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O-15-00 03/27/2000ORDINANCE NUMBER 6 - , •' C An Ordinance authorizing the issuance of General Obligation Bonds (Alternate Revenue Source), Series 2000A, in an aggregate principal amount not to exceed $1,200,000, 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 municipality duly organized and operating under the laws of the State of Illinois; and WHEREAS, the President and Board of Trustees of the Village (the "Corporate Authorities ") have heretofore approved a redevelopment plan and project for and designated the Lemont Downtown Redevelopment Project Area (the "Project Area") and adopted tax increment allocation financing therefor, all as provided in the Tax Increment Allocation Redevelopment Act, as supplemented and amended (the "Act"); and WHEREAS, the corporate authorities have determined that it is advisable, necessary and in the best interests of the residents of the Village that the Village assist in the redevelopment of the Project Area of the Village, by making certain street improvements, including bituminous and concrete roadway pavement removal, bituminous pavement construction, water and sewer main construction and modification, and street lighting and street scape improvement, which redevelopment project, together with related appurtenances, any land or rights in land and all electrical, mechanical or other services necessary, useful or advisable to such acquisition, construction and installation (the "2000 Redevelopment Project "), has heretofore been approved by the Village, all as provided in the Tax Increment Allocation Redevelopment Act, as supplemented and amended (the "Act "); and WHEREAS, the estimated cost of acquiring, constructing and installing the 2000 Redevelopment Project, including engineering, legal, financial, bond interest, bond discount, printing and publication costs, an initial deposit to a capitalized interest account for the bonds hereinafter described, and other related expenses, is not less than $1,200,000, and interest earnings thereon, and there are insufficient funds on hand and lawfully available to pay such costs; and WHEREAS, pursuant to the provisions of the Local Government Debt Reform Act, as supplemented and amended (the "Reform Act "), "Alternate Bonds" as defined in the Reform Act may be issued pursuant to "Applicable Law" (as defined in the Reform Act) for the 2000 Redevelopment Project, as follows: The Village has heretofore approved a redevelopment plan and project for and has designated the Project Area and has adopted tax increment allocation financing therefor, and accordingly the Village has a "revenue source," as defined in the Reform Act, being certain property tax increment revenues derived and to be derived from said Project Area (the "Incremental Taxes"), and accordingly the Village is authorized to issue Alternate Bonds, secured by such revenue source pursuant to the provisions of the Reform Act; and WHEREAS, it is necessary and for the best interests of the Village that the 2000 Redevelopment Project be undertaken and that up to $1,200,000 in aggregate principal amount of Alternate Bonds, being general obligation bonds payable from the Incremental Taxes, be authorized to be issued at this time pursuant to the Reform 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 the recitals contained in the preambles to this ordinance are true and correct and 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 acquire and install the 2000 Redevelopment Project for the public health, safety and welfare, as described and that for the purpose of financing the 2000 Redevelopment Project, there are hereby authorized to be issued and sold General Obligation Bonds (Alternate Revenue -2- Source), Series 2000A (the "Alternate Bonds"), of the Village, in an aggregate principal amount of not to exceed $1,200,000. Section 3. Publication. This ordinance, together with a notice in the statutory form, shall be published once within ten days after passage hereof by the Corporate Authorities in the Lemont Metropolitan, being a newspaper published in and of general circulation in the Village, and if no petition, signed by 477 electors ( said number being equal to seven and one -half percent (7.5%) of the number of registered voters of the Village) and asking that the question of the issuance of the Alternate Bonds be submitted to the electors of the Village, is filed with the Village Clerk within 30 days after the date of the publication of this ordinance and said notice, then this ordinance shall be in full force and effect. A petition form shall be provided by the Village Clerk to any individual requesting one. 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 2000 Redevelopment Project, and the issuance and sale of the Alternate Bonds, prescribing all the details of said Alternate Bonds, so long as the maximum amount of said Bonds as set forth in this ordinance is not exceeded and there is no material change in the 2000 Redevelopment 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 said Bonds under applicable law. Section S. 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: Benik, Blatzer, Latz, Markiewicz, Bimbo, Studebaker NAYS: 0 ABSENT: 0 APPROVED March 27, 2000 ident, Village of Lemont, ook, Will and DuPage Counties, Illinois PUBLISHED in the Lemont Metropolitan on Apri 1 6 , 2000. RECORDED in the Village Records on March 27, 2000. A 1'1EST: Village Clerk, Village of Lemont, Cook, Will and DuPage Counties, Illinois 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 "Corporate Authorities"). I do further certify that the foregoing constitutes a full, true and complete transcript of the minutes of the legally convened meeting of the Corporate Authorities held on the March 27, 2000, insofar as same relates to the adoption of Ordinance Number d - 5 -dtl entitled: An Ordinance authorizing the issuance of General Obligation Bonds (Alternate Revenue Source), Series 2000A, in an aggregate principal amount not to exceed $1,200,000 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 Corporate Authorities 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 location where said meeting was held and at the principal office of the Corporate Authorities 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 that the Corporate Authorities have complied with all of the applicable provisions of said Code and said Act and their own procedural rules in the adoption of said ordinance. IN WITNESS WHEREOF I have hereunto affixed 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] Trustee Markiewicz moved and Trustee Blatzer 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, Bimbo, Studebaker NAY: 0 Whereupon the President declared the motion carried and the ordinance adopted, and henceforth approved and signed the same in open meeting and directed 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. 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. az„., Village Clerk EXTRACT OF 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 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: The President announced that in order to finance certain street improvements in the Downtown Redevelopment Project Area of 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. Trustee Markiewirz following ordinance entitled: 1045497.01.04 2069300 presented and the Village Clerk read in full the NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITION Notice is hereby given that pursuant to Ordinance Numberd -/51a.), Dl� adopted March 27, 2000, the Village of Lemont, Cook, Will and DuPage Counties, Illinois (the "Village"), intends to issue its General Obligation Bonds (Alternate Revenue Source), Series 2000A (the "Bonds"), being general obligation bonds payable from the hereinafter identified revenue source, in an aggregate principal amount not to exceed $1,200,000 and bearing interest per annum at not to exceed the maximum rate authorized by law at the time. the Bonds are sold, for the purpose of paying certain redevelopment project costs to be incurred in connection with the redevelopment (the "2000 Redevelopment Project ") of the Lemont Downtown Redevelopment Project Area (the "Project Area") heretofore designated by the Village. The revenue source for the Bonds is certain incremental property taxes to be derived from the Project Area and to be received by the Village. A complete copy of said Ordinance accompanies 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 number of registered voters of the Village), requesting that the question of undertaking the 2000 Redevelopment Project and the issuance of the Bonds therefor is submitted to the Village Clerk within 30 days after the date of publication of this notice, the question of undertaking the 2000 Redevelopment Project as provided in said Ordinance and the issuance of the Bonds therefor shall be submitted to the electors of the Village at the general election to be held on 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