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HomeMy Public PortalAbout2009 Refunding bonds 100609New Issue Investment Rating: Date of Sale: Tuesday, October 6, 2009 Moody's Investors Service ... Aaa Series 2009D Bonds: Between 10:15 and 10:30 A.M., C.D.T. (Outstanding - Review Requested) Series 2009E Bonds: Between 9:30 and 9:45 A.M., C.D.T. (Open Speer Auction) Official Statement Subject to compliance by the Village with certain covenants, in the opinion of Chapman and Cutler LLP, Bond Counsel, under present law, interest on the Series 2009D Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations, but such interest is taken into account in computing an adjustment used in determining the federal alternative minimum tax for certain corporations. SEE "TAX EXEMPTION - SERIES 2009D BONDS" herein for a more complete discussion. In the opinion of Chapman and Cutler LLP, Bond Counsel, interest on the Taxable Series 2009E Bonds is not excludable from gross income for federal income tax purposes. See "CERTAIN FEDERAL INCOME TAX CONSIDERATIONS - TAXABLE SERIES 20O9E BONDS" herein for a more complete discussion. VILLAGE OF GLENVIEW 3W Cook County, Illinois $11,840,000* General Obligation Refunding Bonds, Series 2009D $28,260,000* General Obligation Refunding Bonds, Taxable Series 2009E Dated October 15, 2009 Non-CaEable Book-Entry Due Serially As Described Herein The $11,840,000* General Obligation Reftinding Bonds, Series 2009D (the "Series 2009D Bonds") and the $28,260,000* General Obligation Refunding Bonds, Taxable Series 2009E (the "Tajcable Series 2009E Bonds")(coilectively, the "Bonds") are being issued by the Village of Glenview, Cook County, Illinois (the "Village"). Interest is payable semiaimually on June 1 and December 1 of each year, commencing June 1, 2010. Interest is calculated based on a 360-day year of twelve 30-day months. The Bonds will be issued using a book-entry system. The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds. The ownership of one fully registered Bond for each maturity will be registered in the name of Cede & Co., as nominee for DTC and no physical delivery of Bonds will be made to purchasers. The Bonds will mamre on December 1, as described herein. OPTIONAL REDEMPTION The Bonds are not subject to optional redemption prior to maturity. PURPOSE, LEGALITY AND SECURITY The Series 2009D Bond proceeds will be used to currently refund a portion of the Village's outstanding General Obligation Bonds, Series 1998B, said portion due December 1, 2010-2018, and to pay the cost of issuance of the Series 2009D Bonds. See "PLAN OF FINANCING - Series 2009D Bonds" herein. The Taxable Series 2009E Bond proceeds will be used to currently refund and restructure all of the Village's outstanding General Obligation Bonds, Taxable Series 2006B, due December 1, 2009, and to pay the cost of issuance of the Taxable Series 2009E Bonds. See "PLAN OF FINANCING - Taxable Series 2009E Bonds" herein. In the opinion of Chapman and Cutler LLP, Bond Counsel, the Bonds will constitute valid and legally binding obligations of the Village payable both as to principal and interest from ad valorem taxes levied against all taxable property therein without limitation as to rate or amount, except that the rights of the ovmers of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other sitnilar laws affecting creditors' rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. Whenever moneys from any other lawful source of the Village are made available or determined to become available for the purpose of paying any principal of or interest on the Bonds, the governing body of the Village may, by proper proceedings, direct the deposit of such moneys currently or when received into the respective bond fund for the Bonds, and may further direct the abatement of such ad valorem taxes by the amount so deposited or to be deposited. This Official Statement is dated September 22, 2009, and has been prepared under the authority of the Village. An electronic copy of this Official Statement is available from the www. speerfmancial.com web site under "Debt Auction Center/Competitive Official Statement Sales Calendar". Additional copies may be obtained from Ms. Deborah A. Lubbat, Senior Financial Manaiger, Village of Glenview, 1225 Waukegan Road, Glenview, Illinois 60025, or from the Independent Public Finance Consultants to the Village: Established 1954 Speer Financial, Inc. INDEPENDENT PUBLIC FINANCE CONSULTANTS ONE NORTH LASALLE STREET, SUITE 4100 « CHICAGO, ILLINOIS 60602 Telephone: (312) 346-3700; Facsimile: (312) 346-8833 *Subject to change. www. speerflnandal. com Village ofGlenview, Cook County, Illinois $11,840,000* General Obligation Refunding Bonds, Series 2009D $28,260,000* General Obligation Refunding Bonds. Taxable Series 2009E ^Subject !o change. For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the same may be supplemented or corrected by the Village from time to time (collectively, the "Official Statement"), may be treated as an Official Statement with respect to the Bonds described herein that is deemed near final as of the date hereof (or the date of any such supplement or correction) by the Village. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law or deemed appropriate by the Village, shall constitute a "Final Official Statement" of the Village with respect to the Bonds, as that term is defined in Rule 15c2-12. Any such addendum shall, on and after the date thereof, be fully incorporated herein and made a part hereof by reference. No dealer, broker, salesman or other person has been authorized by the Village to give any information or to make any representations with respect to the Bonds other than as contained in the Official Statement or the Final Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Village. Certain information contained in the Official Statement and the Final Official Statement may have been obtained from sources other than records of the Village and, while believed to be reliable, is not guaranteed as to completeness. THE INFORMATION AND EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE VILLAGE SINCE THE RESPECTIVE DATES THEREOF. References herein to laws, rules, regulations, ordinances, resolutions, agreements, reports and other documents do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may contain qualifications of and exceptions to statements made herein. Where full texts have not been included as appendices to the Official Statement or the Final Official Statement they will be furnished on request. This Official Statement does not constitute an offer to sell, or solicitation of an offer to buy, any securities to any person in any jurisdiction where such offer or solicitation of such offer would be unlawful. VilhuieofGleiniew, Cook Coiinix, llHiiois $11,840,000'^ General Ohiii>alion Refunding Bonds, Series 2009O $28,260,000'' Generai Ohiii-aiion Refunding; Bonds. Taxable Series 2OO9E "•'Siibjeci 10 change. BOND ISSUE SUMMARY This Bond Issue Sunimary is expressly qualified by the entire Official Statement, including the Official Notices of Sale and the Official Bid Forms, which are provided for the convenience of potential investors and which should be reviewed in their entirety by potential investors. The following descriptions apply equally to the Series 2009D Bonds and the Taxable Series 2009E Bonds. Other terms specific to each series are provided separately herein. Village of Glenview, Cook County, Illinois. October 15, 2009. Each June 1 and December 1, commencing June 1, 2010. The Bonds are not subject to optional redemption prior to maturity. By vote of the Village Board. The Bonds are valid and legally binding obligations of the Village payable both as to principal and interest from ad valorem taxes levied against all taxable property therein without limitation as to rate or amount. The Village's outstanding general obligation rating is "Aaa" from Moody's Investors Service; a rating for the Bonds has been requested. The Bonds are not "qualified tax-exempt obligations" under Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. Wells Fargo Bank, N.A., Chicago, Illinois. Dunbar, Breitweiser & Company, LLP, Bloomington, Illinois. The Bonds are expected to be delivered on or about October 21, 2009. The Bonds will be registered in the name of Cede & Co. as nominee for The Depository Trust Company ("DTC"), New York, New York. DTC will act as securities depository of the Bonds. See APPENDIX B herein. $5,000 or integral multiples thereof. Speer Financial, Inc., Chicago, Illinois. Issuer: Dated Date: Interest Due: Optional Redemption: Authorization: Security: Credit Rating: No Bank Qualification: Bond Registrar/Faying Agent/ Escrow Agent: Verification Agent: Delivery: Book-Entry Form: Denomination: Financial Advisor: Village of Glenvieiv. Cook Coiiiilx. Illinois $11,840,000* Gem-nil Obligmion Refwuiiiio Bauds, Series 2009D $28,260,000* Geueial Ohiigalion Refunding Bonds. Tawhie Series 2009E ^Sitbjea io change. SERIES 2009D BONDS $11,840,000* General Obligation Refunding Bonds, Series 2009D. Serially each December 1, commencing December 1, 2010 through 2018, as detailed below. Issue: Principal Due: The Series 2009D Bond proceeds will be used to currently refund a portion of the Village's outstanding General Obligation Bonds, Series 1998B, said portion due December 1, 2010-2018, and to pay the cost of issuance of the Series 2009D Bonds. See "PLAN OF FINANCING ~ Series 2009D Bonds" herein. Purpose: Chapman and Cutler LLP, will provide an opinion as to the tax exemption of the Series 2009D Bonds as discussed under "TAX EXEMPTION - SEWES 2009D BONDS" in this Official Statement. Interest on the Series 2009D Bonds is not exempt from present State of Illinois income taxes. Tax Exemption: AMOUNTS*, MATURITIES, INTEREST RATES, PRICES OR YIELDS AND CUSIP NUMBERS Yield or Price CUSIP Number Yield or Price CUSIP Number Principal Amcunt* $1,525,000 . . 1,525,000 . . 1,525,000 . . 1,525,000 . . Due Dec. 1 . . . 2015 . . 2016 . . 2017 . . 2018 Interest Rate % % % % Principal Amcunt* $1,625,000 . 1,485,000 . 805,000 . 300,000 . 1,525,000 . Due Dec. 1 . . 2010 . . 2011 . . 2012 . . 2013 . . 2014 Interest Rate % % % % Any consecutive maturities may be aggregated into no more than four term bonds at the option of the bidder, in which case the mandatory redetnption provisions shall be on the same schedule as above. *Subject to change. Village of Glemiew, Cook Coiiiuy, Illinois $11,840,000* General Ohiigaiioii Refimding Bomh. Series 2009D $28,260,000-'' General ONigaiion Refunding Bonds. Taxabh' Series 2009E *Suhiea lo change. TAXABLE SERIES 2009E BONDS $28,260,000* General Obligation Reftinding Bonds, Taxable Series 2009E. December 1, 2013, as detailed below. The Taxable Series 2009E Bond proceeds will be used to currently refund and restructure all of the Village's outstanding General Obligation Bonds, Taxable Series 2006B, due December 1, 2009, and to pay the cost of issuance of the Taxable Series 2009E Bonds. See "PLAN OF FINANCING - Taxable Series 2009E Bonds" herein. None. Interest on the Taxable Series 2009E Bonds is not excludable from gross income for federal income tax purposes. See "CERTAIN FEDERAL INCOME TAX CONSIDERATIONS FINANCING - TAXABLE SERIES 2009E BONDS" herein. Interest on the Taxable Series 2009E Bonds is not exempt from present State of Illinois income taxes. AMOUNT*, MLATURITY, INTEREST RATE, PRICE OR YIELD AND CUSIP NUMBER Issue: Principal Due: Purpose: Tax Exemption: CUSIP Number Yield or Price Interest Rate Principal Amount* Due Dec.1 $28,260,000...2013 *Subject to change. VilUl^eofGleiniew, Cook Coiinlx, Illinois $11,840,000" General Obligaiion Refundiui^ Bauds, Series 2009D $28,260,000''' General Ohtii^aiion Refumling Bonds, Taxable Series 2009E '^Siibjeci 10 change. VILLAGE OF GLENVIEW Cook County, Illinois PRESIDENT AND BOARD OF TRUSTEES Kerry D. Cummings Village President Scott R. Britton Paul Detlefs James R. Patterson, Jr. Francis Cuisinier Deborah Karton Philip O'C. White OFFICIALS Todd Hileman Ron Amen Village Manager, Village Clerk and Village Treasurer Interim Chief Finaneial Officer Amy L, Ahner Eric G. Patt, Esq. Director of Support Services Village Attorney Chapman and Cutler LLP Speer Financial, Inc. Bond Counsel Financial Consultant THE VILLAGE General Information The Village of Glenview (the "Village") is located in northern Cook County 20 miles from downtown Chicago in the second tier of communities west of Lake Michigan. Its immediate neighboring communities include Wilmette, Northfield, Northbrook, Golf, Morton Grove and Skokie. In 1872, the Milwaukee Railroad (the "Milwaukee Road") laid a single track through the area primarily to haul timber and supplies in connection with the reconstruction of Chicago after the Great Fire of 1872. A parallel track was constructed in 1892 in anticipation of increased travel to the 1893 Columbian Exposition in Chicago. Village residents adopted the name Glenview four years prior to the 1899 incorporation. In 1999, the Village celebrated its Centennial year. Today, the Glenview railroad station (762 parking spaces) offers Milwaukee Road (Regional Transit Authority/Metra) regular commuter service and serves the entire north and northwest suburban area as the only regular AMTRAK stop between Chicago and Wisconsin. A secood commuter station opened in 2001 serving "The Glen" (former Glenview Naval Air Station) and other north suburban residents. The station at The Glen has 1,000 parking spaces and space allocated for another 500 spaces. Village of Glmview. Cook Couuiy. Illinois $]!.840.000'' General Ohligaiion Refiimling Bonds. Series 2009D $28,260,000^ General Obligaiion Refiimling Bonds. Taxable Series 2009E ^Snhjeci lo change. Population growth occurred slowly up to 1950 when the Census recorded 6,142 residents. Spurred by the opening of the Edens Expressway (Chicagoland's first expressway to the northern suburbs) along the eastern boundary of the Village (the western boundary is now 5 1/2 miles away and includes the Illinois Tri-State Tollway), the population of the Village expanded to 18,132 within its 5.1 square miles at the 1960 Census. A Special Census in 1963 recorded a total population of 22,364. The 1970 Census reported a population of 24,880 (area 6 square miles). The population of the Village increased to 32,060 at the 1980 Census (10.9 square miles) and to 37,093 at the 1990 Census (12 7 square miles). A Special Census in October, 1992 recorded a Village population of 38,437 (13.1 square miles). The 2000 Census recorded a population of 41,847 up 12.8% from the 1990 Census within the Village's 13.5 square miles The median age at the 2000 Census was 41.3 years. A Special Census was conducted in 2005 to account for growth within The Glen resulting in a population of 44,443. The Village currently estimates its population to be 44,600. The Northeastern Illinois Planning Commission's 2030 Forecast revisions dated September 27, 2006 estimates that the Village's population will grow to 54,368. Economics In its efforts to maintain its residential character, the Village zoning ordinance purposefully excludes heavy industry and encourages corporate office and light industrial buildings. This zoning guidance has resulted in very desirable non-residential growth including the Corporate Headquarters of Kraft USA (a 40-acre site with 525,000 square feet of office structures); AON Corporation (390,539 square feet of office space along the Tri-State Tollway); Abt Electronics (a 358,798 square foot appliance and electronics megastore); the Kraft General Foods Technology Center (a 16-acre site with 351,490 square feet of research and development space); the Corporate Headquarters of Scott Foresman (a 44-acre site with 250,000 square feet of office space); the Corporate Headquarters of Signode Corporation, a Division of ITW (a 55-acre site with approximately 750,000 square feet of office and light industrial space); a shipping facility for Avon (a 20-acre site with 320,000 square feet of space); the Corporate Headquarters for Anixte'r Corporation (165,000 square feet of office space); the Corporate Headquarters for Beltone (50,000 square feet of office space); and the Corporate Headquarters for North American Paper (242,228 total square feet; 197,960 square feet is warehouse and 44,268 square feet is office). Approved in 2008, and under construction in 2009, is a 200,000 square foot expansion of the North Shore University Health Care System at Glenbrook Hospital, and a 108,000 square foot building for the General Board of Pension and Health Benefits of the United Methodist Church headquarters. Phillip Morris Companies purchased Kraft, Inc., in December, 1988. On February 17, 1989, Phillip Morris announced that it was merging Kraft with its other food company. General Foods Corporation, to form Kraft General Foods. With the merger, Kraft General Foods became the world's second largest food company, after Nestle S.A. of Switzerland. As previously noted, the Corporate Headquarters of Kraft USA and a research and development facility for Kraft General Foods are located in Glenview. Kraft has centralized its North American research and development and quality control activities at the Glenview Kraft General Foods Technology Center location. An addition, consisting of a 147,000 square foot three-story office and lab building and a 48,000 square foot pilot plant which more than doubled the size of the Technology Center, was completed in the fall of 2001. Other significant corporate and commercial areas in the Village include the North Shore Corporate Park, developed in 1996 to include 85 acres of light industrial buildings which houses five owner occupied and four multi- tenant office/warehouse buildings. Adjacent to the Corporate Park is the Heatherfield Commercial development, which includes a 70,000 square foot Jewel-Osco in a 115,000 square foot building with supporting retail, and the Willow Glen Center with a 135,510 square foot Target store, a 92,800 square foot Kohl's Department Store and between these stores an Office Max, Michael's Arts & Crafts and a Famous Footwear and several outlets including a Pier One, four restaurants and a bank. Viliage of Glenview. Cook Comuw Illinois $11,840,000'^ General Ohligaiion Refiindiug Bonds, Scries 2009D $28,260,000"' General Obliganon Refimdiug Bonds, Taxable Series 2009E '•^Siihjeci 10 change. The Village has encouraged and approved substantial office development along the Sanders Road corridor adjacent to the Illinois Tri-State Tollway. In 2004, the Village annexed the 14 acre SBC (now AT&T) building site which houses a regional switching facility. In 2007, the Village annexed a 15.75 acre site housing the Caremark/CVS Corporation in two office buildings totaling 312,417 square feet. In 2008, the Village annexed the 40 acre site of the former CuUigan Corporation, and approved a redevelopment plan for the site to include two office buildings totaling 400,000 square feet, two eight-story hotels, 75,000 square feet of retail and 156 townhome units. Construction of the office buildings are anticipated to begin in late 2009 or early 2010. The other uses are anticipated to begin in 2010 or later. The Village completed a corridor study of Milwaukee Avenue in 2006 and several significant commercial developments are under construction in the corridor as a result of that planning project, including a 98,000 square foot retail center at 600 Milwaukee, a 14,000 square foot building at 611 Milwaukee which will be completed in 2009, and a 28,000 square foot commercial center at 1615 Milwaukee which will also be completed in 2009. Several other projects are approved and are working through permit approval on the Milwaukee Avenue corridor. In 2009, the Village conducted a similar planning project for the Waukegan Road corridor. While focusing primarily on roadway improvements and traffics study concerns, several commercial properties, which are available for redevelopment, including the Avon property at Golf Road and Waukegan Road, the former Dominick's grocery store site, and other vacant redevelopment sites were identified. The plan will improve the streetscape and traffic flow along the corridor and thereby increase the development value of these properties. The Former Glenview Naval Air Station In 1993, the Department of Defense ("D.o.D.") announced the closure of the i,121-acre Glenview Naval Air Station ("GNAS") which was entirely within the Village corporate limits. To ensure that the property was expeditiously redeveloped, D.o.D. designated the Village as the Local Redevelopment Authority. In anticipation of a possible base closure, the Village Board adopted a Comprehensive Plan in 1990 which included a conceptual development scenario for GNAS that served as the basis for initial discussions regarding the redevelopment of GNAS. All flight operations ceased on March 1, 1995 and GNAS officially was closed on September 30, 1995. A 93-acre site was retained by the Navy to house military personnel and their families who were stationed at the Great Lakes Naval Training Center in North Chicago, Illinois. The 93-acre site contains 400 housing units (140 constructed since 1994). The Navy has recently determined that the number of units will decrease to 230, and has elected to privatize the housing area, or turn the maintenance and leasing responsibility for the units over to a private-sector firm. As a result of the reduction of 170 units, 41 of the 93 acres were declared surplus to the needs of the Navy and were sold to the Village in 2007. Proceeds of the General Obligation Bonds, Taxable Series 2006B provided funds for the land purchase. GNAS Redevelopment Procedure As the Local Redevelopment Authority, the Village's GNAS Land Use Committee conducted a series of public hearings in November and December, 1997 to consider certain land use refinements and on February 3, 1998 the Comprehensive Plan amendment incorporating the final Master Plan for GNAS was adopted. Village ofGlenview, Cook Coiiiny, Illinois $11,840,000* General Ohligaiion Refiimling Bauds, Scries 2009D $28,260,000" General Ohiigaiion Refumiin^ Bonds, Taxahie Series 2009E *Subjeci 10 change. The Village acted as the Master Developer of the entire site (hereinafter "The Glen") and with the assistance of the real estate development/management firm (Mesirow Stein Real Estate, Inc., a division of Mesirow Financial) as development advisor, and the ftill cooperation of the elementary school districts, the high school district, the Glenview Park District and the Glenview Public Library (collectively the "core" governmental jurisdictions). A key step m the implementation phase was to establish a tax increment financing ("TIF") district for The Glen. Unlike the then existing general tax increment financing statutes in Illinois, the TIF Base Closure Act Economic Allocation (effective January 1, 1996) allows automatically qualified closed military installations of 500 acres or more for establishing a TIF and for specific agreements for reimbursement of governmental costs from incremental revenues of the tax increment. In Glenview's case, the incremental revenues include incremental property taxes and 80% of the proceeds of ail land sales (20% will be retained by the Village as a developer fee and while, pursuant to law, is available for any corporate purpose, is expected to be used for capital improvements on a Village-wide basis). In April 1998, intergovernmental agreements were executed with the core jurisdictions to reimburse them for their operating costs attributable to the redevelopment, e.g. for the school districts. A student census each year multiplied by the applicable district's property tax revenue per pupil as filed with the State of Illinois determines the amount of reimbursement. The 2008 core jurisdiction payments made in 2008 totaled $11,629,360 which represents approximately 43% of the total TIF property tax revenue for 2008 in the amount of $27,313,327. Additionally, the Village has agreed to and is paying $225,000 per year to the Metropolitan Water Reclamation District of Greater Chicago (not a core jurisdiction) during the life of the TIF. The Redevelopment Plan and Public Improvements In January, 1998, the Village awarded construction contracts in the amount of $22.8 million for the purpose of constructing the on-site Phase I infrastructure improvements which included the removal of some 300 acres of concrete and/or asphalt runways/aprons, the construction of the east collector road and half of the north south collector road (Patriot Boulevard) with attendant underground utilities and the excavation of the 45 acre lake site which, in addition to providing recreational amenities for the entire Village, also serves as a centralized storm water detention area for the development and offers long needed, overbank fiooding protection for two downstream residential areas in the Village. On-site Phase II through V improvements included the demolition of some 1,000,000 square feet of buildings and completion of roads and utilities to serve the entire site. The Village constructed off-site infrastructure improvements which will also serve The Glen. On April 21, 1998, the Village awarded a $7.3 million contract for the construction of a 6 million gallon off-site water reservoir which was completed in 2001. The total on-site and off-site improvement cost is projected at approximately $185.5 million and approximately $38 million is attributable to off-site improvements directly relating to the development. The Redevelopment Plan-Public Development The 1,121-acre site includes 472 acres of public lands including: the previously discussed 93 acres of Navy Housing; Gallery Park, a 141.8 acre great park which includes the 45 acre Lake Glenview and a 56.1 acre public use campus which includes the $25 million Attea Middle School which opened in August, 2003; the Glenview Park District's $25 million community center which opened in January 2001; a $3.4 million Metra Commuter Station with 1,500 parking spaces; a 39.3 acre nine hole golf course for the Glenview Park District; 58.6 acres for road right of way and drainage; a 20 acre fire and police training academy; a 32-acre prairie preserve; a 12-acre Village services campus; 2 acres of homeless housing; a new Village fire station, U.S. Post Office and approximately 50 acres of miscellaneous public related development. A senior citizen housing structure, Thomas Place, consisting of 144 units for modest income seniors, was opened in September 2006. Vilkif^e of Glemie^v, Cook Coiiiiiy, Hliiiois $n.840,0()(P' Genera! Obligaiion Refunding Bonds, Series 2009D $28,260,000* General Obligaiion Refumlln,^; Bonds, Taxable Scries 2009E ''^Suhjeei lo ehange. The Redevelopment Plan-Private Development On April 15, 1998, the Village issued its Request for Proposals for development of 649 acres of non-public use lands which were divided into 23 separate parcels designated as single family residential (205.8 acres), multiple family residential (50.6 acres), retail (46.8 acres), mixed use retail (33.1 acres), office/warehouse/light industrial (85.7 acres), senior housing (38.1 acres), an 18 hole championship golf course (180.0 acres) and sports/leisure/eotertainment (8.9 acres). Total contractual land sales to date are approximately $226.1 million, of which $198.3 million has been received as of the date of this Official Statement. The Village's projections, assuming moderate growth of the TIF, call for build-out within the next three years and complete payment and/or provision for payment of all redevelopment costs (including debt service) in approximately nine years. In addition to the mix of office and residential uses developed in The Glen, The Glen Town Center, developed by Oliver-McMillan, of San Diego, is a $135 million mixed use retail center consisting of 470,000 square feet of upscale retail including a 160,000 square foot Von Maur Department store, an 80,000 square foot Dick's Sporting Goods, a 10 screen Kerasotes cinema, 154 townhomes, 181 luxury apartments and several restaurants. The focal points of The Glen Town Center are portions of "Hangar One" at the former Naval Air Station and involves the retention of the control tower portion with the Von Maur store on one side, multiple retail on another side, fronting on the new Main Street and backing up to The Glen's 18-hole "Fazio" golf course. The Village funded certain infrastructure improvements for The Glen Town Center including deck parking (approximately 1,600 spaces) and public streets, and paid for those improvements with land sale proceeds. The project opened in the third quarter of calendar 2003. The sale of 91 acres of office and light industrial land to ProLogis, now known as the Prairie Glen Corporate Campus, has resulted in the development of several large office buildings, two multi-tenant buildings of 123,000 and 134,000 square feet respectively, which houses 33,000 square feet of corporate headquarters of Mead Johnson, at the corner of Patriot and Willow, and the headquarters buildings of Anixter International Corporation (120,000 square feet), Beltone (48,900 square feet), a 120 unit Staybridge Suites extended stay hotel, as well as many smaller office buildings. The Redevelopment Financing In 1995, the Village sold $60,000,000 General Obligation Bond Anticipation Bonds. Maturities of the Bond Anticipation Bonds were scheduled for December 1, 1996-1999, based on the then expectation that title to the land would be transferred to the Village from the U.S. Government within one year or by early in calendar year 1996. Land sales by the Village and tax revenues were expected to produce sufficient cash flow to pay the Bond Anticipation Bonds as they matured. Bond proceeds were used to capitalize interest on each maturity and to provide funds for then proposed infrastructure projects and/or the purchase of land from the U.S. Government. The Bonds are fully paid off. In addition to the net proceeds of the Series 1995 Bond Anticipation Bonds, the Village has received approximately $20 million in Federal/State/County grants. The December 1, 1996 Bond Anticipation Bond maturity was paid from the proceeds of the $8,435,000 General Obligation Bonds, Series 1996. The December 1, 1997 Bond Anticipation Bond maturity was paid from cash on hand. The December 1, 1998 Bond Anticipation Bond maturity was paid from cash on hand and bond proceeds. The December 1, 1999 Bond Anticipation Bond issue's final maturity was paid from land sale proceeds. Proceeds of the $34,400,000 General Obligation Bonds, Series 1998 provided supplemental funds to complete the construction of Phase I infrastructure and to advance certain Phase II construction costs. The demolition of approximately one million square feet of buildings was funded from land sale proceeds. Bond proceeds included an amount equal to a one year's debt service reserve plus capitalized interest for approximately 36 months. The $41.8 million Series 2001 Bonds were issued for infrastructure projects at The Glen. The $25 million Series 2004A Bonds were issued for additional infrastructure projects at The Glen. The $10 million Series 2005 Bonds were issued to replace existing debt at a lower interest rate. 10 Village of aiem-iew. Cook Coiinly. Illinois $11,840,000" General Ohiigalion Reflmding Bonds. Series 2009D $28,260,000* GeiiemI Obligafmn Refunding Bonds. Taxable Series 2OO9E *Snbjecl lo ehange. Including the Series 2006 Bonds, and not including the Bonds or the Refunded Bonds, the Village has approximately $106.2 million of Glen related debt outstanding which is scheduled to be retired in 2018. The Tax Increment District To assist the Village and other areas in the State of Illinois where major military installation closures occurred or were expected to occur, the 1995 session of the Illinois legislature passed legislation which provided for the creation of tax increment districts by municipalities covering closed military installations to assist in the economic development planning and funding. On May 5, 1998 the Village adopted: (1) an ordinance approving the Glenview Naval Air Station Economic Development Plan; (2) an ordinance establishing the Glenview Naval Air Station Economic Development Project Area; and (3) an ordinance authorizing tax increment financing for the Glenview Naval Air Station Economic Development Project Area of the Village. The TIF totals 1,360 acres and includes the 1,121 acres that previously encompassed GNAS plus 239 acres of largely underdeveloped/undeveloped industrial acreage adjacent to The Glen on the east side - the somewhat typical poorly developed areas adjacent to military bases. The 1,360 acres had a certified initial equalized assessed valuation of $26,882,825. The TIF has a 2007 equalized assessed valuation of $505,665,730. The incremental property tax revenues are the product of the current tax rate times the incremental valuation, and are deposited into the 1998 GNAS Economic Development Project Special Tax Allocation Fund (the "Tax Allocation Fund"). The Village has determined that it will make available 80% of the land sale proceeds from The Glen (the Village has received title to all 1,121 acres except the 93 acre Navy Housing area and then resold approximately 650 acres) for purposes of the Tax Allocation Fund. If the TIF District remained in place for the entire 23 year period permitted by the authorizing statute and the build-out occurs within the projected 15 years, approximately $600 million would be generated in incremental tax revenues. Development Growth Summary As described above, the Village has undergone sound growth in the past and exceptional growth during the redevelopment of at The Glen. As will be noted in the table "Building Permits - Indicated Value," the Village has experienced continuing strong growth over the past 15 years. The acceleration of development at The Glen is apparent in the total building permit value in 2000-2009 compared to the average of $62,393,122 during the 199O's. This growth has continued albeit at a more constant rate, since the major development of The Glen has been completed. Municipal Government and Services The Village is a home rule unit under the 1970 Illinois Constitution. The Village has operated under the Council-Manager form of government since 1931. The governing and legislative body consists of a President and a Board of six Trustees all elected on an at-large basis. The appointed Village Manager is responsible for the day-to-day operations of the Village and its 292 fall-time employees. The Village has collective bargaining arrangements with the following bargaining units: Firefighters (78 employees; in negotiation of second contract). Public Safety Dispatch Union Employee (12 employees; currently negotiating initial contract). Police (56 employees; in first contract that expires December 31, 2010), and Public Works (40 employees; in first contract that expires December 31, 2010). The Village adopted its first zoning ordinance in 1928 and established a plan commission in 1933. A comprehensive plan adopted in October, 1990, addresses, among other things, the zoning and development of periphery undeveloped property expected to be annexed to the Village. 11 Village of Glenview. Cook Coiinix, Illinois $11,840,000'^ General Obligaiion Refimding Bonds, Series 2009D $28,260,000-' General Obligalkm Refunding Bonds, Taxable Series 2009E '''Siibjevi 10 iiionge. The Village has a modern complement of public buildings. The Police Administration Building constructed in 1972-1973 was replaced in June 2006 by a building constructed from the proceeds of the Series 2004B. The Fire Headquarters was constructed in 1974, the two satellite stations in 1961 and 1972 and two additional stations were completed in 2004. Fire Station No. 7 was completed and began occupancy in mid-year 2009 ($2.9 million total cost paid from funds on hand). The Village Hall was constructed in 1980-1982. The Public Library was constructed in 1955, doubled in size in 1967-1968 and again doubled in size in 1984-1986. The Village has entered into an intergovernmental agreement with the Library in which the Village agreed to issue this general obligation debt to provide the Library with up to $26.3 million to fund a building program at its current location in downtown Glenview. This project was funded with proceeds of Series 2009A. The Public Works complex (constructed in phases between 1983-1993) is immediately adjacent to the former Glenview Naval Air Station and is approximately in the middle of the Village and is adjacent to the Police Headquarters Building. In 1993, the Village annexed a site on its extreme southwestern edge upon which the Solid Waste Agency of Northern Cook County (a consortium of 23 member municipalities including the Village) constructed a $17.5 million transfer station for residential reftise disposal purposes. The transfer station serves the Village and 12 of the member municipalities. The solid waste transfer station is separated from Village residential areas by Cook County Forest Preserve lands and the Illinois Tollroad. As host community, the Village receives certain financial benefits. On September 1, 1992 the Village and the Glenbrook Fire Protection District completed an agreement to merge the District into the Village. As a result, the Village's fire department provides fire related protective services to residents both within the corporate boundaries and adjacent unincorporated areas including a combined service area of 22 square miles. The Village is compensated for serving the unincorporated areas by revenues generated from a real estate tax imposed on that unincorporated area. The fire department is also responsible for the Village's paramedic program which uses mobile intensive care units. On July 1, 2008, the Village started collecting Ambulance Fees ($411,971 received in 2008). The excellence of the fire department and the Village's water system is evidenced by the Village's very favorable Class 3 fire insurance rating. The Village's "enhanced" 911 emergency dispatch system became operational on March 1, 1992. During 2006 and 2007, the Village undertook a complex consolidation of its separate Police and Fire dispatching operations to improve service and generate efficiencies. Additionally during this time period, the Village Board invested and deployed technology upgrades to the Village's Computer Aided Dispatching (CAD) system. Police and Fire Records Management databases, and Police and Fire mobile computing with the objective of providing the departments with modern communications, improved data management capabilities, and development of measurement tools for performance accountability. After two-and-a-half years of significant work effort and investment, Glenview Public Safety Dispatch (GPSD) has become one of the leading independent dispatching centers in metropolitan Chicago. The center has become a model for what cooperation between Police and Fire Departments can accomplish by working together. This consolidation has made both departments stronger in service delivery and has been a significant step forward towards management of finite economic resources. GPSD is the first point of connection to Glenview citizens when help is needed by residents in times of their greatest need. GPSD is now prepared better than ever to provide high level support to Police and Fire operations on a 24 hour, seven-day-a-week basis. In February 2009 the Village entered into a 7-year agreement with the Village of Grayslake ("Grayslake") to provide police dispatch services beginning in October 2009. By expanding existing technology currently used by both municipalities and making one-titne capital investments, this cross-county intergovernmental initiative will provide improved service level to Grayslake residents and the Grayslake Police Department, and maximize the capital investments already made by the Village. 12 Village of Gleiiview, Cook Caimiy, Illinois $11,840,000* General Obligalion Refunding Bonds, Series 2009O $28,260,000* General ONigaiion Refunding Bonds. Taxable Series 2009E "Siihjeci to change- This intergovernmental solution is highly cost-effective. Technology innovations, such as radio equipment improvements and Next Generation 911 (which in the future will allow citizens to text message and e-mail 911 centers), reflect the rapidly-rising costs of delivering high-quality, state-of-the-art public safety dispatch services—making it increasingly difficult for single-agency public safety answering points (PSAPs) to shoulder the cost burden. By regionalizing 911 PSAPs, the Village and Gray slake will share the costs of providing 911 dispatch services, rather than burdening each agency's taxpayers. In an effort to improve on these cost savings, the Village will continue to explore other agencies that would also benefit from consolidation. The Northeastern Illinois Public Safety Training Academy was created in 1997 as a joint venture of municipalities and public agencies. It operates a multiregional public safety training facility located at the former Glenview Naval Air Station on a 20 acre site at The Glen which it has leased from the Village. The Agency has 25 member communities primarily from Chicagoland's north and northwest suburbs. Water System The Village has purchased Lake Michigan water from neighboring Wilmette since 1938 and the present contract for water, which was amended in 1999, extends through 2020. The amendment to the Wilmette contract provides that Wilmette will supply the water needs of The Glen and in consideration thereof the Village funded a $6.26 million improvement project at the Wilmette water plant. In addition to the 44,000 Village residents served by the system, the Village also sells water to approximately 83,000 persons outside the Village (including a population of 20,000 served by Illinois - American Water Company previously known as Citizens Utilities of Illinois-see page below). In the late 1970's, the Village purchased two private water companies serving both parts of the Village that had been annexed and under development since the early 197O's and a significant unincorporated area the latter of which, for all practical purposes, was fully developed. The Village's agreement with Wilmette was amended to enable the Village to substitute Lake Michigan water for the poor quality well water of the new service area. The funding of the acquisition and upgrading of the two private water companies and the construction of the transmission main to bring lake water from Wilmette was with general obligation bonds, the debt service of which was paid from water revenues from the benefited areas. Upon the acquisition of the private water companies, the Village adopted a water policy that required a new customer to annex if contiguous to the Village and if not contiguous to sign an agreement to annex when contiguous. This policy has required the development of all properties that inevitably would be in the Village to be built to the Village's life-safety codes and for subdivision type developments required that the infrastructure was comparable to Village design standards. Other potential customers along Sanders Road also in unincorporated Northfield Township (now using well water) include the Allstate Insurance Company campus which includes all of Allstate's Corporate offices, the Headquarters for its Life Insurance and Property and Casualty subsidiaries and data processing for all of Allstate and consists of 1,878,000 square feet of office space along both sides of Sanders Road. In late 2000, Allstate expanded into an adjacent 361,071 square foot office building on a 65 acre site previously owned and operated by Accenture. The Allstate complex is contiguous to the Village. These unincorporated properties along with the corporate headquarters of Household International are also included in the area which now receives fire protection services from the Village. In the early 1980's Citizens Utilities Company of Illinois (now known as Illinois American Water Company) obtained an allocation of Lake Michigan water from the Illinois Department of Transportation and requested that the Village sell it Lake Michigan water for distribution to Illinois American Water Company's service area west of Glenview. That area includes approximately 4,953 customers (population of approximately 20,000) in a 4 square mile service area including parts of Mount Prospect and Prospect Heights, and certain unincorporated areas. The Village and Illinois American Water Company entered into an agreement (the Water Supply Agreement) dated March 1, 1984 (subsequently amended) for Illinois American Water Company to purchase its total supply of Lake Michigan water through September 30, 2020. The Agreement provided for the Village to design and construct the water transmission line and appurtenances and to fund the cost thereof with a 20 year bond issue. 13 Village of G/CTm>ir. Cook Coumy, Illhwls $11,840,000" General Obligation Refunding Bonds, Series 2009D $28,260,000'' General Ohligallon Refmiding Bomts, Taxable Series 2009E ''Subfecl 10 ehange. In 1997, the Village purchased the assets of a private water company which serves a population of approximately 40,000 in a primarily unincorporated area of Maine Township adjacent to the Village. The Village has abated and intends to continue to abate taxes levied for the $6,175,000 General Obligation Bonds, Series 1997 issued for the acquisition from water and sewer revenues of the acquired service area. Home Rule and Village Finances Pursuant to its population being in excess of 25,000, the Village became a home rule unit when the 1970 Illinois Constitution was adopted. As a home rule unit, the Village has no tax rate or debt limits, nor is it required to conduct a referendum to authorize the issuance of debt or to increase property taxes. In 1979, the Village created its Capital Equipment Replacement Fund ("CERF") to serve as a funded depreciation account for all capital equipment having a useful life of more than one year and having a value of $5,000 or more at the time of purchase. Current replacement cost of each item is used in determining the charge to each department and a cash interfund transfer is made monthly. The creation of CERF has served to eliminate surges in expenditures funded from current revenues to cover major equipment purchases. As of December 31, 2008, CERF had a cash and investment balance of $4,762,510. The Village created a similar Facilities Replacement Fund in fiscal year 2006 (total cash and investments of $9,082,009 at December 31, 2008). On February 21, 1983 (revised March 1985, January 1990, March 1996, January 2000, and February 2005), the Village adopted a Cash Control and Investment Policy that, among other things, provides that all cash and investments must have security in the form of either insurance or collateral (U.S. Governments, Federal Instrumentalities, Federal Agencies, obligations of the State of Illinois or the Village) with collateral valued at 110%, with pledged collateral either held by the Village or in safekeeping and evidenced by safekeeping documentation. The Village has never resorted to tax anticipation financing and to ensure against same and at the same time protect against unforeseen expenditures, the Village maintains a Fund Balance in the General Fund between 30% and 40% of Total Expenditures including Transfers Out. The audited Fund Balance in the General Fund was $16,201,996 at December 31, 2008. Total Expenditures including Transfers Out for Fiscal Year 2008 were $52,175,691. The Fund Balance was therefore 31 % of Total Expenditures including Transfers Out. Excellence of the Village's financial reporting has been recognized for twenty-six consecutive years (1982 to 2007) by the award of the Government Finance Officers' Association's (GFOA) Certificate of Achievement. The significance of the GFOA's award is emphasized by their statement . . . "The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting and its attainment represents a significant accomplishment by a governmental unit and its management." Pension Fund Obligations The Village is required by State law to annually provide funds sufficient to accumulate the actuarial requirements of its pension fund obligations. The amounts necessary to fund the police and fire obligations have been determined for the Village by a qualified actuary, as described in the Illinois Pension Code. As of December 31, 2008, the Firefighters' Pension Fund actuarial value of assets was $48,536,292 which was 73.6% of the actuarial accrued liability ("AAL"). The Police Pension Fund actuarial value of assets was $44,837,942 and was 91.98% of the "AAL" Illinois legislation signed into law in January, 1993 changed the liinding period for the prior service costs for both the Police and Fire Pension System to a 40 year period ending in 2033. Other full-time municipal employees are covered by the Illinois Municipal Retirement Fund (IMRF). As of December 31, 2008, the IMRF actuarial requirements were 50.55% funded (liabilities exceeded assets by $16,719,653). The IMRF annually determines the contribution rate necessary to provide full funding of the unfunded prior service costs, including interest, over a 40 year period. Pension tax rates are set out in the table of tax rates herein. 14 Vilhti-e of Glenview, Cook Coiiiny, Illinois $11,840,000* General Ohligaiion Refimding Bonds, Series 2009D $28,260,000'" General Ohiigalioii RefuiHling Bonds, Taxable Series 2009E ^Suhjeci 10 change. Schools and Other Governmental Services Within the Village limits are seven elementary public schools, two middle schools, and a senior high school (Glenbrook South). The majority (71.1% by valuation) of the Village is served by Glenview Elementary (K-8) School District No. 34. The District operates three primary grade schools (K-2), three intermediate schools (3-5) and two middle schools (6-8). In 2003 the District completed construction of a $25.0 million new middle school on a 17.3 acre site at The Glen and located in the 142 acre great park. Northfield Township High School District Number 225 serves 90.3% of the Village's valuation. The District's two high schools are in Glenview and in neighboring Northbrook. Three parochial elementary schools are in the Village and the campus of Loyola Academy, a parochial coed high school, is within one-half mile of the Village with its athletic practice fields at a 60 acre site in the Village. Public recreational needs in the Village are provided by the Glenview Park District (separate Municipal Corporation established in 1927). The District's impressive array of facilities and programs has earned it two National Gold Medal Awards for Excellence in the Field of Parks and Recreation Management in the national competition approved by the National Recreation and Park Association and the Sports Eoundation, Inc. These Awards cite the District's "continued pursuit of excellence" and the "professionalism which distinguishes its management". The District maintains close to 800 acres including more than 606 acres owned by the District and 165 acres of leased school grounds. The District's special facilities include: a 110-acre, 18-hole golf course with a restaurant offering daily food service and a banquet facility; a 39 acre, 9-hole golf course; an ice center with a full size 85 foot by 200 foot rink (plus an instructional rink) with a concession area and spectator seating for 800 persons; an 8 court indoor tennis facility and two outdoor swiraming pools. The District also operates several historical, nature and interpretive centers including The Grove, a 123 acre nature preserve of woods, ponds and trails with four restored buildings including a replica of a school that served the area in 1853 all of which form this National Historic Landmark; Wagner Farm, an 18.8 acre farm dating from the 184O's and converted into a demonstration working farm for educational purposes; Evelyn Tyner Center and Air Station Prairie, a 3000 square foot educational building which is a showcase for green technology situated on a 32.5 acre native prairie and Schram Memorial Museum, the former navy chapel of the Glenview Naval Air Station. In January 2001, the District's 165,000 square foot ($25.0 million) community building was opened at The Glen's 142 acre great park (Gallery Park). The community building includes a health club, an indoor aquatic complex, large and small gymnasiums, senior program space, banquet facilities, an early childhood wing, a cultural arts wing and a 10,000 square foot healthcare facility operated by North Shore University Healthcare. The Park District also maintains 50 ball fields along with several other sports fields, 2 sled hills, 2 skate parks and 2 outdoor ice skating rinks. The recreational efforts of the District are supplemented by a total of 1,131 acres of Cook County Forest Preserves in and adjacent to the Village with both bridle and bicycle paths, picnic areas, etc. along both the eastern and western edges of the Village. In addition to the Park District's two golf courses (an 18-hole and a 9- hole) and the 18-hole "Glen" course, within the Village there is one private 18-hole country club, and one private 18- hole executive golf course as a part of a sports club which also includes a clubhouse, tennis courts, paddle tennis courts, an indoor Swimming pool and a beach at the 38 acre lake. 15 Village of Cleminv. Cook Coiinly. Illinois $11,8-10,000* General Ohligcuiim Reflimllag Bonds, Series 2009D $28,260,000" General OUigaiiou Refunding Bonds, Taxaiiie Series 2009E "Subjeei io change. SOCIOECONOMIC INFORMATION As a part of the metropolitan Chicago area and very well connected thereto by the two interstate highways and the commuter rail line, employment opportunities are not limited to concerns located in the Village. The table below lists the largest employers in the Village, which are supplemented by the Corporate Headquarters facilities of Allstate which is immediately adjacent to the Village. Following are lists of large employers located in the Village and in the surrounding area. Major Village Employers (ij Approximate Product/Service Employment .,, Food Products Research, Development and Kitchen Testing 1.800 ... Retail Consumer Electronics and Major Household Appl jances 1.020 ... General Hospital 853 . . . School District 778 ... Wire and Cable Distributor and Corporate Headquarters 700 ... Blood donation services and processing 585 ... Elementary School District 670 ... Corporate Headquarters7Commercial Tools 540 ... Publishing and Corporate Headquarters 530 ... Printing Brokers and Wholesaler ot Industrial Paper Products 345 ... Newspaper Publishing and Corporate Headquarters 294 ... Kunioipal Government 292 ... tife and Health Insurance Services 280 ... Corporate Headquarters/Hearing Aid Manutacturer 140 Name Kraft Foods, Inc. Kraft Technology Center, Abt Electronics, Ino Glenbrook Hospital Glenbrook High School District Number 225., Amxter, Inc tife Source Glenview School District Number 34 ITW7Signode Scott Foresman (Pearson) North American Corp, ot 111inois Pioneer Press, Ino Village Q\ Glenviow Guarantee Trust tife Insurance Co Bel tone 2009 Illinois Manufacturers Directory and aNote: (1) Source: The Village and the 2009 Illinois Services Directory and selective telephone survey. Major Area Employersfij Approximate Employment 5.750 2.000 1,600 1,500 1,500 1,300 1,260 1,200 1,200 1,036 990 900 825 800 760 Product/Service Company Headquarters and tite Insurance Divisional Headquarters and Research and Development ot Independent Nonprofit Testing and Certitication International Airl jne Cargo Services Gaskets, Packings, Rubber Products and Seals Corporate Headquarters and Food Products Aerospace Electromechanical Assemblies Cosmetics General Hospital tong-Term Acute Care Hospital Community College Corporate Headquarters and Mechanical and tubrication Se Centrifugal Pumps Vales and Controls Men's Sport Coats and Suit dackets Company iieadquarters and tighting Fixtures tooation Northbrook, , , Des Plames., Northbrook, ,, Des Plaines,, Skokie NorthFleld, ,, Skokie Morton Grove, Skokie Des Plaines., Des Plaines., Morton Grove, Morton Grove, Des Plames., Des Plaines,, Name Al 1 state Insurance Co UOP, ttC Underwriters taboratories, Inc, , Swissport USA, Ino Federal-Mogul Sealing Systems,,, Kraft Foods, Inc MPC Products Corp Avon Produots, Inc Rush North Shore Medioal Center, Holy Family Medical Center Oakton Commum ty Col 1 ege John Crane Inc ITT Corp Hart Schatfner & Marx Co,, Ino, , Juno Lighting, LtC joftware Souroe: 2009 Illinois Manufacturers Directory, 2009 Illinois Servioes Directory and a selective telephone survey.(1)Note 16 Villa(^e ofGlemie^w Cook Cowily. Illinois $11,840,000" General Obligation Refunding Bonds, Series 2OO9D $28,260,000'^ General Ohligaiion Refwuling Bonds. Taxable Series 2OO9E *SubJea lo change- As indicated in the following table, 58.5% of employed persons in the Village were in management, professional and related occupations, compared to 35.2% for the County and 34.3% for the State. The following tables show employment by industry and by occupation for the Village, Cook County (the "County") and the State of Illinois (the "State") as reported by the Census Bureau's 2005-2007 American Community Survey 3-year estimate. Employment By Occupation fij The Number 12 807 1.614 5 J59 45 773 888 ?l Hfifi Village Percent 58.521 7.371 26.31?; \)/in 3 531 4.063; ion 001 The County Number 863.023 410.412 653.276 1.730 183.299 342,763 2 454 503 Percent 35.16S! 16.723; 26.62? 0.071 7.471 13.961 100.001 The Number 2.086.435 981.065 1.606.456 13.026 507.362 888.413 6,087.756 State Percent 34.27X 16.12S: 26.391 0.303; 8.331 14.591 100.00?; Classification Management. Professional and Related Occupations. Service Occupations Sales and Office Farming. Fishing and Forestry Construction. Fxtraction. and Maintenance Production. Transportation, and Material Moving. Total (1) Source: U.S. Bureau of the Census: 2005-2007 American Community Survey 3-year estimate.Note: Employment By Industry fij The StateThe CountyTh^J/jJ2ag^^^ Percent Percent 1.063; 6.513:; 13,55Si 8.783; 10.941 5.951 2.43J; 7 9R3; Number 63.732 396.176 824.880 230,224 666.074 362.220 147.763 485.731 630.339 1.263.824 508.783 287.546 230.464 6.087.756 Percent 0.113; 6.013; 11.773; 3.411 9.661 6.64? 2.631 9.283; 12.691 20.323; 8.753; 4.943; 1 9.9.1 Number 2,766 147.523 288.953 83.594 237.141 160.513 64.666 227.853 311,542 498,677 214,837 121,262 96,176 Number 13 1.104 1.734 869 1,871 650 770 3,395 3.213 5.056 1.390 1.069 747 Classification Agriculture. Forestry. Fishing, Hunting, and Mining Construction Manufacturing Who!esale Trade Retai1 Trade Transportation and Warehousing, and Utilities Information Finance. Insurance. Real Fstate. Rental and Leasing Professional, Scientific, Management. Administrative. and Waste Management Services Educational. Health and Social Services Arts. Fntertainment. Recreation, Accommodation and Food Services Other Services (Except Public Administration) Public Administration Total 0,033; 5.043; 7.921 3,973; 3.553; 2.973; 3.523; 15.5U 14.681 23,101 6.853; 4,333; 3.411 10.351 20.601 8.863i 4.721 100.003;,...21.886 100.001 2.454.503 100.001 :005-2007 American Community Survey 3-year estimate.iureau of the Census:U.(1)Note:Source: Annual Average Unemployment Rates fij Calendar Year 2000 2001 2002 2003 2004 2005 2006 2007 2003 2009{2) Notes: (1) (2) The Village ., 3.33; .. 4.41 4 71 .. 4,6,3; .. 4.51 .. 4,13; .. 8.03<; . . 3.23; .. 4.21 ,.. 7.51 Source: Employment Preliminary 2009. The County 4.83; 6.OX 7,43; 1 A% 6J% 6.41 4.81 5.2% (,.5% ii.03i; Illinois [ Security. rates for the The State 4.53; 5.43; 6.53; 6.7« 6.21 5.83; 4.63; 5.11 6.51 10.63; )epartment o month of Jul 17 Village of Gkmiew, Cook Caiiiilr, Illinois $ll,840,000'' Gnwral Ohligmkm Rifimdins Bonds, Series 2009D $28,260,000* General Ohligmion Refnnrtiiig Bonds, TiLuMe Series 2009E •^Suiyjecl la change. Building Permits The Village has undergone sound growth in the past and exceptional growth during the redevelopment of at The Glen. The Village has experienced continuing strong growth over the past 10 years. The acceleration of development at The Glen is apparent in the total building permit value in 2000-2009. The average was $62,393,122 during the 199O's. This growth has continued albeit at a more constant rate, since the major development of The Glen has been completed. The value of construction for new residential building permits has averaged $395,000 over the last five years in the Village, excluding the value of land. Building Permits fij (Excludes the Value of Land) Calendar Year 2000 ... 2001 ,, 2002 2003 2004 2005 2006 2007 2008 No. of Units 109 315 376 167 159 181 13A 81 53 Single Value $35.61-1. 81.067. 99.258. 57. '^83. 58.519. 71.238. 50.112. 38.701. 2^.854. Fami Lion 233 184 035 687 485 952 681 220 354 New Residential Average $326,736 257.356 253 gQA 844.214 868.047 393.585 873.975 477.798 459.516 Mul it No. of Uni IS 56 124 104 48 lO^: 21 8 ^5 -Fami1y Valu $16,789 81.381 80.554 14.190 30.067 24.478 19.500 2.508 5.160 e .970 .184 .599 .000 .825 .564 .000 .552 .000 Single Family Remodel 1 Additions. $18,958. 14.611. 17.151. 16.284. 17.889. 1.019. 928. 14.890. 15.888. ng etc. "'155 104 119 698 880 781 571 574 264 New Remodeled Business7 Commercial $ 48.275.509 148.858.155 128.065.967 82.002.608 59.^82.934 34.079.674 11.829.011 25,918.564 35.206.903 All Other $228,205 19.458 63.125 27 5''9 22.888 88.806 10.816 14.550 25.685 .020 .060 .782 .969 .782 .209 .184 .568 .498 fotal $8^2.842.887 295.870.687 388.155.452 147.440.952 187.798.856 169.618.130 98.136.747 96.059.478 105.745.019 Note; (1) Source: fhe Village Wealth Statistics An examination of the 2007 Census of Population and Housing reveals that there were 1,519 census designated places in the United States with a population of 25,000 or greater. The Village's estimated 2007 Per Capita Income of $50,993 ranked 40"' exceeding that of 1,479 other places with populations of at least 24,000 and therefore placing the Village ahead of 97.4% of those cities. In addition, the Village ranked 51" in Median Family Income and 66"' in Median Household Income. Glenview's estimated 2007 Median Family Income was $120,598 or 84.1% greater than the State's $65,504 and 99.8% greater than the $60,374 for the United States. The following table on the "Illinois' Ten Wealthiest Communities with 25,000 Plus Population at the 2000 Census" indicates that Glenview ranked fifth in terms of 2000 Median Family income, when compared to all Illinois communities with at least 25,000 population (the Village also ranked fifth in terms of Median Household Income and fourth in per capita income, when compared to these same Illinois communities). Illinois' Ten Wealthiest Communities with 25,000 Plus Population at the 2000 Census fij (Listed in Descending Order of Median Family Income) Rank 1 2 3 4 5 6 8 9 10 Municipalrty/Count^ .... k'ilnette7Cook .... Highland Park/Lake .... NorLhbrook7Cook .... Napenvine7DuPage & Will .... Glenview/Cook .... Glen Ellyn7DuPage .... Buffalo Grove7Lake & Cook ... .... Wheaton7DuPage .... Gurnee7Lake .... Park Ridge7Cook State of n1inois United States Populat 2000 Census 27.684 31.379 33,425 128.300 41 847 27.040 42.591 55,439 28.615 Q y 7 •^ [; .. 12,419,293 ,. 284,421,906 ion Increase 1990- 2000 3 7» 2,6?; 3,51 50,3?! 12 8^ 8,41 16,91 7 7f 108,9X 4,31 8,6^ 14 ']% Per Capita Income $55,611 55,381 50,765 35,551 43.384 39,783 36,696 34,147 81,517 36,046 $23,104 21,587 Income Median Family Income $122,515 117,235 110,778 101,590 96.552 95,882 92,583 90,475 88,932 87,795 $ 55,545 50,046 Statistics Percent of U,S, Median 244,81 284,31 221,41 203,0% 192.9« 190,51 185,01 180,8-i; 177,71 175,4J; 111,0? 100,01 Median Household Income $106,773 100,967 95,665 88,771 80.730 74,846 80,525 73,385 75,742 78,154 $ 46,590 41,994 Note; (1) At the 2000 Census, 79 Illinois municipalities had populations in excess of 25,000, 18 Viikit^eofGleinie]^; Cook Cotmly, llUnoh $II,'S4O.OOO" General Ohiigalion Refiiiulinj; Boneh, Series 2009D $28,260,000' General Obligalion Refunding Bonds. Tasahle Series 2009E '•••Snhjeel io change. Housing The Census Bureau's 2005-2007 American Community Survey 3-year estimate reported that the median home value of the Village's owner-occupied homes was $546,400, which compares with $264,800 for the County and $198,100 for the State. The 2005-2007 market value of specified owner-occupied units for the Village, the County and the State was as follows: Specified Owner-Occupied Units fij The Cour Number 19,682 54 J96 123.217 174.422 310,720 344,661 143,210 29,912 1 200,220 ity Percent 1,642 4,531 10,271 14,531 25,891 28,721 1],931 2,492! 100,001 The Number 216,042 432,849 487,237 486,153 685,000 648,111 256,682 49,603 3,311,632 btatePercent 6,521 14,581 14,711 14,68? 20,681 19,571 7,751 1,491 100,003! The Village Percent 1,201 0,351 1,565; 2,621 9, ys 28,511 46,612 100,001 Value Number 131 53 236 396 1,449 4,309 7,044 1,444 15,112 Under $50,000 $50,000 to $99,999 $100,000 to $149,999 , , $150,000 to $199,999,, $200,000 to $299,999, , $300,000 to $499,999, , $500,000 to $999,999, , $1,000,000 and over, , , Total 2005-2007 Amerioan Community Survey 3-yearNote: (1) Source: U,S, Bureau oT the Census: estimate. Income Per Capita Personal Income for the Ten Highest Income Counties in the State fij 2000Rank, ,, $32, ,,, 31, ,,, 26, 25, , ,, 24, ,, , 24, 23, ,, , 23, , ,, 22, 22, 102 315 476 188 613 315 227 173 954 591 take County , ,,, DuPage County ,, McHenry County , , Kendall County , , Wi11 County ,,,, , Kane County ,,,, . Cook County .... Sangamon County , Monroe County ,, , Grundy County ,, 1 2 3 4 5 6,, , , 7 10, Source: U,S, Bureau of the Census,(1)Note: The following shows a ranking of median family income for the Chicago metropolitan area among 102 counties from the 2000 Census. Ranking of Median Family Income fij 111, County DuPage County take County HcHenry County Will County Kendall County Kane County Cook County Family Income $79,314 76,424 71,553 69,608 69,383 66,558 53,784 111, Rank 1 2 3 4 5 6 14 U,S, Bureau of the Census,Source(1)Note: 19 Village of Glemiew. Cook Couniv, Illinois $11,840,000'' General Obligaiiou Refunding Bonds, Series 2009D $28,260,000'^ General Obligaiion Refunding Bonds. Taxable Series 2009E *Snhjeci lo change. According to the Census Bureau's 2005-2007 American Community Survey 3-year estimate, the Village had a median family income of $120,598. This compares to $62,885 for the County and $65,504 for the State, The following table represents the distribution of family incomes for the Village, the County and the State, Median Family Income fij Income Under $10,000 $10,000 to $14,999 $15,000 to $24,999 $25,000 to $34,999 $35,000 to $49,999 $50,000 to $74,999 $75,000 to $99,999 $100,000 to $149,999,, $150,000 to $199,999 $200,000 or more Total \lote: (1) Source: The Number 84 149 459 296 936 , , 1,337 , , 1,574 ,, 3,017 , , 1,686 ,, 3,197 , ,12,735 U,S, Bur Vi Mage Percent 0,661' 1 17iK 3,601 2,321 7,351 10,501 12,361 23,691 13,2« 25,103! 100,001 eau of the Censu The County Number 65,969 43,927 106,388 110,568 160,759 231,162 174,044 188,186 69,761 75,970 1,226,734 s: 2005-200; Percent 5,38? 3,58|- 8,671 9,011 18,103; 18,84,? 14,191 15,841 5,691 6,19? 100,00? ' American The S Number 137,112 91,842 286,074 276,402 416,419 651,918 491,957 505,818 178,312 169,516 3,155,370 tate Percent 4,351 2,91? 7,48? 8,76? 13,201 20,661 15,59? 16,03? 5,65? 5,37? 100,00? Community Survey 3-year estimate. According to the Census Bureau's 2005-2007 American Community Survey 3-year estimate, the Village had a median household income of $101,789. This compares to $52,358 for the County and $53,745 for the State, The following table represents the distribution of household incomes for the Village, the County and the State. Household Income fij Village The County The State Income Under $10,000 $10,000 to $14,999 $15,000 to $24,999 $25,000 to $34,999 $35,000 to $49,999 $50,000 to $74,999 $75,000 to $99,999 $100,000 to $149,999 $150,000 to $199,999 $200,000 or more Total Mote: (1) Source: estimate Number 406 335 918 886 , 1,436 , 1,870 , 2,404 , 3,374 , 1,820 , 3,867 ,16,766 U,S, Bureau Percent 2,42? 2,00? 5,48? 4,99? 8,56? 11,151 14,341 20,121 10,86? 20,08? 100,001 of the Cen Number 160,459 104,867 201,652 192,876 265,197 856,644 286,655 240,480 86,183 91,801 1,935,764 sus: 2005-2007 Percent 8,29? 5,89? 10,421 9,96? 18,70? 18,42? 12,28? 12,42? 4,451 4,72? 100,00? American Number 888,262 242,887 482,805 476,295 655,974 916,436 615,800 597,478 205,598 198,932 4,724,462 Community Survey Percent 7,16? 5 14? 10,21? 10,081 18,88? 19,40? 18,02? 12,65? 4,85? 4,101 100,00? 8-year 20 Village of Gl<-nrie>i\ Cook Comly, Illinois $IL840,000' GeiiemI Ohiigaiion Refunding Bonds, Series 2OO9D $28,260,000* General Ohiigaiion Refunding Bonds, Taxable Series 2009E ''Siihjefl to ehange. Retail Activity Following is a summary of the Village's sales tax receipts as collected and disbursed by the State of Illinois. Retailers' Occupation, Service Occupation and Use Taxfij Annual Percent Change + (-) Home Rule Sales Tax(3} $ 0 0 0 0 0 1.955,257 4.078.664 4.502.099 4.622.609 5.513.663 Annual Pencent 16.68X(4) 10.511 9.761 22.01S 23.571 7.401 5.961 7.841 2.333; (3.551) .... 121.501 Mum ci pal _Tax(2) $ 5.922.285 6.544.995 7.184.006 8.765.038 10.830.776 11.632.306 12.325.158 13.291.472 . 13.600.730 . 13.118.090 Year Ended December 31: 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Total J 5.922.285 6.544.995 7.184.006 8.765.038 10.830.776 13.587.563 16.408.822 17.793.570 18.223.389 18.631.753 108.60X 10.381 2.681 19.281 Growth from 1999 to 2008 Growth from 2004 to 2008 181.99« Source' Illinois Department of Revenue. TaK distributions are based on records of the Illinois Department of Revenue relating to the \% municipal portion of the Retailers' Occupation. Service Occupation and Use Tax. collected on behalf of the Village less a State administration fee. The municipal \% includes tax receipts Trom the sale of food and drugs which are not taxed by the State. The home-rule sales tax rate is 0.753;'. The 1999 percentage is based on a 1998 sales tax of $5,075,450. (1) (2) Notes: (3) (4) Sales Tax Receipts by Kind of Business fij (For the 12 months ended December 31, 2008) Municipal Tax(2) $ 798.021 1.189.920 1.087.867 177.131 3.601.392 424.240 3.683.579 1.325.458 677.124 153.358 $13,118,090 Percent 6.13; 9.13i 8.3;i; 1.4^ 27.51 3.2X 28.11 10.13; 5.2% \,n 100.03; Home-Rule Sales Tax $ 458.979 217.434 668.305 109.489 2.227.437 258.291 683.927 403.376 397.440 88.983 $5,513,663 Percent n 0 0/ 3.91 12.13; 2.03; 40.41 4.73;' \1M 1 :M 1 ,n1.63; 100.03; General Merohandise Food Drinking and Eating Places Apparel Furniture. Household & Radio tumber Building and Hardware Automotive and Filling Stations Drugs and Misc. Retail Agriculture and All Other Manufactures Total Mumber of taxpayers (establishments). 1.: Source: State of Illinois. Department of Revenue. The municipal tax is equal to 13; of taxable sales the corporate limits of the Village. Notes: (1) (2)made at businesses looated within 21 Village of Glemic'w. Cook Coiinlv, lllhmls $11,840,000- General Ohiigaiion Refumling Bonds. Series 2009D $28,260,000" General Ohiigallon Refuncling Bonds. Ta.xahle Series 2009E *Sitbjeel 10 change. PLAN OF FINANCING Series 2009D Bonds The Series 2009D Bond proceeds will be used to currently reftind a portion of the Village's outstanding General Obligation Bonds, Series 1998B, said portion due December 1, 2010-2018, as listed below (the "Refunded Series 1998B Bonds"), and to pay the costs of issuance of the Series 2009D Bonds: General Obligation Bonds, Series 1998B Outstanding Amount $ 1,870,000 1,955,000 2,050,000 1,450,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 $13,325,000 Refunded Amount(l) $ 0 1,955,000 2,050,000 1,450,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 $11,455,000 Maturities 12/1/2009 12/1/2010 12/1/2011 12/1/2012 12/1/2013 12/1/2014 12/1/2015 12/1/2016 12/1/2017 12/1/2018 Redemption Price(s) N.A. 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Redemption Date Serial Maturity 12/1/2009 12/1/2009 12/1/2009 12/1/2009 12/1/2009 12/1/2009 12/1/2009 12/1/2009 12/1/2009 Note: (1) Subject to change. The Series 2009D Bond proceeds will be used to purchase direct foil faith and credit obligations of the United States of America (the "Government Securities"), the principal of which together with interest to be earned thereon will be sufficient (i) to pay when due the interest on the Refunded Series 1998B Bonds as stated above, and (ii) to pay principal of and call premium, if any, on the Refonded Series 1998B Bonds on their respective redemption dates. The remaining bond proceeds will be used to pay the costs of issuing the Series 2009D Bonds. The Government Securities will be held in an escrow account created pursuant to an escrow agreement (the "Escrow Agreement") dated as of October 15, 2009, between the Village and Wells Fargo Bank, N.A., Chicago, Illinois, as Escrow Agent (the "Escrow Agent"). The mathematical calculations: (a) of the adequacy of the deposit made pursuant to the Escrow Agreement to provide for the payment of certain interest, principal and call premiums on the Reftmded Series 1998B Bonds, and (b) supporting the opinion of Bond Counsel that the interest of the Series 2009D Bonds is excludable from gross income of the owners thereof for federal income tax purposes will be verified by Dunbar, Breitweiser & Company, LLP, Independent Certified Public Accountant, Bloomington, Illinois, at the time of delivery of the Series 2009D Bonds. All moneys and Government Securities deposited for the payment of Refunded Series 1998B Bonds, including interest thereon, are required to be applied solely and irrevocably to the payment of the Refunded Series 1998B Bonds. 22 Villai>eofaimrieu\ Cook Coimly, Illinois $}1.840.0(X)' Cc'iieml Ohiigalion Refimdiiig Bonds, Series 2009D $28,260,000* General Ohiigalion Refunding Bonds. Taxable Series 2()09E *SnhJefi 10 change. Taxable Series 2009E Bonds The Taxable Series 2009E Bond proceeds will be used to currently refiind and restructure all of the Village's outstanding General Obligation Bonds, Taxable Series 2006B, due December 1, 2009, as listed below (the Refunded Taxable Series 2006B Bonds"), and to pay the costs of issuance of the Taxable Series 2009E Bonds: General Obligation Bonds, Series 1998B Outstanding Refunded Redemption Redemption Amount Amount Maturities _Pnce(si_ ^^^ ~$rK9mfim $27,940,000 12/1/2009 100.00% 12/1/2009 The Taxable Series 2009E Bond proceeds will be used to purchase direct full faith and credit obligations of the United States of America (the "Government Securities"), the principal of which will be sufficient to pay principal when due on the Refanded Taxable Series 2006B Bonds. Interest on the Refunded Taxable Series 2006B Bonds will be paid from fands on hand. The remaining bond proceeds will be used to pay the costs of issuing the Taxable Series 2009^ Bonds. The Government Securities will be held in an escrow account created pursuant to an escrow agreement (the "Escrow Agreement") dated as of October 15, 2009, between the Village and Wells Fargo Bank, N.A., Chicago, Illinois, as Escrow Agent (the "Escrow Agent")- The mathematical calculations of the adequacy of the deposit made pursuant to the Escrow Agreement to provide for the payment of interest and principal on the Refunded Taxable Series 2006B Bonds will be verified by Dunbar Breitweiser & Company, LLP, Independent Certified Public Accountant, Bloomington, Illinois at the time of delivery of the Taxable Series 2009E Bonds. All moneys and Government Securities deposited for the payment of Refunded Taxable Series 2006B Bonds, including interest thereon, are required to be applied solely and irrevocably to the payment of the Refunded Taxable Series 2006B Bonds. DEBT INFORMATION After issuance of the Bonds and the refunding of the Refanded Series 1998B Bonds and the Refunded Taxable Series 2006B Bonds, the Village will have outstanding $166,855,000 (subject to change) principal amount of general obligation debt. The' Village also has outstanding $1,794,439 of notes payable. The Village does not intend to issue additional debt within the next two months. 23 Village of GImview. Cool: Coiinly, Illinois $11,840,000' General Ohiigalion Refimding Bonds. Serie.t 2009D $28,260,000" General Ohiigalion Refwuling Bonds. Taxable Series 2009E -'Sniyecl lo change. General Obligation Bonded Debt fij (Principal Only) Sen $35, ?.s Hi 0 0 0 0 Q 0 c Q 0 0 0 0 0 0 0 g Serie 200.1 ( $ 5,0GC b.OCO 5,5CC 5,500 3) liOi) ,000 ,000 000 0 0 0 0 0 0 Q 0 0 Q 0 0 n Seri 2003,A $ 345 455 470 485 500 505 525 545 580 2) 000 000 000 000 000 000 000 000 000 Q 0 0 0 0 0 Q 0 0 Series 2003B(2) $205,000 210,000 220,000 225,000 0 0 0 c0 Q 0 ,[i 0 0 0 0 20 $ : i 8 04A( , 775 ,050 ,800 , ,125 , 925 ,250 000 000 000 000 000 000 0 0 0 0 0 0 0 Q 0 0 0 Serie 2004B $ 1,015 1 050 . , 100 1,150 1,225 l,?75 1,325 1,375 1,450 1,500 1,575 1 ,550 1,725 i ,825 1,900 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 000 Ser 20C S 1,- l,f 1 ,/ 1,8 1 e 5( ?'• 00 75 00 ?5 <^ 3) Q jj 000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 0 Q 0 0 0 0 Q ,n Ser'e-> ?005A{3) 2,350,0 2,450,f 2,1)50, f 2,650,0 n 0 g 00 00 jO 00 fj Q 0 0 0 3 irixdDie la/.abi Series Series Sene 2005B(3> 2007A(2) 2007B( 527,940,000 $ 500,000 $ 135, 0 535 000 135' 0 550,000 135, 0 575,000 135, 0 600,000 130, 0 635,000 130, 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0n n $85,000 $860,000 $28,925,000 522,815,000 $10,000,000 000,000 S27,940,000 54,525,000 $! Less: Ihe Re' Series 1998B ( 0 (1,955,000) (2,050,000) (1,450,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) (1,000,000) 0 0 0 0 Q 0 unded BonG laxable Series 2006B $(27,940, s 100) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sent 2009 $ 1,62[ 1,485 805 30i 1,52- 1,525 1,525 1,525 1 ,525 The Bon s Q ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 0 0 0 1] 0 n Taxablf Series 2009E 28,260,0 0 [ 0 0 ,)0Q n 3 (} 0 r 0 r P 2009, 2013, 2014 2017 2018, 2019 2020 2027 2028, 0 000 5(11,455,000) 5(27,940,000) $11,840,000 $28,250,000 Source: the Village Pa.yabie from WaterworKS and Sewerage fund Payable fro^ 11F' revenues Pa,yable frorn property taxes and Speoial Service Areas 62 and 53, designated the portions of Series 2009A allocated to Special Servi Series 2009C, Subject to change, 24 Irackmn the Vi nd 68 as Series interna !as 52 lage has '0098 and Village of Gleiniew, Cook Couniy. Illinois SILS40.000'' General Obllgaiion Refimi/in;-> Bauds, Series 2009D $28,260,000* General Obligaiiou Refumlino Bonds, Taxable Series 2OO9E '•Suhjeci lo change. Detailed Overlappieg Bonded Debt fij (As of August 21, 2009) Applicable to the City Percent(2) Amount Outstanding Debt $ 2.393.068 2.725.000 23.630.000 4.093.945 12.940.000 19.650.000 6.810.470 17.955.357 13.870.000 144.113.952 82.539.614 35 29 88 8 4 4 12 2 1 1 39 .711 .85S; .931 .213; .92? .36X .301 .341 .051 .041 mi Schools; School District Number 30 School Di stn ct Number 31 School District Number 34 School District Number 37 School District Number 39 School District Number 63 School District Number 67 High School District Number 203(3} High School District Number 207... High School District Number 219... High School District Number 225(3) Total Schools t 854. 813. 21.014. 336. 636. 856. 837. 420. 145. 1.498. 32.239. $ 59.653. $ 48.975 1.989 23.954 10.457 48 665 $ 86.091 $145,745 565 413 159 113 648 740 688 155 635 785 973 873 778 .468 .424 .793 .362 .646 .470 . 343 Others: Cook County Cook County Forest Preserve District Metropolitan Water Reclamation District of Greater Chicago Glenview Park District(3) Northbrook Park District Clenview Special Service Areas Total Others Total Schools and Others Overlapping Bonded Debt Notes; (1) Source: Cook County Clerk. (2) Overlapping debt percentages based on 2007 EAV. (3) Excludes Alternate Bonds. 1.69* 1.691 1.723! 83.83S( 0.331 100.001 $2,897,975,000 117.720.000 1.392.699.076 12.475.000 14.655.000 665.646 the most recent available. Statement of Bonded Indebtedness fij Amount Appl1 cable $2,693,236,118 $8,079,708,354 $ 166.855.000 $ 59.658.873 86.091.470 $ 145.745.348 $ 312.600.843 Ratio Equalized Assessed 100.003; 300.003;- 6.201 2.2U 3.203; 5.4U 11.611 lo Estimated Actual 33.33? 100.001 2.071 0. m 1.073; 1.801 3.871 Her Lapiia (2009 Pop. Est. 44.600) $ 60.886.46 $181,159.38 $ 8.741.14 $ 1.337.53 1.980.30 $ 3.267.83 $ 7.008.98 District EAV of Taxable Property. 2007.. Estimated Actual Value. 2007 Direct Bonded Debt(2) Overlapping Bonded Debt(3): Schools All Others Total Overlapping Bonded Debt Total Net Direct & Overlapping Debt(2) Notes: (1) Source: the Village. (2) Subject to change. (2) As of August 21. 2009. 25 Village of Glenview. Cook County, iltinois $11,840,000* General Ohlii^aiion RefwuUng Bonds. Series 2009D $28.260,ODD* General Oblii;aiioii Refiindini; Bonds, Taxable Series 2OO9E •''Snhjea to change. PROPERTY ASSESSMENT AND TAX INFORMATION For the 2007 levy year, the Village's EAV was comprised of approximately 69.75% residential, 21.25% commercial, 9% industrial, and less than 1% railroad and farm property valuations. Equalized Assessed Valuation (ij Levy Year 2003 2004(2)2005 2006 2007(2) Property Class: Residential Commercial Industrial Railroad Farm Total Percent Change +(-) TIF EAV Frozen Valuation TIF Net FAV Total tor All Taxing Purposes $1,138,901,227 337.322,937 153.859,262 173.826 589 $1,329,714,485 430,577,619 170.687,793 196.030 589 $1,453,711,647 469.788,252 218.300,563 184,647 589 $2,141,980,698 10,92?; $ 401,107,798 26,882,825 $1,478,823,650 477.703,360 213,822,559 184,075 589 $2,170,534,238 1,333; $ 423,089,120 26,882,825 $ 396.206,295 $2,566,740,528 $1,878,422,871 572,300,107 242,310,888 202,163 589 $2,698,236,118 24,08? $ 505,665,730 26,882.825 $ 478.782,905 $3,172,019,023 $1,630,257,841 $1,981,176,516 l,4«-(3) $ 222,517,687 26.882.825 $ 195.634.862 18,46J; 344,040,291 26,882.825 317.157,466 $ 374,224,968 $1,825,892,708 $2,248,333,982 $2,516,205,666 Notes: (1) Source: Cook County Clerk, (2) Reassessment Year, (3) 2003 percent change based on 2002 E,AV $1,607,514,242, Representative Tax Rates fij (Per $100 EAV) Levy Years 2005 $0 0 0 0 0 $0 0 0 0 0 0 0 0 0 0 2 1 0 $6 ,2519 ,0735 .0441 ,0507 ,0000 ,4210 ,5330 .0140 ,0600 ,3150 ,0080 ,0050 ,0520 ,2490 ,4900 ,2590 4750 1580 0390 2003 2004 2006 2007 $0 0 0 0 0 $0 0 0 0 0 0 0 0 0 0 2 1 0 ,2594 ,1124 ,0488 .0460 .0888 .5050 .6800 ,0290 ,0590 ,3610 ,0090 ,0040 .0560 .2930 ,5160 ,5520 ,7360 ,1860 $0 0 0 0 0 $0 0 0 0 0 0 0 0 0 0 2 1 0 ,2136 ,0754 ,0479 ,0466 , 0427 ,4270 ,5930 ,0000 ,0600 ,3470 ,0080 ,0010 .0510 .2590 ,5050 ,8800 ,5160 ,1610 Village Rates: Corporate Bond and Interest Police Pension Fire Pension I,H,R,F Total Village Rates Cook County Consolidated Flections Cook County Forest Preserve District,,,. Metropolitan Water Reclamation District. North Shore Mosquito Abatement District, Suburban TB Sanitarium Northtield Township(2) Glenyiew Public Library Glenview Park District School Distr i ct Number 34 High School District Number 225 Community College District Number 585,,. Total Rates(3) $0 0 0 0 0 $0 0 0 0 0 0 0 0 0 0 2 1 0 ,1838 ,0993 ,0597 ,0719 ,0000 ,4150 ,5000 ,0000 , 0570 ,2840 ,0090 .0050 ,0540 ,2460 ,5110 , 8840 ,6230 ,1660 $0, 0, 0, 0. 0. $0. 0, 0, 0, 0, 0, 0, 0. 0, 0, 1, 1, 0, 1833 0723 0490 0687 0000 8690 4460 0120 0530 2680 0080 0000 0480 1490 4290 9530 4030 1410 $6,9360 $6,2580 $6,2040 $5,2740 Notes: (1) Source: Cook County Clerk. (2) Includes Northtield Township, General Assistance, and Road and Bridge, (3) Representative tax rates for other government units are trom Northtield Township tax approximately 461 of the Village's 2007 FAV, code 25038 which represents 26 Vi/ki^^i^ of GU^aview, Cook Coiiiily, lllinoi.s $11,840,000" General Ohiigarion Refunding Bonds, Series 2009D $28,260,000* General Ohiigalion Refunding Bonds, Taxable Series 2009E "Snhjeci io change. Tax Extensions and Collections fij Levy Year 2003 2004 2005 2006 2007 CoH. Year 2004 ,,,, 2005 2006 2007 , 2008 Taxes Extencled(2) .. $13,000,619 .. 13.218.991 13.885.406 .. 14.322.403 .. 13.919.457 Total Conections(3) Amount $12,445,914 13.266.755 13.969.764 14.187.602 13.665.429 Percent 95.731 100.361 100.611 99.06S; 98.181 Note: (1) Source: Cook County Treasurer. Principal Taxpayers fij Taxpayer Name BusinessTService 2007 EAV(2)_ j7p^^7f^™;^^j;f~ Corporate Headquarters and Research Campus 01iver McMi11 an. tLC Real Property Grub & El 11 s AON Insurance Illinois Tool Works Corporate Headquarters Mid^America Asset Management Commercial Property Classic Residence - Hyalt Senior Residential y\^.j^|.gP Commercial Property Abt Electronics Retailer Individual - Name Withheld Real Property Standard Bank and Trust Co Real Property -^^^^ ^^^ ^^^ Total ^ q -j^'/ Ten Largest Taxpayers as Percent ot Village's 2007 EAV ($2,693,236,118) • ° Notes- (1) Source: Cook County Clerk. ,. ^ 4 ^ • (2) Every eftort has been made to seek out and report the largest taxpayers. However, many or taxpayers listed contain multiple parcels, and it is possible that some parcels and their valuations have been overlooked. The 2007 EAV is the most current available. REAL PROPERTY ASSESSMENT, TAX LEVY ANB COLLECTION PROCEDURES Real Property Assessment The County Assessor (the "Assessor") is responsible for the assessment of all taxable real property within Cook County (the "County"), including that in the Village, except for certain railroad property and pollution control facilities, which are assessed directly by the Illinois Department of Revenue (the "Department of Revenue"). For triennial reassessment purposes. Cook County is divided into three districts; west and south suburbs (the "South Tri"), north and northwest suburbs (the "North Tri"), and the City of Chicago (the "City Tri"). The Village is located in the North Tri and was reassessed for the 2007 tax levy year. Real property in the County is separated into classes for assessment purposes. After the County Assessor establishes the fair market value of a parcel of property, that value is multiplied by the appropriate classification percentage to arrive at the assessed valuation (the "Assessed Valuation") for the parcel. The classification percentages range from 16% for certain residential, commercial and industrial property to 36% and 38%, respectively, for other industrial and commercial property. On September 17, 2008, the Cook County Board of Commissioners approved changes to the property classification ordinance. The changes reduce the percentages used to calculate the assessed value of real property in the County for real estate tax purposes. These reductions will take effect in the 2009 tax levy year. Such new classification percentages range from 10% for certain residential, commercial and industrial property to 25% for other industrial and commercial property. $ 54. 33. 31. 25. 24. 24. 18 18 16 14 145. 377. 475. 358. 895. 632. 842. .332. .989. .471. 496 165 168 798 466 346 029 098 882 211 27 Village of Glemiev. Cook Coiiniy, Illiiwis $11,840,000* General OhIigalUm Refunding Bonds, Seiies 2009D $28,260,000" General Obligation Refunding Bonds, Taxable Series 2009E ^Snbjeci io ehange. Property is classified for assessment into six basic categories, each of which is assessed (beginning with the 2009 tax levy year) at various percentages of fair market value as follows: Class 1) unimproved real estate - 10%; Class 2) residential - 10%; Class 3) rental-residential - 16%, in tax year 2009, 13% in assessment year 2010, and 10% in assessment year 2011 and subsequent years; Class 4) not-for-profit - 25%; Class 5a) commercial - 25%; Class 5b) industrial - 25%. There are also seven additional categories. Newly constructed industrial properties or substantially rehabilitated sections of existing industrial properties within the County may qualify for a Class 6b assessment level, which assessment level is 10% for the first 10 years and for any subsequent 10-year renewal periods. However, if the incentive is not renewed, the 6b assessment level is 15% in year 11 and 20% in year 12, hereafter reverting to Class 5b. Real estate, which is to be used for industrial or commercial purposes where such real estate has undergone environmental testing and remediation, may be eligible for a Class C assessment level. The Class C assessment level for industrial properties is 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5b. Class C commercial properties are assessed at 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Commercial properties that are newly constructed or substantially rehabilitated and are within an area determined to be an area in need of commercial development may be classified as Class 7a or 7b property, and will then be assessed at a level of 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Certain commercial and industrial properties located in zones determined to be in need of substantial revitalization or in an enterprise community could be eligible for Class 8 assessments. The Class 8 assessment level for industrial properties is 10% for the first 10 years and for any subsequent 10-year renewal periods. If the incentive is not renewed, the Class 8 assessment level for industrial properties is 15% in year 11 and 20% in year 12, thereafter reverting to Class 5b. The Class 8 assessment level for commercial properties is 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. Substantially rehabilitated or new construction multi-family residential properties within certain target areas, empowerment or enterprise zones may be eligible for Class 9 categorization. The Class 9 assessment level is 10% for an initial 10-year period, renewable upon application for additional 10-year periods. When the Class 9 assessment level expires, the assessment level reverts to the applicable classification. Rental-residential (Class 3) properties subject to a Section 8 contract that has been renewed under the "Mark Up To Market" option may qualify for a Class S assessment level. The Class S assessment level is 10% for the term of the Section 8 contract renewal under the Mark Up To Market option, and for any additional terms of renewal of the Section 8 contract under the Mark Up To Market option. When the Class S assessment level expires, the assessment level reverts to Class 3. Substantially rehabilitated properties which are designated as Class 3, Class 4, Class 5a or Class 5b and which qualify as Landmark or Contributing buildings may qualify for a Class L assessment level. The Class L assessment level for Class 3, 4 or 5b properties is 10% for the first 10 years and for any subsequent 10-year renewal periods. If the incentive is not renewed, the Class L assessment level is 15% in year 11 and 20% in year 12, thereafter reverting to Class 3, 4 or 5b. Class L commercial properties are assessed at 10% for the first 10 years, 15% in year 11 and 20% in year 12, thereafter reverting to Class 5a. The Assessor has established procedures enabling taxpayers to contest their proposed Assessed Valuations. Once the Assessor certifies its final Assessed Valuations, a taxpayer can seek review of its assessment by appealing to. the Cook County Board of Review, which consists of three commissioners elected by the voters of the County. The Board of Review has the power to adjust the Assessed Valuations set by the Assessor. Owners of both residential property having six or fewer units and owners of real estate other than residential property with six or fewer units are able to appeal decisions of the Board of Review to the Illinois Property Tax Appeal Board (the "PTAB"), a statewide administrative body. The PTAB has the power to determine the Assessed Valuation of real property based on equity and the weight of the evidence. Taxpayers may appeal the decision of PTAB to either the Circuit Court of Cook County or the Illinois Appellate Court under the Illinois Administrative Review Law. As an alternative to seeking review of Assessed Valuations by PTAB, taxpayers who have first exhausted their remedies before the Board of Review may file an objection in the Circuit Court of Cook County similar to the previous judicial review procedure but with a different standard of proof than that previously required. In addition, in cases where the Assessor agrees that an assessment error has been made after tax bills have been issued, the Assessor can correct any factual error, and thus reduce the amount of taxes due, by issuing a Certificate of Error. Certificates of Error are not issued in cases where the only issue is the opinion of the valuation of the property. 28 Village of Gleiiview; Cook Cotiinx, Illinois Sn. 840,000* General ON igal ion Refunding Bonds, Series 2009D $28,260,000* General Ohligaiion Refunding Bonds, Taxable Series 2009E "•'Siihjec/ lo change. Equalization After the County Assessor has established the Assessed Valuation for each parcel for a given year, and following any revisions by the Board of Review or PTAB, the Illinois Department of Revenue is required by statute to review the Assessed Valuations. The Illinois Department of Revenue establishes an equalization factor (the "Equalization Factor"), commonly called the "multiplier," for each county to make all valuations uniform among the 102 counties in the State. Under State law, the aggregate of the assessments within each county is to be equalized at 33-1/3% of the estimated fair cash value of real property located within the county prior to any applicable exemptions. One multiplier is applied to all property in Cook County, regardless of its assessment category, except for some farmland property which is not subject to equalization. Once the Equalization Factor is established, the Assessed Valuation, as revised by the Board of Review or PTAB, is multiplied by the Equalization Factor to determine the equalized assessed valuation (the "EAV") of that parcel. The EAV for each parcel is the final property valuation used for determination of tax liability. The aggregate EAV for all parcels in any taxing body's jurisdiction, plus the valuation of property assessed directly by the State, constitutes the total real estate tax base for the taxing body and is the figure used to calculate tax rates (the "Assessment Base"). The following table sets forth the Equalization Factor for Cook County for the last 10 tax levy years. TAX LEVY YEAR EQUALIZATION FACTOR 1999 2.2505 2000 2.2235 2001 2.3098 2002 2.4689 2003 2.4598 2004 2.5757 2005 2.7320 2006 2.7076 2007 2.8439 2008 2.9786 Exemptions Public Act 95-644, effective October 17, 2007, made changes to and added a number of property tax exemptions taken by residential property owners. These changes are discussed below. An annual General Homestead Exemption provides that the EAV of certain property owned and used for residential purposes ("Residential Property") may be reduced by $5,000 for assessment years 2004 through assessment year 2007. Additionally, the reduction may be $5,500 for assessment year 2008, and $6,000 for assessment years 2009 and forward (the "General Homestead Exemption"). The Alternative General Homestead Exemption (the "Alternative General Homestead Exemption") caps EAV increases for homeowners (who also reside on the property as their principal place of residence) at 7% a year, up to a certain maximum each year as defined by the statute. Any amount of increase that exceeds the maximum exemption as defined is added to the 7% increase and is part of that property's taxable EAV. Homes that do not increase by at least 7% a year are entitled, in the alternative, to the General Homestead Exemption as discussed above. 29 Village of Gleininv, Cook Conniy. lllinois $l},84().0()()-'' General Obligalkm Refunding Bonds. Series 2009D $28,260,000^- General Ohiigalion Refunding Bonds. Taxable Series 2009E *Siil?Jeci 10 change. The Base Year for purposes of calculation of the Alternative General Homestead Exemption is 2002 for properties located in the City Tri, 2003 for properties located in the North Tri and 2004 for properties located in the South Tri. The Base Homestead Value is the EAV of the homestead property minus the General Homestead Exemption for that year: $4,500 for years prior to 2004; $5,000 for 2004 through 2007; $5,500 for 2008 and $6,000 for the year 2009 and thereafter. For properties in the City Tri, the Alternative General Homestead Exemption cannot exceed $33,000 for assessment year 2006 (except as noted below), $26,000 for assessment year 2007, $20,000 for assessment year 2008 and $6,000 thereafter. For properties in the North Tri, the Alternative General Homestead Exemption cannot exceed $20,000 for assessment year 2006, $33,000 for assessment year 2007, $26,000 for assessment year 2008, $20,000 for assessment year 2009 and $6,000 thereafter. For properties in the South Tri, the Alternative General Homestead Exemption cannot exceed $20,000 for assessment years 2006 and 2007, $33,000 for assessment year 2008, $26,000 for assessment year 2009, $20,000 for assessment year 2010 and $6,000 thereafter. Furthermore, only in the City Tri and only for assessment year 2006, the maximum exemption amount may be increased to: (i) $40,000, provided that the EAV of the property for assessment year 2006 exceeds the EAV of that property for assessment year 2002 by an amount equal to or greater than 100%, or (ii) $35,000 provided that the EAV of the property for assessment year 2006 exceeds the EAV of that property for assessment year 2002 by an amount greater than 80% but not more than 100%. Finally, the Long-Time Occupant Homestead Exemption applies to those counties subject to the Alternative General Homestead Exemption, including Cook County. Beginning with assessment year 2007 and thereafter, the EAV of homestead property of a taxpayer who has owned the property for at least 10 years (or 5 years if purchased with certain government assistance) and who has a household income of $100,000 or less ("Qualified Homestead Property") may increase by no more than 10% per year. If the taxpayer's annual income is $75,000 or less, the EAV of the Qualified Homestead Property may increase by no more than 7% per year. There is no exemption limit for Qualified Homestead Properties. Individuals applying for this exemption must comply with the following guidelines: (i) continuously occupy their property for 10 years, as of January 1st of the assessment year, and occupy such property as their principal residence or, (ii) continuously occupy their property as their principal place of residence for 5 years, as of January 1st of the assessment year, provided that the property was purchased with certain government assistance. In addition, the Homestead Improvement Exemption ("Homestead Improvement Exemption") applies to residential properties that have been improved and to properties that have been rebuilt in the two years following a catastrophic event. The exemption is limited to $45,000 through December 31, 2003, and $75,000 per year beginning January 1, 2004, and thereafter, to the extent the assessed value is attributable solely to such improvements or rebuilding. Additional exemptions exist for senior citizens. The Senior Citizens Homestead Exemption ("Senior Citizens Homestead Exemption") operates annually to reduce the EAV on a senior citizen's home by $3,500 in all counties. In addition, for assessment year 2008 and thereafter, the maximum reduction is $4,000 for all counties. Furthermore, property that is first occupied as a residence after January 1 of any assessment year by a person who is eligible for the Senior Citizens Homestead Exemption must be granted a prorata exemption for the assessment year based on the number of days during the assessment year that the property is occupied as a residence by a person eligible for the exemption. A Senior Citizens Assessment Freeze Homestead Exemption ("Senior Citizens Assessment Freeze Homestead Exemption") freezes property tax assessments for homeowners who are 65 and older, reside in their property as their principal place of residence and receive a household income not in excess of the maximum income limitatioti. The maximum income limitation is $50,000 for assessment years 2006 and 2007; for assessment years 2008 and after, the maximum income limitation is $55,000. In general, the exemption grants qualifying senior citizens an exemption based upon a "freeze" of their home's Assessed Valuation. 30 Village of Glenview. Cook Coimiy, lUlnois $11,840,000* General Ohiigauon Refumling Bonds, Series 2OO9D $28,260,000"' Genera! OMigaiion Refunding Bonds, Taxable Series 20O9E *Siiiyeci 10 change. Another exemption, available to disabled veterans, may be applied amually to exempt up to $70,000 of the Assessed Valuation of property owned and used exclusively by such veterans or their spouses for residential purposes. However, individuals claiming exemption under the Disabled Persons' Homestead Exemption ("Disabled Persons' Homestead Exemption") or the hereinafter defined Disabled Veterans Standard Homestead Exemption cannot claim the aforementioned exemption. Also, certain property is exempt from taxation on the basis of ownership and/or use, such as public parks, not- for-profit schools and public schools, churches, and not-for-profit hospitals and public hospitals. Furthermore, beginning with assessment year 2007, the Disabled Persons' Homestead Exemption provides an annual homestead exemption in the amount of $2,000 for property that is owned and occupied by certain persons with a disability. However, individuals claiming exemption as a disabled veteran or claiming exemption under the Disabled Veterans Standard Homestead Exemption cannot claim the Disabled Persons' Homestead Exemption. In addition, the Disabled Veterans Standard Homestead Exemption ("Disabled Veterans Standard Homestead Exemption") provides disabled veterans an annual homestead exemption starting with assessment year 2007 and thereafter. Specifically, (i) those veterans with a service-connected disability of 75% are granted an exemption of $5,000 and (ii) those veterans with a service-connected disability of less than 75%, but at least 50%, are granted an exemption of $2,500. Furthermore, the veteran's surviving spouse is entitled to the benefit of the exemption, provided that the spouse has legal or beneficial title of the homestead, resides permanently on the homestead and does not remarry. Moreover, if the property is sold by the surviving spouse, then an exemption amount not to exceed the amount specified by the current property tax roll may be transferred to the spouse's new residence, provided that it is the spouse's primary residence and the spouse does not remarry. However, individuals claiming exemption as a disabled veteran or claiming an exemption under the Disabled Persons' Homestead Exemption cannot claim the aforementioned exemption. Also, beginning with assessment year 2007, the Returning Veterans' Homestead Exemption ("Returning Veterans' Homestead Exemption") is available for property owned and occupied as the principal residence of a veteran in the assessment year the veteran returns from an armed conflict while on active duty in the United States armed forces. This provision grants a homestead exemption of $5,000, which is applicable in all counties. In order to apply for this exemption, the individual must pay real estate taxes on the property, own the property or have either a legal or an equitable interest in the property, subject to some limitations. Those individuals eligible for this exemption may claim the exemption in addition to other homestead exemptions, unless otherwise noted. Tax Levy As part of the annual budgetary process of governmental units (the "Units") with power to levy taxes in the County, proceedings are adopted by the designated body for each Unit each year in which it determines to levy real estate taxes. The administration and collection of real estate taxes is statutorily assigned to the County Clerk and the County Treasurer. After the Units file their annual tax levies, the County Clerk computes the annual tax rate for each Unit. The Cook County Clerk uses the prior year's EAV to compute the taxing district's maximum allowable levy. The maximum levy that can be raised for a Unit is the maximum tax rate for that Unit multiplied by the prior year, EAV for all property currently in the district. The prior year's EAV includes the prior year's EAV plus the EAV of any new property, the current year value of any annexed property, and any recovered tax increment value, minus any disconnected property for the current year under the Property Tax Extension Limitation Law ("Limitation Law"). The tax rate for a Unit is computed by dividing the lesser of the maximum allowable levy or the actual levy by the current year's EAV. 31 Village of Glemiew. Cook Coimly, Illinois $11,840,000* General Obligalion Re,fwiding Bomh, Scra-j 2009D $28,260,000" General Obligalion Refmuling Bonds, Taxable Series 2009E *SiibJe(-l u> change. Property Tax Extension Limitation Law The Property Tax Extension Limitation Law (the "Limitation Law") limits the amount of the annual increase in property taxes to be extended for certain Illinois non-home rule units of government. In general, the Limitation Law restricts the amount of such increases to the lesser of 5 % or the percentage increase in the Consumer Price Index during the calendar year preceding the levy year. Currently, the Limitation Law applies only to and is a limitation upon all non-home rule taxing bodies in Cook County, the five collar counties (DuPage, Kane, Lake, McHenry and Will) and several downstate counties. Home rule units, including the Village, are exempt from the limitations contained in the Limitation Law. If the Limitation Law were to apply in the future to the Village, the limitations set forth therein will not apply to any taxes levied by the Village to pay the principal of and interest on the Bonds. Extensions The County Clerk then computes the total tax rate applicable to each parcel of real property by aggregating the tax rates of all of the Units having jurisdiction over the particular parcel. The County Clerk extends the tax by entering the tax (determined by multiplying the total tax rate by the EAV of that parcel for the current assessment year) in the books prepared for the County Collector (the "Warrant Books") along with the tax rates, the Assessed Valuation and the EAV. The Warrant Books are the County Collector's authority for the collection of taxes and are used by the County Collector as the basis for issuing tax bills to all property owners. Collections Property taxes are collected by the County Collector, who is also the County Treasurer, who remits to each Unit its share of the collections. Taxes levied in one year become payable during the following year in two installments, the first due on March 1 and the second on the later of August 1 or 30 days after the mailing of the tax bills. A payment due is deemed to be paid on time if the payment is postmarked on the due date. The first installment is equal to one-half of the prior years' tax bill. However, if a Certificate of Error is approved by a court or certified on or before November 30 of the preceding year and before the estimated tax bills are prepared, then the first installment is instead equal to one-half of the corrected prior year's tax bill. The second installment is for the balance of the current year's tax bill, and is based on the then current tax year levy, assessed value and Equalization Eactor, and reflects any changes from the prior year in those factors. The following table sets forth the second installment penalty date for the last 10 tax levy years in Cook County; the first installment penalty date has been March 1 for all such years. SECOND INSTALLMENT TAX LEVY YEAR PENALTY PATE 1997 October 28, 1998 1998 November 1, 1999 1999 October 2, 2000 2000 November 2, 2001 2001 November 1, 2002 2002 October 1, 2003 2003 November 15, 2004 2004 November 2, 2005 2005 September 1, 2006 2006 December 3, 2007 2007 November 3, 2008 32 Village of Glenview, Cook Couiily. Illinois $] 1.840.000* General Ohligatioii Refiiiuliiig Bonds, Series 2009D $28,260,000* Genera! Ohligaiion Refunding Bonds, Taxable Series 2009E *Siihjeci 10 change- It is possible that the changes to the assessment appeals process described above will cause delays similar to those experienced in past years in preparation and mailing of the second installment in future years. The County may provide for tax bills to be payable in four installments instead of two. However, the County has not required payment of tax bills in four installments. During the periods of peak collections, tax receipts are forwarded to each Unit on a weekly basis. Upon receipt of taxes from the County Collector, the Village promptly credits the taxes received to the funds for which they were levied. At the end of each collection year, the County Collector presents the Warrant Books to the Circuit Court and applies for a judgment for all unpaid taxes. The court orders resulting from the application for judgment provides for an Annual Tax Sale (the "Annual Tax Sale") of unpaid taxes shown on that year's Warrant Books. A public sale is held, at which time successful tax buyers pay the unpaid taxes plus penalties. In each such public sale, the collector can use any "automated means." Unpaid taxes accrue penalties at the rate of 1.5% per month from their due date until the date of sale. Taxpayers can redeem their property by paying the amount paid at the sale, plus a maximum of 12% for each six-month period after the sale. If no redemption is made within the applicable redemption period (ranging from six months to two and one-half years depending on the type and occupancy of the property) and the tax buyer files a petition in the Circuit Court, notifying the necessary parties in accordance with the applicable law, the tax buyer receives a deed to the property. In addition, there are miscellaneous statutory provisions for foreclosure of tax liens. If there is no sale of the tax lien on a parcel of property at the Annual Tax Sale, the taxes are forfeited and the property becomes eligible to be purchased at any time thereafter at an amount equal to all delinquent taxes and interest accrued to the date of purchase. Redemption periods and procedures are the same as applicable to the Annual Tax Sale. The Scavenger Sale (the "Scavenger Sale"), like the Annual Tax Sale, is a sale of unpaid taxes. The Scavenger Sale is held every two years on all property on which two or more years' taxes are delinquent. The sale price of the unpaid taxes is the amount bid at such sale, which may be less than the amount of delinquent taxes. Redemption periods vary from six months to two and a half years depending upon the type and occupancy of the property. Truth in Taxation Law Legislation known as the Truth in Taxation Law (the "Law") limits the aggregate amount of certain taxes which can be levied by, and extended for, a taxing district to 105% of the amount of taxes extended in the preceding year unless specified notice, hearing and certification requirements are met by the taxing body. The express purpose of the Law is to require published disclosure of, and hearing upon, an intention to adopt a levy in excess of the specified levels. FINANCIAL INFORMATION Budgeting The Village prepares annual budgets that sets the financial route for the Village and defines the service priorities to be provided to the residents. The Budget is developed though a process that involves the Village President and Board of Trustees together with Village staff with the objective of balancing the budget and maintaining standard service levels. The process includes preparing forecasts, developing department business plans, submission of department requests, review of operating requests. Village Manager review of requests. Village Board session review, public hearings and finally adoption. The Village received the Government Finance Officers Association of the United States and Canada Distinguished Budget Presentation Award for the fiscal year beginning January 1, 2009 for the second consecutive year. 33 Village of Glemietv. Cook Cowily. Illinois $11,840,000'' General Ohiigalian Reflinding Bonds. Series 2009D $28,260,000* General Ohligmion Refunding Bonds. Taxable Series 2009E '^Suhjeel lo chafige. Investment Policy The Village maintains a cash and investment pool that is available for use by most funds. Each fund type's portion of this pool is displayed on the statement of net assets as "cash and cash equivalents" and "investments." In addition, investments are separately held by several of the Village's funds. The Village's investment policy and state statutes allow the Village to invest in the following: ® Interest-bearing accounts of banks and savings and loan associations insured up to $250,000 by the Federal Deposit Insurance Corporation. ® Obligations of the U.S. Treasury and U.S. agencies. ® Insured accounts of an Illinois credit union chartered under United States or Illinois law. ® Money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same types of obligations. ® Repurchase agreements which meet instrument transaction requirements of Illinois law. ® Short-term obligations of U.S. corporations rated in the three highest classifications by at least two standard rating agencies, e The Illinois Funds. The Village's investment policy limits the Village from investing in any institution in which the Village's funds on deposit are in excess of 75% of the institution's capital stock and surplus. Financial Reports The Village's financial statements are audited annually by certified public accountants. The Village's financial statements are completed on a modified accrual basis of accounting consistent with generally accepted accounting principles applicable to governmental entities. See APPENDIX A for more detail. No Consent or Updated Information Requested of the Auditor The tables and excerpts (collectively, the "Excerpted Financial Information") contained in this "FINANCIAL INFORMATION" section and in APPENDIX A are from the audited financial statements of the Village, including the audited financial statements for the fiscal year ended December 31, 2008 (the "2008 Audit"). The 2008 Audit has been prepared by Miller, Cooper & Co., Ltd., Certified Public Accountants, Deerfield, Illinois, (the "Auditor"), and accepted by the Village Board of Trustees after a formal presentation by the Auditor. The Village has not requested the Auditor to update information contained in the Excerpted Financial Information; nor has the Village requested that the Auditor consent to the use of the Excerpted Financial Information in this Official Statement. Other than as expressly set forth in this Official Statement, the financial information contained in the Excerpted Financial Information has not been updated since the date of the 2008 Audit. The inclusion of the Excerpted Financial Information in this Official Statement in and of itself is not intended to demonstrate the fiscal condition of the Village since the date of the 2008 Audit. Questions or inquiries relating to financial information of the Village since the date of the 2008 Audit should be directed to the Village. 34 Village of Gienview, Cook Coiiiuy, IIHiwis $11,840,000'" General Ohiigailon Refimclinn Bonds, Series 2009D $28,260,000* Generai ObUgaiiou Refunding Bonds, Timibie Series 2009E ''Siiiyeci 10 change. Financial Overview The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Property taxes are levied in December 2008 to finance the Village's 2009 calendar year. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fiind financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. A six-month availability period is used for revenue recognition for all governmental fund revenues. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded when payment is due. General capital asset acquisitions are reported as expenditures in government ftinds. Franchise taxes, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the enterprise ftind and of the Village's internal service fund are charges to customers for sales and services. Operating expenses for an enterprise fund and an internal service fund include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. The Village reports unearned revenues on its financial statements. Unearned revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the current period. Unearned revenues also arise when resources are received by the Village before it has a legal claim to them, as when monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when revenue recognition criteria are met or when the Village has a legal claim to the resources, the liability for unearned, the liability for unearned revenues is removed from the financial statement and revenue is recognized. See APPENDIX A. Summary Financial Information The following tables are summaries and do not purport to be the complete audits, copies of which are available upon request. See APPENDIX A for excerpts of the Village's 2008 fiscal year audit. 35 Village of Glemiew. Cook Caimly, Illinois $11,840,000' General Ohligalion Refunding Bonds. Series 2009D $28,260,000* General Obiigmion Refunding Bonds. Taxable Series 2009E ''Subjea !0 change- Statement of Net Assets Audited As of December 31 2004 . . . $120. "7 1. 1. 1 . . . {2 . . . $137 . . . $ ... 80 ... 76 ... 157 . . . $295 ... $ 5 ]_ 670. 964. 835. 150. 691. 8. 895. 184. 111. 938. 23. 453. 2. 659. .826. 889. .924. .175. .439. .315. 148 .198 107 511 167 .006 7.964 4 . . . . $ 19 .... $ 9 . ... 120 . ... 129 417 1 .305 .323 .389 .266 .656 . . . . $149,480 . . . . $ 28 2 . . . . J .... 75 . . . . 34 . . $145 .587 .589 .293 201 674 .796 .693 .885 808 0 0 0 246 0 0 0 447 500 808 969 235 400 252 0 0 0 740 655 549 166 289) 536 0 0 121 930 365 416 952 .411 .153 .399 .271 .669 .974 .246 .719 .750 0 0 .352 .944 .427 .964 .391 .835 .161 .698 .488 .060 .732 .076 .402 .617 2005 $ 88. 8. 1. 4. 2 1. ( $104. 98. 100. 198. $303. $ 4. 8 4 $ 19 $ 9 111 120 $140 $ 73 2 22 58 $168 549. 16. 765. 107. 493. 137. 940. 40. 786. 899. 512. 90. 606. 114. 229. 602. 248. 435. 019. 203 912 514 988 81 458 432 47 765 445 .272 .486 .761 .116 .878 .364 .806 .113 .075 435 560 .118 .039 .149 937 0 509 0 291 245 357 893 500 000 855 0 677 767 448 0 0 0 131 231 206) 0 856) 279 838 0 648 707 322 .015 .294 0 .228 .703 .105 .817 .325 .291 .314 0 0 0 .242 .525 .152 .999 .151 .676 .902 .865 .383 .643 .355 .367 .098 .618 2006 $120. 1. 3. 4. 1. 2. 3. ( $144. $ 66. 142. 210. $855. $ 3. 8 4 $ 17 % 10 139 149 $167 $ 61 1 4 46 72 $187 969. 034. 763. 889. 223. 719. 640. 580. 016. 563. 230. 335 2 193 229 392 337 888 995 661 882 275 288 318 499 881 50 .763 338 .291 .933 .146 .512 .653 .642 .356 .126 .606 388 671 .725 .253 .633 111 0 619 0 040 332 159 634 0 500 953 0 469 130 894 0 0 0 .608 .460 .831 0 .356) .429 .157 0 .709 .717 .397 .980 .409 0 .821 .992 .670 .332 .735 .040 .966 0 0 0 .496 .602 .521 .012 .588 .135 .418 .185 .278 .709 .794 .608 .332 .274 2 $ 85. 10. 1. 4 1. 2 30 4 $143 $ 67 141 209 $353 $ 4 9 4 $ 19 $ 9 130 140 $159 $ 88 1 49 55 $193 007 555. 970. 323. 022. 225. 995. 361. 700. 330. 898. 568. 266. .391. .408. 14. 74. .657. 239 330 535 .001 .829 .486 .144 .886 331 476 299 91 .688 876 117 .201 .870 .545 .564 .109 .979 .293 .281 .870 452 .675 .686 .164 888 0 572 0 324 506 688 389 937 000 571 0 618 130 220 262 0 0 241 430 126 0 0 392 176 756 .690 .511 .579 712 .104 0 .783 .099 .925 .411 .729 .537 .163 0 .505 0 .941 .093 .607 . 187 .794 .387 .388 .233 .654 0 .867 .233 .297 .217 2003 $ 84. 16. 2 1. 30. 2. $187. $ 67. 188. 203. $346. $ 7 1 9 $ 19 $ 87 92 130 $150 $ 78 1 46 63 S196 247.024 073.405 10. 390. 897. 211. 824. 530. 141. 1. 269. 598. 241. 894. 605. 941. 896. 578. 176. .188. 162. 446. .304. 77. .876. 213. 154. .877. .793 .894 .637 .065 .477 443 619 0 0 0 0 0 0 0 0 791 512 237 693 249 377 909 0 0 0 0 309 195 386 085 223 699 533 897 0 195 309 098 140 607 401 0 0 0 198 443 391 .076 .672 .743 .139 .141 762.430 .208 656 .452 .560 .111 .743 0 .144 .165 .085 .753 ASSETS: Current Assets; Cash and Investments Receivables, net of allowances: Tax(l) Accounts Other Property Taxes Utility Customers Income Taxes Sales Taxes Other Taxes Notes Miscellaneous Interest Depos its Prepaid Expenses Inventory Land Held for Resale Internal Balances Due From Pension Trusts Due From Other Governments Due From Component Unit Due From7(to) Other Funds Due From Fiduciary Funds Advance {to)7From Other Funds... Total Current Assets Non current Assets: Deferred Charges Advances to Component Unit Net Pension Asset Capital Assets: Not Bei ng Depreci ated Net of Accumulated Depreciation. Total Non Current Assets Total Assets LIABILITIES: Current: Overdraft Liability Accounts Payable Accrued Payrol1 Aeerued Interest Payable Claims Payable Other Payables Unearned Revenues/Deferred Property Taxes . Other Unearned Revenues Due to Fiduciary Fund Due to Other Governments Due to Component Unit - Library Refundable Deposits Total Current Liabilities Non Current: Other Non Current Liabilities Due Within One Year Due in More than One Year Total Non Current Liabilities. Total Liabilities NET ASSETS: Invested in Capital Assets, net of Related Debt Restricted: Street Improvements Debt Service Employee Benefits Public Safety Capital Development Unrestricted Total Net Assets Not detailed in 2008 as in 2007 and prior years.(1) 36 Village of Glmview. Cook Coitmy, Illinois $ll,'840.0m* General Ohiigaiion Refunding Bands, Series 2009D $28,260,001)" Geneiol Obligalion Refunding Bonds, Tamble Series 2()09E "Subjecl io change. Statement of Activities Governmental Activities Audited Years Ended December 31 2004 2005 2006 2007 2008 Functions/Programsd): Primary Government: Governmental Activities: General Government $(12,180,673) $(4,441,724) $(3,082,483) $(16,411,493) $(23,965,424) Public Works(2) 0 0 0 0 (12.803.090) Public Safety (15.717.684) (20.926.435) (24.087.812) (21.044.319) (23.340.325) H-ighways and Streets(3) (6.770.006) (12.192.981) (26.272.712) (20.574.346) Development (23.571) (3.829.743) (5.285.484) Interest (4.446.952) (5.066.331) (4.813.795) (6.751.793) (6.068.865) Total Governmental Activities $(39,138,886) $(46,457,214) $(58,256,802) $(64,781,951) $(71,463,188) General Revenues: Taxes: Property(4) Personal Property Replacement Taxes(3) Home Rule Sales(2) Telecommunication Utility Other Intergovernmental Revenues - Unrestricted(3) Taxes: Sales Local Use Tax(3) Income Other Taxes Other Investment Income Special Items - Glen Land Sales Ml seel 1aneous Gain of Sale of Gapital Assets Gontributions Transfers - Internal Activity Total General Revenues and Transfers Change in Net Assets Net Assets. Beginning Prior Period Adjustments Net Assets. Ending Notes: (1) Expenses less program revenues of charges for services and operating grants and contributions. (2) Not detailed separately in 2007 and prior years. (3) For 2007 and prior years intergovernmental revenues were allocated differently than in fiscal year 2008. (4) Includes replacement taxes in 2004. $ 20 6 13 2 1 2 6 $ 56 $ 17 128 $145 .500. 865. .385. .588. .659. . 093. .637. .829. .088. 281 0 0 0 0 343 543 877 0 483 0 0 764 0 093 367 573 958.460 .606 .467 .288 79 .835 784 898 .386 .333 .617 $ 27.379. $207. 4.013. 3.266. 366 969 0 607 089 928.941 739 16.410 516 3.521 2.911 367 91 12 167 $ 60.534 $ 14.077 145.817 3.254 $163,149 758 735 .223 . 197 0 0 .937 0 .096 .504 .330 .762 .514 .300 .593 .725 .618 $ 31. ] 2 3 1 17 3 18 (4 $ 79 $ 20 163 3 $187 368. 5229. 542. .230. .090. 801. . 797. 582. .342. 553 .899. 271. . 697. .010. .753. .149. .730. .633. 247 116 0 954 343 070 157 774 153 154 0 0 730 176 124 0 0 721) 277 475 618 181 274 $ 29 z3 1 18 3 7 $ 69 $ 4 187 $193 .533. $273. .653. .254. .161. 959. .238. 595. .933. .202. .473. 467. (989. .758. .976. .633. 554. .164. 794 958 0 127 670 277 789 196 772 680 0 0 556 0 480 801 0 499) 601 650 274 293 217 $ 37 5 2 3 1 13 4 1 2 3 $ 74 $ 2 193 $196 .030 .531 .562 .541 .109 .118 .207 .214 271 .234 .301 287 .410 .947 .164 .111 .784 0 .093 .607 338 .982 0 .090 0 .152 .842 .803 .453 0 .455 0 0 .180 .729 .541 217 0 .758 37 Village of GleiivieM; Cook Couiux, Illinois $11,840,000^' General Ohiigaiioii Refimdiiig Bonds, Series 2009D $28,260,000* General Obligaiion Refunding Bonds, Taxable Series 2009E *Siihjeci ID change. General Balance 2004 $ 2,977.805 9,271.307 5.776.698 0 1.083.105 181.277 4.071.065 0 577 374 150.500 30.860 0 0 2.940.605 2.166 0 23,655 0 535.012 $27,621,429 $ 622.975 103.320 27.198 1.001.860 780.827 1.750 5.776.698 150.505 $ 8.465.133 $ 0 30.860 0 0 19.125.436 19 156,296 $2L.621,42a Fund Sheet 2005 $ 7,056 16.175 7.255 1.107 493 4.137 392 140 10 711 1 148 $37,630 $ 416 72 47 586 7.255 181 $ 8.559 $ 140 10 28.919 29.070 $37,630 Audited .712 .437 .917 0 .245 .357 .393 0 .639 .500 0 .300 0 .056 0 .486 0 0 .503 .545 .237 .198 0 .325 ,674 0 ,917 .600 .951 0 0 .500 ,300 ,794 ,594 .545 As c)F December 2006 $ 5. 13. 6, 4, 132. $ 6 $ 8 $ 23 23 $32 316, 160, 675. 128. 889. 223. 719. 362. 130. 120. 396. 1 588 713.. 827 316 50 838 .675 210 .918 130 120 .543 ,794 713 700 045 380 335 332 159 634 0 913 500 0 474 0 713 0 0 764 0 237 JM ,443 .337 0 .735 .509 0 .380 .363 .767 0 0 .500 .474 .445 .419 .186 31 2007 $ 2.520. 7.349. 8.325. 65. 1.022. 225. 4.995. 361. 54. 120. 82. 1.093. 14. 2.180. 120.412. $ 692. 306. 50. 91. 450. 7.804. 188. $ 9.584. $ 120. 82 18.625 18.827 $28,412 408 034 853 256 506 683 889 937 993 000 0 583 0 151 0 0 000 0 930 223 891 260 624 729 798 0 287 000 589 0 0 000 583 051 .634 .223 2008 $ 6.825 2.250 14.317 181 126 139 1.976 1 837 $26.65J.. $ 2.012 145 154 77 170 7.894 $10,455 $ 236 15.965 16,201 $26,657 .796 .258 .523 0 0 0 0 0 .816 0 0 .776 .431 .836 0 0 0 .377 .233 .046 .400 ,559 ,443 .607 .832 0 0 .209 .050 .776 0 0 0 .220 .996 .046 ASSETS: Cash and Cash Equivalents Investments Receivables, net of allowances Property Taxes Accounts Utility Taxes Income Taxes Sales Taxes Other Taxes Other Note Receivable Prepaid Expenses Inventory Land Held for Resale Due From Other Eunds Due Erom Fiduciary Eunds Deposits Due Erom Component Unit Due Erom Pension Trusts Due Erom Other Governments Total Current Assets LIABILITIES: Accounts Payable Accrued Payrol1 Refundable Deposits Other Payables Due to Other Eunds Due To Eiduciary Eunds Deferred Property Taxes Unearned Revenue Total Current Liabilities... FUND BALANCE: Reserved for Special Purposes Reserve for Prepaids Reserved for Long-term Receivable Reserved for Inventory Unreserved. Undesignated Total Eund Balances Total Liabilities and Fund Balances 38 village of GU'imm; Cook Coumy. Uliuois $11,840,000" General Ohligalion Refiimling Bonds, Series 2(X)9D $28,260,000" Genera! Ohligalion Refii!!din!> Bonds, Taxable Serie,^ 2009E *Sul>Jeci 10 dumi>e. General Fund Revenues and Expenditures Audited Years Ended December 31 2004 ZUMZZ 2006 2007 REVENUES: 'property Taxes $5,517,792 $6,662,174 $7,331,480 $6,696,271 Other T^xes 7.854.972 11.179.631 9.044.752 11.648.623 licenses and Permits 2.128.826 1.935.601 1.444.631 1.317.359 Charges fer Services 1.489.994 6.442.824 1.345.987 1.092.393 Fines and forfeitures 249.956 223.917 223.480 242.596 Intergovernmental 0 ^ ^ Sales Taxes 11.632.246 12.325.158 13.291.472 13,600,780 Other 6,910,818 8.140.417 8.479.599 9.609.679 Other'Revenues " " 571,396 593,278 474.465 1.657.503 Investment Income 145.992 394.846 __Z55J29 747,452 Total Revenues $36,501,992 $47,897,846 $42,391,545 $46,612,606 EXPENDITURES: Current: General Government $ 9.273.332 $ 5.717.887 $ 6.796.892 $ 9.821.208 Public Works(l) 0 0 0 0 Public Safety 18.895.113 24.025.708 24.806.864 23.094.599 Highways and Streets 7.380.427 10,227,675 11.667.955 12.229.547 Development(l) 0 0 0 0 Capital Outlay(l) 0 0 0 5 Total Expenditures $85,548,872 $89,971,265 $42,770,711 $45,145,854 Excess (Deficiency) of Revenues Over Expenditures $ 958.120 $7,926,581 $ (379.166) $1,467,252 Other Financing Sources (Uses), net 531.602 1.987.717 (4.897.009) (6.434.037) Net Change in Fund Balance $ 1.484.722 $ 9.914.298 $(5,276,175) $(4,966,785) Fund Balances Beginning 17,873,812 19.156.296 29.070.594 28.794.419 Prior Period Adiustment (202.238) 0 0 0 Fund Balances Ending $19,156,296 $29,070,594 $28,794,419 $18,827,684 Note: (1) Expenses less program revenues of charges for services and operating grants and contributions. General Fund Budget and Interim Eight Months Ended 2009 Budget August 31. 2009 REVENUES: Taxes $86,688,227 $21,721,478 Eicenses and Permits 2.622.000 1.650.802 Fines and Forfeits 200.000 101.997 Charges for Services 1.545.800 1.631.228 Intergovernmental 9.141,178 5,713.781 Investment Ineome 485.000 62.813 Otiier Revenues 710.000 660.903 Contributions and Transfers 1.135.811 550.000 Transfers in 2.678.002 1.772.001 Total Revenues $55,156,018 $38,864,948 EXPENSES: Personnel $31,248,696 $19,755,984 Contractual 7.215.953 3.664.307 Commodities 2.611.073 1.194.477 Other Charges 4.044.136 1.678.427 Capital Outlay 308,225 154.628 Interfund Charges 2.856,049 1,707,796 Transfers Out 4,978,665 2.089.157 Total Expenditures $53,257,797 $30,244,771 Total Revenues and Other Sources Over (Under) Expenditures $ 1,898,221 $ 8,620,172 39 2008 $ 7.817.757 12.745.020 1.491.256 1.945.626 174,506 0 13,118,090 9,516,899 124,045 248,005 $47,181,204 $11,750,763 6.645.819 24.814.972 0 3.618.555 388.850 $47,218,459 $ (37.255) (2.588.383) $(2,625,688) 18.827.634 g $16,201,996 Village of Gleiiview, Cook County. Illinois $11,840,000'^ General Ohiigaiian Refunding Bonds, Series 2009D $28,260,000'' General Obligaiiou Refunding Bonds, Taxable Series 2009E *Siibjeci lo change. PENSION AND RETIREMENT OBLIGATIONS See APPENDIX A herein. REGISTRATION, TRANSFER AND EXCHANGE See also APPENDIX B for information on registration, transfer and exchange of book-entry bonds. The Bonds will be initially issued as book-entry bonds. The Village shall cause books (the "Bond Register") for the registration and for the transfer of the Bonds to be kept at the principal office maintained for the purpose by the Bond Registrar in Chicago, Illinois. The Village will authorize to be prepared, and the Bond Registrar shall keep custody of, multiple bond blanks executed by the Village for use in the transfer and exchange of Bonds. Any Bond may be transferred or exchanged, but only in the manner, subject to the limitations, and upon payment of the charges as set forth in the Bond Ordinance. Upon surrender for transfer or exchange of any Bond at the principal office maintained for the purpose by the Bond Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by the registered owner or such owner's attorney duly authorized in writing, the Village shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the registered owner, transferee or transferees (as the case may be) a new fully registered Bond or Bonds of the same maturity and interest rate of authorized denominations, for a like aggregate principal amount. The execution by the Village of any fully registered Bond shall constitute full afid due authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond, provided, however, the principal amount of outstanding Bonds of each maturity authenticated by the Bond Registrar shall not exceed the authorized principal amount of Bonds for such maturity less Bonds previously paid. The Bond Registrar shall not be required to transfer or exchange any Bond following the close of business on the 15* day of the month next preceding an interest payment date (known as the record date), nor to transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen days next preceding mailing of a notice of redemption of any Bonds. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of or interest on any Bonds shall be made only to or upon the order of the registered owner thereof or such owner's legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. No service charge shall be made for any transfer or exchange of Bonds, but the Village or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds except in the case of the issuance of a Bond or Bonds for the unredeemed portion of a bond surrendered for redemption. TAX EXEMPTION - SERIES 2009D BONDS Federal tax law contains a number of requirements and restrictions which apply to the Series 2009D Bonds, including investment restrictions, periodic payments of arbitrage profits to the United States, requirements regarding the proper use of bond proceeds and the facilities financed therewith, and certain other matters. The Village has covenanted to comply with all requirements that must be satisfied in order for the interest on the Series 2009D Bonds to be excludable from gross income for federal income tax purposes. Failure to comply with certain of such covenants could cause interest on the Series 2009D Bonds to become includable in gross income for federal income tax purposes retroactively to the date of issuance of the Series 2009D Bonds. 40 Village of Glenview, Cook Coiiniy, Illinois $11,840,000* General Ohiigaiion Refunding Bonds. Series 2009D $28.260.000* Genera! Ohiigaiion Refunding Bonds, Taxable Series 2009E "•'Siihjecl to change. Subject to the Village's compliance with the above-referenced covenants, under present law, in the opinion of Bond Counsel, interest on the Series 2009D Bonds (i) is excludable from the gross income of the owners thereof for federal income tax purposes, and (ii) is not included as an item of tax preference in computing the federal alternative minimum tax for individuals and corporations, but interest on the Series 2009D Bonds is taken into account, however, in computing an adjustment used in determining the federal alternate minimum tax for certain corporations. In rendering its opinion. Bond Counsel will rely upon certifications of the Village with respect to certain material facts within the Village's knowledge. Bond Counsel's opinion represents its legal judgment based upon its review of the law and the facts that it deems relevant to render such opinion and is not a guarantee of a result. The Internal Revenue Code of 1986, as amended (the "Code"), includes provisions for an alternative minimum tax {"AMT") for corporations in addition to the corporate regular tax in certain cases. The AMT, if any, depends upon the corporation's alternative minimum taxable income {"AMTI"), which is the corporation's taxable income with certain adjustments. One of the adjustment items used in computing the AMTI of a corporation (with certain exceptions) is an amount equal to 75% of the excess of such corporation's "adjusted current earnings" over an amount equal to its AMTI (before such adjustment item and the alternative tax net operating loss deduction). "Adjusted current earnings" would generally include certain tax-exempt interest, including interest on the Series 2009D Bonds. Ownership of the Series 2009D Bonds may result in collateral federal income tax consequences to certain taxpayers, including, without limitation, corporations subject to the branch profits tax, financial institutions, certain insurance companies, certain S corporations, individual recipients of Social Security or Railroad Retirement benefits and taxpayers who may be deemed to have incurred (or continued) indebtedness to purchase or carry tax-exempt obligations. Prospective purchasers of the Series 2009D Bonds should consult their tax advisors as to applicability of any such collateral consequences. The issue price (the "Issue Price") for each maturity of the Series 2009D Bonds is the price at which a substantial amount of such maturity of the Series 2009D Bonds is first sold to the public. The Issue Price of a maturity of the Series 2009D Bonds may be different from the price set forth, or the price corresponding to the yield set forth, on the cover page hereof. If the Issue Price of a maturity of the Series 2009D Bonds is less than the principal amount payable at maturity, the difference between the Issue Price of each such maturity, if any, of the Series 2009D Bonds (the "OID Series 2009D Bonds") and the principal amount payable at maturity is original issue discount. For an investor who purchases an OID Series 2009D Bond in the initial public offering at the Issue Price for such maturity and who holds such OID Series 2009D Bond to its stated maturity, subject to the condition that the Village complies with the covenants discussed above, (a) the full amount of original issue discount with respect to such OID Series 2009D Bond constitutes interest which is excludable from the gross income of the owner thereof for federal income tax purposes; (b) such owner will not realize taxable capital gain or market discount upon payment of such OID Series 2009D Bond at its stated maturity; (c) such original issue discount is not included as an item of tax preference in computing the alternative minimum tax for individuals and corporations under the Code, but is taken into account in computing an adjustment used in determining the alternative minimum tax for certain corporations under the Code, as described above; and (d) the accretion of original issue discount in each year may result in certain other collateral federal income tax consequences in each year even though a corresponding cash payment may not be received until a later year. Based upon the stated position of the Illinois Department of Revenue under Illinois income tax law, accreted original issue discount on such OID Series 2009D Bonds is subject to taxation as it accretes, even though there may not be a corresponding cash payment until a later year. Owners of OID Series 2009D Bonds should consult their own tax advisors with respect to the state and local tax consequences of original issue discount on such OID Series 2009D Bonds. Owners of Series 2009D Bonds who dispose of Series 2009D Bonds prior to the stated maturity (whether by sale, redemption or otherwise), purchase Series 2009D Bonds in the initial public offering, but at a price different from the Issue Price or purchase Series 2009D Bonds subsequent to the initial public offering should consult their own tax advisors. 41 Village of aiemiew, Cook Coumy. Illinois $11,840,000* General Obligollon Refunding Bonds. Series 2009D $28,260,000* General Obligaiion Refunding Bonds. Taxable Series 2009E *SubjeeI !o ehange. If a Series 2009D Bond is purchased at any time for a price that is less than the Series 2009D Bond's stated redemption price at maturity or, in the case of an OID Series 2009D Bond, its Issue Price plus accreted original issue discount (the "Revised Issue Price"), the purchaser will be treated as having purchased a Series 2009D Bond with market discount subject to the market discount rules of the Code (unless a statutory de minimis rule applies). Accrued market discount is treated as taxable ordinary income and is recognized when a Series 2009D Bond is disposed of (to the extent such accrued discount does not exceed gain realized) or, at the purchaser's election, as it accrues. Such treatment would apply to any purchaser who purchases an OID Series 2009D Bond for a price that is less than its Revised Issue Price. The applicability of the market discount rules may adversely affect the liquidity or secondary market price of such Series 2009D Bond. Purchasers should consult their own tax advisors regarding the potential implications of market discount with respect to the Series 2009D Bonds. An investor may purchase a Series 2009D Bond at a price in excess of its stated principal amount. Such excess is characterized for federal income tax purposes as "bond premium" and must be amortized by an investor on a constant yield basis over the remaining term of the Series 2009D Bond in a manner that takes into account potential call dates and call prices. An investor cannot deduct amortized bond premium relating to a tax-exempt bond. The amortized bond premium is treated as a reduction in the tax-exempt interest received. As bond premium is amortized, it reduces the investor's basis in the Series 2009D Bond. Investors who purchase a Series 2009D Bond at a premium should consult their own tax advisors regarding the amortization of bond premium and its effect on the Series 2009D Bond's basis for purposes of computing gain or loss in connection with the sale, exchange, redemption or early retirement of the Series 2009D Bond. There are or may be pending in the Congress of the United States legislative proposals, including some that carry retroactive effective dates, that, if enacted, could alter or amend the federal tax matters referred to above or affect the market value of the Series 2009D Bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it would apply to bonds issued prior to enactment. Prospective purchasers of the Series 2009D Bonds should consult their own tax advisors regarding any pending or proposed federal tax legislation. Bond Counsel expresses no opinion regarding any pending or proposed federal tax legislation. The Internal Revenue Service (the "Service") has an ongoing program of auditing tax-exempt obligations to determine whether, in the view of the Service, interest on such tax-exempt obligations is includable in the gross income of the owners thereof for federal income tax purposes. It cannot be predicted whether or not the Service will commence an audit of the Series 2009D Bonds. If an audit is commenced, under current procedures the Service may treat the Village as a taxpayer and the Series 2009D Bondholders may have no right to participate in such procedure. The commencement of an audit could adversely affect the market value and liquidity of the Series 2009D Bonds until the audit is concluded, regardless of the ultimate outcome. Payments of interest on, and proceeds of the sale, redemption or maturity of, tax-exempt obligations, including the Series 2009D Bonds, are in certain cases required to be reported to the Service. Additionally, backup withholding may apply to any such payments to any Series 2009D Bond owner who fails to provide an accurate Form W-9 Request for Taxpayer Identification Number and Certification, or a substantially identical form, or to any Series 2009D Bond owner who is notified by the Service of a failure to report any interest or dividends required to be shown on federal income tax returns. The reporting and backup withholding requirements do not affect the excludability of such interest from gross income for federal tax purposes. The Series 2009D Bonds are issued to refund bonds issued before January 1, 2009 and therefore are treated as issued before 2009 for purposes of Section 265(b)(7) of the Code relating to interest expense deductibility for financial institutions. The treatment of interest expense for financial institutions owning such Series 2009D Bonds may be less favorable than the treatment provided to owners of tax-exempt bonds treated as issued in 2009 or 2010. Financial institutions should consult their tax advisors concerning such treatment. Interest on the Series 2009D Bonds is not exempt from present State of Illinois income taxes. Ownership of the Series 2009D Bonds may result in other state and local tax consequences to certain taxpayers. Bond Counsel expresses no opinion regarding any such collateral consequences arising with respect to the Series 2009D Bonds. Prospective purchasers of the Series 2009D Bonds should consult their tax advisors regarding the applicability of any such state and local taxes. 42 Village of Gk'iiview, Cook Cotmiy, Illinois $!1,840.000'^ Genera! ONigaiion Refimding Bonds. Series 2009D $28,260,000* General Obligaiion Refunding Bonds, Taxabie Series 2009E '•'Suhjeci lo change. CERTAIN FEDERAL INCOME TAX CONSIDERATIONS - TAXABLE SERIES 2009E BOND INTEREST ON Tffl: SERIES 2009E BONDS IS NOT EXCLUDABLE FROM GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES. SERIES 20O9E BOND HOLDERS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE INCLUSION OF INTEREST ON THE SERIES 2009E BONDS IN GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES. CONTINUING DISCLOSURE The Village will enter into a Continuing Disclosure Undertaking (the "Undertaking") for the benefit of the beneficial owners of the Bonds to send certain information annually and to provide notice of certain events to the Municipal Securities Rulemaking Board (the "MSRB") pursuant to the requirements of Section (b)(5) of Rule 15c2-12 (the "Rule") adopted by the Securities and Exchange Commission (the "Commission") under the Securities Exchange Act of 1934. The information to be provided on an annual basis, the events which will be noticed on an occurrence basis and a summary of other terms of the Undertaking, including termination, amendment and remedies, are set forth below under "THE UNDERTAKING." The Village has represented that it has not failed to comply in all material respects with each and every undertaking previously entered into by it pursuant to the Rule. A failure by the Village to comply with the Undertaking will not constitute a default under the Ordinance and beneficial owners of the Bonds are limited to the remedies described in the Undertaking. See "THE UNDERTAKING - Consequences of Failure of the Village to Provide Information." A failure by the Village to comply with the Undertaking must be reported in accordance with the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the Bonds and their market price. Bond Counsel expresses no opinion as to whether the Undertaking complies with the requirements of Section (b)(5) of the Rule. THE UNDERTAKING The following is a brief summary of certain provisions of the Undertaking of the Village and does not purport to be complete. The statements made under this caption are subject to the detailed provisions of the Undertaking, a copy of which is available upon request from the Village. Annual Financial Information Disclosure The Village covenants that it will disseminate its Annual Financial Information and its Audited Financial Statements, if any (as described below) to the MSRB in such manner and format and accompanied by identifying information as is prescribed by the MSRB or the Commission at the time of delivery of such information. The Village is required to deliver such information so that such entities receive the information by the dates specified in the Undertaking. "Annual Financial Information" means 1. The table under the heading of "Retailers' Occupation, Service Occupation and Use Tax" within this Official Statement; 2. All of the tables under the heading "PROPERTY ASSESSMENT AND TAX INFORMATION" within this Official Statement; 3. All of the tables under the heading "DEBT INFORMATION" within this Official Statement; and 4. All of the tables under the heading "FINANCIAL INFORMATION" within this Official Statement. 43 Village of Cleinieir, Cook Cowm: Illimh $11,840,000' Generiil Ohiigalion Refiimling Bonds, Series 2009D $28,260,000* General Ohiigalion Reftauling Bonds, Taxable Series 20091: '^Subjeel lo change. Material Events Disclosure The Village covenants that it will disseminate in a timely manner to the MSRB the disclosure of the occurrence of an Event (as described below) with respect to the Bonds that is material, as materiality is interpreted under the Securities Exchange Act of 1934, as amended, in such manner and format and accompanied by identifying information as is prescribed by the MSRB or the Commission at the time of delivery of such information. The "Events" are; • Principal and interest payment delinquencies ® Non-payment related defaults ® Unscheduled draws on debt service reserves reflecting financial difficulties ® Unscheduled draws on credit enhancements reflecting financial difficulties ® Substitution of credit or liquidity providers, or their failure to perform ® Adverse tax opinions or events affecting the tax-exempt status of the security ® Modifications to the rights of security holders ® Bond calls ® Defeasances ® Release, substitution or sale of property securing repayment of the securities ® Rating changes Consequences of Failure of the Village to Provide Information The Village shall give notice in a timely manner to the MSRB of any failure to provide disclosure of Annual Financial Information and Audited Financial Statements when the same are due under the Undertaking. In the event of a failure of the Village to comply with any provision of the Undertaking, the beneficial owner of any Bond may seek mandamus or specific performance by court order to cause the Village to comply with its obligations under the Undertaking. A default under the Undertaking shall not be deemed a default under the Ordinance, and the sole remedy under the Undertaking in the event of any failure of the Village to comply with the Undertaking shall be an action to compel performance. Amendment; Waiver Notwithstanding any other provision of the Undertaking, the Village by resolution or ordinance authorizing such amendment or waiver, may amend the Undertaking, and any provision of the Undertaking may be waived, if: (a) (i) The amendment or the waiver is made in connection with a change in circumstances that arises from a change in legal requirements, including, without limitation, pursuant to a "no-action" letter issued by the Commission, a change in law, or a change in the identity, nature, or status of the Village, or type of business conducted; or (ii) The Undertaking, as amended, or the provision, as waived, would have complied with the requirements of the Rule 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) The amendment or waiver does not materially impair the interests of the beneficial owners of the Bonds, as determined by parties unaffiliated with the Village (such as Bond Counsel). 44 VilkigeofCAeimc'w, Cook Coiiiiiy. Illinois $11,840,000'' General OblinaiUm Refimding Bonds, Series 2009O $28,260,000'" General Ohiigaiion Refimding Bonds, Taxable Series 2009E "^Siibjea 10 change- In the event that the Commission or the MSRB or other regulatory authority approves or requires Annual Financial Information or notices of a material Event to be filed with a central post office, governmental agency or similar entity other than the MSRB or in lieu of the MSRB, the Village shall, if required, make such dissemmation to such central post office, governmental agency or similar entity without the necessity of amendmg the Undertakmg. Termination of Undertaking The Undertaking shall be terminated if the Village shall no longer have any legal liability for any obligation on or relating to repayment of the Bonds under the Ordinance. The Village shall give notice to the MSRB m a timely manner if this paragraph is applicable. Additional Information Nothing in the Undertaking shall be deemed to prevent the Village from disseminating any other information, using the means of dissemination set forth in the Undertaking or any other means of communication, or including any other information in any Annual Financial Information or Audited Financial Statements or notice of occurrence of a material Event in addition to that which is required by the Undertaking. If the Village chooses to include any information from any document or notice of occurrence of a material Event in addition to that which is specifically required by the Undertaking, the Village shall have no obligation under the Undertaking to update such information or include it in any future disclosure or notice of occurrence of a material Event. Dissemination of Information; Dissemination Agent When filings are required to be made with the MSRE in accordance with the Undertaking, such filings are required to be made through its Electronic Municipal Market Access (EMMA) system for municipal securities disclosure or through any other electronic format or system prescribed by the MSRB for purposes of the Rule. The Village may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under the Undertaking, and may discharge any such Agent, with or without appointing a successor Dissemination Agent. LITIGATION There is no litigation of any nature now pending or threatened restraining or enjoining the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the Village taken with respect to the issuance or sale thereof. CERTAIN LEGAL MATTERS Certain legal matters incident to the authorization, issuance and sale of the Bonds are subject to the approving legal opinion of Chapman and Cutler LLP, Chicago, Illinois, as Bond Counsel (the "Bond Counsel") who has been retained by, and acts as. Bond Counsel to the Village. Bond Counsel has not been retained or consulted on disclosure matters and has not undertaken to review or verify the accuracy, completeness or sufficiency of this Official Statement or other offering material relating to the Bonds and assumes no responsibility for the statements or information contained in or incorporated by reference in this Official Statement, except that in its capacity as Bond Counsel, Chapman and Cutler LLP, Chicago, Illinois, has, at the request of the Village reviewed only those sections of this Official Statement involving the description of the Bonds, the security for the Bonds and the description of the federal tax exemption of interest on the Series 2009D Bonds. This review was undertaken solely at the request and for the benefit of the Village and did not include any obligation to establish or confirm factual matters set forth herein. 45 Village of Glenviov, Cook Coiiniy, Illinois $11,840,000* General Ohligaiion Refwulin}> Bonds; Series 2009D $28,260,000^ General OMigasion Refunding Bonds, Taxable Series 2009E *Siibjeci to change. OFFICIAL STATEMENT AUTHORIZATION This Official Statement has been authorized for distribution to prospective purchasers of the Bonds. All statements, information, and statistics herein are believed to be correct but are not guaranteed by the consultants or by the Village, and all expressions of opinion, whether or not so stated, are intended only as such. INVESTMENT RATING The Village has supplied certain information and material concerning the Bonds and the Village to the rating service shown on the cover page, including certain information and materials which may not have been included in this Official Statement, as part of its application for an investment rating on the Bonds. A rating reflects only the views of the rating agency assigning such rating and an explanation of the significance of such rating may be obtained from such rating agency. Generally, such rating service bases its rating on such information and material, and also on such investigations, studies and assumptions that it may undertake independently. There is no assurance that such rating will continue for any given period of time or that it may not be lowered or withdrawn entirely by such rating service if, in its judgment, circumstances so warrant. Any such downward change in or withdrawal of such rating may have an adverse effect on the secondary market price of the Bonds. An explanation of the significance of the investment rating may be obtained from the rating agency: Moody's Investors Service, 7 World Trade Center at 250 Greenwich Street, New York, New York 10007, telephone 212-553-1658. The Village will provide appropriate periodic credit information to the rating service to maintain a rating on the Bonds. DEFEASANCE The Bonds are subject to legal defeasance by the irrevocable deposit of full faith and credit obligations of the United States of America, obligations the timely payment of which are guaranteed by the United States Treasury, or certificates of participation in a trust comprised solely of full faith and credit obligations of the United States of America (collectively, the "Government Obligations") with a bank or trust company acting as escrow agent. Any such deposit must be of sufficient amount that the receipts from the Government Obligations plus any cash on deposit will be sufficient to pay debt service on the Bonds when due or as called for redemption. UNDERWRITING Series 2O09D Bonds The Series 2009D Bonds were offered for sale by the Village at a public, competitive sale on October 6, 2009. The best bid submitted at the sale was submitted by (the "Series 2009D Underwriter"). The Village awarded the contract for sale of the Series 2009D Bonds to the Series 2009D Underwriter at a price of $ . The Series 2009D Underwriter has represented to the Village that the Series 2009D Bonds have been subsequently re-offered to the public initially at the yields or prices set forth in the addendum to this Official Statement. Taxable Series 2009E Bonds The Taxable Series 2009E Bonds were offered for sale by the Village at a public, competitive sale on October 6, 2009. The best bid submitted at the sale was submitted by (the "Taxable Series 2009E Underwriter"). The Village awarded the contract for sale of the Taxable Series 2009E Bonds to the Taxable Series 2009E Underwriter at a price of $ . The Taxable Series 2009E Underwriter has represented to the Village that the Taxable Series 2009E Bonds have been subsequently re-offered to the public initially at the yields or prices set forth in the addendum to this Official Statement. 46 VilUigeofCAenview, Cook Couiiiv. Illinois $11,840,000* General Ohiigcuion Refiimling Bonds. Series 2009D $28,260,000'^ General Ohligaiiou Refunding Bonds, Tamhle Series 2009E ^Subject 10 change. FINANCIAL ADVISOR The Village has engaged Speer Financial, Inc. as financial advisor (the "Financial Advisor") in connection with the issuance and sale of the Bonds. The Financial Advisor will not participate in the underwriting of the Bonds. The financial information included in the Official Statement has been compiled by the Financial Advisor. Such information does not purport to be a review, audit or certified forecast of future events and may not conform with accounting principles applicable to compilations of financial information. The Financial Advisor is not a firm of certified public accountants and does not serve in that capacity or provide accounting services in connection with the Bonds. The Financial Advisor is not obligated to undertake any independent verification of or to assume any responsibility for the accuracy, completeness or fairness of the information contained in this Official Statement, nor is the Financial Advisor obligated by the Village's continuing disclosure undertaking. CERTIFICATION We have examined this Official Statement dated September 22, 2009, for the $11,840,000* General Obligation Refunding Bonds, Series 2009D and the $28,260,000* General Obligation Re&nding Bonds, Taxable Series 2009E, believe it to be true and correct and will provide to the purchaser of the Bonds at the time of delivery a certificate confirming to the purchaser that to the best of our knowledge and belief information in the Official Statement was at the time of acceptance of the bid for the Bonds and, including any addenda thereto, was at the time of delivery of the Bonds true and correct in all material respects and does not include any untrue statement of a material fact, nor does it omit the statement of any material fact required to be stated therein, or necessary to make the statements therein, m the light of the circumstances under which they were made, not misleading. A/ KERRY D. CUMMINGS Village President VILLAGE OF GLENVIEW Cook County, Illinois /s/ TODD HILEMAN Village Manager, Village Clerk and Village Treasurer VILLAGE OF GLEISTVIEW Cook County, Illinois A/ RON AMEN Interim Chief Financial Officer VILLAGE OF GLENVIEW Cook County, Illinois *Subject to change. 47 APPENDIX A VILLAGE OF GLENVIEW, COOK COUNTY, ILLINOIS EXCERPTS OF FISCAL YEAR 2008 AUDITED FINANCIAL STATEMENTS Village of Glenview, Illinois Statement of Net Assets (Continued) necemher31.20Oa ASSETS Current assets Cash and investments Receivables, net of allowances Tax Accounts Other Deposits Prepaid expenses Inventory Land held for resale Internal balances Due from pension trusts Due from other governments Due from primary govemmetit Total current assets Noncurrent assets Deferred charges Advances to component unit Net pension asset C&pitEl assets Not being depreciated Village of Gleaview, Illinois i $ Net of accumulated depreciation Total nonciirrent assets Total assets Statement of Net Assets December3!.2OO8 jovemmental Activities 84,247,024 16,073,405 10,443 2,390,619 1,397,791 211,512 324,287 30,530,693 141,249 1,377 2,269,909 - 137,598,309 241,195 894,386 605,085 67,941,223 138,896,699 208,578.588 346,176,897 Primary Government Business-Type Activities $ 9,697,144 $ - 2,794,790 1,900 - • 90,631 - (141,249) - 4,167 - 12,447,383 51,452 - • 802,85! 55,243,371 56,097,674 68,545,057 Total Frimaiy Government 93,944,168 16,073,405 2,805,233 2,392,519 1,397,791 211,512 414,918 30,530,693 - 1,377 2,274,076 - 150,045,692 292,647 894,386 605,085 68,744,074 194,140,070 264,676,262 414,721,954 Component Unit Glenview Library $ 4,357,021 5,381,496 - - - - - - - 218,198 9,956,715 - - * 2,246,669 1,981,032 4,227,701 14,184,416 LIABILITIES Current Accounts payable $ Accraed payroll Accrued interest payable Claims payable Other payables Unearned revenues Due to component unit - Library Refiindable deposits Total current liabilities Nonctirtent Advances from primary government Other noncurrent liabilities Due within one year Due in more than one year Total noncurrent iiabilities Total liabilities NET ASSETS Invested in capital assets, net of related debt Restricted Street improvements Debt service Public safety Capital development Gifts Culture and recreation Unrestricted Total net assets Primary Government Governmental 1 Activities 7,138,195 $ 162,309 446,098 1,304,140 77,607 9,876,401 218,198 154,443 19,377,391 - 37,793,076 92,894,672 130,687,748 150,065,139 78,477,141 762,480 1,203,743 656,144 46,452,165 - - 68,560,085 $ 196,111,758 1 business-Type Activities 2,053,486 $ 34,990 59,108 - - - 2,147,584 - 1,429,516 11,007,025 12,436,541 14,584,125 43,348,719 - - - - - 10,612,213 5 53,960,932 3 Total Primary Government 9,191,681 597,299 505,206 1,304,140 9,876,401 218,198 154,443 21,524,975 - 39,222,592 103,901,697 143,124,289 164,649,264 121,825,860 762,480 1,203,743 656,144 46,452,165 - - 79,172,298 i 250,072,690 Component Unit Glenview Library S 1,078,874 52,663 - - - 5,349,550 - 6,481,087 894,386 53,132 212,526 1,160,044 7,641,131 4,227,701 - 601,428 1,376,877 337,279 $ 6,543,285 (Concluded)(Continued) The accompanying notes are an integral part of this statement.The accompanying notes are an integral part of this statement. village of Glenview, Illioois Statement of Activities For the Year Ended December 31.2008 > M FuncUons/Proarams Primary government Govemmentat activities General government Public works Public sEftty Developcneiit Interest Total governmental activities Business-type activities Water services North Maine Water and Sewer Sanitary sewerage Wholesale water Commuter parking Total business-type activities Total primasy government Component unit - Public Library S % i Expenses 27,195,744 13,998,908 27,622,472 7,306324 6,068,865 82,192,313 8,254,54! 6,148,151 1,473318 1,110,176 381,133 17,367319 99,559,632 6,023,909 Primaiy Government PtDgiBm Revenues Charges for Services $ 3,230,320 4,076,188 2,020,840 9,327348 8,135,293 6,824,636 1,570372 1,863,483 466,356 18,860,140 S 28,187,488 $ 137,061 Operating Grants and Contributions S 1,193,818 205,959 1,401,777 - - S i,401,777 S 53,807 Governmental Activities S (23,965,424) (12,803,090) (23340325) (5,285,484) (6,068,865) (71,463,188) - - - (71,463,188) 37,030,734 5,531,093 2,562,607 3,541338 1,109,982 13,118,090 4,207,152 1,214,842 27i,803 2,234,453 3,301,455 287, i 80 74,410,729 2,947,541 193,164,217 193,164,217 $ 196,111,758 Primary Government Net (Expense) Revenue and Changes in Net Assets Business-type Activities $ - - (119,248) 676,485 97,054 753,307 85,223 1,492,821 1,492,821 - 232,871 35,148 (287,! 80) (19,161) 1,473,660 52,487,272 - 52,487,272 $ 53,960,932 Total Primary Govenjment $ (23,965,424) (12,803,090) (23340325) (5,285,484) (6,M8,S65) (71,463,188) (119,248) 676,485 97,054 753,307 85,223 1,492,821 (69,970367) - 37,030,734 5,531,093 2,562,607 3,541338 1,109,982 13,118,090 4,207,152 1,214,842 271,803 2,467,324 3336,603 74,391,568 4,421,201 245,651,489 245,651,489 $ 250,072,690 Component Unit Gienview Library S - - (5,833,041) 3,948,022 - - 634,483 233,295 134,640 399393 5349,833 (483,208) 6,676,102 350391 7,026,493 S 6,543,285 General revenues Taxes Property Home ruJe sales Tetecomtnunication Utility Other Intergovernmental revenues - um^stricted Taxes Sales Income Other taxes Other Investment income Misceilaneous Transfers - internal activity Tota! generd revenues and transfers Change in net assets Net assets - beginning, as originsJly stated Restatement Net assets - beginning, restated Net assets - ending The accompanying notes are an integral part of this statement. Village of Glenview, Ulmois Govenunental Funds Balance Sheet December 31.2008 ASSETS Cash and cash equivaienls Investments Receivables, net of allowances Taxes Other Prepaid expenses laveatory Land held for resale Due from other funds Due from pension trusts Due &om component unit - Library Due &^ni olher governments Advance to other fimds Advance to component unit - Library Total assets Ui LIABILITES AND FUND BALANCES Liabilities Accounts payable Accrued payroll Reibndable deposits Other payables Due to other limds Due to component unit - Library Unearned revenues Advances toim other fonds Total liabilities Fund balances (del5cit) Reserved for special puiposes Reserved for advances Unreserved, undesipated Genersi Fund Special revenue iunds Debt service ftmds Capital projects fimds Total filnd balances (deficit) Total liabilities and ftmd balances S S $ $ General Fund 6,825.796 2,250,258 14,317,523 181,816 - 126,776 139,431 1,976,836 1,377 - 837,233 - 26,657,046 2,012,400 145,559 154,443 77,607 170,832 - 7,894,209 10,455,050 236,776 - 15,965,220 - - - 16,201,996 26,657,046 Special Tax Allocation Fund $ S $ S 999,565 1,760,459 - 1,593,667 - - - - 4,353,691 2,125,335 - 2,125,335 2,228,356 - - - - 2,228,356 4,353,691 Village Pennanent Ftrnd S 5,176,893 20,648,602 - - - 6,500,000 15,000 15,133,674 894,386 $ 48,368,555 $ 233,294 13,000 - 246,294 32,094,201 16,028,060 - - 48,122,261 $ 48,368,555 Olen Land Sales Fund $ 765,503 2,822,236 373,671 23,891,262 Nonmajor Cjovemtnental Funds $ 12,243,248 1 8,522,140 1,755,882 241,465 109,382 30,133 1,432,676 Total Governmental Funds J 26,011,005 36,003,695 16,073,405 2,390,619 109,382 126,776 30,530,693 2,006,969 1,377 15,000 2,269,909 15,133,674 894,386 $ 2,317,365 $ 10,715 372,624 1,933,539 6,455,100 156,274 154,443 77,607 543,456 233,294 9,856,498 15,133,674 15,750 15,133,674 51,091,376 16,028,060 15,965,220 1,495,858 (77,170) 14,453,20q_ 98,956,544 $ 131,566,890 16,532,043 1,495,858 (77,170) 12,703,248 1,749,952 _i2j703;248_ _12JZ2£!55L $ 27,852,672 $ 24,334,926 The accompanying notes are an integral part of this statement. Village af Glenview, Illinois Reconciliation of the Balance Sheet - Ooveramental Funds to the Statement of Net Assets December 31. 2008 Total fiind balances - goveramental fiinds Amounts reported for govemmsntal activities in the Statement of Net Assets are different because: 98,956,544 Capita! assets used in govemmentai activities are not financial resources and, therefore, aie not fepoited in the fiinds. 206,700,058 Tlie net pension asset resuJtiug from contxihutlom m excess of the annual required contribution is not a feancial resource and, therefore, is not reported in the Siinds. 605,085 Unamortized bond issuance costs arc not consideied to represent a financial resource and, therefore, are not reported in the funds 241,195 An internal servies fund is used by the Village to chaige the costs of vehicle and Jj»- equipment management and insurance to individual iftods: The assets and liabilities of the ^ internal service fimds are included in govemmentai activities in the Statement of Net Assets. Internal service fiind net assets are: 20,742,722 Some liabilities reported in the Statement of Net Assets do not require the use of current finajicial resources and, therefore, are not reported as liabilities in govemmeiUal funds. These liabilities consist of: Compensated absences payable (1,608,967) Net other postemployment benefit obligatioa payable (718,000) General obligation bond payable, net of "anamorti2;ed items (128,360,781) Accrued interest payable (446,098) Total long-tenn liabilities not reported in govenunenSal limds (131,133,846) Net assets of governmental activities S 196,111,758 THIS PAGE INTENTIONALLY LEFT BLANK The ascompaayifsg notes are an integral pajt of this statement. village of Glenview, Illinois Governmental Funds Statemmt of Revenues, Expenditures, and Changes in Fund Balances For Ihe Year Ended Decgmber 31. 2008 Revenues Taxes Property taxes Other taxes Licenses and permits Charges for services Fines and forfeitures Intergovernmental Other revenues Investment income Total revenues Expenditures Current General government Public works Public safety Development Capita! outlay Debt service Principal Interest and fiscal charges Total expenditures Excess (deficiency) of revenues over expenditiires Other financing sources (uses) Transfers in Transfers (out) Total other financing sources (uses) Net change in fund balance Fund balances (deficit) - beginning Fund balances - ending General Fund $ 7,817,757 12,745,020 1,491,256 1,945,626 174,506 22,634,989 124,045 248,005 47,181,204 11,750,763 6,645,819 24,814,972 3,618,555 388,350 - 47,218,459 (37,255) 2,368,849 (4,957,232) (2,588,383) (2,625,638) 18,827,634 S 16,201,996 Special Tax Allocation Fund $ 27,313,327 $ - - - - 25,447 1,026 134,919 27,474,719 12,726,660 - - - - 8,335,000 3,441,572 24,503,232 2,971,487 3,760,000 (2,443,436) 1,316,564 4,288,05! (2,059,695) S 2,228,356 $ Village Pernianent Fund - - - 156,000 - - - 1,068,262 1,224,262 - - - 274,129 - - - 274,129 950,133 625,257 (4,458,623) (3,833,366) (2,883,233) 51,005,494 48,122,261 Glen Land Sales Fund 5,710 - 3,126,283 145,517 3,277,510 5,872 - - _ 280,429 286,301 2,991,209 (4,403,539) (4,403,539) (1,412,330) 14,115,578 S 12,703,248 Nonmajor Governmental Funds $ 1,899,650 - 1,250 1,772,603 - 1,333,625 50,101 637,750 5,694,979 2,011,604 1,010,386 1,870,194 9,204,954 1,000,000 2,289,805 17,386,943 (11,691,964) 13,720,648 (2,236,240) 11,484,408 (207,556) 19,908,239 $ 19,700,683 Total Governmental Funds $ 37,030,734 12,745,020 1,492,506 3,879,939 174,506 23,994,061 3,301,455 2,234,453 84,852,674 26,494,899 7,656,205 26,685,166 3,892,684 9,593,304 9,335,000 6,01!,806 89,669,064 (4,816,390) 20,474,754 (18,499,070) 1,975,684 (2,840,706) 101,797,250 $ 98,956,544 in The accompanying notes are an integral part of this statement. Village of Glenview, Illinois Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Govetwnental Funds to the Statement of Activities Pnr jhe Year Ended December 31. 2008 Amoimts reported for governmental activities in the statement of activities are different because: Net change in fisnd balances - total governmental funds Governmental fimds report capital ouHays as expenditures while govenanental activities report depreciation expense to allocate tSiose eKpendiDures over the lives of the assets. Capital outlays * Depreciation expense Depreciation expense over capital outlays The net affect of other transactioiB involving capital assets is to decrease net assets. Disposal costs Disposals - accumulaled depreciation Net affect of capitsS asset disposals ;^ A net pension asset is comidered to represent a financial resource and, g^ therefore, is not reported in the iiinds. The issuance of long-term debt provides current financial resources to governmental fiinds, while the repayment of the principal on long-term debt consumes the cumnt financial resources of the governmental fiinds. Reductions to compensated absences payable S Retirement of debt Amortization of unamortized discount Amortization of unamortized premium Amortization of unamortized bond issuance costs Net affect of long-term debt Chaages to accrued interest on long-term debt in the Statement of Activities does not require the use of current financial resources mi, therefore, are not reported as expenditures in the governmental fiinds. Internal service fads are used by the Village to charge the cost of vehicle and equipment management and insurance to individual fimds. A portion of the net revenue of the internal service fimd is reported with governmental activities. Change in net assets of governmental activities $ (2,840,706) 3,767,062 (5,335,819) (1,568,757) THIS PAGE INTENTIONALLY LEFT BLANK (1,681,815) 1,678,114 (3,701) 69,395 61,237 9,400,713 (44,041) 4,137 (47,982) 9,374,064 30,827 (2,113,581) $ 2,947,541 TTie accompanying notes are an integral part of this statement. Village of GleBview, Illinois Proprietary Funds Statement of Net Assets December 31.2008 Business-Type Activities Nonmajor Enterprise Funds S 2,581,796 S - 296,425 _ _ 2,876 4,167 2,885,264 8,780 6,450 6,937 500,000 2,453,005 2,975,172 5,860,436 Total Enterprise Funds 7,942,667 1,754,477 2,794,790 1,900 - - 90,631 66,046 - 4,167 12,654,678 51,452 9,752 309,020 802,851 55,243,371 56,416,446 69,071,124 Goverranental Activities Internal Service Funds S 8,981,935 13,250,389 10,443 - 1,397,791 102,130 197,511 194,976 96 24,135,271 - - - 137,864 137,864 24,273,135 Business-Type Activities Glenview North Maine Gieaview Water Water and Sanitary Fund Sewer Fund Sewer Fund ASSETS Current assets Cash and cash e(|iuvalents investments Receivables Accounts, net Other Deposits Prepaid expenses lnventoiy ^ Due from other funds •~j Due from component unit - Library Due ftom other governments Total current assets Noncurrent assets Deferred bond issuance costs Unamortized bond discount Unamortized loss on refunding Capital assets, not being depreciated Capital assets being depredated Total noncurrent assets Total assets S 3,328,071 $ 747,215 1,001,934 - - - 90,63! 38,146 - - 5,205,997 18,474 - - 67,851 33,031,280 33,117,605 38,323,602 1,296,006 $ - 995,899 1,900 - - - 120 - - 2,293,925 8,993 3,302 302,083 235,000 6,328,992 6,878,370 9,172,295 736,794 1,007,262 500,532 - - - - 24,904 - - 2,269,492 15,205 - - - 13,430,094 13,445,299 15,714,791 (Continued) Tlte accompanying notes are an inCe^ul part of this statement. village of Glenview, Illinois Proprietary Funds Statement of Net Assets (Continued) December 31. 2008 Business-Type Activities Nonmajor Enterprise Funds S 109,293 S 1,050 2,559 8,217 205,000 326,119 555,000 655,000 981,119 2,099,455 2,779,862 $ 4,879,317 Total Enterprise Funds 2,053,486 34,990 59,108 43,252 207,295 1,386,264 3,784,395 4,806 23,346 11,297,645 11,325,797 15,110,192 43,348,719 10,612,213 $ 53,960,932 Governmental Activities Internal Service Funds $ 683,095 6,035 1,304,140 1,517,240 19,903 . 3,530,413 - 3,530,413 137,864 20,604,858 $ 20,742,722 Business-Type Activities Glenview North Maine Glenview Water Water and Sanitary Fund Sewer Fund Sewer Fimd LIABILrTlES Current liabilities Accounts payable Accrued payroll Accrued interest payable Compensated absences payable Claims payable Due to other fonds Unearned revenue Current portion of general obligation !^ bonds/notes payableI Total current liabilities Noncurrent liabilities Compensated absences payable Unamortized bond premium General obligation bonds/notes payable Total nonouirent liabilities Total liabilities NET ASSETS Invested in capital assets, net of related debt Unrestrided Total net assets S 890,557 S 20,644 7,465 43,252 - 160,820 - 280,000 1,402,738 4,806 13,074 2,254,000 2,271,880 3,674,618 30,552,057 4,096,927 34,648,984 S 699,263 S 9,797 43,219 - - 36,699 - 681,264 1,470,242 - - 6,617,645 6,617,645 8,087,887 (731,615) 1,816,023 1,084,408 $ 354,373 3,499 5,865 - - 1,559 - 220,000 585,296 - 10,272 1,771,000 1,781,272 2,366,568 11,428,822 1,919,401 13,348,223 (Concluded) The accompanying notes are asi mtegial part of this statement. Village of Glenview, Illinois Proprietary Funds SMcmcnt of Revenues, E;q>eiiscs, snd Changes in Net Assels For the Year Ended December 3 i. 2008 Operating revenues Charges for sales and services Miscellaneous Tolal operating revenues OpetQling expenses Operations Insurance services Parking services Waler services Sewerage services North Maine water and sewer distribution Capita! asset repair and replacement Depreciauon and amortization Total operating expenses Operating income (loss) NoiiO|)erating revenue (expenses) Intergoveramental revenue Other income Investment income Loss on sale of capital assets Interest and fiscal charges Total nonoperating revenues (expenses) Income (loss) before transfers Transfers in (out) Transfers in Transfers (out) Total transfers in (out) Change in net assets Net assets - beginning Net assets - ending Glenview Water Fund S 8,015,672 119,621 8,135,293 - 7,143,964 - - 1,015,669 8,159,633 (24,340) - 104,729 - (94,908) 9,821 (14,519) 605,515 (319,313) 286,202 271,683 34,377,301 S 34,648,984 Business-Type Activities North Maine Water and Sswer Fund S 6,728,735 $ 95,901 6,824,636 - - - 5,562,287 - 179,661 5,741,948 1,082,688 - - 43,604 (106,806) (299,397) (362,599) 720,089 - (737,359) (737,359) (17,270) 1,101,678 S 1,084,408 $ Glenview Sanitary Sewer Fisid 1,545,006 25,366 1,570,372 - - - 1,068,015 - - 326,668 1,394,683 175,689 - 23,409 46,242 - (78,635) (8,984) 166,705 356,725 (30,114) 326,611 493,316 12,854,907 13,348,223 Business-Type Activities Nonmajor Enterprise Funds $ 2,321,439 8,400 2,329,839 Total Enterprise Funds S 18,610,852 249,288 18,860,140 Governmental Activities Internal Service $ 9,436,814 771,403 !0,208,217 8,600,624 339,261 1,005,948 - 109,782 1,454,991 874,848 11,739 38,296 - (36,318) 13,717 888,565 93,595 (256,229) (162,634) 725,931 4,153,386 ; 4,879,317 339,261 8,149,912 1,068,015 5,562,287 - 1,631,780 16,751,255 2,108,885 35,148 232,871 (106,806) (509,258) (348,045) 1,760,840 1,055,835 (1,343,015) (287,180) 1,473,660 52,487,272 $ 53,960,932 - - - 3,040,489 10,478 11,651,591 (1,443,374) 5,064 20,264 992,969 - - 1,018,297 (425,077) 540,000 (2,228,504) (1,688,504) (2,113,581) 22,856,303 $ 20,742,722 The accompanying notes are an integral part of this statement. Village of Glenvlew, Illinois Proprietary Funds Combining Statement of Cash Flows Fnr the Year Ended December 31 • 2008 Business-Type Activities Gienview Sanitary Sewer Fund $ 1,628,145 $ (754,153) (305,910) 568,082 315,947 315,947 Nonmajor Enterprise Funds 2,331,015 $ (1,291,186) (61,866) 977,963 (161,165) 7,572 (153,593) Total Enterprise Funds 18,830,496 (12,558,167) (2,568,398) 3,703,931 (220,057) 40,522 (179,535) Govemmeiitai Activities Internal Service Fund $ 10,357,399 (9,069,057) (636,963) 651,379 (58,691) 384 21,980 (36,327) Business-Type Activities Gienview Water Fund $ 8,171,907 (5,411,277) (1,608,132) 1,152,498 322,874 32,950 355,824 (2,228,968) (266,000) (95,040) (2,590,008) 3,697,732 104,729 3,802,461 2,720,775 607,296 $ 3,328,071 North Maine Water and Sewer Fund S 6,699,429 (5,101,551) (592,490) 1,005,388 (697,713) (697,713) (563,311) (660,542) (302,608) (1,526,461) 1,931,522 43,604 1,975,126 756,340 539,666 S 1,296,006 Cash flows in operating activities Cash received frotn customers and users Cash payments for goods and services Cash payments to employees Net cash provided by operating activities Cash flovvs in noncapital financing activities Interfiind receipts (disbursements) Receipts ftom component unit - Library ^^ Intergovernmental receipts H* Net cash provided (used) in noncapital financing activities O Cash flows in capital and related financing activities Purchases and disposals of capital assets Principal payments Interest payments Net cash used in capital and related financing activities Cash flows in investing activities Proceeds from sale of investments Interest received Net cash provided by investing activities Net increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year (82,964)(1,088,151) (93,595) (3,974,025) (209,000) (195,000) (1,330,542) JIMZZI ___fiMZlI J509,097) (5,813,664)(1.371,828) 783,148 46,242 829.390 34!,59i 395,203 (325,367) 1,858,777 38,296 1,897,073 2,396,076 185,720 (82,964) 6,749,040 ____992j969_ 7.742,009 8,274,097 707,838 S 8,981,935 8,271,179 232,871 8,504.050 6,214,782 1,727,885 7.942,667736.794 $ 2,581,796 S_ (Continued) The accompanying notes are an integral part of this statement. Village of Glenview, Illinois Proprietacy Funds Combining Statement of Cash Flows (Continued) For the Year Ended December 31 • 2008 Governmental Activities Internal Service Fund Business-Type ActivitiesBusiness-Type Activities Glenview Nonmajor Total Sanitary Enteiprise Enterprise Sewer Fund Funds Funds Gienview Water Fund North Maine Water and Sewer Fund Reconciliation of operating Income (loss) to net cash provided by operating activities Operating income (loss) Adjustments to reconcile operating income (loss) to net cash provided by operating activities Depreciation and amortization NoKoperating revenue Changes in assets and liabilities Accounts receivable Prepaid expense Inventory Accounts payable Accrued payroll Compsnsated absences Claims payable Unearned revenue Total changes in assets and liabilities Net cash provided by operating activities 2,I0S,g85 (1,443,374)175,689 $874,848 S(24,340)1,082,688 10,478326,668 109,782 1,631,780l.Oi 5,669 179,661 23,409 (53,053) - (26,574) 13,298 20,801 (14,615) - (60,143) 3,703,931 129,279 466,000 (13,874) 475,847 2,391 - 1,004,729 19,903 2,084,275 $ 651,379 23,409 34,364 1,17636,614 (125,207) (26,574) 154,441 11,303 (14,615) 161,169 1,152,498 S (137,703) 5,949 (256,961) 1,005,388 5,036 (8,476) 2,916 633 (6,667)42,316 (Concluded) The accompanying notes are an integral part of this statement. Village of Glenview, Illinois PeDsion Trust Funds Statement of Changes in Plan Net Assets For the Year Ended December 31.2008 Village of Glenview, Illinois Fidodary Funds Statement of Fiduciary Net Assets December 31.2008 Additions Contributions Employer Participant Total contributions Investmejit income (loss) Net depreciation in fair value of investments Interest income Less investment expense Net investment loss Total losses Deductions Retirement pensions Widow pensions Disability pensions Contribution refiinds Total deductions Change in net assets Net assets held in trust for pension benefits Beginning As originally stated Restatement Beginning, restated Ending AgencyPension Trust Funds 3,201,919 1,291,634 4,493,553 ASSETS Cash and cash equivalents Investments U.S. government and agency obligations Municipal obligations Money tnaiket mutual fiinds Equity mutual fends Other investments Receivables Accounts Property taxes Accmed interest receivable Prepaid expenses Total assets 3,578,268 $ 1,019,093 28,728,755 84,286 30,214,136 23,647,841 - - 39,871 4,167 86,297,324 - - - - 2,500,951 2,853 134,926 - $ 3,657,823 (7,666,097) 1,341,361 (209,407) (6,534,143) (2,040,590) >4,034,799 399,200 475,717 83,525 4,993,24! (7,033,831) LIABILITIES Accounts payable Reftmdable deposits Accrued exjwnses Due to primary government Due to bond holders Total liabilities NET ASSETS Held in trust for pension benefits 5,834 3,485,326 17,830 1,377 94,058,672 (746,724) 93,311,948 86,278,117 19,207 $ 3,657,823 $ 86,278,117 The accompanying notes are an integral part of this statement. The accompanying notes are an integral part of this statement. Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 Village of Glenview, Illinois Notes to Financial Statements December3i. 2008 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 2. Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net assets and the statement of activities) report information on ali of the nDnf.duciary activities of the ViHage. For the most part, the effect of interfund activity has been removed from these statements. Govenunental activities, which nonnaliy are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of net assets presents the Village's non-fiduciary assets and liabilities with the difference reported in three categories: Invested in capital assets, net of related debt consists of capital assets, net of accumulated depreciation and reduced by outstanding balances for bonds and other debt that are attributable to the acquisition, construction, or improvement of those assets. Restricted net assets result when constraints are placed on net asset use, either externally imposed by creditors, grantors, contributors, and the like, or imposed by law through constitutioBal provisions or enabling legislation. Unrestricted net assets consist of not assets that do not meet the criteria of the two preceding categories. The Village first applies restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net assets are available. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues hielude 1) charges to customers or applicants who purchase, use, or directly benefit fi'om goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items properly not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciar>' fijads, even though the latter are excluded fi-om the govemment-wide financial statements. Major individual governmental and business-type fiinds are reported as separate columns in the fund financial statements. Nomtmjor funds are reported in the supplementary information. NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Village of Glenview, Illinois, ("Village") was incorporated in 1899. The Village operates under a Council- Manager form of government and provides services which include: police, water utility, sanitary sewer utility, stormwater management, street maintenance, community development, and general administrative services. The financial statements of the Village have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to government units. The Govemmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summaiy of tlic Village's more significan! accouniing policies: I. Reporting Entity As defined by accounting principles generally accepted in the United States of America established by GASB, the financial reporting entity consists of the primary government, as well as its component units, which are legally separate organizations for which the elected officials of the primary government are financially accountable. Financial accountability is defined as: (a) Appointment of a voting majority of the component unit's board, and either (1) the ability to impose will by the primary govemmait, or (2) the possibility that the component unit will provide a financial benefit to or impose a financial burden on the primar)- govemnaent; or (b) Fiscal dependency on the primary government. Based on the above criteria, the Glenview Library ("Libraiy") is a component unit to the Village of Glenview. In the govemment-wide financial statements, the Library is presented in a separate column to emphasize that it is legally separate from the Viibgo. The Library operates and maintains the public library wilhin the Village. The Library's seven-member board is separately elected by the voters of the Village and annually determines its budget and resulting tax levy. The Library may not issue bonded debt. All debt of the Library is secured by the full faith and credit of the Village, which is wholly liable for the debt. Separate financial statements are disclosed in the component unit portion of this report. The Library does not issue separate financial statements. Village of Glenview, IMinois Notes to Financial Statements December 31.2008 Village of Glenview, Illinois Notes to Financial Statements December 31.2008 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTINO POLICIES (Continued) 3. Fund AccountinR (Continued) Governmental Funds (Continued) DshJ Service Funds are used for the servicing of general long-term debt. The Village has the following debt service fiinds: Corporate Purpose Bond Series 2000 Fund Corporate Purpose Bond Series 2004 Fund General Obligation Taxable Bond Series 2006B Fund &EM Project Funds are used to account for financial resources to be used for the acquisition or construction of major capital assets (other than those financed by propristaiy funds). The Village has the following capital project funds: Village Permanent Fund - a major fimd Gles Land Sdes Fund - a major f\md Capital Projects Fund Glen Capital Projects Fund 2006A Bond Projects Fund 2006B Bond Projects Fund Police Department Headquarters Fund Proprietarv Funds Proprietary fads ate used to account for activities similar to those found in the private sector. The measurement focus is on the determination of net income. Activities of these funds uiclude services provided to residents of the Village (such as water and sanitary sewer services) and services provided to other fijnds (such as vehicle maintenance). The following are the Village's proprietary fimd types and fiinds: Enteqirise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic detennination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability', or other purposes. MOTEA - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3. Fund Accounting The Village uses funds to report on its financial position and the results of its operations. Fund accountiiig is designed to demonstrate legal compliance and to aid financial managenaent by segregating transactions related to certain governmental functions or activities. A ftmd is a separate accounting entity with a self-balancing set of accounts. Funds are classified into three broad categories; governmental, proprietary, and fiduciary. Each category, in turn, is divided into separate "fund types." Govenimaital Funds Governmental tads are used lo account for all or most of a government's general activities, including the collection and disbursement of earaiaiked monies (special revenue firnds), the acquisition or constraction of capital assets (capital projects fimds), and servicing of general long-term debt (debt service ftoids). The General Fund is used to account for all activities of the general govsmment not accounted for in another fond. The following are the Village's govenunental iimd types and fiinds; General Fund is the general operating fimd of the Village. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than ejqjendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. The Village has the following special revenue fimds; Special Tax Allocation Fund - a major fund Motor Fuel Tax Fund Refiise and Recycling Fund Joint Dispatch Fund Foreign Fire Insurance Fund Police Department Special Account Fund Glen Redevelopment Fund Glen Caretaker Fund •1^ Village of Glenview, Illinois Notes to Financial Statements December 31.2008 Village of Gleaview, Illinois Notes to Financial Statements December 31.2008 NOTE A - SIMMARY OF SIGNIFICANT ACCOUNTING POLiCIES (Continued) 4. Measurement Focus. Basis of Accounting, and Financial Statanent Presentation TTie govemment-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fimd statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes arc recognized as revenues in tlie year for which they are levied. Property taxes arc levied in December 2008 to finance the Village's 2009 calendar year. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fend financial statements are reported using the current financial resources measuremsnt focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. A six-month availability period is used for revenue recognition for all governmental fund revenues. Expenditures generally are recorded when a liability is incurred, as under accnia! accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded when payment is due. General capital asset acquisitions are reported as expenditures in government fiinds. Franchise taxes, licenses, and interest associated with the current fecal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government. The Village reports the following tnajor governmental Binds: The General Fund is the general operating fad of the Village. It is used to account for all financial resources except those required to be accounted for in another fimd. The Special Tax Allocation Fund, a special revenue fimd used to account for the incremental property tax revenue that is generated through the growth of the assessed valuation at The Glen, (formerly referred to as Glenview Naval Air Station) and the "Make-Whole" payments to core jurisdictions within the boundaries of the Tax Increment District. The core jurisdictions consist of: the Village of Glenview, School District 34, School District 225, the Glenvievv Park District, and the Glenview PubUc Library, a component unit of the Village. This fund also accounts for the service and incentive fees within the Tax Increment District. NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICiES (Continued) 3. Fund Accoiindng (Continued) Proprietarv Funds (Conliiiued) Enterprise Funds (Continued) The Village has the following enterprise firnds: Glenview Water Fund - a major fund North Maine Water and Sewer Fund - a major &nd Glenview Sanitary Sewer Fund - a major fiind Wholesale Water Fund Commuter Parking Lot Fund Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the Village on a cost-reimbursement basis. The Village has the following internal service funds: Capital Equipment Replacement Fund Municipal Equipment Repair Fund Insurance Fund Facility Replacement Fund Risk Management Fund Fiduciary Funds Fiduciary fimds are used to account for assets held on behalf of outside parties, including other governments, or on behalf of other fimds within the Village. When these assets are held under the terms of a fomial trust agreement, a trust fund is used. Tlie following are the Village's fiduciaty fund types and funds: Trust Funds are used to account for and report pension plans since capital preservation is critical. The Village has the following pension tmst funds: Police Pension Fund Firefighters' Pension Fund Agencj; Funds are used to account for and report assets held on behalf of other parties and changes in the assets. The Village has the following agency ftinds: Special Service Area (SSA) Bond Fund Escrow Deposit Fund Deposit Fund > Village ef Glenview, Illinois Notes to Financial Statements December 31. 2008 Village of Glenview, Illinois Notes to Financial Statements Dgxmber31,2O0g NOTEA, - SlIMMARY OP SIGNIFICANT ACCOUNTING .POiigBS (Continued) 4. Measurement Focus. Basis of Accountitiei. and Finaadal Statement Presentation (Continued) As a general rule, the effe« of interfund activity has been eliminatfid from the government-wide financial statements. However, interfund scrvicss provided and used are not eliminated in the process of consolidation. Amounts reported as program revenues include 1) charges to customers for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including assessments. Internally dedicated resources are reported as general revenue rather than as pro-am revenue. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operatii^ revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's princip^ ongoing operations. The principal operating revenues of the enterprise &md and of the Village's internal service fund are charges to customers for sales and services. Operating expenses for an enterprise fiind and an internal service fimd include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. The Village reports unearned revenues on its financial statements. Unearned revenues arise when a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the cunent period. Une^ned revenues also arise when resources are received by Uie Village before it has a legal claim to them, as when monies are received prior to the incurrence of qualifying expenditures. In subsequent periods, when revenue recognition criteria are met or when the Village has a legal claim to the resomces, the liability for unearned revenues is rEmoved from the financial statements and revenue is recognized. NOTEA - SIJMM ARY OF SIGNIFICANT ACCOUNTING POLiaES (Continued) 4 Mnasiirement Focus^JasJaAiteESHnting- and Financial Statement Presentation (Continued) The Village's imjor governmental fiinds (continued): The Village PermanenI Fund, s capita! projects fend, is used fo accumulate 20% of the Ismd sales proceeds of The GIm (formerly referred to as Glenview Naval Air Station or GNAS). TTie resourcss are used for Village- wide improvements as well as short-tsmi liquidity for the Village's tax increment financed (TIF) projects at The Glea. TTie Glen Land Sales Fund, a capital project fad, accounts for resources and expenditures related to the sale of properties in The Glen Tax Increment Financing (TIF) District. Ths Village reports the follomng major proprietary flinds: The Gfef!v?ew Water Fund (formerly called the Walerworh Fund) accounts for the provision of water services to the property owners in the Village. All activities necessary to provide such services are accounted for in this fund including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. The North Maine Water and Sewet Fund accounts for the provision of water and sewer services to the property owners in an unincorporated area southwest of the Village. This area was formerly served by the North Suburban Public Utilities Company. All activities necessary to provide such services are accounted for in this fond including, but not limited to, aslmiiustration, opeialioiis, maintenance, financing and related debt service, and bilfag and collections. The Glenview Sanitary Sewer Fund (formerly called the Sewerage Fund) accounts for the provision of sanitary sewer services to property owners in both incorporated and unincorporated areas of the Village. All activities necessary to provide such services are accounted for in this fimd including, but not limited to, administration, operations, maintenance, financing and related debt service, and billing and collections. The Village has chosen the option to apply all applicable GASB pronouncements md ail Financial Accountiiig Standards Board (FASB) Statements and Inleipretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARB) issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements, to the prcpdetsiy ("ids activity. OS 5, Cash Equivalents For purposes of the statement of cash flows, the proprietary fund types consider all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. 6. Investments Investments aie carried at fair market value. Village of Glenview, Illinois Notes to Financial Statfimcnts December 31. 2008 Village of Glenview, Illinois Notes to Financial Statements December 31.2008 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 10 Capital Assets (Continued) Capital assets are depreciated using the s&aight-fee method over the following usefiil lives: NOTEA - SI [MMARY OF SIGNIFiCANT ACCOUNTTNG POLICiES (Continued) The recogmtion of receivables associated witii nonexchaiige traiisactioiTS is as follows: * Derived tax receivables (such as sales, income, and motor fiiel taxes) are recognized when the underlying exchange has occimed. * Imposed nonexchange receivables (such as property taxes and fines) are recognized when an enforceable legal claim has arisen. * Government-mandated or voluntary nonexchange transaction receivables (such as mandates or grants) are recognized when all eligibilhy requirements have been met. S. Inventory Inventory is accounted for at cost, using the first-in, first-oat method, inventory is accounted for under the consumption method, whereby acquisitions are recorded in inventory accounts initially and charged to expenditures jj^ where used. <l 9. Unbilled Services Unbilled revenue in the proprietary funds is recognized as earned when the services are provided. 10. Capital Assets Capital assets, which include property, plant, equipment, and inftastructure assets (e.g. roads, bridges, and similar items), are reported in the applicable governmental or business-type activities columns in the govemment-wide financial statements. Capital assets are defined as those having an estimatsd useful life greater than one year with an initial, individual cost of more than S25,000. Such assets are recorded at historical cost, or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintetiance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed. 25 - 80 years 25 - 80 years 50 years 50 years 5-10 years Buildings, and building and land improvements Infiastructwc' Water system Sanitary sewer system Machinery and equipment, and vehicles • Infrastructure includes right-of-way land, roads, curbs, gutters, storm sewers, recreational paths, street lights, field lights, bridges, and traffic ocntrol signals. li.Unearoed Revenue The Village defers revenue recognition in connection with resources that have been received, but not yet eamed. Governmental funds report unearned revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. 17 Arrnisri Vacation and Sick Leave (Conniensated Absences) In the event of termination, an employee is paid for accumulated vacation days. Employees are not reimbursed for unused sick leave and all vacation time must be used in the current year or shortly thereafter. Accrued vacation is reported in the governmental funds for the amount of vacation for employees that retired or were terminated before fiscal year-end that was not paid as of fiscal year-end and the amount of vacation for employees that retired or were terminated afler year-end or that arc expected to retire or be terminated through the end of the subsequent fiscal year. Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued) 16. interfand Traiisactions The Village has the following types of transactions between funds: Loans - amounts provided with a requirement for repayment. SBterlund loans arc reported as due IVom other ftinds in lender fads md due to other tads in bonower ftmds for short-term borrowings. Advances to other funds are reported in lender fads and advances from other fimds in borrower funds for long-term borrowings. Amounts are reported as internal balances in the government-wide statement of net assets. Services provided and used - sales and pvirchases of goods and services between fiuids for a price approximating their external exchange value. Interfimd services provided and used are reported as revenues in seller fimds and expenditures or expenses in purchaser fimds. Unpaid amounts are reported as due to/from other fiinds (internal baliuices) in the fiind balance sheets or fiind statements of net assets. Reimbursements - repayments from the fimds responsible for particular expenditures or expenses to the fimds that initially paid for them. Reimbureements are reported as expenditures in the reimbiirsing fad and as a reduction of expenditures in the reimbursed fund. Transfers - flows of assets (such as cash or goods) without equivalent flows of assets in retum and without a requirement for repayment. In governmental funds, transfers are reported as other financing uses in the fiutds maldng transfers and as other financing sources in the funds receiving transfers. In proprietary funds, transfers arc reported as a separate category alter nonoperadng revenues and expenses. 17. Use of Estimates In preparing financial statements, management is required to make estimates and assumptions that afifect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues, expenditures, and expenses during the reporting period. Actual results could differ from those estimates. 18. Claims and Judgments Liabilities resulting from clain^ and jud^ents, if any, have been reflected in the financial statements. NOTE A - SJIMM ARY OF SIGNIFICANT ACCQUNTSNG POLICIES (Continued) n I jMg-T^rm Obligations In the government-wide financial statements and proprietary fund types in the fimd financial statements, long-term debt and other Iong4enn obligations, including compensated absences, are reported as liabilities in the applicable governmental activiti^ or business-type activities statement of net assets. Bond premiums and diseounts, as well as issuance costs, are deferred and amortized over the life of the bonds on a straight-line basis. Bond issuance costs are reported as deferred charges and amortized over the term of the related debt. In the ftmd financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The fece amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources, while discounts on debt issuances are reported as other fiiiaiieing uses. Issuance costs, whether or not withheld from the actual debt proceeds receive4 arc reported as expenditures. Delit service funds are specifically established to account for and service the long-term obligations for the ,^ governmental fimds' debt Enterprise fimds individually account for and service the applicable debt that benefits I those fiuids. Long-term debt is recognized as a liability in a governmental fimd when due or vfhen resources have ^ been accumulated for payment early in the following year. 14. Net Assets and Fund Eauitv Restricted nrt assets reported in the statement of net assets by fiinction are also restricted by enabling legislation. In the fimd financial statements, governmental fiinds report reservations of fimd balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designated fimd balances, if any, represent tentative plans for fiiture use of financial resourees. IS.Capital Contributions Capital contributions, if any, reported in the governmental and proprietary fimds represent capital assets donated from outside parties, principally developeis. Village of Glenview, niiaois Notes to Financial Statements niyanher31.2008 Village of Gleaview, Illinois Notes to Financial Statements December 3 i. 2008 NOTEC - njPPnsiTR AND INVESTMENTS (Continued) The deposits and investments of the Police Pension Fund and the Firefighters' Fund are held separately from each other and from those of other Village fimds. In addition to the aforementioned investments, these pension tads are also permitted to invest in the following instniments: - Bonds issued by any county, city, township, village, incorporated town, municipal corporation, or school district in Illinois. - Direct obligations of the State of Israel. - Separate accounts of niinois-lioensed insurance companies. - Common and preferred stock. NOTE B - DEFICIT FUND BALANCE/NET ASSETS The following funds had deficit in fund balance: Fund Deficit Balance $ (121,054) (67,191) (9,979) (1,513,375) Glen Caretaker Fund Corporate Puipose Bond Series 2000 Fuod Corporate Purpose Bond Series 2004 Fund Library New Building Fund NOTR C - DEPOSITS AND INVESTMENTS The Village maintains a cash and investment pool that is available for use by most fiinds. Each fund type's portion of this pool is displayed on the statement of net assets as "cash and cash equivalents" and "investments." In addition, investments are separately held by several of the Village's funds. The Village's investment policy and state statutes allow the Village to invest in the following: - Interest-bearing accounts of banks and savings and loan associations insured up to $250,000 by the Federal Deposit Insurance Corporation. - Obligations of the U.S. Tnsasury and U.S. agencies. - Insured accounts of an Illinois credit union chartered under United States or Illinois law. - Money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same types of obligations. • Repurchase agreements which meet instrument transaction requirements of Illinois law. - Short-term obligations of U.S. corporations rated in the three highest classifications by at least two standard rating agencies. - The Illinois Funds. The Village's investment policy limits the Village from investing in any institution in which the Village's funds on deposit are in excess of 75% of the institution's capital stock and surplus. As of December 31,2008, cash and investments consisted of the following: Pension Trust Funds Agency Funds Component Unit TotalVillage Cash and cash equivalents Investments 1,019,093 $ 45,968,556 2,500,951 142,105,963 936,539 $ 3,578,268 $ 3,420,482 82,675,018 40,434,656 $ 53j509j512J6- SO Cash and investments $ 93,944,168 %__ For disclosure purposes, these amounts are segregated into two categories: 1) deposits with fmanaal mstrtutions, which include amounts held in demand accounts and savings accounts, and 2) other investments. A recoacihation of investments, between the summary above ami the schedules of investment maturities below, follows: Village (including Component ai^ency funds) Uriit $ 56,010,463 $ 3,420,482 S 82,675,018 $ 142,105,963 Pension Trust Funds Total Investments per above Add The Illinois Funds Less certificates of deposit Investments per below Police Pension Fund Firefighters' Pension Fund 32,641,946 (15,685,926) 198,985325,466 (i,232,663) 32,117,495 (14,453,263) $ 71,173,744 S_2^13;285_$ 82,874,003 S 156,561,032 S 40,212,314 42,661,689 $ 82,874,003 Village of Glenvlew, Illinois Notra to Financial Statements Deomfaer 31.2008 Village of Glenvlew, Illinois Notes to FinanciaS Statements December 31.2008 NOTEC - DEPOSITS AND INVESTMENTS (Continued) 1. Primary Omemment and Component Unit As of December 31, 2008, the Village (including agency fiinds) had the following investments and maturities: Investment Maturities (In Years) NOTEC - DEPOSITS AND INVESTMENTS (Continutrf) I. Primary Gpvemmgnt and Component Unit (Continued) The Village limits its exposure to credit risk, the risk that the issuer of a debt seoiirity will not pay its par value upon maturity, by investisg in external investment pools. The Illinois Funds Money Market Fund and Priine Fund are rated AAAm by Standard ajid Poor's. The Illinois Metropolitan Investment Fund 0MET) 1-3 Year Series and Convenience Fund ($15,572,357 and $311,545 of the total balance for the Village and the Libraty, respectively) are depository vehicles that are 100 percent collateralized with obligations of the United Slates Treasury and its agencies. All collateral securities are held in the name of the Blinois Metropolitan Investment Fund at the Federal Reserve Bank of New York.A-20Investment Tj^e U.S. ageHcyoWigatioBS Municipal obligations The Illinois Funds Mutual fiinds AsofDecsmber31,2008, Investment Type U.S. agency obligations The Illinois Funds Mutual funds Interest Rate Risk Fair Value S 22,936,957 546,935 32,117,495 15,572,357 $_2y73j244_ Less than 1 S 14,678,564 S 32,117,495 15,572,357 S 62,368,416 S the Library had the following investments and snatmitjes: bivestrosnt Maturities (to Years) Fair Value $ 1,876,274 325,466 311,545 $ 2,513^85 Less than 1 S 1,876,274 325,466 311,545 S 2,513,285 1-5 8,258,393 $ 468,561 8,726,954 $ 6-10 78,374 __7y74_Custodial Credit Risk In the case of deposits, Ms is the risk that, in the event of a bank failure, ths Village's deposits may not be returned. For aa investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Village will not be able to recover Ae value of its investments or collateral securities that are in the possession of an outside paity. To limit its exposure, the Village's investment policy requires all investments to be limited to the safest types of securities invested with pre-qualified institutions, broker/dealers, intennediaries, and advisors, and soundly diversified. The Illinois Funds is not subject to custodial credit risk. Concentration of Credit Risk Concentration of credit risk is the risk that the Village has a high percentage of its deposits or investments in one institution or type of isvestment. At December 31, 2008, the Village had $3,000,000 of its deposits, and the Library had $96,569 of its deposits, in one financial institution located in ilUnois, which were secured by collateral held in the name of the pledging financial institution. In accordance wiUi its investment policy, the Village limits its eTtposure to interest rate risk by structuring the portfolio to provide liquidity for short-and long-term cash flow needs while providing a reasonable rate of return based on the current Enarket. Village of Glenview, Illinois Notes to Financia! Statements nflmnher31.2008 Village of Glenview, Mlinois Notes to Financial Statements Der.ember3i.2008 NOTEC - DEPOSITS ANO rNVESTMENTS (Continiicd) 1. Pwifiinn Trust Funds (Continued) riistndial Credit Risk In the case of deposits, this is the risk that, in the event of a bank failure, the pension tods' deposits may not be returned For an investment, custodial credit risk is the risk that, in the event of the failure of the counteTiai^, the funds will not be able to recover the value of their investments or collateral securities that are in the possession of an outside party To limit its exposure, the Police Pension Fund's investment policy requires all secunty transactions that are exposed to custodial credit risk to be held by a third-party agent. The Firefighters Pens.on Fund investment policy requires all investments to be limited to the safest Wes of s«uriti^invested wlh p«- qualified institutions, broker/dealers, intermediaries, and advisors, and soundly diversified. ITie Illmois Funds is not subject to custodial credit risk. rnnrninratinn nf Credit Risk Concentration of credit risk is the risk that the funds have a high percentage of their deposits or investments in one institution or type of investment. The funds' investment policies require diversification of investment to avoid unreasonable risk At December 31, 2008, the Police Pension Fund had $573,764 of its deposits m one financial instituUon located in Illinois, of which $323,764 was uninsured and uncollateralized. At December 31, 2008, the Firefighters' Pension Fund had $1,557,181 of its deposits in one fmancial institution located m Ulmois, of which $990,427 was uninsured and uncoUateralized. NOTF. n - RECEIVABLES 1. Pronertv Tax Receivables The Village's property taxes are levied in December of each calendar year on all taxable real property located in the Village. Property taxes attach as an enforceable lien on January 1 of the same levy year. Property tax revenues are recognized when they become measurable and available. Tax bills are prepared by the County and issued on or about May ! and August I of the following calendar year, and are payable in two installments on or about June 1 and September I in that following calendar year. The County collects such taxes and remits them periodically. An allowance for uncollectible taxes has been established based on historical experience. NOTEC - DEPOSITS AND INVESTMENTS (Continued) 2. Pension Trust Funds As of December 31, 2008, the Police Pension Fund had the following investments and maturities: Investment Maturities (In Years) 6-10 Greater than 10Less than 1 1-5Fair ValueInvestment Type $ 3,986,138 $ 9,713,065 $ 3,106,840 11,922,712 84,285 U.S. Treasury obligations $ 16,806,043 $ U.S. agency obligations H ,922,712 Municipal obligations 84,285 The Illinois Funds 46,877 46,877 Mutual funds 11,352,397 11,352,397 S 40.212.314 $_JU99,274 $ 3,986,138$ 9,797,350.$ 15.029.552 As of December 31,2008, the Firefighters' Pension Fund had the following investments and maturities; ^W Investment Maturities _2n^rs)_ Less than 1Investment Type Fair Value $ 152,108 $ 152,108 42,509,581 42,509,581 $ 42.661.689 $ 42.661,689 The Illinois Funds Mutual fiinds Interest Rate Risk In accordance with their investment policies, the pension funds limit their exposure to interest rate risk by structuring the portfblios to provide liquidity for short-and long-term cash How needs while providing a reasonable rate of return based on the current market. The ftads limit their exposure to credit risk, the risk that the issuer of a debt security will not pay its par value upon maturity, by investing in external investment pools. The Illinois Funds Money Maritet Fund and Prime Fund are rated AAAm by Standard and Poor's. Village of Glenvlew, Illinois Notes to Financial Statements December 31, 2008 Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 NOTE E - CAPITAL ASSETS 1. Government^ Activities A summaij' of changes in capital assets for governmental activities of the Village is as follows: NOTED - RECEIVABLES (Continued) 2. Taxes Receivable The following receivables are included in Receivables - Taxes on the Governmental Funds Balance Sheet aad Govenunental Statement of Net Assets: Capital assets not being depreciated Construction in progress S Land Land right of way Total capital assets not being depreciated Capita assets being depreciated Buildings and improvements Machinery and equipment Infrastnjcture Total capital assets being depreciated Less accumulated depreciation for Buildings and improvements Machinery and equipment Infrastructure Total accumulated depreciation Total capita! assets being depreeiated, net Govenjmental activities capital assets, net $ Beginning Balance 11,860,698 55,140,813 67,001,511 71,603,062 9,694,230 123,595,155 204,892,447 10,538,317 6,212,553 46,811,998 63,562,868 141,329,579 208,331,090 Additions $ 939,207 S 505 939,712 184,677 2,732,441 2,917,118 1,547,891 990,078 2,808,328 5,346,297 (2,429,179) $ (1,489,467) $ Deletions - 30,893 1,650,922 1,681,815 27,193 1,650,921 1,678,114 3,701 3,701 Ending Balance $ 939,207 11,860,698 55,141,318 67,941,223 71,603,062 9,848,014 124,676,674 206,127,750 12,086,208 7,175,438 47,969,405 67,231,051 138,896,699 S 206,837,922 $ 9,555,792 4,916,796 1,046,553 194,269 172,076 126,653 52,034 9.232 $ 16,073,405 Property Sales Utility Income Use Franchise Hotel Amusement Total taxes receivable 3. Other Receivables The following receivables are included in Receivables - Other on the Governmental Funds Balance Sheet and Governmental Statement of Net Assets: MtJ Notes S 1,703,667 Escrows 387,776 Court fines 44,639 Disposal fees 58,750 911 surcharge fees U3,5S0 Grants 43,000 Other 39,207 Total other receivables S 2,390,619 4. Due From Other Govemmenis Tne foliowing amounts due from other governments are included in Due From Other Governments on the Goverronental Funds Balance Sheet and the Governmental Statement of Net Assets: Cook County Glenbrook Fire Protection District Illinois Emergency Management Agency Illinois Department of Transportation - motor fuel taxes Total due from other governments $ 1,324,732 636,373 200,860 107,944 $ 2,269,909 village of GleHview, Illinois Notes to Financial Statements December 3i. 2008 Village of Glenview, Illinois Notes to Finaticial Statements necember3i. 2008 NOTEE - CAPITAL ASSETS (Continued) 3. Depreciation Expense Depreciation expense for the business-type activities are as follows; Glenview Water Fund North Maine Water and Sewer Fand Glenview Sanitary Sewer Fund Wholesale Water Fund Commuter Parking Fund NOTEE - gAP^TAL ASSETS (Continued) 2. Riisiness-tvpe Activities A $ummaiy of changes in capital assets for business-type activities of the Village is as follows: 1,014,132 172,499 326,150 62,816 4i,872 EndingBeginning Balance 802,851 $ 1,446,954 50,478,584 17,512,480 3,739,787 Additions - $ 93,595 2,584,018 1,097,547 198,865 Deletions - $ 618,271 46,263 26,320 Balance 802,851 1,540,549 52,444,331 18,563,764 3,912,332 Capita! assets, not being depreciated Land Capital assets, being depreciated Buildings and improvements Water system Sanitary sewer system Equipment and vehicles $_ 1,617.469 Depreciation expense was charged to fimcdons/programs of the primary government as follows: Depreciation Expense 62,674 1,099,560 537,128 3,646,935 5,346.297 Total capital assets, being depreciated 73,177,805 3,974,025 ___690;854 7^.460,976 Governmental Activities General government Public safety Public works Development Total governmental activity depreciation expense Less accumulated depreciation for Buildings and improvements Water system Sanitaiy sewer system Equipment and vehicles Total accumulated depreciation Total capital assets being depreciated, net Business-type activities capital assets, net 466,932 13,351,427 3,389,933 2,975,890 46,745 1,014,297 298,834 257,593 - 511,463 46,263 26,320 513,677 13,854,261 3,642,504 3,207,163 584,046 ^,217,60520,184,182 1,617,469 55,243,371106,80852,993,623 2,356,556 $ 53,796,474 $ 2,356,556 $ Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 Village ef Glenview, Illinois Notes to Financial Statements December 31. 2008 NOTE F - RISK MANAGEMENT Use Village is exposed to various risks of loss related to lofts; Ihelt of^ damage to, and destniction of asseis; errors and omissions; natural disasters; and iltoessra of and injuries to the Vill^e's employees. The Village is sdf-iKsured (and participates in two public employes risk pools for health claims) for genera! lidjility, auto, property, and workers' compensation risks. Commercial insurance is c^ried for amounts in excess of the self-insiared amounts. For all insyred programs, settlement amounts have not exceeded insufaisce coverage for the current or three prior years. 1. Self-Insurance The Village established the Insurance Fund (an internal service fiind) to report self-insurance activities. Tlie Village's policy is to finance cunenlly in this fiiisd all claims paid, estimated fiitore payments with respect to claims made, and estimated claims incuixed but not reported. The Insurance Fund provides coverage up to a maximum of $200,000 for each general liability claim, $500,000 for each worisers' compensation claim, and $100,000 for each property damage claim. Such payments afc displayed ou the financial statements as revenues and expenditures/expenses (quasi-extemai transfers). Liabilities are reported vihsn it is probable that a loss has occurred and the amount of the toss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR). The total claim liability as of December 31, 2008 was $1,304,140. A reconciliation of claims liability for Ihe current year a«id tiiat of the precedir^ year is reported below: Unpaid claims liabilit)'- January !, 2007 $ 381,882 NQTEE - CAPITAL ASSETS (Continued) 4. Cnmnonent Unit • Glenview Library A summary of changes in capita! assets for the Library is as follows: Ending BalanceBeginiung Balimce Restatement Additions Deletions Capital assets, not being depreciated Land S CoiBtniction in progress 500,000 $ - $ - $ 350,391 1,396,278 $ 500,000 1,746,669 2,246,669350,391 1,396.278500,000 Capital assets, being depreciated Buildings and improvements Equipment and vehicles Total capital assets, being depreciated Less accumulated depreciation for Buildings and improvements Equipment and vehicles Total accumulated depreciation Total capital asset being depreciated, net 4,159,100 16,500 4,159,100 16,500 4,175,6004,175600 Claims incurred - fiscal year 2007 Claims paid - foca! year 2007 Unpaid claims liability - December 31, 2007 Claims incurred - fiscal year 2008 Claims paid - fiscal year 2008 Unpaid claims liability - December 3!, 2008 89,715 (172,186) 299,411 1,022,862 ____O8J33j_ $ 1,304,140 2,098,046 16,500 80,022 2,178,068 16,500 2,194,56880,0222,114,546 2,061,054 (80,022)1,981,032 Total capital assets, not S 2,568,054 $ 350,391 S I,3i6,256 $$ 4,227,701 NOTF. G - LONG-TERM DEBT Village of Glenview, Illiaois Notes to Financial Statements nH;CTiber31.2008 1 rhanp.es in F^nR-Tenn Liabilities The following is a summary of changes in the VUlage's long-term liabilities in fiscal year 2008: finvemmental activities General obligation bonds Village S Special service areas Unatnortized Bond discount Bond preminm Compensated absences Other postemployment Total govenunental activities Business-tvpe activities General obligation bonds Notes payable Unamortized Bond discount Bond premium Compensated absences Unamortized loss on refunding Totai bosiness-typo activities Total Village long-tenn liabiiities $ Beginning Additions/ Balance Issuances 137,840,000 $ - $ 65,713 (229,635) 45,512 1,670,204 3,754 718,000 140,109,794 3,754 12,099,287 1,915,164 (13,985) 25,797 62,673 41,791 (313,123) 13,775,813 41,791 153,885,607 $ 45,545 i rnnnvnnent Unit - Glenvie\v Librarv Compensated absences S 191,839 S 147,638 : Retirements 9,335,000 $ 65,713 (44,041) 4,137 64,991 9,425,800 1,209,817 120,725 (4,233) 2,451 56,406 (4,103) !,381,063 S _10j806j863__ Ending Balance 128,505,000 S ~ (185,594) 41,375 1,608,967 130,687,748 10,889,470 1,794,439 (9,752) 23,346 48,058 (309,020) 12,436,541 $ 143,124,289 S 265,658 Due Within One Year 37,600,000 193,076 37,793,076 1,259,573 126,691 - 43,252 - 1,429,516 $ 39,222,592 S 53,132 Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 NOTEF - RISK MANAGEMENT (Continued) 2. Intergovemm^^ntal Personnel Benefit Cooperative (IPBC) The Village parScipates in the Intergovemmentai Personnel Benefit Cooperative (!PBC). IPBC is a public entity risk pool established by certain units of local govemment in iilinois to administo- some or all of the persomiel benefit programs (such as medical, dental, and lift insurance coverage) offered by hs members to their officers and employees and to the officers and employees of certain other governmental, quasi-govenimental, and nonprofit public serricc entities. Risk of loss is retained by the Village, except that IPBC purchases excess insurance coverage. Management consists of a board of directors, comprised of one representative from each member. In addition, there are three officers, a Benefit Administrator and a Treasurer. The Village does not exercise any control over the activities of the IPBC beyond its representation on the Board of Ditectors. 3. Hiph-Levei Exces., Liability Pool (HELP) The Village participates in the High-Level Excess Liability Pool (HELP). HELP is a pool established by fifteen municipalities in Illinois to provide excess liability covBrage ($10,000,000 of coverage after a $2,000,000 self- insurance retention). The Village's payments to HELP are displayed on the financial statements as expenditures/expenses in the Insurance Fund. The High-Level Excess Liability Pool was organized on April I, 1987. The purpose of HELP is to act as a joint self-insurance pool for the purpose of seeking the prevention or lessening of liability claims for injuries to persons or property or claims for errors and omissions and employers' liability made against the members and other parties included v«thin the scope of its coverage. Each municipality has one member on the HELP Board of Directors and all budgeting and finance decisions are approved by the Board. Each director has an equal vote. The officers of HELP are appointed by the Board of Directors. The Boanl of Directors determines the general policy of HELP, makes all appropriations, approves contracts, adopts resolutions providing for the issuance of any debt by HELP, adopts bylaws, rules and regulations, and exercises such powers and performs such duties os may be prescribed in the Agency Agreement or the bylaws. The Village does not exercise any control over the activities of HELP beyond its representation on the Board of Directors. K Village of Glenview, Illinois Notes to Financial Statements December 31.2008 Village ef Glenvlew, Illinois Notes to Financial Statements December 31.2008 NOTEG - LONG-TERM DEBT (Continued) I. Changes in Long-Term Liabilities (Continued) The fo!lowng changes in the Village's general long-term debl occurred in feral year 2008. NOTEG - LONG-TERM DEBT (Continued) 1. Changes in Loae-Tenn Liabilities (Continued) Ending Balance Due Within One Year Beginning Balance RetirementsIssuancesIssoe Beginning Balance Due Within One YearIssue Govemmental activities Governmental activities (contiiiiied) $10,000,000 General Obligation Bond Series 2006A $ 10,000,000 $ $27,940,000 Genera! Obligation Bond Taxable Series 2006B _2Zi2fM22_ Issuances Retirennents Balance S 10,000,000 S $24,400,000 Genera! Obligation Bond Series 1998B S 15,115,000$ $4,970,000 General Obligation Bond Series 2000 1,000,000 $41,800,000 General Obligation Bond Series 2001 26,000,000 $9,990,000 General Obligation Refunding Bond Series 2OO3A Debl retired by: SSA#36 44,981 SSA #37 20,732 Special Tax Allocation Fund 1,020,000 S 1,790,000 S 13,325,000 $ 1,870,000 1,000,000 5,000,000 21,000,000 5,000,000 27,940,000 27,94q,j00 Total governmental general Iong4erm debt 9,400,713 128,505,000 37,600,000137,905,713 Business-type activities $6,175,000 Corporate Puipose Bond Series 1997 390,000 305,000 85,000 85,000 44,981 20,732 1,020,000 $9,990,000 General Obligation Refunding Bond Series 2003A 4,454,287 - 99,817 (See govemmental long-term debt above for additional fiinding sources) 334,5734,354,4701,085,713 - 1,085,713 (Sec business-type activity below for the balance of funding information) $ 1,995,000 General Obligation Refunding Bond Series 2003B 1,055,000 $25,000,000 General Obligation Bond Series 200'IA 24,450,000 S22,3! 5,000 General Obligation Bond Series 2004B 22,315,000 $10,000,000 General Obligation ReKunding Bond Series 2005 10,000,000 525,000 23,925,000 1,775,000 195,000 860,000 205,000 22,315,000 1,015,000 10,000,000 (Continued)(Continued) Village of Glenview, Illinois Notes to Ftaancial Statements December 31.2008 Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 NOTEG - LONG-TERM DEBT (Continued) 2. General Loiie-Temi Debt At December 31, 2008, genera! long-terai debt is comprised of the following: $6,175,000 Coiporate Purpose Bond Series 1991 Dated August 15, 1997. Due in annual installments of $85,000 to $495,000 plus interest at 4.875-5.0% through December 1, 2017. Debt is retired by business-type activity in the North Maine Water and Sewer Fund. $24,400,000 General Obligation Bond Series 1998B Dated January 1, 1999. Due in annual installments of $1,000,000 to $2,050,000 plus interest at 4.25-4.50% through December 1, 2018. Debt is retired by governmental activity in the Special Tax Allocation Fund. $41,800,000 General Obligation Bond Series 2001 Dated August 1,2001. Due in annual instidlments of S500,000 to $5,500,000 plus interest at 3.5-4.35% through December 1, 2012. Debt is retired by governmental activity in the Special Tax Allocatioit Fund, $9,990,000 General Obligation Refunding Bond Series 2003A Dated April 1, 2003. Due in annual installments of $185,000 to $1,130,000 plus interest at 2.05-3.10% through December 1, 2017. It is also funded by governmental activity in the Special Tax Allocation Fund and business-type activity in the North Main Water and Sewer Fund. $1,995,000 General Obligation Refunding Bond Series of 2003B Dated April I, 2003. Due in amual installments of $160,000 to $225,000 plus interest at 1.3-3.85% through Decraber !, 2012. Debt is retired by business-type activity in the Wholesale Water Fund. $25,000,000 General Obligation Bond Series 2004A Dated August 1,2004. Due in annual instalhnents of $125,000 to $8,250,000 plus interest at 2.04.0% through December 1, 2014. Debt is retired by goventmental activity in the Special Tax Allocation Fund. NOTEG - LONG-TERM DEBT (Continued) 1. Changes in Lone-Term Liabilities (Continued) Due Within One Year Ending issuances Retirements Baiaace Beginning Balanceissue Biisiness-tvpe activities (continued) $5,000,000 General Obligation Bond Series 2007A Debt retired by: North Maine Water and Sewer Fund $ 2,200,000 S Glenview Water Fund 2,800,000 $ 209,000 $ 1,991,000 $ 220,000 266,000 ___2j534jflOO_ 280,000 475,000 4,525,000 500,0005,000,000 $1,200,000 General Obligation Bond Series 2007B Total general obligation bortds 135,000 1,065,000 135,0001,200,000-a 1,209,817 120,725 1,330,542 10,889,470 1,794,439 12,683,909 1,259,573 126,691 1,386,264 12,099,287 $2,850,000 Corporate Purpose Note Series 1997 1,915,164 Total business-type general long-term debt 14,014,451 Total general long-term debt $ 151,920,164 $$ 10,731,255 $ 141,188,909 $ 38,986,264 Village of Glenview, Illinois Notes to Financial Statements December 31,2008 Village of Glenview, Illinois Notes to Financial Statsments December 31. 2008 tJOTCG - LONG-TERM DEBT (Continued) 3- Debt Service Requirements to Maturity Governmental Activity Anuiial geEeral obiigation bond debt service requirements to matinity for the Village's govermnenta! activities are as follows: NOTEG - LONG-TERM DEBT (Continued) 2. General Lonp-Tenn Debt (Continued) $22,315,000 General Obligation Bond Series 2004B Dated August 1,2004. Due in annual installments of $1,015,000 to $1,900,000 plus interest at 3.5-4.70% througli December 1, 2024. Debt is retired by procsrfs from a property tax levy. $10,000,000 General Obligation Refunding Bond Series 2005 Dated November 1, 2005. Due in annual installmenls of $25,000 to $1,825,000 plus interest at 3.5-3.75% through December 1, 2018. Debt is retired by govemmenta! activity in the Special Tax Allocation Fund. $10,000,000 Oenefal Obligatioii Bond Series 2006A Dated December 1, 2006. Duo in annual installments of $2,350,000 to $2,650,000 plus interest at 3.75% through December 1, 2018. Debt is retiroi by govemmentai activity isi the Special Tax Allocation Fund. $27,940,000 General Obligation Bond Taxable Series 2006B Dated Oecember 1,2006 The full balance is due on December !, 2009. Interest accrues at 4.70%. Debt is retired by governmental activity in the Gleii Land Sales Fund. $5,000,000 General Obligation Bond Series 2007A Dated December IS, 2007. Due in annual installments of $475,000 to $635,000 plus isterest at 3.50-3.75% through December !, 20!6. Debt is retired by business-type activity in the Glenview Water Fund and the Glenview Sanitaiy Sewer Fund. $1,200,000 General Obligation Bond Series 2007B Dated December 15,2007. Due in araiua! installments of $130,000 to $135,000 plus interest at 4.80-5.00% through December 1, 2016. Debt is retired by business-type activity in the Noiih Maine Water and Sewer Fund. At December 31,200S, notes payable is comprised of the following: $2,850,000 Coiporale Purpose Notes Series 1997 Dated September 2, 1997. Due in annual installmenls of $215,377 including interest of 4.942% through September 1, 2019. Debt is retired by business-type activity in the North Maine Water and Sewer Fund. Fiscal Year Endmg December 31, 2009 $ 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Totals $ Principal 37,600,000 $ 10,055,000 10,475,000 10,925,000 11,375,000 11,850,000 3,750,000 6,275,000 6,550,000 6,825,000 4,150,000 1,575,000 1,650,000 1,725,000 1,825,000 1,900,000 128,505,000 $ Inteiest 5,353,176 3,668,938 3,271,338 2,843,838 2,389,900 1,956,862 1,481,300 1,241,862 988,236 730,302 456,588 392,838 323,932 251,332 173,706 89,300 25,613,448 Village of CSIenview, Illinois Notes to FinanciaJ Statements December 31.2008 Village of Glenview, Illinois Notes to Finaiioiai Statements December 31. 2008 NOTCG - LONG-TERM DEBT (Continuod) 4. Noncommitmcnt Debt (Contmued) b. Conduit Debt The Village has issued Industrial Development Revenue Bonds (IDRBs) to provide financiaJ assistance to private organizations for the constnictioii and aajmsition of indtistrial and commercial improvements deemed to be in the public interest. The bonds are secured solely by the property financed and are payable solely from the payments received on the underlying mortgage loans on the property. The Village is not obligated in any manner for the repayment of the bonds. As of December 31, 2008, there was one series of IDRBs outstauding. The aggregate principal amount payable for the IDRBs outstanding was S8,430,000. The bonds outstanding are not a liability of the Village and are, accordingly, not reported as a liability in these finaiicial statements. 5. Comtiensated Absences The General Fund is used to liquidate the liability for compensated absences of governmental activities. NOTEG - LONG-TERM DEBT (Contiiiued) 3. Debt Service Requirements to Maturity (Continuedi Business-type Activity Annual genera! obligation bond and coiporate purpose notes payable debt service requirements to maturity for the Village's business-type activities are as follows; Year Ending December 31. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Totals 4. Norecommitmait Debt General Obligation Bonds Corporate Pmpose Notes __WjicigaJ__ 1,259,573 $ 1,304,281 1,348,938 1,388.551 1,193,127 1,230,000 1,270,000 1,315,000 580,000 - 10,889,470 $ Interest 379,713 S 336,267 291,104 244,047 195,007 153,330 110,026 64,871 17,980 1,792,343 S Principal 126,691 $ 132,952 139,523 146,419 153,655 161,249 169,219 177,582 186,359 195,569 205,221 1,794,439 $ Interest 88,686 82,425 75,854 68,958 61,722 54,128 46,158 37,795 29,018 19,808 10,143 574,695 a. Special Service Area Bonds The special service area bonds outstanding as of December 31,2008 totaled $265,646. These bonds are not an obligation of the Village and are ssxured by the levy of special debt service on the real property within each special service area. The Village is in no way liable for repayment, but is only acting as the agent for the property owners in levying and collecting the assessments and forwarding the collections to the bondholders. This activity is accoimted for in an agency fiind. The Special Service Area (SSA) Bond Fund. Village of Glenview, IIIiEois Notes to Financial Statements December 31. 2008 Village of Glenview, Illinois Notra to Fmandal Statements Decamber 31.2008 NOTEH - INTERFUND BALANCES AND TRANSFERS (Continued) i, Inlerfund Balaacss (Continued) Bffld Corporate Pmpose Bond Series 2004 General WYTRH -MEEglJND BALANCES ANDTRANSEERS. 1. Interfimd Balances The outstanding balances between fiinds result mainly ftom the time lag between the dates that (I) imer&nd goods and services are provided or reimbursable expenditures occur, (2) transastioiis are recorded in the accounting system, and (3) pajments between fimds are made, taterfund balances are intended to be repaid currently ftom other resources of respective fimds. individMi interfend balances at Oecember 31, 2008 are shoivn as follows: Interfund Receivables 7,731 $ 7,731 1,864 1,864 - 36,207 1,939 - .. 38,146 1,570 - - 1,570 interfuBd 20,000 20,000 70,000 70,000 4,012 4,012 18,568 120 99,188 1,570 14,177 1,286 25,91! 160,820 4,261 1,064 5,325 Interfimd Receivables 114,841 $ 70,000 20,000 4,012 99,188 4,261 32,872 100 2,892 1,500,000 11,878 116,792 .. 1,976,836 18,568 1,064 906 - 20,538 Interfimd Payables 1,864 7,731 - - - .- - - - 161,237 170,832 36,207 .. . ! !4,S4! 10,727 20 161,795 Fund General Glen Caretaker Corporate Purpose Bond Series 2000 Corporate Purpose Bond Serira 2004 Capital Projects Glenview Water Wholesale Water North Maine Water and Sewer Glenview Sanitary Sewer Commuter Parking Capital Equipment Replacement Risk Management Joint Dispatch Municipal Equipment Repair Corporate Purpose Bond Series 2000 General Capital Projects Gener^ Glenview Water Glen Caretaker North Maine Water and Sewer General Wholesale Water Glenview Sanitaiy Sewer Commuter Parking Municipal Equipment Repair o Glen Caretaker Glenview Water Wholesale Water North Maine Water and Sewer Genera! Glenview Sanitary Sewer Commuter Parking Wholesale Water Glenview Water General Glen Caretaker (Continued)(Continued) Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 Village of Gienvlew, Illinois Notes to Financial Statements December 31.2008 NOTEH - JNTERFUND BALANCES AND TRANSFERS (Continued) I. Interfiind Balances (Continued) Fund North Maine Water and Sewer Glenview Water Genera! Glen Caretaker Municipal Equipment Repair NOTEii - INTERFUND BALANCES AND TRANSFERS (Contiiiued) \ Iti^rftind Bcjj^ces (Conlinued) Fund Capital Equipment Replacement General Interfijnd ReceivabSes 120 $ - - 120 10,727 14,177 - - 24.904 20 1,286 - 1,306 161,237 25 982 5,362 1,459 25,911 194,976 Interfiitid Payables 1,939 32,872 906 982 36,699 . 100 1,459 1,559 - 2,892 2,892 - - - - - Interfiuid Receivables - $ - - - - 2,267,991 (2,126,742) 141,249 S Interfiind Payables 1,500,000 1,500,000 11,878 5,362 17,240 116,792 116,792 25 25 2,267,991 (2,126,742) 141,249 Risk Management Genera! Municipal Equipment Repair Glenview Sanitary Sewer Glen Caretaker Glenview Water General Municipal Equipment Repair Joint Dispatch General Glen Redevelopment Municipal Equipment RepairCommuter Parking G!en Caretaker Glenview Water General Less amounts eliminated under GASB 34 Municipal Equipment Repair General Glen Redevelopment North Maine Water and Sewer Risk Management Glenview Sanitary Sewer Glenview Water Interfimd loans are made in anticipation of future receipts. (Continued) Village of Glenview, Illinois Notes to Financial Statements December 31.2008 Village of Glenview, Illinois Notes to Financial Statements December 31.2008 NOTEH - nfTERFUND BALANCES AND TRANSFERS (Coatiiiued) 3, Due to/from Component Unit (Continued) Fimd LibraFy General Village Pemanent Municipal Equipment Repair NOTEH - INTERFIJND BAIANCES AND TRANSFERS {ConUnusd) 2, ny ^n/ftnm Pension Trusts Eaid General Police Pension Firefighters' Pension s Due From - $ - 233,294 233,294 248,390 (30,192) Due To 15,000 96 15,096 - 248,390 (30,192) Due From 784 S 593 1,377 - - Due To - 784 784 593 593 Library New Building Village PermanentPolice Pension General Firefighters' Pension General Less amounts eliminated under GASB 34 Loans to component unit trusts are made in anticipation of ftture receipts. 4. intarfund.A^ygnces Fund Village Permanent Glen Land Sales hi 218,198 $ 218,1981.377 Loans to pension trusts are made in anticipation of future receipts, 3. niie to/from rnm;innellt Unit Fund Village Permanent Library General Library New Building Advances To S 15,133,674 $ 15,133,674 - 15,133,674 (!5,!33,674) Advances From - 15,133,674 15,133,674 15,133,674 (15,133,674) Due From 15,000 S 15,000 96 96 Due To 233,294 233,294 - Glen Land Sales Village Peimanent Municipal Equipment Repair Library General Less amounts eliminated under GASB 34 taterfiind advances are made in anticipation of future receipts. (Continued) Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 NOTEH - INTERFUND BALANCES AND TRANSFERS (Continued)NOTEH - INTERFUND BALANCES AND TRANSFERS (Cantinaed) 6. Interfund Transfers Transfers are used to (1) move revenues from the liind with collection aothorization to the capital project fiind or enterprise fwnd as debt serviee and interest payments become dae.^ or (2) move restricted general fiind revenues to finance various programs that the government must account for in ofter funds In accordance with budgetary authorization. Interfimd transfers are recorded for pentianent transfers between fiinds which are not expected to be repaid. Individual interfend transfers during the fiscal year ended December 31, 2008 were as follows: 5. Advances to/from Component Unit Advances To S 894,386 $ 894,386 - 15,000 15,000 Advances From 15,000 15,000 894,386 894,386 Fund Village Permanent Library New Building Transfers In 319,313 S 92,094 327,419 30,114 5,000 1,594,909 - - - 2,368,849 1,239,681 1,239,68! 1,724,794 1,724,794 718,642 718,642 Transfers Out - - - - 1,239,681 3,708,243 9,308 4,957,232 - - Library General Library New Building Fund General Glenview Water Wholesale Water North Maine Water and Sewer Glenview Sanitary Sewer Commuter Parking Capital Equipment Replacement Joint Dispatch Capital Projects Police Department Headquarters Library New Building Village Peimanent Library General 909,386 (15,000) 909,386 (15,000)Less amounts eliminated under GASB 34 894,386894,386 S Advances to component unit are made in anticipation of future receipts.joint Dispatch General Glen Caretaker Special Tax Allocation Glen Redevelopment Special Tax Allocation (Continued) Village Bf Glenview, Illinois Notes to Financial Statements Decembef31.2008 Village of Glenview, Illinois Hotss to Financial Statements December 31. 2008 NOTEH - jNTBRFI IND BALANCES AND TRANSFERS (ContinuMl) 6. Interfiind Transfers (Continued) Fund Risk Management Insurance Fund NOTEH - INTERFIJND BALANCES AND TRANSFERS (Continued) 6. hterfiMd Transfers (Continued) Fund Glen Capital Projects Glen Land Sales 2006A Bond Projects Transfers in 540,e00 $ 540,000 226,000 379,515 605,515 300,000 56,725 356,725 Transfers Out - 319,313 319,313 30,1 M 30,114 Transfers to 18,282 $ 1,500,000 1,518,282 3,760,000 3,760,000 3,708,243 300,000 3,932,623 159,135 409,940 8,509,941 9,308 9,308 625,257 625,257 Transfers Oyt - 1,724,794 718,642 2,443,436 379,515 56,725 436,240 - 3,932,623 226,000 300,000 4,458,623 Glenview Water Village Peimanant Capital Projects General Special Tax Allocation Olen Land Sales Glen Caretaker Glen Redevelopment Glenview Sanitary Sewer Village Permanent Capital Projects Genera! Capital Projects General Refiise and Recycling Village Permanent Gienview Water Glenview Sanitary Sewer Wholesale Water North Maine Water and Sewer Commuter Parking General Facilities Rqilacement 5,000 93,595 93,595 5,000 Wholesale Water General Capital Projects Police Department Headquarters General 92,094 159,135 251,229 Village Peimanent Glen Land Sales Capital Projects Glenview Water Glsnview Sanitary Sewer North Maine Water and Sewer General Capital Projects 327,419 409,940 737,359 (Continued)(Continued) Village of Glenview, Illinois Notes to Financial Statauents December3i. 2008 Villiige of Glenview, Illinffiis Notes to Financial Statements December 31. 2008 NOTE I - CONTRACTUAL COMMITMENTS !. High-Level Excess Liability Pool (HELP) The Village has committed to purchase excess liability insurance fTom the High-Level Excess Liability Poo! (HELP). The amount owed has been caiculatad using the Viliage's current allocation percentage of 8.95%. In fiiture years, this ailocation percentage will be subject to change because the HELP agreement provides that each member will be assessed an amount based upon a formula that uses the following criteria for allocating premium costs. NOTEH - INTERFUND BALANCES AND TRANSFERS (Continued) 6. Interliind Transfers (Continued) Fund Capital Equipment Replacement Gei^eral Transfers In $ - • - - - - - 22,070,589 (21,783,409) > 287,180 S Transfers Out 1,594,909 1,594,909 18,282 3,760,000 625,257 4,403,539 1,500,000 1,500,000 300,000 300,000 93,595 93,595 540,000 540,000 22,070,589 (21,783,409) 287,180 Gtan Land Sales Glen Capital Projects Specia! Tax Allocation Village Permanent - Miles of streets - Number of full-time equivalent employees - Number of motor vehicles - Operating revenues The Village's agreement with HELP also provides that each member is liable for its proportionate share of any costs arising from defeuils in payment obligations by other members. (See Note F-3 for more detail regarding HELP.) 2. Solid Waste Asencv of Northern Cook Countv (SWANCC) The Village is a member of a joint venture, the Solid Waste Agency of Northern Cook County (SWANCC) The contract with SWANCC provides that each member is liable for its proportionate share of any costs arising from defetilts in payment obligations by other members. 3. Economic Development Agreement 200SA Bond Projects Glen Capital Projects Refase and Recycling Capital Projects Facilities Replacement Commuter Parking b 2000, the Village entered into an economic development agreement with a local retailer who wished to relocate its operations to the Village. Under the terms of the agreement, the Village will rebate a portion of local sales tax receipts generated by the retailer over a base amount. The agreement is contingent on the retailer maintaining their facility within the Village for a period of at least fifteen years ftom the effective date of the agreement. In fiscal year 200S, the Village made payments to the retailer totaling $1,279,826, in accordance %vith the terms of this agreement. NOTE J • JOINT VENTURE - SOLID WASTE AGENCY OF NORTHERN COOK COUNTY The Village is a member of Solid Waste Agency of Northern Cook County (SWANCC), which consists of twenty- three municipalities. SWANCC is a municipal corpotBtion and public body politic established pursuant to the ConstitJition of the State of Illinois and the Intergovenunental Cooperation Act of the State of Illinois, as amended, (the Act). SWANCC is empowered under the Act to plan, coEistmct, finance, operate, and maintain a solid waste disposal system to serve its members. Insurance Risk Management Less amounts eliminated under GASB 34 Transfers are used to (I) move revenues from the fund that statute or budget requires to collect them to the fiind that statute or budget requires to expend them, (2) move receipts restricted to debt service from the fiinds collecting the receipts to the debt service fund as debt service payments become due, and (3) use unrestricted revenues collected in the general fbnd to finance various programs accounted for in other funds in accordance with budgetary authorization. village of Glenview, Illinois Notes to Financial Statements December 31.2008 Village of Glenview, Illinois Notes to Fifiancial Statements December 3 i. 2008 NOTEK - KMPl .OYEE RETIREMENT SYSTEMS (Continued) 1. llljnQK MiiniciDal Retimneot Fmj (Continued) c. Annual Pension Costs For 2008, the Village's annual pension cost of $1,619,690 was equal to ths Village's required and actual contributions. Thfj-a-Year Trend jnfw^a'i"" - 'Hmnis Municipal Retirement Fund yOTU jat'I2gglgf^:JSQ.'-:!" WASTE AGENCY OF NORTHERN COOK COUNH (Continued) m members form a contiguous geographic service area, which is located northwest of downtoM Chicago. Under the SWANCC Agreement, additional members may join SWANCC upon the approval of .ach member. SWANCC is governed by a Board of Directors, which consists of one appointed Mayor or President tarach Lmber m»iclality. Each Director has a« equal vote, m seven-mernber "™ ^^T^^ °"*^^^^ elected by the Board of Directors. The Board of Directors d«e™m« the general pohcy of SWANCC, mA^ ^1 approprialioiB, approves contracts, adopts resolutions providing for the issu»ca of bonds or notes by SWANCC Xts bylaws, rates and regulations, and exercises such powers and performs such duties as may be prescnbrf m the agieanent or the by laws. to accordance with the joint venture agreement, the Village remittai $736,047 to SWANCC for the year ended 2008. m^^I^rlrded in the Reiise and Recycling Fund, one of the Village's nommjor specai revere tods. The Village does not have an equity interest in SWANCC at December 31, 2008. Complete financial statements for SWANCC cm be obtained from SWANCC's administiative office at 2700 Patriot Boulevard, Suite 110, Olenview, lltaois 60026, or from SWANCC's web site, www.svi^cc.org. Percentage ofAPC ContribHted Net Pension Obligation ^inual Pension Cost(APC) Fiscal Year Ending 100% $ 100 100 1,619,690 1,718,062 1,618,642 12/30/Og 12/31/07 12/31/06 TTie required contributioii for 2008 was detemiined as part of the December 31, 2006 actuarial valuation using the entry age noraial actuarial cost method. The actuarial assumptions at December 31, 2006 included (a) 7 5% investment rate of return (net of administraUve and direct investment cKpenses), (b) projected salary increases of 4% a year, attributable to inflation, (c) additional projected salary increases ranging from 0.4% to 11 6% per year depending on age and service, attributable to seniority/merit, and (d) postredrement benefit increases of 3% annually. The actuarial value of IMRF ^sets was determined using techiuques that spread the effects of short-term volatility in the market value of investments over a five-year period with a 20% corridor betw^n the actuarial and market value of assets. Tlie plan's unfunded actuarial accnied liability is being amortized as a level percentage of projected payroll on a closed basis. The remaining amortization period at December 31, 2006 was 24 yeais. d. Funded Status anri Funding Progress As nf December 31, 2008. the most recent actuarial valuation date, the plan was 50.55% funded. The actuarial accrued liability for benefits was $33,814,187 and the actuarial value of assets was $17,094,534, resulting in an underfunded actuarial accrued liability (UAAL) of $16,719,653. The covered payroll (annual payroll of active employees covered by the plan) viss $16,344,000, and the ratio of the UAAL to covered payroll was 102.30%. Tlie schedule of fimding progress, presented as Required Supplementaiy Information following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. mm - EMELiyp-P- RETIREMENT SYSTEMS 1. Illinois Munit^ipal Retirement Fund ©s a. Ptam DescriBtion •fte Village's defined benefit pension plan, Illinois Mumcipal Retirement Fund (MRF), provide retirem^t and disability benefits, posttctirement increases, and death benefits to pta members ^d be«ficmr.es. toefit provisioi^ are established by statute and may only be changed by the General Assembly of the State of lllmois^ IMRF issues a publicly available financial import that includes financial statements and required supplementary infomation. That report may be obtained online at www.imrf.org. b. F^mdina Policv As set by statute, employees participating in IMRF are required to contribute 4.5% of their annual cover«! salary The Village is required by statute to contribute the amount necessary, m addition to member contributions, to fin^ce the retirement coverage of its own employees. The employer contnbuuon rate for Tetdar year 2008 was 9.91 % of annual covered payroU. The Village also contributes for d«ab>hty boiefits, death b Jefits and supplemental retirement benefits, ail of which ara pooled at the IMRF level. Contnbution ;^for disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement benefits rate is set by statute. Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 Village of Glenview, Illinois Notes to Financial Stotements December 31.200g NOTEK - EMPLOYEE RETIREMENT SYSTEMS (Contiiiued) 2. Police Pension Fund (Continued) a. Plan Description (Continued) State-mandated police employees are required to contribute 9.91% of their base salary to the plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2033, the Village's contributions roust accumulate to the point where the past service cost for the plan is fiilly funded. This calculation is based upon a level percent amortization for a closed period. b. Summary of Significant Accounting Policies Basis of Accounting The financial statements are prepared using the accrual basis of accounting. Employee and employer conuribotions are recognized as revenues in the period in which employee services are performed. Benefits and refonds are recogni2ed when due and payable in accordance with the temis of the plan. No staitd-alone statements are issued for the defined benefit pension plan. Method Used to Value Investments Investments are reported at feir value. Short-term investments aia reported at cost, v«hich approximates fair value. Scsiuities traded on a national or international exchange are valued at the last reported sales price at current exchange rates. Investments that do not have an established market are reported at estimated fair value. Actuarial Assumptions The actuarial assumptions included (a) 7.50% investment rate of return, (b) projected salary increases of 1.12% to 4.86% a year depending on age, and (c) cost of living increases of 3% a year. Signijtcant Investments There are no sigmBcant investments (other than U.S. Government-guaranteed obligations) in any one organization that represent 5% or more of net assets available for benefits. NOTEK - EMPLOYEE RETIREMENT SYSTEMS (Continued) 2. Police Pension Fund a. Plan Description Police-swom personnel are covered by the Police Pension Plan, which is a defined benefit single-employer pension plan. Although this is a single-employer pension plan, the defined benefits and employee and employer contribution levels are governed by Illinois State Statutes and may be amended only by the Illinois legislature. Administrative costs are financed through investment earnings. The Village accounts for the plan as a pension trust fund. No actuarial valuation was perfonned as of December 31, 2008, and, accordingly, the most recent available infomtation (December 31, 2007) has been presented. At December 31, 2007, the Police Pension Plan membership consisted of: Membership Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them Current employees: Vested Nonvested Total membership 40 54 22 116 The following is a summary of the Police Pension Plan as provided for in niiiiois State Statutes. The Police Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees attaining the age of 50 or more OTth 20 or more years of creditable service are entitled to receive an annual retirement benefit equal to one half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annnal benefit shall be increased by 2.5% of such salary for each additional year of service over 20 yrars up to 30 years, and 1% of such salary for each additional year of service over 30 years, to a maximom of 75% of such salary. Employees with at least eight years but less than 20 years of credited service may retire at or after age 60 and receive a reduced benefit. The monthly benefit of a police officer who retired with 20 or more years of service after January 1, 1977 shall be increased annually following the first anniversary date of retirement, and be paid upon reaching the age of at least 55 years, by 3% of the original pension and 3% simple interest amually thereafter. Effective January 1, 1993, the second and subsequent pension increases (other than disability pension increases) will be computed osi the current pension rather than the original pension. Viltage of Gleaview, Illinois Notes to Financial Statements December 31.2008 Village of Glenview, IlHnois Notes to Financial Statements December 31. 2008 NQTEK -PMPl.r>YF.F. RtiTlRFMENT SYSTEMS (Continued) 3. EiisMiteillasffliBJsd a. Plan DescriptJon Sworn fireigter personnel are covered by the Firefighters' Pension Plan, which is a defined benefit single- employer pension plan. Although this is a single-smployer peusioK plan, the defined benefits and employee and employer contribution levels are governed by Illinois State Statutes and may be amended only by the Illinois legislature. Administrative costs are financed throu^ investment eainings. The Village accounts for the plan as a pension tnist fiind. No actuarial raiuation was performed as of Itecember 31, 2008, and, accordingly, the most recent available information (December 31,2007) has been presented. NOTEK - gMPl nvF.!? RiSTiREMENT SYSTEMS (Continued) 2. Pnlice Pension Fund (Continued) c. Anmial Paisimi Cosit and Net Pension Benefit ITie Village's annual pension cost and net peiKion benefit to the Police Pension Fund were December 31,2008 as follows: Annual required contribution ^ Interest on net peission obligation Adjustment to annual required contribution Annual pension cost Less: Contributions made (Increase) in net pension benefit estimated at 1,151,490 (22,507) 12,963 1,141,946 1,393,628 (251,682) (300,097) At January I, 2008, the Firefighters' Pension Plan membership consisted of: ^^eniberehi£^ Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits tat not yet receiving them Current employees (on staff at December 31,2008): Vested Nonvested Total membership The following is a summary of the Firefighters' Pension Plan as provided for in Illinois State Statutes. The Firefighters' Pension Plan provides retirement benefits as well as death and disability benefits. Covered employees attaining the age of 50 or more with 20 or more years of creditable service are entitled to receivB an annual retirement benefit equal to one half of the salary attached to the rank held on the last day of service, or for one year prior to the last day, whichever is greater. The annual benefit shall be increased by 2.5% of such salary for each additional year of service over 20 years up to 30 years, and 1% of such salary for each additional year of service over 30 yeais, to a majdmum of 75% of such salary. Employees with at least eight years but less than 20 years of credited service naay retire at or after age 60 and receive a reduced benefit. The monthly benefit of a Firefighters' officer who retired with 20 or more years of service after January 1,1977 shall be incre^ed annually foUovmig the first anniveraaiy date of retirement, and be ptud upon reaching the age of at least 55 years, by 3% of the ori^nal pension and 3% simple interest annually thereafter. Effective January 1, 1993, the second and subsequent pension increases (other than disability pension increases) wil! be computed on the current pension rather than the original pension. 63Prepaid pension benefit at January 1, 200S Prepaid pension benefit at December 31,2008 d. IrendMannatiSB Three-Year Trend Information - Police Pension Trust Fund 49 3600 148 Net Pension Obligation (Benefit) Percentage ofAPC Contributed Annual Pension Cost (APC) Fiscal Year Ending Actual Contribution 1,141.946 $ 1,393,628 122.04%$ (551,779) 1,078,186 1,157,437 107.35 (300,097) 915,955 930,687 101.61 (220,846) 12/31/08 12/31/07 12/31/06 Village of Gleaview, IlMnois Notes to Financial Statements December 31. 2008 Village of GleB¥iew, Illinois Notes to Financial Statements December 31,2008 NOTEK - EMPLOYEE RETIREMENT SYSTEMS (Continued) 3. Firefighters' Pension Fund (Continued) c. Annual Pension Cost and Net Pension Benefit The Village's annual pension cost and net pension benefit to the Firefighters' Pension Fund were estimated at December 31,2008 as follows: NOTEK - EMPLOYEE RETIREMENT SYSTEMS (Continiied) 3. Firelighters' Pension Fund (Continued) a. Plan Description (Continued) Covered firefighter employees are required to contribute 9.455% of their base salary to the plan. If an employee leaves covered employment with less than 20 years of service, accumulated employee contributions may be refunded without accumulated interest. The Village is required to contribute the remaining amounts necessary to finance the plan as actuarially determined by an enrolled actuary. By the year 2033, the Village's contributions must accumulate to the point where the past service cost for the plan is fully finided. This calculation is based upon a level percent amortization for a closed period. b. Summary of Significant Accounting Policies Basis of Accounting •^ The financial statements are prepared using the accraai basis of accounting. Employes and employer I contributions are recognized as revenues in the period in which employee services arc perfomied. Benefits and \O refunds are recognized when due and payable in accordance with the temis of the plan. No stand-alone statements are issued for the defined benefit pension plan. Method Used to Value Investments Investments arc reported at fair value. Short-term investments are reported at cost, which approximates fair value. Securities traded on a national or international exchange are valued at the last reported sales price at current exchange mtes. Investments that do not have an established market are reported at estimated ^r value. Actuarial Assumptions and Notes The actuarial assumptions included (a) 7.50% investment rate of return, and <b) projected salary increases of 5.50% a year. Significant Investments There are no significant investments (other than U.S. Government-guaranteed obligations) in any one organization that represent 5% or more of net assets available for benefits. 1,987,548 (17,669) 17,434 1,987,313 1,805,026 182,287 (235,593) (53,306) Annu^ required contribution Interest on net pension obligation Adjustment to annual required contribution Annual pension cost Less: Contributions made Decrease in net pension benefit Prepaid pension benefit at Januajy 1,2008 Prepaid pension benefit at December 31, 2008 d. Trend Information Three-Year Trend Infonnation - Firefighters' Pension Tmst Fund Percentage ofAPC Contributed Net Pension Obligation (Benefit) Annual Pension Cost (APC) Fiscal Year Ending Actual Contribution 12/31/08 12/31/07 12/31/06 $1,987,313 $ 1,546,654 899,549 1,805,026 1,416,463 1,081,738 90.83% $ 91.58 120.25 (53,306) (235,593) (365,784) Village of Glenview, Illinois Notes to Financial Statements DecCTiber 31.2008 Village of Gleaview, Illinois Notes to Financial Statements December 31. 2008 NOTEL - OTHER POSTEMPLOYMENT BENEFITS (OPEB) (Continued) 3. Aimual OPEB Cost and Net OPEB ObliRation The Village first had an actuarial valuaUon performed for the plan as of December 31, 2007. No valuation was required to be performed for the plan as of December 31,2008. The Village's annual other postemployment benefit (OPEB) cost is calculated based on the annual required contribution (ARC) of the employer. The contribution represents a level of fiinding that, if paid on an ongoing basis, is projected to cover the normal cost each year and to amortize any unfimded actuarial liabilities or fiinding excess over a period not to exceed tWrty y^is. The following table shows the components of the Village's annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Village's net OPEB obligation to the Village's Health Insurance Plan for Retired Employees as of December 31, 2007 (most recent available data). fflyjTl- QTf-^a PnsTP.MP1.0YMENT BENEFITS (OPEB) 1. Plan Description The Village provides postemployment health care and life insurance benefts (OPEB) for retired employees through a single-employer defiiisd benefit plan. The benefits, benefit levels, employee contributions, and employer contributions are governed by the Village and can be amended by the Village through its personnel mmual and union contracts. The plan is not accounted for as a tnist faid, as as irrevocable trust has not been established to account for the plan. Tlie plan does not issue a separate report. To be eligible for benefits under the plan, an employee must qualify for retirement under one of the Village's retirement plans. Elected offidds are eligible for benefits if they qualify for retirement through the Illinois Municipal Retirement Fund. All health care benefits are provided through the Village's self-insured health plas. The benefit levels are the same as those afforded to active employees. Benefite include general inpatieat and outpatient medical services; mental, nervous, and substancs abuse care; vision care; dental c^e; and prescription. Upon a retires reaching Medicare eligible age. Medicare becomes the primary insurer and the Village's plan becomes secondary. Amount 718,000Annual Requiral Contribution (ARC) Interest on net OPEB obligation Adjustment to annual required contribution Annual OPEB cost Contributiora made Increase in OPEB obligation Net OPEB obligation at January 1, 2007 Net OPEB obligation at December 31,2007 718,000 At December 31,2008, membership in the Plan consisted of the following: Retirees and beneficiaries receiving benefits Terminated employees entitled to but not yet receiving benefits Active employees Total memberahip 4^ O Membership 105 49 303 <t. Trend Infomiation The Village's annual OPEB Cost, the percentage of annual OPEB cost contributed to the Plan, and the net OPEB obligation for fiscal year 2007 (most recent available data) is as follows: Trend Information - Other Postomplovment Benefits 457 2. Fiinctinp Poiicv The Village negotiates the contribution percentages between the Village and employees through the union contracts and personnel policy. All retirees contribute 100% of the actuarially deteimined premium to the plan and the Village contributes the remainder to cover the cost of providing the benefits to the retirees via the self-insurance plan day-as-yoa-ga). Stace the Village is seif-insared, Shis amount fluctuates on an annual basis. For the fecai year ended December 31, 2008, retirees contributed $695,821, and the Village made no contributions. Active employees do not contribute to the plan until retirement. Annual Percentage Net OPEB of OPEB OPEB Cost Contributed Obligation Fiscal Year Ending 718,00012/31/2007 $718,000 0.00% S Village of Glenview, Illinois Notes to Financial Statements December 31. 2008 Village of Gleaview, Illinois Notes to Financial Statements December 31.2008 NOTE N - CONTINGENCIES 1. Grants Amounts received or receivabie from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time. The Village believes such amounts, if any, to be immaterial. NOTEL - OTHER POSTEMPLOYMENT BENEFITS (OPEB) (Continued) 5. Funding Policy and Actuarial Assumptions Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of evente fm into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts detennined regarding the fimded status of the Plan and the annual required contributioiis of the employer are subject to continual revision as actual results are compared with past expectatioBS and asw estimates are made about the fiiture. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and the plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the ef&cts of short-tenn volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. 2. Litigation The Village has several pending legal proceedings that, in the opinion of management, are ordinary routine matters incidental to the nonnal business conducted by the Village. In the opinion of management, the outcome is neither probable nor estimable, and the ultimate dispositions of such proceedings are not expected to have a material adverse effect on the Village's net assets or activities. NOTE O - RESTATEMENTS 1. Firefighters' Pension Fund In 2008, the beginning net assets of the Firefighters' Pension Fund were restated to correct the recording of an investment that had bean sold during 2007. TIK effect of the restatement %vas to reduce the assets and net assets of the fimd by $746,724 as of January 1, 2008. 2. Component Unit - Library to 2008, the beginning net assets of the Component Unit - Library were restated to correct the recording of capital outlay expenses relating to construction of the new public library. The effect of the restatement was to increase the assets and net assets of the component unit by S350,391 at January 1, 2008. NQTR P - SUBSEQUENT EVENT On May 21, 2009, the Village issued $26,700,000 of bonds for the purpose of financing the construction of the new public library and special service area improvements. The actuarial assumptions included (a) 5% investoent rate of return, (b) healthcare inflation rate of 11% a year. Both rates include a 3% inflation assumption. The actuarial value of assets was not detennined as the Village has not advance fiinded its obligation. The plan's raifunded actuarial accrued liability is being amortized as a level percentage of projected payroll on a closed basis. The rsmaining amortization period at December 31, 2008 was 27 years. t • TERMINATION BENEFITS On April 10, 2007, the Village adopted an Early Retirement Incentive Program (ERI) offered by the Hlinois Municipal Retitement Fund (IMRF). For an employee to be eligible to retire under the ERI, the employee must have attained age fifiy and have at least twenty years of creditable service during the ERI window of July 1, 2007 to July 1, 2008, Thirty-six Village employees met the criteria. Under the ERJ program, the Village and the participating employee are required to contribute up to an additional five years of contributions to the plan giving the individuals additional creditable service of up to five years. Through December 31, 2007, fourteen Village employees accepted retirement under ERI for a total liability of $743,897. The liability for all participating employees was not available until the ERI window closed on July 1, 2008. While the Village amortizes its additional contribution over a ten-year period with iaterest charged annually on the remaining balance at 7.5%, it is the Village's intent to elimiiiate the crested liability sooner by utilizing savings generated by the ERJ, as well as using other one-time revenues which may become available. In accordance with GASB Statonent No. 47, she liability is not reported on the Village's financial statements and is recorded through its IMRP plan under the rules prescribed by GASB Statement No. 27. APPENDIX B DESCRIBING BOOK-ENTRY-ONLY ISSUANCE 1. The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds (the "Securities"). The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fiilly-registered Security certificate will be issued for each issue of the Securities, each in the aggregate principal amount of such issue, and will be deposited with DTC. 1. DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has Standard & Poor's highest rating: AAA. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com and www.dtc.org. 3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued. 4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee. Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. B-1 5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example. Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative. Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them. 6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. I. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Village as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy). 8. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Village or the Paying Agent, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, the Paying Agent, or the Village, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Village or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. 9. A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to any Tender/Remarketing Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant's interest in the Securities, on DTC's records, to any Tender/Remarketing Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC's records and followed by a book-entry credit of tendered Securities to any Tender/Remarketing Agent's DTC account. 10. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to the Village or the Paying Agent. Under such circumstances, in the event that a successor depository is not obtained. Security certificates are required to be printed and delivered. I1. The Village may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event. Security certificates will be printed and delivered to DTC. 12. The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that the Village believes to be reliable, but the Village takes no responsibility for the accuracy thereof. B-2 APPENDIX C BRAFT LEGAL OPINIONS SERIES 2009D BONDS PROPOSED FORM OF OPINION OF BOND COUNSEL [LETTERHEAD OF CHAPMAN AND CUTLER LLP] [TO BE DATED CLOSING DATE] We hereby certify that we have examined certified copy of the proceedings (the "Proceedings ") of the President and Board of Trustees of the Village of Glenview, Cook County, Illinois (the "Village"), passed preliminary to the issue by the Village of its fully registered General Obligation Refunding Bonds, Series 2009D (the "Bonds") to the amount of $11,840,000, dated October 15, 2009, of the denomination of $5,000 or authorized integral multiples thereof, and due serially on December 1 of the years and in the amounts and bearing interest at the rates percent per annum as follows: YEAR AMOUNT ($) RATE (%) 2010 2011 2012 2013 2014 2015 2016 2017 2018 Each Bond bears interest from the later of the dated date as stated above or from the most recent interest payment date to which interest has been paid or duly provided for, until the principal amount of each Bond, respectively, is paid or duly provided for, such interest (computed upon the basis of a 360-day year of twelve 30-day months) being payable on June 1 and December 1 of each year, commencing on June 1, 2010. [The Bonds maturing on December 1, 20_ and December 1, 20_ are issued as term bonds and are subject to mandatory redemption prior to maturity on December 1 of the years and in the amounts as follows, at a redemption price of par plus accrued interest to the date fixed for redemption: FOR THE 2O_ TERM BOND YEAR AMOUNT($) 20_ 20_ 20_ 20 20 (stated maturity) C-1 FOR THE 20 TERM BOND YEAR AMOUNT($) 20_ 20_ 20_ 20__ 20 (stated maturity)] The Bonds have been issued generally for the purpose of refunding certain outstanding General Obligation Bonds, Series 1998B, of the Village. From such examination, we are of the opinion that the Proceedings show lawful authority for the issuance of the Bonds under the laws of the State of Illinois now in force. We further certify that we have examined the form of Bond prescribed and find the same in due form of law, and in our opinion the Bonds, to the amount named, are valid and legally binding obligations of the Village, and all taxable property in the Village is subject to the levy of taxes to pay the same without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. It is our opinion that, subject to the Village's compliance with certain covenants, under present law, interest on the Bonds (i) is excludable from gross income of the owners thereof for federal income tax purposes and (ii) is not included as an item of tax preference in computing the alternative minimum tax for individuals and corporations under the Internal Revenue Code of 1986, as amended (the "Code"), but is taken into account in computing an adjustment used in determining the federal alternative minimum tax for certain corporations. Failure to comply with certain of such Village covenants could cause interest on the Bonds to be includable in gross income for federal income tax purposes retroactively to the date of issuance of the Bonds. Ownership of the Bonds may result in other federal tax consequences to certain taxpayers, and we express no opinion regarding any such collateral consequences arising with respect to the Bonds. We express no opinion herein as to the accuracy, adequacy or completeness of the Official Statement relating to the Bonds. In rendering this opinion, we have relied upon certifications of the Village with respect to certain material facts within the Village's knowledge. Our opinion represents our legal judgment based upon our review of the law and the facts that we deem relevant to render such opinion and is not a guarantee of a result. This opinion is given as of the date hereof and we assume no obligation to revise or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that may hereafter occur. C-2 TAXABLE SERIES 2009E BONDS PROPOSED FORM OF OPINION OF BOND COUNSEL [LETTERHEAD OF CHAPMAN AND CUTLER LLP] [TO BE DATED CLOSING DATE] We hereby certify that we have examined certified copy of the proceedings (the "Proceedings ") of the President and Board of Trustees of the Village of Glenview, Cook County, Illinois (the "Village"), passed preliminary to the issue by the Village of its fully registered General Obligation Refunding Bonds, Taxable Series 2009E (the "Bonds") to the amount of $28,260,000, dated October 15, 2009, of the denomination of $5,000 or authorized integral multiples thereof, due on December 1, 2013, and bearing interest at the rate of % per annum. Each Bond bears interest from the later of the dated date as stated above or from the most recent interest payment date to which interest has been paid or duly provided for, until the principal amount of each Bond, respectively, is paid or duly provided for, such interest (computed upon the basis of a 360-day year of twelve 30-day months) being payable on June 1 and December 1 of each year, commencing on June 1, 2010. The Bonds have been issued generally for the purpose of refunding certain General Obligation Bonds, Taxable Series 2006B, of the Village. From such examination, we are of the opinion that the Proceedings show lawful authority for the issuance of the Bonds under the laws of the State of Illinois now in force. We further certify that we have examined the form of Bond prescribed and find the same in due form of law, and in our opinion the Bonds, to the amount named, are valid and legally binding obligations of the Village, and all taxable property in the Village is subject to the levy of taxes to pay the same without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors' rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. It is our opinion that under present law, interest [(including accrued original issue discount)] on the Bonds is not excludable from gross income of the owners thereof for federal income tax purposes. Ownership of the Bonds may result in other federal income tax consequences to certain taxpayers. Bondholders should consult their own tax advisors concerning tax consequences of ownership of the Bonds. We express no opinion herein as to the accuracy, adequacy or completeness of the Official Statement relating to the Bonds. In rendering this opinion, we have relied upon certifications of the Village with respect to certain material facts within the Village's knowledge. Our opinion represents our legal judgment based upon our review of the law and the facts that we deem relevant to render such opinion and is not a guarantee of a result. This opinion is given as of the date hereof and we assume no obligation to revise or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that may hereafter occur. C-3 OFFICIAL BID FORM - SERIES 2009D BONDS (Open Speer Auction) October 6, 2009 Speer Financial, Inc.Village of Glenview 1225 Waukegan Road Glenview, Illinois 60025 Members of the Board of Trustees: For the $11,840,000* General Obligation Refunding Bonds, Series 2009D (the "Series 2009D Bonds"), of the Village of Glenview, Cook County, Illinois (the "Village"), as described in the annexed Official Notice of Sale, which is expressly made a part of this bid, we will pay you $ (no less than $11,768,960) plus accrued interest from Oetober 15, 2009, to the date of delivery for Series 2009D Bonds bearing interesTas followi^each rate a multiple of 1/8 or 1/100 of 1 %). The discount is subject to adjustment allowing the same $ gross spread per $1,000 bond as bid herein. MATURITIES* - DECEMBER 1 $ 300,000 2013 1,525,000 2014 1,525,000 2015 _% $1, 52 5, 000 2 016 ^% 1,525, 000 2017 % 1, 525, 000 2018 $1,625,000 2010 1,485,000 2011 805,000 2012 Any consecutive maturities may be aggregated into no more than four term bonds at the option of the bidder, in which case the mandatory redemption provisions shaii be on the same schedule as above. Term MaturityTerm Maturity Term Maturity Maturities: Maturities: Maturities: Maturities:Tenn Maturity The Series 2009D Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Chapman and Cutler LLP, Chicago, Illinois. The Village will pay for the legal opinion. The underwriter agrees to apply for CUSIP numbers within 24 hours atid pay the fee charged by the CUSIP Service Bureau and will accept the Series 2009D Bonds with the CUSIP tiutnbers as entered on the Series 2009D Bonds. As evidence of our good faith, we have wire transferred or enclosed herewith a check or Surety Bond payable to the order of the Treasurer of the Village in the amount of TWO PERCENT OF PAR (the "Deposit") under the terms provided in your Official Notice of Sale. Attached hereto is a list of metnbers of our account on whose behalf this bid is made. Form of Deposit Check One: Certified/Cashier's Check [ ] Financial Surety Bond [ ] Wire Transfer [ ] Amount: $236,800 Account Manager Name Address By City Direct Phone ( FAX Number ( E-Mail Address Information State/Zip ) ) Bidders Option Insurance We have purchased insurance from: Name of Insurer (Please fill in) Premium: Maturities: (Check One) [ J Years LJ Ail The foregoing bid was accepted and the Series 2009D Bonds sold by resolution of the Village on October 6, 2009, atid receipt is hereby acknowledged of the good faith Deposit which is being held in accordance with the terms of the annexed Offieial Notice of Sale. VILLAGE OF GLENVIEW, COOK COUNTY, ILLINOIS President"Subject to change. - NOT PART OF THE BID - (Calculation of true interest cost) Gross Interest Less Premium/Plus Discount True Interest Cost True Interest Rate TOTAL BOND YEARS AVERAGE LIFE Bid $ $ $ % 63,097.89 5.329 Years Post Sale Revision % Years OFFICIAL NOTICE OF SALE - SERIES 2009D BONDS $11,840,000* VILLAGE OF GLENVIEW Cook County, Illinois General Obligation Refunding Bonds, Series 2009D (Open Speer Auction) The Village of Glenview, Cook County, Illinois (the "Village"), will receive open auction electronic bids on the SpeerAuction CSpeerAuction") website address "www.SpeerAuction.com" for its $11,840,000* General Obligation Refunding Bonds, Series 2009D (the "Series 2009D Bonds"), on an all or none basis between 10:15 A.M. and 10:30 A.M., C.D.T., Tuesday, October 6, 2009. To bid, bidders must have: (!) completed the registration form on the SpeerAuction website, and (2) requested and received admission to the Village's sale (as described below). Award will be made or all bids rejected at a meeting of the Village Board on that date. The Village reserves the right to change the date or time for receipt of bids. Any such change shall be made not less than twenty-four (24) hours prior to the revised date and time for receipt of the bids for the Series 2009D Bonds and shall be communicated by publishing the changes in the Amendments Page of the SpeerAuction webpage and through Thompson Municipal News. The Series 2009D Bonds will constitute valid and legally binding obligations of the Village payable both as to principal and interest from ad valorem taxes levied against all taxable property therein without limitation as to rate or amount, except that the rights of the owners of the Series 2009D Bonds and the enforceability of the Series 2009D Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors' rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. Bidding Details Bidders should be aware of tlie following bidding details associated with tlie sale of the Series 2009D Bonds. (1) All bids must be submitted on the SpeerAuction website at www. SpeerAuction. com. No telephone, telefax or personal delivery bids will be accepted. The use of SpeerAuction shall be at the bidder's risk and expense and the Village shall have no liability with respect thereto, including (without limitation) liability with respect to incomplete, late arriving and non-arriving bid. Any questions regarding bidding on the SpeerAuction website should be directed to tlie Auction Administrator, Grant Street Group, at (412) 391-5555 x 370. (2) If any new bid in the auction becomes a leading bid two (2) minutes prior to the end of the auction, then the auction will be automatically extended by two (2) minutes from the time such bid was received by SpeerAuction. The auction end time will continue to be extended, indefinitely, until a single leading bid remains the leading bid for at least two minutes. (3) Bidders may change and submit bids as many times as they like during the bidding time period; provided, however, each and any bid submitted subsequent to a bidder's initial bid must result in a lower true interest cost ("TIC") with respect to a bid, when compared to the immediately preceding bid of such bidder. In the event that the revised bid does not produce a lower TIC with respect to a bid, the prior bid will remain valid. (4) The last bid submitted by a bidder before the end of the bidding time period will be compared to all other final bids submitted by others to determine the wiiming bidder or bidders. (5) During the bidding, no bidder will see any other bidder's bid, but bidders will be able to see the ranking of their bid relative to other bids (i.e., "Leader", "Cover", "3™" etc.) (6) On the Auction Page, bidders will be able to see whether a bid has been successfully submitted. Rules of SpeerAuction Bidders must comply with the Rules of SpeerAuction in addition to the requirements of this Official Notice of Sale. To the extent there ts a conflict between the Rules of SpeerAuction and this Official Notice of Sale, this Official Notice of Sale shall control. *Subjea to change. Village of Glenview, Cook County, Illinois $11,840,000* General Obligation Refunding Bonds, Series 2009D Official Notice of Sale, Page 2 of 4 * Subject to change. Rules (1) A bidder ("Bidder") submitting a winning bid ("Winning Bid") is irrevocably obligated to purchase the Series 2009D Bonds at the rates and prices of the winning bid, if acceptable to the Village, as set forth in the related Official Notice of Sale. Winning Bids are not officially awarded to Winning Bidders until formally accepted by the Village. (2) Neither the Village, Speer Financial, Inc., nor Grant Street Group (the "Auction Administrator") is responsible for technical difficulties that result in the loss of the Bidder's internet connection with SpeerAuction, slowness in transmission of bids, or other technical problems. (3) If for any reason a Bidder is disconnected from the Auction Page during the auction after having submitted a Winning Bid, such bid is valid and binding upon such Bidder, unless the Village exercises its right to reject bids, as set forth herein. (4) Bids which generate error messages are not accepted until the error is corrected and the bid is received prior to the deadline. (5) Bidders accept and agree to abide by all terms and conditions specified in the Official Notice of Sale (including amendments, if any) related to the auction. (6) Neither the Village, Speer Financial, Inc., nor the Auction Administrator is responsible to any bidder for any defect or inaccuracy in the Official Notice of Sale, amendments, or Preliminary Official Statement as they appear on SpeerAuction. (7) Only Bidders who request and receive admission to an auction may submit bids. SpeerAuction and the Auction Administrator reserve the right to deny access to SpeerAuction website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in their sole and absolute diseretion. (8) Neither the Village, Speer Financial, Inc., nor the Auction Administrator is responsible for protecting the confidentiality of a Bidder's SpeerAuction password. (9) If two bids submitted in the same auction by two or more different Bidders result in same True Interest Cost, the first confirmed bid received by SpeerAuction prevails. Any change to a submitted bid constitutes a new bid, regardless of whether there is a corresponding change in True Interest Cost. (10) Bidders must compare their final bids to those shown on the Observation Page immediately after the bidding time period ends, and if they disagree with the final results shown on the Observation Page they must report them to the Auction Administrator within 15 minutes after the bidding time period ends. Regardless of the final results reported by SpeerAuction, Series 2009D Bonds are definitively awarded to the winning bidder only upon official award by the Village. If, for any reason, the Village fails to: (i) award Series 2009D Bonds to the winner reported by SpeerAuction, or (ii) deliver Series 2009D Bonds to winning bidder at settlement, neither the Village, Speer Financial, Inc., nor the Auction Administrator will be liable for damages. The Village reserves the right to reject all proposals, to reject any bid proposal not conforming to this Official Notice of Sale, and to waive any irregularity or informality with respect to any proposal. Additionally, the Village reserves the right to modify or amend this Official Notice of Sale; however, any such modification or amendment shall not be made less than twenty-four (24) hours prior to the date and time for receipt of bids on the Series 2009D Bonds and any such modification or amendment will be announced on the Amendments Page of the SpeerAuction webpage and through Thompson Municipal News. The Series 2009D Bonds will be in fully registered form in the denominations of $5,000 and integral multiples thereof, registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, to which principal and interest payments on the Series 2009D Bonds will be paid. Individual purchases will be in book-entry form only. Interest on each Series 2009D Bond shall be paid by check or draft of the Bond Registrar to the person in whose name such bond is registered at the close of business on the fifteenth day of the month next preceding an interest payment date. The principal of the Series 2009D Bonds shall be payable in lawful money of the United States of America at the principal corporate trust office of the Bond Registrar in Chicago, Illinois. Semiannual interest is due June 1 and December 1 of each year commencing June 1, 2010, and is payable by Wells Fargo Bank, N.A., Chicago, Illinois (the "Bond Registrar"). The Series 2009D Bonds are dated October 15, 2009. MATURITIES* - DECEMBER 1 $1,625,000 2010 $ 300,000 2013 $1,525,000 2016 1,485,000 2011 1,525,000 2014 1,525,000 2017 805,000 2012 1,525,000 2015 1, 525, 000 2018 Any consecutive maturities may be aggregated itrto no more than four term bonds at the option of the bidder, in which case the mandatory redemption provisions shall be on the same schedule as above. The Series 2009D Bonds are not subject to optional redemption prior to maturity. All interest rates must be in multiples of one-eighth or one one-hundredth of one percent (1/8 or 1/100 of 1 %), and not more than one rate for a single maturity shall be specified. The rates bid shall be in non-descending order. The differential between the highest rate bid and the lowest rate bid shall not exceed two percent (2%). All bids must be for all of the Series 2009D Bonds, must be for not less than $11,768,960, plus accrued interest from the dated date to the date of delivery, to the date of delivery. * Subject io change. Village of Glenview, Cook County, Illinois $J 1,840,000* General Obligation Refunding Bonds, Series 2009D Official Notice ofSaie, Page 3 of 4 *Subject to change. Award of the Series 2009D Bonds: The Series 2009D Bonds will be awarded on the basis of true interest cost, determined in the following manner. True interest cost shall be computed by determining the aimual interest rate (compounded semi-annually) necessary to discount the debt service payments on the Series 2009D Bonds from the payment dates thereof to the dated date and to the bid price. For the purpose of calculating true interest cost, the Series 2009D Bonds shall be deemed to become due in the principal amounts and at the times set forth in the table of maturities set forth above. In the event two or more qualifying bids produce the identical lowest true interest cost, the winning bid shall be the bid that was submitted first in time on the SpeerAuction webpage. The Series 2009D Bonds will be awarded to the bidder complying with the terms of this Official Notice of Sale whose bid produces the lowest true interest cost rate to the Village as determined by the Village's Financial Advisor, which determination shall be conclusive and binding on all bidders; provided, that the Village reserves the right to reject all bids or any non^onforming bid and reserves the right to waive any informality in any bid. Bidders should verify the accuracy of their final bids and compare them to the winning bids reported on the SpeerAuetion Observation Page immediately after the bidding. The discount, if any, is subject to pro rata adjustment if the maturity amounts of the Series 2009B Bonds are changed, allowing the same dollar amount of profit per $1,000 bond as submitted on the Official Bid Form. The dollar amount of profit must be written on the Official Bid Form for any adjustment to be allowed, and is subject to verification. The true interest cost of each bid will be computed by SpeerAuetion and reported on the Observation Page of the SpeerAuetion webpage immediately following the date and time for receipt of bids. These true interest costs are subject to verification by the Village's Financial Advisor, will be posted for information puiposes only and will not signify an actual award of any bid or an official declaration of the winning bid. The Village or its Financial Advisor will notify the bidder to whom the Series 2009D Bonds will be awarded, if and when such award is made. The winning bidder will be required to make the standard filings and maintain the appropriate records routinely required pursuant to MSRB Rules G-8, G41 and G-36. The winning bidder will be required to pay the standard MSRB charge for Series 2009D Bonds purchased. In addition, the winning bidder who is a member of the Securities Industry and Financial Markets Association ("SIFMA") will be required to pay SIFMA's standard charge per bond. Each bid shall be accompanied by a certified or cashier's check on, or a wire transfer from, a solvent bank or trust company or a Financial Surety Bond for TWO PERCENT OF PAR payable to the Treasurer of the Village as evidence of good faith of the bidder (the "Deposit"). The Deposit of the successful bidder will be retained by the Village pending delivery of the Series 2009D Bonds and all others will be promptly returned. Should the successful bidder fail to take up and pay for the Series 2009D Bonds when tendered in accordance with this Notice of Sale and said bid, said Deposit shall be retained as full and liquidated damages to the Village caused by failure of the bidder to carry out the offer of purchase. Such Deposit will otherwise be applied on the purchase price upon delivery of the Series 2009D Bonds. No interest on the Deposit will accrue to tlie purchaser. If a wire transfer is used for the Deposit, it must be sent according to the following wire instructions: Amalgamated Bank of Chicago Corporate Trust One West Monroe, 3'" Floor Chicago, IL 60603 ABA # 071003405 Credit to: DDA # 150002305 Further Credit to: 1853281001 Speer Bidding Escrow RE: [name of bidder] bid for Village of Glenview, Cook County, Illinois $11,840,000* General Obligation Refunding Bonds, Series 2009D The wire shall arrive in such account no later than 30 minutes prior to the date and time of the sale of the Series 2009D Bonds. Contemporaneously with such wire transfer, the bidder shall send an email to biddingescrow@aboc.com with the following information: (1) indication that a wire transfer has been made, (2) the amount of the wire transfer, (3) the issue to which it applies, and (4) the return wire instructions if such bidder is not awarded the Series 2009D Bonds. The Village and any bidder who chooses to wire the Deposit hereby agree irrevocably that Speer Financial, Inc. ("Speer") shall be the escrow holder of the Deposit wired to such account subject only to these conditions and duties: (i) if the bid is not accepted, Speer shall, at its expense, promptly return the Deposit amount to the unsuccessful bidder; (ii) if the bid is accepted, the Deposit shall be forwarded to the Village; (iii) Speer shall bear all costs of maintaining the escrow account and returning the funds to the bidder; (iv) Speer shall not be an insurer of the Deposit' amount and shall have no liability except if it willfully fails to perform, or recklessly disregards, its duties specified herein; and (v) income earned on the Deposit, if any, shall be retained by Speer. If a Financial Surety Bond is used for the Deposit, it must be from an insurance company licensed to issue such a bond in the State of Illinois and such bond must be submitted to Speer prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose deposit is guaranteed by such Financial Surety Bond. If the Series 2009D Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to the Village in the form of a certified or cashier's check or wire transfer as instructed by Speer, or the Village not later than 3:00 P.M. on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the Village to satisfy the Deposit requirement. '-^Subject to change. Village of Glenview, Cook County, Illinois $11,840,000* General Obligation Refimding Bonds, Series 2009D Official Notice of Sale, Page 4 of 4 *Subject to change. The Village covenants and agrees to enter into a written agreement or contract, constituting an undertaking (the "Undertaking") to provide ongoing disclosure about the Village for the benefit of the beneficial owners of the Series 2009D Bonds on or before the date of delivery of the Series 2009D Bonds as required under Section (b)(5) of Rule 15c2-12 (the "Rule") adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Undertaking shall be as described in the Official Statement, with such changes as may be agreed in writing by the Underwriter. The Village has not previously been required to deliver an undertaking pursuant to the Rule. The Underwriter's obligation to purchase the Series 2009D Bonds shall be conditioned upon the Village delivering the Undertaking on or before the date of delivery of the Series 2009D Bonds. By submitting a bid, any bidder makes the representation that it understands Bond Counsel represents the Village in the Series 2009D Bond transaction and, if such bidder has retained Bond Counsel in an unrelated matter, such bidder consents to and waives any conflict of interest arising from any adverse position to the Village in this matter; such consent and waiver shall supersede any formalities otherwise required in any separate understandings, guidelines or contractual arrangements between the bidder and Bond Counsel. The Series 2009D Bonds will be delivered to the successful purchaser against full payment in immediately available funds as soon as they can be prepared and executed, which is expected to be on or about October 21, 2009. Should delivery be delayed beyond sixty (60) days from the date of sale for any reason beyond the control of the Village except failure of performance by the purchaser, the Village may cancel the award or the purchaser may withdraw the good faith deposit and thereafter the purchaser's interest in and liability for the Series 2009D Bonds will cease. The Official Statement, when ftirther supplemented by an addendum or addenda specifying the maturity dates, principal amounts, and interest rates of the Series 2009D Bonds, and any other information required by law or deemed appropriate by the Village, shall constitute a "Final Official Statement" of the Village with respect to the Series 2009D Bonds, as that term is defined in the Rule. By awarding the Series 2009D Bonds to any underwriter or underwriting syndicate, the Village agrees that, no more than seven (7) business days after the date of such award, it shall provide, without cost to the senior managing underwriter of the syndicate to which the Series 2009D Bonds are awarded, up to 100 copies of the Final Official Statement to permit each "Participating Underwriter" (as that term is defined in the Rule) to comply with the provisions of such Rule. The Village shall treat the senior managing underwriter of the syndicate to which the Series 2009D Bonds are awarded as its designated agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Series 2009D Bonds agrees thereby that if its bid is accepted by the Village it shall enter into a contractual relationship with all Participating Underwriters of the Series 2009D Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. By submission of its bid, the senior managing underwriter of the successful bidder agrees to supply all necessary pricing information and any Participating Underwriter identification necessary to complete the Official Statement within 24 hours after award of the Series 2009D Bonds. Additional copies of the Final Official Statement may be obtained by Participating Underwriters from the printer at cost. The Village will, at its expense, deliver the Series 2009D Bonds to the purchaser in New York, New York, through the facilities of DTC and will pay for the bond attorney's opinion. At the time of closing, the Village will also furnish to the purchaser the following documents, each dated as of the date of delivery of the Series 2009D Bonds: (1) the unqualified opinion of Chapman and Cutler LLP, Chicago, Illinois, that the Series 2009D Bonds are lawful and enforceable; (2) the opinion of said attorneys that the interest on the Series 2009D Bonds is exempt from federal income taxes as and to the extent set forth in the Official Statement for the Series 2009D Bonds; and (3) a no litigation certificate by the Village. The Village does not intend to designate the Series 2009D Bonds as "qualified tax-exempt obligations" pursuant to the small issuer exception provided by Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. The Village has authorized the printing and distribution of an Official Statement containing pertinent information relative to the Village and the Series 2009D Bonds. Copies of such Official Statement or additional information may be obtained from Ms. Deborah A. Lubbat, Senior Financial Manager, Village of Glenview, 1225 Waukegan Road, Glenview, Illinois 60025; telephone (847) 904-4394 or an electronic copy of this Official Statement is available from the www.speerfmancial.com web site under "Debt Auction Center/Official Statement Competitive Sales Calendar" from the Independent Public Finance Consultants to the Village, Speer Financial, Inc., One North LaSalle Street, Suite 4100, Chicago, Illinois 60602, telephone (312) 346-3700. A/ KERRY D. CUMMINGS Village President VILLAGE OF GLENVIEW Cook County, Illinois A/ TODD HILEMAN Village Manager, Village Clerk and Village Treasurer VILLAGE OF GLENVIEW Cook County, Illinois A/ RON AMEN hiterim Chief Fitrancial Officer VILLAGE OF GLENVIEW Cook County, Illinois OFFICIAL BID FORM - TAXABLE SERIES 2009E BONDS (Open Speer Auction) October 6, 2009 Speer Financial, Inc. Village of Glenview 1225 Waukegan Road Glenview, Illinois 60025 Members of the Board of Trustees: For the $28,260,000* General Obligation Refunding Bonds, Taxable Series 2009E (the "Taxable Series 2009E Bonds"), of the Village of Glenview, Cook County, Illinois (the "Village"), as described in the annexed Official Notice of Sale, which is expressly made a part of this bid, we will pay you $ (no less than $28,033,920) plus accmed interest from October 15, 2009, to the date of delivery for Taxable Series 2009E Bonds bearing interest as follows (a multiple of 1/8 or 1/100 of 1 %). The discount is subject to adjustment allowing the same $ gross spread per $1,000 bond as bid herein. MATURITY* -DECEMBER 1 $28,260,000 2013 % The Taxable Series 2009E Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinion of Chapman and Cutler LLP, Chicago, Illinois. The Village will pay for the legal opinion. The underwriter agrees to apply for CUSIP numbers within 24 hours and pay the fee charged by the CUSIP Service Bureau and will accept the Taxable Series 2009E Bonds with the CUSIP numbers as entered on the Taxable Series 2009E Bonds. As evidence of our good faith, we have wire transferred or enclosed herewith a check or Surety Bond payable to the order of the Treasurer of the Village in the amount of TWO PERCENT OF PAR (the "Deposit") under the terms provided in your Official Notice of Sale. Attached hereto is a list of members of our account on whose behalf this bid is made. Bidders Option InsuranceAccount Manager InformationForm of Deposit Check One: Certified/Cashier's Check [ ] Financial Surety Bond [ ] Wire Transfer [ ] Amount: $565,200 Name Address By City Direct Phone ( FAX Number ( E-Mail Address State/Zip ) ) We have purchased insurance from: Name of Insurer (Please fillin) Premium: Maturities: (Check One) LI Years LJ All The foregoing bid was accepted and the Taxable Series 2009E Bonds sold by resolution of the Village on October 6, 2009, and receipt is hereby acknowledged of the good faith Deposit which is being held in accordance witli the terms of the annexed Official Notice of Sale. VILLAGE OF GLENVIEW, COOK COUNTY, ILLINOIS President*Subject to change. • NOT PART OF THE BID • (Calculation of true interest cost) Gross Interest Less Premium/Plus Discount True Interest Cost True Interest Rate TOTAL BOND YEARS AVERAGE LIFE Bid $ $ $ % 116,651.00 4.128 Years Post Sale Revision % Years OFFICIAL NOTICE OF SALE - TAXABLE SERIES 2009E BONDS $28,260,000* VILLAGE OF GLENVIEW Cook County, Illinois General Obligation Refunding Bonds, Taxable Series 2009E (Open Speer Auction) The Village of Glenview, Cook County, Illinois (the "Village"), will receive open auction electronic bids on the SpeerAuction ("SpeerAuction") website address "www.SpeerAuction.com" for its $28,260,000* General Obligation Refunding Bonds, Taxable Series 2009E (the "Taxable Series 2009E Bonds"), on an all or none basis between 9:30 A.M. and 9:45 A.M., C.D.T., Tuesday, October 6, 2009. To bid, bidders must have: (1) completed the registration form on the SpeerAuction website, and (2) requested and received admission to the Village's sale (as described below). Award will be made or all bids rejected at a meeting of the Village Board on that date. The Village reserves the right to change the date or time for receipt of bids. Any such change shall be made not less than twenty4bur (24) hours prior to the revised date and time for receipt of the bids for the Taxable Series 2009E Bonds and shall be communicated by publishing the changes in the Amendments Page of the SpeerAuction webpage and through Thompson Municipal News. The Taxable Series 2009E Bonds will constitute valid and legally binding obligations of the Village payable both as to principal and interest from ad valorem taxes levied against all taxable property therein without limitation as to rate or amount, except that the rights of the owners of the Taxable Series 2009E Bonds and the enforceability of the Taxable Series 2009E Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors' rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. Bidding Details Bidders should be aware of the following bidding details associated with the sale of the Taxable Series 2009E Bonds. (7) All bids must be submitted on the SpeerAuction website at www. SpeerAuction. com. No telephone, telefax or personal delivery bids will be accepted. The use of SpeerAuction shall be at the bidder's risk and expense and the Village shall have no liability with respect thereto, including (without limitation) liability with respect to incomplete, late arriving and non-arriving bid. Any questions regarding bidding on the SpeerAuction website should be directed to the Auction Administrator, Grant Street Group, at (412) 391-5555 x 370. (8) If any new bid in the auction becomes a leading bid two (2) minutes prior to the end of the auction, then the auction will be automatically extended by two (2) minutes from the time such bid was received by SpeerAuction. The auction end time will continue to be extended, indefinitely, until a single leading bid remains the leading bid for at least two minutes. (9) Bidders may change and submit bids as many times as they like during the bidding time period; provided, however, each and any bid submitted subsequent to a bidder's initial bid must result in a lower true interest cost ("TIC") with respect to a bid, when compared to the immediately preceding bid of such bidder. In the event that the revised bid does not produce a lower TIC with respect to a bid, the prior bid will remain valid. (10) The last bid submitted by a bidder before the end of the bidding time period will be compared to all other final bids submitted by others to determine the winning bidder or bidders. (11) During the bidding, no bidder will see any other bidder's bid, but bidders will be able to see the ranking of their bid relative to other bids (i.e., "Leader", "Cover", "3'''" etc.) (12) On the Auction Page, bidders will be able to see whether a bid has been successfully submitted. Rules of SpeerAuction Bidders must comply with the Rules of SpeerAuction in addition to the requirements of this Official Notice of Sale. To the extent there is a conflict between the Rules of SpeerAuction and this Official Notice of Sale, this Official Notice of Sale shall control. *Subject to change. Village of Glenview, Cook County, Illinois $28,260,000* General Obligation Refunding Bonds, Taxable Series 2009E Official Notice of Sale, Page 2 of 4 *Subjecl to change. Rules (11) A bidder ("Bidder") submitting a winning bid ("Winning Bid") is irrevoeably obligated to purchase the Taxable Series 2009E Bonds at the rates and prices of the wimihig bid, if acceptable to the Village, as set forth in the related Official Notice of Sale. Winning Bids are not officially awarded to Winning Bidders until formally accepted by the Village. (12) Neither the Village, Speer Financial, Inc., nor Grant Street Group (the "Auction Administrator") is responsible for technical difficulties tliat result in the loss of the Bidder's internet connection with SpeerAuction, slowness in transmission of bids, or other technical problems. (13) If for any reason a Bidder is disconnected from the Auction Page during the auction after having submitted a Winning Bid, such bid is valid and binding upon such Bidder, unless the Village exercises its right to reject bids, as set forth herein. (14) Bids which generate error messages are not accepted until the error is eorrccted and the bid is received prior to the deadline. (15) Bidders aeeept and agree to abide by all terms and conditions specified in the Official Notice of Sale (including amendments, if any) related to the auction. (16) Neitlier the Village, Speer Financial, Inc., nor the Auction Administrator is responsible to any bidder for any defect or inaccuracy in the Official Notice of Sale, amendments, or Preliminary Official Statement as they appear on SpeerAuction. (17) Only Bidders who request and receive admission to an auction may submit bids. SpeerAuction and the Auetion Administrator reserve the right to deny aeeess to SpeerAuction website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in their sole and absolute discretion. (18) Neither the Village, Speer Financial, Inc., nor the Auction Administrator is responsible for protecting the confidentiality of a Bidder's SpeerAuction password. (19) If two bids submitted in the same auction by two or more different Bidders result in same True Interest Cost, the first confirmed bid received by SpeerAuetion prevails. Any ehange to a submitted bid constitutes a new bid, regardless of whether there is a corresponding change in True Interest Cost. (20) Bidders must eompare their final bids to those shown on the Observation Page immediately after the bidding time period ends, and if they disagree with the final results shown on the Observation Page they must report tliem to tlie Auction Administrator within 15 minutes after the bidding time period ends. Regardless of tlie final results reported by SpeerAuetion, Taxable Series 2009E Bonds are definitively awarded to the winning bidder only upon official award by the Village. If, for any reason, the Village fails to: (i) award Taxable Series 2009E Bonds to the winner reported by SpeerAuction, or (ii) deliver Taxable Series 2009E Bonds to winning bidder at settlement, neither the Village, Speer Financial, Inc., nor the Auction Administrator will be liable for damages. The Village reserves the right to reject all proposals, to reject any bid proposal not conforming to this Official Notice of Sale, and to waive any irregularity or informality with respect to any proposal. Additionally, the Village reserves the right to modify or amend this Official Notice of Sale; however, any such modification or amendment shall not be made less than twenty-four (24) hours prior to the date and time for reeeipt of bids on the Taxable Series 2009E Bonds and any such modification or amendment will be announced on the Amendments Page of the SpeerAuction webpage and through Thompson Municipal News, The Taxable Series 2009E Bonds will be in fully registered form in the denominations of $5,000 and integral multiples thereof, registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, to which prineipa! and interest payments on the Taxable Series 2009E Bonds will be paid. Individual purchases will be in book-entry form only. Interest on each Taxable Series 2009E Bond shall be paid by check or draft of the Bond Registrar to the person in whose name such bond is registered at the close of business on the fifteenth day of the month next preeeding an interest payment date. The principal of the Taxable Series 2009E Bonds shall be payable in lawful money of the United States of Ameriea at the principal corporate trust offiee of the Bond Registrar in Chicago, Illinois. Semiannual interest is due June 1 and December 1 of eaeh year commencing June 1, 2010, and is payable by Wells Fargo Bank, N.A., Chicago, Illinois (tlie "Bond Registrar"). The Taxable Series 2009E Bonds are dated October 15, 2009. MATURITY* -DECEMBER 1 $28,260,000 2013 The Series 2009E Bonds are not subject to optional redemption prior to maturity. The interest rate must be a multiple of one-eighth or one one-hundredth of one percent (1/8 or 1/100 of 1%). All bids must be for all of the Taxable Series 2009E Bonds, must be for not less than $28,033,920, plus accrued interest from the dated date to the date of delivery. *Subject to change. Village of Glenview, Cook County, Illinois $28,260,000* General Obligation Refunding Bonds, Taxable Series 2009E Official Notice of Sale, Page 3 of 4 *Subject to change. Award of the Taxable Series 2009E Bonds: The Taxable Series 2009E Bonds wUI be awarded on the basis of trae interest cost, determined in the following manner. True interest cost shall be computed by determining the annual interest rate (compounded semi-amiually) necessary to discount the debt service payments on the Taxable Series 2009E Bonds from the payment dates thereof to the dated date and to the bid price. For the purpose of calculating true interest cost, the Taxable Series 2009E Bonds shall be deemed to become due in the principal amounts and at the times set forth m the table of maturities set forth above. In the event two or more qualifying bids produce the identical lowest true interest cost, the winning bid shall be the bid that was submitted first in time on the SpeerAuction webpage. The Taxable Series 2009E Bonds will be awarded to the bidder complying with the terms of this Official Notice of Sale whose bid produces the lowest true interest cost rate to the Village as determined by the Village's Financial Advisor, which determination shall be conclusive and binding on all bidders- provided, that the Village reserves the right to reject all bids or any non-conforming bid and reserves the right to waive any informality m any bid. Bidders should verify the accuracy of their final bids and compare them to the winning bids reported on the SpeerAuction Observation Page immediately after the bidding. The discount, if any, is subject to pro rata adjustment if the maturity amounts of the Taxable Series 2009E Bonds are changed, aUowing the same doUar amount of profit per $1,000 bond as submitted on the Official Bid Form. Tbe dollar amount of profit must be written on the Official Bid Form for any adjustment to be allowed, and is subject to verification. The true interest cost of each bid will be computed by SpeerAuction and reported on the Observation Page of the SpeerAuction webpage immediately following the date and time for receipt of bids. These true interest costs are subject to verification by the Village's Financial Advisor, wUl be posted for information purposes only and wUl not signify an actual award of any bid or an official declaration of the winning bid. The Village or its Financial Advisor will notify the bidder to whom the Taxable Series 2009E Bonds will be awarded, if and when such award is made. The winning bidder will be required to make the standard filings and maintain the appropriate records routinely required pursuant to MSRB Rules G-8 G-U and G-36. The winning bidder will be required to pay the standard MSRB charge for Taxable Series 2009E Bonds purchased. In addition, the winning bidder who is a member of the Securities Industry and Financial Markets Association ("SIFMA") will be required to pay SIFMA's standard charge per bond. Each bid shall be accompanied by a certified or cashier's check on, or a wire transfer from, a solvent bank or trust company or a Financial Surety Bond for TWO PERCENT OF PAR payable to the Treasurer of tie Village as evidence of good faith of the bidder (the "Deposit"). The Deposit of the successful bidder will be retained by the Village pending delivery of the Taxable Series 2009E Bonds and all others will be promptly returned. Should the successful bidder fail to take up and pay for the Taxable Series 2009E Bonds when tendered in accordance with this Notice of Sale and said bid, said Deposit shall be retained as full and liquidated damages to the Village caused by failure of the bidder to carry out the offer of purchase. Such Deposit wffl otherwise be applied on the purchase price upon delivery of the Taxable Series 2009E Bonds. No interest on the Deposit will accrue to the purchaser. If a wire transfer is used for the Deposit, it must be sent according to the following wire histmctions: Amalgamated Bank of Chicago Corporate Trust One West Monroe, 3'" Floor Chicago, IL 60603 ABA # 071003405 Credit to: DDA # 150002305 Further Credit to: 1853281001 Speer Bidding Escrow RE: [name of bidder] bid for Village of Glenview, Cook County, Illhiois $28,260,000* General Obligation Refunding Bonds, Taxable Series 2009E The wire shall arrive in such account no later than 30 minutes prior to the date and time of the sale of the Taxable Series 2009E Bonds. Contemporaneously with such wire transfer, the bidder shall send an email to biddingescrow@aboc.com with the following information: (1) indication that a wire transfer has been made, (2) the amount of the wire transfer, (3) the issue to which it applies, and (4) the return wire instructions if such bidder is not awarded the Taxable Series 2009E Bonds. The Village and any bidder who chooses to wire the Deposit hereby agree irrevocably that Speer Financial, Inc. ("Speer") shall be the escrow holder of the Deposit wired to such account subject only to these conditions and duties: (i) if the bid is not accepted, Speer shall, at its expense, promptly return the Deposit amount to the unsuccessful bidder; (ii) if the bid is accepted, the Deposit shall be forwarded to the Village; (iii) Speer shall bear all costs of maintaining the escrow account and returning the funds to the bidder; (iv) Speer shall not be an insurer of the Deposit amount and shall have no liability except if it willfully fails to perform, or recklessly disregards, its duties specified herein; and (v) income earned on the Deposit, if any, shall be retained by Speer. If a Financial Surety Bond is used for the Deposit, it must be from an insurance company licensed to issue such a bond in the State of Illinois and such bond must be submitted to Speer prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose deposit is guaranteed by such Financial Surety Bond. If the Taxable Series 2009E Bonds are awarded to a bidder using a Financial Surety Bond, then that purchaser is required to submit its Deposit to the Village in the form of a certified or cashier's check or wire transfer as instructed by Speer, or the Village not later than 3:00 P.M. on the next business day foUowhig the award. If such Deposit is not received by that time, the Fkiancial Surety Bond may be drawn by the Village to satisfy the Deposit requirement. *Subject to change. Village of Glenview, Cook County, Illinois $28,260,000* General Obligation Refunding Bonds, Taxable Series 2009E Official Notice of Sale, Page 4 of 4 *Subject to change. The Village covenants and agrees to enter into a written agreement or contract, constituting an undertaking (the "Undertaking") to provide ongoing disclosure about the Village for the benefit of the beneficial ov/ners of the Taxable Series 2009E Bonds on or before the date of delivery of the Taxable Series 2009E Bonds as required under Section (b)(5) of Rule 15c2-12 (the "Rule") adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Undertaking shall be as described in the Official Statement, m\k such changes as may be agreed in writing by the Underwriter. The Village has not previously been required to deliver an undertaking pursuant to the Rule. The Underwriter's obligation to purchase the Taxable Series 2009E Bonds shall be conditioned upon the Village delivering the Undertaking on or before the date of delivery of the Taxable Series 2009E Bonds. By submitting a bid, any bidder makes the representation that it understands Bond Coimsel represents the Village in the Taxable Series 2009E Bond transaction and, if such bidder has retained Bond Counsel in an unrelated matter, such bidder consents to and waives any conflict of interest arising from any adverse position to the Village in this matter; such consent and waiver shall supersede any formalities otherwise required in any separate understandings, guidelines or contractual arrangements between the bidder and Bond Counsel. The Taxable Series 2009E Bonds will be delivered to the successful purchaser against full payment in immediately available funds as soon as they can be prepared and executed, which is expected to be on or about October 21, 2009. Should delivery be delayed beyond sixty (60) days from the date of sale for any reason beyond the control of the Village except failure of performance by the purchaser, the Village may cancel the award or the purchaser may withdraw the good faith deposit and thereafter the purchaser's interest in and liability for the Taxable Series 2009E Bonds will cease. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts, and interest rates of the Taxable Series 2009E Bonds, and any other information required by law or deemed appropriate by, the Village, shall constitute a "Final Official Statement" of the Village with respect to the Taxable Series 2009E Bonds, as that term is defined in the Rule. By awarding the Taxable Series 2009E Bonds to any vmderwriter or underwriting syndicate, the Village agrees that, no more than seven (7) business days after the date of such award, it shall provide, without cost to the senior managing underwriter of the syndicate to which the Taxable Series 2009E Bonds are awarded, up to 100 copies of the Final Official Statement to permit each "Participating Underwriter" (as that term is defined in the Rule) to comply with the provisions of such Rule. The Village shall treat the senior managing underwriter of the syndicate to which the Taxable Series 2009E Bonds are awarded as its designated agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Bid Form with respect to the Taxable Series 2009E Bonds agrees thereby that if its bid is accepted by the Village it shall enter into a contractual relationship with all Participating Underwriters of the Taxable Series 2(X)9E Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. By submission of its bid, the senior managing underwriter of the successful bidder agrees to supply all necessary pricing information and any Participating Underwriter identification necessary to complete the Official Statement within 24 hours after award of the Taxable Series 2009E Bonds. Additional copies of the Final Official Statement may be obtained by Participating Underwriters from the printer at cost. The Village will, at its expense, deliver the Taxable Series 2009E Bonds to the purchaser in New York, New York, through the facilities of DTC and will pay for the bond attorney's opinion. At the time of closing, the Village will also furnish to the purchaser the following documents, each dated as of the date of delivery of the Taxable Series 2009E Bonds: (1) the unqualified opinion of Chapman and Cutler LLP, Chicago, Illinois, that the Taxable Series 2009E Bonds are lawfiil and enforceable; (2) the opinion of said attorneys that the interest on the Taxable Series 2009E Bonds is exempt from federal income taxes as and to the extent set forth in the Official Statement for the Taxable Series 2009E Bonds; and (3) a no litigation certificate by the Village. The Village has authorized the printing and distribution of an Official Statement containing pertinent information relative to the Village and the Taxable Series 2009E Bonds. Copies of such Official Statement or additional information may be obtained from Ms. Deborah A. Lubbat, Senior Financial Manager, Village of Glenview, 1225 Waukegan Road, Glenview, Illinois 60025; telephone (847) 904-4394 or an electronic copy of this Official Statement is available from the www.speerfinancial.com web site under "Debt Auction Center/Official Statement Competitive Sales Calendar" from the Independent Public Finance Consultants to the Village, Speer Financial, Inc., One North LaSalle Street, Suite 4100, Chicago, Illinois 60602, telephone (312) 346-3700. A/ KERRY D. CUMMINGS Village President VILLAGE OF GLENVIEW Cook County, Illinois A/ TODD fflLEMAN Village Manager, Village Clerk and Village Treasurer VILLAGE OF GLENVIEW Cook County, Illinois A/ RON AMEN Interim Chief Financial Officer VILLAGE OF GLENVIEW Cook County, Illinois