HomeMy Public PortalAboutOrdinance 1895VILLAGE OF PLAINFIELD
ORDINANCE NO. 1$95
AUTHORIZING THE ISSUANCE OF $1,420,000 GENERAL
OBLIGATION BONDS, SERIES 1999A, AND $S,G00,000 GENERAL
OBLIGATION BONDS, SERIES 1999B, OF THE VILLAGE OF PLAINFIELD,
ILLINOIS.
ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF PLAINFIELD
THIS 15TH DAY OF NOVEMBER, 1999
PUBLISHED IN PAMPHLET FORM BY THE AUTHORITY OF THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF PLAINFIELD, WILL
COUNTY, ILLINOIS, THIS 16TH DAY OF NOVEMBER, 1999.
ORDINANCE N0. 1895
ORDINANCE AUTHORIZING THE ISSUANCE OF $1,420,000 GENERAL
OBLIGATION BONDS, SERIES 1999A, AND $5,600,000 GENERAL
OBLIGATION BONDS, SERIES 1999B, OF THE VILLAGE OF PLAINFIELD,
ILLINOIS
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF PLAINFIELD, ILLINOIS, AS FOLLOWS:
Seatian 1. Authority, Purposes and Findings. This ordinance is adapted
pursuant to Division 4 of Article 8 of the Illinois Municipal Code, 65 Illinois Compiled
Statutes 5/8-4, and the Local Government Debt Reform Act, 30 Illinois Compiled
Statutes 350, for the purpose of refunding certain of the Village's General Obligation
Refunding Bonds, Series 1993A, and General Obligation Refunding Bonds, Series
1993B; and for the purpose of financing the improvement of the combined waterworks
and sewerage system of the Village (the "System") by undertaking the following
projects (the "Projects"):
1. The repair and rehabilitation of the water tower located along 143rd
Street, at an estimated cost of 5400,000.
2. The construction of a 1,000,000 gallon water storage tank located
along 119t'' Street, at an estimated cast of 51,400,000 including the
reimbursement of prior expenditures.
3. The drilling of water supply well number 6 and the construction of
a related wellhouse, at an estimated cost of 51,100,000, including
reimbursement far prior expenditures.
4. The improvement of the existing wastewater treatment facility,
including the replacement of electrical panels and the installation of new pumps,
at an estimated cast of 5500,000.
5. The construction of the Van Dyke Road relief sewer, at an
estimated cost of 5700,000.
The General Obligation Bonds, Series 1988, of the Village were authorized and
approved by a referendum held on November 8, 1988. The General Obligation
Refunding Bands, Series 1993A (the "1993A Bands") were issued to refund a portion
of said Series 1988 Bonds. The General Obligation Bonds, Series 1989, were
"alternate bonds" issued pursuant to Section 15 of the Local Government Debt Reform
Act. The General Obligation Refunding Bands, Series 19938 (the "1993B Bonds")
were issued to refund a portion of said Series 1989 Bonds. The General Obligation
Bonds, Series 1988, and the General Obligation Bonds, Series 1989, were issued prior
to October 1, 1991, the effective date of the Property Tax Extension Limitation Act.
Pursuant to Ordinance Na. 1888, adopted by President and Board of Trustees
of the Village on October 4, 1999, and entitled: "Ordinance Authorizing the Issuance
of 55,600,000 Waterworks and Sewerage System Revenue Bonds of the Village of
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Plainfield, Illinois," the Village authorized the issuance of waterworks and sewerage
revenue bonds pursuant to Division 139 of Article 11 of the Illinois Municipal Code,
for the purpose of financing part of the cast of refunding the 1993B Bands and part
of the costs of the Projects.
Pursuant to Ordinance No. 1889, adopted by said President and Board of
Trustees an October 4, 1999, and entitled: "Ordinance Authorizing the Issuance of
$5,600,000 General Obligation Alternate Bonds. of the Village of Plainfield, Illinois for
Financing Waterworks and Sewerage System Capital Improvements and Refunding
Outstanding Alternate Bonds", the Village is authorized to issue $5,600;000 general
obligation bonds for the purpose of financing part of the cost of refunding the 19938
Bonds and part of the costs of the Projects. Said general obligation bonds are
authorized to be issued as "alternate bonds" under Section 15 of the Local
Government Debt Reform Act and in lieu of the issuance of the revenue bonds
authorized by Ordinance No. 1888. No bonds authorized by Ordinance No. 1888 or
Ordinance No. 1889 have been issued.
Ordinance No. 1888 and Ordinance No. 1889; together with the required
statutory statements, were published an October 13, 1999, in the ~P/ainfie/d
Enterprise," a newspaper published and of general circulation in the Village. No
petition has been filed with the Village Clerk asking that the issuance of the revenue
bands authorized by Ordinance No. 1888 or the issuance of the general obligation
bonds authorized by Ordinance No. 1889 be submitted to referendum.
Pursuant to the Band Issue Notification Act, 30 Illinois Compiled Statutes 352,
a public hearing was held on November 1, 1999 with respect to the sale of the general
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obligation bonds to be sold pursuant to this ordinance and notice of said public hearing
(i) was published in the "P/ainfie/d Enterprise"on October 13, 1999 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 refund the $1,400,000 outstanding principal amount
of General Obligation Refunding Bonds, Series 1993A, of the Village maturing in the
years 2001 to 2008, inclusive (the "Callable 1993A Bonds"). The Village elects to
redeem and call for redemption on February 1, 2000, all of the Callable 1993A Bonds
at a redemption price equal to the principal amount of the Callable 1993A Bonds.
The Village determines to refund the $1,405,000 outstanding principal amount
of General Obligation Refunding Bonds, Series 19936, of the Village maturing in the
years 2001 to 2009, inclusive (the "Callable 19936 Bonds"). The Village elects to
redeem and call for redemption on February 1, 2000, all of the Callable 19938 Bonds
at a redemption price equal to the principal amount of the Callable 19936 Bonds.
The Village President and the other officers and officials of the Village are
authorized and directed to do, or cause to be done, all things necessary to accomplish
the refunding and redemption of the Callable 1993A Bonds and the Callable 19936
Bonds.
The Village determines to undertake the Projects as improvements to the
System. The period of usefulness of the Projects and the System is not less than 25
years.
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In accordance with Section 5 of the Local Government Debt Reform Act, the
provisions of this ordinance relating to the issuance of the 19996 Bonds herein
authorized supplement Ordinance No. 1889.
Section 2. Authorization and Terms of 1999A Bonds. The sum of $1,420,000
is appropriated to meet part of the estimated cost of refunding the Callable 1993A
Bonds. Such estimated cast is inclusive of the casts 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 $1,420,000, and shall be designated "General Obligation Bonds,
Series 1999A" (the "1999A Bonds"-.
The. 1999A 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 1999A Bonds maturing in each such year shall bear interest at the respective
rate per annum set forth opposite such year:
Principal Interest
Year Amount Rate
2004 $240,000 5 3/s%
2009 300,000 5 3/a
2014 380,000 5 ~/a
2019 500,000 5.40
The 1999A Bonds maturing on or after December 15, 2009, 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, 2007 and an any date
thereafter, at a redemption price equal to the principal amount thereof to be redeemed.
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The 1999A Bands maturing on December 15, 2D04, shall be subject to
mandatory redemption, in part and by lot, on December 15 of the years 2000 to 2003,
both inclusive, in the fallowing principal amounts, each constituting a sinking fund
installment for the retirement of the 1999A Bands maturing on December 15, 2004:
Year Principal Amount
2000 545,000
2001 45,000
2002 50,000
2003 50,000
The final principal amount ofi the 1999A Bonds maturing on December 15,
2004, is 550,000.
The 1999A Bonds maturing on December 15, 2009, shall be subject to
mandatory redemption, in part and by lat, an December 15 of the years 2005 to 2008,
both inclusive, in the following principal amounts, each constituting a sinking fund
installment for the retirement of the 1999A Bonds maturing on December 15, 2009:
Year Princi al Am nt
2005 $55,000
200s 55,000
200 so,ooo
Zoos s5,ooo
The final principal amount of the 1999A Bonds maturing an December 15,
2009, is 565,000.
The 1999A Bonds maturing on December 15, 2014, shall be subject to
mandatory redemption, in part and by lot, on December 15 of the years 2010 to 2013,
both inclusive, in the following principal amounts, each constituting a sinking fund
installment for the retirement of the 1999A Bonds maturing on December 15, 2014:
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. ~:;~
;~,..
YY®ar Principal Amaur~t,
2010 $70,000
2011 70,000
2012 75,000
2013 80,000
The final principal amount of the 1999A Bands maturing on December 15,
2014, is $85,000.
The 1999A Bands maturing on December 15, 2019, shall be subject to
mandatory redemption, in part and by lot, on December 15 of the years 2015 to 2018,
both inclusive, in the following principal amounts, each constituting a sinking fund
installment for the retirement of the 1999A Bonds maturing on December 15, 2019:
Year Principal.. Amount
207 5 5 90,000
2016 95,000
2017 100,000
2018 105,000
The final principal amount of the 1999A Bands maturing on December 15,
2019, is S 110,000.
All 1999A Bonds subject to mandatory sinking fund redemption shall be
redeemed at a redemption price equal to the principal amount thereof to be redeemed.
The band registrar is hereby authorized and directed to mail notice of the mandatory
sinking fund redemption of the 1999A Bands in the manner provided in Section 5 of
this ordinance.
Whenever 1999A Bonds subject to mandatory sinking fund redemption are
redeemed at the option of the Village, the principal amount thereof so redeemed shall
be credited against the unsatisfied balance of future sinking fund installments or final
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maturity amount established with respect to such 1999A Bonds, in such amounts and
against such installments or final maturity amount as shall be determined by the Village
in the proceedings authorizing such optional redemptian or, in the absence of such
determination, shall be credited pro-rata against the unsatisfied balance of the
applicable sinking fund installments and final maturity amount.
On or prior to the 60th day preceding any sinking fund installment date, the
Village may purchase 1999A Bonds, which are subject to mandatory redemption on
such sinking fund installment date, at such prices as the Village shall determine. Any
1999A Bond so purchased shall be cancelled and the principal amount thereof so
purchased shall be credited against the unsatisfied balance of the next ensuing sinking
fund installment of the 1999A Bands of the same maturity as the 1999A Band so
purchased.
Section 3. Authorization and Terms of '19996 Bonds. The sum of $5,600,000
is appropriated to meet part of the estimated cost of refunding the Callable 19936
Bands and paying the costs of the Projects. Such estimated cast is inclusive of the
costs of issuance of the bands 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 $5,600,000, and shall be
designated "General Obligation Bonds, Series 19996" (the "19996 Bonds").
The 19996 Bands are "alternate bonds" under Section 15 of the Local
Government Debt Reform Act. It is determined that the revenues of the System (the
"Enterprise Revenues") will be sufficient to provide for or pay in each year to final
maturity of the 19996 Bonds, all of the following: (1) costs of operation and
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maintenance of the System, but not including depreciation; (2) debt service on all
outstanding revenue bonds payable from the Enterprise Revenues; (3) all amounts
required to meet any fund or account requirements with respect to such outstanding
revenue bonds; (4) other contractual or tort liability obligations, if any, payable from
such Enterprise Revenues, and (5) in each year, an amount not less than 1.25 times
debt service on all (i) alternate bonds payable from such Enterprise Revenues
previously issued and outstanding and (ii) the 19998 Bonds.
The determination of the sufficiency of the Enterprise Revenues is supported by
the Independent Auditors' Report regarding the financial statements of the Village and
the System for the fiscal year ended April 30, 1999, which Report was dated October
12, 1999 and prepared by Wermer, Rogers, Doran & Ruxan, certified public
accountants.
The 1999B Bands 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 1999B 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 Principe Interest
Year Amount Rae Year Amount Rate
2000 $165,000 5.10% 2010 $275,000 5.10%
2001 175,000 5.10 2011 285,000 5.10
2002 185,000 5.10 2012 300,000 5.15
2003 195,000 5.10 2013 320,000 5.20
2004 205,000 5.10 2014 335,000 5.25
2005 215,000 5.10 2015 355,000 5.25
200fi 225,000 5.10 2016 375,000 5.25
2007 235,000 5.10 2017 395,000 5.25
2008 245,000 5.10 2018 415,000 5.25
2009 260,000 5.10 2019 440,000 5.30
The 19996 Bonds maturing on or after December 15, 2008, 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, 2007 and on any date
thereafter, at a redemption price equal to the principal amount thereof to be redeemed.
Section 4. General Terms of Bands. The 1999A Bonds and the 19996 Bonds
are herein collectively called the "1999 Bonds". Each series of the 1999 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 1999 Bonds. Unless otherwise determined in the order to
authenticate the 1999 Bonds, each 1999 Bond delivered upon the original issuance of
the 1999 Bonds shall be dated as of December 15, 1999. Each 1999 Bond thereafter
issued upon any transfer, exchange or replacement of 1999 Bonds shall be dated so
that no gain or loss of interest shall result from such transfer, exchange or
replacement.
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Each 1999 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 on June 15, 2000 and semiannually thereafter on each
June 15 and December 15, at the rates per annum herein determined.
The principal of the 1999 Bonds shall be payable in lawful money of the United
States of America upon presentation and surrender thereof at the principal corporate
trust office of American National Bank and Trust Company of Chicago, in the City of
Chicago, Illinois, which is hereby appointed as band registrar and paying agent for the
1999 Bonds. Interest on the 1999 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
bond registrar, as of the close of business on the first day of the calendar month of the
applicable interest payment date. Interest on the 1999 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 5. Redemption Provisions. In the event of the redemption of less than
all the 1999 Bands of like series and 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 1999 Bond of such series and maturity a distinctive number for
each $5,000 principal amount of such 1999 Band and shall select by lot from the
numbers so assigned as many numbers as, at $5,000 for each number, shall equal the
principal amount of such 1999 Bonds to be redeemed. The 1999 Bonds to be
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redeemed shall be the 1999 Bands to which were assigned numbers so selected;
provided that only so much of the principal amount of each 1999 Bond shall be
redeemed as shall equal 55,000 for each number assigned to it and sa selected.
Notice of the redemption of 1999 Bands 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 1999 Bonds to be redeemed at their last addresses appearing on said
registration books. The 1999 Bonds 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 1999 Bonds or portions thereof to be redeemed, together
with interest to the redemption date, shall be available for such payment on said date,
and if notice of redemption shall have been mailed as aforesaid (and notwithstanding
any defect therein ar the lack of actual receipt thereof by any registered owner) then
from and after the redemption date interest on such 1999 Bonds or portions thereof
shall cease to accrue and become payable. If there shall be drawn far redemption less
than all of a 1999 Band, the Village shall execute and the bond registrar shall
authenticate and deliver, upon the surrender of such 1999 Bond, without charge to the
owner thereof, in exchange far the unredeemed balance of the 1999 Bond so
surrendered, 1999 Bonds of like series and maturity and of the denomination of
$5,000 or any integral multiple thereof.
The band registrar shall not be required to transfer or exchange any 1999 Band
after notice of the redemption of all ar a portion thereof has been mailed. The bond
registrar shall not be required to transfer ar exchange any 1999 Bond during a period
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of 15 days next preceding the mailing of a notice of redemption that could designate
for redemption all or a portion of such 1999 Bond.
Section 6. Sale and Delivery. The 1999A Bonds are sold to Dain Rauscher,
Inc., as purchaser, at a price of $1,408,640 and accrued interest from their date to
the date of delivery and payment therefor. The 19996 Bonds are sold to Banc One
Capital Markets, Inc., as purchaser, at a price of $5,555,249.50 and accrued interest
from their date to the date of delivery and payment therefor. The Official Statement
prepared with respect to the 1999 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 1999
Bonds, including the proper execution and delivery of the 1999 Bonds and the Official
Statement.
Section T. Execution and Authentication. Each 1999 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 1999 Bond shall cease to hold such office before the issuance of the
1999 Bond, such 1999 Bond shall nevertheless be valid and sufficient for all purposes,
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the same as if the person whose signature, or a facsimile thereof, appears on such
1999 Bond had not ceased to hold such office. Any 1999 Bond may be signed, sealed
or attested an 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 1999 Bond such
person may not have held such office. No recourse shall be had for the payment of
any 1999 Bonds against any officer who executes the 1999 Bonds.
Each 1999 Bond shall bear thereon a certificate of authentication executed
manually by the bond registrar. No 1999 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 8. Transfer, Exchange and Registry. The 1999 Bonds shall be
negotiable, subject to the provisions for registration of transfer contained herein. Each
1999 Bond shall be transferable only upon the registration books maintained by the
Village for that purpose at the principal corporate trust 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 far transfer of any such 1999 Band, the Village shall
execute and the bond registrar shall authenticate and deliver a new 1999 Bond or
Bonds registered in the name of the transferee, of the same series, aggregate principal
amount, maturity and interest rate as the surrendered 1999 Bond. 1999 Bonds, 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
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owner ar his .attorney duly authorized in writing, may be exchanged for an equal
aggregate principal amount of 1999 Bonds of the same series, 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 1999 Bonds, the Village
or the band registrar may make a charge sufficient far 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 ar 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 last, destroyed or defaced 1999 Bands.
The Village and the bond registrar may deem and treat the person in whose
name any 1999 Bond shall be registered upon the registration books as the absolute
owner of such 1999 Bond, whether such 1999 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 1999 Bond to the extent of the sum or sums so paid, and
neither the Village nor the bond registrar shall be affected by any native to the
contrary.
Section 9. 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 1999 Bonds. The 1999 Bonds shall be direct and general obligations of the
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4r-r' ,
Village, and the Village shall be obligated tv levy ad valorem taxes upon all the taxable
property in the Village for the payment of the 1999 Bonds and the interest thereon,
without limitation as to rate or amount.
Section 10. Pledge of Enterprise Revenues. The Enterprise Revenues are
pledged to the payment of the 19996 Bonds, and the President and Board of Trustees
of the Village, on behalf of the Village, covenants to provide far, collect and apply such
Enterprise Revenues to the payment of the 19996 Bonds and the outstanding General
Obligation Refunding Bonds, Series 19936, of the Village and the provision of not less
than an additional .25 times the annual debt service on the 19996 Bonds and the
outstanding General Obligation Refunding Bonds, Series 19936.
The pledge of Enterprise Revenues herein provided for the payment of the
19996 Bonds is on a parity with the pledge of such Enterprise Revenues made for the
security and payment of the outstanding General Obligation Refunding Bonds, Series
19936, of the Village. The Village may issue additional bonds secured by a pledge of
such Enterprise Revenues on a parity with the pledge thereof in favor of the 19996
Bonds. The pledge of Enterprise Revenues herein provided for the payment of the
19998 Bonds may be made junior and subordinate to any pledge of Enterprise
Revenues hereafter made for the benefit and security of the owners of bonds of the
Village payable from, or issued with respect to, such Enterprise Revenues.
The Village shall establish and maintain rates and charges for use of the System
that shall be sufficient to provide for the timely payment of the principal of and interest
an the 19996 Bonds as the same shall become due and payable.
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Section 11. Form of Bonds. The 1999 Bonds shall be issued as fully registered
bonds and shall be in substantially the following forms, the blanks to be appropriately
completed when the 1999 Bonds are printed:
[FORM OF 1999A BONDS]
No.
United States of America
State of Illinois
County of Will
VILLAGE OF PLAINFIELD
GENERAL OBLIGATION BOND,
SERIES 1999A
INTEREST RATE MATURITY DATE DATED DATE CUSIP
December 15, December 15, 1999 72fi243
REGISTERED OWNER: Cede & Co.
PRINCIPAL AMOUNT;
The VILLAGE OF PLAINFIELD, a municipal corporation of the State of Illinois
situate in the County of Will, 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 3fi0 day year consisting of twelve 30 day
months and payable in lawful money of the United States of America on June 15,
2000 and semiannually thereafter on June 15 and December 15 in each year until the
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principal amount shall have been paid, to the registered owner of record hereof as of
the first day of the calendar month of such interest payment date, by wire transfer
pursuant to an agreement by and between the Village and the registered owner, ar
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 American National Bank and Trust Company
of Chicago, in the City of Chicago, Illinois, as bond registrar or its successor (the
"Bond 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 band
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 $1,420,000, which are authorized and issued under and pursuant to Division 4 of
Article 8 of the Illinois Municipal Code, 65 Illinois Compiled Statutes 5/8-4, 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 November 15, 1999 and entitled: "Ordinance Authorizing the Issuance
of $1,420,000 General Obligation Bonds, Series 1999A, and $5,600,000 General
Obligation Bonds, Series 19996, of the Village of Plainfield, Illinois" (the "Bond
Ordinance").
The bands of such series maturing on or after December 15, 2009 are subject
to redemption prior to maturity at the option of the Village and upon notice as herein
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provided, in such principal amounts and from such maturities as the Village shall
determine and by lot within a single maturity, on December 15, 2007 and on any date
thereafter, at a redemption price equal to the principal amount thereof to be redeemed.
The bonds of such series maturing in the years 2004, 2009, 2014 and 2019
are subject to mandatory redemption, in part and by lot, on December 15 in the years
and in the respective principal amounts set forth in the following tables, by the
application of sinking fund installments as provided in the Bond Ordinance, at a
redemption price equal to the principal amount thereof to be redeemed:
2004 Term Bonds
Principal
Year nt
2009 Term Bonds
Principal
Year Amount
2014 Term Bonds
Principal
Year Amount
2019 Term Bonds
Principal
Year Amoun
2000 $45,000 2005 555,000 2010 $70,000 2015 5 90,000
2001 45,000 2006 55,000 2011 70,000 2016 95,000
2002 50,000 2007 60,000 2012 75,000 2017 100,000
2003 50,000 2008 65,000 2013 80,000 2018 105,000
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 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 bonds
or portions thereof to be redeemed, together with interest to the redemption date, shall
be available for such payment on said date, and if notice of redemption shall have been
mailed as aforesaid land notwithstanding any defect therein or the lack of actual
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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 bands of the same
maturity and interest rate and of any of such authorized denominations. The Village
ar 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 ar
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 whale 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 far 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.
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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 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 15, 1999
CERTIFICATE OF AUTHENTICATION
This bond is one of the General
Obligation Bonds, Series 1999A,
described in the within mentioned
Ordinance.
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO,
as Bond Registrar
By
Authorized Signer
VILLAGE OF PLAINFIELD
Village President
Attest:
Village Clerk
_21
[FORM OF 19998 BONDS]
No.
United States of America
State of Illinois
County of Will
VILLAGE OF PLAINFIELD
GENERAL OBLIGATION BOND,
SERIES 19996
INTEREST RATE MATURITY DATE DATED DATE
December 15, December 15, 1999
REGISTERED OWNER: Cede & Co.
PRINCIPAL AMOUNT:
C. U~Ip
726243
The VILLAGE OF PLAINFIELD, a municipal corporation of the State of Illinois
situate in the County of Will, acknowledges itself indebted and for value received
hereby promises to pay to the registered owner of this bond, or registered assigns, the
principal amaunt specified above on the maturity date specified abave, 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,
2000 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 first day of the calendar month of such interest payment date, by wire transfer
pursuant to an agreement by and between the Village and the registered owner, or
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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 American National Bank and Trust Company
of Chicago, in the City of Chicago, Illinois, as bond registrar or its successor (the
"Bond Registrar"!. This band, 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 bands issued in the aggregate principal amount
of $5,600,000, 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
4, 1999 and entitled: '"Ordinance Authorizing the Issuance of $5,600,000 General
Obligation Alternate Bonds of the Village of Plainfield, Illinois for Financing Waterworks
and Sewerage System Capital Improvements and Refunding Outstanding Alternate
Bonds", as supplemented by an ordinance adopted by said President and Board of
Trustees on November 15, 1999 and entitled: "Ordinance Authorizing the Issuance
of $1,420,000 General Obligation Bonds, Series 1999A, and $5,600,000 General
Obligation Bonds, Series 1999B, of the Village of Plainfield, Illinois" (the "Bond
Ordinance").
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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 the revenues of the
combined waterworks and sewerage system of the Village to the extent, and in the
manner, provided in the Local Government Debt Reform Act and the Bond Ordinance.
The bands of such series maturing on or after December 15, 2008 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
determine and by lot within a single maturity, on December 15, 2007 and an 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 bands 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 bonds
or portions thereof to be redeemed, together with interest to the redemption date, shall
be available for such payment on said date, and if notice of redemption shall have been
mailed as aforesaid land notwithstanding any defect therein or the lack of actual
receipt thereof by any registered owner) then from and after the redemption date
interest an such bands ar portions thereof shall cease to accrue and became payable.
This bond is transferable only upon such registration books by the registered
owner hereof in person, ar by his attorney duly authorized in writing, upon surrender
hereof at the principal corporate trust office of the Bond Registrar together with a
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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
band 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 band shall not be valid or become obligatory far 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
_~5_
all other indebtedness of the Village, is within every debt or ather limit prescribed by
law.
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 15, 1999
CERTIFICATE OF AUTHENTICATION
This bond is one of the General
Obligation Bonds, Series 1999B,
described in the within mentioned
Ordinance.
VILLAGE OF PLAINFIELD
Village President
Attest:
AMERICAN NATIONAL BANK AND
TRUST COMPANY OF CHICAGO,
as Bond Registrar Village Clerk
By
Authorized Signer
-2fi-
[FORM OF ASSIGNMENT]
ASSIGNMENT
For value received the undersigned sells, assigns and transfers unto
irrevocably constitutes and appoints
the within bond and hereby
attorney to transfer the said bond on the books kept for registration thereof, with full
power of substitution in the premises.
Dated
Signature Guarantee:
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Section 12. Levy and Extension of Taxes. (AI For the purpose of providing the
money required to pay the interest on the 1999A Bands 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 1999A Bonds shall be autstanding, a direct
annual tax sufficient far that purpose in addition to all other taxes, as follows:
Tax Levy Year A Tax Sufficien to Prod
1999 S 121,450.00
2000 119,031.25
2001 121,612.50
2002 118,925.00
2003 116,237.50
2004 1 18,550.00
2005 115,593.75
2006 1 17,637.50
2007 1 19,412.50
2008 115,918.75
2009 1 17,425.00
2010 1 13,662.50
2011 114,900.00
2012 115,868.75
2013 116,568.75
2014 117,000.00
2015 117,140.00
2016 1 17,010.00
2017 1 16,610.00
2018 115,940.00
(B) For the purpose of providing the money required to pay the interest on the
1999B 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 each year while any of the 1999B Bonds shall be outstanding, a direct
annual tax sufficient for that purpose in addition to all other taxes, as follows:
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Tax Levv Year A Tax Sufficient to Produce
1999 $454,762.50
2000 456,347.50
2001 457,422.50
2002 457,987.50
2003 458,042.50
2004 457,687.50
2005 456,622.50
2006 455,147.50
2007 453,162.50
2008 455,667.50
2009 457,407.50
2010 453,382.50
201 1 453,847.50
2012 458,397.50
2013 456,757.50
2014 459,170.00
2015 460,532.50
2016 460,845.00
2017 460,107.50
2018 463,320.00
(CI 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.
(D) 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 Caunty Clerk of Will Caunty, Illinois, who is hereby
directed to ascertain the rate per cent required to produce the aggregate tax
hereinbefore provided to be levied in the years 1999 to 2018, inclusive, and to extend
the same for collection an the tax books in connection with other taxes levied in said
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years, in and by the Village for general corporate purposes of the 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
applicable series of the 1999 Bonds as the same became due and payable.
(E) 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 applicable
account of the 1999 Debt Service Fund established by this ordinance, or otherwise
held in trust for the payment of debt service on the applicable series of 1999 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
interest on the applicable series of the 1999 Bonds otherwise payable from the debt
service taxes levied for such tax levy year. Far the purpose of providing the moneys
needed to abate such debt service taxes for the 1999B Bonds, the Village shall deposit
the Enterprise Revenues pledged under this ordinance and may deposit any other
available funds.
Section 13. Additional Covenants. The Village covenants and agrees with the
registered and beneficial owners of the 19998 Bonds that, so long as any of the
1999E Bonds are outstanding, 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 collect the
Enterprise Revenues or, (ii) except for the abatement of debt service taxes permitted
_3p_
~' ,,.~._
by Section 12 of this ordinance, to levy and collect said debt service taxes. The
Village covenants that it will comply with alt present and future applicable laws in
order to assure that the Enterprise Revenues will be available and that said debt service
taxes will be levied, extended and collected as provided in Section 12 of this
ordinance.
Section 14. Abatement of Prior Taxes. After the issuance of the 1999 Bonds,
the Village Treasurer shall file with the County Clerk of Will County, certificates listing
the Callable 1993A Bonds and the Callable 19938 Bonds and the taxes theretofore
levied for the payment of the principal of and interest on the Callable 1993A Bonds
and the Callable 19938 Bonds payable after January 1, 2000, and said certificates
shall direct the abatement of such taxes.
Section 15. Escrow Deposit Agreement. The form of 1999 Escrow Deposit
Agreement, dated as of December 15, 1999, by and between the Village and
American National Bank and Trust Company of Chicago, as Escrow Agent, and on file
in the office. of the Village Clerk, is hereby approved. The proper officers of the Village
are authorized and directed to execute and deliver the 1999 Escrow Deposit
Agreement on behalf of the Village.
Section 16. Application of Proceeds. (AI The proceeds of sale of the 1999A
Bonds (exclusive of accrued interest) shall be applied as follows:
1. To the 1999A Escrow Account maintained under the 1999 Escrow
Deposit Agreement, the amount, together with other moneys of the Village
deposited therein, necessary to provide for the redemption of the Callabl`e~
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1993A Bonds and to pravide for the interest to became due and payable on the
Callable 1993A Bonds to their redemption date.
2. To the 1999A Expense Fund established by this ordinance, the
amount of such proceeds of sale remaining after making the faregoing payment.
(BI The praceeds of sale of the 19996 Bonds (exclusive of accrued interest)
shall be applied as follows:
1. To the 19996 Escrow Account maintained under the 1999 Escrow
Deposit Agreement, the amount, together with other moneys of the Village
deposited therein, necessary to pravide for the redemptian of the Callable
19938 Bonds and to pravide far the interest to became due and payable an the
Callable 19936 Bands to their redemption date.
2. To the 19996 Capital Improvement Fund established by this
ordinance, the amount of such praceeds remaining after making the foregaing
payment.
Sectian 17. Application of Existing Funds. Concurrently with the issuance of
the 1999A Bonds, the Village shall withdraw from funds on hand and deposit into the
1999A Escrow Account, an amount equal to the interest to become due on the
Callable 1993A Bonds on January 1, 2000. Concurrently with the issuance of the
19996 Bands, the Village shall withdraw from existing funds on hand and deposit into
the 19996 Escrow Accaunt, an amount equal to the interest to become due an the
Callable 19936 Bonds on January 1, 2000.
Section 18. 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
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1999 Bonds when and as the same came due. All of such maneys, and all other
moneys to be used far the payment of the principal of and interest on the 1999 Bonds,
shall be deposited in the Series 1999A Account or the Series 19998 Account, as
appropriate, of the Refunding Bond and Interest Sinking Fund Account of 1999 (herein
called the "1999 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
each series of the 1999 Bonds shall be deposited in the appropriate account in the
1999 Debt Service Fund.
Section 19. 1999A Expense Fund. The "1999A Expense Fund" is hereby
established as a special fund of the Village. Moneys in the 1999A Expense Fund shall
be used for the payment of costs of issuance of the 1999A Bonds. On the 90th day
fallowing the date of issuance of the 1999A Bonds, the amount then held in the
1999A Expense Fund may be withdrawn and reappropriated if such reappropriation is
permitted under Illinois law and will not adversely affect the exclusion from gross
incame for federal incame tax purposes of interest on the 1999 Bonds.
Section 20. Capital Improvement Fund. The "1999 Capital Improvement Fund"
is hereby established as a special fund of the Village. Moneys in the 1999 Capital
Improvement Fund shall be used to pay costs of the Projects and for the payment of
casts of issuance of the 19998 Bands, 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 1999 Bands.
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Section 29. Investment Regulations. No investment shall be made of any
moneys in the 1999 Debt Service Fund, the 1999A Escrow Account, the 199$B
Escrow Account, the 1999A Expense Fund or the 1999B Capital Improvement Fund
except in accordance with the tax covenants set forth in Section 20 of this ordinance.
All income derived from such investments in respect of moneys or securities in any
Fund or Account shall be credited in each case to the Fund or Account in which such
moneys or securities are held.
Any moneys in any Fund or Account 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
Code 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.
Section 22. Tax Covenants. The Village shall not take, ar omit to take, any
action lawful and within its power to take, which action or omission would cause
interest on any 1999 Bond to become subject to federal income taxes in addition to
federal income taxes to which interest on such 1999 Bond is subject on the date of
original issuance thereof.
The Village shall not permit any of the proceeds of the 1999 Bonds, or any
facilities financed with such proceeds, to be used in any manner that would cause any
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1999 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 1999 Bonds or other
moneys to be invested in any manner that would cause any 1999 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 7 49(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 23. Bank Qualified Designation. The Village hereby designates the
1999 Bonds as "qualified tax-exempt obligations" as defined in Section 265(b)(3)(B)
of the Internal Revenue Cade 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 1999 does not
exceed $ 7 0,000,000. The Village covenants that it will not designate and issue mare
than $10,000,000 aggregate principal amount of tax-exempt obligations in the year
in which the 1999 Bonds are issued. For purposes of the two preceding sentences,
the term "tax-exempt obligations" includes "qualified 501(cl(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).
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Section 24. Bond Registrar. The Village covenants that it shall at all times
retain a bond registrar with respect to the 1999 Bonds, that it will maintain at the
designated office of such bond registrar a place where 1999 Bonds may be presented
for payment and registration of transfer or exchange and that it shall require that the
band registrar maintain proper registration books and perform the other duties and
abligations imposed upon the band 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 abligations
imposed upon it by this ordinance by executing the certificate of authentication an any
1999 Band, and by such execution the bond registrar shall be deemed to have certified
to the Village that it has all requisite power to accept, and has accepted such duties
and obligations not only with respect to the 1999 Bond sa authenticated but with
respect to all the 1999 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 ar default. The bond registrar shall, however, be responsible for any
representation in its certificate of authentication on the 1999 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 crr shall became incapable of acting, ar
shall be adjudged a bankrupt or insolvent, or if a receiver, liquidator or conservator of
the bond registrar, or of its property, shall be appointed, or if any public officer shall
take charge or control of the band registrar or of its property or affairs, the Village
covenants and agrees that it will thereupon appoint a successor band registrar. The
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Village shall mail notice of any such appointment made by it to each registered owner
of 1999 Bonds within twenty days after such appointment.
Section 25. Continuing Disclosure. For the benefit of the beneficial owners of
the 1999 Bands, the Village covenants and agrees to provide certain annual financial
information relating to the Village and to provide notices of the occurrence of certain
enumerated events, if material.
The annual financial information shall consist of the annual audited financial
statement of the Village. Subject to qualifications expressed in the auditor's opinion,
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. The annual financial
information shall be filed with the Illinois state information depository, if any. The
Village covenants to send the annual financial information to any person who requests
such information.
The Village also covenants and agrees, for the benefit of the beneficial owners
of the 1999 Bonds, to provide timely notice to the Municipal Securities Rulemaking
Board and to the Illinois state information depository, if any, of the occurrence of any
of the fallowing events with respect to the 1999 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 1999 Bonds; (7) modifications to rights of
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bondholders; (8) 1999 Bond calls; (9) defeasances; (10) release, substitution ar sale
of property securing repayment of the 1999 Bonds; 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 1999
Bonds and brokers, dealers and municipal securities dealers in complying with
Securities and Exchange Commission Rule 7 5c2-12(b)(5) promulgated under the
Securities Exchange Act of 1934. The chief financial officer of the Village is
authorized and directed to da and perform, or cause to be done or performed, for ar
on behalf of the Village, each and every thing necessary to accomplish the
undertakings of the Village contained in this Section for so lang as said Rule
15c2-12(b)15) is applicable to the 1999 Bonds and the Village remains an "obligated
person" under the Rule with respect to the 1999 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, ar 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 counsel selected by the Village, the amendment does not materially impair the
interests of the beneficial owners of the 1999 Bonds.
Section 26. Book Entry System. In order to provide for the initial issuance of
the 1999 Bonds in a farm that provides for a system of book-entry only transfers, the
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ownership of one fully registered 1999 Bond for each maturity of each series, in the
aggregate principal amount of such maturity, shall be registered in the name of .Cede &
Co., as a nominee of The Depositary Trust Company, as securities depository for the
1999. Bonds. 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 depositary 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 1999 Bonds, by written notice
to the predecessor securities depositary 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 1999
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 1999 Bands, band certificates in replacement of such beneficial owners'
beneficial interests in the 1999 Bands, all as shown in the records maintained by the
securities depositary.
Section 27. Defeasance and Payment of Bonds. (A) If the Village shall pay or
cause to be paid to the registered owners of the 1999 Bonds of a series, the principal
and interest due or to become due thereon, at the times and in the manner stipulated
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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 such series of the 1999 Bands shall
be discharged and satisfied.
(B) Any 1999 Bands yr interest installments appertaining thereto., whether
at ar prior to the maturity ar the redemption date of such 1999 Bonds, shall be
deemed to have been paid within the meaning of paragraph (A) of this Section if (1)
in case any such 1999 Bonds are to be redeemed prior to the maturity thereof, there
shall have been taken all action necessary to call such 1999 Bonds for redemption and
notice of such redemption shall have been duly given ar 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 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 became due on said 1999 Bands
an snd 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 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
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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 28. Ordinance to Constitute a Contract. The provisions of this
ardinance shall constitute a contract between the Village and the registered owners
of the 1999 Bonds. Any pledge made in this ordinance and the provisions, covenants
and agreements herein set forth to be performed by or an behalf of the Village shall
be for the equal benefit, protection and security of the owners of any and all of the
1999 Bonds of the same series. All of the 1999 Bonds of the same series, regardless
of the time or times of their issuance, shall be of equal rank without preference,
priority or distinction of any of the 1999 Bonds of such series aver any other thereof
except as expressly provided in or pursuant to this ardinance. This ordinance shall
constitute full authority for the issuance of the 1999A Bonds. Ordinance No. 1889,
as supplemented by this ordinance, shall constitute full authority for the issuance of
the 1999B Bands. Ta 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 ar 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.
Provision for the payment of any 19998 Bond may be made in accordance with
Section 27 of this ordinance and the provisions of the Local Government Defeasance
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of Debt Law, 50 Illinois Compiled Statutes 415. Thereafter, any such 1999B Bond
shall na longer be deemed to be outstanding for purposes of this ordinance ar Section
15 of the Local Government Debt Reform Act.
Section 29. 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 30. Effective Date. This ordinance shall become effective in the
manner provided by law.
Adapted this 15th day of November, 1999, by roll call vote as follows:
Ayes: Cherry, Collins, O'Connell, Rathbun, Smolich, Calabrese.
Nays: o
Approved: November 15, 1999
illag r si e
Published in pamphlet form: November 16, 1999
(SEAL? ~-
Attest:
Village Clerk
-42-
CERTIFICATE
I, Susan Janik, Village Clerk of the Village of Plainfield, Illinois, hereby certify
that the foregoing ordinance entitled: "Ordinance Authorizing the Issuance of
$1,420,000 General Obligation Bonds, Series 1999A, and $5,600,000 General
Obligation Bonds, Series 19998, 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 November 15, 1999,
at the Village Administrative Office, 530 West Lockport Street, Second Floor, 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
November 15, 1999, and thereafter published in pamphlet form on November 16,
1999 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 farce and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
Village, this ~~ day of N~~~l~ryrd e_~ 1999.
et~c.~,lt.~
Village Clerk
(SEAL)
Doc #:GH02 (65502-00005.5) 1036459v2;1 1 /1 5/1 9991Time:12:46
-43-
WILL COUNTY FILING CERTIFICATE
STATE OF ILLINOIS ) ' ~ -
SS 4 ,\.,
COUNTY OF WILL )
y,~, I, ran Gould, County Clerk of Will County, Illinois, do hereby certify that on the
~_ day of ~VoV'P~,,t ~~' 1999, there was filed in my office Ordinance No.
I~' 9-~ ,,,.. _ of the Village of Plainfield, Illinois entitled:
ORDINANCE AUTHORIZING THE ISSUANCE OF $1,420,000
GENERAL OBLIGATION BONDS, SERIES 1999A, AND
$5,600,000 GENERAL OBLIGATION BONDS, SERIES 1999B,
OF THE VILLAGE OF PLAINFIELD, ILLINOIS
which ordinance levies taxes in the Village of Plainfield for the purpose of paying principal of
and interest on the General Obligation Bonds, Series 1999A, of the Village and the General
Obligation Bonds, Series 1999B, of the Village, described in said ordinance.
WITNESS my official signature and the seal of Wi11 County, this p~~ day of
ems- ,1999.
(SEAL)
Coun Clerk of Will County, I1
DocN:CH02(65502-00005-5) 1036526v1;1111/1999/Time:I1:05
Richard A. Rock
PRESIDENT
TRUSTEES
Stephen J. Calabrese
VILLAGE aF PLAINFIELD John H. Cherry
WILL COUNTY'S OLDEST COMMUNITY Michael Collins
Kathy O'Connell
Steven L. Rathbun
Raymond Smolich
Susan Janik
VILLAGE CLERK
November 18, 1999
Ms. Jan Gould
Will County Clerk
302 N. Chicago Street
Joliet, IL 40431
Dear Jan,
Enclosed please find certified copy of Ordinance No. 1895 authorizing the issuance of
bonds. I have included a Will County Filing Certificate that should be filled out and
executed and sent back to our office. I am including a stamped self-addressed envelope
for your convenience. Thank you for your assistance.
530 W. LOCKPORT STREET, SUITE 20fi •PLAINFIELD, ILLINOIS 60544 (815) 436-7093 • Fax (815) 436-1950