HomeMy WebLinkAboutRes 06-88 02/02/1988
RESOLUTION NO.
6-88
A RESOLUTION TO APPOINT HUTCHINSON, SHOCKEY, ERLEY & CO.
AS UNDERWRITERS FOR THE VILLAGE OF MOUNT PROSPECT'S
GENERAL OBLIGATION BOND SERIES 1988 AND R. V. NORENE AND
ASSOCIATES AS FINANCIAL ADVISOR AND KATTEN, MUCHIN & ZAVIS
AS BOND COUNSEL FOR SAID BONDS.
WHEREAS, THE Village of Mount Prospect has determined that certain repairs and
improvements should be made to the Village's streets and sewer system; and
WHEREAS, for the purpose of financing such street and sewer repairs and improve-
ments, the Village has determined that General Obligation Bonds of the Village
should be issued.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Village of Mount Prospect hereby appoints Hutchinson, Shockey,
Erley & Co. as its underwriters for not more than $9,500,000 of General Obligation
Bonds, Series 1988 and the Village further appoints Hutchinson, Schockey, Erley &
Co. as its agent to acquire $9,500,000 of Tax-Exempt Municipal securities to be
designated as the escrowed securities, all subject to the following conditions:
1.
The Village maintains its Aa credit rating with Moody's Investors
Service. Inc.
2.
The escrowed securities are insured by one of the following insurance
groups: MBIA, FGIC, AMBAC, or BIG; and have a rating of AAA by both
Moody's and Standard and Poor's Corporation.
3.
Net proceeds to the Village shall be not less than $360,000 after all
costs associated with issuing the bonds and acquiring the escrowed
securities.
4.
The total costs of issuance shall not exceed $200,000 of the gross
proceeds from the bond transactions.
5.
Any gross proceeds in excess of the issue costs shall be distributed to
the Village.
6.
Transactions shall be subject to the approval of bond counsel and
financial advisor.
7.
The closing date for the bonds and the escrowed securities shall be not
later than December 31,1988.
8.
If the deal is not completed, there is no cost to the Village except for
one-half of Moody's review fee.
SECTION TWO: The Village of Mount Prospect hereby appoints R. V. Norene &
Associates as its Financial Advisor for the General Obligation Bonds, Series 1988.
SECTION THREE: The Village of Mount Prospect hereby appoints Katten, Muchin &
Zavis as Bond Counsel for the General Obligation Bonds, Series 1988.
SECTION FOUR: This Resolution shall be in full force and effect from and after
its passage and approve in the manner provided by law.
AYES: Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg
NAYS: None
ABSENT: None
PASSED and APPROVED ~ day of
February
, 1988.
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Carol A. Fields, Village Clerk
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Carol~n H. Krause, Mayor