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HomeMy Public PortalAboutResolution 1155RESOLUTION NO. 115 5 A RESOLUTION OF INTENTION TO ISSUE REVENUE BONDS OF THE VILLAGE OF PLAINFIELD, WILL COUNTY, ILLINOIS, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $8,500,000, TO FINANCE ALL OR A PORTION OF THE COST OF THE ACQUISITION AND CONSTRUCTION OF IMPROVEMENTS TO AND EXPANSION OF AN EXISTING MANCJFACTURING FACILITY AND THE ACQUISITION AND INSTALLATION OF EQUIPMENT RELATED THERETO FOR PLAINFIELD MOLDING, INC., OR rTS DESIGNEE; AUTHORIZING THE EXECUTION OF A MEMORANDUM. OF AGREEMENT BY AND AMONG THE VILLAGE AND SAID PARTY; AND RELATED MATTERS. WHEREAS, the Village of Plainfield, Will County, Illinois (the "Issuer") is a municipality duly organized and validly existing under the Constitution and the laws of the State of Illinois, is authorized by the laws of the State of Illinois, and specifically the provisions of the Industrial Project Revenue Bond Act, 65 ILCS 5/11-74-1, et seq., as supplemented and amended (the "Act"), to issue its revenue bonds to finance the casts of acquisition, construction and equipping of an "industrial project" located within the Issuer and to issue such revenue bonds; and WHEREAS, Plainfield Molding, Inc., an Illinois corporation (the "Company "), wishes to finance all or a portion of the cost of the acquisition and construction of improvements to and expansion of an existing facility for the manufacturing of plastic moldings and the acquisition and installation of equipment related thereto (the "Project"), all to be owned and operated by the Company, or a related entity, and all to be located in the Village of Plainfield, Illinois, as further described in the attached Memorandum of Agreement; and WHEREAS, the Campany wishes to have the Issuer issue one or more issues of its revenue bonds in one or more series for the Company or its designee, in an aggregate principal amount not to exceed $$,500,000 (the "Bonds "), to provide financing for all or a portion of the cost of the Project, all in furtherance of the purposes of the Act; and WHEREAS, so as to accomplish the purposes of the Act, the Issuer proposes to issue its revenue bonds pursuant to the provisions of the Act, as then in effect, to finance the acquisition, construction and equipping of the Project; and WHEREAS, a Memorandum of Agreement has been presented to the Issuer under the terms of which the Issuer agrees, subject to the provisions of said Memorandum of Agreement, to issue its revenue bonds to provide for the f nancing of all or a portion of the costs of the Praject; and WHEREAS, all or a portion of the expenditures relating to the Project (the "Expen- ditures ") (i) have been paid within the 60 days prior to this Resolution, or (ii) will be paid on or after the passage of this Resolution; and WHEREAS, the Issuer (based on information supplied by the Company, on which the Issuer believes it is reasonable and prudent to rely) reasonably expects to reimburse itself for the Expenditures with the proceeds of the Bonds or another borrowing; and NOW, THEREFORE, BE TT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VII.,LAGE OF PLAINFTELD, WILL COUNTY, ILLINOIS, AS FOLLOWS: Section 1. The form, terms and provisions of the Memorandum of Agreement presented to this meeting are hereby approved. Section 2. The President of the Issuer is hereby authorized to execute, and the Village Clerk of the Issuer is hereby authorized to attest and to affix the official seal of the Issuer to, and to deliver a Memorandum of Agreement with the Company in substantially the form of such Memorandum of Agreement as was presented to this meeting or with such changes therein as shall be approved by the officers executing the same, which Memorandum of Agreement is hereby made a part of this Resolution. -2- Section 3. The officers, employees and designated agents of the issuer are hereby authorized to take such further action as is necessary to carry out the intent and purpose of the Memorandum of Agreement, as executed, and to cause not more than a combined aggregate principal amount of $8,500,000 of the Bonds to be issued upon the terms and conditions stated in such Memorandum of Agreement. Section 4. The Company reasonably expects to reimburse the Expenditures with proceeds of the Bonds or another borrowing. Section 5. The Issuer reasonably expects to reimburse the Expenditures with the proceeds of the Bonds or another borrowing, based on the expectation of the Company, on which the Issuer believes it is reasonable and prudent to rely. Section 6. Subject to the provisions of the Act and the Memorandum of Agreement, the Issuer will issue its Bonds in one ar more series in an amount sufficient to finance the costs of the Project; provided, that the maximum principal amount of Bonds expected to be issued for the Project is $8,500,000. Section 7. The Village Clerk of the Issuer is hereby authorized to determine, in consultation with the Company, a date for a public hearing on the plan of financing of the Project through the proposed issuance of the Bonds, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code "), and to publish a public notice of such hearing in such form as approved by the Company and bond counsel. Said public hearing date may be the date of any regular meeting of the President and Board of Trustees of the Issuer or any special meeting for which notice is duly given, and the notice shall be published in such newspaper as the Village Clerk of the Issuer, in consultation with the Company, may determine, but in any event not less than one time not less than 14 days prior -3- to the public hearing date in a newspaper of general circulation in the vicinity of the site of the Project and in the Village of Plainfield, Illinois. Section $. The Issuer hereby authorizes and approves the designation of Chapman and Cutler to act as Bond Counsel with respect to the issuance of the Bonds and the designation of LaSalle Capital Markets, a division of ABN-AMRO Securities (USA), Inc, as the Underwriter/Placement Agent in connection with the issuance of the Bonds. Section 9. This Resolution is conditioned on the location of the Project being within the municipal limits of the Issuer. Section 14. All ordinances, resolutions, orders and parts thereof in conflict herewith are hereby superseded to the extent of such conflict. Section 11. If any section, paragraph, clause or provision of this Resolution shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Resolution. Section 12. This Resolution shall be in full force and effect from and after its passage and approval as provided by law. -4- passed, appzoved ar~,d recardcd this 2nd day of Decembez, 1.996. _. President C~-l A'T'TEST: Village C Aye; Stalzer Smolich Rock NAYS: ~ ABSENT OR NOT VOTII~TG; _~..