HomeMy Public PortalAbout2009 Official Statement Addendum 100609NEW ISSUE Investment Rating:
Moody's Investors Service ... Aaa
ADDENDUM DATED OCTOBER 6, 2009
OFFICIAL STATEMENT DATED SEPTEMBER 22, 2009
$11,290,000
^ -........ VILLAGE OF GLENVIEW
UlenVieW c^ok county, lUmois
General Obligation Refunding Bonds, Series 2009D
AMOUNTS, MATURITIES, INTEREST RATES, PRICES OR YIELDS AM) CUSIP NUMBERS
Principal Due Interest Yield or CUSIP Principal Due Interest Yield or CUSIP
Amount Dec 1 Rate Price Number Amount Dec. 1 Rate Price Number
$l" 000 -Joir "O^^ 0.600% 378892 RPO $1,370,000 ...2015 3.000% 1.960% 378892 RU9
1 545 000""2011 2.000% 0.750% 378892 RQB 1, 365, 000 ... 2016 3.000% 2.180% 378892 RV7
'g85'ooo""2O12 2 000% 1.100% 378892 RR6 1, 360, 000 ... 2017 3.000% 2.400% 378892 RW5
385!000;;!;2013 2.000% 1.380% 378892 RS4 1,360,000 ... 2018 4.000% 2.580% 378892 RX3
1,380^000 2014 2.500% 1.700% 378892 RT2
The Official Statement of the Village dated September 22, 2009 (the "Official Statement") with respect to the
Series 2009D Bonds is incorporated by reference herein and made a part hereof. The "Final Official Statement" of the
Village with respect to the Series 2009D Bonds as that term is defined in Rule 15c2-12 of the Securities and Exchange
Commission shall be comprised of the following:
1. Official Statement dated September 22, 2009; and
2. This Addendum dated October 6, 2009.
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 Series 2009D Bonds other than as contained in 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 Final Official Statement may be obtained from sources other than
records of the Village and, while believed to be reliable, is not guaranteed as to completeness. NEITHER THE
DELIVERY OF THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE
MADE THEREUNDER SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE
AFFAIRS OF THE VILLAGE SINCE THE DATE THEREOF.
The Village has authorized preparation of the Final Official Statement containing pertinent information relative
to the Series 2009D Bonds and the Village. Copies of that Final Official Statement can be obtained from the
Underwriter, as defined herein. Additional information may also be obtained from the Village 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 WJLM
Telephone: (312)346-3700; Facsimile: (312)346-8833
www. speerflnancial. com
DEBT INFORMATION
After issuance of the Bonds and the refunding of the Refunded Series 1998B Bonds and the Refunded Taxable Series 2006B Bonds, the Village will
have outstanding $166,170,000 principal amount of general obligation debt. The Village also has outstanding $1,794,439 of notes payable.
General Obligation Bonded Debt (7j
(Principal Only)
Year
(12-1)
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025......
2026
2027
2028
2029
Total .,.
Series
1997(2)
,.. $85,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Q
0
0
0
... $85,000
Series
1998B(3)
$ 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
0
0
0
0
0
0
0
0
0
0
$13,325,000
Series
2001(3
$ 5.000.
5.000.
5.500.
6.500.
$21,000.
Year
(124)
2009 ...
2010 ...
2011 ...
2012 ...
2013 ...
2014 ...
2016 ...
2016 ...
2017 ...
2018 ...
2019 ...
2020 . ..
2021 ...
2022 ...
2023 ...
2024 ...
2025
2026 ...
2027 ...
2028 ..
2029 ..
Total
Notes:
000
000
000
000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
000
... $
... $j
(1)
(2)
(3)
(4)
Series
2003A(2)
$ 345.000
455.000
470.000
485.000
500.000
505.000
525.000
545.000
580.000
0
0
0
0
0
0
0
0
Q
0
0
0
$4,410,000
Total
38.870.000 $
11.835.000
12.870.000
13.380.000
13.670.000
14.195.000
8.510.000
8.860.000
8.440.000
8.170.000
2.790.000
2.905.000
3.030.000
3.155.000
3.310.000
3.445.000
1.605.000
1.670.000
1.740.000
1.810.000
1.890.000
.66.150.000 !
Source:
Payable
Payable
Payable
Series
2003B(2)
$205,000
210.000
220.000
225.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$860,000
Series
2004A(3)
$ 1 775.000
2.050.000
1.800.000
2.125.000
7.925.000
8.250.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$23,925,000
Less: The Refunded Bonds
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
0
0
0
0
0
0
0
;(11.455.000)
the Village.
Taxable
Series
2006B
t(27.940.000)
0
0
0
0
0
0
0
g
0
0
0
0
0
0
0
0
0
0
0
0
$(27,940,000)
from Waterworks and Sewerage
from TIF revenues
from property taxes and for
Series
2004B (4)
$ 1.015.000
1.050.000
1.100.000
1.150.000
1.175.000
1.225.000
1.275.000
1.325.000
1.375.000
1.450.000
1.500.000
1.576.000
1.650.000
1.725.000
1.826.000
1.900.000
0
0
0
0
0
$22,315,000
The
Series
2009D
$ 0
1.640.000
1.545.000
885.000
385.000
1.380.000
1 370.000
1.365.000
1.360.000
1.360.000
0
0
0
0
0
0
0
0
0
0
0
$11,290,000
Fund
Series 2009A a
Series
2005(3)
$ 0
0
25.000
700.000
1.275.000
1 375.000
1.475.000
1.600.000
1.725.000
1 825.000
0
0
0
0
0
0
0
0
0
0
0
$10,000,000
Bonds
Taxable
Series
2009E
$ 0
0
0
0
28.125.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$28,125,000
Series
2006A(3)
$ 0
0
0
0
0
0
2.350.000
2.450.000
2.550.000
2.650.000
0
0
0
0
0
0
0
0
0
0
0
$10,000,000
Total
$ 10.930.000
11.520.000
12.365.000
12.816.000
41.180.000
14.575.000
8.880.000
9.225.000
8.800.000
8.530.000
2.790.000
2.905.000
3.030.000
3.156.000
3.310.000
3 445 000
1.606.000
1.670.000
1 740.000
1.810.000
1.890.000
$166,170,000
portion is payable from Special
Taxable
Series
20066(3)
$27,940,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$27,940,000
Series
2007A(2)
$ 600.000
515.000
535.000
550.000
675.000
600.000
615.000
636.000
0
0
0
0
0
0
0
0
0
0
0
0
0
$4,626,000
Cumulative Retirement
Amount
$ 10.930.000
22.450.000
34.815.000
47.630.000
88.810.000
103.386.000
112.265.000
121.490.000
130.290.000
138.820.000
141.610.000
144.515.000
147.646.000
160.700.000
154.010.000
157.455.000
169.060.000
160.730.000
162.470.000
164.280.000
166.170.000
Service Areas
Percent
6.58?
13.5U
20.95?
28.661
63.461
62.22*
67.563;
73. in
78.41S;
83.54^
86.22?
86.97?
88.79?
90.69?
92.68?
94.761
95.72?
96.73?
97.77?
98.86?
100.001
62 and 63.
Taxable
Series
20076(2)
% 136.000
135.000
135.000
135.000
135.000
130.000
130.000
130.000
0
0
0
0
0
0
0
0
0
0
0
0
0
$1,065,000
Series
2009A(4)
$ 0
465.000
1.036.000
1.060.000
1.085.000
1.110.000
1.140.000
1.175.000
1.210.000
1.246.000
1.290.000
1.330.000
1.380.000
1.430.000
1.485.000
1.646.000
1.605.000
1.670.000
1.740.000
1.810.000
1.890.000
$26,700,000
Total
$ 38.870.000
11.835.000
12.870.000
13.380.000
13.670.000
14.195.000
8.510.000
8.860.000
8.440.000
8.170.000
2.790.000
2.906,000
3.030.000
3.156.000
3.310.000
3.445.000
1.606.000
1.670.000
1.740.000
1.810.000
1.890.000
$166,150,000
For internal tracking the Village has designated the portions of Series 2009A allocated to Special Service
Areas 62 and 63 as Series 2009B and Series 2009C.
statement of Bonded Indebtedness (ij
Amount
Applicable
$2,693,236,118
$8,079,708,354
$ 166,170,000
$ 59,653,873
86,091,470
$ 145,745,343
$ 311,915,343
Ratio
Equalized
Assessed
m.QO%
300, OOS;
6,171
2,2n
3.20%
SAIX
11,58!S
To
Estimated
Actual
33,33J;
100,00«
2,063;
0,74!$
1.07X
l,80«
3,863;
Per Capita
(2009 Pop,
Est, 44,600)
$ 60,386.46
$181,159,38
$ 3,725.78
$ 1,337.53
1,930,30
$ 3,267.83
$ 6,993,62
District EAV of Taxable Property, 2007
Estimated Actual Value, 2007
Di rect Bonded Oebt
Overlapping Bonded Debt(2):
Schools
All Others
Total Overlapping Bonded Debt
Total Net Direct & Overlapping Debt ..
Notes: (1) Source: the Village,
(2) As of August 21, 2009.
INVESTMENT RATING
The Series 2009D Bonds have been rated "Aaa" by Moody's Investors Service. The Village has supplied
certain information and material concerning the Series 2009D Bonds and the Village to the rating service shown on the
cover page as part of its application for an investment rating on the Series 2009D Bonds. Generally, such ratmg 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
Series 2009D Bonds. The Village and the Underwriters have undertaken no responsibility either to bring to the
attention of the registered owners of the Series 2009D Bonds any proposed change in or withdrawal of such rating or to
oppose any such revision or withdrawal (other than to comply with any applicable continuing disclosure requirements).
An explanation of the significance of investment ratings may be obtained from the rating agency: Moody's Investors
Service, 7 World Trade Center at 250 Greenwich Street, New York, NY 10007, telephone 212-553-1658.
UNDERWRITING
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 Robert W. Baird & Co., Red Bank, New Jersey, and associates
(the "Underwriter"). The Village awarded the contract for sale of the Series 2009D Bonds to the Underwriter at a price
of $11,750,990.74, plus accrued interest. The Underwriter has represented to the Village that the Series 2009D Bonds
have been subsequently re-offered to the public initially at the yields set forth in this Addendum.
ADDITIONAL INFORMATION
References herein to laws, rules, regulations, 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.
AUTHORIZATION
The Official Statement dated September 22, 2009, and this Addendum dated October 6, 2009, for the
$11,290,000 General Obligation Refunding Bonds, Series 2009D, have been prepared under the authority of the Village
and have been authorized for distribution by the Village.
Isl KERRY D. CUMMINGS
Village President
VILLAGE OF GLENVIEW
Cook County, Illinois
/s/ TODD HILEMAN
Village Manager, Village Clerk
and Village Treasurer
VILLAGE OF GLENVIEW
Cook County, Illinois
/s/ RON AMEN
Interim Chief Financial Officer
VILLAGE OF GLENVIEW
Cook County, Illinois
NEW ISSUE Investment Rating:
Moody's Investors Service ... Aaa
ADDENDUM DATED OCTOBER 6, 2009
OFFICIAL STATEMENT DATED SEPTEMBER 22, 2009
$28,125,000
^^,._.. VILLAGE OF GLENVIEW
(jienVieW Cook county, Illinois
General Obligation Refunding Bonds, Taxable Series 2009E
AMOUNT, MATURITY, INTEREST RATE, PRICE OR YIELD AND CUSIP NUMBER
Principal Due Interest Yield or CUSIP
Amount Dec. 1 Rate Price Number
$287125,000 .. 2013 2.350% 2.370% 378892 RYl
The Official Statement of the Village dated September 22, 2009 (the "Official Statement") with respect to the
Taxable Series 2009E Bonds is incorporated by reference herein and made a part hereof. The "Final Official
Statement" of the Village with respect to the Taxable Series 2009E Bonds as that term is defined in Rule 15c2-12 of the
Securities and Exchange Commission shall be comprised of the following:
1. Official Statement dated September 22, 2009; and
2. This Addendum dated October 6, 2009.
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 Taxable Series 2009E Bonds other than as contained in 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 Final Official Statement may be obtained from sources
other than records of the Village and, while believed to be reliable, is not guaranteed as to completeness. NEITHER
THE DELIVERY OF THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE
MADE THEREUNDER SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE
AFFAIRS OF THE VILLAGE SINCE THE DATE THEREOF.
The Village has authorized preparation of the Final Official Statement containing pertinent information relative
to the Taxable Series 2009E Bonds and the Village. Copies of that Final Official Statement can be obtained from the
Underwriter, as defined herein. Additional information may also be obtained from the Village or from the independent
public finance consultants to the Village:
Established 1954
Speer Financial, Inc. mmy
INDEPENDENT PUBLIC FINANCE CONSULTANTS Wm
ONE NORTH LASALLE STREET, SUITE 4100 • CHICAGO, ILLINOIS 60602 • - ^™
Telephone: (312) 346-3700; Facsimile: (312) 346-8833
www. speetfinancial. com
DEBT INFORMATION
After issuance of the Bonds and the refunding of the Refunded Series 1998B Bonds and the Refunded Taxable Series 2006B Bonds, the Village will
have outstanding $166,170,000 principal amount of general obligation debt. The Village also has outstanding $1,794,439 of notes payable.
General Obligation Bonded Debt (7J
(Principal Only)
Taxable
Series
2007B(2)
Taxable
Series
2006B(3)
$27,940,000
0
0
0
Series
2009A(4)
S 0
465.000
1.035.000
1.060.000
1.085.000
1.no.000
1.140.000
1.175.000
1.210.000
1.245.000
1.290.000
1.330.000
1.380.000
1.430.000
1.485.000
1.545.000
1.605.000
1.670.000
1.740.000
1.810.000
1.890.000
Series
2007A(2)
$ 500.000
515.000
535.000
550.000
575.000
600.000
615.000
635.000
0
Series
2006A(3)
Series
2005(3)
0
0
25.000
700.000
1.275.000
1.375.000
1 475.000
1.600.000
1.725.000
1.825.000
Series
2004A(3)
$ 1.775.000
2 050.000
1.800.000
2.125.000
7.925.000
8.250.000
0
0
0
Series
20046 (4)
$ 1.015.000
1.050.000
1.100.000
1.150.000
1.175.000
1.225.000
1.275.000
1.325.000
1.375.000
1.450.000
1.500.000
1.576.000
1 650.000
1.725.000
1.825.000
1.900.000
0
Series
20036(2)
$205,000
210.000
220.000
225.000
Series
2003A(2)
$ 345.000
455.000
470.000
485.000
500.000
505.000
525.000
545.000
580.000
0
0
Series
2001(3)
$ 5.000.000
5.000.000
5.500.000
5.500.000
Series
19986(3)
$ 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
Year
(124)
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Total ..
Total
38.870.000
11.835.000
12.870.000
13.380.000
13.670.000
14.195.000
8.510.000
8.860.000
8.440.000
8.170.000
2.790.000
2.905.000
3.030.000
3.155.000
3.310.000
3.445.000
1.605.000
1.670.000
1.740 000
1.810.000
1.890.000
135.000
135.000
135.000
135.000
135.000
130.000
130.000
130.000
$
2.350.000
2.450.000
2.550.000
2.650.000
0
0
$27,940,000 $4,525,000 $1,065,000 $26,700,000 $166,150,000$10,000,000 $10.0$23,925.0 $22,315.0$860,000$4.410.C$13,325,000 $21,000.$85,000
The BondsLess: The Refunded Bonds
Taxable
Series
2009E
Taxable
Series
2006B
$(27,940,000)
Cumulative RetirementSeries
2009D
0
1.640.000
1.545.000
885.000
385.000
1.380.000
1.370.000
1.365.000
1 360.000
1.360.000
SeriesYear
(12-1)
2009 ....
2010 ...
2011 ...
2012 . ..
2013 ...
2014 ...
2015 ...
2016 ...
2017 ...
2018 ...
2019 ...
2020 ...
2021 ...
2022 ...
2023 ...
2024 ...
2025 . ..
2026 ...
2027 . ..
2028 ...
2029 ...
Total
Notes:
Percent
6.58«
13.6U
20.953;
Total AmountTotal 000
000
000
000
$ 10.930.000
11.520.000
12.365.000
12.815.000
41.180.000
14.575.000
8.880.000
9.225.000
8.800.000
8.530.000
2.790.000
2.905.000
3.030.000
3.155.000
3.310.000
3.445.000
1.605.000
1.670.000
1.740.000
1.810.000
1.890.000
$166,170,000
$ 10.930.
22.450.
34.815.
47.630.
88.810.
103.385.
112.265.
121.490
130.290.
138.820.
141.610
144.515.
147.545.
150.700.
154.010.
157.455.
159.060.
160.730.
162.470.
164.280.
166.170.
38.870.
11.835.
12.870.
13.380.
13.670.
14.195.
8.510.
8.860.
8.440
8.170
2.790
2.905
3.030
3.155
3.310
3.445
1
1.670
1.740
1.
1.890
000
000
000
000
000
000
000
000
000
000
000
$ 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)
53.45?
62.221
67.561
73.lU
78 41%
83.54?
85.22*
86.971
3.125.0
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000 92.681
94. la%.n%
96.731
97.77*
98.86?
100.003;
.000
.000
.000
.000
.000
_ JOO
. $166,150,000
0
0
$(11,455,000) $(27,940,000) $11,290.$28,125,000
(1) Source: the Village.
(2) Payable from Waterworks and Sewerage Fund
(3) Payable from TIF revenues
(4) Payable from property taxes and for Series 2009A a portion Is payable from Special Service Areas 62 and 63.
For internal tracking the Village has designated the portions of Series 2009A allocated to Special Service
Areas 62 and 63 as Series 2009B and Series 2009C.
Statement of Bonded Indebtedness fij
Per Capita
(2009 Pop.
Est. 44.600)
$ 60.386.46
$181,159.38
$ 3.725.78
Ratio To
Estimated
Actual
33.333;
100.003;
2.06X
Equalized
Assessed
100.003;
300.001
6.17X
Amount
Applicable
District EAV of Taxable Property. 2007 $2,693,236,118
Estimated Actual Value. 2007 $8,079,708,354
Direct Bonded Debt * 166.170.000
Overlapping Bonded Debt{2):
Schools ' 59.653.873
All Others 86.091.4^0
Total Overlapping Bonded Debt I 145.745.3i3
Total Net Direct & Overlapping Debt ^ 311.915.343
Notes: (1) Source: the Village.
(2) As of August 21. 2009.
$ 1.337.53
1.930.30
$ 3.267.83
$ 6.993.62
Q.7AI
1.071
2.2U
3.201
5.413;
11.58X 3.f
INVESTMENT RATING
The Taxable Series 2009E Bonds have been rated "Aaa" by Moody's Investors Service. The Village has
supplied certain information and material concerning the Taxable Series 2009E Bonds and the Village to the rating
service shown on the cover page as part of its application for an investment rating on the Taxable Series 2009E Bonds.
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 Taxable Series 2009E Bonds. The Village and the Underwriters have undertaken no
responsibility either to bring to the attention of the registered owners of the Taxable Series 2009E Bonds any proposed
change in or withdrawal of such rating or to oppose any such revision or withdrawal (other than to comply with any
applicable continuing disclosure requirements). An explanation of the significance of investment ratings may be
obtained from the rating agency: Moody's Investors Service, 7 World Trade Center at 250 Greenwich Street, New
York, NY 10007, telephone 212-553-1658.
UNDERWRITING
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 Vining-Sparks IBG, LP, Chicago, Illinois (the
"Underwriter"). The Village awarded the contract for sale of the Taxable Series 2009E Bonds to the Underwriter at a
price of $28,011,093.75, plus accrued interest. The Underwriter has represented to the Village that the Taxable Series
2009E Bonds have been subsequently re-offered to the public initially at the yields set forth in this Addendum.
ADDITIONAL INFORMATION
References herein to laws, rules, regulations, 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.
AUTHORIZATION
The Official Statement dated September 22, 2009, and this Addendum dated October 6, 2009, for the
$28,125,000 General Obligation Refunding Bonds, Taxable Series 2009E, have been prepared under the authority of
the Village and have been authorized for distribution by the Village.
Isl KERRY D. CUMMINGS
Village President
VILLAGE OF GLENVIEW
Cook County, Illinois
Isl TODD HILEMAN
Village Manager, Village Clerk
and Village Treasurer
VILLAGE OF GLENVIEW
Cook County, Illinois
Isl RON AMEN
Interim Chief Financial Officer
VILLAGE OF GLENVIEW
Cook County, Illinois