Loading...
HomeMy WebLinkAboutOrd 3283 11/30/1982 RDINANCE NO. 3283 AN ORDINANCE AUTHORIZING A WATER SUPPLY AGREEMENT WITH THE NORTHWEST SUBURBAN MUNICIPAL JOINT ACTION WATER AGENCY AND AUTHORIZING AN AMENDMENT TO THE NORTHWEST sUBURBAN MUNICIPAL JOINT ACTION WATER AGENCY AGREEMENT PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 30th DAY OF December ,1982. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 1st day of December , 1982. RDINANCE NO. 3283 AN ORDINANCE AUTHORIZING A WATER SUPPLY AGREEMENT WITH THE NORTHWEST SUBURBAN MUNICIPAL JOINT ACTION WATER AGENCY AND AUTHORIZING AN AMENDMENT TO THE NORTHWEST SUBURBAN MUNICIPAL JOINT ACTION WATER AGENCY AGREEMENT BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT AS FOLLOWS: Section 1. President and Board of Mount Prospect (a) (b) (c) It is found and declared by the of Trustees (the "Board") of the Village (the "Village") as follows: The Village is a member of the Northwest Suburban Municipal Joint Action Water Agency (the "Agency") which Agency was established and is governed by the Northwest Suburban Municipal Joint Action Water Agency Agreement, as amended (the "Agreement"); The Agreement was entered into pursuant to the Intergovernmental Cooperation Act, as amended [Ill. Rev. Stat. Ch. 127, Sec. 741 et seq.] (the "Act"); The Agency is authorized to sell water to the Village and to enter into a water supply agreement with the Village for that purpose in accordance with the Act and the Agreement; 2- (d) (e) (f) The Village desires to obtain from the Agency an adequate supply of water on an economical and efficient basis to serve the present and future customers of the Village waterworks; It is in the best interest of the Agency and the Village that the Village and the Agency enter into a water supply agree- ment to provide certainty of an adequate source of water to the Village and an adequate source of revenues to the Agency in order to permit the Agency to issue its revenue bonds and bond antici- pation notes to finance the costs of the Agency's water supply system, all as provided in the water supply agreement presented to this meeting and attached to this Ordinance as Exhibit A (the "Water Supply Agreement"); The Water Supply Agreement provides that, subject to certain conditions, the Agency will finance, acquire and construct a water supply system (the "Agency System") to deliver water to the Village and other members and customers of the Agency. The useful life of the Agency System is stimated by the Agency to be in excess of fifty years. The cost of acquisition and construction of the initial phase of the Agency system, including costs of engineering and acquisition 6f right of way but excluding financing costs, capitalized interest and debt service reserve requirements, is estimated by the Agency to be approximately $103 million. The Agency agrees in the Water Supply Agreement to issue bonds and notes to provide funds to pay the costs of construction of the Agency System. The bonds and notes of the Agency will bear interest at a rate not to exceed the maximum rate permitted by the Act. The costs of the operation and maintenance of the Agency System and the costs of paying principal of and interest on the bonds and notes of the ~gency will be shared by the Municipalities according to formulae in the Water Supply Agree- ment. The Village is obligated to pay its share of those costs whether or not the Agency System is completed and whether or not the Village accepts delivery of water from the Agency. Payment by the 4- (g) (i) (j) Village under the Water Supply Agreement may be from such sources as the Village shall determine but shall be a claim solely on the revenues of the waterworks or combined waterworks and sewerage system of the Village. The Water Supply Agree- ment is for a term of 40 years. The performance by the Village of its obligations under the Water Supply Agree- ment will not impair or unfavorably affect the security or prompt payment of the outstanding water or sewer and water revenue bonds. The Village desires to authorize the Water Supply Agreement. The Act provides for the Agreement to authorize receipts of the Agency to be pledged to the payment of bonds or notes. It is in the best interest of the Agency and the Village that the Agreement be amended to authorize a pledge, assignment, lien or security interest with respect to certain receipts of the Agency for the purpose of securing and paying any k) (1) (m) (n) bonds or notes of the Agency, as provided in the Agreement of Amendment presented to this meeting and attached to this Ordinance as Exhibit B (the '"Agreement of Amendment"); The Agreement provides for the payment of a member's proportionate share of costs of the Agency; It is in the best interest of the Agency and the Village that the Agreement be amended to provide for a determination of the Village's proportionate share of costs of the Agency in accordance with the provisions of a water supply agreement between the Agency and the Village, all as provided in the Agreement of Amendment; Section 12 of the Agreement provides for amendment of the Agreement by a written agreement authorized by an ordinance of the corporate authorities of each Munici- pality; The Village desires to authorize the Agreement of Amendment. Section 2. The Village by this Ordinance authorizes ne execution on its behalf of the Water Supply Agreement in ubstantially the form attached to this Ordinance as Exhibit ~. The Village President and the Village Clerk are authorized ~nd directed to execute and attest the Water Supply Agreement ~n behalf of the Village. Section 3. The Village appropriates all amounts ~ayable from time to time under the Water Supply Agreement. section 4. The Village by this Ordinance authorizes ~he execution on its behalf of the Agreement of Amendment, .n substantially the form of Exhibit B to this Ordinance. Section 5. This Ordinance shall be published ~ithout exhibits, at least once in Mt. Prospect Herald , a ~ewspaper pUblished and of general circulation in the Village. his Ordinance shall also be published, with exhibits, in amphlet form. This Ordinance shall be in full force and ffect 10 days after publication. he Village this November 30 PASSED by the President and Board of Trustees of · 1982. Village Clerk ~roved this November 30 , 1982. ttest Village Clerk ~oting AYE (list names): Arthur, Farley, Floros, Wattenberg, Mayor Krause Noting NAY (list names): None %BSTENTIONS (list names): None ~SENT (list names): Murauskis ?ublished In Pamphlet Form December 1 , 1982.