HomeMy WebLinkAboutOrd 3009 06/03/1980 RDINANCE NO. 3009
AN OP~INANCE PROVIDING FOR THE ISSUANCE
OF BONDS OF VILLAGE OF MOUNT PROSPECT
PAYABLE BY AN AD VALOREM TAX LEVY IN
SPECIAL SERVICE AREA NUMBER TWO
5-28-80
k~HEREAS, Section 1307 of Chapter 120, Illinois Revised Statutes
of 1979, provides that bonds secured by the full faith and credit
of the area included in a Special Service Area may be issued for
providing said special services;
BE IT ORDAINED by the President and Board of Trustees of the
Village of Mount Prospect, Cook County, Illinois, as follows:
SECTION ON.E: Findings.
A. The Village of Mount Prospect Special Service Area Number
Two, consisting of~.the following described territory:
Ail that part of the Southwest 1/4 of the Southwest 1/4
of Section I1, Township 41 North, Range 11 East of the
Third Principal Meridian which lies South of the South
line of the North 10 acres of the Southwest 1/4 of the
Southwest 1/4 of Section 11 aforesaid together with all
that part of the West 25 acres of that part of the West
1/2 of the Northwest 1/4 of Section 14, Township 41
North, Range 11 East of the Third Principal Meridian
lying North of the center line of Golf Road described
as follows; commen~ing.at the point of intersection on
the North line of the West 1/2 of the Northwest 1/4 of
Section 14 aforesaid, with the East line of the West 25
acres of the West 1/2 of the Northwest 1/4 of Section 14
aforesaid; thence South along the East line of the West
25 acres of the West 1/2 of the Northwest 1/4 of Section
14 aforesaid to the center line of Golf Road; thence
Northwesterly along the center line Golf Road to its
intersection with the West.line of the West ]./2 of the
Northwest 1/4 Section 14 aforesaid; thence North along
the West line of the West 1/2 of the Northwest 1/4
aforesaid to the intersection with a line which is the
North line of Lots 2 and 20 extended West in Busse
Country Estates being a subdivision of the West 25 acres
of that part of the West 1/2 of the Northwest 1/4 of
Section 14, Township 41 North, Range 11 East of the
Third Principal Meridian lying North of Seegers Road (now
Golf Road); thence East along the said extension and along
the North line of Lots 2 and 20 aforesaid to the Northeast
corner of Lot 20 aforesaid also being the West line of
Meyer Avenue as dedicated in Busse Country Estates sub-
division aforesaid; thence North along the West line of
Meyer Avenue as dedicated in Busse Country Estates sub-
division aforesaid and along its extension North to its
intersection with the North line of the West 1/2 of the
Northwest 1/4 of Section 14 aforesaid; thence East along
the North line of the West 1/2 of the Northwest 1/4 of
Section 14 aforesaid to the place of beginning.
Ee
Fo
-2-
has been created by Ordinance No. 3008 of the Village
entitled "An Ordinance Establishing Village of Mount
Prospect Special Service Area Number Two" passed and
approved on June 3, 1980.
The question of the establishment of the area hereinabove
described as Special Service Area Number Two and the issuan
of bonds and the levy of a tax in connection therewith was
considered by the Village Board at a hearing on April 1,
1980. Said hearing was held pursuant to notice duly
published in the Mount Prospect Herald on March ?& 8, ~9~8
a newspaper of general circulation within the Village of
Mount Prospect, at least fifteen (15) days prior to the
hearing and pursuant to notice by mail directed to the
person or persons who paid the general taxes for the last
preceding year on each lot, block, tract or parcel of land
included in the Special Service Area Number ~wo, said n6tic
being mailed not less than ten (10) days prior to the date
set for said hearing and said notices conforming in all
respects to "An Act To Provide The Manner Of Levying Or
Imposing Taxes For The Provisions Of Special Services To
Areas Within The Boundaries Of Home Rule Units And
Nonhome Rule Municipalities And Counties," Ill. Rev. Stat.,
1979, ch. 120 ~1301 et seq.
No petitions were filed opposing the creation of the
aforesaid Special Service Area Number Two of the issuance
of bonds or the levy of a tax in connection therewith.
The President and Board of Trustees of the Village of .....
Mount Prospect have heretofore found and determined ~
necessary and for the best interests of the Village of
Mount Prospect and the residents and owners of property
of Village of Mount Prospect Special Service Area Number
Two that a water system be constructed and installed to
serve said special service area consisting of water mains,
water lines, hydrants, meters and related appurtenant
facilities and that all work and the purchase of rights in
land, materials and services related thereto be undertaken.
The President and Board of Trustees of the Village of
Mount Prospect have heretofore estimated the costs and
expenses connected with said construction and installation
of said water system to be $335,000.
It is in the best interests of the Village of Mount
Prospect and the residents and owners of property of
Village of Mount Prospect Special Service Area Number Two
that $335,000 be borrowed for the purposes aforesaid and
in evidence thereof, bonds of the Village payable from
taxes levied against all taxable property located within
said Special Service Area Number Two be issued.
3-
The indebtedness of the Village represented by the bonds
to be issued for the purposes aforesaid in the amount of
$335,000 and including all other indebtedness of the
Village, howsoever evidenced and incurred, does not exceed
any Illinois constitutional or statutory limitation, if
any, on municipal indebtedness.
SECTION TWO: Issuance of Bonds. That there be borrowed on behalf
of the Village of Mount Prospect Special Service Area Number Two tt
sum of $335,000.00 for the purposes aforesaid, that bonds of the
Village, payable solely and only from ad valorem taxes levied
against all the taxable property in the said Special Service Area
Number Two, without limit as to rate and amount, be issued in such
amount, said bonds to ~be known as Vili'age o~ Mount Prospect
Special Service Area Number Two Unlimited Ad Valorem Tax Bonds, sa~
bonds to be dated June 1, 1980, -to be numbered consecutively from
1 to 16, inclusive, to be of the following denomination and to
become due serially on December 1 of each of the years and in the
amounts, and shall bear interest from date until paid at the
rates shown, as follows:
BOND NUMBERS INTEREST
YEAR AMOUNT ALL NUMBERS INCLUSIVE RATE
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
$10 000
$10 000
$10 000
$15 000
$15 000
$15 000
$15.000
$20 000
$20 000
$20 000
$25 000
$25.000
$30.000
$30.000
$35 000
$40.000
1 7-1/4%
2 7-1/4%
3 7-1/4%
4 7-1/4%
5 7-1/4%
6 7-1/4%
7 7-1/4%
8 7-1/4%
9 7-1/4%
10 7-1/4%
11 7-1/4%
12 7-1/4%
13 7-1/4%
14 7-1/4%
15 7-1/4%
16 7-]./4%
That the interest becoming due on said bonds shall be payable on
December 1, 1981, and semi-annually thereafter on the first days
June and December of each year. The number of each bond shall be
preceded by the letter R.
That the seal of said Village shall be affixed to each of said
bonds and they shall be signed by the manual or facsimile signa-
tures of the President and attested manually by the Clerk of the
Village.
That such bonds shall be issued as fully registered bonds without
coupons and interest on such bonds shall be payable to the
registered holder thereof at the address of the holder as appears
on the books of the Village Treasurer upon the back of such bonds.
The principal of such bonds shall be payable at maturity, upon
surrender of such bond at the office of the Village Treasurer
of said Village. No bond shall be subject to transfer except
upon such books and similarly noted on the back thereof.
-4-
SECTION THREE: Form of Bonds. That such bonds shall be in sub-
stantially the following form:
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTY OF COOK, VILLAGE OF MOUNT PROSPECT
SPECIAL SERVICE AREA NUMBER
UNLIMITED AD VALOREM TAX BOND
No. R-
KNOW ALL MEN BY THESE PRESENTS, that the Village of Mount Prospect
an Illinois municipal corporation of Cook County, Illinois, herebY
acknowledges itself to owe and for value received promises to pay
to the registered holder hereof, solely from taxes levied against
all taxable property in that part of said Village known as Village
of MoUnt Prospect Special Service Area Number Two, and not otherwi
the sum of Dollars ( ) on the first
day of December, 19 , together with interest thereon at the rate
of Seven and One-Quarter Percent (7-1/4%) per annum, from date
hereof until paid, payable December 1, 1981, and semi-annually
thereafter on the first days of June and December in each year.
Payment of interest on the principal hereof shall be made by
check or draft mailed to the registered holder hereof at his
address shown on the registration books maintained by said
Village and payment of principal hereon shall be made to the
registered holder or his legal representative upon presentation
hereOf at the office of the Village Treasurer of said Village.
payment Shall be in lawful money of the United States of America.
This bond is one of a series of bonds aggregating the principal
sum of Three Hundred Thirty-Five Thousand and 00/100 ($335,000)
Dollars issued by the Village of Mount Prospect for the purpose
of constructing and installing a water system consisting of water
mains, water lines, hydrants, meters and related appurtenant
facilities and for paying for all work and the purchase of rights
in land, materials and services related thereto to serve said
Special Service Area Number Two pursuant to and in all respects
in compliance with Ordinance No. 3008 of the Village entitled,
'PAn Ordinance Establishing Village of Mount Prospect Special
Service Area Number-Two" passed and approved on June 3, 1980, and
the provisions of "AN ACT to provide the manner of levying or
imposing taxes for the provision of special services to areas
within the boundaries of home rule units and non-home rule
municipalities and counties," Ill. Rev. Stat., 1979, ch. 120
~1301 et seq., and in compliance wi~-~ ordinances authorizing
the issuance of this bond duly passed by the President and Board
of Trustees of said Village and approved by the President
thereof in all respects as by law required.
-5-
This bond shall be registered as to princiPal and interest in. the
name of the holder in accordance with said ordinance after which
it shall be transferable only upon presentation to the Village
Treasurer of said Village of a written transfer duly acknowledged
by the registered holder or his attorney, and such transfer shall
be noted upon the bond and upon the books of the Village kept
for that purpose°
IT IS HEREBY CERTIFIED and recited that all conditions, aCts and
things required by the Constitution and Laws of the State of
Illinois, to exist or to be done precedent to and in the issuance
of this bond did exist, have happened, been properly done and
performed in regular and due form and time as required by law;
that the indebtedness of said Village, represented by this bond
and the issue of which it forms a part, and including all other
indebtedness of said Village, howsoever evidenced and incurred,
does not exceed any Constitutional or statutory limitation and
that provision has been made for the collection of a direct annual
tax in addition to all other taxes, on all the taxable property
in said Village of Mount Prospect Special Service Area Number Two
sufficient to pay interest hereon as it falls due and also to pay
and discharge the principal hereof at maturity.
IN WITNESS WHEREOF, said V~i!age of Mount Prospect, Cook County,
Illinois, by its President a~d Board of Trustees has caused its
corporate seal to be hereto affixed and this bond to be signed by
the President of the Village and attested by its Village Clerk
all as of the first day of June, 1980.
Attest:
Village President
Village Clerk
-6-
(Provision for Registration)
This bond has been registered to as to principal and interest in
the name of the holder hereof in the registration books of the
Village of Mount Prospect, Cook County, Illinois, as follows:
Date of
Registration
Name of
~egistered Holder
Signature of Village Treasurer
SECTION FOUR: Levy of Tax. That for the purpose of providing the
funds required to pay the interest on said bonds as it becomes due
and also to pay and discharge the principal thereof at maturity,
there be and there is hereby levied upon all the taxable property,
as defined in Revenue Act of 1939, within the Village of Mount
Prospect Special Service Area Number Two, a direct annual tax for
each of the years while said bonds or any of them are outstanding
in amounts sufficient for that purpose, and that there be and ther~
is hereby levied upon all the said taxable property in said Villag~
of Mount Prospect Special Service Area Number Two in addition to
other taxes the following direct annual tax, to wit:
For the year 1980, a tax sufficient to produce the sum of
$36,431.25 for interest up to and including December 1, 1981.
For the year 1981, a tax sufficient to produce the sum of
$34,287.50 for interest and principal up to and including
December 1, 1982.
For the year 1982, a tax sufficient to produce the sum of
$33,562.50 for nterest and principal maturing up to and
including December 1, 1983.
For the year 1983, a tax sufficient to produce the sum of
$32,837.50 for interest and prIncipal maturing up to and
including December 1, 1984.
For the year 1984, a tax sufficient to produce the sum of
$37,112.50 for interest and principal maturing up to and
including December 1, 1985.
For the year 1985, a tax sufficient to produce the sum of
$36,025.00 for interest and prmncipal maturing up to and
including December 1, 1986.
For the year 1986, a tax sufficient to produce the sum of
$34,937.50 for interest and prmnc~pa! maturing up to and
including December 1, 1987.
For the year 1987, a tax sufficient to produce the sum of
$33,850.00 for interest and pr%ncipat maturing up to and
including December 1, 1988.
For the year 1988, a tax sufficient to produce the sum of
$37,762.50 for interest and principal maturing up to and
including December 1, 1989.
or the year 1989 a tax sufficient to produce the sum of
$36 312.50 for interest and principal maturing up to and
including December I, 1990.
For the year 1990 a tax sufficient to produce the sum of
$34 862.50 for interes~ and principal maturing up to and
including December 1, 1991.
For the year 1991 a tax sufficient to produce the sum of
$38 412.50 for interest and principal maturing up to and
including December l, 1992~
For the year 1992 a tax sufficient to produce the sum of
$36 600.00 for interest and pr~nclpa! maturing up to and
including December 1~ 1993.
For the year 1993 a tax sufficient to produce the sum of
$39 787.50 for interest and principal maturing up to and
including December 1, 1994.
For the year 1994 a tax sufficient to produce the sum of
$37 612.50 for interest and principal maturing up to and
including December 1, 19~5~
For the year 1995 a tax sufficient to produce the sum of
$40 437.50 for interest a~d prlnclpa! maturing up to and
including December 1, 1996.
For the year 1996 a tax sufficient to produce the sum of
$42 900.00 for interest and principal maturing up to and
including December 1, 1997o
In the event that by reason of a delay in the collection
of taxes in said Village, proceeds of taxes hereby levied
are not available in time to meet any payments of principal
and interest upon said bonds, then the fiscal officers of
the Village are hereby directed to make such payments from
any current funds of the Village that are available for
that purpose in advancement of the collection of said taxes
herein levied and when the proceeds of such taxes herein
levied are received such funds shall be reimbursed.
SECTION FIVE: Extension of Taxes~ That forthwith as soon as this
Ordinance becomes effective, the Village Clerk of this Village be
and is hereby directed to file a copy of this Ordinance with the
County Clerk of Cook County, which copy shall be certified to by
the Village Clerk and which certification shall recite that this
Ordinance has been passed by the President and Board of Trustees
of said Village and published and it shall be the duty of said
County Clerk annually in and for each of the years 1980 and 1996~
inclusive, to ascertain the rate percent required to produce the
aggregate tax herein before levied, and extend the same for col-
lection on the tax books against all of the taxable property with-
in the Village of Mount Prospect Special Service Area Number Two it
addition to other taxes levie~ in each of said years for general
corporate purposes of said Village and said Special Service Area
in order to raise the respective amounts levied aforesaid, and in
each of said years such annual tax shall be computed, extended an~
collected in the same manner as now or hereafter provided by law
for the computation, extension and collection of taxes for general
8-
corporate purposes of said Village and said Special Service Area,
and when collected, the taxes hereby levied shall be placed to th~
credit of a special fund to be designated "Village of Mount
Prospect Special Service Area Number Two Ad Valorem Tax Bond and
Interest Fund of 1980," which fund is hereby irrevocably pledged
to and shall be used only for the purpose of paying the principal
of and interest on the bonds herein authorized.
SECTION SIX: Segrega.~ion of Funds. That the funds derived from
such levy be and the same are hereby appropriated and set aside
for the sole and only purpose of paying principal of and interest
on said bonds herein authorized when and as same become due. That
the funds derived from the sale of said bonds be and they are
hereby appropriated and set aside for the purpose hereinbefore set
out.
SECTION SEVEN: Covenants. The Village further covenants and
agrees that the bond proceeds shall be used solely and only for
improvements for which the Village is authorized either to levy
taxes or special assessments or appropriate Village funds under
the provisions of the Illinois Municipal Code, which improvements
will be public improvements which are or will be located on
property which the Village ~wns or has an easement and will be
public improvements owned by the Village.
SECTION EIGHT: Arbitrage Conditions. The Village covenants that
it shall not at any time permit the proceeds of these bonds to be
used to acquire securities which would cause the bonds to become a
arbitrage bond within the meaning of Section 103(c) (2) of the
Internal Revenue Code.
SECTION NINE: Award and Delivery of Bonds. The bonds shall bear
interest at Seven and One-Quarter percent ~7-1/4%) per annum. Th~
bonds authorized'by this Ordinanc% are hereby awarded to the Mount
Prospect State Bank, Mount Prospect, Illinois, at its price bid
of $335,000.00 plus accrued interest to the date of their
delivery. That forthwith after this Ordinance has become
effective, as provided by law, the bonds herein authorized shall
be executed and delivered to the Village Treasurer of the Village
and be by him delivered to the Mount Prospect State Bank, Mount
Prospect, Illinois, upon receipt of the purchase price therefor,
the same to be not less than the par value of said bonds plus
accrued interest to date of delivery, and the contract for the
sale of the bonds to said purchaser, heretofore entered into, be
and the same is hereby in all respects ratified, approved and
confirmed, it being hereby found and determined that said
contract is in the best interests of said Village and that no
person holding any office of said Village, either by election
or appointment, is in any manner interested, either directly
or indirectly, in his own name or in the name of any other
person, association, trust or corporation, in said contract for
the purchase of said bonds.
9-
SECTION TEN: Effective Date. That all ordinances, resolutions
and orders, or parts thereof, in conflict herewith, be and the
same are hereby repealed and this Ordinance shall be in full
force and effect upon its passage, approval and publication in
the manner provided by law.
Passed this 3rd day of June , 1980.
AYES: Farley, Floros, Miller, ~furauskis, Richardson, Wattenberg
NAYS: None
ABSENT: None
ABSTENTIONS:
Approved this
3rd day of June , 1980.
Attest:
TATE OF ILLINOIS )
) SS.
COUNTY OF COOK )
CAROL A FIELDS, being first duly sworn, on oath states
as follows:
1. No petition was filed within 60 days after the
date of the adjournment of the public hearing which was held on
April 1, 1980, on the question of the establishment of Village
of Mount Prospect Special Service Area Number Two and on the
questzon of the issuance of bonds and the levy of a tax in
connection therewith to provide special services to Village of
Mount Prospect Special Service Area Number Two objecting to the
creation of said special service area or to the zssuance of said
bonds or the levy of said tax.
2. No part of the territory included within the Village
of Mount Prospect Special Service Area Number Two has been
included or attempted to be included within a special service
area within ~wo years prior to March 4, 1980, the date of
Ordinance No. 29'87 proposing the establishment of Village of
Mount Prospect Special Service Area Number Two.
3. No written objections were filed at any time objecting
to the creation of Village of Mount Prospect Special Service Area
~lumber Two, the issuance of bonds therefor or the levy of a 'tax
in connection therewith.
SUBSCRIBED and,SW~R~ to
before me this.~ ' day
of p~.~,~.~/ , 1980.
Notary Public
Carol A Fields
Village Clerk
Village of Mount Prospect
TATE OF ILLINOIS)
) SS.
COUNTY OF COOK )
NON-ARBITRAGE CERTIFICATE
We, the undersigned, do hereby certify that we are the
duly qualified and acuing President and Village Clerk, respec-
tively, of the Village of Mount Prospecn, Cook County, Illinois,
and with regmrd to the $230,000 Village of Mount Prospecn Special
Service Area Number Two Unlimited Ad Valorem Tax Bonds, dated
June 1 , ~9~n, ~f ~a~d V~]la~e, we do f~rLk~; certify as ~ol!ews:
~l.~ That said Village will incur no later
than six months from the date of the issaance of
the bonds a substantial binding obligation with
respecu to the projec~ no be paid for with money
resolved from the sale of said bonds, said binling
obligation comprising a connracn er connrasts for
the labor, mauerials and work connected with the
provision of special services to Special Service
Area Number Two in an amount not less than One-
Hundred Eighty Five Thousand Dollars ($I85,000);
(2) That said Village expects that all of
the money derived from the sale of said bonds
anJ deposited in the Acquisition and Construction
Account, which is the account from which the
cost of sai~ project is to be paid, will be
expended on or before June 1, 1983, for the
purpose of paying the cosn of said pro~ect, said
date being within three (3) years following the
date of zssue of said bonds;
(3 Than the foregoing is based upon
consultation with Torrance L. Burchard, who
is Village Manager of said Vil!aqe and who is
the official of said Village responsible for the
acquisinion, construction and financing of said
project;
(4) That work on said project is exDected
to proceed with due diligence to completion;
(5) That said pro]ect has not been and
is non expected to be sold or otherwise disposed
of in whole or in parn prior to 'the last
maturity of said bonds;
(6) That all of the proceeds of sale of
said bonds are needed for the purpose for which
said bonds are issued, includinq expenses
incidental to such purpose and no the issuance
of said bonds;
(7) That said Village has received
S~3~,3~{~, 2% from the sale of said bonds
comprising S230,000, being the principal purchase
~rice, plus S ~ ~3.2.%, accrued interest, that
accrued interes{ received upon the sale of said
onds will. be applied to the first interest due
thereon and that the balance of the proceeds
of sale of said bonds will be deposited in said
Acquisition and Construction Account and applied
to the costs of said eroject and of issuing said
bonds;
(8) That the foregoing is based upon said
amounns shown as received having actually been
received and paid into the various funds and
accounts ef said Village as hereinabove set forth
and having been directed to be pa~d into said funds
and accounts by authority of the President and
Board of Trustees of said Village;
(9) That said Village has not accumulated
and does not expect to ~ccumulate amounts of money
in a fund to pay or to be held as securiny for
the payment of principal and interest on said bonds,
other than (a) amounts expected to be spent within
thirteen (13) months from the date of deposit thereof
inno such fund and (b) interest earned by such fund
which is to be seent within twelve (12) months from
date of receipt;
(I0) That no the best of our knowledge and
belief there are no facts, estimates or circumstances
that would materially change the conclusions and
representations sen out herein and the expectations
sen out herein are reasonable; and
(11) That said Village has not been notified
of any listing or proposed listing of it by the
Internal Revenue Service as a bond issuer whose
arbitrage certificates may not be relied upon.
IN WITNESS WHEREOF we hereunto affix our official
signanures and the seal of said Village, this ~-- day
of ~Ju.~\k~ , 1980.
Village Clerk
(SEAL)
- 2 -
REASURER'S RECEIPT
I, the nndersigned, do hereby certify that I am the
duly qualified and acting Village Treasurer of the Village of
Mount Prospect, Cook County, Illinois, and as such official
I do further ~ertify that S230,000 Village of Mount Prospect
Special Service Area Number Two Unlimited Ad Valorem Tax Eonds
of said Village, dated June 1, 1980, numbered 1 to 13, inclusive,
have been delivered tO the purchaser thereof, namely, the
Mount Prospect State Bank, Mount Prospect, Illinois, and that
said bonds have been paid for in full by said purchaser in
accordance with the terms of sale and at a price of not less
than par and accrued interest to the date of delivery.
I do further certify that the total aggregate indebted-
ness of said Village, howsoever evidenced and howsoever incurred,
including the above described bonds, does not exceed the sum of
$ ~ Q:~C'I~ C and that the total aggregate amount of bonds
payable solely from taxes levied against all taxable property
in said Special Service Area Number Two issued by said Village,
including the above described bonds, does not exceed the sum
of S ~ ~'~
I do further certify that the officials whose signatures
appear upon said bonds were in occupancy and possession of their
respective offices at the time of signing and delivery of said
bonds.
IN ~ITNESS WHEREOF, I hereunto affix my official signature,
this ~ day of k,..1tL~,~ , 1980.
STATE OF ILLINOIS)
) SS.
COUNTY OF COOK )
INCUMBENCY NO~. -LITIGAtIDN, COMFORT AND SIGNATURE
IDENTIFICAPION CERTIFICATE
We, the undersigned, being euthorized and directed to
sign ~he bonds hereina.[_-'ter described, do hereby certify that we
are now and were au the uime ef signing said bonds the duly
qualified and aczlng officials of the Village of Mount Pros'aec-u
Cook County, tllino:s, as indicated by the titles appended me
our res-}ecu~ve signar_ures, and that as such officials we have
executed s230,000 Village of Mounz ProsrJecu Special Service Arc:a
Number Two Unlimited Ad Valorem Tax Bonds ef saie Village, dated
June 1, 1980, numbered 1 to 13, inclusive, due serially on
December 1 ef t'he years and in the amounts and bearing interesk
ns fol]_ows:
YeAr of Pr~tnc~pal Rate of
Na~sur k hy Amount interest
1982 $!0,000 w.255
]_983 t0,000 7.25%
]984 10,000 7.25%
[985 15,000 7.25%
1986 15,000 7.25%
t987 15,000 7.25.%
1988 15,000 7.25%
1989 20,000 ~.25~
i. 990 20,000 7.25%
1991 20,000 7-25%
1992 25,000 7.25%
1993 25,C10
_'~9-~ 30,000 ..FS!~
by s!gr. inq said be~./ds the manner and cap~ci'uv inc~icaued by ou~-
respocuivc $i%ind'cures a}n~ titles appended hereto.
We do further certify that there is no litication or
controversy pending er threatened questioning er affecting in any
Faanner whatsoever thc corpora-ce exmsnence of said Village,
bounSaries thereof, tile ru_ght of said Village to levy ~axes for
municipal purposes, the ~Jtle ef any ef its presenn officials
te their respective offices, the preceedJx~gs incidenE 'ce the
issue or sale of said bends or the issue, sale or validity
said bonds and that none ef the proceedings providing for the
issue er sale of said bonds have been revoked er rescinded.
we dc) further- certify that ~o the best of our knowl, edqc
and belief all Official otauemehus Notices of Sale and otb<Nc
documenus, infoumatien or materials, nogenher with any supplements
hereto, distributed and all representations made by said Village
and by its officials in any manner wha-usoever ~n connection with
the sale of said bonds did non am any time and do not now contain
any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made there~n, mn light of
the cmrcumsmances under which they were made, not misleading.
IN WITNESS WHEREOF, we hereunto .affix our official
signatures and 'the seal of said Village, this {1%{}-Lk~ day of
~ ~. ~,'~ kt , 1980.
SIGNATURES
OFFICIAL TITLES
, President
, Village Clerk
(SEAL)
I do hereby certify that t am ~.
of Mounm Prospect State Bank, Mount Prospect, Illinois, and that I
am personally acquainted with the officials whose smgnasures appear
above and that I know that they are now and were am the time of
signing said bonds the duly qualified and acting officials of said
Village, as indicated by the titles appended mo themr respective
signatures, and I do hereby identify said signatures, together
with those on said bonds, as bein~ in all respects mrue and
genuine.
DATED as of the date shown hereinabove.
8ANt<' · SEAL )
-2-