Loading...
O-16-00 03/27/2000ORDINANCE NO. AN ORDINANCE authorizing the issuance of General Obligation Bonds (Alternate Revenue Source), Series 2000B, in an aggregate principal amount not to exceed $3,000,000 for the purpose of defraying the cost of certain street improvements in and for the Village of Lemont, Cook, Will and DuPage Counties, Illinois. WHEREAS, the Village of Lemont, Cook, Will and DuPage Counties, Illinois (the "Village"), is a duly organized and existing municipality incorporated and existing under the provisions of the laws of the State of Illinois, is now operating under the provisions of the Illinois Municipal Code, as amended (the "Code"); and WHEREAS, the President and Board of Trustees of the Village (the "Corporate Authorities ") have determined that it is advisable, necessary and in the best interests of the public health, safety and welfare to undertake the construction of certain street improvements throughout the Village, including bituminous surface removal and replacement, leveling binder (machine method), pavement removal and replacement, combination curb and gutter removal and replacement, area reflective crack control treatment, thermoplastic pavement marking line, landscaping, and miscellaneous items to be performed at all locations (the "Project "); and WHEREAS, the estimated cost of constructing the Project, including engineering, legal, financial, bond discount, printing and publication costs, an initial deposit to a capitalized interest account for the bonds, and other related expenses, is not less than $3,000,000 and interest earnings thereon, and there are insufficient funds on hand and lawfully available to pay such costs; and WHEREAS, it is necessary and for the best interests of the Village that the Project be undertaken and in order to finance the costs thereof it will be necessary for the Village to issue up to $3,000,000 alternate bonds, being general obligation bonds payable from the gross receipts collected from those taxes imposed by the Village pursuant to Section 8 -11 -2 of the Illinois Municipal Code, as supplemented or amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future (the "Alternate Bonds "), as authorized to be issued at this time pursuant to the Local Government Debt Reform Act of the State of Illinois, as amended (the "Act"): NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Lemont, Cook, Will and DuPage Counties, Illinois, as follows: Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are full, true and correct and do incorporate them into this ordinance by this reference. Section 2. Determination to Issue Bonds. It is necessary and in the best interests of the Village to construct the Project for the public health, safety and welfare, in accordance with the plans, specifications and estimates as hereinabove described, and there are hereby authorized to be issued and sold the Alternate Bonds in an aggregate principal amount not to exceed $3,000,000. Section 3. Publication. This ordinance, together with a notice in the statutory form (the "Notice"), shall be published once within ten (10) days after passage hereof by the Corporate Authorities in the Lemont Metropolitan, the same being a newspaper of general circulation in the Village, and if no petition, signed by 477 electors of the Village (being equal to seven and one -half percent (7.5 %) of the registered voters in the Village) asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the Village Clerk within thirty (30) days after the date of the publication of this ordinance and the Notice, then the Alternate Bonds shall be authorized to be issued. Section 4. Additional Ordinances. If no petition meeting the requirements of applicable law is filed during the petition period hereinabove referred to, then the Corporate Authorities may adopt additional ordinances or proceedings supplementing or amending this ordinance providing for the issuance and sale of the Alternate Bonds, prescribing all the details of the Alternate Bonds, so long as the maximum amount of the Alternate Bonds, as set forth in this ordinance is not exceeded and there is no material change in the Project or purposes described herein. Such additional ordinances or proceedings shall in all instances become effective in accordance with applicable law. This ordinance, together with such additional ordinances or proceedings, shall constitute complete authority for the issuance of the Alternate Bonds, under applicable law. Section 5. Severability. 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. Section 6. Repealer. 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. ADOPTED by the Corporate Authorities on March 27, 2000. AYES: Renik, Rlatzer, T.atz, Markiewirz, Rinshn, Studebaker NAYS: o ABSENT: 0 APPROVED March 27, 2000 0 V reside , Vi . ge • - ont, Cook, Will and DuPage Counties, Illinois PUBLISHED in the Lemont Metropolitan on Apri t 6 , 2000. RECORDED in the Village Records on March 27, 2000. ATTEST: illage Clerk, Village of Lemont, Cook, Will and DuPage Counties, Illinois MINUTES of a regular public meeting of the President and Board of Trustees of the Village of Lemont, Cook, Will and DuPage Counties, Illinois, held at the Village Hall, 418 Main Street, Lemont, Illinois, in said Village at 7:30 o'clock P.M., on the 27th day of March, 2000. * * * The President called the meeting to order and directed the Village Clerk to call the roll. Upon roll call, the following Trustees answered present: Benik, Blatzer, Latz Markiewicz, Rimbo, Studebaker The following were absent: 0 The President announced that in order to finance certain street improvements throughout the Village, it would be necessary for the Village to issue alternate bonds and that the President and Board of Trustees would consider the adoption of an ordinance authorizing the issuance of such bonds. Whereupon Trustee Markiewicz presented and the Village Clerk read in full an ordinance as follows: 1045860.01.04 2069300 Trustee MarkiIwi rz moved and Trustee Rimbo seconded the motion that said ordinance as presented and read by the Village Clerk be adopted. After a full and complete discussion thereof, including a public recital of the nature of the matter being considered and such other information as would inform the public of the business being conducted, the President directed that the roll be called for a vote upon the motion to adopt the ordinance as read. Upon the roll being called, the following Trustees voted AYE: Benik, Blatzer, Latz, Markiewicz, Rimbo, Studebaker; ayes. NAY: 0 Whereupon the President declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting and did direct the Village Clerk to record the same in full in the records of the President and Board of Trustees of the Village of Lemont, Cook, Will and DuPage Counties, Illinois, which was done. Other business not pertinent to the adoption of said ordinance was duly transacted at said meeting. Upon motion duly made and seconded, the meeting was adjourned. illage Clerk STATE OF ILLINOIS COUNTY OF COOK ) SS CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk of the Village of Lemont, Cook, Will and DuPage Counties, Illinois (the "Village"), and as such officer I am the keeper of the books, records, files, and journal of proceedings of the Village and of the President and Board of Trustees thereof (the "Board "). I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the meeting of the Board held on the 27th day of March, 2000, insofar as same relates to the adoption of Ordinance No. Q 'I w -00 entitled: AN ORDINANCE authorizing the issuance of General Obligation Bonds (Alternate Revenue Source), Series 2000B, in an aggregate principal amount not to exceed $3,000,000 for the purpose of defraying the cost of certain street improvements in and for the Village of Lemont, Cook, Will and DuPage Counties, Illinois. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Board on the adoption of said ordinance were taken openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that an agenda for said meeting was posted at the principal office of the Board at least 48 hours in advance of the holding of said meeting, that said meeting was called and held in strict accordance with the provisions of the Illinois Municipal Code, as amended, and the Open Meetings Act of the State of Illinois, as amended, and the Local Government Debt Reform Act of the State of Illinois, as amended, and that the Board has complied with all of the applicable provisions of said Code and said Acts and its procedural rules in the adoption of said ordinance. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village, this 27th day of March, 2000. Village Clerk, Village of Lemont, Cook, Will and DuPage Counties, Illinois [SEAL] NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITIONS Notice is hereby given that pursuant to Ordinance No.016 Z-)G.), adopted March 27, 2000 (the "Ordinance"), the Village of Lemont, Cook, Will and DuPage Counties, Illinois (the "Village"), intends to issue its General Obligation Bonds (Alternate Revenue Source), Series 2000B being general obligation bonds payable from the gross proceeds collected from those taxes imposed by the Village pursuant to Section 8 -11 -2 of the Illinois Municipal Code, as supplemented or amended from time to time, or substitute taxes therefor as provided by the State of Illinois in the future, in an aggregate principal amount not to exceed $3,000,000 (the "Alternate Bonds"), and bearing interest per annum at not to exceed the maximum rate authorized by law at the time of the sale thereof, for the purpose of paying the costs of certain street improvements throughout the Village. A complete copy of the Ordinance follows this notice. Notice is hereby further given that if a petition, signed by 477 or more electors of the Village (being equal to 7.5% of the registered voters in the Village) asking that the issuance of the Alternate Bonds be submitted to referendum is filed with the Village Clerk within 30 days after the publication of the Ordinance and this notice, the question of the issuance of the Alternate Bonds shall be submitted to the electors of the Village at the general election to be held November 7, 2000. The Circuit Court may declare that an emergency referendum should be held prior to said election date pursuant to the provisions of Section 2A -1.4 of the Election Code of the State of Illinois, as amended. A form of petition for such purpose is available from the office of the Village Clerk. By order of the President and Board of Trustees of the Village. Dated this 27th day of March, 2000. /s/ Charlene M. Smollen Village Clerk, Village of Lemont, Cook, Will and DuPage Counties, Illinois