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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 _2_ 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 -3- 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. -4- 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. _5_ 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: _g_ . ~:;~ ;~,.. 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 _7_ 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 -8- 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: -9- 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. -10- 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 -11- 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 -12- 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, -13- 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 -14- 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 -15- 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. -16- 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 -17- 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 -18- 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 -19- 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. -20- 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 -22- 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"). -23- 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 -24- 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: -27- 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: -28- 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 -29- 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~ -31- 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 -32- 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. -33- 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 -34- 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). -35- 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 -36- 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 -37- 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 -38- 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 -39- 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 -40- 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 -41- 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