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O-70-07 08/27/2007ORDINANCE NO. 0 -70 -07 AN ORDINANCE AUTHORIZING THE ISSUANCE OF UTILITY TAXES / REVENUE SHARING RECEIPTS ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING A NEW POLICE STATION, AND RELATED FACILITIES, IMPROVEMENTS AND COSTS 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 is entitled to receive a certain proceeds of (i) 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 of (ii) 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; and WHEREAS, the President and Board of Trustees (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 finance a new police station, and related facilities, improvements and costs (the "Project "); and WHEREAS, the estimated cost of the Municipality's portion of the Project, including necessary interest, engineering, 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 sum of $10,000,000, which is to be paid from proceeds of the hereinafter described alternate bonds, being general obligation bonds as authorized by Section 15 of the Local Government Debt Reform Act, but nevertheless expected to be paid from receipts of one or both of Utility Taxes and Revenue Sharing Receipts, rather than by any levy of taxes; and WHEREAS, costs of the Project are expected to be paid from available funds therefor and from proceeds from the sale of alternate Bonds, to be payable from one or both of Utility Taxes and Revenue Sharing Receipts and issued pursuant to the Act, this ordinance and one or more ordinances supplemental to this ordinance authorizing and providing for the issuance of such alternate Bonds, prescribing the details of such alternate Bonds and providing for the collection, segregation and distribution of Utility Taxes and Revenue Sharing Receipts derived by the Municipality, in lieu of any levy of general taxes; and WHEREAS, the Municipality has insufficient funds to pay costs of the Project and, therefore, must borrow money and issue alternate Bonds in evidence thereof, at one time or from time to time and in one or more series, up to the aggregate principal amount of $10,000,000 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, COOK, DUPAGE AND WILL COUNTIES, 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 undertake the Project for the public health, safety and welfare, and that for the purpose of financing the Project there are hereby authorized to be issued and sold, at one time or from time to time as the Project funding may proceed, in one or more phases, general obligation bonds (Utility Taxes and /or Revenue Sharing Receipts alternate revenue source(s)) of the Municipality in an aggregate principal amount up to but in any event not to exceed $10,000,000 (the "Bonds"). The alternate revenue source(s) to pay debt service on the Bonds are receipts of one or both of Utility Taxes and Revenue Sharing Receipts. This shall also constitute a "reimbursement" action under Section 1.150 -2 of the Federal Income Tax Regulations. Section 2. Publication and Notice. Within ten (10) days after the adoption of this ordinance by the Corporate Authorities, this ordinance, preceded by the notice hereinafter described, shall be published in a newspaper (as described in the Notice by Publication Act) published in Cook, DuPage and Will Counties, Illinois, and of general circulation within the Municipality, and if no petition, signed by not less than the number of electors of the Municipality being equal to the greater of (i) 7.5% of the registered voters within the Municipality or (ii) 200 of those registered voters or 15% of those registered voters, whichever is less, asking that the Project be undertaken and of issuing the alternate Bonds to pay the costs of the Project be submitted to the electors of the Municipality, is filed with the Village Clerk within thirty (30) days after the date of the publication of this ordinance, preceded by a notice conforming with the provisions of the Local Government Debt Reform Act, then this ordinance shall be in full force and effect and the Bonds shall be authorized to be issued. If such a petition is filed, an election on the question shall be held as set forth in a form of notice complying with Section 15 of the Local Government Debt Reform Act and not inconsistent with this ordinance, and this ordinance shall not become effective until such question shall have been duly approved by a majority of the votes cast on the question at the election held as set forth in such form of notice. The Village Clerk shall have available and provide a form of petition to any person requesting one. The Village Clerk shall give notice of the foregoing provisions as set forth in substantially the form of such notice as is presented before the meeting of the Corporate Authorities at which this ordinance is adopted, subject to completion and modification to conform with the Local Government Debt Reform Act. Section 3. Additional Ordinances. If no petition meeting the requirements of applicable law is filed as provided above in Section 2, or if the question is approved as above set forth, 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, at one time or from time to time as the Project may proceed, including in phases, providing for the -2- issuance and sale of up to but in any event not to exceed the amount of the alternate Bonds set forth above, prescribing the details of such alternate Bonds, and providing for a levy of taxes and the collection, segregation and distribution of one or both of Utility Taxes and Revenue Sharing Receipts for the payment of the alternate Bonds issued. 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. 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. Upon motion by Trustee, Coules seconded by Trustee, Stapleton , adopted upon roll call vote and recorded in the Municipality's records, this 771-h day of A „gust , 2007. Attest: Village President, Village o illage Clerk, Village of Lemont, Illinois -3- ont, Illinois (form of notice) NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITION Notice is hereby given that pursuant to an authorizing ordinance adopted August 27 2007 (the "Ordinance "), the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the "Municipality "), intends to issue its alternate bonds (the "Bonds ") at one time or from time to time as funds are needed up to the amount of but in any event not to exceed $10,000,000 in aggregate principal amount, bearing interest at not to exceed the rate limitation provided by law, for the purpose of financing a new police station, and related facilities, improvements and costs (the "Project "). The Bonds are to be paid from receipts of one or both of Utility Taxes and Revenue Sharing Receipts (as defined in the Ordinance) as the alternate revenue source(s), and not from any levy of general taxes. In addition, notice is hereby given that if a petition signed by not less than 687 electors of the Municipality [being equal to 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 Bonds for the Project be submitted to the Village Clerk within thirty (30) days of the date of publication hereof and of the above Ordinance, the question of the issuance of such Bonds for the Project shall be submitted to the electors of the Municipality at the general primary election to be held on February 5, 2008, 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 notice. Please check with John P. Antonopoulos. Esq. ((630) 257 -5816) as to any blanks in the notice or ordinance. Send your publication statement to the Village of Lemont, Cook, DuPage and Will Counties, 418 Main Street, Lemont, Illinois 60439 Attention: Village Administrator, and send two certificates of publication to Evans, Froehlich & Beth, 44 Main Street, Third Floor, Champaign, Illinois, 61820. To: Village Clerk, Village of Lemont, Cook, DuPage and Will Counties, Illinois. PETITION In accordance with and pursuant to Section 2 of an authorizing ordinance of the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the "Municipality"), adopted , 2007, and entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE OF UTILITY TAXES / REVENUE SHARING RECEIPTS ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING A NEW POLICE STATION, AND RELATED FACILITIES, IMPROVEMENTS AND COSTS 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 up to $10,000,000 alternate bonds, payable from one or both of Utility Taxes and Revenue Sharing Receipts (as defined in the above ordinance) as the alternate revenue source(s), to pay costs of a new police station, and related facilities, improvements and costs, as set forth in the above ordinance, be submitted to the electors of the Municipality at the general primary election to be held on February 5, 2008, 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 Village of Lemont, IL 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 Signature Statement I, [Name], of [Address], of , Illinois, hereby state that I am now, and was at all times 1 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 the Village of Lemont, Cook, DuPage and Will Counties, 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, Cook, DuPage and Will Counties, Illinois, and their addresses are correctly stated. State of Illinois ) The above Statement was subscribed and sworn to before me this day of , 2007. County of ) (SEAL) My Commission Expires: Sheet No. of Signature Notary Public STATE OF ILLINOIS ) COUNTY OF COOK ) SS VILLAGE OF LEMONT ) CERTIFICATION OF ORDINANCE I, the undersigned, do hereby certify that 1 am the duly selected, qualified and acting Village Clerk of the Village of Lemont, Cook, DuPage and Will Counties, 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 77 day of August , 2007, insofar as same relates to the adoption of Ordinance No. n_7n_poentitled: ORDINANCE NO. 0 -70 -07 AN ORDINANCE AUTHORIZING THE ISSUANCE OF UTILITY TAXES / REVENUE SHARING RECEIPTS ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING A NEW POLICE STATION, AND RELATED FACILITIES, IMPROVEMENTS AND COSTS, 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 the agenda for such meeting was duly posted at the office of Village Clerk at least 48 hours before 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 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 27thday of August , 2007. (SEAL) 4.- illage Clerk���� Notice The President and Board of Trustees of the Village of Lemont, Cook, DuPage and Will Counties will hold a public hearing on October 8, 2007 at 7:00 p.m. The hearing will be held in the President and Board of Trustee's meeting room 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 $10,000,000 for the purpose of financing a new police station, and related facilities, improvements and costs. By: /s/ Charles M. Smollen Title: Village Clerk Note to Publisher: The above notice is to be published one time at least 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's 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: , 2007 When signed by the Village President, please fax b. k to Evans, Froeb 217/359 -6468 and file with the Village Clerk. Beth & Chamley at