O-934-95 10/23/95VILLAGE OF LEMONT
ORDINANCE NO,
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $150,000
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1995
OF THE VILLAGE OF LEMONT, ILLINOIS
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This 23rd day of October , 1995.
Published in pamphlet form by
authority of the President and
Board of Trustees of the Village of
Lemont, Counties of Cook, Will, and
DuPage, Illinois, this 24th
day of October , 1995
ORDINANCE NO.
ORDINANCE AUTHORIZING THE ISSUANCE OF $150,000 GENERAL
OBLIGATION REFUNDING BONDS, SERIES 1995, OF THE VILLAGE OF
LEMONT, ILLINOIS
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
Section 8 -5 -16 of the Illinois Municipal Code, 65 Illinois Compiled Statutes 5/8 -5 -16,
for the purpose of refunding the principal of and interest on the General Obligation
Refunding Bonds (Alternate Revenue Source) Series 1994 (the "Series 1994 Bonds "),
of the Village of Lemont, Illinois, due and payable on December 1, 1995 (the "Prior
Debt "). The amount of the Prior Debt is $142,804.79, consisting of maturing
principal in the amount of $95,000 and interest on all of the Series 1994 Bonds in the
amount of $47,804.79. The Series 1994 Bonds were issued on November 9, 1994,
prior to the date on which the Village became subject to the provisions of the Property
Tax Extension Limitation law.
Section 2. Authorization and Terms of Bonds. The sum of $150,000 is
appropriated to meet part of the estimated cost of refunding the Prior Debt and the
costs of issuance of the bonds herein authorized. Pursuant to Section 8 -5 -16 of the
Illinois Municipal Code and the Local Government Debt Reform Act, 30 Illinois
Compiled Statutes 350, and for the purpose of financing said appropriation, general
obligation bonds of the Village are authorized to be issued and sold in an aggregate
principal amount of $150,000. Said bonds shall be designated "General Obligation
Refunding Bonds, Series 1995."
Bonds shall be issuable in the denominations of $5,000 or any integral multiple
thereof and may bear such identifying numbers or letters as shall be useful to facilitate
the registration, transfer and exchange of bonds. Unless otherwise determined in the
order to authenticate the bonds, each bond delivered upon the original issuance of the
bonds shall be dated as of November 1, 1995. Each bond thereafter issued upon any
transfer, exchange or replacement of bonds shall be dated so that no gain or loss of
interest shall result from such transfer, exchange or replacement.
The bonds shall mature (without option of prior redemption) on December 1,
1996. Each bond shall bear interest from its date, at the rate of four and five
hundredths per centum (4.05 %) per annum, computed on the basis of a 360 day year
consisting of twelve 30 day months and payable at maturity.
The principal of and interest on the bonds shall be payable in lawful money of
the United States of America upon presentation and surrender at the office of
South Holland Trust and Savings Bank, in the Village of South Holland, Illinois, which
is hereby appointed as bond registrar and paying agent for the bonds.
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Section 3. Sale and Delivery. The bonds are sold to South Holland Trust and
Savings Bank, as purchaser, at a price of $150,000 and accrued interest from their
date to the date of delivery and payment therefor.
The Village President, Village Clerk and other officials of the Village are
authorized and directed to do and perform, or cause to be done or performed for or
on behalf of the Village each and every thing necessary for the issuance of the bonds,
including the proper execution and delivery of the bonds.
Section 4. Execution and Authentication. Each bond shall be executed in the
name of the Village by the manual or authorized facsimile signature of its Village
President and the corporate seal of the Village, or a facsimile thereof, shall be
thereunto affixed or otherwise reproduced thereon and attested by the manual or
authorized facsimile signature of its Village Clerk.
In case any officer whose signature, or a facsimile of whose signature, shall
appear on any bond shall cease to hold such office before the issuance of the bond,
such bond shall nevertheless be valid and sufficient for all purposes, the same as if
the person whose signature, or a facsimile thereof, appears on such bond had not
ceased to hold such office. Any bond may be signed, sealed or attested on behalf of
the Village by any person who, on the date of such act, shall hold the proper office,
notwithstanding that at the date of such bond such person may not have held such
office. No recourse shall be had for the payment of any bonds against any officer
who executes the bonds.
Each bond shall bear thereon a certificate of authentication executed manually
by the bond registrar. No bond shall be entitled to any right or benefit under this
ordinance or shall be valid or obligatory of any purpose until such certificate of
authentication shall have been duly executed by the bond registrar.
Section 5. Transfer, Exchange and Registry. The bonds shall be negotiable,
subject to the provisions for registration of transfer contained herein. Each bond shall
be transferable only upon the registration books maintained by the Village for that
purpose at the office of the bond registrar, by the registered owner thereof in person
or by his attorney duly authorized in writing, upon surrender thereof together with a
written instrument of transfer satisfactory to the bond registrar and duly executed by
the registered owner or his duly authorized attorney. Upon the surrender for transfer
of any such bond, the Village shall execute and the bond registrar shall authenticate
and deliver a new bond or bonds registered in the name of the transferee, of the same
aggregate principal amount, maturity and interest rate as the surrendered bond.
Bonds, upon surrender thereof at the office of the bond registrar, with a written
instrument satisfactory to the bond registrar, duly executed by the registered owner
or his attorney duly authorized in writing, may be exchanged for an equal aggregate
principal amount of bonds of the same maturity and interest rate and of the
denominations of $5,000 or any integral multiple thereof.
For every such exchange or registration of transfer of bonds, the Village or the
bond registrar may make a charge sufficient for the reimbursement of any tax, fee or
other governmental charge required to be paid with respect to such exchange or
transfer, which sum or sums shall be paid by the person requesting such exchange or
transfer as a condition precedent to the exercise of the privilege of making such
exchange or transfer. No other charge shall be made for the privilege of making such
transfer or exchange. The provisions of the Illinois Bond Replacement Act shall
govern the replacement of lost, destroyed or defaced bonds.
The Village and the bond registrar may deem and treat the person in whose
name any bond shall be registered upon the registration books as the absolute owner
of such bond, whether such bond shall be overdue or not, for the purpose of receiving
payment of, or on account of, the principal of or interest thereon and for all other
purposes whatsoever, and all such payments so made to any such registered owner
or upon his order shall be valid and effectual to satisfy and discharge the liability upon
such bond to the extent of the sum or sums so paid, and neither the Village nor the
bond registrar shall be affected by any notice to the contrary.
Section 6. 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 7. Form of Bonds. The bonds shall be issued as fully registered bonds
and shall be in substantially the following form, the blanks to be appropriately
completed when the bonds are printed:
No.
United States of America
State of Illinois
Counties of Cook, DuPage and Will
VILLAGE OF LEMONT
GENERAL OBLIGATION REFUNDING BOND,
SERIES 1995
INTEREST RATE MATURITY DATE DATED DATE
4.05% December 1, 1996 November 1, 1995
REGISTERED OWNER: SOUTH HOLLAND TRUST AND SAVINGS BANK
PRINCIPAL AMOUNT: ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000)
The VILLAGE OF LEMONT, a municipal corporation of the State of Illinois,
acknowledges itself indebted and for value received hereby promises to pay to the
registered owner of this bond, or registered assigns, the principal amount specified
above on the maturity date specified above, and to pay interest on such principal
amount from the date hereof at the interest rate per annum specified above, computed
on the basis of a 360 day year consisting of twelve 30 day months and payable at
maturity. This bond, as to principal and interest when due, will be payable in lawful
money of the United States of America upon presentation and surrender of this bond
at the office of South Holland Trust and Savings Bank, in the Village of South Holland,
Illinois, as bond registrar, or its successor (the "Bond Registrar "). The full faith and
credit of the Village are irrevocably pledged for the punctual payment of the principal
of and interest on this bond according to its terms.
This bond is one of a series of bonds issued in the aggregate principal amount
of $150,000, which are authorized and issued under and pursuant to Section 8 -5 -16
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of the Illinois Municipal Code and the Local Government Debt Reform Act and under
and in accordance with an ordinance adopted by the President and Board of Trustees
of the Village on October 23, 1995 and entitled: "Ordinance Authorizing the Issuance
of $ 150,000 General Obligation Refunding Bonds, Series 1995, of the Village of
Lemont, Illinois."
This bond is transferable only upon such registration books by the registered
owner hereof in person, or by his attorney duly authorized in writing, upon surrender
hereof at the office of the Bond Registrar together with a written instrument of
transfer satisfactory to the Bond Registrar duly executed by the registered owner or
by his duly authorized attorney, and thereupon a new registered bond or bonds, in the
authorized denominations of $5,000 or any integral multiple thereof and of the same
aggregate principal amount, maturity and interest rate as this bond shall be issued to
the transferee in exchange therefor. In like manner, this bond may be exchanged for
an equal aggregate principal amount of bonds of the same maturity and interest rate
and of any of such authorized denominations. The Village or the Bond Registrar may
make a charge sufficient for the reimbursement of any tax, fee or other governmental
charge required to be paid with respect to the transfer or exchange of this bond. No
other charge shall be made for the privilege of making such transfer or exchange. The
Village and the Bond Registrar may treat and consider the person in whose name this
bond is registered as the absolute owner hereof for the purpose of receiving payment
of, or on account of, the principal and interest due hereon and for all other purposes
whatsoever.
This bond shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been duly executed by the Bond
Registrar.
It is hereby certified, recited and declared that all acts, conditions and things
required to be done, exist and be performed precedent to and in the issuance of this
bond in order to make it a legal, valid and binding obligation of the Village have been
done, exist and have been performed in regular and due time, form and manner as
required by law, and that the series of bonds of which this bond is one, together with
all other indebtedness of the Village, is within every debt or other limit prescribed by
law.
IN WITNESS WHEREOF, the Village of Lemont has caused this bond to be
executed in its name and on its behalf by the manual or facsimile signature of its
Village President, and its corporate seal, or a facsimile thereof, to be hereunto affixed
or otherwise reproduced hereon and attested by the manual or facsimile signature of
its Village Clerk.
Dated: November 1, 1995
CERTIFICATE OF AUTHENTICATION
This bond is one of the General
Obligation Refunding Bonds, Series
1995, described in the within
mentioned Ordinance.
SOUTH HOLLAND TRUST AND
SAVINGS BANK, as Bond Registrar
By
Authorized Signer
LLAGE OF LEMONT
ilia _ e President
Village Clerk
ASSIGNMENT
For value received the undersigned sells, assigns and transfers unto
the within bond and hereby
irrevocably constitutes and appoints
attorney to transfer the said bond on the books kept for registration thereof, with full
power of substitution in the premises.
Dated
Signature Guarantee:
Section 8. Levy and Extension of Taxes. For the purpose of providing the
money required to pay the interest on the bonds when and as the same falls due and
to pay and discharge the principal thereof as the same shall mature, there is hereby
levied upon all the taxable property in the Village, in the 1995 tax levy year, a direct
annual tax sufficient to produce for that purpose, in addition to all other taxes, the
sum of $156,581.25.
Interest or principal coming due at any time when there shall be insufficient
funds on hand to pay the same shall be paid promptly when due from current funds
on hand in advance of the collection of the taxes herein levied; and when said taxes
shall have been collected, reimbursement shall be made to the said funds in the
amounts thus advanced.
As soon as this ordinance becomes effective, a copy thereof certified by the
Village Clerk, which certificate shall recite that this ordinance has been duly adopted,
shall be filed with the County Clerk of Cook County, Illinois, the County Clerk of
DuPage County, Illinois and the County Clerk of Will County, Illinois, who are each
hereby directed to ascertain the rate per cent required to produce the aggregate tax
hereinbefore provided to be levied in the year 1995, and to extend the same for
collection on the tax books in connection with other taxes levied in said year, in and
by the Village for general corporate purposes of the Village, and in said year such
annual tax shall be levied and collected in like manner as taxes for general corporate
purposes for said year are levied and collected and, when collected, such taxes shall
be used for the purpose of paying the principal of and interest on the bonds herein
authorized as the same become due and payable.
Section 9. Debt Service Fund. Moneys derived from taxes herein levied are
appropriated and set aside for the purpose of paying principal of and interest on the
bonds when and as the same come due. AU of such moneys, and all other moneys
to be used for the payment of the principal of and interest on the bonds, shall be
deposited in the "1995 Debt Service Fund ", which is hereby established as a special
fund of the Village and shall be administered as a bona fide debt service fund under
the Internal Revenue Code of 1986. All accrued interest received upon the issuance
of the bonds shall be deposited in the 1995 Debt Service Fund.
Section 10. Bond Proceeds Fund. All of the proceeds of sale of the bonds
(exclusive of accrued interest) shall be deposited in the "1995 Bond Proceeds Fund ",
which is hereby established as a special fund of the Village. Moneys in the 1995
Bond Proceeds Fund shall be used for the purposes specified in Section 1 of this
ordinance and for the payment of costs of issuance of the bonds, but may hereafter
be reappropriated and used for other purposes if such reappropriation is permitted
under Illinois law and will not adversely affect the exclusion from gross income for
federal income tax purposes of interest on the bonds.
Section 11. Investment Regulations. No investment shall be made of any
moneys in the 1995 Debt Service Fund or the 1995 Bond Proceeds Fund except in
accordance with the tax covenants set forth in Section 12 of this ordinance. All
income derived from such investments in respect of moneys or securities in any Fund
shall be credited in each case to the Fund in which such moneys or securities are held.
Any moneys in any Fund that are subject to investment yield restrictions may
be invested in United States Treasury Securities, State and Local Government Series,
pursuant to the regulations of the United States Treasury Department, Bureau of
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Public Debt, or in any tax - exempt bond that is not an "investment property" within
the meaning of Section 148(b)(2) of the Internal Revenue Code of 1986. The Village
Treasurer and agents designated by him are hereby authorized to submit, on behalf
of the Village, subscriptions for such United States Treasury Securities and to request
redemption of such United States Treasury Securities.
Section 12. Tax Covenants. The Village shall not take, or omit to take, any
action lawful and within its power to take, which action or omission would cause
interest on any bond to become subject to federal income taxes in addition to federal
income taxes to which interest on such bond is subject on the date of original
issuance thereof.
The Village shall not permit any of the proceeds of the bonds, or any facilities
financed with such proceeds, to be used in any manner that would cause any bond
to constitute a "private activity bond" within the meaning of Section 141 of the
Internal Revenue Code of 1986.
The Village shall not permit any of the proceeds of the bonds or other moneys
to be invested in any manner that would cause any bond to constitute an "arbitrage
bond" within the meaning of Section 148 of the Internal Revenue Code of 1986 or
a "hedge bond" within the meaning of Section 149(g) of the Internal Revenue Code
of 1986.
The Village shall comply with the provisions of Section 148(f) of the Internal
Revenue Code of 1986 relating to the rebate of certain investment earnings at
periodic intervals to the United States of America.
Section 13. Bank Qualified Designation. The Village hereby designates the
bonds as "qualified tax - exempt obligations" as defined in Section 265(b)(3)(B) of the
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Internal Revenue Code of 1986. The Village represents that the reasonably
anticipated amount of tax - exempt obligations that are required to be taken into
account for the purpose of Section 265(b)(3)(C) of the Code and will be issued by or
on behalf of the Village and all subordinate entities of the Village during 1995 does
not exceed $10,000,000. The Village covenants that it will not designate and issue
more than $10,000,000 aggregate principal amount of tax - exempt obligations in the
year in which the bonds are issued. For purposes of the two preceding sentences, the
term "tax- exempt obligations" includes "qualified 501(c) (3) bonds" (as defined in the
Section 145 of the Internal Revenue Code of 1986) but does not include other
"private activity bonds" (as defined in Section 141 of the Internal Revenue Code of
1986).
Section 14. Bond Registrar. The Village covenants that it shall at all times
retain a bond registrar with respect to the bonds, that it will maintain at the
designated office of such bond registrar a place where bonds may be presented for
payment and registration of transfer or exchange and that it shall require that the bond
registrar maintain proper registration books and perform the other duties and
obligations imposed upon the bond registrar by this ordinance in a manner consistent
with the standards, customs and practices of the municipal securities business.
The bond registrar shall signify its acceptance of the duties and obligations
imposed upon it by this ordinance by executing the certificate of authentication on
any bond, and by such execution the bond registrar shall be deemed to have accepted
such duties and obligations not only with respect to the bond so authenticated but
with respect to all the bonds. The bond registrar is the agent of the Village and shall
not be liable in connection with the performance of its duties except for its own
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negligence or default. The bond registrar shall, however, be responsible for any
representation in the certificate of authentication on the bonds.
Section 15. Defeasance and Payment of Bonds. (A) If the Village shall pay
or cause to be paid to the registered owners of the bonds, the principal and interest
due or to become due thereon, at the times and in the manner stipulated therein and
in this ordinance, then the pledge of taxes, securities and funds hereby pledged and
the covenants, agreements and other obligations of the Village to the registered
owners and the beneficial owners of the bonds shall be discharged and satisfied.
(B) Any bonds, whether at or prior to the maturity of such bonds, shall be
deemed to have been paid within the meaning of this Section if there shall have been
deposited in trust with a bank, trust company or national banking association acting
as fiduciary for such purpose either (i) moneys in an amount which shall be sufficient,
or (ii) "Federal Obligations" as defined in paragraph (C) of this Section, the principal
of and the interest on which when due will provide moneys which, together with any
moneys on deposit with such fiduciary at the same time for such purpose, shall be
sufficient, to pay when due the principal of and interest due and to become due on
said bonds on and prior to the maturity date thereof.
(C) As used in this Section, the term "Federal Obligations" means (i) non -
callable, direct obligations of the United States of America, (ii) non - callable and non -
prepayable, direct obligations of any agency of the United States of America, which
are unconditionally guaranteed by the United States of America as to full and timely
payment of principal and interest, (iii) non - callable, non - prepayable coupons or interest
installments from the securities described in clause (i) or clause (ii) of this paragraph,
which are stripped pursuant to programs of the Department of the Treasury of the
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United States of America, or (iv) coupons or interest installments stripped from bonds
of the Resolution Funding Corporation.
Section 16. Ordinance to Constitute a Contract. The provisions of this
ordinance shall constitute a contract between the Village and the registered owners
of the bonds. Any pledge made in this ordinance and the provisions, covenants and
agreements herein set forth to be performed by or on behalf of the Village shall be for
the equal benefit, protection and security of the owners of any and all of the bonds.
All of the bonds, regardless of the time or times of their issuance, shall be of equal
rank without preference, priority or distinction of any of the bonds over any other
thereof except as expressly provided in or pursuant to this ordinance. This ordinance
shall constitute full authority for the issuance of the bonds and to the extent that the
provisions of this ordinance conflict with the provisions of any other ordinance or
resolution of the Village, the provisions of this ordinance shall control. If any section,
paragraph or provision of this ordinance shall be held to be invalid or unenforceable
for any reason, the invalidity or unenforceability of such section, paragraph or
provision shall not affect any of the remaining provisions of this ordinance.
Section 17. Publication. The Village Clerk is hereby authorized and directed
to publish this ordinance in pamphlet form and to file copies thereof for public
inspection in her office.
Section 18. Effective Date. This ordinance shall become effective upon its
passage, approval and publication in pamphlet form in the manner provided by law.
Adopted this 23rd day of October, 1995, by roll call vote as follows:
Ayes:
Nays:
Buschman, Chin, Latz, Markiewicz, Rimbo,Schobert
0
ved: October 23, 1995
Published in pamphlet form: October 24, 1995
(SEAL)
Village Clerk
Presid
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
$ 150,000 General Obligation Refunding Bonds, Series 1995, of the Village of Lemont,
Illinois," 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
October 23, 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 October 23, 1995, and thereafter
published in pamphlet form on October 24, 1995 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 24th day of October 1995.
illage Clerk
(SEAL)
DOCUMENT #: CHGO05A (05779- 00001 -6) 205269 .2;DATE:10 /16/95/TIME:17:04-
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deeeez,
COOK COUNTY FILING CERTIFICATE
STATE OF ILLINOIS )
SS
COUNTY OF COOK )
I, David D. Orr, C unty Clerk of Cook County, Illinois, do hereby certify that
on the 30. /7 day of , 1995, there was filed in my office Ordinance No.
Pi34 of the Village of Lemont, Illinois entitled:
ORDINANCE AUTHORIZING THE ISSUANCE OF $150,000
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1995,
OF THE VILLAGE OF LEMONT, ILLINOIS
, which ordinance levies taxes in the Village of Lemont for the purpose of paying principal of
and interest on the General Obligation Refunding Bonds, Series 1995, of the Village, described
in said ordinance.
WITNESS my official signature and the seal of Cook County, this ,gyp day
of (.3"-,442-, , 1995.
(SEAL)
cams,t 0,
County Clerk of Cook County, Illinois
.DOCUMENT #: CHGO05A (05779 - 00001 -6) 205724 .1;DATE:10 /16/95/TIIME:17:01=
•
WILL COUNTY FILING CERTIFICATE
STATE OF ILLINOIS )
) SS
COUNTY OF WILL )
I, Jan Gould, County Clerk of Will County, Illinois, do hereby certify that on the
3 v day of (30652- , 1995, there was filed in my office Ordinance No.
9 3 `F of the Village of Lemont, Illinois entitled:
ORDINANCE AUTHORIZING THE ISSUANCE OF $150,000
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1995,
OF THE VILLAGE OF LEMONT, ILLINOIS
, which ordinance levies taxes in the Village of Lemont for the purpose of paying principal of
and interest on the General Obligation Refunding Bonds, Series 1995, of the Village, described
in said ordinance.
WITNESS my official signature and the seal of Will County, this '° day
of C) , 1995.
(SEAL)
County erk of Will County, Illinois
.DOCUMENT #: CH0005A (05779- 00001 -6) 205722 .1;DATE:10 /16/95/TIME:16:59=
DUPAGE COUNTY FILING CERTIFICATE
STATE OF ILLINOIS )
SS
COUNTY OF DUPAGE )
I, Gary A. King, County Clerk of DuPage County, Illinois, do hereby certify that
on the 30th day of OCTOBER , 1995, there was filed in my office Ordinance No.
934 of the Village of Lemont, Illinois entitled:
ORDINANCE AUTHORIZING THE ISSUANCE OF $150,000
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1995,
OF THE VILLAGE OF LEMONT, ILLINOIS
, which ordinance levies taxes in the Village of Lemont for the purpose of paying principal of
and interest on the General Obligation Refunding Bonds, Series 1995, of the Village, described
in said ordinance.
WITNESS my official signature and the seal of DuPage County, this 30th
day of OCTOBER , 1995.
(SEAL)
County C of DuPage Coun ois
- DOCUMENT #: CH0005A (05779- 00001 -6) 205723 .1;DATE:10 /16/95/ 1ME:17:00-