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;
_~..