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O-25-05 02/28/2005VILLAGE OF LEMONT ORDINANCE NO. 0' -7 S • 0 S AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE) SERIES 2005, OF THE VILLAGE OF LEMONT, COOK, DU PAGE & WILL COUNTIES, ILLINOIS, PROVIDING THE DETAILS OF SUCH BONDS AND FOR AN ALTERNATE REVENUE SOURCE AND THE LEVY OF DIRECT ANNUAL TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH BONDS, AND RELATED MATTERS ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT This 28th day of February , 2005 Published in pamphlet form by authority of the President and Board of Trustees of the Village of Lemont, Counties of Cook, Will, and DuPage, Illinois this 28th day of February ,2005 ORDINANCE NO. ©a 5 -0 S AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES 2005, OF THE VILLAGE OF LEMONT, COOK, DuPAGE AND WILL COUNTIES, ILLINOIS, PROVIDING THE DETAILS OF SUCH BONDS AND FOR AN ALTERNATE REVENUE SOURCE 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 "Issuer "), is a non -home rule municipality duly established, existing and operating in accordance with the provisions of the Illinois Municipal Code (Section 5/1 -1 -1 et seq. of Chapter 65 of the Illinois Compiled Statutes), as supplemented and amended, including by the Local Government Debt Reform Act (Section 350/1 et seq. of Chapter 30 of the Illinois Compiled Statutes), and is entitled to receive a certain distributive revenue share of proceeds of the Retailer's Occupation Taxes, Service Occupation Taxes, Use Taxes and Service Use Taxes (collectively, and subject to any prior lien or pledge, "Sales Taxes "), distributed pursuant to applicable law; and WHEREAS, the President and Board of Trustees of the Issuer (the "Corporate Authorities ") has determined that it is advisable, necessary and in the best interests of the Issuer's public health, safety and welfare to undertake land acquisition and the acquisition, construction and installation of part of a public works facility, and flood remediation and mitigation facilities and improvements (including land acquisition, rights in real estate, and other related facilities, improvements and costs, collectively, the "Project "); and WHEREAS, the total estimated cost of the Project, including related issuance costs and other expenses, is to be paid from proceeds of the Issuer's hereinafter described alternate bonds, being general obligation in lieu of revenue bonds as authorized by Section 15 of the Local Government Debt Reform Act (Section 350/15 of Chapter 30 of the Illinois Compiled Statutes), but nevertheless expected to be paid from receipts of Sales Taxes, as further provided in this ordinance, rather than by any levy of taxes, and any balance from other funds legally available for such purpose; and WHEREAS, the estimated cost to provide for financing the Project, and related legal, financial, bond discount, printing and publication costs, and other expenses preliminary to and in connection with the Project is anticipated not to exceed the amount presently anticipated and planned to be paid from proceeds of the hereinafter described Bonds; and WHEREAS, ORDINANCE NO. 0- 70 -04, AN ORDINANCE AUTHORIZING THE ISSUANCE OF ALTERNATE BONDS OF THE VILLAGE OF LEMONT, COOK, DuPAGE AND WILL COUNTIES, ILLINOIS, TO FINANCE CERTAIN MUNICIPAL IMPROVEMENTS (the "Preliminary Ordinance "), passed and approved October 11, 2004, together with a separate notice of intent to issue alternate bonds (being general obligation in lieu of revenue bonds) was published on October 15, 2004, in the Daily Southtown, a newspaper of general circulation in the corporate limits of the Issuer, and more than thirty (30) days have elapsed since the date of publication of the Preliminary Ordinance and such notices described above and the Issuer has received no petition in connection with the alternate bonds or the Project, a form of petition therefor being at all relevant times available in the office of the Village Clerk; and WHEREAS, pursuant to and in accordance with the provisions of Section 15 of the Local Govemment Debt Reform Act (Section 350/15 of Chapter 30 of the Illinois Compiled Statutes), as supplemented and amended, the Preliminary Ordinance and this ordinance, the Issuer is authorized to issue its General Obligation Bonds (Alternate Revenue Source), Series 2005 (the "Bonds "), up to the aggregate principal amount of $1,525,000, for the purpose of providing funds to pay all or a portion of the costs of the Project; and WHEREAS, in connection with the Bonds, with notice having been published in the Daily Southtown on October 16, 2004, a hearing was held and conducted on November 8, 2004 under the Bond Issue Notification Act (30 ILCS 352/1 et seq.); and WHEREAS, under this ordinance the Issuer will authorize the acceptance of the proposed Bond purchase contract (the "Bond Purchase Agreement ") to be entered into by and between the Issuer and Bernardi Securities, Inc., Chicago, Illinois (the "Purchaser ") and as described in the Preliminary Official Statement (which when duly supplemented and completed shall constitute the final "Official Statement ") in connection with the offering of the Bonds for public sale, as supplemented by the related Continuing Disclosure Certificate and Agreement (the "Disclosure Agreement "); and WHEREAS, for convenience of reference only this ordinance is divided into numbered sections with headings, which shall not define or limit the provisions hereof, as follows: Page Preambles 1 Section 1. Definitions 3 Section 2. Preambles, Authority and Useful Life 5 Section 3. Authorization and Terms of Bonds 5 Section 4. Execution and Authentication 9 Section 5. Transfer, Exchange and Registration 10 Section 6. Bond Registrar and Paying Agent 12 Section 7. Alternate Bonds; General Obligations 13 Section 8. Form of Bonds 14 Section 9. Levy and Extension of Taxes 20 Section 10. Related Agreements 21 Section 11. Revenue Fund 22 Section 12. Bond Proceeds Account 23 -2- Section 13. Issuance of Additional Bonds 24 Section 14. Arbitrage Rebate 25 Section 15. Investment Regulations 26 Section 16. Non - Arbitrage and Tax- Exemption 26 Section 17. Further Assurances and Actions 30 Section 18. General Covenants 31 Section 19. Ordinance to Constitute a Contract 32 Section 20. Severability and No Contest 32 Section 21. Policy of Insurer 33 Section 22. Bank Qualified Bonds 33 Section 23. Conflict 33 Section 24. Effective Date 33 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 terms 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, the Local Government Debt Reform Act (Section 350/1 et seq. of Chapter 30 (and particularly Section 350/15 thereof) of the Illinois Compiled Statutes, as supplemented and amended, and the Illinois Municipal Code (Section 5/1 -1 -1 et seq. of Chapter 65 of the Illinois Compiled Statutes, including the Tax Increment Allocation Redevelopment Act), as supplemented and amended, including by applicable laws authorizing, directing distribution and otherwise in connection with Sales Taxes (the "Revenue Source Act "), including, without limitation, by 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 Bonds. "Arbitrage Regulation Agreement" means the Issuer's Arbitrage Regulation Agreement in connection with, among other things, arbitrage rebate under Section 148(0(2) of the Code. "Bond" or "Bonds" means the Issuer's $1,525,000 maximum principal amount General Obligation Bonds (Alternate Revenue Source), Series 2005, authorized to be issued by this ordinance. "Bond Order" means a Bond Order as defined in Section 3(a) hereof. -3- "Bond Year" means each annual period of December 2 in a year to and including December 1 in the next year, with the first Bond Year ending on December 1, 2006, or as otherwise authorized by applicable law. "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. "Depository" means the securities depository in connection with global -book- entry registration of the Bonds, initially The Depository Trust Company ( "DTC "), New York, New York. "Disclosure Agreement" means the Issuer's Continuing Disclosure Certificate and Agreement under Rule 15c2 -12. law. ordinance. "Fiscal Year" means the Issuer's fiscal year, not inconsistent with applicable "Fund" means the Revenue Fund (2005), created and established under this "Insurer" means Ambac Assurance Corporation, New York, New York, or other issuer, if any, of a Policy, securing the payment when scheduled due of the principal of and interest on the Bonds. "Issuer" means the Village of Lemont, Cook, DuPage and Will Counties, Illinois. "Junior Bond" means any Outstanding bond or Outstanding bonds payable from the Junior Debt Service Account of the Bond and Interest Account of the Fund, and includes expressly the Bonds. "Outstanding ", when used with reference to any bond, means any bond which is outstanding and unpaid; provided, however, such term shall not include bonds: (i) 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 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 Bonds, 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 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. -4- "Pledged Revenues" means the Revenues, which constitute "revenue source" under the Local Government Debt Reform Act. "Policy" means the Insurer's Financial Guaranty Insurance Policy or other credit facility, if any, insuring and securing the scheduled payments when due of the principal of and interest on the Bonds. "Purchase Agreement" means the written offer and commitment of the Purchaser to purchase the applicable series of the Bonds, which upon acceptance and execution by the Issuer and the Purchaser constitutes the Purchase Agreement for the applicable series of the Bonds. "Purchaser" means Bernardi Securities, Inc., with its principal office in Chicago, Illinois, the underwriter in connection with the Bonds. "Qualified Investments" means legal investments of the Issuer under applicable law, as shall be limited by an Insurer's Policy, if any, and related application and commitment which limits investments. "Revenues" means, subject to any existing prior lien or pledge, all Sale Taxes received and to be received, and to the extent lawful includes all investment income and earnings thereon. "Rule 15c2 -12" means Rule 15c2 -12 of the Securities and Exchange Commission. "Senior Bond" means any Outstanding bond or Outstanding bonds payable from the Senior Debt Service Account of the Bond and Interest Account of the Fund under this ordinance. Section 2. Preambles, Authority and Useful Life. 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 of Illinois, including the Act, for the purpose of paying all or a portion of the costs of the Project and including costs of issuance of the Bonds. The Corporate Authorities hereby determine the period of usefulness of the 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 cost of the Project, there is hereby appropriated the sum of $1,525,000, to be derived from the proceeds of the Bonds. For the purpose of financing such appropriation, the Bonds of the Issuer shall each be issued and sold in the aggregate principal amount set forth above, shall each be designated "General Obligation Bond (Alternate Revenue Source), Series 2005 ", and shall be issuable in the denomination of $5,000 each or any authorized integral multiple thereof. -5- The Bonds shall be on parity with each other, sharing ratably and equally in the Pledged Revenues, regardless of when issued. (a) General Terms. The Bonds of each series shall be numbered consecutively from 1 upwards in order of their issuance and may bear such identifying numbers or letters as shall be useful to facilitate the registration, transfer and exchange of the Bonds. Unless otherwise determined in an order to authenticate the Bonds (in any event to be as of or after March 1, 2005, and as of or before the date or dates of the issuance and sale thereof and acceptable to the Purchaser), each Bond shall be dated March 1, 2005. The Bonds are hereby authorized to bear interest at the rates percent per annum set forth below and shall mature on December 1 of the years and in the principal amount in each year, as follows: Principal Interest Year Amount($) Rate ( %) 2008 175,000 2.90 * * ** * * * * * ** * * ** 2010 130,000 3.20 * * ** * * * * * ** * * ** 2012 135,000 3.45 * * ** * * * * * ** * * ** 2014 145,000 3.70 * * ** * * * * * ** * * ** 2016 160,000 3.90 * * ** * * * * * ** * * ** 2018 170,000 4.10 * * ** * * * * * ** * * ** 2020 185,000 4.25 * * ** * * * * * ** * * ** 2022 205,000 4.40 * * ** * * * * * ** * * ** 2024 220,000 4.50 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 December 1, 2005, at the rates percent per annum herein provided. The Bonds shall bear interest at not to exceed such rates and mature in the principal amount in each year, but not exceeding $1,525,000 in the aggregate, if different than as set forth above, as set forth in a Bond Order, and not otherwise. For purposes of the foregoing and otherwise in this ordinance, the term "Bond Order" shall mean a certificate signed by the Village President, and attested by the Village Clerk and under the seal of the Issuer, setting forth and specifying details of the Bonds, including, but not limited to, as the case may be, payment dates, dated dates, final interest rates, principal and/or interest payment dates, optional and mandatory call provisions, identification of a Bond Registrar and Paying Agent, Insurer or Policy and the final maturity schedule, pursuant to this ordinance. The Bonds shall be conformed to an -6- applicable Bond Order. 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 principal corporate trust office of the financial institution designated in this ordinance to act as 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 by the financial institution designated in this ordinance to act as the Bond Registrar on behalf of the Issuer for such purpose (including its successors, the "Bond Registrar "), at the principal corporate trust office of 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. (i) Bonds maturing on and after December 1, 2016, shall be subject to redemption prior to maturity on December 1, 2014, and thereafter in whole or in part on any date, from any maturity or maturities specified by the Issuer (but in inverse order if none is specified), at a redemption price of par, plus accrued interest to the date fixed for redemption. (ii) Bonds maturing on December 1 of the years designated as Term Bonds in the form of the Bonds in Section 8 or in a Bond Order (as applicable, the "Term Bonds ") are subject to mandatory sinking fund redemption in the principal amount on December 1 of the years as shall be specified in such a Bond Order. At its option before the 45th day (or such lesser time acceptable to the Bond Registrar) next preceding any mandatory sinking fund 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, Village Administrator or Village Treasurer may: (i) deliver to the Bond Registrar for cancellation Term Bonds in any authorized aggregate principal amount desired; or (ii) furnish 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 each or any authorized integral thereof. (iii) 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 -7- 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. 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 giving any notice of redemption. With notice at least forty-five (45) days before the redemption date (or lesser notice acceptable to the Bond Registrar) to the Bond Registrar by the Issuer, but such notice shall not be required by any Term Bond mandatory sinking fund redemption, 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 such registration books. The Bonds or portions thereof specified in such notice shall become due and payable at the applicable redemption price on the redemption date therein designated, together with interest to the redemption date. 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. 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. Notice of redemption having been so given, 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, and from and after such date 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 other registered owners. 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, if at all, 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. Upon surrender of such Bonds for redemption in accordance with such notice, such Bonds shall be paid by the Paying Agent at the redemption price. Interest -8- due on or prior to the redemption date shall be payable as herein provided for payment of interest. 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 number 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 other descriptive information needed to identify accurately the Bonds being redeemed. Each further notice of redemption shall be sent at least thirty-five (35) days before the redemption date by registered or certified mail or overnight delivery service to all registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Bonds and to one or more national information services, chosen in the discretion of the Bond Registrar, that disseminate notice of redemption of obligations such as 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 Bond or Bonds, or portion thereof, being redeemed with the proceeds of such check or other transfer. 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 such Bond so called for redemption. All Bonds which have been redeemed shall be cancelled and destroyed by the Bond Registrar and shall not be reissued. Section 4. Execution and Authentication. Each Bond shall be executed in the name of the Issuer by the manual or authorized 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 authorized facsimile signature of its Village Clerk. Temporary Bonds, preliminary to the availability of Bonds in definitive form, shall be and are hereby authorized and approved. 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 the President and Board of Trustees or any officer or employee of the Issuer (past, present or future) who executes the Bonds, or on any other basis. -9- 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 the Bond Registrar, but it shall not be necessary that the same employee or officer sign the certificate of authentication on all of the Bonds issued hereunder. Section 5. Transfer, Exchange and Registration. 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 corporate trust 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 principal 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 owner's 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 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 person in whose name any Bond shall be registered 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 owner's 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. -10- 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 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. The Bond Registrar shall not be required to exchange or transfer any Bond during the period from the fifteenth (15th) day of the month next preceding any interest payment date to such interest payment date or during the 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, or after such mailing. (b) Book- Entry -Only Provisions. Unless otherwise set forth 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 may be registered in the Bond Register therefor in a street name of the Depository, or any successor thereto, as nominee of the Depository. The outstanding Bonds from time to time may be registered in the Bond Register in a street name, as nominee of the Depository. If not already done, the 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 Representation Letter, it may contain provisions relating to (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 holds an interest in the Bonds (i.e., "indirect participants" and "beneficial owners "). Without limiting the meaning of the foregoing, the Issuer and the Bond Registrar shall have no responsibility or obligation with respect to (a) the accuracy of the records of the Depository, the nominee, or any Depository Participant 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 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. Section 6. Bond Registrar and Paving Agent. With respect to this ordinance and the Bonds the Bond Registrar and Paying Agent shall be Amalgamated Bank of Chicago, with its principal corporate trust office in Chicago, Illinois. 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 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; -12- (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 upon its written request 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 and shall timely give notices related to mandatory sinking fund redemption. 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 to accept, and has accepted, such duties and obligations, 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 6 shall be a bank, trust company or other qualified professional with respect to such matters, authorized to exercise such functions in the State of Illinois. Section 7. Alternate Bonds; General Obli¢ations. The Bonds are and constitute Alternate Bonds under the Local Government Debt Reform Act, anticipated to be payable from Pledged Revenues as Junior Bonds. Under and pursuant to Section 15 of the Local Government 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 the Bonds; the 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 -13- payment of the Bonds and the interest thereon, without limitation as to rate or amount (such ad valorem taxes being the "Pledged Taxes "). Pledged Revenues are hereby determined by the Corporate Authorities to be sufficient to provide for or pay in each year to final maturity of the Bonds all of the following: (1) the debt service on all Outstanding revenue bonds payable from Pledged Revenues, (2) all amounts required to meet any fund or account requirements with respect to such Outstanding revenue bonds, (3) other contractual or tort liability obligations, if any, payable from such Pledged Revenues, and (4) in each year, an amount not less than 1.25 times debt service of all (i) Alternate Bonds payable from such Pledged Revenues previously issued and outstanding, and (ii) Alternate Bonds payable from such Pledged Revenues proposed to be issued, including the Bonds. The Pledged Revenues shall be and are hereby determined by the Corporate Authorities to provide in each year an amount not less than 1.25 times debt service (as defined in Section 2 of the Local Government Debt Reform Act) of Alternate Bonds payable from such revenue sources previously issued and outstanding, of which there are none, and Alternate Bonds proposed to be issued. Such conditions enumerated need not be met for that amount of debt service (as defined in Section 2 of the Local Government 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 are hereby determined by the Corporate Authorities to provide in each year all amounts required to meet any fund or account requirements with respect to this ordinance, any contractual or tort liability obligations, if any, payable from Pledged Revenues, and an amount not less than 1.25 times debt service (as defined in Section 2 of the Local Government Debt Reform Act) of all of the Outstanding Bonds, payable from such Pledged Revenues. The determination of the sufficiency of the Pledged Revenues is to be supported by reference to the most recent audit of the Issuer, which the Issuer accepts and is for a Fiscal Year ending not earlier than 18 months previous to the time of issuance of the Bonds, and otherwise a "report" under Section 15 of the Local Government Debt Reform Act shall be prepared. Section 8. Form of Bonds. Unless Bonds in typewritten form are accepted or in any contract for the sale of the Bonds the purchaser or purchasers of the Bonds shall agree to accept typewritten or other temporary Bonds preliminary to the availability of, or in lieu of, Bonds in printed form, the Bonds shall be prepared in compliance with the National Standard Specifications for Fully Registered Municipal Securities prepared by the American National Standards Institute, and in any event shall be in substantially the following form [provided, however, that appropriate insertions, deletions and modifications in the form of the Bonds may be made, including provisions unique to each series of Bonds and as to the custom of printing Bonds in part on the front and back of certificates, in an appropriate form prepared by Bond counsel, not inconsistent herewith]: -14- UNITED STATES OF AMERICA STATE OF ILLINOIS COUNTIES OF COOK, DuPAGE AND WILL COUNTIES VILLAGE OF LEMONT GENERAL OBLIGATION BOND (ALTERNATE REVENUE SOURCE) SERIES 2005 REGISTERED NO. REGISTERED $ INTEREST RATE: MATURITY DATE: DATED DATE: CUSIP: Registered Owner: Principal Amount: KNOW ALL BY THESE PRESENTS that the Village of Lemont, (the "Issuer ") a municipality situated in The Counties of Cook, DuPage and Will, in the State of Illinois (the "Issuer "), 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, as the case may be, 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 the first (1st) day of June and December in each year, commencing December 1, 2005, 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 the interest payment date, at the address of such Registered Owner appearing on the registration books maintained for such purpose at the principal corporate trust office of Amalgamated Bank of Chicago, Chicago, Illinois, as Bond Registrar (including its successors, the "Bond Registrar "). This Bond, as to principal and premium, if any, when due, will be payable in lawful money of the United States of America upon presentation and surrender of this Bond at the principal corporate trust office of Amalgamated Bank of Chicago, Chicago, Illinois, as Paying Agent (including its successors, the "Paying Agent "). The Bonds are payable from the receipts of Pledged Revenues (as defined in the hereinafter defined Bond Ordinance) constituting receipts of the Retailer's Occupation Taxes, Service Occupation Taxes, Use Taxes and Service Use Taxes (collectively, and subject to any prior lien or pledge, "Sales Taxes "), distributed pursuant to applicable law; and although it is expected, and has been certified, that the Bonds are to be paid from such Pledged Revenues, which Pledged Revenues are pledged to the payment thereof second, junior and subordinate to any bonds or other obligations thereon, the full faith and credit of the Issuer, including the power to levy taxes without limit as to rate or amount 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 This Bond is one of a series of Bonds issued in the aggregate principal amount of $1,525,000, which are all of like tenor, except as to maturity, interest rate and right of redemption, and which are authorized and issued under and pursuant to the Constitution and laws of the State of Illinois, 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), applicable laws in connection with, as applicable, the imposition, receipt, distribution, and application of Sales Taxes (the "Revenue Source Act "), as supplemented and amended, including by the Registered Bond Act, the Illinois Bond Replacement Act, the Bond Authorization Act, and pursuant to and in accordance with Ordinance No. , adopted by the President and Board of Trustees of the Issuer on , 2005, and entitled: "AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS (ALTERNATE REVENUE SOURCE), SERIES 2005, OF THE VILLAGE OF LEMONT, COOK, DuPAGE AND WILL COUNTIES, ILLINOIS, PROVIDING THE DETAILS OF SUCH BONDS AND FOR AN ALTERNATE REVENUE SOURCE AND THE LEVY OF DIRECT ANNUAL TAXES 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, and as supplemented and amended, the "Bond Ordinance "). The Bonds are issued to finance land acquisition and the acquisition, construction and installation of infrastructure improvements, including water, sewer, storm sewer and roadway improvements, within or supporting the Issuer's industrial park (including land acquisition, right in real estate, and other related facilities, improvements and costs), and to pay costs of issuance of the Bonds. Bonds maturing on and after December 1, 2016, shall be subject to redemption prior to maturity on December 1, 2014, and thereafter in whole or in part on any date, from any maturity or maturities specified by the Issuer (but in inverse order if none is specified), on the applicable redemption date and at a redemption price of par, plus accrued interest to the date fixed for redemption. Bonds maturing on December 1 of the years 2008, 2010, 2012, 2014, 2016, 2018, 2020, 2022 and 2024 are Term Bonds (the "Term Bonds ") and are subject to mandatory sinking fund redemption in the principal amount on December 1 in each year, as follows: 2008 Term Bonds 2010 Term Bonds 2012 Term Bonds Principal Principal Principal Year Amount($) Year Amount($) Year Amount($) 2006 55,000 2009 65,000 2011 2007 60,000 2010 65,000* 2012 2008 60,000* 65,000 70,000* 2014 Term Bonds 2016 Term Bonds 2018 Term Bonds Principal Principal Principal Year Amount($) Year Amount($) Year Amount($) 2013 70,000 2015 80,000 2017 85,000 2014 75,000* 2016 80,000* 2018 85,000* -16- 2020 Term Bonds 2022 Term Bonds 2024 Term Bonds Principal Principal Principal Year Amount($) Year Amount($1 Year Amount($) 2019 90,000 2021 100,000 2023 110,000 2020 95,000* 2022 105,000* 2024 110,000* * To be paid at maturity unless previously retired. 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. 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 giving any notice of redemption. 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. 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 corporate trust office of the Paying Agent. This Bond is transferable only upon the registration books therefor by the Registered Owner hereof in person, or by such Registered Owner's attorney duly authorized in -17- writing, upon surrender hereof at the principal corporate trust office of the Bond Registrar together with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the Registered Owner or by such Registered Owner's 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, this Bond may be exchanged for an equal aggregate principal amount of Bonds of any authorized denomination. The Bond Registrar shall not be required to exchange or transfer any Bond during the period from the fifteenth (15th) day of the calendar month next preceding any interest payment date to 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, or after such mailing. 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 making such transfer or exchange. The Issuer, the Paying Agent and the Bond Registrar may treat and consider thc 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 Owner's 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. 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. 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. The Issuer has designated the Bonds as "qualified tax - exempt obligations" under Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. 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. 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 -18- 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: Dated: Village Clerk VILLAGE OF LEMONT, Cook, DuPage and Will Counties, Illinois Village Pre CERTIFICATE OF AUT TICATION nt This is one of the General Obligation Bonds (Alternate Revenue Source), Series 2005, described in the within mentioned Bond Ordinance. AMALGAMATED BANK OF CHICAGO, Chicago, Illinois, as Bond Registrar By: Authorized Signer Bond Registrar Amalgamated Bank of Chicago and Paying Agent: Chicago, Illinois 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, with full power of substitution in the premises. Dated Signature Signature Guarantee: 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. -19- Section 9. Levy and Extension of Taxes. For the purpose of providing the money required to pay and secure the interest on 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, a direct annual tax 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, as follows (the "Pledged Taxes "): For Each A Tax Sufficient to Year to Produce the Sum of ($): 2005 114,250 for interest and principal 2006 117,655 for interest and principal 2007 115,915 for interest and principal 2008 119,175 for interest and principal 2009 117,095 for interest and principal 2010 115,015 for interest and principal 2011 117,773 for interest and principal 2012 115,358 for interest and principal 2013 117,768 for interest and principal 2014 119,993 for interest and principal 2015 116,873 for interest and principal 2016 118,753 for interest and principal 2017 115,268 for interest and principal 2018 116,783 for interest and principal 2019 117,958 for interest and principal 2020 118,920 for interest and principal 2021 119,520 for interest and principal 2022 119,900 for interest and principal 2023 114,950 for interest and principal 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, who is hereby directed to ascertain the rate percent required to produce the aggregate tax provided to be levied in the years 2005 through 2023, inclusive, 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 -20-