O-907-95 09/25/95VILLAGE OF LEMONT
ORDINANCE NO.
ITEM V.B.2
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $2,500,000
GENERAL OBLIGATION ALTERNATE BONDS OF THE VILLAGE OF LEMONT,
ILLINOIS FOR THE PURPOSE OF FINANCING WATERWORKS AND SEWERAGE
SYSTEM CAPITAL IMPROVEMENTS
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
Thisc 5 day
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village of
Lemont, Counties of Cook, Will, and
DuPage, , linois, this q5
day of 1.1A...,4 -g-A-2 1995
1995.
ORDINANCE NO.
9,7
ORDINANCE AUTHORIZING THE ISSUANCE OF $2,500,000 GENERAL
OBLIGATION ALTERNATE BONDS OF THE VILLAGE OF LEMONT,
ILLINOIS FOR THE PURPOSE OF FINANCING WATERWORKS AND
SEWERAGE SYSTEM CAPITAL IMPROVEMENTS
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF LEMONT, ILLINOIS, AS FOLLOWS:
Section 1. Authority and Purpose. This ordinance is adopted pursuant to the
Local Government Debt Reform Act, 30 Illinois Compiled Statutes 350, for the
purpose of financing the improvement of the combined waterworks and sewerage
system (the "System ") of the Village of Lemont, Illinois by the construction of water
well number 5, including a well house, ion exchange softener, reservoir and booster
station, the construction and installation of related water mains and sanitary sewer
lines and the acquisition and installation of a SCADA supervisory control system (the
"Project ").
Section 2. Authorization of Bonds. To meet part of the $3,550,000 estimated
total cost of the Project, including contingency amounts, the cost of issuance of the
bonds herein authorized and, at the election of the Village, provision for capitalized
interest on bonds and bond reserve funds, all as permitted under the Local
Government Debt Reform Act, the Village is hereby authorized to issue general
obligation bonds of the Village (the "Bonds ") in one or more series and in the
maximum aggregate principal amount of $2,500,000. The Bonds shall constitute
"Alternate Bonds" under Section 15 of the Local Government Debt Reform Act, 30
Illinois Compiled Statutes 350/15, and are issued in lieu of the issuance of
$2,500,000 principal amount of waterworks and sewerage revenue bonds of the
Village authorized by the ordinance adopted by the President and Board of Trustees
of the Village on September 25, 1995, and entitled: "Ordinance Authorizing the
Issuance of $2,500,000 Waterworks and Sewerage System Revenue Bonds of the
Village of Lemont, Illinois for the Purpose of Financing Capital Improvements."
Section 3. General Obligations. The full faith and credit of the Village are
hereby irrevocably pledged to the punctual payment of the principal of and interest on
the Bonds. The Bonds shall be direct and general obligations of the Village, and the
Village shall be obligated to levy ad valorem taxes upon all the taxable property in the
Village for the payment of the Bonds and the interest thereon, without limitation as
to rate or amount.
Section 4. Enterprise Revenues. The Bonds shall be payable from the revenues
derived from the operation of the combined waterworks and sewerage system of the
Village, which constitute "Enterprise Revenues" within the meaning of Section 15 of
the Local Government Debt Reform Act.
The Enterprise Revenues are hereby pledged for the payment of the Bonds.
Such pledge may be made junior and subordinate to any outstanding obligations of the
Village, which are secured by a prior and existing pledge of the Enterprise Revenues.
The President and Board of Trustees of the Village covenants to provide for, collect
and apply such Enterprise Revenues to the payment of the Bonds and the provision
of not less than an additional .25 times the annual debt service on the Bonds.
Section 5. Supplemental Proceedings. If no petition meeting the requirements
specified in Section 15 of the Local Government Debt Reform Act is filed during the
applicable petition period, then the President and Board of Trustees of the Village may
adopt additional ordinances and proceedings supplementing or amending this
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Adopted this 25th day of September, 1995, by roll call vote as follows:
Ayes: C,
Nays: 0
Published: (9e.-o
(SEAL)
Attest:
illage Clerk
, 1995
September 25, 1995
Village President
CERTIFICATE
I, Charlene M. Smollen, Village Clerk of the Village of Lemont, Illinois, hereby
certify that the foregoing ordinance entitled: "Ordinance Authorizing the Issuance of
$2,500,000 General Obligation Alternate Bonds of the Village of Lemont, Illinois for
the Purpose of Financing Waterworks and Sewerage System Capital Improvements"
is a true copy of an original ordinance that was duly adopted by the recorded
affirmative votes of a majority of the members of the President and Board of Trustees
of the Village at a meeting thereof that was duly called and held at 7:30 p.m. on
September 25, 1995, at Village Hall, 418 Main Street, and at which a quorum was
present and acting throughout, and that said copy has been compared by me with the
original ordinance signed by the Village President on September 25, 1995, and
thereafter published in full, together with the statutory statement required by Section
15 of the Local Government Debt Reform Act, on ,,J , 1995, in the
"Lemont Metropolitan," and recorded in the Ordinance Book of the Village and that
it is a correct transcript thereof and of the whole of said ordinance, and that said
ordinance has not been altered, amended, repealed or revoked, but is in full force and
effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the Village, this .day of
(SEAL)
EDOCUMENT #: CHG005A (05779- 00003 -2) 202471 .1;DATE:09 /13/95/TIME:12:11
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