HomeMy Public PortalAbout03.29.93 VB Continuation of 03.15.93 Mtg MinutesC7
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PLATNFIELD DILLAGE BOARD OB TRIISTEES
CONTINIIED MEETING OF MARCH 15, 1993
DATE: MARCH 29, 1993 AT: PLAINFIELD PUBLIC LIBRARY
MEMBERS OF BOARD PRESENT: MAYOR LATTA, R. ROCK, M. LAMBERT, J.
DEMENT , J . RAY , W . SHARP , D . GULLI CK S EN .
OTHERS PRESENT: D.
V.
D.
P.
D.
H.
R.
VAN VOOREN - ADMINISTRATOR
KRNAC - VILLAGE CLERK
HUTCHISON - ATTORNEY
WALDOCK - PLANNER
BENNETT - POLICE CHIEF
COUNTRYMAN - W/S DEPARTMENT
MILLER - STREET DEPARTMENT
At 7:00 p.m. Mayor Latta reconvened the adjourned meeting of March
15, 1993.
Roll call was taken, all members were present.
Mayor Latta stated the purpose of this continued meeting from March
15, 1993 is an ordinance for the refunding of the 1988/1989 Bonds.
Administrator Van Vooren stated Mr. Ron Norene the Village's
Financial Consultant will give a presentation on the bid process
that was conducted today. Attorney Douglas Hutchison is also in
attendance to answer any questions the Board may have. We received
six ( 6 ) bids for our bonds .
Mr. Ron Norene from R.V. Norene & Associates spoke in reference to
the refunding of the 1988/1989 Bonds. Moody's Investor Service
assigned the Village an "A" rating, it is the same rating as the
Village received in 1988 and 1989. There are two (2) insurance
companies that agreed to insure the bonds. Of the six (6) bids
received, we are recommending Harris Trust and Savings Bank &
Associates at an interest rate of 5.23618$ on $3,915,000. We did
well in the market place on the sales of the bonds. Mr. Norene
explained the "Sources and Uses of Funds" (Exhibit A), Present
Value Savings $226,073.81 of this transaction. The 1988 Bonds
(Exhibit B), Present Value Savings - Annual Savings $124,963.57;
Present Value Savings $90,458.67; 1989 Bonds (Exhibit C), Annual
Savings $182,834.33; Present Value Savings - $135,615.13. In
approximately three (3) to four (4) meetings from now, the Board
will adopt an abatement ordinance that will be filed with the Will
County Clerk, this will show that the 1988 and 1989 Bonds will be
advanced refunded, the Tax Levy that presently exists for these
bonds will be abated. The Board needs to adopt the Bond Ordinance
and it should be executed by the Village President and Village
Clerk. We have a copy of the Harris Trust bid which will be
PLAINFIELD
MARCH 29,
PAGE TWO
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VILLAGE BOARD OF TRII8TEE8
1993
executed by both the Village President and Village Clerk which
acknowledges the acceptance. The refunding of the 1988 Bonds wi11
be 1993 A Bonds of $1,905,000 (Tax Levy increase each year); 1989
Bonds will be 1993B Bonds of $2,010,000 (generated by water and
sewer).
W. Sharp moved to adopt Ordinance No. 1503 AUTHORIZING THE ISSUANCE
OF $1,905,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1993A, AND
$2,010,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 1993B, OF THE
VILLAGE OF PLAINFIELD, ILLINOIS. Seconded by D. Gullicksen. Vote
by roll call. Rock, yes; Lambert, yes; Dement, yes; Sharp, yes;
Gullicksen, yes. 6 yes, 0 no. Motion carried.
W. Sharp moved to authorize the Village President and Village Clerk
to sign the Official Bid Form. Seconded by D. Gullicksen. Voice
vote. 6 yes, 0 no. Motion carried.
M. Lambert moved to adjourn.
yes, 0 no. Motion carried.
Seconded by J. Ray. Voice vote. 6
7:25 p.m.
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Vera Krnac Village Clerk
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