O-19-26 authorizing the issuance of General Obligation Refunding Bonds (Waterworks and Sewerage Alternate Revenue Source), Series 2026A, and General Obligation Refunding Bonds (Alternate Revenue Source), Series 2026B, of the Village of Lemont, Cook, DuPa0-i9 Z�
418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Darshana Prakash, Finance
THROUGH: George Schafer, Village Administrator
SUBJECT: An Ordinance authorizing the issuance of General Obligation Refunding
Bonds (Waterworks and Sewerage Alternate Revenue Source), Series
2026A, and General Obligation Refunding Bonds (Alternate Revenue
Source), Series 2026B, of the Village of Lemont, Cook, DuPage and Will
Counties, Illinois, providing the details of such bonds, applicable alternate
revenue sources, and the levy of direct annual taxes sufficient to pay the
principal of and interest on such bonds, and related matters
DATE: March 9, 2026
On February 23, 2026, Bob Vail of Bernardi Securities presented refunding options for the
callable Series 2015A and Series 2015B bonds. The combined proposed refunding will not
exceed $5,050,000 and is projected to generate an estimated cost savings of approximately
$115,000. Additional scenarios were presented which resulted in additional net savings, by
reducing the term of Series 2015B by one or two years. The Board will need to determine the
preferred refunding option in the coming weeks.
The Series 2015A bonds were originally issued to finance water infrastructure projects. The
Series 2015B bonds were originally issued as Series 2007A to finance construction of the
police station.
Adoption of the attached Parameters Ordinance is the next step in advancing the refunding
process.
Consistency with Village Policy
STAFF RECOMMENDATION
Pass the attached Parameters Ordinance
BOARD ACTION REQUESTED
Pass the attached Parameters Ordinance
ATTACHMENTS
PARAMETERS ORDINANCE 2026A 2026B Village of Lemont.pdf
STATE OF ILLINOIS )
) SS
COUNTIES OF COOK, )
DUPAGE AND WILL
CERTIFICATION OF ORDINANCE
I, the undersigned, do hereby certify that I am the duly selected, qualified and acting Village
Clerk of the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the "Issuer"), and as
such official I am the keeper of the records and files of the Issuer and of its President and Board
of Trustees (the "Corporate Authorities").
I do fiirther certify that the attached constitutes a full, true and complete excerpt from the
proceedings of the regular meeting of the Corporate Authorities h ld on the 9th day of March,
2026, insofar as the same relates to the adoption of Ordinance No. entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS
(WATERWORKS AND SEWERAGE ALTERNATE REVENUE SOURCE), SERIES 2026A, AND
GENERAL OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE SOURCE), SERIES 2026B,
OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, PROVIDING
THE DETAILS OF SUCH BONDS, APPLICABLE ALTERNATE REVENUE SOURCES, AND THE LEVY
OF DIRECT ANNUAL TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH
BONDS, AND RELATED MATTERS
a true, correct, and complete copy of which ordinance (the "Ordinance") as adopted at such
meeting appears in the transcript of the minutes of such meeting and is hereto attached. The
Ordinance was adopted and approved by the vote and on the date therein set forth.
I do further certify that the deliberations of the Corporate Authorities on the adoption of
such Ordinance were taken openly, that the adoption of such Ordinance was duly moved and
seconded, that the vote on the adoption of such Ordinance was taken openly and was preceded by
a public recital of the nature of the matter being considered and such other information as would
inform the public of the business being conducted, that such meeting was held at a specified time
and place convenient to the public, that the agenda for the meeting was duly posted at the Village
Hall taped to a glass window or door with all pages visible and readable to the outside (at street
level) 24/7 and on the Issuer's website at least 48 hours prior to the meeting, that notice of such
meeting was duly given to all of the news media requesting such notice, that such meeting was
called and held in strict compliance with the provisions of the Open Meetings Act of the State of
Illinois, as amended, and the Illinois Municipal Code, as amended, and that the Corporate
Authorities have complied with all of the applicable provisions of such Act and such Code and
their procedural rules in the adoption of such Ordinance.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the
Village of Lemont, emont, Cook, DuPage and Will Counties, Illinois, this 9th day of March, 2026.
O
Z rllage Clerk
(SEAL)
45826793.4®�3�Ojg03
ORDINANCE NO. 0 -1 )_�
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
GENERAL OBLIGATION REFUNDING BONDS
(WATERWORKS AND SEWERAGE ALTERNATE REVENUE
SOURCE), SERIES 2026A, AND GENERAL OBLIGATION
REFUNDING BONDS (ALTERNATE REVENUE SOURCE),
SERIES 2026B, OF THE VILLAGE OF LEMONT, COOK,
DUPAGE AND WILL COUNTIES, ILLINOIS, PROVIDING
THE DETAILS OF SUCH BONDS, APPLICABLE
ALTERNATE REVENUE SOURCES, AND THE LEVY OF
DIRECT ANNUAL TAXES SUFFICIENT TO PAY THE
PRINCIPAL OF AND INTEREST ON SUCH BONDS, AND
RELATED MATTERS
WHEREAS, the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the
"Village" or "Issuer"), is a non -home rule municipality duly established and operating under the
Illinois Municipal Code (Section 5/1-1-1 et seq. of Chapter 65 of the Illinois Compiled Statutes)
(the "Code").
WHEREAS, the Issuer owns and operates its municipally -owned combined
waterworks and sewerage system (the "System") in accordance with the provisions of Division 139
of Article 1 I of the Code (Section 5/11-139-1 et seq. of Chapter 65 of the Illinois Compiled
Statutes), as supplemented and amended, and receives revenues thereof (the "Net Revenues"); is
entitled to receive (i) certain proceeds of the Retailers Occupation Taxes, Service Occupation
Taxes, Use Taxes and Service Use Taxes (collectively, as applicable, "Sales Taxes," and including
any replacement, substitute or successor taxes therefor as provided by applicable law in the future)
imposed and distributed pursuant to applicable law, or replacement, substitute or similar taxes
therefor as provided by applicable law in the future; (ii) utility taxes (subject to any prior lien or
pledge, and however styled, and includes any replacement or successor taxes of similar effect,
collectively, "Utility Taxes") imposed, collected and distributed pursuant to applicable law; and
(iii) a distributive share of State of Illinois (the "State") income taxes (such distributive share
referred to herein as the "Revenue Sharing Receipts") imposed by the State pursuant to the Illinois
Income Tax Act and distributed pursuant to the State Revenue Sharing Act; and
WHEREAS, the President and Board of Trustees of the Issuer (the "Corporate
Authorities") have determined that it is necessary to (1) refund (the "Refunding") certain of the
Village's outstanding (a) General Obligation Bonds (Waterworks and Sewerage Alternate
Revenue Source), Series 2015A (the "2015A Bonds"), which were originally issued to finance the
acquisition, constriction and installation of various improvements, extensions and facilities of the
System, and related facilities, improvements and costs (the "System Prior Project"), and
(b) General Obligation Refunding Bonds (Alternate Revenue Source), Series 2015B (the
"2015B Bonds," and, together with the 2015A Bonds, the "Prior Bonds"), which were originally
issued to advance refund a portion of the Village's General Obligation Bonds (Alternate Revenue
Source), Series 2007, which were originally issued to finance the acquisition, construction and
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45326793.4/ 163218.00003
installation of a new police station, and related facilities, improvements and costs (the "Police
Station Prior Project") (collectively, the System Prior Project and the Police Station Prior Project
are the "Prior Projects"), and (ii) pay certain costs of issuance of the Bonds (as hereinafter defined),
all for the benefit of the inhabitants of the Village; and; and
WHEREAS, the Refunding is to be effected by direct payments or deposits (a
"Refunding Deposit") or funding with an applicable escrow, deposit or other refunding agent (as
applicable, the "Refunding Agent") through an escrow, deposit or other refunding account (as
applicable, the "Refunding Account") with cash and/or certain investment securities (the
"Investment Securities") under an escrow, deposit or refunding agreement (as applicable, the
"Refunding Agreement") to apply for such purpose; and
WHEREAS, of the estimated cost to provide for the Refiinding, and related legal, financial,
bond discount, printing and publication costs, and other expenses in connection therewith, a
sufficient amount is presently anticipated and planned to be paid from proceeds of the hereinafter
described Bonds, and the Issuer presently has no funds available from existing or anticipated
sources for such purposes; and
WHEREAS, the Issuer has insufficient funds to pay the costs of the Refunding and,
therefore, must borrow money and issue one or more series of alternate bonds Linder this ordinance,
from time to time, in evidence thereof in the aggregate principal amounts as herein provided for
such purpose; and
WHEREAS, the term of the Bonds shall not be longer than the term of the Prior Bonds,
and the debt service payable in any year on the Bonds shall not exceed the aggregate debt service
payable in such year on the Prior Bonds; and
WHEREAS, pursuant to the offering of the Bonds (as defined in Section 1) for negotiated
sale and the related Preliminary Official Statement (the "Preliminary Official Statement", which
when prepared and supplemented and completed is to constitute a final "Official Statement"), the
Issuer has determined to accept the Bond Purchase Agreement (which when executed and
delivered shall constitute the "Purchase Agreement") with Bernardi Securities, Inc., Northfield,
Illinois (the "Underwriter"), with respect to which the Issuer will execute a Disclosure Agreement
(as defined in Section 1) under Rule 15c2-12 of the Securities and Exchange Commission ("Rule
15c2-12"); and
WHEREAS, for convenience of reference only this ordinance is divided into
numbered sections with heading, which shall not define or limit the provisions hereof, as follows:
Page
Preambles....................................................................................................................... 1
Section1. Definitions.................................................................................................... 4
Section 2. Preambles, Authority and Purpose............................................................... 8
Section 3. Authorization and Terms of Bonds.............................................................. 8
Section 4. Registration of Bonds and Book -Entry 11
Section 5. Execution and Authentication...................................................................... 14
Section 6. Transfer, Exchange and Registration........................................................... 14
Section 7. Bond Registrar and Paying Agent................................................................ 15
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45826793.4/ 163218.00003
Section 8.
Alternate Bonds; General Obligations.........................................................
16
Section9.
Forms of Bonds.............................................................................................
17
Section 10.
Levy and Extension of Taxes.......................................................................
30
Section 11.
Related Agreements......................................................................................
31
Section 12.
Special Funds and Accounts.........................................................................
31
Section 13.
Bond Proceeds Account................................................................................
34
Section 14.
Issuance of Additional Bonds.......................................................................
34
Section15.
Arbitrage Rebate...........................................................................................
36
Section 16.
Investment Regulations................................................................................
36
Section 17.
Non -Arbitrage and Tax -Exemption ..........................
Section 18.
Further Assurances and Actions................................................................... 41
Section 19.
General Covenants........................................................................................
41
Section 20.
Ordinance to Constitute a Contract..............................................................
44
Section 21.
Treatment of Bonds as Debt.........................................................................
44
Section22.
Defeasance....................................................................................................
44
Section 23.
Severability and No Contest.........................................................................
44
Section 24.
Bank Qualified Bonds..................................................................................
45
Section25.
Conflict.........................................................................................................
45
Section26.
Effective Date...............................................................................................
45
NOW, THEREFORE, BE IT ORDAINED
BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES,
ILLINOIS, as follows:
Section 1. Definitions. Certain words and teens used in this ordinance shall
have the meanings given them herein, including above in the
preambles hereto, and the meanings
given them
in this Section 1, unless the context or use
clearly indicates another or different
meaning is intended.
Certain definitions are as follows:
"Act" means, collectively and as applicable, the Debt Reform Act (Section 350/1 etseq.
of Chapter 30 (and particularly Section 350/15 thereof concerning alternate bonds) of the Illinois
Compiled Statutes, as supplemented and amended, and Division 139 of Article 11 of the Illinois
Municipal Code (Sections 5/I1-139-1 et seq. of Chapter 65 of the Illinois Compiled Statutes), the
Illinois Municipal Code (65 ILCS 5/1-1-1 et seq.), and applicable law in connection with applicable
revenue sources, as supplemented and amended, the Registered Bond Act, the Illinois Bond
Replacement Act and the Bond Authorization Act.
"Alternate Bonds" means "alternate bonds" as described in Section 15 of the Local
Government Debt Reform Act (Section 350/15 of Chapter 30 of the Illinois Compiled Statutes)
and includes expressly the Series 2026A and Series 2026B Bonds.
"Applicable Denomination" means the denomination for an applicable series of
Bonds as specified in an applicable Bond Order, expected to be $5,000 or otherwise as provided
in a Bonds Order, as the case may be.
"BDSF" or "bona fide debt service fund" means a find, which may include proceeds
of an issue, that (1) is used to primarily to achieve a proper matching of revenues with principal and
interest payments, within each bond year (i.e. each December 2 to December 1 annual period); and
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45326793.4' 163218.00003
(2) is depleted at least once each bond year, except for a reasonable carryover amount not to exceed
the greater of: (1) the earnings on the fund for the immediately preceding bond year; or
(ii) one -twelfth of the principal and interest payments on the issue for the immediately preceding
bond year.
"Bond" or "Bonds" means, together, the Issuer's Series 2026A Bonds and
Series 2026B Bonds, in each case as authorized to be issued by this ordinance, as supplemented
and amended.
"Bond Order" means one or more certificates signed by a Designated Officer, setting
forth and specifying details for each series of the Bonds, including, as the case may be, but without
limitation, identification or specification of a Policy and an Insurer, book -entry only registration,
payment dates, final interest rates, final maturity schedules, Applicable Denomination, Pledged Taxes,
Levied Taxes, optional and mandatory redemption provisions, status as "qualified tax-exempt
obligations," original issue discount ("OID") and/or reoffering premium, designation of the Bond
Registrar, Paying Agent and, as applicable, a Refunding Agent under a Refunding Agreement,
particular Prior Bonds to be refunded, the specified aggregate principal amount for each series of the
Bonds, or the aggregate taxes levied or authorized in each year in Section 10 as Pledged Taxes and/or
Levied Taxes.
"Bond Year" means each annual period of December 2 to the next December 1, for
each series of Bonds, or as may otherwise be set forth in a Bond Order.
"Code" means the Internal Revenue Code of 1986, as amended, and includes
related and applicable Income Tax Regulations promulgated by the Treasury Department.
"Corporate Authorities" means the President and Board of Trustees of the Issuer
"Debt Reform Act" means the Local Government Debt Reform Act of the State, as
supplemented and amended.
"Depository" means a securities depository with respect to Bonds subject to global
book entry registration, initially The Depository Trust Company ("DTC"), New York, New York.
"Designated Officers" means any of the Village President, Village Administrator,
Finance Director, or Village Clerk, or successors or assigns.
"Disclosure Agreement" means each of the Issuer's Continuing Disclosure
Certificate and Agreement(s) under Rule 15c2-12 related to the Bonds.
"Fiscal Year" means the twelve-month period constituting the Issuer's fiscal year,
not inconsistent with applicable law.
"Gross Revenues" means all income from whatever source derived from the
Waterworks and Sewerage System, including: (i) user charges, fees, rates and other receipts (including
revenues for use of the Waterworks and Sewerage System facilities to be received by the Issuer);
(ii) investment income; (iii) connection, permit and inspection fees and the like; and (iv) penalties and
delinquency charges, but excluding expressly (a) nonrecurring income from the sale of real estate;
(b) governmental or other grants; (c) advances or grants made to or from the Issuer; (d) capital
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45326793.4/ 163218.00003
development, reimbursement, or recovery charges and the like; (e) annexation or preannexation
charges; and (1) as otherwise determined in accordance with generally accepted accounting
principles for local government funds.
"Insurer" means, if any, the issuer of a Policy securing payment of one or more
series of Bonds.
"Issuer" means the Village of Lemont, Cook, DuPage and Will Counties, Illinois.
"Junior Bond" means any Outstanding bond or Outstanding bonds payable from an
applicable Junior Debt Service Account, in this case the "Junior Debt Service Account," and
includes expressly each series of the Bonds.
"Levied Taxes" means the taxes levied in Section 10 to pay the Bonds, as
applicable.
"Net Revenues" means, with respect to the Waterworks and Sewerage System,
Gross Revenues minus Operation and Maintenance Expenses.
"Operation and Maintenance Expenses" means all expenses of operating,
maintaining and routine repair of the Waterworks and Sewerage System, including wages,
salaries, costs of materials and supplies, power, fuel, insurance and related services; but
excluding debt service, depreciation, or any reserve requirements, and otherwise as determined
in accordance with generally accepted accounting principles for local government enterprise
funds.
"Outstanding", when used with reference to any referenced obligation, means any
referenced obligation which is outstanding and unpaid; provided, however, such term shall not
include obligations: (1) which have matured and for which moneys are on deposit with proper
paying agents, or are otherwise properly available, sufficient to pay all principal and interest
thereof, or (ii) the provision for payment of which has been made by the Issuer by the deposit in
an irrevocable trust or escrow of funds of direct, full faith and credit non -callable obligations of
the United States of America, the principal and interest of which will be sufficient to pay at
maturity or as called for redemption all the principal of and applicable premium on such
obligations, and will not result in the loss of the exclusion from gross income of the interest thereon
under Section 103 of the Code.
"Parity Bonds" means bonds or any other obligations which share ratably and
equally in the applicable Pledged Revenues with either the Senior Bonds or the Junior Bonds, as
set forth and provided for in any such ordinance authorizing the issuance of any such Parity Bonds.
"Pledged Revenues" means, collectively: (1) with respect to the Series 2026A
Bonds — Net Revenues of the System and Sales Taxes (the "2026A Pledged Revenues"), and
(ii) with respect to the Series 2026B Bonds Utility Taxes and Revenue Sharing Receipts (the
"2026B Pledged Revenues").
"Pledged Taxes" means the Taxes levied in Section 10 to secure and pay the Bonds,
as applicable.
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45826793.4/ 163218.00003
"Policy" means, if any, an Insurer's municipal bond insurance policy or other credit
facility securing payment of one or more series of Bonds.
"Prior Bonds" means, collectively, the 2015A Bonds and the 2015B Bonds, to be
refunded under this ordinance.
"Prior Ordinances" means, collectively, the authorizing ordinances for the Prior
Bonds.
"Prior Projects" shall have the meaning above in the recitals to this ordinance.
"Purchase Agreement" means each Bond Purchase Agreement with the
Underwriter for the purchase of each series of the Bonds, which upon acceptance and execution
by the Issuer and the Underwriter constitutes the Purchase Agreement for each series of the Bonds.
"Qualified Investments" means legal investments of the Issuer under applicable
law, limited and restricted with respect to any applicable Insurers Policy.
"Record Date" means the 15th day (whether or not a business day) next preceding
any regularly scheduled interest payment date and the 15th day (whether or not a business day)
next preceding any interest payment date occasioned by a redemption of Bonds on other than a
regularly scheduled interest payment date.
"Refunding", "Refunding Account", "Refunding Agent", "Refunding Agreement"
and "Refunding Deposit" each shall have the meaning above in the recitals to this ordinance.
"Revenue Sources" means, collectively, the 2026A and 2026B Revenue Sources.
"Rule 15c2-12" means Rule 15c2-12 of the Securities and Exchange Commission.
"Sales Taxes" shall have the meaning above in the recitals in the preamble to this
ordinance.
"Senior Bond" means any Outstanding bond or Outstanding bonds payable from
the applicable Senior Debt Service Account of the Bond and Interest Account of the applicable
Fund under this ordinance.
"Series 2026A Bonds" or "2026A Bonds" each means the Issuer's General
Obligation Refunding Bonds (Waterworks and Sewerage Alternate Revenue Source),
Series 2026A, issued under this ordinance.
"Series 2026B Bonds" or "2026B Bonds" each means the Issuer's General
Obligation Refunding Bonds (Alternate Revenue Source), Series 2026B, issued under this
ordinance.
"2026A Revenue Source" means Net Revenues (constituting "enterprise
revenues") of the Issuer's Waterworks and Sewerage System and Sales Taxes.
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45326793.4,l63218.00003
"2026B Revenue Source" means Utility Taxes and Revenue Sharing Receipts
(constituting a "revenue source").
"2015A Bonds" and "2015B Bonds" each shall have the meaning above in the
recitals in the preamble to this ordinance.
"Underwriter" means Bernardi Securities, Inc., Northfield, Illinois, the underwriter in
connection with the Bonds, identified in the recitals in the preamble to this ordinance.
"Waterworks and Sewerage Fund" means the Issuer's Waterworks and Sewerage
Fund, as continued or created and established, as the case may be, with respect to the Series 2026A
Bonds.
Section 2. Preambles Authority and Purpose. The Corporate Authorities hereby
find that all the recitals contained in the preambles and recitals to this ordinance are true, complete and
correct, and hereby incorporate them into this ordinance by this reference thereto. This ordinance is
adopted pursuant to the Constitution and applicable laws of the State, including the Act, for the purpose
of paying costs of the Refunding and issuance of the Bonds. The Corporate Authorities hereby
determine the period of usefulness of each Prior Project to be not less than twenty (20) years from the
expected date of delivery of the Bonds.
Section 3. Authorization and Terms of Bonds. To meet all or a part of the
estimated costs of the Refunding, there is hereby appropriated each applicable sum to be derived
from the proceeds of each series of the Bonds. For the purpose of financing such appropriations,
the Bonds of the Issuer shall be issued and sold from time to time in the aggregate principal amount
set forth herein, shall be in two (2) series designated: (i) General Obligation Refunding Bonds
(Waterworks and Sewerage Alternate Revenue Source), Series 2026A ($2,300,000 maximum
aggregate principal amount); and (ii) General Obligation Refunding Bonds (Alternate Revenue
Source), Series 2026B ($2,750,000 maximum aggregate principal amount), and shall be issuable
in the denominations of $5,000 each or any authorized integral multiple thereof.
(a) General Tenns. The Bonds of each series shall be numbered consecutively
from 1 upwards in order of their issuance and may bear such identifying numbers or letters as shall
be useful to facilitate the registration, transfer and exchange of the Bonds. Unless otherwise
determined in an order to authenticate the Bonds, the Bonds shall be dated as of the date or dates
of the issuance thereof and acceptable to the Underwriter. Subject to a Bond Order, the Bonds of
each series are hereby authorized to bear interest at the rate or rates percent per annum not
exceeding 6.00% and shall mature on December 1 of the years (subject to redemption, as the case
may be), and in the principal amount in each year: commencing not before the year 2026 and
ending not later than the year 2030 with respect to the Series 2026A Bonds and not exceeding
$500,000 per year; and commencing not before the year 2026 and ending not later than the year
2032 with respect to the Series 2026B Bonds and not exceeding $500,000 per year; as shall be
specified in a Bond Order.
Each Bond shall bear interest from its date, or from the most recent interest payment
date to which interest has been paid, 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 semiannually on each
June 1 and December 1, commencing on the date set forth in the Bond Order, at the rates percent
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45826793.4/ t 63218.00003
per annum herein provided. The principal of and premium, if any, on the Bonds shall be payable in
lawful money of the United States of America upon presentation and surrender thereof at the office
maintained for such purpose by the Paying Agent for the Bonds (including its successors, the
"Paying Agent"). Interest on the Bonds shall be payable on each interest payment date to the
registered owners of record appearing on the registration books maintained for such purpose by the
Bond Registrar on behalf of the Issuer for such purpose (including its successors, the "Bond
Registrar"), at the office maintained for such purpose by the Bond Registrar as of the close of
business on the fifteenth (15th) day (whether or not a business day) of the calendar month next
preceding the applicable interest payment date. Interest on the Bonds shall be paid by check or draft
mailed by the Paying Agent to such registered owners at their addresses appearing on the
registration books.
(b) Redemption. The Bonds are subject to redemption as follows:
(1) Optional Redemption. Bonds of a particular series maturing on and
after December 1 as specified in an applicable Bond Order shall be subject to redemption prior to
maturity on any date on December 1 of the year or years specified and thereafter in whole on any
date or in part on any date, in any order of maturity specified (but in inverse order if none is
specified), at a redemption price of par, plus accrued interest to the date fixed for redemption, and
otherwise are not subject to optional redemption.
(ii) Sinking Fund Redemption. This subsection (b) shall apply only to
the extent an applicable Bond Order shall specify any Term Bonds (as applicable to a particular
series, the "Term Bonds") and otherwise shall not apply. Bonds so specified as Term Bonds, if
any, are subject to mandatory sinking fund redemption in the principal amount on December 1 of
the years so specified, but corresponding to the amounts specified above in Section 3(a), or
otherwise as duly set forth in a Bond Order.
At its option before the 45th day (or such lesser time acceptable to the Bond
Registrar) next preceding any mandatory sinking find redemption date in connection with Term
Bonds the Issuer by furnishing the Bond Registrar and the Paying Agent an appropriate certificate
of direction and authorization executed by the Village President may: (1) deliver to the Bond
Registrar for cancellation Tenn Bonds in any authorized aggregate principal amount desired; or
(ii) ftimish the Paying Agent funds for the purpose of purchasing any of such Term Bonds as
arranged by the Issuer; or (iii) receive a credit (not previously given) with respect to the mandatory
sinking fund redemption obligation for such Term Bonds which prior to such date have been
redeemed and cancelled. Each such Bond so delivered, previously purchased or redeemed shall be
credited at 100% of the principal amount thereof, and any excess shall be credited with regard to
future mandatory sinking fund redemption obligations for such Bonds in chronological order, and
the principal amount of Bonds to be so redeemed as provided shall be accordingly reduced. In the
event Bonds being so redeemed are in a denomination greater than $5,000, a portion of such Bonds
may be so redeemed, but such portion shall be in the principal amount of $5,000 or any authorized
integral multiple thereof.
(iii) Procedure. The Issuer covenants that it will redeem Bonds
pursuant to the redemption provisions applicable to such Bonds. Proper provision for redemption
having been made, the Issuer covenants that the Bonds so selected for redemption shall be payable
as at maturity.
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45826793.4/ 163218.00003
The Issuer shall, at least 45 days prior to an optional redemption date (unless a
shorter time shall be satisfactory to the Bond Registrar), notify the Bond Registrar of any optional
redemption date and of the principal amount of Bonds to be redeemed (no such notice shall be
required in the case of any mandatory sinking fund redemption of Term Bonds). In the event that
less than all of the Bonds of a particular series or maturity are called for redemption as aforesaid,
as necessary, the particular Bonds or portions of Bonds to be redeemed shall be selected not more
than sixty (60) days or less than thirty (30) days prior to the redemption date by the Bond Registrar
by such method as the Bond Registrar shall deem fair and appropriate; provided, that such lottery
shall provide for the selection for redemption of Bonds or portions thereof so that any $5,000 Bond
or $5,000 portion of a Bond shall be as likely to be called for redemption as any other such $5,000
Bond or $5,000 portion. The Bond Registrar shall promptly notify the Issuer in writing of the Bonds
or portions of Bonds selected for redemption and, in the case of any Bond selected for partial
redemption, the principal amount thereof to be redeemed.
Unless waived by the registered owner of Bonds to be redeemed, presentment for
payment being conclusively such a waiver, notice of any such redemption shall be given by the Bond
Registrar on behalf of the Issuer by mailing the redemption notice by first class mail not less than thirty
(30) days and not more than sixty (60) days prior to the date fixed for redemption to each registered
owner of the Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other
address as is furnished in writing by each such registered owner to the Bond Registrar.
All notices of redemption shall include at least the information as follows: (1) the
identification of the particular Bonds to be redeemed; (2) the redemption date; (3) the redemption
price; (4) if less than all of the Bonds of a particular maturity are to be redeemed, the identification
numbers and maturities (and, in the case of partial redemption of any Bond, the respective principal
amounts) of the Bonds to be redeemed; (5) a statement that on the redemption date the redemption
price will become due and payable upon each such Bond or portion thereof called for redemption
and that interest thereon shall cease to accrue from and after such date; and (6) the place where
such Bonds are to be surrendered for payment of the redemption price, which place of payment
shall be the principal payment office of the Paying Agent.
On or prior to any redemption date, the Issuer shall deposit with the Paying Agent
an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds
which are to be redeemed on that date.
Notice of redemption having been given as aforesaid, the Bonds or portions of Bonds
so to be redeemed shall, on the redemption date, become due and payable at the redemption price
therein specified, together with accrued interest, and from and after such date (unless the Issuer shall
default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear
interest. Neither the failure to mail such redemption notice nor any defect in any notice so mailed to
any particular registered owner of a Bond shall affect the sufficiency of such notice with respect to any
other registered owner. Notice having been properly given, failure of a registered owner of a Bond to
receive such notice shall not be deemed to invalidate, limit or delay the effect of the notice or the
redemption action described in the notice. Such notice may be waived in writing by a registered owner
of a Bond, either before or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice shall be filed with the Bond Registrar, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.
45826793.41163 218.00003
Upon surrender of such Bonds for redemption in accordance with such notice, such
Bonds shalt be paid from available funds therefor by the Paying Agent at the redemption price.
Interest due on or prior to the redemption date shall be payable as herein provided for payment of
interest. Upon surrender for the partial redemption of any Bond, there shall be prepared for the
registered owner a new Bond or Bonds of the same maturity in the amount of the unpaid principal.
If any Bond or portion of Bond called for redemption shall not be so paid upon
surrender thereof for redemption, the principal, and premium, if any, shall, until paid, bear interest
from the redemption date at the rate borne by the Bond or portion of Bond so called for redemption.
All Bonds which have been redeemed shall be marked cancelled by the Bond Registrar and shall
not be reissued.
In addition to the foregoing notice set forth above, further notice shall be given by
the Bond Registrar on behalf of the Issuer as set out below, but no defect in such further notice nor
any failure to give all or any portion of such further notice shall in any manner defeat the
effectiveness of a call for redemption if notice thereof is given as above prescribed. Each further
notice of redemption given hereunder shall contain the information required above for an official
notice of redemption plus (a) the CUSIP numbers of all Bonds being redeemed; (b) the date of
issue of the Bonds as originally issued; (c) the rate of interest borne by each Bond being redeemed;
(d) the maturity date of each Bond being redeemed; and (e) any series or other descriptive
information needed to identify accurately the Bonds being redeemed.
Each further notice of redemption shall be sent at least thirty (30) days before the
redemption date to all registered securities depositories then holding any of the Bonds.
Upon the payment of the redemption price of Bonds being redeemed, each check
or other transfer of funds issued for such purpose shall identify the series and the Bond or Bonds,
or portion thereof, being redeemed with the proceeds of such check or other transfer.
Section 4. Registration of Bonds and Book -Entry. The Bonds shall be
negotiable, subject to the provisions for registration of transfer contained herein and related to
book -entry only registration.
(a) General. This subsection (a) is subject to the provisions of subsection (b)
concerning book -entry only provisions. The Issuer shall cause books (the "Bond Register") for the
registration and for the transfer of the Bonds as provided in this ordinance to be kept at the principal
payment office of the Bond Registrar, which is hereby constituted and appointed the Bond
Registrar of the Issuer. The Issuer is authorized to prepare, and the Bond Registrar shall keep
custody of, multiple Bond blanks executed by the Issuer for use in the issuance from time to time
of the Bonds and in the transfer and exchange of Bonds.
Upon surrender for transfer of any Bond at the designated corporate trust office of
the Bond Registrar, duly endorsed by, or accompanied by a written instrument or instruments of
transfer in form satisfactory to the Bond Registrar and duly executed by the registered owner or
such owners attorney duly authorized in writing, the Issuer shall execute and the Bond Registrar
shall authenticate, date and deliver in the name of the transferee or transferees a new fully
registered Bond or Bonds of the same series and maturity of authorized denominations, for a like
aggregate principal amount. Any fully registered Bond or Bonds may be exchanged at the office
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45526793.4r 163218.00003
of the Bond Registrar for a like aggregate principal amount of Bond or Bonds of the same series
and maturity of other authorized denominations. The execution by the Issuer of any fully registered
Bond shall constitute full and due authorization of such Bond, and the Bond Registrar shall thereby
be authorized to authenticate, date and deliver such Bond.
The Bond Registrar shall not be required to transfer or exchange any Bond during
the period from the fifteenth (15th) day (whether or not a business day) of the calendar month next
preceding any interest payment date on such Bond and ending on such interest payment date, nor,
as applicable, to transfer or exchange any Bond after notice calling such Bond for prepayment has
been mailed, nor during a period of fifteen (15) days next preceding mailing of a notice of
prepayment and redemption of any Bond.
The person in whose name any Bond shall be registered on the Bond Register shall
be deemed and regarded as the absolute owner thereof for all purposes, and payment of the
principal of, premium (if any) or interest on any Bond shall be made only to or upon the order of
the registered owner thereof or such registered owners legal representative. All such payments
shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of
the sum or sums so paid.
No service charge shall be made for any transfer or exchange of Bonds, but the
Issuer or the Bond Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or exchange of Bonds
exchanged in the case of the issuance of a Bond or Bonds for the outstanding portion of a Bond
surrendered for redemption. In the event any registered owner fails to provide a correct taxpayer
identification number to the Paying Agent, the Paying Agent may make a charge against such
registered owner sufficient to pay any governmental charge required to be paid as a result of such
failure. In compliance with Section 3406 of the Code, such amount may be deducted by the Paying
Agent from amounts otherwise payable to such registered owner hereunder or under the Bonds.
The Village President or Village Treasurer may, in his or her discretion at any time,
designate a bank with trust powers or trust company, duly authorized to do business as a bond
registrar, paying agent, or both, to act in one or both such capacities hereunder, in the event the
Village President or Village Treasurer shall determine it to be advisable. Notice shall be given to
the registered owners of any such designation in the same manner, as near as may be practicable,
as for a notice of redemption of Bonds, and as if the date of such successor taking up its duties
were the redemption date.
(b) Book -Enter -Only Provisions. Unless otherwise provided in a Bond Order,
as the case may be, the Bonds shall be issued in the form of a separate single fully registered Bond
of each series for each of the maturities of the Bonds. Upon initial issuance, the ownership of each
such Bond shall be registered in the Bond Register therefor in a street name (initially "Cede & Co."
for DTC) of the Depository, or any successor thereto, as nominee of the Depository. The
outstanding Bonds from time to time may be registered by the Bond Register in a street name, as
nominee of the Depository. The Issuer's Village President or Village Treasurer is authorized to
execute and deliver on behalf of the Issuer such letters to or agreements with the Depository as
shall be necessary to effectuate such book -entry system (any such letter or agreement being
referred to herein as the "Representation Letter"). Without limiting the generality of the authority
given to the Village President or Village Treasurer with respect to entering into such
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Representation Letter, it may contain provisions relating to, among other things, (a) payment
procedures, (b) transfers of the Bonds or of beneficial interest therein, (c) redemption notices and
procedures unique to the Depository, (d) additional notices or communications, and (e) amendment
from time to time to conform with changing customs and practices with respect to securities
industry transfer and payment practices.
With respect to Bonds registered in the Bond Register in the name of a nominee of the
Depository, the Issuer and the Bond Registrar shall have no responsibility or obligation to any
broker -dealer, bank or other financial institution for which the Depository holds Bonds from time to
time as securities depository (each such broker -dealer, bank or other financial institution being
referred to herein as a "Depository Participant") or to any person on behalf of whom such a Depository
Participant or an Indirect Participant holds an interest in the Bonds (an "indirect participant" or a
"beneficial owner"). Without limiting the meaning of the foregoing, the Issuer and the Bond Registrar
or Paying Agent shall have no responsibility or obligation with respect to (a) the accuracy of the
records of the Depository, the nominee, or any Depository Participant, Indirect Participant or
Beneficial Owner, with respect to any ownership interest in the Bonds, (b) the delivery to any
Depository Participant or any other person, other than a registered owner of a Bond as shown in the
Bond Register, of any notice with respect to the Bonds, including any notice of redemption, or (c) the
payment to any Depository Participant or any other person, other than a registered owner of a Bond
as shown in the Bond Register, of any amount with respect to principal of or interest on the Bonds.
As long as the Bonds are held in a book -entry -only system, no person other than the
nominee of the Depository, or any successor thereto, as nominee for the Depository, shall receive a
Bond certificate with respect to any Bonds. Upon delivery by the Depository to the Bond Registrar of
written notice to the effect that the Depository has determined to substitute a new nominee in place of
the prior nominee, and subject to the provisions hereof with respect to the payment of interest to the
registered owners of Bonds as of the close of business on the fifteenth (15th) day (whether or not a
business day) of the month next preceding the applicable interest payment date, the reference herein to
nominee in this ordinance shall refer to such new nominee of the Depository.
In the event that (a) the Issuer determines that the Depository is incapable of discharging
its responsibilities described herein and in the Representation Letter, (b) the agreement among the
Issuer, the Bond Registrar, the Paying Agent and the Depository evidenced by the Representation Letter
shall be terminated for any reason or (c) the Issuer determines that it is in the best interests of the
beneficial owners of the Bonds that they be able to obtain certificated Bonds, the Issuer shall notify the
Depository and the Depository Participants of the availability of Bond certificates, and the Bonds shall
no longer be restricted to being registered in the Bond Register in the name of a nominee of the
Depository. At that time, the Issuer may determine that the Bonds shall be registered in the name of
and deposited with a successor depository operating a book -entry system, as may be acceptable to
the Issuer, or such depository's agent or designee, and if the Issuer does not select such alternate
book -entry system, then the Bonds may be registered in whatever name or names registered owners
of Bonds transferring or exchanging Bonds shall designate, in accordance with the provisions
hereof. Notwithstanding any other provision of this ordinance to the contrary, so long as any Bond
is registered in the name of a nominee of the Depository, all payments with respect to principal of
and interest on such Bond and all notices with respect to such Bond shall be made and given,
respectively, in the manner provided in the Representation Letter.
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45326793.4/ 163218.00003
Section 5. Execution and Authentication. Each Bond shall be executed in the
name of the Issuer by the manual or facsimile signature of its Village President and the corporate
seal of the Issuer, or a facsimile thereof, shall be thereunto affixed, impressed or otherwise
reproduced or placed thereon and attested by the manual or facsimile signature of its Village Cleric.
Temporary Bonds, in lieu of or preliminary to the availability of Bonds in definitive form, shall be
and are hereby authorized and approved. Typewritten Bonds are authorized in the event
Section 4(b) applies.
In case any officer whose signature, or a facsimile of whose signature, shall appear
on any Bond shall cease to hold such office before the issuance of such Bond, such 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 Bond had not ceased to hold such office. Any Bond may be
signed, sealed or attested on behalf of the Issuer by any person who, on the date of such act, shall
hold the proper office, notwithstanding that at the date of such Bond such person may not hold
such office. No recourse shall be had for the payment of any Bonds against any member of the
Corporate Authorities or any officer or employee of the Issuer (past, present or future) who
executes the Bonds, or on any other basis.
Each Bond shall bear thereon a certificate of authentication executed manually by
the Bond Registrar. No 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. Such certificate of authentication shall have been duly executed
by the Bond Registrar by manual signature, and such certificate of authentication upon any such
Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this
ordinance. The certificate of authentication on any Bond shall be deemed to have been executed
by the Bond Registrar if signed by an authorized officer of or signer for the Bond Registrar, but it
shall not be necessary that the same signer or officer sign the certificate of authentication on all of
the Bonds issued hereunder.
Section 6. Transfer Exchange and Registration. Each Bond shall be
transferable only upon the registration books maintained by the Bond Registrar on behalf of the
Issuer for that purpose at the principal office of the Bond Registrar, by the registered owner thereof
in person or by such registered owners 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 such registered owners duly authorized attorney. Upon the surrender for
transfer of any such Bond, the Issuer shall execute and the Bond Registrar shall authenticate and
deliver a new Bond or Bonds registered in the name of the transferee of the same aggregate
principal amount, maturity and interest rate as the surrendered Bond. Bonds, upon surrender
thereof at the principal office of the Bond Registrar, with a written instrument satisfactory to the
Bond Registrar, duly executed by the registered owner or such registered owners attorney duly
authorized in writing, may be exchanged for an equal aggregate principal amount of Bonds of the
same maturity and interest rate and of the denomination of $5,000 or any authorized integral
multiple thereof, less previous retirements.
For every such exchange or registration of transfer of Bonds, the Issuer 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 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
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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 Bond Replacement Act shall govern the replacement
of lost, destroyed or defaced Bonds.
The Issuer, the Paying Agent and the Bond Registrar may deem and treat the person in
whose name any Bond shall be registered upon the registration books as the absolute owner of such
Bond, whether such Bond shall be overdue or not, for the purpose of receiving payment of, or on account
of, the principal of, premium, if any, or interest thereon and for all other purposes whatsoever, and all
such payments so made to any such registered owner or upon such registered owners order shall be valid
and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so
paid, and neither the Issuer nor the Paying Agent or the Bond Registrar shall be affected by any notice to
the contrary.
Section 7. Bond Registrar and Pang Agent. The Bond Registrar and Paying
Agent with respect to this ordinance and each series of the Bonds shall be as specified in a Bond Order.
The Issuer covenants that it shall at all times retain a Bond Registrar and Paying Agent with respect to
the Bonds and shall cause to be maintained at the office of such Bond Registrar a place where Bonds
may be presented for registration of transfer or exchange, that it will maintain at the designated office
of the Paying Agent a place where Bonds may be presented for payment, that it shall require that the
Bond Registrar maintain proper registration books and that it shall require the Bond Registrar and
Paying Agent to perform the other duties and obligations imposed upon each of them by this ordinance
in a manner consistent with the standards, customs and practices concerning municipal securities. The
Issuer may enter into appropriate agreements with any Bond Registrar and any Paying Agent in
connection with the foregoing, including as follows:
(a) to act as Bond Registrar, authenticating agent, Paying Agent and transfer
agent as provided herein;
(b) to maintain a list in the Bond Register of the registered owners of the Bonds
as set forth herein and to furnish such list to the Issuer upon request, but otherwise to keep
such list confidential;
(c) to cancel and/or destroy Bonds which have been paid at maturity or
submitted for exchange or transfer;
(d) to give notices of redemption of Bonds to be redeemed;
(e) to furnish the Issuer at least annually a certificate with respect to Bonds
cancelled and/or destroyed; and
(f) to furnish the Issuer at least annually an audit confirmation of Bonds paid,
Bonds outstanding and payments made with respect to interest on the Bonds.
In any event, the Bond Registrar and Paying Agent shall comply with (a) - (f) above.
The Bond Registrar and Paying Agent shall signify their acceptances of the duties and
obligations imposed upon them by this ordinance. The Bond Registrar by executing the certificate of
authentication on any Bond shall be deemed to have certified to the Issuer that it has all requisite power
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45326793.4/ 163218.00003
to accept, and has accepted, such duties and obligations, including in the case of the Paying Agent, not
only with respect to the Bond so authenticated but with respect to all of the Bonds. The Bond Registrar
and Paying Agent are the agents of the Issuer for such purposes and shall not be liable in connection
with the performance of their respective duties except for their own negligence or default. The Bond
Registrar shall, however, be responsible for any representation in its certificate of authentication on the
Bonds.
The Issuer may remove the Bond Registrar or Paying Agent at any time. In case at any
time the Bond Registrar or Paying Agent shall resign (such resignation to not be effective until a
successor has accepted such role) or shall be removed or shall become incapable of acting, or shall be
adjudged a bankrupt or insolvent, or if a receiver, liquidator or conservator of the Bond Registrar or
Paying Agent, or of its property, shall be appointed, or if any public officer shall take charge or control
of the Bond Registrar or Paying Agent or of their respective properties or affairs, the Issuer covenants
and agrees that it will thereupon appoint a successor Bond Registrar or Paying Agent, as the case may
be. The Issuer shall mail or cause to be mailed notice of any such appointment made by it to each
registered owner of Bonds within twenty (20) days after such appointment. Any Bond Registrar or any
Paying Agent appointed under the provisions of this Section 7 shall be a bank, trust company or other
qualified professional with respect to such matters, authorized to exercise such functions in the State.
The Issuer shall provide to the Bond Registrar and Paying Agent a copy of any
amendment to this ordinance or to the Bonds.
Section 8. Alternate Bonds; General Obligations._ The Bonds are and constitute
Alternate Bonds under the Debt Reform Act, anticipated to be payable from applicable Pledged
Revenues (as Junior Bonds with respect to the 2026A Bonds). The Bonds of each such series,
regardless of the date or dates of their issuance, are on parity with each other within such series and
shall share equally and ratably as to payment in the Pledged Revenues applicable to each series of
Bonds. Under and pursuant to Section 15 of the Debt Reform Act, the full faith and credit of the Issuer
are hereby irrevocably pledged to the punctual payment of the principal of, premium, if any, and
interest on such Bonds; such Bonds shall be direct and general obligations of the Issuer; and the
Issuer shall be obligated to levy ad valorem taxes upon all the taxable property within the Issuer's
corporate limits, for the payment of each of the Bonds and the interest thereon, without limitation
as to rate or amount (such ad valorem taxes being the applicable "Pledged Taxes"), as provided
herein.
The applicable Pledged Revenues for each of the Bonds are hereby determined by
the Corporate Authorities to be sufficient to provide for or pay in each year to final maturity of
the Bonds, as applicable, the following: (1) Operation and Maintenance Expenses of the enterprise
(i.e., but only for the Waterworks and Sewerage System for the Series 2026A Bonds), but not
including depreciation, (2) the debt service on all Outstanding revenue bonds payable from
applicable Pledged Revenues, (3) all amounts required to meet any fund or account requirements
with respect to such Outstanding revenue bonds, (4) other contractual or tort liability obligations,
if any, payable from applicable Pledged Revenues, and (5) in each year, an amount not less than
1.25 times debt service of all (i) Alternate Bonds payable from such applicable Pledged Revenues
previously issued and outstanding, and (11) Alternate Bonds payable from such applicable Pledged
Revenues proposed to be issued, including the Series 2026A and Series 2026B Bonds. To the
extent payable from one or more revenue sources, the applicable Pledged Revenues shall be and
are hereby determined by the Corporate Authorities to provide in each year an amount not less
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45826793.4/ 163218.00003
than 1.25 times debt service (as defined in Section 3 of the Local Government Debt Reform Act)
of Alternate Bonds payable from such revenue sources previously issued and outstanding and
Alternate Bonds proposed to be issued. Such conditions enumerated need not be met for that
amount of debt service (as defined in Section 3 of the Debt Reform Act) provided for by the
setting aside of proceeds of bonds or other moneys at the time of the delivery of such bonds. The
Pledged Revenues (but only Gross Revenues for Operation and Maintenance Expenses related to
Series 2026A) are hereby determined by the Corporate Authorities to provide in each year
Operation and Maintenance Expenses, all amounts required to meet any fund or account
requirements with respect to this ordinance, any other contractual or tort liability obligations, if
any, payable from applicable Pledged Revenues, and an amount not less than 1.25 times debt
service (as defined in Section 3 of the Debt Reform Act) of all of the Outstanding Bonds, payable
from such Pledged Revenues.
The determination of the sufficiency of applicable Pledged Revenues is expected
to be supported by reference to the most recent audit of the Issuer, which is for a Fiscal Year ending
not earlier than 18 months previous to the time of issuance of the Alternate Bonds. If such Pledged
Revenues are otherwise shown to be insufficient, the determination of sufficiency, if applicable
law so requires, and not otherwise, shall be supported by the "report" of an independent accountant
or feasibility analyst, the latter having a national reputation for expertise in such matters,
demonstrating the sufficiency of such revenues and explaining, if appropriate, by what means the
Pledged Revenues will be greater than as shown in the audit. Whenever the sufficiency of Pledged
Revenues is demonstrated by reference to higher rates or charges and fees for enterprise revenues
(with respect to the use of the Waterworks and Sewerage System constituting applicable Pledged
Revenues for the Series 2026A Bonds), such higher rates or charges and fees with respect to the
use of the services of the Waterworks and Sewerage System shall have been properly imposed by
an ordinance adopted prior to the time of delivery of the Bonds. Although such technical
compliance for refunding bonds is not required, the Issuer anticipates such compliance.
Section 9. Forms of Bonds. The Bonds shall be in substantially the forms
hereinafter set forth.
[The remainder of this page is intentionally left blank.]
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[FORM/SERIES 2026A BONDS]
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTIES OF COOK, DUPAGE AND WILL
VILLAGE OF LEMONT
GENERAL OBLIGATION REFUNDING BOND
(WATERWORKS AND SEWERAGE ALTERNATE REVENUE SOURCE),
SERIES 2026A
REGISTERED NO.
REGISTERED $
INTEREST RATE: MATURITY DATE: DATED DATE: CUSIP:
Registered Owner:
Principal Amount:
[1] KNOW ALL BY THESE PRESENTS that the Village of Lemont (the "Issuer"), a
non -home rule municipality situated in The Counties of Cook, DuPage and Will, in the State of
Illinois (the "State"), acknowledges itself indebted and for value received hereby promises to
pay to the Registered Owner identified above, or registered assigns, the Principal Amount set
forth above on the Maturity Date specified above, and to pay interest on such Principal Amount
from the later of the Dated Date hereof or the most recent interest payment date to which interest
has been paid, at the Interest Rate per annum set forth 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 semiannually on June 1 and December 1 in each year, commencing , 20,
until the Principal Amount hereof shall have been paid, by check or draft mailed to the
Registered Owner of record hereof as of the close of business on the fifteenth (15th) day
(whether or not a business day) of the calendar month next preceding such interest payment
date, at the address of such Registered Owner appearing on the registration books maintained
for such purpose at the office maintained for such purpose by
(the "Paying Agent" or "Bond Registrar"). Payment of interest shall be made to the Registered
Owner hereof as shown on the registration books of the Village maintained by Bond Registrar at
said location at the close of business on the applicable Record Date. Interest shall be paid by
check or draft of the Paying Agent, payable upon presentation in lawful money of the United
States, mailed to the address of such Registered Owner as it appears on such registration books,
or at such other address furnished in writing by such Registered Owner to the Bond Registrar, or
as otherwise agreed by the Village and the Bond Registrar for so long as this Bond is held by The
Depository Trust Company, New York, New York, the Depository, or nominee, in book -entry
only form as provided for same. The Bonds are payable from the receipts derived by the Issuer
from certain Pledged Revenues (that is, from Net Revenues derived from the Issuer's operation
of its municipally -owned a combined waterworks and sewerage system (the "System") and Sates
Taxes as each such term is defined in the Bond Ordinance and although it is expected, and has
been certified, that the Bonds are to be paid from such Net Revenues and Sales Taxes, which
Pledged Revenues are pledged to the payment thereof, second, junior and subordinate to any
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45826793.4/ 163218.00003
bonds or other obligations thereon having or to have a prior claim, the full faith and credit of
the Issuer, including the power to levy taxes without limit as to rate or amount (that is, Pledged
Taxes) are irrevocably pledged for the punctual payment of the principal of and interest on this
Bond and each Bond of the series of which it is a part, according to the terms thereof.
[2] This Bond is one of a series of Bonds issued in the aggregate principal amount
of, which are all of like tenor, except as to maturity, interest rate and right of and redemption, and
which are authorized and issued under and pursuant to and in accordance with Ordinance No.
adopted by the President and Board of Trustees of the Issuer on , 2026, and
entitled: "AN ORDINANCE AUTHORIZING THE ISSUANCE OF (i) GENERAL
OBLIGATION REFUNDING BONDS (WATERWORKS AND SEWERAGE ALTERNATE
REVENUE SOURCE), SERIES 2026A, AND (ii) GENERAL OBLIGATION REFUNDING
BONDS (ALTERNATE REVENUE SOURCE), SERIES 2026B, OF THE VILLAGE OF
LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, PROVIDING THE
DETAILS OF SUCH BONDS AND FOR APPLICABLE ALTERNATE REVENUE SOURCES
AND THE LEVY OF DIRECT ANNUAL TAXES, AS APPLICABLE, SUFFICIENT TO PAY
THE PRINCIPAL OF AND INTEREST ON SUCH BONDS, AND RELATED MATTERS"
(with respect to which undefined terms herein shall have the meanings therein, the "Bond
Ordinance", as supplemented and amended), pursuant to the Constitution and laws of the State,
including Section 15 of the Local Government Debt Reform Act (Section 350/15 of Chapter 30
of the Illinois Compiled Statutes, in connection with "alternate bonds", as supplemented and
amended), Division 139 of Article 11 of the Illinois Municipal Code (Section 5/11-139-1 et seq.
of Chapter 65 of the Illinois Compiled Statutes), as supplemented and amended, and applicable
law in connection with the imposition, distribution, receipt and application of Net Revenues of the
Issuer's Waterworks and Sewerage System, including by the Intergovernmental Cooperation Act
[5 ILCS 220/1 et seq.], Section 10 (Intergovernmental Cooperation) of Article VIl (Local
Government) of the Constitution of the State, the Registered Bond Act, the Illinois Bond
Replacement Act and the Bond Authorization Act. The Bonds are issued to pay costs of financing
the acquisition, construction and installation of Waterworks and Sewerage System facilities and
improvements, and costs of issuance of the Bonds.
[3] [Insert, as applicable: Bonds of this series maturing December 1, 20, are Term
Bonds (the "Term Bonds"), subject to mandatory sinking fund redemption in the principal amount
on December 1 of each of the years, as follows:
Dec. 1, 20 Term Bonds
Principal
Year Amount($)
20 ,000
20 ,000
20 ,000
20 ,000*
*To be paid at maturity unless previously retired.]
[Insert, as applicable: Bonds of this series maturing on and after December 1, 20, shall
be subject to optional redemption prior to maturity on and after December 1, 20_1 in whole on any
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45826793.4/ 1632 t 8.00003
date or in part on any interest payment date, in any order specified (but in inverse order if none is
specified) of maturity, at a redemption price of par, plus accrued interest to the date fixed for
redemption. OR: The Bonds of this series are not subject to call for optional redemption.]
[4] In the event of the redemption of less than all the Bonds of like maturity, the
aggregate principal amount thereof to be redeemed shall be $5,000 or an authorized integral
multiple thereof, and the Bond Registrar shall assign to each Bond of such maturity a distinctive
number for each $5,000 principal amount of such Bond and shall select by lot from the numbers so
assigned as many numbers as, at $5,000 for each number, shall equal the principal amount of such
Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned
numbers so selected; provided that only so much of the principal amount of each Bond shall be
redeemed as shall equal $5,000 for each number assigned to it and so selected.
[5] The Issuer shall deposit with the Paying Agent an amount of money sufficient to pay
the redemption price of all the Bonds or portions of Bonds which are to be redeemed on the
redemption date, together with interest to such redemption date, prior to the redemption date. Notice
of the redemption of Bonds shall be given by first class mail not less than thirty (30) days nor more
than sixty (60) days prior to the date fixed for such redemption to the registered owners of Bonds to
be redeemed at their last addresses appearing on the registration books therefor. The Bonds or portions
thereof specified in such notice shall become due and payable at the redemption price on the
redemption date therein designated, and if, on the redemption date, moneys for payment of the
redemption price of all the Bonds or portions thereof to be redeemed, together with interest to the
redemption date, remain on deposit with the Paying Agent, and if notice of redemption shall have
been mailed as aforesaid (and notwithstanding any defect therein or the lack of actual receipt thereof
by any registered owner), then from and after the redemption date interest on such Bonds or portions
thereof shall cease to accrue and become payable. If there shall be drawn for redemption less than all
of a Bond, the Issuer shall execute and the Bond Registrar shall authenticate and deliver, upon the
surrender of such Bond, without charge to the registered owner thereof, for the unredeemed balance
of the Bond so surrendered, Bonds of like maturity and of the denomination of $5,000 or any
authorized integral multiple thereof.
[6] All notices of redemption shall include at least the information as follows: (1) the
redemption date; (2) the redemption price; (3) if less than all of the Bonds of a given maturity are to be
redeemed, the identification and, in the case of partial redemption of the Bonds, the respective principal
amounts of the Bonds to be redeemed; (4) a statement that on the redemption date the redemption price
will become due and payable upon each such Bond or portion thereof called for redemption and that
interest thereon shall cease to accrue from such date; and (5) the place where such Bonds are to be
surrendered for payment of the redemption price, which place of payment shall be the principal office
of the Paying Agent.
[7] This Bond is transferable only upon the registration books therefor by the Registered
Owner hereof in person, or by such Registered Owners attorney duly authorized in writing, upon
surrender hereof at the principal 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 such
Registered Owners duly authorized attorney, and thereupon a new registered Bond or Bonds, in the
denominations of $5,000 or any authorized integral multiple thereof and of the same aggregate
20
45826793.4/163218.00003
principal amount 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 any authorized
denomination.
[8] The Bond Registrar shall not be required to exchange or transfer any Bond during the
period from the fifteenth (15th) day (whether or not a business day) of the month next preceding any
interest payment date and ending on such interest payment date[ or during a period of fifteen (15) days
next preceding the mailing of a notice of redemption which could designate all or a part of such Bond
for redemption, nor to transfer or exchange any Bond after notice calling such Bond for prepayment
has been mailed, nor during a period of fifteen (15) days next preceding mailing of a notice of
prepayment and redemption of any Bonds]. The Issuer 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 malting
such transfer or exchange. The Issuer, the Paying Agent 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, premium, if any, and interest due hereon and for
all other purposes whatsoever, and all such payments so made to such Registered Owner or upon such
Registered Owners order shall be valid and effectual to satisfy and discharge the liability upon this
Bond to the extent of the sum or sums so paid, and neither the Issuer nor the Paying Agent or the Bond
Registrar shall be affected by any notice to the contrary.
[9] No recourse shall be had for the payment of any Bonds against the Village President
or any member of the President and Board of Trustees or any other officer or employee of the
Issuer (past, present or future) who executes any Bonds, or on any other basis. The Issuer may
remove the Bond Registrar or Paying Agent at any time and for any reason and appoint a successor.
[10] 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.
[ 11 ] The Issuer has designated the Bonds of this series as "qualified tax-exempt
obligations" under Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
[12] 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 general obligation of the Issuer 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 Issuer is within every debt or other limit
prescribed by law.
21
45 82 6793.4/ 163 218.00003
[13] IN WITNESS WHEREOF, the Village of Lemont, Cook, DuPage and Will
Counties, Illinois, 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, all as of the Dated Date set forth above.
(SEAL)
Attest:
Village Clerk
Dated:
VILLAGE OF LEMONT, Cook,
DuPage and Will Counties, Illinois
Village President
[14] CERTIFICATE OF AUTHENTICATION
This is one of the General Obligation Refunding Bonds (Waterworks and Sewerage
Alternate Revenue Source), Series 2026A, described in the within mentioned Bond Ordinance.
as Bond Registrar
Authorized Signer
Bond Registrar and
Paying Agent: _,
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45826793.4/ 163218.00003
[15] ASSIGNMENT
For value received the undersigned sells, assigns and transfers unto
[Name, Address and Tax Identification Number of Assignee]
the within Bond and hereby irrevocably constitutes and appoints
attorney to transfer the within Bond on the books kept for registration thereof,
substitution in the premises.
with full power of
Dated
Signed
Signature Guarantee By:
(Name of Eligible Guarantor Institution as
defined by SEC Rule 17 Ad-15 (17 CFR 240.1
AD-15))
NOTICE: The signature on this assignment must correspond with the name of the Registered
Owner as it appears upon the face of the within Bond in every particular, without
alteration or enlargement or any change whatever.
23
45826793.4l163218.00003
(B) [FORM/SERIES 2026B BONDS]
UNITED STATES OF AMERICA
STATE OF ILLINOIS
COUNTIES OF COOK, DUPAGE AND WILL
VILLAGE OF LEMONT
GENERAL OBLIGATION REFUNDING BOND
(ALTERNATE REVENUE SOURCE),
SERIES 2026B
REGISTERED NO. REGISTERED $
INTEREST RATE: MATURITY DATE: DATED DATE: CUSIP:
Registered Owner:
Principal Amount:
[1] KNOW ALL BY THESE PRESENTS that the Village of Lemont (the "Issuer"), a
non -home rule municipality situated in The Counties of Cook, DuPage and Will, in the State of
Illinois (the "State"), acknowledges itself indebted and for value received hereby promises to
pay to the Registered Owner identified above, or registered assigns, the Principal Amount set
forth above on the Maturity Date specified above, and to pay interest on such Principal Amount
from the later of the Dated Date hereof or the most recent interest payment date to which interest
has been paid, at the Interest Rate per annum set forth 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 semiannually on June 1 and December 1 in each year, commencing , 20,
until the Principal Amount hereof shall have been paid, by check or draft mailed to the Registered
Owner of record hereof as of the close of business on the fifteenth (15th) day (whether or not a
business day) of the calendar month next preceding such interest payment date, at the address of
such Registered Owner appearing on the registration books maintained for such purpose at the
office maintained for such purpose by (the "Paying Agent" or
"Bond Registrar"). Payment of interest shall be made to the Registered Owner hereof as shown
on the registration books of the Village maintained by Bond Registrar at said location at the close
of business on the applicable Record Date. Interest shall be paid by check or draft of the Paying
Agent, payable upon presentation in lawful money of the United States, mailed to the address of
such Registered Owner as it appears on such registration books, or at such other address furnished
in writing by such Registered Owner to the Bond Registrar, or as otherwise agreed by the Village
and the Bond Registrar for so long as this Bond is held by The Depository Trust Company, New
York, New York, the Depository, or nominee, in book -entry only form as provided for same. The
Bonds are payable from the receipts derived by the Issuer from certain Pledged Revenues (that
is, from Utility Taxes and Revenue Sharing Receipts, as each such term is defined in the Bond
Ordinance and although it is expected, and has been certified, that the Bonds are to be paid from
such Utility Taxes and Revenue Sharing Receipts, which Pledged Revenues are pledged to the
payment thereof, the full faith and credit of the Issuer, including the power to levy taxes without
limit as to rate or amount (that is, Pledged Taxes) are irrevocably pledged for the punctual
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45326793.4/ 163 2 18.00003
payment of the principal of and interest on this Bond and each Bond of the series of which it is
a part, according to the terms thereof.
[2] This Bond is one of a series of Bonds issued in the aggregate principal amount
of, which are all of like tenor, except as to maturity, interest rate and right of and redemption, and
which are authorized and issued under and pursuant to and in accordance with Ordinance No.
adopted by the President and Board of Trustees of the Issuer on , 2026, and
entitled: "AN ORDINANCE AUTHORIZING THE ISSUANCE OF (i) GENERAL
OBLIGATION REFUNDING BONDS (WATERWORKS AND SEWERAGE ALTERNATE
REVENUE SOURCE), SERIES 2026A, AND (ii) GENERAL OBLIGATION REFUNDING
BONDS (ALTERNATE REVENUE SOURCE), SERIES 2026B, OF THE VILLAGE OF
LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, PROVIDING THE
DETAILS OF SUCH BONDS AND FOR APPLICABLE ALTERNATE REVENUE SOURCES
AND THE LEVY OF DIRECT ANNUAL TAXES, AS APPLICABLE, SUFFICIENT TO PAY
THE PRINCIPAL OF AND INTEREST ON SUCH BONDS, AND RELATED MATTERS"
(with respect to which undefined terms herein shall have the meanings therein, the "Bond
Ordinance", as supplemented and amended), pursuant to the Constitution and laws of the State,
including Section 15 of the Local Government Debt Reform Act (Section 350/15 of Chapter 30
of the Illinois Compiled Statutes, in connection with "alternate bonds", as supplemented and
amended), Division 139 of Article 1 I of the Illinois Municipal Code (Section 5/11-139-1 et seq.
of Chapter 65 of the Illinois Compiled Statutes), as supplemented and amended, and applicable
law in connection with the imposition, distribution, receipt and application of Net Revenues of the
Issuer's Waterworks and Sewerage System, including by the Intergovernmental Cooperation Act
[5 ILCS 220/1 et seq.], Section 10 (Intergovernmental Cooperation) of Article VII (Local
Government) of the Constitution of the State, the Registered Bond Act, the Illinois Bond
Replacement Act and the Bond Authorization Act. The Bonds are issued to pay costs of
refinancing the acquisition, construction and installation of a new police station, and costs of
issuance of the Bonds.
[3] [Insert, as applicable: Bonds of this series maturing December 1, 20, are Term
Bonds (the "Term Bonds"), subject to mandatory sinking fiend redemption in the principal amount
on December 1 of each of the years, as follows:
Dec. 1. 20 Term Bonds
Principal
Year
Amount($)
20
,000
20
,000
20
,000
20
,000*
*To be paid at maturity unless previously retired.]
[Insert, as applicable: Bonds of this series maturing on and after December 1, 20, shall
be subject to optional redemption prior to maturity on and after December 1, 20, in whole on any
date or in part on any interest payment date, in any order specified (but in inverse order if none is
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45826793.4/ 163218.00003
specified) of maturity, at a redemption price of par, plus accrued interest to the date fixed for
redemption. OR: The Bonds of this series are not subject to call for optional redemption.]
[4] In the event of the redemption of less than all the Bonds of like maturity, the
aggregate principal amount thereof to be redeemed shall be $5,000 or an authorized integral
multiple thereof, and the Bond Registrar shall assign to each Bond of such maturity a distinctive
number for each $5,000 principal amount of such Bond and shall select by lot from the numbers so
assigned as many numbers as, at $5,000 for each number, shall equal the principal amount of such
Bonds to be redeemed. The Bonds to be redeemed shall be the Bonds to which were assigned
numbers so selected; provided that only so much of the principal amount of each Bond shall be
redeemed as shall equal $5,000 for each number assigned to it and so selected.
[5] The Issuer shall deposit with the Paying Agent an amount of money sufficient to pay
the redemption price of all the Bonds or portions of Bonds which are to be redeemed on the
redemption date, together with interest to such redemption date, prior to the redemption date. Notice
of the redemption of Bonds shall be given by first class mail not less than thirty (30) days nor more
than sixty (60) days prior to the date fixed for such redemption to the registered owners of Bonds to
be redeemed at their last addresses appearing on the registration books therefor. The Bonds or portions
thereof specified in such notice shall become due and payable at the redemption price on the
redemption date therein designated, and if, on the redemption date, moneys for payment of the
redemption price of all the Bonds or portions thereof to be redeemed, together with interest to the
redemption date, remain on deposit with the Paying Agent, and if notice of redemption shall have
been mailed as aforesaid (and notwithstanding any defect therein or the lack of actual receipt thereof
by any registered owner), then from and after the redemption date interest on such Bonds or portions
thereof shall cease to accrue and become payable. If there shall be drawn for redemption less than all
of a Bond, the Issuer shall execute and the Bond Registrar shall authenticate and deliver, upon the
surrender of such Bond, without charge to the registered owner thereof, for the unredeemed balance
of the Bond so surrendered, Bonds of like maturity and of the denomination of $5,000 or any
authorized integral multiple thereof.
[6] All notices of redemption shall include at least the information as follows: (1) the
redemption date; (2) the redemption price; (3) if less than all of the Bonds of a given maturity are to be
redeemed, the identification and, in the case of partial redemption of the Bonds, the respective principal
amounts of the Bonds to be redeemed; (4) a statement that on the redemption date the redemption price
will become due and payable upon each such Bond or portion thereof called for redemption and that
interest thereon shall cease to accrue from such date; and (5) the place where such Bonds are to be
surrendered for payment of the redemption price, which place of payment shall be the principal office
of the Paying Agent.
[7] This Bond is transferable only upon the registration books therefor by the Registered
Owner hereof in person, or by such Registered Owners attorney duly authorized in writing, upon
surrender hereof at the principal 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 such
Registered Owners duly authorized attorney, and thereupon a new registered Bond or Bonds, in the
denominations of $5,000 or any authorized integral multiple thereof and of the same aggregate
principal amount as this Bond shall be issued to the transferee in exchange therefor. In like manner,
26
45826793.4/ 163218.00003
this Bond may be exchanged for an equal aggregate principal amount of Bonds of any authorized
denomination.
[8] The Bond Registrar shall not be required to exchange or transfer any Bond during the
period from the fifteenth (15th) day (whether or not a business day) of the month next preceding any
interest payment date and ending on such interest payment date[ or during a period of fifteen (15) days
next preceding the mailing of a notice of redemption which could designate all or a part of such Bond
for redemption, nor to transfer or exchange any Bond after notice calling such Bond for prepayment
has been mailed, nor during a period of fifteen (15) days next preceding mailing of a notice of
prepayment and redemption of any Bonds]. The Issuer 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 malting
such transfer or exchange. The Issuer, the Paying Agent 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, premium, if any, and interest due hereon and for
all other purposes whatsoever, and all such payments so made to such Registered Owner or upon such
Registered Owners order shall be valid and effectual to satisfy and discharge the liability upon this
Bond to the extent of the sum or sums so paid, and neither the Issuer nor the Paying Agent or the Bond
Registrar shall be affected by any notice to the contrary.
[9] No recourse shall be had for the payment of any Bonds against the Village President
or any member of the President and Board of Trustees or any other officer or employee of the
Issuer (past, present or future) who executes any Bonds, or on any other basis. The Issuer may
remove the Bond Registrar or Paying Agent at any time and for any reason and appoint a successor.
[10] 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.
[11] The Issuer has designated the Bonds of this series as "qualified tax-exempt
obligations" under Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.
[12] 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 general obligation of the Issuer 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 Issuer is within every debt or other limit
prescribed by law.
27
45826793.4/163218.00003
[13] IN WITNESS WHEREOF, the Village of Lemont, Cook, DuPage and Will
Counties, Illinois, 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, all as of the Dated Date set forth above.
(SEAL)
Attest:
Village Cleric
Dated:
VILLAGE OF LEMONT, Cook,
DuPage and Will Counties, Illinois
Village President
[14] CERTIFICATE OF AUTHENTICATION
This is one of the General Obligation Refunding Bonds (Alternate Revenue Source),
Series 2026B, described in the within mentioned Bond Ordinance.
as Bond Registrar
LOW
Authorized Signer
Bond Registrar and
Paying Agent: ,
28
45826793.4/ 163218.00003
[15] ASSIGNMENT
For value received the undersigned sells, assigns and transfers unto
[Name, Address and Tax Identification Number of Assignee]
the within Bond and hereby irrevocably constitutes and appoints
attorney to transfer the within Bond on the books kept for registration thereof,
substitution in the premises.
with full power of
Dated
Signed
Signature Guarantee By:
(Name of Eligible Guarantor Institution as
defined by SEC Rule 17 Ad-15 (17 CFR 240.1
AD-15))
NOTICE: The signature on this assignment must correspond with the name of the Registered
Owner as it appears upon the face of the within Bond in every particular, without
alteration or enlargement or any change whatever.
29
45926793.4/163219.00003
Section 10. Levy and Extension of Taxes. For the purpose of providing the
money required to pay the interest on each series of the Bonds when and as the same falls due and
to pay and discharge the principal thereof as the same shall mature, there shall be levied upon all
the taxable property within the Issuer's corporate limits in each year while any of the Bonds shall
be Outstanding, direct annual taxes sufficient for that purpose and there is hereby levied upon all
of the taxable property within the Issuer's corporate limits, in addition to all other taxes, the
following direct annual taxes, in the amounts for each year, commencing not before levy year 2026
and ending not later than 2029 with respect to the Series 2026A Bonds and not exceeding $510,000
per year, and commencing not before levy year 2026 and ending not later than 2031 with respect
to the Series 2026B Bonds and not exceeding $510,000 per year, as correspond to each series of
Prior Bonds, as applicable, as shall be specified in one or more Bond Orders.
To the extent lawful, 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 such taxes shall have been
collected, reimbursement shall be made to such fund or funds from which such advance was made
in the amounts thus advanced.
As soon as this ordinance becomes effective, a copy thereof, certified by the Village
Clerk of the Issuer, which certificate shall recite that this ordinance has been duly adopted, shall be
filed with the County Clerks of Cook, DuPage and Will Counties, Illinois (the "County Clerks"),
who are hereby directed to ascertain the rate percent required to produce the aggregate tax provided
to be levied in the years, as set forth above and to extend the same for collection on the tax books in
connection with other taxes levied in each of such years, in and by the Issuer for general corporate
purposes of the Issuer, and in each of such years such annual tax shall be levied and collected in like
manner as taxes for general corporate purposes for each of such years are levied and collected and,
when collected, such taxes shall be used solely for the purpose of paying the principal of and interest
on the Bonds herein authorized as the same become due and payable.
The Issuer covenants and agrees with the registered owners of the Bonds that so
long as any of the Bonds remain Outstanding, and except as to conform the tax levies to actual
interest rates in a Bond Order different than as set forth in Section 3a above, the Issuer will not
cause the abatement of the foregoing taxes and otherwise will take no action or fail to take any
action which in any way would adversely affect the ability of the Issuer to levy and collect the
foregoing taxes, unless and to the extent there then shall be moneys irrevocably on deposit therefor
in the applicable debt service account or accounts established under Section 12 below. The Issuer
and its officers will comply with all present and future applicable laws in order to assure that the
foregoing taxes will be levied, extended and collected as provided herein and deposited in the
applicable debt service accounts established in Section 12 below to pay the principal of and interest
on the Bonds; and whenever the debt service deposit requirements in this paragraph have been
satisfied, the Corporate Authorities shall duly direct the abatement of the Levied Taxes or Pledged
Taxes for the year with respect to which such taxes have been levied, to the extent so satisfied, and
appropriate certification of such abatement shall be timely filed with the County Clerks in
connection with such abatement. If for any reason there is abatement of such levy of taxes and the
failure thereafter to pay debt service in respect of such abatement, the additional amount, together
with additional interest accruing, shall be added to the tax levy in the year of, or the next year
following, such failure.
Me
45826793.4/ 163218.00003
Section 11. Related Agreements. Each applicable Purchase Agreement,
Refunding Agreement and Disclosure Agreement, in substantially the forms thereof presented
before the meeting of the Corporate Authorities at which this ordinance is adopted, shall be and are
hereby approved and authorized to be executed, delivered and performed.
The Official Statement in connection with each series of the Bonds, as presented
before the Corporate Authorities in preliminary form, shall be and is hereby approved, deemed final
under Rule 15c2-12 and is authorized to be used by the Underwriter in the offering and sale of the
Bonds. The Preliminary Official Statement is hereby authorized to be completed to constitute a final
Official Statement under such Rule 15c2-12. The Issuer is authorized to cooperate with the
Underwriter in connection with compliance by the Underwriter with Rule 15c2-12 and applicable
riles of the Municipal Securities Rulemaking Board related to the Bonds.
All things done with respect to each applicable Purchase Agreement, Refunding
Agreement, Disclosure Agreement and the Official Statement by the Issuer's Village President,
Village Clerk, Village Treasurer or Village Attorney, in connection with the issuance and sale of
the Bonds, shall be and are hereby in all respects ratified, confirmed and approved. The Village
President, Village Clerk, Village Treasurer, Village Attorney and other officials of the Issuer are
hereby authorized and directed to do and perform, or cause to be done or performed for or on behalf
of the Issuer, each and every thing necessary for the issuance of the Bonds, including the proper
execution, delivery and performance by the Issuer of the Official Statement and each Disclosure
Agreement, Refunding Agreement and Purchase Agreement, and related instruments and
certificates, such documents to be in substantially the form presented at the meeting of the
Corporate Authorities which the ordinance is adopted, with such changes therein as the officers
executing them shall approve, and the purchase by and delivery of the Bonds to or at the direction
of the Underwriter.
No elected or appointed officer of the Issuer is in any manner interested, directly or
indirectly, in his or her own name or in the name of any other person, association, trust or
corporation in the Purchase Agreement.
Section 12. Special Funds and Accounts. Upon the issuance of any of the Bonds,
the Issuer shall continue to be operated on a Fiscal Year basis (May 1 to April 30). All of the Pledged
Revenues when received by the Village Treasurer or other financial officer of the Issuer receiving
Pledged Revenues, subject to any prior lien or pledge, shall be set aside as and when received and
shall be deposited in a separate fiend and in an account in a bank to be designated or continued, as
the case may be, by the Issuer, which fiend is created and established or, as applicable, continued, as
the Issuer's "Revenue Fund" (the "Fund"), which shall constitute a trust fund for the sole purpose
of carrying out the covenants, terms, and conditions of this Ordinance, including, without limitation,
the establishment therein of the "Bond and Interest Account" (within which shall be a Junior Debt
Service Account, and therein a separate subaccount identified for each series of Bonds, with respect
to Junior Bonds (i.e., the Bonds) and may be a Senior Debt Service Account with respect to Senior
Bonds), the "Depreciation Account" and the "Surplus Account."
There shall be credited and paid into the Revenue Fund, on or before the business
day next preceding the first day of each month, by the Village Treasurer or other appropriate
financial officer of the Issuer, without any further official action or direction other than this Bond
Ordinance, in the order in which such Accounts are hereinafter mentioned, subject to the
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45926793.4/ 16321 &00003
requirements of any account having a prior claim, all moneys in the Fund in accordance with the
following provisions (provided that receipts of Pledged Taxes for debt service shall be credited or
deposited directly into a separate subaccount under (a) or (b) below, as applicable):
(a) Senior Debt Service Account: After any initial deposit required this
Ordinance, there shall be deposited and credited to the Senior Debt Service Account and held, in
cash and investments, a fractional amount (not less than 1/6) of the interest becoming due on the
next succeeding interest payment date on all outstanding senior bonds and also a fractional amount
(not less than 1/12) of the principal becoming due (or subject to mandatory redemption) on the next
succeeding principal maturity date of all of the Outstanding Senior Bonds until there shall have
been accumulated and held in cash and investments in such Account on or before the month
preceding such interest payment date or principal maturity date, or both, an amount sufficient to
pay such principal or interest, or both.
In computing the fractional amount to be set aside each month in such Senior Debt
Service Account, the fraction shall be so computed that a sufficient amount will be set aside in such
Senior Debt Service Account and will be available for the prompt payment of such principal of and
interest on all Outstanding Senior Bonds and shall be not less than one -sixth (1/6) of the interest
becoming due on the next succeeding interest payment date and not less than one -twelfth (1/12) of
the principal becoming due (or subject to mandatory redemption) on the next succeeding principal
payment date on all Outstanding Senior Bonds until there is sufficient money in such Senior Debt
Service Account to pay such principal or interest, or both.
Credits into such Senior Debt Service Account may be suspended in any bond year
at such time as there shall be a sufficient sum held in cash and investments in such Account to meet
principal and interest requirements in such Account for the balance of such bond year, but such
credits shall again be resumed at the beginning of the next bond year. All moneys in such Senior
Debt Service Account shall be used only for the purpose of paying interest and principal and
applicable premium on Outstanding Senior Bonds.
(b) Junior Debt Service Account: After any initial deposit required by
subsection (a) above, there shall be deposited and credited to the Junior Debt Service Account and
held, in cash and investments, a fractional amount (not less than 1/6) of the interest becoming due
on the next succeeding interest payment date on all outstanding Junior Bonds and also a fractional
amount (not less than 1/12) of the principal becoming due (or subject to mandatory redemption) on
the next succeeding principal maturity date of all of the outstanding Junior Bonds until there shall
have been accumulated and held in cash and investments in such Account on or before the month
preceding such interest payment date or principal maturity date, or both, an amount sufficient to
pay such principal or interest, or both.
In computing the fractional amount to be set aside each month in such Junior Debt
Service Account, the fraction shall be so computed that a sufficient amount will be set aside in such
Junior Debt Service Account and will be available for the prompt payment of such principal of and
interest on all Outstanding Junior Bonds and shall be not less than one -sixth (1/6) of the interest
becoming due on the next succeeding interest payment date and not less than one -twelfth (1/12) of
the principal becoming due (or subject to mandatory redemption) on the next succeeding principal
payment date on all Outstanding Junior Bonds until there is sufficient money in such Junior Debt
Service Account to pay such principal or interest, or both.
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Credits into such Junior Debt Service Account may be suspended in any bond year
at such time as there shall be a sufficient sum held in cash and investments in such Account to meet
principal and interest requirements in such Account for the balance of such bond year, but such
credits shall again be resumed at the beginning of the next bond year. All moneys in such Junior
Debt Service Account shall be used only for the purpose of paying interest and principal and
applicable premium on Outstanding Junior Bonds.
(c) Depreciation Account: There shall next be paid into the Depreciation
Account, after the required payments have been made into the accounts above referred to, the sums
from time to time as the Issuer directs, and thereafter no additional payments shall be made into such
Account except that when any money is paid out of such Account, monthly payments into such
Account shall be made in the amounts from time to time as the Issuer directs.
The moneys in the Depreciation Account shall be used to pay the cost of such
replacements and repairs to the Prior Projects as may be necessary from time to time for the
continued effective and efficient operation of the Prior Projects. Each expenditure to be made from
such Account to pay the cost of necessary replacement and repairs to the Prior Projects, as above
provided for, shall be made only after the Issuer has certified that such expenditure is necessary
to the continued effective and efficient operation of the Prior Projects. If necessary, the moneys in
such Account may be applied to prevent or remedy a default in the payment of the principal of or
interest on the Bonds. When any amount is withdrawn from such Account and applied, the amount
so applied shall be added to the amount to be thereafter paid into such Account until frill
reimbursement to such Account has been made.
(d) Surplus Account: All moneys remaining in the Fund, after crediting the
required amounts to the respective Accounts above, and after making up any deficiency in the
Accounts above, shall be credited to the Surplus Account and then, such surplus shall be used, if at
all, for one or more of the following purposes, without any priority among them:
(1) For any authorized general or specific corporate purpose for which, as
applicable, Sales Taxes and/or Revenue Sharing Receipts may be lawfully
expended;or
(2) For the purpose of calling and redeeming Outstanding Bonds payable from
applicable Pledged Revenues; or
(3) For the purpose of paying principal and interest and applicable premium on
any subordinate bonds or obligations for which, as applicable, Sales Taxes
and/or Revenue Sharing Receipts may be lawfully expended; or
(4) For any other lawful purpose for which Sales Taxes and/or Revenue Sharing
Receipts may be lawfully expended, including the purchase of Outstanding
Bonds at a price of not to exceed par plus any premium and accrued interest.
(e) Investments: Money to the credit of any Debt Service Account may be
invested from time to time by the Village's Treasurer in (i) interest -bearing bonds, notes, or other
direct full faith and credit obligations of the United States of America, (ii) obligations
unconditionally guaranteed as to both principal and interest by the United States of America, or
(iii) certificates of deposit or time deposits of any bank or savings and loan association, as defined
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by Illinois laws, provided such bank or savings and loan association is insured by the Federal
Deposit Insurance Corporation or a successor corporation to the Federal Deposit Insurance
Corporation and provided further that the principal of such deposits are secured by a pledge of
obligations as described in this Ordinance in the full principal amount of such deposits, or otherwise
collateralized in such amount and in such manner as may be required by law. Such investments
may be sold from time to time by the Village Treasurer as funds may be needed for the purpose for
which such Accounts have been created. Other investments shall be in Qualified Investments in
accordance with applicable law.
All interest on any funds so invested shall be credited to the applicable Account of
the Fund and is deemed and allocated as expended with the next expenditure or expenditures of
money from the applicable Account of the Fund.
Moneys in any of such accounts shall be invested by the Village Treasurer, if
necessary, in investments restricted as to yield, which investments may be in U.S. Treasury
Securities - State and Local Government Series, if available, and to such end the Village Treasurer
shall refer to any investment restrictions covenanted by the Village or any officer as part of the
transcript of proceedings for the issuance of the Bonds, and to appropriate opinions of counsel.
Section 13. Bond Proceeds Account. Except for accrued interest received on the
sale of each series of Bonds (and an amount of applicable Bond proceeds or other available funds to
pay interest to and including the first interest payment date as specified in a Bond Order), which
shall be deposited upon issuance of the Bonds into the applicable Junior Debt Service Account and
Debt Service Fund, all remaining proceeds derived from the sale of each series of the Bonds, and
net of applicable issuance costs directly to be paid by the Underwriter, shall be deposited in the
"Bond Proceeds Account" identified to each series of Bonds as ("Series 2026[A, B]"), within each
of which there further shall be a "Refunding Subaccount" with respect to applicable refunding costs
not paid by a deposit into a Refunding Account or a Refunding Deposit, which are hereby
established as special accounts and subaccounts of the Issuer. Moneys in the applicable subaccount
or subaccounts of the applicable Bond Proceeds Account shall be used for the purposes specified
in Section 3 of this ordinance (that is, the costs of each applicable refunding with respect to which
that series of Bonds was issued) and for the payment of costs of issuance of such Bonds, but may
hereafter be reappropriated and used for other lawful purposes in accordance with applicable law.
Before any such reappropriation shall be made, there shall be requested and filed with the Village
Clerk of the Issuer an opinion of Miller, Canfield, Paddock and Stone, P.L.C., Chicago, Illinois,
or other nationally recognized bond counsel ("Bond Counsel") to the effect that such
reappropriation is authorized and will not adversely affect the tax-exempt status of the Bonds
under Section 103 of the Internal Revenue Code of 1986, as amended. Moneys in each subaccount
of the Bond Proceeds Account be withdrawn from time to time as needed for the payment of costs
and expenses incurred by the Issuer in connection with each applicable refunding and for paying
the fees and expenses incidental thereto. Moneys shall be withdrawn from the depositary in
connection with such finds from time to time by the Village Treasurer or other appropriate
financial officer of the Issuer only upon submission to such officer of the following (provided that
finds to refund Prior Bonds shall be directly applied without this process either from an applicable
Refunding Account or Refunding Subaccount under a Refunding Agreement).
Section 14. Issuance of Additional Bonds. The Issuer reserves the right to
issue:
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(a) Parity Bonds payable from applicable Pledged Revenues without limit
provided that the applicable Pledged Revenues, as determined or as adjusted as hereinbelow
set out shall be sufficient to provide for or pay all of the following (as applicable):
(1) Operation and Maintenance Expenses of the Waterworks and Sewerage System (with
respect to Waterworks and Sewerage System Net Revenues and the Series 2026A Bonds),
as the case may be, (but not including depreciation), (ii) debt service on all Outstanding
bonds payable from such Pledged Revenues computed immediately after the issuance of
any proposed Parity Bonds, (ill) all amounts required to meet any fund or account
requirements with respect to such Outstanding bonds, (iv) other contractual or tort liability
obligations then due and payable, if any, and (e) an additional amount not less than 0.25 times
debt service (as provided in Section 15 of the Debt Reform Act) on such of the Alternate Bonds
as shall remain Outstanding bonds after the issuance of the proposed Parity Bonds. Such
sufficiency shall be calculated for each year to the final maturity of such Alternate Bonds which
shall remain Outstanding after the issuance of the proposed Parity Bonds. The determination of
the sufficiency of the applicable Pledged Revenues shall be supported by reference to the most
recent audit of the Issuer, which audit shall be for a Fiscal Year ending not earlier than
eighteen (18) months previous to the time of issuance of the proposed Parity Bonds. If such
audit shows the applicable Pledged Revenues to be insufficient, then the determination of
sufficiency, supported by a "report" under the Debt Reform Act, may be made in either of the
following two ways:
1. The applicable source of Pledged Revenues in connection with the
Series 2026A Bonds may be adjusted in the event there has been an increase in the
rates or revenues of the Waterworks and Sewerage System, as the case may be, from
the revenues or the rates in effect for the Fiscal Year of such audit (if such rate increase
is still in effect at the time of the issuance of such proposed Parity Bonds) or other
applicable Pledged Revenues to show such Pledged Revenues as they would have been
if such increased rates had been in effect during all of said Fiscal Year. Any such
adjusted statement of Pledged Revenues shall be evidenced by the certificate of an
independent consulting engineer, an independent certified public accountant or an
independent financial consultant employed for such purpose, in accordance with
applicable law.
2. The determination of sufficiency of such Pledged Revenues may be
supported by the report of an independent accountant or feasibility analyst, the latter
having a national reputation for expertise in such matters, demonstrating the
sufficiency of the applicable Pledged Revenues and explaining by what means they
will be greater than as shown in the audit and sufficient under the Debt Reform Act.
The reference to and acceptance of an audit, an adjusted statement of the
Pledged Revenues, or a report, as the case may be, and the determination of the
Corporate Authorities of the sufficiency of the applicable Pledged Revenues shall be
conclusive evidence that the conditions of this Section 14(a) have been met and that the
Parity Bonds are properly issued hereunder; and no right to challenge such determination
is granted to the registered owners of the Bonds.
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(b) bonds or other obligations payable from applicable Pledged Revenues
subordinate to the lien of any prior or superior bonds which remain Outstanding after the
issuance of such bonds or other obligations.
Section 15. Arbitrage Rebate. The Issuer shall comply with the provisions of
Section 148(f) of the Code relating to the rebate of certain investment earnings at periodic intervals
to the United States of America to the extent that there shall have been filed with the Village Clerk of
the Issuer an opinion of Bond Counsel to the effect that such compliance is necessary to preserve the
exclusion from gross income for federal income tax purposes of interest on any series of the Bonds
under Section 103 of the Code. There is hereby authorized to be created a separate and special accounts
identified to each issue of the Bonds, each to be known as the "Rebate Account", and for the identified
"Series 2026[A, B]" to each applicable series. of Bonds or into which there shall be deposited as
necessary investment earnings to the extent required so as to maintain the tax-exempt status of the
interest on the applicable series of Bonds raider Section 148(f) of the Code. All rebates, special
impositions or taxes for such purpose payable to the United States of America (Internal Revenue
Service) shall be payable from applicable excess earnings or other sources which are to be deposited
into the appropriate Rebate Account.
Section 16. Investment Regulations. All investments shall be in Qualified
Investments, unless otherwise expressly herein provided. No investment shall be made of any moneys
in the Junior Debt Service Account, related to each series of the Bonds, or the Bond Proceeds Account
related to each series of the Bonds, except in accordance with the tax covenants and other covenants set
forth in Section 17 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 fiord 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 Fiscal Service. The Village
Treasurer or other appropriate financial officer of the Issuer and agents designated by such officer are
hereby authorized to submit on behalf of the Issuer subscriptions for such United States Treasury
Securities and to request redemption of such United States Treasury Securities.
Section 17. Non -Arbitrage and Tax -Exemption. One purpose of this Section is to
set forth various facts regarding the Bonds and to establish the expectations of the Corporate Authorities
and the Issuer as to future events regarding the Bonds and the use of Bond proceeds. The certifications
and representations made herein and at the time of the issuance of the Bonds are intended, and may be
relied upon, as certifications and expectations described in Section 1.148-1 et seq. of the Income Tax
Regulations dealing with arbitrage and rebate (the "Regulations"). The covenants and agreements
contained herein and at the time of the issuance of the Bonds are made for the benefit of the registered
owners from time to time of the Bonds. The Corporate Authorities and the Issuer agree, certify,
covenant and represent as follows:
(a) The Bonds are being issued to pay costs of refinancing the Prior Projects by
refunding the Prior Bonds and related costs and expenses, and all of the amounts received
upon the sale of the Bonds, plus all investment earnings thereon (the "Proceeds") are needed
for the purposes for which the Bonds are being issued. The Prior Bonds will be retired as
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provided in a Refunding Agreement or as provided with respect to one or more Refunding
Deposits.
(b) The Issuer has entered into, or did within six months from the date of issue
of the Prior Bonds enter into, and with respect to the Project will enter into, binding
contracts or commitments obligating it to spend at least 5% of the proceeds of the Bonds
and the applicable Prior Bonds for constructing, acquiring and installing a particular Prior
Project. The work of acquiring, constructing and installing the Prior Projects continued to
proceed with due diligence to completion within 3 years of issuance, at which time all of
the Prior Bond Proceeds were spent and all of the Bond Proceeds are expected to be spent.
There are no unspent Prior Bond proceeds.
(c) The Issuer has on hand no funds which could legally and practically be used
for refunding the Prior Bonds by refunding the Prior Projects which are not pledged,
budgeted, earmarked or otherwise necessary to be used for other purposes. Accordingly, no
portion of the Proceeds will be used (i) directly or indirectly to replace funds of the Issuer
or any agency, department or division thereof that could be used for refunding the Prior
Bonds, or (ii) to replace any proceeds of the Bonds or any prior issuance of obligations by
the Issuer. No portion of any issue of the Bonds is being issued solely for the purpose of
investing Proceeds at a Yield higher than the Yield on any issue of Bonds. For purposes of
this Section, "Yield" means that yield (that is, the discount rate) which when used in
computing the present worth of all payments of principal and interest to be paid on an
obligation (using semi-annual compounding on the basis of a 360-day year) produces an
amount equal to the purchase price of the applicable series of the Bonds, including accrued
interest, and the purchase price of the Bonds is equal to the first offering price at which
more than 10% of the principal amount of each maturity of a particular series of the Bonds
is sold to the public (excluding bond houses, brokers or similar persons or organizations
acting in the capacity of underwriters or wholesalers).
(d) All principal proceeds of the Bonds, net of accrued interest and issuance costs
directly paid by the Underwriter, will be deposited in the applicable Bond Proceeds Account
(or deposited as Refunding Deposits with the paying agents for the applicable Prior Bonds
or funding a Refunding Account under a Refunding Agreement) and used to pay costs of the
Project or refunding the Prior Bonds and costs of issuance of the Bonds, and any accrued
interest and premium received on the delivery of the Bonds will be deposited in the
applicable subaccounts of the Junior Debt Service Accounts and/or the Debt Service Fund
and used to pay the first interest due on Bonds. Earnings on the investment of moneys in any
find or account or subaccount will be credited to that fiord or account. Other refunding costs,
including issuance costs of the Bonds, will be paid directly from other proceeds or from the
applicable Bond Proceeds Account, and no other moneys are expected to be deposited
therein. This ordinance provides that moneys in a Depreciation Account may be applied to
pay debt service on the Series 2026A and Series 2026B Bonds in the event there shall be an
insufficiency therefor. However, due to the expected application of such moneys to pay costs
of replacement, repair and extraordinary maintenance of the Waterworks and Sewerage
System, it is unlikely such moneys will be available for such purpose. Interest on and
principal of Bonds will be paid from the applicable Junior Debt Service Account and the
Debt Service Fund. Except as provided in a Refunding Agreement, no Proceeds will be
used more than ninety (90) days after the date of issue of the Bonds for the purpose of
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paying any principal or interest on any other issue of bonds, notes, certificates or warrants
or on any installment contract or other obligation of the Issuer or for the purpose of
replacing any funds of the Issuer used for such purpose.
(e) Each Junior Debt Service Account (except the related Pledged Subaccount)
and the (except the related Pledged Subaccount) Debt Service Fund is established to
achieve a proper matching of revenues and earnings with debt service in each year for the
related series of Bonds. Other than any amounts held to pay principal of matured Bonds
that have not been presented for payment, it is expected that any moneys deposited in the
applicable Junior Debt Service Account (except the related Pledged Subaccount) and Debt
Service Fund (except the related Pledged Subaccount) will be spent within the 12-month
period beginning on the date of deposit therein. Any earnings from the investment of
amounts in the applicable Junior Debt Service Account (except the related Pledged
Subaccount) and Debt Service Fund (except the related Pledged Subaccount) will be spent
within a one-year period beginning on the date of receipt of such investment earnings.
Other than any amounts held to pay principal of matured Bonds that have not been
presented for payment, it is expected that each Junior Debt Service Account (except the
related Pledged Subaccount) and the Debt Service Fund (except the related Pledged
Subaccount) will be depleted at least once a year, except for a reasonable carryover amount
not to exceed the greater of (i) one -year's earnings on the investment of moneys in each
Junior Debt Service Account (except the related Pledged Subaccount) and the Debt Service
Fund (except the related Pledged Subaccount), or (ii) in the aggregate one -twelfth (1/12th)
of the annual debt service on the applicable series of related Bonds.
(f) Other than the applicable Junior Debt Service Account and the Debt Service
Fund, no fiends or accounts, including any Depreciation Account, have been or are expected
to be established, and no moneys or property have been or are expected to be pledged (no
matter where held or the source thereof) which will be available to pay, directly or
indirectly, the Bonds or restricted so as to give reasonable assurance of their availability for
such purposes. No property of any kind is pledged to secure, or is available to pay,
obligations of the Issuer to any credit enhancer or liquidity provider.
(g) (1) All amounts on deposit in the applicable Bond Proceeds Account or in the
applicable Junior Debt Service Account and Debt Service Fund and all Proceeds, no matter
in what finds or accounts deposited ("Gross Proceeds"), to the extent not exempted in (ii)
below, and all amounts in any find or account or subaccount pledged directly or indirectly
to the payment of the related series of Bonds which will be available to pay, directly or
indirectly, the related series of Bonds or restricted so as to give reasonable assurance of their
availability for such purpose contrary to the expectations set forth in (f) above, shall be
invested at market prices and at a Yield not in excess of the Yield on such Bonds plus, for
amounts in the applicable Bond Proceeds Account to be applied to finance the applicable
projects with excess proceeds, 1/8 of 1%.
(ii) The following may be invested without Yield restriction:
(A) amounts invested in obligations described in Section 103(a) of the
Code (but not specified private activity bonds as defined in Section 57(a)(5)(C) of
the Code), the interest on which is not includable in the gross income of any
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registered owner thereof for federal income tax purposes ("Tax -Exempt
Obligations");
(B) amounts deposited in the applicable Junior Debt Service Account that
are reasonably expected to be expended within thirteen (13) months from the deposit
date and have not been on deposit therein for more than thirteen (13) months;
(C) amounts, if any, in the Bond Proceeds Account constituting excess
proceeds to be applied to a project to the earlier of completion (or abandonment) of such
improvements or three (3) years from the date of issue of the particular series of related
Bonds for each such project;
(D) an amount not to exceed the lesser of $100,000 or 5% of a particular
series of Bond proceeds;
(E) all amounts for the first thirty (30) days after they become Gross
Proceeds (e.g., date of deposit in any fund or account securing a particular series of
Bonds); and
(F) all amounts (other than with respect to refundings) derived from the
investment of the Proceeds for a period of one (1) year from the date received.
(h) Subject to (q) below, once moneys are subject to the Yield limits of (g)(i) above,
such moneys remain Yield restricted until they cease to be Gross Proceeds.
(i) Pursuant to Section 148(f)(4)(D) of the Code, the Issuer is not excepted from the
required rebate of arbitrage profits on the Bonds. The Issuer is a governmental unit with general
taxing powers, none of the Bonds is a "private activity bond" as defined in Section 141(a) of the
Code, and all the net proceeds of the Bonds are to be used for the local government activities of
the Issuer (i.e., the Refunding Prior Bonds), the aggregate face amount of all tax-exempt
obligations (and excluding "private activity bonds" as defined in the Code) to be issued by the
Issuer and all subordinate entities thereof (of which there are none) during the calendar year of
issuance of the Bonds, including the Bonds, is reasonably expected to exceed $10,000,000 to be
taken into account under such Section 148(f)(4)(D) of the Code. In any event, the Issuer reserves
the right to use any applicable exception from such arbitrage rebate, including the 6-month
expenditure and 2-year construction spend down exception under Section 148(f)(4)(C) of
the Internal Revenue Code of 1986, as amended, or the 18-month expenditure exception
under Section 1.148-7(d) of the Regulations, and the Village President is authorized to
select and document any such exception.
0) None of the Proceeds will be used, directly or indirectly, to replace finds
which were used in any business carried on by any person other than a state or local
governmental unit.
(k) The payment of the principal of or the interest on any series of the Bonds
will not be, directly or indirectly: (A) secured by any interest in (i) property used or to be
used for a private business use by any person other than a state or local governmental unit,
or (ii) payments in respect of such property, or (B) derived from payments (whether or not
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by or to the Issuer), in respect of property, or borrowed money, used or to be used for a
private business use by any person other than a state or local governmental unit.
(1) None of the Proceeds will be used, directly or indirectly, to make or finance
loans to persons other than a state or local governmental unit.
(m) No user of any Prior Project, other than a state or local government unit, will
use such Prior Project on any basis other than the same basis as the general public, and no
person other than a state or local governmental unit will be a user of such Prior Project as a
result of (i) ownership, or (ii) actual or beneficial use pursuant to a lease or a management
or incentive payment contract, or (iii) any other similar arrangement.
(n) Beginning on the 15th day prior to the sale date of each series of Bonds, the
Issuer has not sold or delivered, and will not sell or deliver, (nor will it deliver within
15 days after the date of issuance of such Bonds) any other obligations pursuant to a
common plan of financing, which will be paid out of substantially the same source of funds
(or which will have substantially the same claim to be paid out of substantially the same
source of funds) as the particular series of Bonds or will be paid directly or indirectly from
Proceeds.
(o) No portion of any Prior Project is expected to be sold or otherwise disposed
of prior to the last maturity of the particular Bonds to which it relates.
(p) The Issuer has not been notified of any disqualification or proposed
disqualification of it by the Internal Revenue Service as a bond issuer which may certify
bond issues under Section 1.148-0 et seq. of the Regulations.
(q) The Yield restrictions contained in (g) above or any other restriction or
covenant contained herein need not be observed and may be changed if the Issuer receives
an opinion of Bond Counsel to the effect that such non -observance or change will not
adversely affect the tax-exempt status of interest on any series of Bonds to which such
Bonds otherwise are entitled.
(r) The Issuer acknowledges that any changes in facts or expectations from
those set forth herein may result in different Yield restrictions or rebate requirements from
those set forth herein and that Bond Counsel should be contacted if such changes do occur.
(s) The Corporate Authorities have no reason to believe the facts, estimates,
circumstances and expectations set forth herein are untrue or incomplete in any material respect.
On the basis of such facts, estimates, circumstances and expectations, it is not expected that the
Proceeds or any other moneys or property will be used in a manner that will cause the Bonds
to be private activity bonds, arbitrage bonds or hedge bonds within the meaning of Sections
141, 148 or 149(g) of the Code, and of applicable regulations. To the best of the knowledge and
belief of the Corporate Authorities, such expectations are reasonable, and there are no other
facts, estimates and circumstances that would materially change such expectations.
The Issuer also agrees and covenants with the owners of each series of Bonds from time to time
outstanding that, to the extent possible under Illinois law, it will comply with all present federal tax
law and related regulations and with whatever federal tax law is adopted and regulations
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promulgated in the future which apply to such Bonds and affect the tax-exempt status of such
Bonds.
Section 18. Further Assurances and Actions. The Corporate Authorities hereby
authorize the officials of the Issuer responsible for issuing the Bonds, the same being the Village President,
Village Clerk and Village Treasurer of the Issuer, to make such further filings, covenants, certifications
and supplemental agreements (including but not limited to Purchase Agreements, Disclosure
Agreements, Refunding Agreements and arbitrage regulation agreements) as may be necessary to assure
that the Prior Projects, each series of the Bonds, and related proceeds, will not cause any of the Bonds to
be private activity bonds, arbitrage bonds or hedge bonds and to assure that the interest on each series of
the Bonds will be excluded from gross income for federal income tax purposes and that there will be
compliance by the Underwriter with Rule 15c2-12. In connection therewith, the Issuer and the Corporate
Authorities further agree: (a) through the officers of the Issuer, to make such further specific covenants,
representations as shall be true, correct and complete, and assurances as may be necessary or advisable;
(b) to consult with Bond Counsel approving the Bonds and to comply with such advice as may be given;
(c) to pay to the United States, as necessary, such sums of money representing required rebates of excess
arbitrage profits relating to the Bonds; (d) to file such forms, statements, and supporting documents as
may be required and in a timely manner; and (e) if deemed necessary or advisable, to employ and pay
fiscal agents, financial advisors, attorneys, and other persons to assist the Issuer in such compliance. The
call to retire the Prior Bonds is hereby authorized and approved or ratified if already given and abatement
of related prior Pledged Taxes and/or Levied Taxes is authorized upon the Refunding.
Section 19. General Covenants. The Issuer covenants and agrees with the
registered owners of the Outstanding Bonds, so long as there are any Outstanding Bonds of the
applicable series, as follows:
(a) The Issuer will take all action necessary to impose, levy and collect the
Pledged Revenues, Levied Taxes and Pledged Taxes in the manner contemplated by this
ordinance and such Pledged Revenues shall not be less than as shall be required under
Section 15 of the Debt Reform Act to maintain the Series 2026A and Series 2026B Bonds
as Alternate Bonds according to their respective terms.
(b) In connection with Alternate Bonds, the Issuer covenants that it will, while
any of the Bonds shall remain outstanding, charge rates and fees (including for usage of
the Waterworks and Sewerage System for the Series 2026A Bonds) which, together with
any other Pledged Revenues applicable to a related series of Bonds, are sufficient to
provide for or pay each of the following in any given year: (1) Operation and Maintenance
Expenses of the Waterworks and Sewerage System (but not including depreciation for the
Series 2026A Bonds); (2) debt service on all Outstanding revenue bonds payable from the
applicable Pledged Revenues; (3) all amounts required to meet any fund or account
requirements with respect to the Bonds, remaining Prior Bonds, as applicable, or any other
obligations payable from applicable Pledged Revenues; (4) any other contractual or tort
liability obligations, if any, payable from applicable Pledged Revenues; and (5) in each
year, an amount not less than 1.25 times the debt service for all (i) Alternate Bonds payable
from applicable Pledged Revenues, and the Bonds Outstanding; and (ii) Alternate Bonds
proposed to be issued and payable from the applicable Pledged Revenues.
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(c) Whenever the 125% coverage in subsection (b) above is not effected or any
Alternate Bonds under this ordinance at any time fail to qualify as Alternate Bonds not
subject to any applicable debt limit under Section 15 of the Debt Reform Act applicable
Pledged Taxes are extended and collected as in Section 10 hereof, the Issuer covenants to
promptly have prepared a financial analysis of, as applicable, Net Revenues of the
Waterworks and Sewerage System or other Pledged Revenues by an independent consulting
accountant or other qualified professional employed for that purpose, and further, to send a
copy of such analysis, when completed, to the Underwriter of each series of the Bonds along
with a letter indicating what action the Issuer has taken responsive to such study and to
comply with Section 15 of the Debt Reform Act.
(d) The Issuer will make and keep proper books and accounts (separate and apart
from all other records and accounts of the Issuer), in which complete entries shall be made
of all transactions relating to the Pledged Taxes, the Levied Taxes, the Pledged Revenues
and the operation of the Waterworks and Sewerage System, and hereby covenants that
within 210 days following the close of each Fiscal Year, it will cause the books and accounts
related to the Pledged Revenues and the Waterworks and Sewerage System and the Pledged
Taxes and Levied Taxes, to be audited by independent certified public accountants. Such
audit will be available for inspection by owners of any of the Bonds. Supplemental to the
Disclosure Agreement, upon availability, the Issuer upon request will send to the
Underwriter a copy of such audit and of its general audit in each year. Each such audit, in
addition to whatever matters may be thought proper by the accountants to be included
therein, shall, without limiting the generality of the foregoing, include the following:
G) A balance sheet as of the end of such Fiscal Year, including a
statement of the amount held in each of the funds and accounts under this ordinance.
(ii) A list of all insurance policies in force at the end of the Fiscal Year,
setting out as to each policy the amount of the policy, the risks covered, the name
of the insurer, and the expiration date of the policy.
(iii) The amount and details of all Outstanding bonds.
(iv) The accountants comments regarding the manner in which the Issuer
has carried out the accounting requirements of this ordinance (including as to the
Alternate Bond status of applicable Bonds) and has complied with Section 15 of the
Debt Reforun Act, and the accountants recommendations for any changes.
It is further covenanted and agreed that a copy of each such audit upon request shall be furnished
upon completion to the Underwriter.
(e) The Issuer will keep its books and accounts in accordance with generally accepted fiend
reporting practices for local government entities and enterprise funds; provided, however, that the
monthly credits to each Junior Debt Service Account and the Debt Service Fund shall be in cash, and
such funds shall be held separate and apart in cash and investments. For the purpose of determining
whether sufficient cash and investments are on deposit in such accounts under the terms and
requirements of this ordinance, investments shall be valued at the lower of the cost or market price on
the valuation date thereof, which valuation date shall be not less frequently than annually.
42
45826793.4/ 163218.00003
(f) The Issuer will take no action in relation to the Pledged Revenues or the Levied
Taxes or the Pledged Taxes which would unfavorably affect the security of any of the Outstanding
Bonds or the prompt payment of the principal and interest thereon or qualification of any 2026A
Bonds and 2026B Bonds as Alternate Bonds.
(g) The owner of any Bond may proceed by civil action to compel performance of all
duties required by law and this ordinance.
(h) The Issuer will adopt a budget and/or approve appropriations for the Waterworks and
Sewerage System and its general fund prior to the beginning of each Fiscal Year (or in the next quarter
if applicable law permits), subject to all applicable state laws, providing for payment of all sums to be
due in the Fiscal Year or Bond Year so as to comply with the terms of this ordinance. The budget
may include in its estimate of income the use of available surplus moneys or other funds of the
Issuer appropriated for such purposes. If during the Fiscal Year there are extraordinary receipts or
payments of unusual cost, the Issuer will adopt an amended budget for the remainder of the Fiscal
Year, providing for receipts or payments pursuant to this ordinance.
(i) The Issuer will comply with the special covenants concerning Alternate Bonds as
required by Section 15 of the Local Government Debt Reform Act and this ordinance.
0) The Issuer will not sell, lease, loan, mortgage or in any manner dispose of or
encumber the Waterworks and Sewerage System or the Prior Projects (subject to the right of the
Issuer to issue additional bonds (i.e. including Parity Bonds) as provided in this ordinance, to issue
obligations subordinate to the applicable Outstanding Bonds, and to dispose of real or personal
property which is no longer useful or necessary to the operation of the Waterworks and Sewerage
System or to the function of the Prior Projects), and the Issuer will take no action in relation to the
Waterworks and Sewerage System, the Projects or the Prior Projects which would unfavorably
affect the security of any of applicable Outstanding Bonds or the prompt payment of the principal
and interest thereon.
(k) The Issuer will pay, or cause to be paid, as the same become due, all taxes and
governmental charges of any kind whatsoever that may at any time be lawfully assessed, imposed
or levied against the Waterworks and Sewerage System or the Issuer or to the Prior Projects.
(1) The Issuer will carry insurance on the Waterworks and Sewerage System and on
the Prior Projects of the kinds and in the amounts which are usually carried by private parties
operating similar properties, covering such risks as shall be recommended by a competent
consulting engineer or insurance consultant employed by the Issuer for the purpose of malting
such recommendations. All moneys received for loss under such insurance policies shall be
deposited in a segregated insurance account and used in making good the loss or damage in respect
of which they were paid, either by repairing the property damaged or making replacement of the
property destroyed, and provision for making good such loss or damage shall be made within
ninety (90) days from the date of the loss. The payment of premiums for all insurance policies
required under the provisions of this covenant in connection with the facilities related to the
Series 2026A Bonds shall be considered an Operation and Maintenance Expense for the
Waterworks and Sewerage System. The proceeds derived from any and all policies for workers
compensation or public liability shall be paid into a segregated account and used in paying the
claims on account of which they were received.
M
45826793.4/163218.00003
(m) After their issuance, to the extent lawful each issue of the Bonds shall be
incontestable by the Issuer.
Section 20. Ordinance to Constitute a Contract. The provisions of this ordinance
shall constitute a contract between the Issuer and the registered owners of the 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 Issuer shall be for the equal benefit, protection and security of the registered owners of
any and all of the Bonds. All of the Alternate Bonds issued under this ordinance, regardless of the time
or times of their issuance, shall be of equal rank in the related or shared Pledged Revenues without
preference, priority or distinction of any of such Bonds over any other thereof (or of each series, as
applicable), except as expressly provided in or pursuant to this ordinance. This ordinance, as
supplemented and amended, shall constitute full authority for the issuance of the Bonds, and to the
extent that the provisions thereof conflict with the provisions of any other ordinance or resolution of
the Issuer, the provisions of this ordinance shall control.
Section 21. Treatment of Bonds as Debt. The Bonds are to be payable from the
Pledged Revenues and shall not constitute an indebtedness of the Issuer within the meaning of any
constitutional or statutory limitation, unless the Pledged Taxes shall have been extended pursuant
to the general obligation, frill faith and credit promise supporting the Bonds, as set forth in
Section 10 hereof, in which case the amount of the Alternate Bonds then Outstanding shall be
included in the computation of indebtedness of the Issuer for purposes of all statutory provisions
or limitations until such time as an audit of the Issuer shall show that the Bonds have been paid
from the Pledged Revenues for the Alternate Bonds for a complete Fiscal Year, in accordance with
the applicable law.
Section 22. Defeasance. Any Bond or Bonds which (a) are paid and canceled,
(b) which have matured and for which sufficient sums been deposited with the paying agent to pay
all principal and interest due thereon, or (c) for which sufficient fiends and defeasance obligations
have been deposited with the paying agent or similar institution having trust powers to pay, taking
into account investment earnings on such obligations, all principal of and interest on such Bond or
Bonds when due at maturity or as called for redemption, pursuant to an irrevocable escrow or trust
agreement, shall cease to have any lien on or right to receive or be paid from the Pledged Taxes
hereunder and shall no longer have the benefits of any covenant for the registered owners of
Outstanding Bonds as set forth herein as such relates to lien and security of the Outstanding Bonds.
All covenants relative to the payment, registration, transfer, and exchange are expressly continued
for all Bonds whether Outstanding Bonds or not. For purposes of this Section, "Defeasance
Obligations" means (a) direct and general full faith and credit obligations of the United States
Treasury ("Directs"), (b) certificates of participation or trust receipts in trusts comprised wholly of
Directs or (c) other obligations unconditionally guaranteed as to timely payment by the United
States Treasury.
Section 23. Severability and No Contest. If any section, paragraph, clause or
provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity
or unenforceability of such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this ordinance or any ordinance supplemental hereto. Upon the issuance
of the Bonds, neither the Bonds nor this ordinance shall be subject to contest by or in respect of the
Issuer, to the extent lawful.
45826793.4/ 163218.00003
Section 24. Bank Qualified Bonds. Pursuant to Section 265(b)(3) of the Code, the
Issuer as applicable at the time of sale and delivery of Bonds shall designate in an applicable Bond
Order such Bonds as "qualified tax-exempt obligations" as defined in Section 265(b)(3) of the Code.
The Issuer by any such designation represents that the reasonably anticipated amount of tax-exempt
obligations that will be issued by the Issuer and all subordinate entities (of which there are none) of the
Issuer during the calendar year in which the Bonds are issued will not exceed $10,000,000 within the
meaning of or to be taken into account under Section 265(b)(3) of the Code. The Issuer by any such
designation covenants that in that connection it will not so designate and issue more than $10,000,000
aggregate principal amount of tax-exempt obligations in such calendar year. For purposes of this
Section, the tern "tax-exempt obligations" includes "qualified 501(c)(3) Bonds" (as defined in the
Section 145 of the Code) but does not include other "private activity bonds" (as defined in Section 141
of the Code). The Issuer anticipates designating Bonds as "qualified tax-exempt obligations," but
reserves the right in a Bond Order to redesignate such Bonds.
Section 25. Conflict. All ordinances, resolutions or parts thereof in conflict
herewith be and the same are hereby superseded to the extent of such conflict and this ordinance shall
be in full force and effect forthwith upon its adoption. This ordinance has remained on file with the
Village Clerk for public inspection, in the form in which it is finally passed, at least one week before
the final passage thereof.
Section 26. Effective Date. This ordinance shall become effective immediately
upon its passage and approval in the manner provided by law, and upon its becoming effective and
upon or prior to the issuance of any Bonds a certified copy of this ordinance shall be filed with the
County Clerks.
45
45826793.4/ 16321 R.00003
Ppon motto} by Trustee It Gl V seconded by Trustee
adopted this 9th day of Mar h, 202 y roll call vote as follows:
Ayes (Names): VIA 5 ' �r , '�
(SEAL)
ATTEST:
Nays (Names):
Absent (Names):
Village Clerk
in
of of <�
RA4 i
°1/in0is
45826793.4/1632 18.00003
APPROVED: March 9, 2026
00,
Village President
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
FILING CERTIFICATE
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of Cook
County, Illinois, and as such official I do further certify that on the day of , 2026, there was
filed in my office a duly certified copy of Ordinance No. entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION REFUNDING BONDS (WATERWORKS AND SEWERAGE
ALTERNATE REVENUE SOURCE), SERIES 2026A, AND GENERAL
OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE SOURCE),
SERIES 2026B, OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL
COUNTIES, ILLINOIS, PROVIDING THE DETAILS OF SUCH BONDS,
APPLICABLE ALTERNATE REVENUE SOURCES, AND THE LEVY OF
DIRECT ANNUAL TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND
INTEREST ON SUCH BONDS, AND RELATED MATTERS
duly adopted by the Board of Trustees of the Village of Lemont, Cook, DuPage and Will Counties, Illinois,
on the 9th day of March, 2026, and that the same has been deposited in the official files and records of my
office.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of said County, this
day of , 2026.
County Clerk of Cook County, Illinois
( SEAL)
45826793.4/ 163 218.00003
STATE OF ILLINOIS )
) SS
COUNTY OF DUPAGE )
FILING CERTIFICATE
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of DuPage
County, Illinois, and as such official I do further certify that on the day of , 2026, there was
filed in my office a duly certified copy of Ordinance No. entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION REFUNDING BONDS (WATERWORKS AND SEWERAGE
ALTERNATE REVENUE SOURCE), SERIES 2026A, AND GENERAL
OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE SOURCE),
SERIES 2026B, OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL
COUNTIES, ILLINOIS, PROVIDING THE DETAILS OF SUCH BONDS,
APPLICABLE ALTERNATE REVENUE SOURCES, AND THE LEVY OF
DIRECT ANNUAL TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND
INTEREST ON SUCH BONDS, AND RELATED MATTERS
duly adopted by the Board of Trustees of the Village of Lemont, Cook, DuPage and Will Counties, Illinois,
on the 9th day of March, 2026, and that the same has been deposited in the official files and records of my
office.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of said County, this
day of , 2026.
County Clerk of DuPage County, Illinois
(SEAL)
45826793.4/ 163 218.00003
STATE OF ILLINOIS )
) SS
COUNTY OF WILL )
FILING CERTIFICATE
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of Will
County, Illinois, and as such official I do further certify that on the day of , 2026, there was
filed in my office a duly certified copy of Ordinance No. entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION REFUNDING BONDS (WATERWORKS AND SEWERAGE
ALTERNATE REVENUE SOURCE), SERIES 2026A, AND GENERAL
OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE SOURCE),
SERIES 2026B, OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL
COUNTIES, ILLINOIS, PROVIDING THE DETAILS OF SUCH BONDS,
APPLICABLE ALTERNATE REVENUE SOURCES, AND THE LEVY OF
DIRECT ANNUAL TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND
INTEREST ON SUCH BONDS, AND RELATED MATTERS
duly adopted by the Board of Trustees of the Village of Lemont, Cook, DuPage and Will Counties, Illinois,
on the 9th day of March, 2026, and that the same has been deposited in the official files and records of my
office.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of said County, this
day of , 2026.
County Clerk of Will County, Illinois
(SEAL)
45826793.4/ 163218.00003