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O-07-05 01/24/2005ORDINANCE NO.0 4)1 )'7 AN ORDINANCE AUTHORIZING THE ISSUANCE OF ALTERNATE REVENUE SOURCE BONDS (IN LIEU OF REVENUE BONDS) OF THE VILLAGE OF LEMONT, ILLINOIS, TO REFINANCE REDEVELOPMENT PROJECT COSTS IN THE VILLAGE'S DOWNTOWN REDEVELOPMENT PROJECT AREA PREAMBLES WHEREAS, the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the "Municipality "), operates 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 (collectively, the "Act ")] and receives a certain distributive revenue share of proceeds (i) from State of Illinois income taxes (such distributive share referred to herein as the "Revenue Sharing Receipts ") imposed by the State of Illinois pursuant to the Illinois Income Tax Act and distributed pursuant to the State Revenue Sharing Act, (ii) 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 (iii) incremental property taxes derived under the Tax Increment Allocation Redevelopment Act in connection with the Municipality's Downtown Redevelopment Project Area (subject to any prior lien or pledge, the "Incremental Taxes "); and WHEREAS, the President and Board of Trustees of the Municipality (the "Corporate Authorities ") has determined that it is advisable, necessary and in the best interests of the Municipality's public health, safety and welfare to refinance the acquisition, construction and installation of redevelopment project costs in connection with the Municipality's Downtown Redevelopment Project Area (including land acquisition, rights in real estate, and other related facilities, improvements and costs, collectively, the "Projects "), pursuant to the redevelopment plan therefor concerning the Projects; and WHEREAS, to finance the Projects the Municipality has outstanding several issues of tax increment alternate bonds (collectively, the "Prior Bonds ") which the Municipality desires to refund (in whole or in part, and in one or more issues, phases or series, the "Refunding "), at one time or from time to time, to refinance the Projects; and WHEREAS, in connection with the Refunding, up to $7,880,000 is to be paid from proceeds of the hereinafter described Alternate Bonds, being general obligation in lieu of revenue bonds as authorized by Section 15 of the Local Government Debt Reform Act (the "Alternate Bonds "), but nevertheless expected to be paid from one or more of Revenue Sharing Receipts, Sales Taxes, and Incremental Taxes, as the alternate revenue source or sources, rather than by any levy of taxes, and the balance from other available funds; and WHEREAS, such costs are expected to be paid from funds on hand, and from up to $7,880,000 of proceeds of the Alternate Bonds, to be payable from one or more of Revenue Sharing Receipts, Sale Taxes, and Incremental Taxes, and issued pursuant to the Act, this ordinance and one or more ordinances supplemental to this ordinance authorizing and providing for the issuance of Alternate Bonds in lieu of any revenue bonds, prescribing the details of such obligations and providing for the collection, segregation, distribution and application of one or more of Revenue Sharing Receipts, Sales Taxes, and Incremental Taxes, to pay the Alternate Bonds, in lieu of any levy of taxes; and WHEREAS, the Municipality has insufficient funds to pay the costs of the Refunding and, therefore, must borrow money and issue Alternate Bonds, if authorized to be issued, in evidence thereof, at one time or from time to time and in one or more series, in an approximate principal amount aggregating not to exceed $7,880,000 for such purposes, pursuant to and in accordance with the provisions of the Act. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, ILLINOIS, as follows: Section 1. Incorporation of Preambles and Determination to Issue Bonds. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are true, complete and correct and hereby incorporate them into this Section 1 of this ordinance by this reference thereto. It is necessary and in the best interests of the Municipality to refinance the Projects for the public health, safety and welfare, and that the Municipality continue to operate in accordance with the provisions of applicable law, and that for such purposes there are hereby authorized to be issued and sold not to exceed $7,880,000 in aggregate principal amount of Alternate Bonds, in lieu of revenue bonds. Section 2. Publication and Notice. Within ten (10) days after the adoption of this ordinance by the Corporate Authorities, this ordinance, preceded by the notices hereinafter described, shall be published in the Lemont Reporter /Met (or other applicable newspaper if this specified one is impracticable to use), the same being a newspaper (as described in the Notice by Publication Act, 715 ILCS 5 /0.01 et seq.) published in Lemont, Illinois and/or otherwise of general circulation within the Municipality, and concerning the Alternate Bonds -- if no petition, signed by not less than registered voters of the Municipality numbering the greater of (i) 7.5% of the registered voters in the Municipality or (ii) 200 of those registered voters or 15% of those registered voters, whichever is less, is filed with the Village Clerk of the Municipality within thirty (30) days after the date of the publication of this ordinance, preceded by the Alternate Bond notice hereinafter described, asking that the question of the issuance of the Alternate Bonds to pay costs of the Project, and related expenses, be submitted to the electors of the Municipality: then this ordinance shall be in full force and effect, and the Alternate Bonds in lieu of any revenue bonds shall be authorized to be issued by this ordinance and related proceedings supplemental to this ordinance. If an applicable petition is filed, an election on the question shall be held as set forth in the forms of the notices required by Sections 5 and 15 of the Local Government Debt Reform Act, and this ordinance shall not become effective as to the Altemate Bonds until the applicable question or questions shall have been duly approved by a majority of the votes cast on the applicable question at the election to be held as set forth in the notice. The 2 Village Clerk shall have available and provide an applicable form of petition to any person requesting one. The Village Clerk shall give notice of the foregoing provisions as set forth in substantially the forms of such notices as are presented at the meeting of the Corporate Authorities at which this ordinance is adopted, modified as may be necessary for completeness and to comply with the Act. Section 3. Additional Ordinances. If no petition meeting the requirements of applicable law is filed as provided above in Section 2, then the Corporate Authorities in accordance with and pursuant to the Act may adopt additional ordinances or other proceedings supplemental to or amending this ordinance, providing for the issuance and sale of up to but in any event not to exceed $7,880,000 in aggregate principal amount of Alternate Bonds in lieu of any revenue bonds, prescribing the details of such Alternate Bonds, providing for the collection, segregation, distribution and application of, as applicable, Sales Taxes, Revenue Sharing Receipts, and Incremental Taxes, for the payment thereof, and, as to the Alternate Bonds providing for a levy of taxes as further security and source of payment, although expected to be paid from one or more of Revenue Sharing Receipts, Sales Taxes, and Incremental Taxes and not any levy of taxes. Such additional or supplemental ordinances or other proceedings shall in all instances become effective in accordance with applicable law; and this ordinance, together with such supplemental and additional ordinances or other proceedings, shall constitute complete authority for the issuance of the Alternate Bonds under applicable law (but in any event not to exceed $7,880,000 in aggregate principal amount). Section 4. Severability and Repealer. If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this ordinance. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are to the extent of such conflict hereby repealed. Reaves day of January Upon motion by Trustee Coul es , seconded by Trustee , adopted (and recorded in the Municipality's records) this 24th , 2005, by roll call vote, as follows: AYES (names): NAYS (names): ABSENT (names): Attest: ,1 ie l 1 ZCl e g u Approved: January 74 , 2005 To: Village Clerk, Village of Lemont, Illinois. ALTERNATE BONDS PETITION In accordance with and pursuant to Section 2 of Ordinance No. of the Village of Lemont, Illinois (the "Municipality "), adopted , 2005, and entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE OF ALTERNATE REVENUE SOURCE BONDS (IN LIEU OF REVENUE BONDS) OF THE VILLAGE OF LEMONT, ILLINOIS, TO REFINANCE REDEVELOPMENT PROJECT COSTS IN THE VILLAGE'S DOWNTOWN REDEVELOPMENT PROJECT AREA, each of the undersigned hereby certifies, as applicable to each, that each is an elector (a registered voter) of the Municipality, and hereby petitions and asks that the question of issuing Alternate Bonds [General Obligation Bonds (with one or more of Revenue Sharing Receipts, Sales Taxes, and Incremental Taxes as the Alternate Revenue Source(s))] in an aggregate principal amount not to exceed $7,880,000 to refinance the acquisition, construction and installation of redevelopment project costs in connection with the Municipality's Downtown Redevelopment Project Area (by refunding certain prior alternate bonds), all as set forth in the above ordinance, be submitted to the electors of the Municipality at the general primary election to be held on March 21, 2006, if such question can be and is presented at such election, and otherwise at the next election at which such question could be presented under the general election laws. Print Name Address Lemont, IL Signature 1. Lemont, IL 2. Lemont, IL 3. Lemont, IL 4. Lemont, IL 5. Lemont, IL 6. Lemont, IL 7. Lemont, IL 8. Lemont, IL 9. Lemont, IL 10. Lemont, IL Statement: I, [Name], of [Address], , Illinois, hereby state that I am, and have been at all times I have circulated this petition, a U. S. Citizen over 18 years of age, that the above signatures on this sheet were signed in my presence in Lemont, Illinois, and are genuine, and to the best of my knowledge and belief each of the persons so signing were at the time of signing registered voters of the Village of Lemont, Illinois, and their addresses are correctly stated. State of Illinois County of (SEAL) My Commission Expires: Signature The above Statement was subscribed and sworn to before me this day of , 2005. Sheet of Notary Public NOTICE OF INTENT TO ISSUE ALTERNATE BONDS AND RIGHT TO FILE PETITION Notice is hereby given that pursuant to Ordinance No. 0 -07 -05 (the "ordinance "), adopted at a regular meeting of the President and Board of Trustees on January 24 , 2005, the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the "Municipality"), intends to issue its alternate bonds (howsoever styled, the "Alternate Bonds "), being general obligation in lieu of revenue bonds, up to the amount of but in any event not to exceed $7,880,000 in aggregate principal amount, bearing interest at not to exceed the rate limitation provided by applicable law, to refinance the acquisition, construction and installation of redevelopment project costs in connection with the Municipality's Downtown Redevelopment Project Area. Although the Alternate Bonds are to be general obligation bonds, they are to be paid from one or more of Revenue Sharing Receipts, Sales Taxes, and incremental Taxes, as provided in the ordinance, as the alternate revenue source(s). In addition, notice is hereby given that if a petition signed by not less than 671 electors of the Municipality (numbering the greater of (i) 7.5% of the registered voters in the Municipality or (ii) 200 of those registered voters or 15% of those registered voters, whichever is less) requesting that the question of the issuance of the Alternate Bonds and of undertaking the above described project be submitted to the Village Clerk within thirty (30) days of the date of publication hereof and of the above described ordinance, such question shall be submitted to the electors of the Municipality at the general primary election to be held on March 21, 2006, if such question can be and is presented at such election, and otherwise at the next election at which such question could be presented under the general election laws. A form of petition is available to any person requesting one in the Village Clerk's office. /s /Charlene M. Smollen Village Clerk, Village of Lemont, Illinois Note to publisher: The full text of the ordinance is to follow the above notices. Publish in order (and all run together): the Alternate Bonds notice first, and the ordinance second. Please check with the Village Administrator (Gary C. Holmes) ((630) 257 -1550) as to any blanks in the notices or ordinance. Send your publication statement to Village of Lemont, Village Hall, 418 Main Street, Lemont, Illinois 60439 Attention: Village Administrator, and send two certificates of publication (with ad text) to Evans, Froehlich, Beth & Chamley, 44 Main Street, Third Floor, Champaign, Illinois, 61820. Notice Form The President and Board of Trustees of the Village of Lemont, Illinois will hold a public hearing on March 14 , 2005 at7:oo p.m. The hearing will be held at the Village Hall, 418 Main Street, in Lemont, Illinois. The purpose of the hearing will be to receive public comments on the proposal to sell bonds in the amount of up to $7,880,000 for the purpose of refinancing the acquisition, construction and installation of redevelopment project costs, and related facilities, improvements and costs, within the Village's Downtown Redevelopment Project Area, by refunding certain prior alternate bonds. By: /s/ Charlene M. Smollen Title: Village Clerk Note to Publisher: The above notice is to be published one time on or before 7 days before the hearing, but not prior to 30 days before the hearing. The publication may be in the "legals" or "classified" section of the paper. NO SPECIAL BORDER IS REQUIRED FOR THIS PUBLICATION. DO NOT USE ANY SPECIAL BORDER. Please send your statement to: Village of Lemont 418 Main Street Lemont, Illinois 60439 Attn: Village Administrator and send two publication certificates (and text) to Evans, Froehlich, Beth & Chamley, 44 E. Main Street, Suite 310, Champaign, Illinois 61820 -3649. PUBLISHER: DO NOT PRINT THE FOLLOWING: Village President Approval and Order Setting Public Hearing: The undersigned, Village President of the above Municipality hereby approves and orders the setting of the above Bond Issue Notification Act hearing. Date: January 24 , 2005 Village P eside When signed by the Village President, please d Chamley at 217/359 -6468. fax back to Ev roehlich, Beth & STATE OF ILLINOIS COUNTY OF COOK VILLAGE OF LEMONT ) SS 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, Illinois (the "Municipality"), and as such official I am the keeper of the records and files of the Municipality and of its President and Board of Trustees (the "Corporate Authorities "). I do further certify that the attached constitutes a full, true and complete excerpt from the proceedings of the regular meeting of the Corporate Authorities held on the 2'i day of January , 2005, insofar as same relates to the adoption of Ordinance No. 0 -07 -05 , entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE OF ALTERNATE REVENUE SOURCE BONDS (IN LIEU OF REVENUE BONDS) OF THE VILLAGE OF LEMONT, ILLINOIS, TO REFINANCE REDEVELOPMENT PROJECT COSTS IN THE VILLAGE'S DOWNTOWN REDEVELOPMENT PROJECT AREA, 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. 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 nature of the business being conducted, that such meeting was held at a specified time and place convenient to the public, 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 meeting laws 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 open meeting laws and such Code and their procedural rules in the adoption of such ordinance. [ ] petition(s) have been received as mentioned in Section 2 of such ordinance, forms thereof being at all relevant times available therefor in the Village Clerk's office. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village of Lemont, Illinois, this 24 day of January , 2005. (SEAL) Village Clerk