/2002 illage of Mount Prospect
Community Development Department
MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
MICHAEL.E. JANONIS, VILLAGE MANAGER
DIRECTOR Ot~_50~TY DEVELOPMENT
FEBRUARY 28, 2002
EXTENSION OF CONDITIONAL USE ORDINANCE 5096 FOR
820 E. RAND ROAD - DRIVE-THRU RESTAURANT
Staff has been working with the property owners to complete the Taco Twins development at the above property.
The proposed tenant (Taco Bell) terminated the lease with the MIL-DE Corporation and the property owners have
been marketing the property to other tenants. The Village Board previously granted a one-year extension for this
Conditional Use last March. However, the Conditional Use granted for the project will expire on March 22nd and
the property owners are requesting an additional extension until September 22, 2002.
I have attached a cover letter from the property owners requesting an extension o£the Conditional Use. As their
letter indicates, the property owners believe that they are very close to an agreement with a new tenant for the
property. If you recall, the proposal called for a sit-down, fast food restaurant with a drive-thru. Both Pizza Hut
and Baskin Robbins/Dunkin Donuts/TOGO are very interested in the property and are finalizing site plans that
would meet their needs while maintaining the intent of the approved Conditional Use.
Please forward this memorandum and attachment to the Village Board for their review and consideration at their
March 5th meeting. The Village Board would need to approve a motion to extend the Conditional Use permit
granted pursuant to Ordinance #5096 until September 22, 2002. Staff will be present at this meeting to further
discuss this matter.
H:\GENXPLANN1NGkMEMOSkPIanning Memos 2001\820 E. Rand Road - CU extension#2.doc
9 Xodh Greeley Street, Palatine, illinois 60067.5028
Telephone: 1.847.359.9616 Fax: 1.847.359.9641
Mr. William Cooney
Director of Community Developmem
Village of Mount Prospect
100 S. Emerson Street
Mt. Prospect, IL 60056
Re: Ordinance # 5096, 802 E. Rand Road, Mt. Prospect, IL
Dear Mr. Cooney,
Allied Domecq, QSR has asked that we pursue the above noted location for the construction of a
purposed Dunkin Donuts, Baskin Robbins and Togo's Great Sandwiches Restaurant. In March
2000, Taco Twins Inc. had completed a site plan and were granted a conditional use and
variations for this property to build a Taco Bell Restaurant. We would like to use the already
granted ordinance for our request to have il revised for our proposal.
As agents for Allied Domecq, QSR, Warren Johnson A~chhects, Inc. respectfully requests to be
placed on the agenda for the March 4, 2002, Board of Tmstee's meeting. Per a meeting you
attended with Mr. Warren Johnson and the requests of the above noted ordinance, we have
prepared a packet of drawings reflecting the proposed site layout, building elevations and
signage. We appreciate the time you have given us and, in advance, thank the Department of
Community Development ~nd the Village of Mount Prospect for engaging and reviewing our
special request.
If you have any questions please feel f~ee to contact our office.
Project Manager
Cc/
Mr. Pat O'Brien, Allied Domecq, QSR
Mr. Robert Murphy, Allied Domecq, QSR
EXIgTIN® ADJACENT
DEVELOPMENT
PP-,OPOSED
PL~NKli',I'
TRONDO
~500 5.F.
82O E. RAND
WARREN JOHNSON
ARCHITECTS! INC.
ALLIED DOME~
TROHBO
620 E. ~ P.D.
MT. PROSF~OT, IL
TOTAL
i TO/FROM
I
ADJACENT
DEVELOPMENT
TO/FROM
ADJACENT
DEVELOPMENT
x zs"~;~' ~ BUILDING SETBACK UNE
~ .... '~ \
~ ,.~. .\ .. \
~ ,~. · . ~ \.
x , .x~ ~,., _ _
'.
S~TE DATA
AR~ GE BLDG. = 3,302.00sf = 8.78%
~ OF GREEN SPACE = 15,197.48sf . = 31.18%
CREA OF H~D SURFACE = ~0,235.45sf = 62.04~ ~ -~-
= -'~8~7~4.9~sf = 100.00~
OF
SiTE
PARKING REQUIREMENTS
TWEL~ (12) SPACES PER i,O00SF
TOTAL No. OF SPACES REQ'D = 39.6 = 40
TOTAL No. OF SPACES PROVIDED = 5~? ~
~ ........... _~: ....
SITE PLAN .,
~ '~-'~
TA CO BELL ~ THO~S
' ~ ARCHffECTS P~NNERS ENGINEerS
~O MOUNT PROSPECT, ILLINOIS ~ K MURZ~,
1
SETBACK LINE
ill
-il
Village of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
PURPOSE:
MICHAEL JANONIS, VILLAGE MANAGER
DIRECTOR OF FINANCE
FEBRUARY 21, 2002
WATER AND SEWER RATE INCREASE
To present for the Board's consideration an ordinance increasing the Village's
water and sewer rates.
BACKGROUND:
Since 1990 the Village has followed the practice of approving moderate annual
increases in water and sewer rates, as opposed to implementing large increases
periodically. The 2002 Budget includes an anticipated 4% increase in water and
sewer rates.
DISCUSSION:
The following table illustrates the recommended rates as reflected in the
proposed ordinance. While we generally tded to achieve a 4% increase,
rounding to the nearest cent resulted in a slightly lower overall increase.
Proposed Rate
Current Rate Per 1,000 Percent
Inside Village Per 1,000 Gallons Gallons Change
Water $3.48 $3.62 4.02%
Sewer $0.36 $0.37 2.78%
Combined $3:84 $3.99 3.91%
Proposed Rate
Current Rate Per 1,000 Percent
Outside Village Per 1,000 Gallons Gallons Change
Water $6.97 $7.25 4.02%
Sewer $0.36 $0.37 2.78%
Combined $7.33 $7.62 3.96%
ater and Sewer Rate Increase
February 21, 2002
Page 2
For Village sewer users not connected to the Village's water system, the monthly charge
per dwelling unit would be $3.13, an increase of 3.99% over the current rate.
If a Mount Prospect household uses 16,000 gallons of water over a two-month period,
their bimonthly water and sewer usage fee would be $63.84, an increase of $2.40.
No increase is being proposed for the monthly availability charge assessed customers
outside of Special Service Area No. 5. For most customers, those with a 5/8" water
line, the charge will remain at $10.
For purposes of comparison, the Village enacted water and sewer rate increases of
4.0% in each of the past five years.
Upon adoption of the ordinance we will place a notice of the pending increase on all
water bills issued between April 1s* and May 31st. The new rates would take effect for
those bills rendered on or after June 1,2002.
RECOMMENDATION: ~
It is recommended the Villa~e B0ard approve the attached ordinance increasing water
and sewer rates effective for biles rendered on or after June 1, 2002.
DOUGLAS R, ELLSWORTH, CPA
DIRECTOR OF FINANCE
DRE/
I:\Revenue~W&S\RA'FEINCREAS E\6-01-02\Board Memo 2-21-02.doc
ORDINANCE NO.
AN ORDINANCE TO AMEND WATER AND SEWER RATES SET FORTH IN
APPENDIX A, DIVISION II OF THE VILLAGE CODE
Passed and approved by
the President and Board of Trustees
the day of ~ 2002.
Published in pamphlet form by authority
of the corporate authorities of the
Village of Mount Prospect, Illinois,
the __ day of ,2002.
3
ORDINANCE NO.
AN ORDINANCE TO AMEND WATER AND SEWER RATES SET FORTH IN
APPENDIX A, DIVISION II OF THE VILLAGE CODE
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That Section 22.504.2 entitled "Water Rates" of Appendix A, Division II of the Village Code,
as amended, is hereby further amended in its entirety; so that hereinafter said Section 22.504.2 of Appendix A,
Division II shall be and read as follows:
"Sec. 22.504.2 WATER RATES:
A. All Village users within the village, having a direct or indirect connection with village water mains or
pipes: $3.62 per 1,000 gallons of water consumed or portion thereof.
All village users outside the corporate limits of the village having a direct or indirect connection with
village water mains or pipes: $7.25 per 1,000 gallons of water consumed or poa/on thereof.
All village users located outside the boundaries of special service area number five shall pay an
additional monthly availability charge based upon the size of the water meter as follows:
5/8 inch meter $ 10.00
~ inch meter $ 15.00
1 inch meter $ 27.50
1~ inch meter $ 42.50
2 inch meter $ 87.00
3 inch meter $150.00
4 inch meter $250.00
6 inch meter $475.00
8 inch meter $990.00
B. Hook-up charge for water furnished by the truckload: $10.00."
SECTION TWO: That Section 22.504.3 entitled "Sewer Rates" of Appendix A, Division II of the Village
Code, as amended, is hereby further amended in its entirety; so that hereinafter said Section 22.504.3 of
Appendix A, Dixidion II shall be and read as follows:
"Sec. 22.504.3 SEWER RATES:
All village sewer users within the corporate limits of the village having a direct or indirect connection
with the village sewer and water mains or pipes: $0.37 per 1,000 gallons of water consumed or portion
thereof.
All village sewer users within the corporate limits of the village having a direct or indirect connection
with the village's sewer mains or pipes and not with the village water mains or pipes: $3.13 per month
per dwelling unit.
All village sewer users outside the corporate limits of the village having a direct or indirect connection
with the village's water and sewer mains or pipes: $0.37 per 1,000 gallons of water consumed or
portion thereof.
All village sewer users outside the corporate limits of the village having a direct or indirect connection
with the village's sewer mains or pipes, but not with village water mains or pipes: $3.13 per month per
dwelling unit."
SECTION THREE: That the fees set forth in this Ordinance shall be applied to ali water and sewer bills
rendered on or after June 1, 2002.
SECTION FOUR: That this Ordinance shall be in full force and effect from and after its passage, approval and
publication in pamphlet form in the manner prOvided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this
day of ,2002.
ATTEST:
Gerald L. Farley, Village President
Velma W. Lowe, Village Clerk
2
illage of Mount Prospect
Mount Prospect, Illinois
INTEROFFICE MEMORANDUM
TO:
FROM:
DATE:
SUBJECT:
PURPOSE:
MICHAEL E. JANONIS, VILLAGE MANAGER
DIRECTOR OF FINANCE
FEBRUARY 19, 2002
PROPOSED BOND REFINANCING
To present for the Village Board's consideration an ordinance authorizing the issuance of
$6,585,000,000 of general obligation bonds to execute a current refunding of the Series 1993A 19939
and 1994 General Obligation Bonds.
BACKGROUND:
On February 5, 2002 the Village Board authorized staff to oroceed with a current refunding of the
Series 1993A, 1993B and 1994 General Obligation Bonds. The estimated savings from the refunding
issue are expected to total $217,242 over the next four years.
The debt service schedule for the new bond issue has been structured to mirror the refunded Donas.
DISCUSSION:
The accompanying bond ordinance is presented for the Board's consideration. The sections of the
ordinance dealing with nterest rates, principal and interest repayment schedules and the tax levy
schedule have been left blank for now since bids on the proposed financing will not be opened until
11:00 a.m. on Tuesday, March 5 2002. At the Board meeting that evening I will present a summary of
the bid results and shall distribute a completed bond ordinance.
Attached hereto is a summary of the debt service requirements on the bonds to~ be refunded and an
estimate of the debt service on the proposed bond issue.
RECOMMENDATION:
It is recommended the Village Board waive the rules requiring two readings and adopt an ordinance
authorizing the sale of $6,585,000 of general obligation refundi/~g bonds.
DOUGLAS R. ELLSWORTH, CPA
k\Debt~002 REFUNDING\Bd Memo 2-19-02.doc
Table B
,'ovnt Prospect - $5,588,000 G,O, Re~und£ng Bonds,
Intereat start dote: 04/0~/02
Serie~ 2~02 (Par ~or Par)
B~d per s~e00 g95, e0808000
HIC 2.¢2648~
Avg coupon 2,16804~
Avg l£~e ~.93478007
Bond y~s 12,748.00
Interest start date: 04/01/02
First interest payment:.12/01/02
DEBT SERVICE SCHEDULE
ANNUAL
INT£REST TOTAL
~ ~2/0~/02 ~, 990, 000.00 I. 450 83, 598.33
2 I2/0L/03 ~, 805,000.00 I. 550 96,542.50
3 12/01104 L, 825, 088, 00 2.250 68, 5~5.00
4 12/01/05 965,008.00 2. 850 27, ~82. ~0
TOTAL 6, 58~ 000.00 276, 208.33
2,073,598.33
l, 901, ~42.50
1,893, 585.00
992, 502.50
· 6, 86~, 208, 33
Savingo Analysis
Ending
Da~e Sar 93/94 Sar 2002 Savings
12/01/02 2,/83,801 2, 073, 598 110, 202
12/01/03 2,009, 488 1,901,542 107,945
12/01/04 1,949, :389 .t, 893, 565 ~,; 822
12/91~95 1,008, 425 992, 502 15, 922
?, 151,101 6, 861,208 289,892
Less Discount A~lowed to be B (68/1000)...' ..... 32,925
Leas Costa of IssuBnco ............... 39,725
Gross $ovtn~s .................... 217,242
P~esent Value Bavtngs 02.42% ............ 206,433
ORDINANCE NO.
ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS, SERIES 2002A AND GENERAL OBLIGATION
REFUNDING BONDS, SERIES 2002B, OF THE VILLAGE OF MOUNT
PROSPECT, ILLINOIS
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF MOUNT PROSPECT, ILLINOIS, AS FOLLOWS:
Section 1. Authority and Purpose. This ordinance is adopted pursuant to
Section 6 of Article VII of the Illinois Constitution of 1970 for the purpose of refunding
(i) the General Obligation Bonds, Series 1993A, of the Village (the "TIF Refunding")
and (ii) the General Obligation Bonds, Series 1993B, of the Village and the General
Obligation Bonds, Series 1994A, of the Village (the "Genera Refunding"). The
foregoing purposes are each hereby authorized to be made or undertaken by the Village
of Mount Prospect, Illinois.
Section 2. Refunding Plan, The Village determines to refund the $635,000
outstanding principal amount of General Obligation Bonds, Series 1993A, of the Village
maturing in the years 2002 to 2005, inclusive (the "1993A Bonds").
The Village determines to refund the $3,725,000 outstanding principal amount
of General Obligation Bonds, Series 1993B, of the Village maturing in the years 2002
to 2005, inclusive (the "1993B Bends").
The Village determines to refund the $2,225,000 outstanding principal amount
of General Obligation Bonds, Series 1994A, of the Millage, maturing in the years 2002
to 2004, inclusive (the'"1994A Bonds").
The Village elects to redeem and call for redemption on April 5, 2002, all of the
1993A Bonds, the 1993B Bonds and the 1994A Bonds (herein collectively caIled the
"Prior Bonds") at a redemption price for each Prior Bond to be redeemed of par,
together with accrued interest to the date fixed for redemption.
The Village President and the other officers and officials of the Village are
authorized and directed to do, or cause to be done, all things necessary to accomplish
the refunding and redemption of the Prior Bonds.
Section 3. Authorization and Terms of Series A Bonds. To meet part of the
estimated cost of the TIF Refunding described in Section 1 of this ordinance, there is
hereby appropriated the sum of $635,000.
For the purpose of financing said appropriation, general obligation bonds of the
Village shall be issued and sold in an aggregate principal amount of $
and shall be designated "General Obligation Refunding Bonds, Series 2002A" (the
"Series A Bonds"). The Series A Bonds shall be issuable in the denominations of
$5,000 or any integral multiple thereof and may bear such identifying numbers or
letters as shall be useful to facilitate the registration, transfer and exchange of Series
A Bonds. Unless otherwise determined in the order to authenticate the Series A
-2-
Bonds, each Series A Bond delivered upon the original issuance of the Series A Bonds
shall be dated as of April 1, 2002. Each Series A Bond thereafter issued upon any
transfer or exchange of Series A Bonds shall be dated so that no gain or loss of
interest shall result from such transfer or exchange. The Series A Bonds shall mature
(without option of prior redemption) on December 1 in each year shown in the
following table in the respective principal amount set forth opposite each such year
and the Series A Bonds maturing in each such year shall bear interest at the respective
rate per annum set forth opposite such year:
Principal Interest
Year Amount Rate
2002 $ ,000
2003 ,000
2004 ,000
2005 ,000
Each Series A Bond shall bear interest from its date, computed on the basis of
a 360 day year consisting of twelve 30 day months and payable in lawful money of
the United States of America on June 1, 2002 and sem annually thereafter on each
June 1 and December 1 at the rates per annum herein determined. The principal of
the Series A Bonds shall be payable in lawful money of the United States of America
upon presentation and surrender thereof at the principal corporate trust office of
American National Bank and Trust Company of Chicago, in.the City of Chicago, Illinois,
which is hereby appointed as bond registrar and paying agent for the Series A Bonds.
Interest on the Series A Bonds shall be payable on each interest payment date to the
registered owners of record thereof appearing on the registration books maintained by
th e Village for such purpose at the principal corporate trust office of the bond registrar,
as of the close of business on the 15th day of the calendar month next preceding the
applicable interest payment date. Interest on the Series A Bonds shall be paid by
check or draft mailed to such registered owners at their addresses appearing on the
registration books or by wire transfer pursuant to an agreement by and between the
Village and the registered owner.
Section 4. Authorization and Terms of Series B Bonds. To meet part of the
estimated cost of the General Refunding described in Section 1 of this ordinance, there
is hereby appropriated the sum of $5,950,000.
For the purpose of financing said appropriation, general obligation bonds of the
Village shall be issued and sold in an aggregate principal amount of $
and shall be designated "General 0bligation Refunding Bonds, Series 2002B" (the
"Series B Bonds"). Series B Bonds shall be issuable in the denominations of $5,000
or any integral multiple thereof and may bear such identifying numbers or letters as
shall be useful to facilitate the registration, transfer and exchange of Series B Bonds.
Unless otherwise determined in the order to authenticate the Series B Bonds, each
Series B Bond delivered upon the original issuance of the Series B Bonds shall be dated
as of April 1, 2002. Each Series B Bond thereafter issued upon any transfer or
exchange of Series B Bonds shall be dated so that no gain or loss of interest shall
result from such transfer or exchange. The Series B Bonds shall mature (without
option of prior redemption) on December 1 in each year shown in the following table
in the respective principal amount set forth opposite each such year and the Series B
Bonds maturing in each such year shall bear interest at the respective rate per annum
set forth opposite such year:
-4-
.Year
Principal Interest
Amount Rate
2002 $ ,000
2003 ,000
2004 ,000
2005 ,000
Each Series B Bond shall bear interest from its date, computed on the basis of
a 360 day year consisting of twelve 30 day months and payable in lawful money of
the United States of America on June 1, 2002 and semiannually thereafter on each
June 1 and December 1 at the rates per annum herein determined. The principal of
the Series B Bonds shall be payable in lawful money of the United States of America
upon presentation and surrender thereof at the principal corporate trust office of
American National Bank and Trust Company of Chicago, in the City of Chicago, Illinois,
which is hereby appointed as bond registrar and paying agent for the Series B Bonds.
Interest on the Series B Bonds shall be payable on each interest payment date to the
registered owners of record thereof appearing on the registration books maintained by
the Village for such purpose at the principal corporate trust office of the bond registrar,
as of the close of business on the 15th day of the calendar month next preceding the
applicable interest payment date. nterest on the Series B Bonds shall be paid by
check or draft mailed to such registered owners at their addresses appearing on the
registration books or by wire transfer pursuant to an agreement by and between the
Village and the registered owner.
Section §. Sale and Delivery. The Series A Bonds and the Series B Bonds
(herein collectively called the "2002 Bonds") are hereby sold to ,
as purchaser, at a price of $ and accrued interest from their date to
-5-
the date of delivery and payment therefor. The Official Statement prepared with
respect to the 2002 Bonds is approved and "deemed final" as of its date for purposes
of Securities and Exchange Commission Rule 15(c)2-12 promulgated under the
Securities Exchange Act of 1934.
The Village President, Village Clerk and othe[ officials of the Village are hereby
authorized and directed ~o do and perform, or cause to be done or performed for or on
behalf of the Village each and every thing necessary for the issuance of the 2002
Bonds, including_the proper execution and delivery of the 2002 Bonds and the Official
Statement.
Section 6. E~xecution and Authentication. Each 2002 Bond shall be executed
in the name of the Village by the manual or authorized facsimile signature of its Village
President and the corporate seal of the Village, or a facsimile thereof, shall be
thereunto affixed or otherwise reproduced thereon and attested by the manual or
authorized facsimile signature of its Village Clerk.
In case any officer whose signature, or a facsimile of whose signature, shall
appear on any 2002 Bond shall cease to hold such office before the issuance of the
2002 Bond, such 2002 Bond shall nevertheless be valid and sufficient for all purposes,
the same as if the person whose signature, or a facsimile thereof, appears on such
2002 Bond had not ceased to hold such office~ Any 2002 Bond may be signed, sealed
or attested on behalf of the Village by any person who, on the date of such act, shall
hold the proper office, notwithstanding that at the date of such 2002 Bond such
person may not have held such office. No recourse shall be had for the payment of
any 2002 Bonds against any officer who executes the 2002 Bonds.
Each 2002 Bond shall bear thereon a certificate of authentication executed
manually by the bond registrar. No 2002 Bond shall be entitled to any right or benefit
under this ordinance or shall be valid or obligatory for any purpose until such certificate
of authentication shall have been duly executed by the bond registrar.
Section 7. Transfer, Exchange and Registry. The 2002 Bonds shall be
negotiable, subject to the provisions for registration of transfer contained herein. Each
2002 Bond shall be transferable only upon the registration books maintained by the
Village for that purpose at the principal corporate trust office of the bond registrar, by
the registered owner thereof in person or by his attorney duly authorized in writing,
upon surrender thereof together with a written instrument of transfer satisfactory to
the bond registrar and duly executed by the registered owner or his duly authorized
attorney. Upon the surrender for transfer of any such 2002 Bond, the Village shall
execute and the bond registrar shall authenticate and deliver a new 2002 Bond or
Bonds registered in the name of the transferee, of the same aggregate principal
amount, series, maturity and interest rate as the surrendered 2002 Bond. 2002
Bonds, upon surrender thereof at the principal corporate trust office of the bond
registrar, with a written instrument satisfactory to the bond registrar, duly executed
by the registered owner or his attorney duly authorized in writing, may be exchanged
for an equal aggregate principal amount of 2002 Bonds of the same series, maturity
and interest rate and of the denominations of $5,000 or any integral multiple thereof.
For every such exchange or registration of transfer of 2002 Bonds, the Village
or the bond registrar may make a charge sufficient to reimburse it for any tax, fee or
other governmental charge required to be paid with respect to such exchange or
-7-
transfer, which sum or sums shall be paid by the person requesting such exchange or
transfer as a condition precedent to the exercise of the privilege of making such
exchange or transfer. No other charge shall be made for the privilege of making such
transfer or exchange. The provisions of the Illinois Bon'd Replacement Act shall govern
the replacement of lost, destroyed or defaced 2002 Bonds.
The Village and ~he bond registrar may deem and treat the person in whose
name any 2002 Bond shall be registered upon the registration books as the absolute
owner of such 2002 Bond, whether such 2002 Bond shall be overdue or not, for the
purpose of receiving payment of, or on account of, the principal of or interest thereon
and for all other purposes whatsoever, and all such payments so made to any such
registered owner or upon his order shall be valid and effectua~to satisfy and discharge
the liability upon such 2002 Bond to the extent of the sum or sums so paid, and
neither the Village nor the bond registrar shall be affected by any notice to the
contrary.
Section 8. Bond Registrar. The Village covenants that it shall at all times retain
a bond registrar with respect to the 2002 Bonds, that it will maintain at the designated
office of such bond registrar a place where 2002 Bonds may be presented for payment
and registration of transfer or exchange and that it shall require that the bond registrar
maintain proper registration books and perform the other duties and obligations
imposed upon it by this ordinance in a manner consistent with the standards, customs
and practices of the municipal securities business.
The bond registrar shall signify its acceptance of the duties and obligations
imposed upon it by this ordinance by executing the certificate of authentication on any
-8-
2002 Bond, and by such execution the bond registrar Shall be deemed to have certified
to the Village that it has all requisite power to accept, and has accepted such duties
and obligations not only with respect to the 2002 Bond so authenticated but with
respect to all the 2002 Bonds. The bond registrar is the agent of the Village and shall
not be liable in connection with the performance of its duties except for its own
negligence or default. 'The bond registrar shall, however, be responsible for any
representation in its certificate of authentication on the 2002 Bonds.
The Village may remove the bond registrar at any time. In case at any time the
bond registrar shall resign or shall be removed or shall become incapable of acting, or
sha~l be adjudged a bankrupt or insolvent, or if a receiver, liquidator or conservator of
the bond registrar, or of its property shall be appointed, or if any public officer shall
take charge or control of the bond registrar or of its property or affairs, the Village
covenants and agrees that it will thereupon appoint a successor bond registrar. The
Village shall mail notice of any such appointment made by it to each registered owner
of 2002 Bonds within twenty days after such appointment.
Section 9. General Obligations. The fuJ faith and credit of the Village are
hereby irrevocably pledged to the punctual payment of the principal of and interest on
the 2002 Bonds. The 2002 Bonds shall be direct and general obligations of the
Village, and the Village shall be obligated to levy ad valorem taxes upon all the taxable
property in the Village for the payment of the 2002 Bonds and the interest thereon,
witl~out limitation as to rate or amount.
-9-
Section 10. Form of Series A Bonds. The Series A Bonds shall be issued as
fully registered bonds and shall be in substantially the following form, the blanks to be
appropriately completed when the Series A Bonds are printed:
No,
United States of America
State of Illinois
County of Cook
VILLAGE OF MOUNT PROSPECT
GENERAL OBLIGATION REFUNDING BOND,
SERIES 2002A
MATURITY DATE DATED DATE
April 1, 2002
December 1,
Cede & Co.
INTEREST RATE
· %
REGISTERED OWNER:
PRINCIPAL AMOUNT:
CUSIP
The VILLAGE OF MOUNT PROSPECT, a municipal corporation and a home rule
unit of the State of Illinois situate in the County of Cook, acknowledges itself indebted
and for value received hereby promises to pay to the registered owner of this bond,
or registered assigns, the principal amount specified above od the maturity date
specified above, and to pay interest on such principal amount from the date hereof at
the interest rate per annum specified above, computed on the basis of a 360 day year
consisting of twelve 30 day months and payable in lawful money of the United States
of America on June 1,2002 and semiannually thereafter on the first days of June and
December in each year until the principal amount shall have been paid, to the
registered owner of record hereof as of the 15th day of the calendar month next
-10-
preceding such interest payment date, by wire transfer pursuant to an agreement by
and between the Village and the registered owner, or otherwise by check or draft
mailed to the registered owner at the address of such owner appearing on the
registration books maintained by the Village for such purpose at the principal corporate
trust office of American National Bank and Trust Company of Chicago, in the City of
Chicago, Illinois, as bond registrar or its successor (the "Bond Registrar"). This bond,
as to principal when due, will be payable in lawful money of the United States of
America upon presentation and surrender of this bond at the principal corporate trust
office of the Bond Registrar. The full faith and credit of the Village are irrevocably
pledged for the punctual payment of the prir~cipal of and interest on this bond
according to its terms.
This bond is one of a series of bonds issued in the aggregate principal amount
of $ which are authorized and issued under and pursuant to Section
6 of Article VII of the Illinois Constitution of 1970 and under and in accordance with
an ordinance adopted by the President and Board of Trustees of the Village on
March 5, 2002 and entitled: "Ordinance Authorizing the Issuance of General
Obligation Refunding Bonds, Series 2002A and General Obligation Refunding Bonds,
Series 2002B, of the Village of Mount Prospect, linois." This bond is issued in
accordance with the prowsions of the Tax Increment Allocation Redevelopment Act,
as amended, constituting Division 74.4 of Article 11 of the Illinois Municipal Code, for
the purpose of financing redevelopment project costs.
This bond is transferable only upon such registration books by the registered
owner hereof in person, or by his attorney duly authorized in writing, upon surrender
-11-
hereof at the principal corporate trust office of the Bond Registrar together with a
written instrument of transfer satisfactory to the Bond Registrar duly executed by the
registered owner or by his duly authorized attorney, and thereupon a new registered
bond or bonds, in the authorized denominations of $5,000 or any integral multiple
thereof and of the same aggregate principal amount, maturity and interest rate as this
bond shall be issued to the transferee in exchange therefor. In like manner, this bond
may be exchanged for an equal aggregate principal amount of bonds of the same
maturity and int_erest rate and of any of such authorized denominations. The Village
or the Bond Registrar may make a charge sufficient to reimburse it for any tax, fee or
other governmental charge required to be paid with respect to the transfer or exchange
of this bond. No other charge shall be made for the privilege of making such transfer
or exchange. The Village and the Bond Registrar may treat and consider the person
in whose name this bond is registered as the absolute owner hereof for the purpose
of receiving payment of, or on account of, the principal and interest due hereon and
for all other purposes whatsoever.
This bond shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been duly executed by the Bond
Registrar.
It is hereby certified, recited and declared that all acts, conditions and things
required to be done, exist and be performed precedent to and in the issuance of this
bond in order to make it a legal, valid and binding obligation of the Village have been
done, exist and have been performed in regular and due time, form and manner as
required by law, and that the series of bonds of which this bond is one, together with
-12-
all other indebtedness of the Village is within every debt or other limit prescribed by
law.
IN WITNESS WHEREOF, the Village of Mount Prospect has caused this bond to
be executed in its name and on its behalf by the manual or facsimile signature of its
Village President, and its corporate seal, or a facsimile thereof, to be hereunto affixed
or otherwise reproduced hereon and attested by the manual or facsimile signature of
its Village Clerk.
Dated: April 1, 2002
VILLAGE OF MOUNT PROSPECT
Village President
Attest:
CERTIFICATE OF AUTHENTICATION
This bond is one of the General
Obligation Refunding Bonds, Series
2002A, described in the within
mentioned Ordinance.
AMERICAN NATIONAL BANK
TRUST COMPANY OF CHICAGO,
as Bond Registrar
AND
Village Clerk
By
Authorized Signer
For value received
ASSIGNMENT
the undersigned sells,
irrevocably constitutes and appoints
assigns and transfers unto
the within bond and hereby
attorney to transfer the said bond on the books kept for registration thereof, with full
power of substitution iri the premises.
Dated
Signature Guarantee:
-14~
Section 1 1. Form of Series B Bonds. The Series B Bonds shall be issued as
fully registered bonds and shall be in substantially the following form, the blanks to be
appropriately completed when the Series B Bonds are printed:
No.
INTEREST RATE
· %
REGISTERED OWNER:
PRINCIPAL AMOUNT:
United States of America
State of Illinois
County of Cook
VILLAGE OF MOUNT PROSPECT
GENERAL OBLIGATION REFUNDING BOND,
SERIES 2002B
MATURITY DATE DATED DATE
December 1, __ April 1, 2002
Cede & Co.
CUSIP
The VILLAGE OF MOUNT PROSPECT, a municipal corporation and a home rule
unit of the State of Illinois situate in the County of Cook, acknowledges itself indebted
and for value received hereby promises to pay to the registered owner of this bond,
or registered assigns, the principal amount specified above on the maturity date
specified above, and to pay interest on such principal amount from the date hereof at
the interest rate per annum specified above, computed on the basis of a 360 day year
consisting of twelve 30 day months and payable in lawful money of the United States
of America on June 1,2002 and semiannually thereafter on the first days of June and
December in each year until the principal amount shall have been paid, to the
registered owner of record hereof as of the 15th day of the calendar month next
-15-
preceding such interest payment date, by wire transfer pursuant to an agreement by
and between the Village and the registered owner, or otherwise by check or draft
mailed to the registered owner at the address of such owner appearing on the
registration books maintained by the Village for such purpose at the principal corporate
trust office of American National Bank and Trust Company of Chicago, in the City of
Chicago, Illinois, as bond registrar or its successor (the "Bond Registrar"). This bond,
as to principal when due, will be payable in lawful money of the United States of
America upon pr_esentation and surrender of this bond at the principal corporate trust
office of the Bond Registrar. The full faith and credit of the Village are irrevocably
pledged for the punctual payment of the principal of and interest on this bond
according to its terms.
This bond is one of a series of bonds issued in the aggregate principal amount
of $
which are authorized and issued under and pursuant to Section
6 of Article VII of the Illinois Constitution of 1970 and under and in accordance with
an ordinance adopted by the President and Board of Trustees of the Village on
March 5, 2002 and entitled: "Ordinance Authorizing the Issuance of General
Obligation Refunding Bonds, Series 2002A and General Obligation Refunding Bonds,
Series 2002B, of the Village of Mount Prospect, Illinois.".
This bond is transferable only upon such registration books by the registered
owner hereof in person, or by his attorney duly authorized in writing, upon surrender
hereof at the principal corporate trust office of the Bond Registrar together with a
written instrument of transfer satisfactory to the Bond Registrar duly executed by the
registered owner or by his duly authorized attorney, and thereupon a new registered
-16-
bond or bonds, in the authorized denominations of $5,000 or any integral multiple
thereof and of the same aggregate principal amount, maturity and interest rate as this
bond shall be issued to the transferee in exchange therefor. In like manner, this bond,
may be exchanged for an equal aggregate principal amount of bonds of the same
maturity and interest rate and of any of such authorized denominations. The Village
or the Bond Registrar may make a charge sufficient to reimburse it for any tax, fee or
other governmental charge required to be paid with respect to the transfer or exchange
of this bond. No other charge shall be made for the privilege of making such transfer
or exchange: ..The Village and the Bond Registrar may treat and consider the person
in whose name this bond is registered as the absolute owner hereof for the purpose
of receiving payment of, or on accc~unt of, the principal and interest due hereon and
for all other purposes whatsoever.
This bond shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been duly executed by the Bond
Registrar.
It is hereby certified, recited and declared that all acts, conditions and things
required to be done, exist and be performed precedent to and in the issuance of this
bond in order to make it a legal, valid and binding obligation of the Village have been
done, exist and have been performed in regular and due .time, form and manner as
required by law, and that the series of bonds of which this bond is one, together with
all other indebtedness of the Village is within every debt or other limit prescribed by
law.
IN WITNESS WHEREOF, the Village of Mount Prospect has caused this bond to
be executed in its name and on its behalf by the manual or facsimile signature of its
Village President, and its corporate seal, or a facsimile thereof, to be hereunto affixed
or otherwise reproduced hereon and attested by the manual or facsimile signature of
its Village Clerk.
Dated: April 1, 2002
VILLAGE OF MOUNT PROSPECT
Village President
Attest:
CERTIFICATE OF AUTHENTICATION
This bond is one of the General
Obligation Refunding Bonds, Series
2002B, described in the within
mentioned Ordinance.
AMERICAN NATIONAL BANK
TRUST COMPANY OF CHICAGO,
as Bond Registrar
AND
Village Clerk
By
Authorized Signer
-18-
ASSIGNMENT
For value received the undersigned sells, assigns and transfers unto
the within bond and hereby
irrevocably constitutes and appoints
attorney to transfer the said bond on the books kept for registration thereof, with full
power of substitution in the premises,
Dated
Signature Guarantee:
-19-
Section 12. Levy and Extension of Taxes. For the purpose of providing the
money required to pay the interest on the 2002 Bonds when and as the same falls due
and to pay and discharge the principal thereof as the same shall mature, there is
hereby levied upon all tl~e taxable property in the Village, in each year while any of the
2002 Bonds shall be outstanding, a direct annual tax sufficient for that purpose in
addition to all other taxes, as follows:
Tax Levy Year A Tax Sufficient to Produce
2002
2003
2004
Interest or principal coming due at any time when there shall be insufficient
funds on hand to pay the same shall be paid promptly when due from current funds
on hand in advance of the collection of the taxes herein levied; and when said taxes
shall have been collected, reimbursement shall be made to the said funds in the
amounts thus advanced.
As soon as this ordinance becomes effective, a copy thereof certified by the
Village Clerk, which certificate shall recite that this ordinance has been duly adopted,
shall be filed with the County Clerk of Cook County, Illinois, who is hereby directed to
ascertain the rate per cent required to produce the aggregate tax hereinbefore provided
to be levied in the years 2002 to 2004, inclusive, and to extend the same for
collection on the tax books in connection with other taxes levied in said years, in and
by the Village for general corporate purposes of the Village, and in said years such
annual tax shall be levied and collected in like manner as taxes for general corporate
purposes for said years are levied and collected and, when collected, such taxes shall
-20-
be used solely for the purpose of paying the principal of and interest on the 2002
Bonds herein authorized as the same become due and payable.
Section 13. Application of Prior Bonds 2001 Tax Levy. The taxes levied for the
2001 tax levy year with respect to each series of the Prior Bonds and, to the extent
the levy of such taxes has been abated, the moneys set aside to pay the principal of
and interest on such series, shall be applied as received in the following order of
priority:
FIRST, to the payment of the interest accrued on the Prior Bonds of such
series to the April 5, 2002 redemPtion date, by depositing an amount equal to
such accrued interest into the 2002 Redemption Fund established by this
ordinance, and
SECOND, by depositing any remaining amounts into the appropriate
account of the 2002 Debt Service Fund established by this ordinance until the
amount held in the Series A Account equals the principal of and interest on the
Series A Bonds due on prior to December 1,2002 and until the amount held in
the Series B Account equals the principal of and interest on the Series B Bonds
due on or prior to December 1, 2002.
Section 14. Abatement of Prior Taxes. After the issuance of the 2002 Bonds,
the Village Treasurer shall file with the County Clerk of. Cook County, certificates
listing the Prior Bonds and the taxes theretofore levied for the payment of the principal
of and interest on the Prior Bonds payable after December 1, 2002, and said
certificates shall direct the abatement of such taxes..
-21 -
Section 15. Application of Proceeds. The proceeds of sale of the Series A
Bonds (exclusive of accrued interest) shall be deposited into the 2002 Redemption
Fund, which is hereby established as a special fund of the Village, and shall be used
to pay the redemption price of the 1993A Bonds. The proceeds of sale of the Series
B Bonds (exclusive of accrued interest) shall be deposited into the 2002 Redemption
Fund and shall be used to pay the redemption price of the 1993B Bonds and the
1994A Bonds. On April 15, 2002, any excess moneys in the 2002 Redemption Fund
shall be withdrawn to pay costs of issuance of the 2002 Bonds.
Section 16. Debt Service Fund. Moneys derived from taxes herein levied are
appropriated and set aside for the sole purpose of paying principal of and interest on
the 2002 Bonds when and as the same come due. All of such moneys, and all other
moneys to be used for the payment of the principal of and interest on the 2002 Bonds,
shall be deposited in the "2002 Debt Service Fund" which is hereby established as a
special fund of the Village and shall be administered as a bona fide debt service fund
under the Internal Revenue Code of 1986. The Village shall establish a separate
account within the 2002 Debt Service Fund for each series of the 2002 Bonds
designated as the Series A Account and the Series B Account. All accrued interest
received upon the issuance of the 2002 Bonds shall be deposited into the appropriate
Account of the 2002 Debt Service Fund.
The moneys deposited or to be deposited into the 2002 Debt Service Fund,
including the tax receipts derived from the taxes levied pursuant to this ordinance, are
pledged as security for the payment of the principal of and interest on the applicable
series of the 2002 Bonds. The pledge is made pursuant to Section 13 of the Local
-22-
Government Debt Reform Act and shall be valid and binding from the date of issuance
of the 2002 Bonds. All such tax receipts and the moneys held in the 2002 Debt
Service Fund shall immediately be subject to the lien of such pledge without any
physical delivery or further act and the lien of such pledge shall be valid and binding
as against all parties having claims of any kind in tort, contract or otherwise against
the Village irrespective of whether such parties have notice thereof.
Section 17. Tax Allocation Fund. The Special Tax Allocation Fund for District
No. 1 Tax Increment Redevelopment Project Area (the "Tax Allocation Fund")
established pursuant to an ordinance adopted by the President and Board of Trustees
of the Village on August 20, 1985 and entitled "An Ordinance Adopting Tax Increment
Financing for the District No. 1 Tax Increment Redevelopment Project Area in the
Village of Mount Prospect, Illinois" shall be maintained and administered by the Village
in accordance with the provisions of the Tax Increment Allocation Redevelopment Act
(the "Act").
Moneys held in the Tax Allocation Fund and the taxes and other moneys to be
deposited therein pursuant to the Act are hereby pledged as security for the payment
of the Series A Bonds on a parity with the prior pledge of such moneys as security for
the payment of the Village's General Obligation Bonds, Series 1996B; General
Obligation Bonds, Series 1998B; Taxable General Obligation Bonds, Series 1998; and
Taxable General Obligation Bonds, Series 1999A. Nothing herein contained shall
restrict the power of the Village to pledge such moneys and taxes for the benefit and
security of the holders of additional bonds issued pursuant to the Act; to subordinate
existing pledges of such moneys or to alter the use and distribution of moneys in the
-23-
Tax Allocation Fund to the extent such alteration shall be made in furtherance of the
purposes of the Act and the Redevelopment Plan for the Redevelopment Project Area.
Moneys held in the Tax Allocation Fund that are to be used for the payment of the
principal of and interest on the Series A Bonds may be deposited in the Series A
Account of the 2002 Debt Service Fund, and upon such deposit such moneys shall be
used solely for the payment of such principal and interest.
Section 18. Investment Regulations. No investment shall be made of the
proceeds of the _2002 Bonds or of any moneys in the 2002 Debt Service Fund or the
2002 Redemption Fund except in accordance with the tax covenants set forth in
Section 19 of this ordinance. All income derived from such investments in respect of
moneys or securities in any Fund or Account shall be credited in each case to the Fund
or Account in which such moneys or securities are held.
Any moneys in any Fund or Account that are subject to investment yield
restrictions may be invested in United States Treasury Securities, State and Local
Government Series, pursuant to the regulations of the United States Treasury
Department, Bureau of Public Debt, or in any tax-exempt bond that is not an
"investment property" within the meaning of Section 148(b)(2) of the Internal Revenue
Code of 1986. The Finance Director of the Village and agents designated by him are
hereby authorized to submit, on behalf of the Village, subscriptions for such United
States Treasury Securities and to request redemption of such United States Treasury
Securities.
Section 19. Tax Covenants. The Village shall not take, or omit to take, any
action lawful and within its power to take, which action or omission would cause
-24-
interest on any 2002 Bond to become subject to federal income taxes in addition to
federal income taxes to which interest on such 2002 Bond is subject on the date of
original issuance thereof.
The Village shall not permit any of the proceeds of the 2002 Bonds, or any
facilities financed with such proceeds, to be used in any manner that would cause any
2002 Bond to constitute a "private activity bond" within the meaning of Section 141
of the Internal Revenue Code of 1986.
The Villag~e shall not permit any of the proceeds of the 2002 Bonds or other
moneys to be invested in any manner that would cause any 2002 Bond to constitute
an "arbitrage bond" within the meaning of Section 148 of the Internal Revenue Code
of 1986 or a "hedge bond" within the meaning of Section 149(g) of the Internal
Revenue Code of 1986.
The Village shall comply with the provisions of Section t48(f) of the Internal
Revenue Code of 1986 relating to the rebate of certain investment earnings at periodic
intervals to the United States of America.
Section 20. Bonds Deemed Bank Qualified. Pursuant to Section 265(b)(3)(D)(ii)
of the Internal Revenue Code of 1986, the 2002 Bonds are deemed designated as
"qualified tax-exempt obligations" as defined in Section 265(b)(3)(B) of the Internal
Revenue Code of 1986.
Section 21. Continuing Disclosure. For the benefit of the beneficial owners of
the 2002 Bonds, the Village covenants and agrees to provide an annual report
containing certain financial information and operating data relating to the Village and
to provide notices of the occurrence of certain enumerated events, if material.
-25-
The annual report shall be filed with each Nationally Recognized Municipal
Securities Information Repository and with the Illinois state information depository, if
any, within 210 days after the close of the Village's fiscal year. The information to
be contained in the annual report shall consist of the annual audited financia~ statement
of the Village and such additional information as noted in the Official Statement under
the caption "Continuing Disclosure." Each annual audited financial statement will
conform to generally accepted accounting principles applicable to governmental units
and will be prepared in accordance with standards of the Governmental Accounting
Standards Board. If the audited financial statement is not available, then an unaudited
financial statement shall be included in the annual report and the audited financial
statement shall be flied within 30 days after it becomes available.
The Village also covenants and agrees, for the benefit of the beneficial owners
of the 2002 Bonds, to provide timely notice to the Municipa~ Securities Rulemaking
Board and to the Illinois state information depository, if any, of any failure of the
Village to file any such annual report within the 210 day period and of the occurrence
of any of the following events with respect to the 2002 Bonds, if material: (1)
principal and interest payment delinquencies; (2) non-payment related defaults; (3)
unscheduled draws on debt service reserves reflecting financial difficulties; (4)
unscheduled draws on credit enhancements reflecting financial difficulties; (5)
substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax
opinions or events affecting the tax-exempt status of the 2002 Bonds; (7)
modifications to rights of 2002 Bondholders; (8) 2002 bond calls; (9) defeasances;
-26-
(10) release, substitution or sale of property securing repayment of the 2002 Bonds;
and (11) rating changes.
It is found and determined that the Village has agreed to the undertakings
contained in this Section in order to assist participating underwriters of the 2002
Bonds and brokers, dealers and municipal securities dealers in complying with
Securities and Exchange Commission Rule 15o2-12(b)(5) promulgated under the
Securities Exchange Act of 1934. The chief financial officer of the Village is
authorized and directed to do and perform, or cause to be done or performed, for or
on behalf of the Village, each and every thing necessary to accomplish the
undertakings of the Village contained in this Section for so long as Rule 15c2-12(b)(5)
is applicable to the 2002 Bonds and the Village remains an "obligated person" under
the Rule with respect to the 2002 Bonds.
The undertakings contained in this Section may be amended by the Village upon
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 obligated person, or type of
business conducted, provided that (a) the undertaking, as amended, would have
complied with the requirements of Rule 15(c)2-12(b)(5) 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 (b) in the opinion of nationally recognized
bond counsel selected by the Village, the amendment does not materially impair the
interests of the beneficial owners of the 2002 Bonds.
Section 22. Book-Entry System. In order to provide for the initial issuance of
the 2002 Bonds in a form that provides for a system of book-entry only transfers, the
-27-
ownership of one fully registered bond for each maturity of each series of the 2002
Bonds, in the aggregate principal amount of such maturity, shall be registered in the
name of Cede & Co., as a nominee of The Depository Trust Company, as securities
depository for the 2002 Bonds. The Finance Director is authorized to execute and
deliver on behalf of the Village such letters to, or agreements with, the securities
depository as shall be necessary to effectuate such book-entry system.
The Village may remove the securities depository at any time. In case at any
time the securities depository shall resign or shall be removed or shall become
incapable of acting, then the Village shall appoint a successor securities depository to
provide a system of book-entry only transfers for the 2002 Bonds, by written notice
to the predecessor securities depository directing it to notify its participants (those
persons for whom the securities depository holds securities) of the appointment of a
successor securities depository.
The Village may terminate the system of book-entry only transfers for the 2002
Bonds at any time, by written notice to the securities depository directing it tO notify
its participants of the availability of bond certificates. In such event, the Village shall
issue and the bond registrar shall authenticate, register and deliver to the beneficial
owners of the 2002 Bonds, bond certificates in replacement of such beneficial owners'
beneficial interests in the 2002 Bonds, all as shown in the records maintained by the
securities depository.
Section 23. Defeasance and Payment of Bonds. (A) If the Village shall pay or
cause to be paid to the registered owners of the 2002 Bonds, the principal and interest
due or to become due thereon, at the times and in the manner stipulated therein and
-28-
in this ordinance, then the pledge of taxes, securities and funds hereby pledged and
the covenants, agreements and other obligations of the Village to the registered
owners and the beneficial owners of the 2002 Bonds shall be discharged and satisfied.
(B) Any 2002 Bonds or interest installments appertaining thereto, whether
at or prior to the maturity date of such 2002 Bonds, shall be deemed to have been
paid within the meamng of paragraph (A) of this Section if there shall have been
deposited in trust with a bank, trust company or national banking association acting
as fiduciary for such purpose either (i) moneys in an amount which sba be sufficient,
or (ii) "Federal Obligations" as defined in paragraph (C) of this Section, the principal
of and the interest on which when due will provide moneys which, together with any
moneys on deposit with such fiduciary at the same time for such purpose, shall be
sufficient, to pay when due the principal of and interest due and to become due on
said 2002 Bonds on and prior to the applicable maturity date thereof.
(C) As used in this Section, the term "Federal Obligations" means (i) non-
callable, direct obligations of the United States of America, (ii) non-callable and non-
prepayable, direct obligations of any agency of the United States of America, which
are unconditionally guaranteed by the United States of America as to full and timely
payment of principal and interest, (iii) non-callable, non-prepayable coupons or interest
installments from the securities described in clause (i) or olause (ii) of this paragraph,
which are stripped pursuant to programs of the Department of the Treasury of the
United States of America, or (iv) coupons or interest installments stripped from bonds
of the Resolution Funding Corporation.
-29-
Section 24. Ordinance to Constitute a Contract. The provisions of this
ordinance shall constitute a contract between the Village and the registered owners
of the 2002 Bonds. Any pledge made in this ordinance and the provisions, covenants
and agreements herein set forth to be performed by or on behalf of the Village shall
be for the equal benefit, protection and security of the owners of any and all of the
2002 Bonds of the same series. All of the 2002 Bonds of the same series, regardless
of the time or times of their issuance, shall be of equal rank without preference,
priority or distinction of any of the 2002 Bonds of such series over any other thereof
except as expressly provided in or pursuant to this ordinance. This ordinance shall
constitute full authority for the issuance of the 2002 Bonds and to the extent that the
provisions of this ordinance conflict with the provisions of any other ordinance or
resolution of the Village, the provisions of this ordinance shall control. If any section,
paragraph or provision of this ordinance shall be held to be invalid or unenforceable for
any reason, the invalidity or unenforceability Of such section, paragraph or provision
shall not affect any of the remaining provisions of this ordinance.
Section 25. Publication. The Village Clerk is hereby authorized and directed to
publish this ordinance in pamphlet form and to file copies thereof for public inspection
in her office.
Section 26. Effective Date. This ordinance shall, become effective upon its
passage and approval.
-30~
Adopted this 5t~ day of March, 2002, by roll call vote as follows:
Ayes:
Nays:
Approved: March 5, 2002
Published in pam~)hlet form:
(SEAL)
March 6, 2002
Village President
Attest:
Vii age Clerk
-31-
NTEROFFICE MEMORANDUM
'~,E]~ CI~ USA
TO: VILLAGE MANAGER MICHAEL E. JANONIS
VILLAGE CLERK VELMA LOWE
FROM: PROJECT ENGINEER
DATE: FEBRUARY 26, 2002
SUBJECT: MFT RESOLUTIONS - 2002
Attached are the following:
Code
Resolution for Improvement by Municipality Under the Illinois Highway I !
(BLR 4103) in the amount of $1,480,400 for this year's street resurfacing program. ' openiJThe bid
is scheduled for February 26, 2002.
Resolution for Maintenance of Streets and Highways by Municipality Under the Illinois
Highway Code (BLR 4123) in the amount of $1,229,806. This Resolution is required by the Illinois
Department of Transportation before the ViIlage can expend Motor Fuel Tax funds for general
maintenance operations. Included in this Resolution are the following:
Account No. Page No.
1. 0505105-570540 214
2. 0505405-540660 238
3. 0505405-550220 238
4. 0505405-690058 238
5. 0507706-540530 294
6. 0507706-540540 294
7. 0507706-540545 294
8. 0505104-540515 213
9. 0505104-540535 213
10. 0507706-690005 294
11. 0507706-690099 294
12. 0507706-690096 294
Item
Salt & Calcium Chloride
Traffic Signal Maintenance
Electric-N.W. Highway
Traffic Signal Replacement
Pavement Evaluation Study
Pavement Testing
Resurfacing Testing
Crack Filling
Pavement Markings
Street Light Improvements
Bridge Rehabilitation
NW Hwy. Resurfacing
Budget
$108,715
$102,000
$89,800
$125,000
$5,770
$9,855
$80 000
$43 470
$35 500
$353 603
$260 000
$16 093
$1,229,806
These Resolutions are requked bythelllinois Department ofTransportation before the Village can
expend Motor Fuel Tax funds.
I recommend that the Village Board adopt these resolutions at the Village Board Meeting on
March 5, 2002.
Michalik
I concur with the above recommendation.
Glen R Andler, P~blic Works Director
Illinois Department
of TranSPortation
Resolution for Improvement by
Municipality Under the Illinois
Highway Code
Construction
BE iT RESOLVED, by the Mayor and Board of Trustees of the
Council or Presiden[ and Board of Trustees
Village of Mount Prospect Illinois
City, Town or Village
that the following described street(s) be improved under the Illinois Highway Code:
Name of Thoroughfare I Route I From I To
2002 Resurfacing Program (various locations)
BE IT FURTHER RESOLVED,
1r. That the proposed improvement shall consist of
Pavement removal, 1.5" bit. concrete binder course and a 1.5" bit. concrete surface course
curb and gutter replacement, Bituminous and PCC driveway repairs, PCC sidewalk replaCement,
drainage structure repairs and parkway restoration and other appurtenant work.
and shall be constructed (varies) wide
and be designated as Section 02-00140-00-RS
2. That there is hereby appropriated the (additional [] Yes [] No) sum of
One Million Four Hundred Eighty Thousand Four Hundred and 00/100 Dollars ( $1,480,400.00 ) for the
improvement of said section from the municipality's allotment of Motor Fuel Tax funds.
3. That work shall be done by Contract ; and,
Specify Contract or Day Labor
BE IT FURTHER RESOLVED, that the Clerk is hereby directed to transmit two certified copies of this resolution to the
district office of the Department of Transportation.
APPROVED
Date
Department of Transportation
District Engineer
I, Velma W. Lowe
Clerk in and for the
Village of Mount Prospect
City, Town or Village
County of Cook , hereby certify the
foregoing to be a true, perfect and complete copy of a resolution adopted
by the Mayor and Board of Trustees
Coundl or President and Board of Trustees
at a meeting on March 5, 2002
IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this
day of
(SEAL)
Village Clerk
City, Town or Village
BLR 4103 (Rev. 11/00)
Illinois Department
of Transportation
Resolution for Maintenance of
Streets and Highways by Municipality
Under the Illinois Highway Code
BE IT RESOLVED, by the Mayor and Board of Trustees of the
(Council or President and Board of Trustees)
Village of Mount Prospect , Illinois, that there is hereby
(city, Town or Village) (Name)
appropriated the sum of $1,229,806.00 of Motor Fuel Tax funds for the purpose of maintaining
streets and highways under the applicable provisions of the Illinois Highway Code from January 1, 2002
to December 31, 2002
BE IT FURTHER RESOLVED, that only those streets, highways, and operations as listed and described on the approved
Municipal Estimate of Maintenance Costs, including supplemental or revised estim, af~s.approved in connection with this
resolution, are eligible for maintenance with Motor Fuel Tax funds during the period as specified above.
BE IT FURTHER RESOLVED, that the Clerk shall, as soon a practicable after the close of the period as given above,
submit to the Department of Transportation, on forms furnished by said Department, a certified statement showing
expenditures from and balances remaining in the account(s) for this period; and
BE IT FURTHER RESOLVED, that the Clerk shall immediately transmit two certified copies of this
resolution to the district office of the Department of Transportation, at Schaumburg
, Illinois.
I, Velma W. Lowe Clerk in and for the Village
of Mount Prospect , County of Cook
hereby certify the foregoing to be a true, perfect and complete copy of a resolution adopted by
the Mayor and Board of Trustees at a meeting on March 5, 2002
(Council or President and Board of Trustees) Date
(City, Town or Village)
IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this
day of
(SEAL) Village Clerk
(City, Town or Vii[age)
APPROVED
Date
Department of Transportation
District Engineer
BLR 4123 (Rev. 6/2000)