O-857-94 09/26/94VILLAGE OF LEMONT
ORDINANCE NO, 857
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
BONDS OF THE VILLAGE OF LEMONT, COOK, WILL, AND DU PAGE
COUNTIES, ILLINOIS, IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $800,000 FOR THE PURPOSE OF
REFUNDING THE OUTSTANDING INSTALLMENT CONTRACT
DATED JANUARY 16, 1991.
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
This 26th day of September , 1994.
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 26th
day of September , 1994
ORDINANCE NO. 857
AN ORDINANCE authorizing the issuance of General Obligation
Bonds (Alternate Revenue Source) of the Village of Lemont, Cook,
DuPage and Will Counties, Illinois, in an aggregate principal
amount not to exceed $800,000 for the purpose of refunding the
outstanding Installment Contract, dated January 16, 1991, of said
Village.
*
WHEREAS, the Village of Lemont, Cook, DuPage and Will 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, and is now operating under the provisions of
the Illinois Munic4.pal Cede, as amended; 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 refund the Village's outstanding Installment Contract,
dated January 16, 1991, entered into for the purpose of purchasing certain improvements
for the renovation of the Village Hall (the "Installment Contract"); and
WHEREAS, the estimated cost of refunding the Installment Contract, including legal,
financial, bond discount, printing and publication costs, and other expenses, is $800,000, 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 Installment
Contract be refunded and in order to finance the costs thereof it will be necessary for the
Village to issue up to $800,000 General Obligation Bonds (Alternate Revenue Source) (the
"Bonds"), as authorized to be issued at this time pursuant to the Local Government Debt
Reform Act of the State of Illinois, as amended:
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. 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 refund the Installment Contract, for the public health, safety and welfare, and
that for such purpose, there are hereby authorized to be issued and sold the Bonds in an
aggregate principal amount not to exceed $800,000.
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 Daily Southtown
the same being a newspaper of general
circulation in the Village, and if no petition, signed by 310 electors (being equal to the
greater of (i) 7.5% of the registered voters in the Village or (ii) 200 of such registered
voters or 15% of such registered voters, whichever is less) asking that the issuance of the
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 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 Bonds and prescribing all the details of
the Bonds, so long as the maximum amount of the Bonds as set forth in this ordinance is not
exceeded and there is no material change in the 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 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 September 26, 1994.
AYES:
NAYS:
ABSENT:
APPROVED on September 26, 1994.
PUBLISHED in the 'Daily Southtown
dent, Villa: - of Lemont,
ook, DuPage and Will Counties, Illinois
on September 28, ,1994.
RECORDED in the Village Records on September 26, 1994.
ATTEST:
Village Clerk, Village of Lemont,
Cook, DuPage and Will Counties, Illinois
• .„
NOTICE OF INTENT TO ISSUE BONDS
AND RIGHT TO FILE PETITION
Notice is hereby given that pursuant to Ordinance No. 857 (the "Ordinance"),
adopted by the President and Board of Trustees of the Village of Lemont, Cook, DuPage and
Will Counties, Illinois (the "Village"), on the 26th day of September, 1994, the Village
intends to issue its General Obligation Bonds (Alternate Revenue Source), in an aggregate
principal amount not to exceed $800,000 (the "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 refunding the Village's outstanding Installment Contract, dated January 16,
1991, entered into for the purpose of purchasing certain improvements for the renovation of
the Village Hall. The revenue source that will be used to pay the principal of and interest on
the Bonds will be (a) the principal proceeds received by the Village from time to time from
the issuance of its general obligation bonds or notes to the fullest extent permitted by law,
including Division 4 of Article 8 and Section 8 -5 -16 of the Illinois Municipal Code, as
amended, and (b) such other funds of the Village lawfully available and annually
appropriated for such purpose. A complete copy of the Ordinance follows this notice.
Notice is hereby further given that if a petition, signed by 310 or more electors of
the Village asking that the issuance of the Bonds be submitted to referendum is filed with the
Village Clerk within 30 days after the date of publication of the Ordinance and this notice,
the question of the issuance of the Bonds shall be submitted to the electors of the Village at
the consolidated primary election to be held on February 28, 1995, or, if the voters of the
Village are not scheduled to cast votes for any candidates for nomination for, election to or
retention in public office at such election, then at the consolidated election to be held on
April 4, 1995. The Circuit Court may declare that an emergency referendum should be
held prior to either of said election dates pursuant to the provisions of Section 2A -1.4 of the
Election Code of the State of Illinois, as amended.
By Order of the President and Board of Trustees . of the Village of Lemont, Cook,
DuPage and Will Counties, Illinois, this 26th day of September, 1994.
Village Clerk, Village of Lemont,
Cook, DuPage and Will Counties, Illinois