HomeMy Public PortalAboutOrdinance 2374. ,, _ ~ ` ~
ORDINANCE NO. ? 3 ~ ~
- SUPPLEMENTAL ORDINANCE PROVIDING FOR THE ISSUANCE OF
$9,150,000 GENERAL OBLIGATION BONDS, SERIES 2003A, OF THE
VILLAGE OF PLAINFIELD, ILLINOIS
BE IT ORDAINED BY THE. PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF PLAINFIELD, ILLINOIS, AS FOLLOWS:
Section 1. Authority, Purposes and Findings. This ordinance is adopted
pursuant to the Illinois Municipal Code, 65 Illinois Compiled Statutes 5, and the Local
Government Debt Reform Act, 30 Illinois Compiled Statutes 350, for the purpose of
financing (i) the construction of a new public works facility of approximately 65,000
square feet, including equipment and furnishings, and (ii) the design and sitework with
respect to the construction of a new law enforcement facility of approximately 40,000
square feet, including equipment and furnishings, for use by the Police Department and
for emergency management services (the "Improvements").
Pursuant to Ordinance No. 2265, adopted by the President and Board of
Trustees on October 20, .2003, and entitled: "Ordinance Authorizing the Issuance of
$26,000,000 General Obligation Alternate Bonds of the Village of Plainfield, Illinois", the
Village is authorized to issue $9,150,000 general obligation bonds for the purpose of
financing the cost of the Improvements. Said general obligation bonds are authorized to
be issued as "alternate bonds" under Section 15 of the Local Government Debt Reform
Act. No bands authorized by Ordinance No. 2265 have been issued.
Ordinance No. 2265, together with the required statutory statement, was
published on October 29, 2003, in the "Enterprise," a newspaper published and of
general circulation in the Village. No petition has been filed with the Village Clerk
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asking that the issuance of the general obligation alternate bonds authorized by
Ordinance No. 2265 be submitted to referendum.
Pursuant to the Bond Issue Notification Act, 30 Illinois Compiled Statutes 352, a
public hearing was held on November 17, 2003. with respect to the sale of the general
obligation alternate bonds to be sold pursuant to this ordinance and notice of said public
hearing (i) was published in the "Enterprise" on October 29, 2003 and (ii) was posted at
least 48 hours prior to the start of the public hearing at the office of the President and
Board of Trustees.
The Village determines to undertake the Improvements as public improvements
of the Village.
In accordance with Section 5 of the Local Government Debt Reform Act, the
provisions of .this ordinance supplement Ordinance No. 2265.
Section 2. Authorization and Terms of Bonds. The sum of $9,150,000 is
appropriated to meet part of the estimated cast of the Improvements. Such estimated
cost is inclusive of the costs of issuance of the bonds authorized by this Section. 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 $9,150,000, and
shall be designated "General Obligation Bands, Series 2003A" (the "2003A Bonds").
The 2003A Bonds are a portion of the bonds authorized by Ordinance No. 2265
and are "alternate bonds" under Section 15 of the Local Government Debt Reform Act.
The 2003A Bonds shall be payable from (i) sales tax and use tax receipts derived by the
Village from taxes imposed under the Use Tax Act, 35 Illinois Compileid Statutes 105;
the Service Use Tax Act, 35 Illinois Compiled Statutes 110; the Service Occupation Tax
Act, 35 Illinois Compiled Statutes 115; and the Retailer's Occr~aation Tax Act, 35 Illinois
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Compiled Statutes 120 (the "Sales Tax Receipts"); (ii) utility tax receipts derived by the
Village from taxes imposed under 65 Illinois Compiled Statutes 5/8-11-2, and by virtue
of Ordinance No. 1638 of the Village, adopted December 18, 1995 (the "Utility Tax
Receipts"); and (iii) state income tax receipts payable to the Village from the Local
Government Distributive Fund pursuant to the State Revenue Sharing Act, 30 Illinois
Compiled Statutes 115 (the "Income Tax Receipts"). The Sales Tax Receipts, the Utility
Tax Receipts and the Income Tax Receipts constitute a "Revenue Source" within the
meaning of Section 15 of the Local Government Debt Reform Act. It is determined that
the Revenue Source will be sufficient to provide for or pay in each year to final maturity
of the 2003A Bonds, an amount not less than 1.25 times debt service on the 2003A
Bonds.
The determination of the sufficiency of the Revenue Source is supported by the
Independent Auditors' Report regarding the financial statements of the Village for the
fiscal year ended April 30, 2003, which Report was dated August 20, 2003 and
prepared by Sikich Gardner & Co., LLP, certified public accountants. The Report is
hereby accepted.
The 2003A Bonds shall mature on December 15 in each year shown in the
following table in the respective principal amount set forth opposite each such year and
the 2003A Bonds maturing in each such year shall bear interest at the respective rate
per annum set forth opposite such year:
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Principal Interest Principal Interest
Year Amaunt Rate Year Amount Rate
2004 $190,000 3.50% 2014 $225,000 3.60%
2005 1$0,000 3.50 2015 240,000 3.70
2006 180,000 3.50 2016 720,000 3.85
2007 180,000 3.50 2017 755,000 3.90
2008 185,000 3.50 2018 785,000 4.00
2009 190,000 3.50 2019 820,000 4.10
2010 200,000 3.50 2020 $55,000 4.20
2011 200,000 3.50 2021 895,000 4.30
2012 210,000 3.50 2022 940,000 4.40
2013 215,000 3.50 2023 985,.000 4.50
Section 3. General Terms of Bonds. The 2003A 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 2003A Bonds. Unless otherwise determined in the order to authenticate
the 2003A Bonds, each 2003A Bond delivered upon the original issuance of the 2003A
Bonds shall be dated as of their date of delivery, which shall take place no earlier than
December 15, 2003. Each 2003A Bond thereafter issued upon any transfer, exchange
or replacement of 2003A Bands shall be dated so that no gain or loss of interest shall
result from such transfer, exchange or replacement.
Each 2003A Bond shall bear interest from its date, computed on the basis of a
360 day year consisting of twelve 30 day months and payable in lawful money of the
United States of America an June 15, 2004 and semiannually thereafter on each
June 15 and December 15, at the rates per annum herein determined.
The principal of the 2003A Bands shall be payable in lawful money of the United
States of America upon presentation and surrender thereo# at the principal carparate
trust office of J.P. Morgan Trust Company, National Association, in the City of Chicago,
Illinois, which is hereby appointed as bond registrar and paying agent for the 2003A
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Bonds. Interest on the 2003A Bonds shall be payable on each interest payment date to
the registered owners of record thereof appearing on the registration books maintained
by the Village for such purpose at the principal corporate trust office of the band
registrar, as of the close of business on the last day of the calendar month next
preceding the applicable interest payment date. Interest on the 2003A Bonds shall be
paid by check or draft mailed to such registered owners at their addresses appearing on
the registration books or by wire transfer pursuant to an agreement by and between the
Village and the registered owner.
Section 4. Redemption Provisions. The 2003A Bonds maturing on or after
December 15, 2012, shall be subject to redemption prior to maturity at the option of the
Village and upon notice as herein provided, in such principal amounts and from such
maturities as the Village shall determine and by lot within a single maturity, on
December 15, 2011 and on any date thereafter, at a redemption price equal to the
principal amount thereof to be redeemed.
In the event of the redemption of less than all the 2003A Bonds of like maturity,
the aggregate principal amount thereof to be redeemed shall be $5,000 or an integral
multiple thereof and the bond registrar shall assign to each 2003A Bond of such
maturity a distinc#ive number for each $5,000 principal amount of such 2003A Bond and
shall select by lot from the numbers so assigned as many numbers as, at $5,000 for
each number, sham equal the principal amount of such 2003A Bands to be redeemed.
The 2003A Bonds to be redeemed shall be the 2003A Bonds to which were assigned
numbers so selected; provided that only so much of the principal amount of each 2003A
Bond shall be redeemed as shall equal $5,000 for each number assigned to it and so
selected.
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Notice of the redemption of 2003A Bonds shall be mailed not less than 30 days
nor more than 60 days prior to the date fixed for such redemption to the registered
owners of 2003A Bonds to be redeemed at their last addresses appearing on said
registration books. The 2003A Bands or portions thereof specified in said notice shall
become due and payable at the applicable redemption price on the redemption date
therein designated, and if, on the redemption date, moneys for payment of the
redemption price of all the 2003A Bonds or portions thereof to be redeemed, together
with interest to the redempti ~n date, shall be available far such payment on said date,
and if notice of redemption shall have been mailed as aforesaid (and notwithstanding
any defect therein or the lack of actual receipt thereof by any registered owner) then
from and after the redemption date interest on such 2003A Bonds or portions thereof
shall cease to accrue and became payable. If there shall be drawn for redemption less
than all of a 2003A Bond, the Village shall execute and the bond registrar shall
authenticate and deliver, upon the surrender of such 2003A Bond, without charge to the
owner thereof, in exchange for the unredeemed balance of the 2003A Band so
surrendered, 2003A Bonds of like maturity and of the denomination of $5,000 or any
integral multiple thereof.
The bond registrar shall not be required to transferor exchange any 2003A Bond
after notice of the redemption of all or a portion thereof has been mailed. The bond
registrar shall not be required "o transfer or exchange any 2003A Bond during a period
of 15 days next preceding the mailing of a notice of redemption that could designate for
redemption all or a portion of such 2003A Bond.
Section 5. Sale and Delivery. The 2003A Bonds are sold to Stone &
Youngberg LLC, as purchaser, at a price of $9,062,884.81 and accrued interest (if any)
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from their date to the date of delivery and payment therefor. The Official Statement
- prepared with respect to the 2003A Bonds is approved and "deemed final" as of its date
for purposes of Securities and Exchange Commission Rule 15(c)2-12 promulgated
under the Securities Exchange Act of 1934.
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 2003A
Bands, including the proper execution ~,~~d delivery of the 2003A Bonds and the Official
Statement.
Section 6. Execution and Authentication. Each 2003A 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 2003A Bond shall cease to hold such office before the issuance of the
2003A Bond, such 2003A 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 2003A Bond had not ceased to hold such office. Any 2003A 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 2003A Bond such
person may not have held such office. No recourse shall be had for the payment of any
2003A Bonds against any officer who executes the 2003A Bonds.
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Each 2003A Bond shall bear thereon a certificate of authentication executed
manually by the bond registrar. No 2003A Bond shall be entitled to any right or benefit
under this ordinance or shall be valid or obligatory for any purpose until such certificate
of authentication shall have been duly executed by the bond registrar.
Section 7. Transfer, Exchange and Registry. The 2003A Bonds shall be
negotiable, subject to the provisions for registration of transfer contained herein. Each
2003A Band shall be transferable .only upon the registration books maintained by the
Village for that purpose at the principal corporate trt.st office of the band 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 2003A Bond, the Village shall execute and
the bond registrar shall authenticate and deliver a new 2003A Bond or Bonds registered
in the name of the transferee, of the same aggregate principal amount, maturity and
interest rate as the surrendered 2003A Bond. 2003A Bands, upon surrender thereof at
the principal corporate trust 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 2003A 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 2003A 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
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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 2003A Bonds.
The Village and the bond registrar may deem and treat the person in whose
name any 2003A Bond shall be registered upon the registration books as the absolute
owner of such 2003A Bond, whether such 2003A 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 2003A 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 8. General Qbligations. The full faith and credit of the Village are
hereby irrevocably pledged to the punctual payment of the principal of and interest on
the 2003A Bonds. The 2003A 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 2003A Bonds and the interest thereon,
without limitation as to rate or amount.
Section 9. Pledge of Revenue Source. The Revenue Source is pledged to the
payment of the 2003A Bonds, and the President and Board of T~ustees of the Village,
on behalf of the Village, covenants to provide for, collect and apply such Revenue
Source to the payment of the 2003A Bonds and the provision of not less than an
additional .25 times the annual debt service on the 2003A Bands.
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The pledge of the portion of the Revenue Source constituting Sales Tax Receipts
and Utility Tax Receipts herein provided for the payment of the 2003A Bonds is on a
parity with the prior pledge of the Sales Tax Receipts and the Utility Tax Receipts as
security for the repayment of the previously issued General Obligation Bonds, Series
2000, of the Village. The pledge of the Revenue Source herein provided for the
payment of the 2003A Bonds is on a parity to the pledge of the Revenue Source far the
repayment of the General Obligation Bonds, Series 20036, to be issued
contemporaneously with the 2003A Bonds. The Village may issue additional bonds
secured by a pledge of the Revenue Source on a parity with the pledge thereef in favor
of the 2003A Bonds. The pledge of the Revenue Source herein provided for the
payment of the 2003A Bonds may be made junior and subordinate to any pledge of the
Revenue Source hereafter made for the benefit and security of the owners of bonds of
the Village payable from, or issued with respect to, the Revenue Source.
The President and Board of Trustees covenants to provide for, collect and apply
the Revenue Source to the payment of the 2003A Bonds and the provision of not less
than an additional .25 times the annual debt service on the 2003A Bvnds.
Section 10. Form of Bonds. The 2003A Bonds shall be issued as fully
registered bonds and shall be in substantially the fallowing form, the blanks to be
appropriately completed when the 2003A Bonds are printed:
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' r
[FORM OF 2003A BONDS]
No.
United States of America
State of Illinois
Counties of Will and Kendall
VILLAGE OF PLAINFIELD
GENERAL OBLIGATION BOND,
SERIES 2003A
INTEREST RATE
MATURITY DATE
DATED DATE
CUSIP
. % December 15, December ~, 2003 726243
REGISTERED OWNER: Cede & Co.
PRINCIPAL AMOUNT:
The VILLAGE OF PLAINFIELD, a municipal corporation of the State of Illinois
situate in the Counties of Will and Kendall, 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 in lawful money of the United States of America on
June 15, 2004 and semiannually thereafter on June 15 and December 15 in each year
until the principal amount shall have been paid, to the registered owner of record hereof
as of the last day of the calendar month .next preceding such interest payment date, by
wire transfer pursuant to an agreement by and between the Village and the registered
owner, or otherwise by check or draft mailed to the registered owner at the address of
such owner appearing on the registration books maintained by the Village for such
purpose at the principal corporate trust office of J.P. Morgan Trust Company, National
Association, in the City of Chicago, Illinois, as bond registrar or its .successor (the "Bond
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Registrar"). This bond, as to principal when due, will be payable in lawful money of the
United States of America upon presentation and surrender of this bond at the principal
corporate trust office of 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
$9,150,000, which are authorized and issued under and pursuant to the Illinois
Municipal Code, 65 Illinois Compiled Statutes 5, and the Local Government Debt
Reform Act, 30 Illinois Compiled Statutes 350, and under and in accordance with an
ordinance adopted by the President and Board of Trustees of the Village on October 20,
2003 and entitled: "Ordinance Authorizing the Issuance of $26,000,000 General
Obligation Alternate Bonds of the Village of Plainfield, Illinois," as supplemented by an
ordinance adopted by said President and Board of Trustees on December 1, 2003 and
entitled: "Supplemental Ordinance Providing for the Issuance of $9,150,000 General
Obligation Bands, Series 2003A, of the Village of Plain#ield, Illinois" (the "Bond
Ordinance").
This bond is an "alternate bond" issued pursuant to Section 15 of the Local
Government Debt Reform Act and is also secured by a pledge of sales tax and use tax
receipts, utility tax receipts and income tax receipts of the Village to the extent, and in
the manner, provided in the Local Government Debt Reform Act and the Band
Ordinance.
The bonds of such series maturing on or after December 15, 2012 are subject to
redemption prior to maturity at the option of the Village and upon notice as herein
provided, in such principal amounts .and from such maturities as the Village shall
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determine and by lot within a single maturity, on December 15, 2011 and on any date
thereafter, at a redemption price equal to the principal amount thereof to be redeemed.
Notice of the redemption of bonds will be mailed not less than 30 days nor more
than 60 days prior to the date fixed for such redemption to the registered owners of
bonds to be redeemed at their last addresses appearing on such registration books.
The bonds or portions thereof specified in said notice shall became due and payable at
the applicable redemption price on the redemption date therein designated, and if, on
the redemption date, moneys for payment of the redemption price of all the bands or
portions thereof to be redeemed, together with interest to the redemption date, shall be
available far such payment on said date, and if notice of redemption shall have been
mailed as aforesaid (and notwithstanding any defect therein or the lack of actual receipt
thereof by any registered owner) then from and after the redemption date interest on
such bonds or portions thereof shall cease to accrue and become payable.
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 principal corporate trust 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 reimbursemeF~t of any tax, fee or other
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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 this bond is issued in part pursuant
to the Local Government Debt Reform Act, 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, farm 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.
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IN WITNESS WHEREOF, the Village of Plainfield 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: December ~, 2003
CERTIFICATE OF AUTHENTICATION
This band is one of the General
Obligation Bonds, Series 2003A,
described in the within. mentioned
Ordinance.
J.P. MORGAN TRUST COMPANY,
NATIONAL ASSOCIATION,
as Bond Registrar
By
Authorized Signer
VILLAGE OF PLAINFIELD
Village President
Attest:
Village Clerk
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[FORM 4F ASSIGNMENT]
ASSIGNMENT
For value received the undersigned sells, assigns and transfiers unto
the within band and hereby irrevocably constitutes and appoints
attorney to transfer the said bond on the books kept for registration thereof, with full
dower of substitution in the premises.
Dated
Signature Guarantee:
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Section 11. Levy and Extension of Taxes. (A) For the purpose of providing
the money required to pay the interest on the 2003A Bonds when and as the same falls
due and to pay and discharge the principal thereof as the same shall mature or
otherwise become due, there is hereby levied upon all the taxable property in the
Village, in each year while any of the 2003A Bonds shall be outstanding, a direct annual
tax sufficient for that purpose in addition to all other taxes, as follows:
Tax Levy Year A Tax Sufficient to Produce
2003 $ 542,530.75
2004 540,145.00
2005 533,845.00
2006 527,545.00
2007 526,245.00
2008 524,770.00
2009 528,120.00
2010 521,120.00
2011 524,120.00
2012 521,770.00
2013 524,245.00
2014 531,145.00
2015 1,002,265.00
2016 1,009,545.00
2017 1,010,100.00
2018 1,013,700.00
2019 1,015,080.00
2020 1, 019,170.00
2021 1,025,6$5.00
2022 1,029,325.00
(B) Interest or principal .coming due at any time when there shall be
insufficient #unds 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.
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(C) 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 Will County, Illinois and the County Clerk
of Kendall 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 years
2003 to 2022, inclusive, and to extend the same for collection on the tax books in
connection with other taxes levied in said years, in and by the Village for general
corporate purposes of i. ~e Village, and in said years such annual tax shall be levied and
collected in like manner as taxes for general corporate purposes for said years are
levied and collected and, when collected, such taxes shall be used for the purpose of
paying the principal of and interest on the 2003A Bonds as the same become due and
payable.
(D) The Village shall not abate the debt service taxes levied pursuant to this
Section or take any action to restrict the extension and collection of those taxes except
that the Village may abate any such debt service taxes for any tax levy year to the
extent that, at the time of such abatement, moneys then held in the 2003A Debt Service
Fund established by this ordinance, or otherwise held in trust for the payment of debt
service on the 2003A Bonds, together with the amount to be extended for collection
taking into account the proposed abatement, will be sufficient for the punctual payment
of the principal of and in~~rest on the 2003A Bonds otherwise payable from the debt
service taxes levied for such tax levy year. For the purpose of providing the moneys
needed to abate such debt service taxes for the 2003A Bonds, the Village shall deposit
the Revenue Source pledged under this ordinance and may deposit any other available
funds.
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Section 12. Additional Covenants. The Village covenants and agrees with the
registered and beneficial owners of the 2003A Bonds that the Village will take no action
or fail to take any action that in any way would adversely affect the ability of the Village
(i) to collec# the Revenue Source or, (ii) except for the abatement of debt service taxes
permitted by Section 11 of this ordinance, to levy and collect said debt service taxes.
The Village covenants that it will comply with all present and future applicable laws in
order to assure that the Revenue Source will be available and that said debt service
taxes will be levied, extended and c allected as provided in Section 11 of this ordinance.
Section 13. 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
2003A Bonds when and as the same come due. All of such moneys, and all other
moneys to be used for the payment of the principal of and interest on the 2003A Bonds,
shall be deposited in the "2003A 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.
Section 14. Pledge Securing Bonds. The moneys deposited or to be
deposited into the 2003A Debt Service Fund, including the Revenue Source and the tax
receipts derived from the taxes levied pursuant to this ordinance, are pledged as
security for the payment of the principal of and interest on the 2003A Bonds. The
pledge is made pursuant to Section ' 3 of the Local Government Debt Reform Act and
shall be valid and binding from the date of issuance of the 2003A Bonds. The Revenue
Source to the extent provided by this ordinance, all such tax receipts and the moneys
held in the 2003A Debt Service Fund shall immediately be subject to the lien of such
pledge without any physical delivery or further act and the lien of such pledge shall be
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valid and binding as against all parties having claims ofi any kind in tort, contract ar
otherwise against the Village irrespective of whether such parties have notice thereof.
Section 15. Capital Improvement Fund. The "2003A Capital Improvement
Fund" is hereby established as a special fund of the Village. Moneys in the 2003A
Capital Improvement Fund shall be used to pay costs of the Improvements and for the
payment of costs of issuance of the 2003A 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 2003A Bonds.
Section 16. Investment Regulations. No investment shall be made of any
moneys in the 2003A Debt Service Fund or the 2003A Capital Improvement Fund
except in accordance with the tax covenants set forth in Section 17 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 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 Coc'e of 1986. The Village Treasurer and
agents designated by her 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.
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Section 17. 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 2003A Bond to become subject to federal income taxes in addition to federal
income taxes to which interest on such 2003A Bond is subject on the date of original
issuance thereof.
The Village shall not permit any of the proceeds of the 2003A Bonds, or any
facilities financed with such proceeds, to be used in any manner that would cause any
2003A Bond to constitute a "private activity bond" within t:e meaning of Section 141 of
the Internal Revenue Code of 1986.
The Village shall not permit any of the proceeds of the 2003A Bonds or other
moneys to be invested in any manner that would cause any 2003A 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 18. Bank Qualified Designation. The Village hereby designates the
2003A Bonds as "qualified tax-exempt obligations" as defined in Section 265(b)(3)(B) of
the Internal Revenue Code of 1986. The Village repre.;ents 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 Cade and will be issued by or on behalf of
the Village and all subordinate entities of the Village during 2003 does not exceed
$10,000,000. The Village covenants that it will not designate .and issue more than
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$10,000,000 aggregate principal amount of tax-exempt obligations in the year in which
the 2003A Bands 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 Intemal 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 19, Bond Registrar. The Village covenants that it shall at all times
retain a bond registrar with respect to the 2003A Bonds, that it will maintain at the
designated office of such bond registrar a place where 2003A Bonds r gay 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
2003A Bond, and by .such execution the bond registrar shall be deemed to have
certified to the Village that it has all requisite power tv accept, and has accepted such
duties and obligations not only with respect to the 2003A Bond so authenticated but with
respect to all the 2003A 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
negligence or default. The bond registrar shall, however, be resp~ nsible for any
representation in its certificate of authentication on the 2003A Bonds.
The Village may remove the bond registrar at any time. In case at any time the
bond registrar shall resign or shall be removed or shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or if a receiver, liquidator or conservator of
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the bond registrar, or of its property, shall be appointed, or if any public officer shall take
charge or control of the bond registrar or of its property or affairs, the Village covenants
and agrees that it will thereupon appoint a successor bond registrar. The Village shall
mail notice of any such appointment made by it to each registered owner of 2003A
Bonds within twenty days after such appointment.
Section 20. Continuing Disclosure. For the benefit of the beneficial owners of
the 2003A Bonds, the Village covenants and agrees to provide an annual report
containing certain financial information and operating data relating to the Village dnd to
provide notices of the occurrence of certain enumerated events, if material.
The annual report shall be filed with each Nationally Recognized Municipal
Securities Information Repository and with the Illinois state information depository, if
any, within 210 days after the close of the Village's fiscal year. The information to be
contained in the annual report shall consist of the annual audited financial statement of
the Village and such additional information as noted in the Official Statement under the
caption "Continuing Disclosure." Each annual audited financial statement will conform
to generally accepted accounting principles applicable to governmental units and will be
prepared in accordance with standards of the Governmental Accounting Standards
Board. If the audited financial statement is not. available, then an unaudited financial
statement shall be included in the annual report and the audited financial statement
shall be filed within 30 days after it becomes available.
The Village also covenants and agrees, for the benefit of the beneficial owners of
the 2003A Bonds, to provide timely notice to the Municipal Securities Rulemaking Board
and to the Illinois state information depository, if any, of any failure of the Village to file
any such annual report within the 210 day period and of the occurrence of any of the
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following events with respect to the 2003A Bonds, if material: (1) principal and interest
payment delinquencies; (2) non-payment related defaults; (3) unscheduled draws on
debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit
enhancements reflecting financial difficulties; (5) substitution of credit or liquidity
providers, or their failure to perform; (6) adverse tax opinions or events affecting the tax-
exempt status of the 2003A Bonds; (7) modifications to rights of bondholders; ($) 2003A
Bond calls; (9) , defeasances; (10) release, substitution or sale of property securing
repayment of the 2003A Bands; and (11) rating changes.
It is found and determined that the Village has agreed to the undertakings
contained in this Section in order to assist participating underwriters of the 2003A Bonds
and brokers, dealers and municipal securities dealers in complying with Securities and
Exchange Commission Rule 15c2-12(b)(5) promulgated under the Securities Exchange
Act of 1934. The chief financial officer of the Village is 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 to accomplish the undertakings of the Village contained in this
Section for so long as Rule 15c2-12(b)(5) is applicable to the 2003A Bonds and the
Village remains an "obligated person" under the Rule with respect to the 2003A Bonds.
The undertakings contained in this Section may be amended by the Village upon
a change in circumstances that arises from a change in legal requirements, change in
law, or change in the identity, nature or status of the obligated person, or type of
business conducted, provided that (a) the undertaking, as amended, would have
complied with the requirements of Rule 15(c)2-12(b)(5) at the time of the primary
offering, after taking into account any amendments or interpretations of the Rule, as well
as any change in circumstances and (b) in the opinion of nationally recognized bond
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counsel selected by the Village, the amendment does not materially impair the interests
of the beneficial owners of the 2003A Bonds.
Section 21. Book Entry System. In order to provide for the initial issuance of
the 2003A Bonds in a form that provides for a system of book-entry only transfers, the
ownership of one fully registered 2003A Bond for each maturity, in the aggregate
principal amount of such maturity, shall be registered in the name of Cede & Co., as a
nominee of The Depository Trust Company, as securities depository for the 2003A
Bands. The Director of Finance is authorized to execute and deliver on behalf of the
Village such letters to, or agreements with, the securities depository as shall be
necessary to effectuate such book-entry system.
The Village may remove the securities depository at any time. In case at any
time the securities depository shall resign or shall be removed or shall become
incapable of acting, then the Village shall appoint a successor securities depository to
provide a system of book-entry only transfers for the 2003A Bonds, by written notice to
the predecessor securities depository directing it to notify its participants (those persons
for whom the securities depository holds securities) of the appointment of a successor
securities depository.
The Village may terminate the system of book-entry only transfers for the 2003A
Bonds at any time, by written notice to the securities depository directing it to notify its
participants of the availability of bond certificates. In such event, the Village shall issue
and the bond registrar shall authenticate, register and deliver to the beneficial owners of
the 2003A Bonds, bond certificates in replacement of such beneficial owners' beneficial
interests in the 2003A Bonds, all as shown in the records maintained by the securities
depository.
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Section 22. Defeasance and Payment of Bonds. (A) If the Village shall pay
or cause to be paid to the registered owners of the 2003A 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, revenues, 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 2003A Bonds shall be discharged
and satisfied.
(B) Any 2003A Bands or interest installments appertaining thereto, whether at
or prior to the maturity or the redemption date of such 2003A Bands, shall be deemed to
have been paid within the meaning of paragraph (A) of this Section if (1) in case any
such 2003A Bonds are to be redeemed prior to the maturity thereof, there shall have
been taken all action necessary to call such 2003A Bonds for redemption and notice of
such redemption shall have been duly given or provision shall have been made for the
giving of such notice, and (2) 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 Sectian, 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 became due on said 2003A Bonds on and prior to the applicable
redemption date or 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
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I
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
United States of America, or (iv) coupons or interest installments stripped from bonds of
the Resolution Funding Corporation.
Section 23. Ordinance to Constitute a Contract. The provisions of this
ordinance shall constitute a contract between the Village and the registered owners of
the 2003A 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 2003A
Bands. All of the 2003A Bonds, regardless of the time or times of their issuance, shall
be of equal rank without preference, priority or distinction of any of the 2003A Bonds
over any other thereof except as expressly provided in or pursuant to this ordinance.
Ordinance No. 2265, as supplemented by this ordinance, shall constitute full authority
for the issuance of the 2003A Bonds. 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
unenforeeability of such section, paragraph or provision shall not affect any of the
remaining provisions of this ordinance.
Provision for the payment of any 2003A Bond may be made in accordance with
Section 22 of this ordinance and the provisions of the Local Government Defeasance of
Debt Law, 50 Illinois Compiled Statutes 415. Thereafter, any such 2003A Bond shall no
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longer be deemed to be outstanding for purposes of this ordinance ar Section 15 of the
Local Government Debt Reform Act.
.Section 24. 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 25. Effective Date. This ordinance shall became effective upon its
adoption and approval.
Adopted this 1St day of December, 2003, by roll call vote as follows:
Ayes: Collins, O'Connell, Waldorf, Rock
Nays: 0
ABSENT: Swalwell, Thomson, Fay
Approved: December 1, 2003
Ilage resi ent
Published in pamphlet farm: December 2, 2003
(SEAL) ~--..~.,. ~..
Attest: - --
,~
Village~~,erk
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VILLAGE OF PLAINFIELD
ORDINANCE NO. 2374
SUPPLEMENTAL ORDINANCE PROVIDING FOR THE ISSUANCE OF $9,150,000
GENERAL OBLIGATION BONDS, SERIES 2003A, OF THE VILLAGE OF
PLAINFIELD, ILLINOIS.
PUBLISHED IN PAMPHLET FORM BY THE AUTHORITY OF THE PRESEINT
AND BOARD OF TRUSTEES OF THE VILLAGE OF PLAINFIELD, WILL
COUNTY, ILLINOIS, THIS 2ND DAY OF DECEMBER, 2003.
~ ~ - . ~ r
CERTIFICATE
I, Susan Janik, Village Clerk of the Village of Plainfield, Illinois, hereby certify that
the foregoing ordinance entitled: "Supplemental Ordinance Providing for the Issuance
of $9,150,000 General Obligation Bonds, Series 2003A, of the Village of Plainfield,
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 7:00 p.m. on
Decerr~5er 1, 2003, at the Village Hall, 24000 West .Lockport 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 December 1, 2003,
and thereafter published in pamphlet form on December 2, 2003 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.
I further certify that the agenda for said meeting included the ordinance as a
matter to be considered at the meeting and that said agenda was posted at least 48
hours in advance of the holding of the meeting in the manner required by the Open
Meetings Act, 5 Illinois Compiled Statutes 120.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the VillaC 3, this ~_ day of December, 2003.
- -. .
--~ ~ -
_. __ -- - - y illage Clerk
SEAL)
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