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O-30-14 Ord Adoption of Ord Authorizing the Issuance of Incre Taxes/Bonds for TIF ORDINANCE NO.0 -3044 AN ORDINANCE AUTHORIZING THE ISSUANCE OF INCREMENTAL TAXES / GENERAL SALES TAXES / REVENUE SHARING RECEIPTS ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF REFINANCING GATEWAY TIF REDEVELOPMENT PROJECT COSTS, AND RELATED FACILITIES, IMPROVEMENTS AND COSTS PREAMBLES WHEREAS, the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the "Municipality"), operates in accordance with the provisions of the Illinois Municipal Code [Section 5/1-1-1 et seq. of Chapter 65 of the Illinois Compiled Statutes, as supplemented and amended, including by the Local Government Debt Reform Act (collectively, the "Act")] and is entitled to receive a certain distributive revenue share of proceeds of the (i) Retailers' Occupation Taxes, Service Occupation Taxes, Use Taxes and Service Use Taxes (collectively, and subject to any prior lien or pledge, "General Sales Taxes") imposed, collected and distributed pursuant to applicable law and of(ii) State of Illinois income taxes (such distributive share referred to herein as the "Revenue Sharing Receipts") imposed by the State of Illinois pursuant to the Illinois Income Tax Act and distributed pursuant to the State Revenue Sharing Act, and also is entitled to receive incremental taxes derived from the Municipality's Gateway Redevelopment Project Area(subject to any prior pledge, "Incremental Taxes"); and WHEREAS, the President and Board of Trustees (the "Corporate Authorities") has determined that it is advisable, necessary and in the best interests of the Municipality's public health, safety and welfare to refinance land assembly, site preparation, including remediation, demolition, environmental studies and related work, professional and other redevelopment project costs, within or serving the Gateway Redevelopment Project Area, capitalized interest, and related facilities, improvements and costs (collectively, the "Project") as originally financed by the Municipality's Taxable General Obligation Bonds (Alternate Revenue Source), Series 2012B (the "Prior Bonds") by reducing certain debt service payments and to concurrently refund at a lower interest cost the Municipality's General Obligation Bonds (Alternate Revenue Source), Series 2005; and WHEREAS, the estimated Municipality's costs of refinancing and restructuring the Prior Bonds debt service, including necessary legal, financial, bond discount, printing and publication costs and other expenses preliminary to and in connection with the Project is anticipated not to exceed the sum of $1,030,000, which is to be paid from proceeds of the hereinafter described alternate bonds, being general obligation bonds as authorized by Section 15 of the Local Government Debt Reform Act, but nevertheless expected to be paid from receipts of one or more of Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts, rather than by any levy of taxes; and WHEREAS, costs of the Project are expected to be paid from available funds therefor and from proceeds from the sale of alternate Bonds, to be payable from one or more of General Sales Taxes, Revenue Sharing Receipts and Incremental Taxes and issued pursuant to the Act, this ordinance and one or more ordinances supplemental to this ordinance authorizing and providing for the issuance of such alternate Bonds, prescribing the details of such alternate Bonds and providing for the collection, segregation and distribution of Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts derived by the Municipality in lieu of any levy of general taxes; and WHEREAS, the Municipality has insufficient funds to pay costs of the Project and, therefore, must borrow money and issue alternate Bonds in evidence thereof, at one time or from time to time and in one or more series, up to the aggregate principal amount of$4,750,000 for such purposes, pursuant to and in accordance with the provisions of the Act. 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 and Determination to Issue Bonds. The Corporate Authorities hereby find that all of the recitals contained in the preambles to this ordinance are true, complete and correct and hereby incorporate them into this Section 1 of this ordinance by this reference thereto. It is necessary and in the best interests of the Municipality to undertake the Project for the public health, safety and welfare, and that for the purpose of refinancing the Project by refunding certain of the Prior Bonds there are hereby authorized to be issued and sold, at one time or from time to time as the refunding may proceed, general obligation bonds (Incremental Taxes and/or General Sales Taxes and/or Revenue Sharing Receipts alternate revenue source(s)) of the Municipality in an aggregate principal amount up to but in any event not to exceed $1,030,000 (which may be issued at one time or from time to time as funds are applied, the "Bonds"). The alternate revenue source(s) to pay debt service on the Bonds are receipts of one or more of Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts. Section 2. Publication and Notice. After the adoption of this ordinance by the Corporate Authorities, this ordinance, preceded by the notice hereinafter described, shall be published in a newspaper (as described in the Notice by Publication Act) published in Cook, DuPage and Will Counties, Illinois, and of general circulation within the Municipality, and if no petition, signed by not less than the number of electors of the Municipality being equal to the greater of(i) 7.5% of the registered voters within the Municipality or (ii) 200 of those registered voters or 15% of those registered voters, whichever is less, asking that the Project be undertaken and of issuing the alternate Bonds to pay the costs of the Project be submitted to the electors of the Municipality, is filed with the Village Clerk within thirty (30) days after the date of the publication of this ordinance, preceded by a notice conforming with the provisions of the Local Government Debt Reform Act, then this ordinance shall be in full force and effect and the Bonds shall be authorized to be issued. If such a petition is filed, an election on the question shall be held as set forth in a form of notice complying with Section 15 of the Local Government Debt Reform Act and not inconsistent with this ordinance, and this ordinance shall not become effective until such question shall have been duly approved by a majority of the votes cast on the -2- question at the election held as set forth in such form of notice. The Village Clerk shall have available and provide a form of petition to any person requesting one. The Village Clerk shall give notice of the foregoing provisions as set forth in substantially the form of such notice as is presented before the meeting of the Corporate Authorities at which this ordinance is adopted, subject to completion and modification to conform with the Local Government Debt Reform Act. Section 3. Additional Ordinances. If no petition meeting the requirements of applicable law is filed as provided above in Section 2, or if the question is approved as above set forth, then the Corporate Authorities in accordance with and pursuant to the Act may adopt additional ordinances or other proceedings supplemental to or amending this ordinance, at one time or from time to time as the refinancing and restructuring may proceed, providing for the issuance and sale of up to but in any event not to exceed the amount of the alternate Bonds set forth above, prescribing the details of such alternate Bonds, and providing for a levy of taxes and the collection, segregation and distribution of one or more of Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts for the payment of the alternate Bonds issued. Such additional or supplemental ordinances or other proceedings shall in all instances become effective in accordance with applicable law; and this ordinance, together with such supplemental and additional ordinances or other proceedings, shall constitute complete authority for the issuance of the alternate Bonds under applicable law. Section 4. Severability and Repealer. 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. 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. *41'6,Upon motion by Trustee, seconded by Trustee, f/(,(p06,Ski. , adopted upon roll call vote and recorded in the Municipality's r ords, this /Z day of , 2014. Approved: I Z, , 2014 (SEAL) ..e 'resid-Plirrillage of Lemont, Illinois Attest: Village Clerk, Village of Lemont, Illinois -3- Closing Item No. 1(b) STATE OF ILLINOIS ) THE COUNTY OF COOK ) SS VILLAGE OF LEMONT ) CERTIFICATION OF ORDINANCE I,the undersigned, do hereby certify that I am the duly selected, qualified and acting Village Clerk of the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the "Municipality"), and as such official I am the keeper of the records and files of the Municipality and of its President and Board of Trustees(the"Corporate Authorities"). I do further certify that the attached constitutes a full, true and complete except from the proceedings of the regular meeting of the Corporate Authorities held on the (Z day of 2014, insofar as same relates to the adoption of Ordinance No.0.30-144 ,entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE OF INCREMENTAL TAXES / GENERAL SALES TAXES / REVENUE SHARING RECEIPTS ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING GATEWAY TIF REDEVELOPMENT PROJECT COSTS, AND RELATED FACILITIES, IMPROVEMENTS AND COSTS a true, correct and complete copy of which ordinance (the "ordinance") as adopted at such meeting appears in the transcript of the minutes of such meeting and is hereto attached. I do further certify that the deliberations of the Corporate Authorities on the adoption of such ordinance were taken openly, that the adoption of such ordinance was duly moved and seconded, that the vote on the adoption of such ordinance was taken openly and was preceded by a public recital of the nature of the matter being considered and such other information as would inform the public of the nature of the business being conducted, that such meeting was held at a specified time and place convenient to the public, that the agenda for such meeting was duly posted on the Municipality's website and at the office of City Clerk with all pages continuously visible and readable to the outside at street level 24/7 at least 48 hours before the meeting, that notice of such meeting was duly given to all of the news media requesting such notice, that such meeting was called and held in strict compliance with the provisions of the open meeting laws of the State of Illinois, as amended, and the Illinois Municipal Code, as amended, and that the Corporate Authorities have complied with all of the applicable provisions of such open meeting laws and such Code and their procedural rules in the adoption of such ordinance. [ j petition(s) have been received as mentioned in Section 2 of such ordinance, forms thereof being at all relevant times available therefor in the City Clerk's office. IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of the Village of Lemont, Illinois,this 12 day of mry1' ,2014. // (SEAL) Village Clerk (form of notice) NOTICE OF INTENT TO ISSUE BONDS AND RIGHT TO FILE PETITION Notice is hereby given that pursuant to an authorizing ordinance adopted , 2014 (the "Ordinance"), the Village of Lemont, Cook, DuPage and Will Count' s, Illinois (the "Municipality"), intends to issue its alternate bonds (the "Bonds") at one time or from time to time as funds are needed up to the amount of but in any event not to exceed $1,030,000. aggregate principal amount, bearing interest at not to exceed the rate limitation provided by law, for the purpose of refinancing land assembly, site preparation, including remediation, demolition, environmental studies and related work, professional and other redevelopment project costs, within or serving the Gateway Redevelopment Project Area, capitalized interest, and related facilities, improvements and costs (the "Project"), to reduce certain debt service payments. The Bonds are to be paid from receipts of one or more of Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts (as defined in the Ordinance) as the alternate revenue source(s), and not from any levy of general taxes. In addition, notice is hereby given that if a petition signed by not less than 792 electors of the Municipality [being equal to the greater of(i) 7.5% of the registered voters in the Municipality or (ii) 200 of those registered voters or 15% of those registered voters, whichever is less], requesting that the question of the issuance of the Bonds for the Project be submitted to the Village Clerk within thirty (30) days of the date of publication hereof and of the above Ordinance, the question of the issuance of such Bonds for the Project shall be submitted to the electors of the Municipality at the general election to be held on November 4, 2014, if such question can be and is presented at such election, and otherwise at the next election at which such question could be presented under the general election laws. A form of petition is available to any person requesting one in the Village Clerk's office. /s/Charlene M. Smollen Village Clerk, Village of Lemont, Illinois Note to publisher: The full text of the ordinance is to follow the above notice. Please check with George Schafer ((630) 243-2709) as to any blanks in the notice or ordinance. Send your publication statement to the Village of Lemont, Cook, DuPage and Will Counties, 418 Main Street, Lemont, Illinois 60439 Attention: Village Administrator, and send two certificates of publication to Evans, Froehlich & Beth, 44 Main Street, Third Floor, Champaign, Illinois, 61820. To: Village Clerk,Village of Lemont,Cook,DuPage and Will Counties,Illinois. PETITION In accordance with and pursuant to Section 2 of an authorizing ordinance of the Village of Lemont, Cook, DuPage and Will Counties,Illinois(the"Municipality"),adopted ,2014,and entitled: AN ORDINANCE AUTHORIZING THE ISSUANCE OF INCREMENTAL TAXES / GENERAL SALES TAXES / REVENUE SHARING RECEIPTS ALTERNATE REVENUE SOURCE BONDS OF THE VILLAGE OF LEMONT, COOK, DUPAGE AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF REFINANCING GATEWAY TIF REDEVELOPMENT PROJECT COSTS,AND RELATED FACILITIES,IMPROVEMENTS AND COSTS each of the undersigned hereby certifies, as applicable to each, that each is an elector (a registered voter) of the Municipality, and hereby petitions and asks that the question of issuing up to $ alternate bonds, payable from one or more of Incremental Taxes, General Sales Taxes and Revenue Sharing Receipts (as defined in the above ordinance) as the alternate revenue source(s),to refinance (and reduce certain debt service payments) costs of land assembly, site preparation, including remediation, demolition, environmental studies and related work, professional refinance redevelopment project costs, within or serving the Gateway Redevelopment Project Area, and related facilities, improvements and costs, as set forth in the above ordinance, be submitted to the electors of the Municipality at the general election to be held on November 4, 2014, if such question can be and is presented at such election,and otherwise at the next election at which such question could be presented under the general election laws. Village of Lemont, Print Name Address Illinois Signature 1. Lemont, IL 2. Lemont, IL 3. Lemont, IL 4. Lemont,IL 5. Lemont,IL 6. Lemont,IL 7. Lemont,IL 8. Lemont,IL 9. Lemont, IL 10. Lemont,IL Statement: I, [Name], of [Address], of , Illinois, hereby state that I am now,and was at all times I circulated this petition,a U.S.Citizen over 18 years of age,that the above signatures on this sheet were signed in my presence in the Village of Lemont,Cook,DuPage and Will Counties,Illinois,and are genuine,and to the best of my knowledge and belief each of the persons so signing were at the time of signing registered voters of the Village of Lemont, Cook, DuPage and Will Counties,Illinois,and their addresses are correctly stated. Signature State of Illinois ) The above Statement was subscribed and sworn to ) before me this day of ,2014. County of (SEAL) Notary Public My Commission Expires: Sheet No. of Notice The President and Board of Trustees of the Village of Lemont, Cook, DuPage and Will Counties will hold a public hearing on , 2014 at 7:00 p.m. (or as soon after as practicable). The hearing will be held in the President and Board of Trustee's meeting room at the Village Hall, 418 Main Street, in Lemont, Illinois. The purpose of the hearing will be to receive public comments on the proposal to sell bonds in the amount of up to $1,030,000 for the purpose of refinancing (by reducing certain debt service costs) land assembly, site preparation, including remediation, demolition, environmental studies and related work, professional and other redevelopment project costs, within or serving the Gateway Redevelopment Project Area, by refunding certain prior alternate bonds. By: /s/Charlene M. Smollen Title: Village Clerk Note to Publisher: The above notice is to be published one time at least 7 days before the hearing, but not prior to 30 days before the hearing. The publication may be in the "legals" or "classified" section of the paper. NO SPECIAL BORDER IS REQUIRED FOR THIS PUBLICATION. DO NOT USE ANY SPECIAL BORDER. Please send your statement to: Village of Lemont 418 Main Street Lemont, Illinois 60439 Attn: Village Administrator and send two publication certificates (and text) to Evans, Froehlich, Beth & Chamley, 44 E. Main Street, Suite 310, Champaign, Illinois 61820-3649. PUBLISHER: DO NOT PRINT THE FOLLOWING: Village President's Approval and Order Setting Public Hearing: The undersigned, Village President of the above ►A unicipality ! troves and orders the setting of the above Bond Issue Notificatio' • t heari Date: T I2. ,2014 Villa. :President When signed by the Village President, please fax back to Evans, Froehlich, Beth & Chamley at 217/359-6468 and file with the Village Clerk. BERNARDI \I i t \ l t: I P 1, 0 \ 1) S P E t: t t, t s 'r S Village of Lemont, Cook, DuPage and Will Counties, Illinois $980,000 Taxable General Obligation Refunding Bonds (ARS),Series 2014A (TIF) $970,000 General Obligation Refunding Bonds(ARS),Series 2014B (Sales Tax) PROPOSED TIMETABLE TENTATIVE CLOSING:September 3,2014 DATE: v STEP IN PROCEDURE 1 Monday,April 21,2014 COMMITTEE OF THE WHOLE MEETING: Bernardi Securities,Inc.presents refinancing and restructuring summaries to the Village Board. VILLAGE BOARD MEETING: Village declares intent to proceed with refunding its 2. Monday,May 12,2014 outstanding Bonds and also passes Authorizing Ordinance to start the 30-day petition period. Engagement letter with Bernardi Securities,Inc is approved. 3. Week of May 12,2014 Bernardi Securities,Inc.begins preparing preliminary documents and publishing Authorizing Ordinance/BINA Hearing in local newspaper. 6. Monday,June 16,2014 30-day petition period expires. 5. Monday,June 23,2014 VILLAGE BOARD MEETING: Village holds BINA Hearing prior to regularly scheduled Board rraeting. Tuesday,July 15,2014 Preliminary Official Statement(POS)is released to the Village for review. 7. Tuesday,July 22,2014 Moody's Rating Agency Call with Village and Bernardi Securities. Due Diligence Call with Disclosure Counsel and Village follows. 7. Monday,July 28,2014 Moody's Rating received on the Bonds. 9. Monday,July 28,2014 VILLAGE BOARD MEETING: Village passes Parameters Bond Ordinance for the Bonds. Bernardi Securities,Inc.presents preliminary pricing summary to Village Board. 11. Friday,August 01,2014 R-elirrinary Official Statement is finalized. 12. Friday,August 08,2014 Bernardi Securities,Inc.and Village staff discuss timing and preliminary interest rates. 7. Monday,August 11,2014 Bernardi Securities,Inc.begins pre-order selling period for local buyers. Bernardi Securities,Inc.contacts local institutionaVretail investors. 8. Friday,August 15,2014 Final Pricing Friday,August 15,2014 Bond Purchase Agreement is signed and final savings and interest rates are locked in. 10. Wednesday,September 03,2014 Closing. Bernardi Securities,Inc.coordinates with Bond Counsel&Paying Agent. 20 South Clark Street, Suite 2700- Chicago; Illinois 60603 - p 312-726-7324 - www.BernardiSecurities.corn V O V) it) w O V3 O It) in M I ' ' 00 00 0, \° O 00 V0 00 OZ N N N CT et 00 00 N e w v 0, V) N 0\ O O ,.. 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N N N N N N N N N N N N N N N 0 �' y el -`- S a Q z * 7 Public Act 097-0827 HB4687 Enrolled LRB097 16461 JDS 61625 b AN ACT concerning government. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5 . The Open Meetings Act is amended by changing Section 2 . 02 as follows : (5 ILCS 120/2 . 02) (from Ch. 102, par. 42 . 02) Sec. 2 . 02 . Public notice of all meetings, whether open or closed to the public, shall be given as follows : (a) Every public body shall give public notice of the schedule of regular meetings at the beginning of each calendar or fiscal year and shall state the regular dates, times, and places of such meetings . An agenda for each regular meeting shall be posted at the principal office of the public body and at the location where the meeting is to be held at least 48 hours in advance of the holding of the meeting. A public body that has a website that the full-time staff of the public body maintains shall also post on its website the agenda of any regular meetings of the governing body of that public body. Any agenda of a regular meeting that is posted on a public body' s website shall remain posted on the website until the regular meeting is concluded. The requirement of a regular meeting agenda shall not preclude the consideration of items not specifically set forth in the agenda. Public notice of any Public Act 097-0827 HB4687 Enrolled LRB097 16461 JDS 61625 b special meeting except a meeting held in the event of a bona fide emergency, or of any rescheduled regular meeting, or of any reconvened meeting, shall be given at least 48 hours before such meeting, which notice shall also include the agenda for the special, rescheduled, or reconvened meeting, but the validity of any action taken by the public body which is germane to a subject on the agenda shall not be affected by other errors or omissions in the agenda. The requirement of public notice of reconvened meetings does not apply to any case where the meeting was open to the public and (1) it is to be reconvened within 24 hours, or (2) an announcement of the time and place of the reconvened meeting was made at the original meeting and there is no change in the agenda. Notice of an emergency meeting shall be given as soon as practicable, but in any event prior to the holding of such meeting, to any news medium which has filed an annual request for notice under subsection (b) of this Section. (b) Public notice shall be given by posting a copy of the notice at the principal office of the body holding the meeting or, if no such office exists, at the building in which the meeting is to be held. In addition, a public body that has a website that the full-time staff of the public body maintains shall post notice on its website of all meetings of the governing body of the public body. Any notice of an annual schedule of meetings shall remain on the website until a new public notice of the schedule of regular meetings is approved. Public Act 097-0827 HB4687 Enrolled LRB097 16461 JDS 61625 b Any notice of a regular meeting that is posted on a public body' s website shall remain posted on the website until the regular meeting is concluded. The body shall supply copies of the notice of its regular meetings, and of the notice of any special, emergency, rescheduled or reconvened meeting, to any news medium that has filed an annual request for such notice. Any such news medium shall also be given the same notice of all special, emergency, rescheduled or reconvened meetings in the same manner as is given to members of the body provided such news medium has given the public body an address or telephone number within the territorial jurisdiction of the public body at which such notice may be given. The failure of a public body to post on its website notice of any meeting or the agenda of any meeting shall not invalidate any meeting or any actions taken at a meeting. (c) Any agenda required under this Section shall set forth the general subject matter of any resolution or ordinance that will be the subject of final action at the meeting. The public body conducting a public meeting shall ensure that at least one copy of any requested notice and agenda for the meeting is continuously available for public review during the entire 48-hour period preceding the meeting. Posting of the notice and agenda on a website that is maintained by the public body satisfies the requirement for continuous posting under this subsection (c) . If a notice or agenda is not continuously available for the full 48-hour period due to actions outside of Public Act 097-0827 HB4687 Enrolled LRB097 16461 JDS 61625 b the control of the public body, then that lack of availability does not invalidate any meeting or action taken at a meeting. (Source: P.A. 94-28, eff. 1-1-06. )