HomeMy WebLinkAboutO-07-O-Bond-General Obligation Corp Purpose Bonds-Series 2016-DN-S1-16Extract of Minutes of the regular public meeting of the City Council of the City of Elgin, Kane and Cook Counties, Illinois, held in the City Council Chambers of City Hall, at the Robert
Gilliam Municipal Complex, located at 150 Dexter Court, in said City, at 7:00 p.m., on Wednesday, the 10th day of February, 2016.
The Mayor called the meeting to order and directed the City Clerk to call the roll. Upon the roll being called, the following Council Members were physically present at said location:
Councilmembers Dunne, Gavin, Martinez, Powell, Prigge, Rauschenberger, Shaw, Steffen, and Mayor Kaptain.
The following Council Members were allowed by a majority of the members of the City Council in accordance with and to the extent allowed by rules adopted by the City Council to attend
the meeting by video or audio conference: Councilmember Powell .
No Council Member was not permitted to attend the meeting by video or audio conference.
The following Council Members were absent and did not participate in the meeting in any manner or to any extent whatsoever: None.
The City Council then discussed the proposal to fund various capital improvements, including, but not limited to, street improvements and utility projects, and considered an ordinance
providing for the issuance of $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, of the City and providing for the levy and collection of a direct annual tax for the
payment of the principal of and interest on said bonds.
Thereupon, the City Clerk presented, the Chief Financial Officer explained, and there was read by title an ordinance as follows, a copy of which was provided to each Council Member prior
to said meeting and to everyone in attendance at said meeting who requested a copy:
An Ordinance providing for the issuance of $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, of the City of Elgin, Kane and Cook Counties, Illinois, for the purpose
of financing various capital improvements, including, but not limited to, street improvements and utility projects, and providing for the levy and collection of a direct annual tax
for the payment of the principal of and interest on said bonds.
(the “Bond Ordinance”).
Council Member Gavin moved and Council Member Martinez seconded the motion that the Bond Ordinance as presented be adopted.
A City Council discussion of the matter followed. During the City Council discussion, the Chief Financial Officer gave a public recital of the nature of the matter, which included a
reading of the title of the ordinance and statements (1) that the ordinance provided for the issuance of General Obligation Corporate Purpose Bonds for the purpose of paying the costs
of various capital improvements, including, but not limited to, street improvements and utility projects, (2) that the bonds are issuable without referendum pursuant to the home rule
powers of the City, (3) that the ordinance provides for the levy of taxes sufficient to pay the bonds, and (4) that the ordinance provides many details for the bonds, including covenants
related to the tax exemption of interest on the Bonds, provision for terms and form of the bonds, and appropriations.
The Mayor directed that the roll be called for a vote upon the motion to adopt the ordinance.
Upon the roll being called, the following Council Members voted Aye: Councilmembers Dunne, Gavin, Martinez, Powell, Prigge, Rauschenberger, Shaw, Steffen, and Mayor Kaptain.
and the following Council Members voted Nay: None.
Whereupon, the Mayor declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting, and did direct the City Clerk to record the
same in full in the records of the City Council of the City of Elgin, Kane and Cook Counties, Illinois.
Other business was duly transacted at said meeting.
Upon motion duly made and carried, the meeting adjourned.
City Clerk
Ordinance Number S1-16
An Ordinance providing for the issuance of $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, of the City of Elgin, Kane and Cook Counties, Illinois, for the purpose
of financing various capital improvements, including, but not limited to, street improvements and utility projects, and providing for the levy and collection of a direct annual tax
for the payment of the principal of and interest on said bonds.
Adopted by the City Council on the 10th day of February, 2016.
Table of Contents
Section Heading Page
Preambles 1
Section 1. Definitions 2
Section 2. Incorporation of Preambles 4
Section 3. Determination to Issue Bonds 4
Section 4. Bond Details 4
Section 5. Global Book-Entry System 6
Section 6. Execution; Authentication 8
Section 7. Term Bonds 9
Section 8. Optional Redemption 9
Section 9. Optional Redemption Provisions 9
Section 10. Redemption Procedure 10
Section 11. Registration and Exchange or Transfer of Bonds; Persons Treated as Owners 12
Section 12. Form of Bond 13
Section 13. Tax Levy 21
Section 14. Filing with County Clerks 22
Section 15. Sale of Bonds 22
Section 16. Creation of Funds and Appropriations. 23
Section 17. General Arbitrage Covenants 24
Section 18. Registered Form 25
Section 19. Rights and Duties of Bond Registrar and Paying Agent 26
Section 20. Defeasance 27
Section 21. Continuing Disclosure Undertaking 27
Section 22. Record-Keeping Policy and Post-Issuance Compliance Matters 28
Section 23. Publication of Ordinance 28
Section 24. Severability 28
Section 25. Superseder and Effective Date 29
Preambles 1
Section 1. Definitions 2
Section 2. Incorporation of Preambles 4
Section 3. Determination to Issue Bonds 4
Section 4. Bond Details 4
Section 5. Global Book-Entry System 6
Section 6. Execution; Authentication 8
Section 7. Term Bonds 9
Section 8. Optional Redemption 9
Section 9. Optional Redemption Provisions 9
Section 10. Redemption Procedure 10
Section 11. Registration and Exchange or Transfer of Bonds; Persons Treated as Owners 12
Section 12. Form of Bond 13
Section 13. Tax Levy 21
Section 14. Filing with County Clerks 22
Section 15. Sale of Bonds 22
Section 16. Creation of Funds and Appropriations. 23
Section 17. General Arbitrage Covenants 24
Section 18. Registered Form 25
Section 19. Rights and Duties of Bond Registrar and Paying Agent 26
Section 20. Defeasance 27
Section 21. Continuing Disclosure Undertaking 27
Section 22. Record-Keeping Policy and Post-Issuance Compliance Matters 28
Section 23. Publication of Ordinance 28
Section 24. Severability 28
Section 25. Superseder and Effective Date 29
This Table of Contents is for convenience only and is not part of the Ordinance.
Ordinance Number S1-16
An Ordinance providing for the issuance of $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, of the City of Elgin, Kane and Cook Counties, Illinois, for the purpose
of financing various capital improvements, including, but not limited to, street improvements and utility projects, and providing for the levy and collection of a direct annual tax
for the payment of the principal of and interest on said bonds.
Whereas by virtue of its population, the City of Elgin, Kane and Cook Counties, Illinois (the “City”), and pursuant to the provisions of Section 6 of Article VII of the Constitution
of the State of Illinois, the City is a home rule unit and may exercise any power or perform any function pertaining to its government and affairs including, but not limited to, the
power to tax and to incur debt; and
Whereas pursuant to the provisions of said Section 6, the City has the power to incur debt payable from ad valorem property tax receipts or from any other lawful source and maturing
within 40 years from the time it is incurred without prior referendum approval; and
Whereas on the 23rd day of April, 1975, the City Council of the City (the “City Council”) did adopt an ordinance determining the procedures to be followed in the borrowing of money for
public purposes of the City and in evidence of such borrowing the issuing of full faith and credit bonds of the City without referendum approval, such ordinance being entitled:
Ordinance No. G22 75
An Ordinance establishing procedures to be followed by the City of Elgin, Kane and Cook Counties, Illinois, in issuing non referendum general obligation bonds
which ordinance was amended by Ordinance No. G14 80 adopted on January 28, 1980, by Ordinance No. 64 80 adopted on October 8, 1980, by Ordinance No. G39 82 adopted on July 28, 1982,
and by Ordinance No. G31 92 adopted on June 17, 1992 (Ordinance No. G22-75 as so amended being referred to hereinafter as the “Enabling Ordinance”); and
Whereas the City Council has considered the needs of the City and has heretofore determined and does hereby determine that it is advisable, necessary and in the best interests of the
City to construct various capital improvements, including, but not limited to, street improvements and utility projects (all of such improvements to be the “Series 2016 Project” or
“Project”); and
Whereas the estimated cost to the City of the Series 2016 Project is the sum of $24,995,000 plus any estimated available amount of interest earnings on said sum prior to its expenditure;
and
Whereas there are insufficient funds on hand and available to pay the costs of the Series 2016 Project, and it is necessary for that purpose that a sum to pay such costs be borrowed
at this time, and in evidence of such indebtedness, General Obligation Corporate Purpose Bonds of the City be issued in the principal amount of $24,995,000, and that such indebtedness
be incurred in accordance with the Act as hereinafter defined, and without submitting the question of incurring such indebtedness to the electors of the City for their approval; and
Whereas the City Council does hereby determine that it is advisable and in the best interests of the City to borrow $24,995,000 at this time pursuant to the Act for the purpose of paying
the costs of the Series 2016 Project and, in evidence of such borrowing, issue its full faith and credit bonds in the principal amount of $24,995,000;
Now Therefore Be It Ordained by the City Council of the City of Elgin, Kane and Cook Counties, Illinois, in the exercise of its home rule powers and in accordance with the Enabling Ordinance,
as follows:
Section 1. Definitions. In addition to such other words and terms used and defined in this Ordinance, the following words and terms used in this Ordinance shall have the following
meanings, unless, in either case, the context or use clearly indicates another or different meaning is intended:
“Act” means, collectively, the Illinois Municipal Code, as supplemented and amended, the home rule powers of the City under Section 6 of Article VII of the Illinois Constitution of 1970
and the Enabling Ordinance adopted pursuant to such home rule powers; and, in the event of conflict between the provisions of said code and home rule powers, the home rule powers shall
be deemed to supersede the provisions of said code.
“Bond” or “Bonds” means one or more, as applicable, of the $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, authorized to be issued by this Ordinance.
“Bond Fund” means the Bond Fund established and defined in Section 16 of this Ordinance.
“Bond Moneys” means the Pledged Taxes and any other moneys deposited into the Bond Fund and investment income earned in the Bond Fund.
“Bond Register” means the books of the City kept by the Bond Registrar to evidence the registration and transfer of the Bonds.
“Bond Registrar” means U.S. Bank National Association, Chicago, Illinois, a national banking association having trust powers, or a successor thereto or a successor designated as Bond
Registrar hereunder.
“City” means the City of Elgin, Kane and Cook Counties, Illinois.
“City Council” means the City Council of the City.
“Code” means the Internal Revenue Code of 1986, as amended.
“County Clerks” means the County Clerks of The County of Kane and The County of Cook, Illinois.
“Ordinance” means this Ordinance, numbered as set forth on the title page hereof, and passed by the City Council on the 10th day of February, 2016.
“Paying Agent” means U.S. Bank National Association, Chicago, Illinois, a national banking association having trust powers, or a successor thereto or a successor designated as Paying
Agent hereunder.
“Pledged Taxes” means the taxes levied on the taxable property within the City to pay principal of and interest on the Bonds as made in Section 13 hereof.
“Project” or “Series 2016 Project” means the City’s various capital improvement projects as described and defined as such in the preambles to this Ordinance.
“Tax-exempt” means, with respect to the Bonds, the status of interest paid and received thereon as excludable from the gross income of the owners thereof under the Code for federal income
tax purposes.
“Term Bonds” means Bonds subject to mandatory redemption by operation of the Bond Fund and designated as term bonds herein.
Section 2. Incorporation of Preambles. The City Council hereby finds that all of the recitals contained in the preambles to this Ordinance are true, correct and complete and does incorporate
them into this Ordinance by this reference.
Section 3. Determination to Issue Bonds. It is necessary and in the best interests of the City to construct the Series 2016 Project, to pay all related costs and expenses incidental
thereto, and to borrow money and issue the Bonds for such purposes. It is hereby found and determined that such borrowing of money is necessary for the welfare of the government and
affairs of the City, is for a proper public purpose or purposes and is in the public interest, and is authorized pursuant to the Act; and these findings and determinations shall be
deemed conclusive.
Section 4. Bond Details. For the purpose of providing for such costs, there shall be issued and sold the Bonds in the principal amount of $24,995,000. The Bonds shall each be designated
“General Obligation Corporate Purpose Bond, Series 2016”; be dated February 24,
2016 (the “Dated Date”); and shall also bear the date of authentication thereof. The Bonds shall be in fully registered form, shall be in denominations of $5,000 or integral multiples
thereof (but no single Bond shall represent principal maturing on more than one date), shall be numbered consecutively in such fashion as shall be determined by the Bond Registrar,
and shall become due and payable serially (subject to prior redemption as hereinafter set forth) on December 15 of the years and in the amounts and bearing interest at the rates percent
per annum as follows:
Year
Amount ($)
Rate (%)
2016
1,525,000
3.00
2017
1,475,000
3.00
2018
1,485,000
3.00
2019
1,515,000
3.00
2020
1,335,000
3.00
2021
1,375,000
3.00
2022
1,410,000
3.00
2023
1,645,000
3.00
2024
1,770,000
3.00
2025
1,810,000
3.00
2026
1,860,000
3.00
2027
1,905,000
3.00
2028
1,945,000
3.00
2029
1,945,000
3.00
2030
1,995,000
3.00
Each Bond shall bear interest from the later of its Dated Date as herein provided or from the most recent interest payment date to which interest has been paid or duly provided for,
until the principal amount of such Bond 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 15 and
December 15 of each year, commencing on June 15, 2016. Interest on each Bond shall be paid by check or draft of the Paying Agent, payable upon presentation thereof in lawful money
of the United States of America, to the person in whose name such Bond is registered at the close of business on the applicable Record Date (the “Record Date”), and mailed to the registered
owner of the Bond as shown in the Bond Register or at such other address furnished in writing by such Registered
Owner. The Record Date shall be the 1st day of the month of any regular or other interest payment date occurring on the 15th day of any month. The principal of the Bonds shall be payable
in lawful money of the United States of America upon presentation thereof at the principal corporate trust office of the Paying Agent in the City of Chicago, Illinois, or at successor
Paying Agent and locality.
Section 5. Global Book-Entry System. The Bonds shall be initially issued in the form of a separate single fully registered Bond for each of the maturities of the Bonds as provided
in Section 4 hereof, and the ownership of each such Bond shall be registered in the Bond Register in the name of Cede & Co., or any successor thereto (“Cede”), as nominee of The Depository
Trust Company, New York, New York, and its successors and assigns (“DTC”). All of the outstanding Bonds shall be registered in the Bond Register in the name of Cede, as nominee of
DTC, except as hereinafter provided. The Mayor, Treasurer and Clerk of the City are hereby authorized to execute and deliver on behalf of the City such letters to or agreements with
DTC and the Bond Registrar as shall be necessary to effectuate such book-entry system (any such letter or agreement being referred to herein as the “Representation Letter”).
With respect to the Bonds registered in the Bond Register in the name of Cede, as nominee of DTC, the City and the Bond Registrar shall have no responsibility or obligation to any broker-dealer,
bank or other financial institution for which DTC holds Bonds from time to time as securities depository (each such broker-dealer, bank or other financial institution being referred
to herein as a “DTC Participant”) or to any person on behalf of whom such a DTC Participant holds an interest in the Bonds. Without limiting the immediately preceding sentence, the
City and the Bond Registrar shall have no responsibility or obligation with respect to (i) the accuracy of the records of DTC, Cede or any DTC Participant with respect to any ownership
interest in the Bonds, (ii) the delivery to any DTC Participant or any other person, other than a
registered owner of a Bond as shown in the Bond Register, of any notice with respect to the Bonds, including any notice of redemption, or (iii) the payment to any DTC Participant or
any other person, other than a registered owner of a Bond as shown in the Bond Register, of any amount with respect to principal of or interest on the Bonds. The City and the Bond
Registrar may treat and consider the person in whose name each Bond is registered in the Bond Register as the holder and absolute owner of such Bond for the purpose of payment of principal
and interest with respect to such Bond, for the purpose of giving notices of redemption and other matters with respect to such Bond, for the purpose of registering transfers with respect
to such Bond, and for all other purposes whatsoever. The Bond Registrar shall pay all principal of and interest on the Bonds only to or upon the order of the respective registered
owners of the Bonds, as shown in the Bond Register, or their respective attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy and
discharge the City’s obligations with respect to payment of principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other than a registered owner
of a Bond as shown in the Bond Register, shall receive a Bond certificate evidencing the obligation of the City to make payments of principal and interest with respect to any Bond.
Upon delivery by DTC to the Bond Registrar of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede, the name “Cede” in this Ordinance shall
refer to such new nominee of DTC.
In the event that (i) the City determines that DTC is incapable of discharging its responsibilities described herein and in the Representation Letter, (ii) the agreement among the City,
the Bond Registrar and DTC evidenced by the Representation Letter shall be terminated for any reason or (iii) the City determines that it is in the best interests of the beneficial
owners of the Bonds that they be able to obtain certificated Bonds, the City shall notify DTC and DTC Participants of the availability through DTC of Bond certificates and the Bonds
shall no longer
be restricted to being registered in the Bond Register in the name of Cede, as nominee of DTC. At the time, the City may determine that the Bonds shall be registered in the name of
and deposited with such other depository operating a global book-entry system, as may be acceptable to the City, or such depository’s agent or designee, and if the City does not select
such alternate global book-entry system, then the Bonds may be registered in whatever name or names registered owners of Bonds transferring or exchanging Bonds shall designate, in accordance
with the provisions of Section 11 hereof.
Notwithstanding any other provision of this Ordinance to the contrary, so long as any Bond is registered in the name of Cede, as nominee of DTC, all payments with respect to principal
of and interest on such Bond and all notices with respect to such Bond shall be made and given, respectively, in the manner provided in the Representation Letter.
Section 6. Execution; Authentication. The Bonds shall be executed on behalf of the City by the manual or facsimile signature of its Mayor and attested by the manual or facsimile signature
of its City Clerk, as they may determine, and shall have impressed or imprinted thereon the corporate seal or facsimile thereof of the City. In case any such officer whose signature
shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if
such officer had remained in office until delivery. All Bonds shall have thereon a certificate of authentication, substantially in the form hereinafter set forth, duly executed by
the Bond Registrar as authenticating agent of the City and showing the date of authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or
benefit under this Ordinance unless and until such certificate of authentication shall have been duly executed by the Bond Registrar by manual signature, and such certificate of authentication
upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this
Ordinance. The certificate of authentication on any Bond shall be deemed to have been executed by it if signed by an authorized officer of the Bond Registrar, but it shall not be necessary
that the same officer sign the certificate of authentication on all of the Bonds issued hereunder.
Section 7. Term Bonds. None of the Bonds is a Term Bond.
Section 8. Optional Redemption. The Bonds due on and after December 15, 2025, shall be subject to redemption prior to maturity at the option of the City from any available funds,
as a whole or in part, and if in part in integral multiples of $5,000 in any order of their maturity as determined by the City (less than all of the Bonds of a single maturity to be
selected by the Bond Registrar), on December 15, 2024, and on any date thereafter, at the redemption price of par plus accrued interest to the date fixed for redemption.
Section 9. Optional Redemption Provisions. The Bonds shall be redeemed only in the principal amount of $5,000 and integral multiples thereof. The City shall, at least forty-five (45)
days prior to any optional redemption date (unless a shorter time period shall be satisfactory to the Bond Registrar) notify the Bond Registrar of such redemption date and of the principal
amount and maturity or maturities of Bonds to be redeemed. For purposes of any redemption of less than all of the outstanding Bonds of a single maturity, the particular Bonds or portions
of Bonds to be redeemed shall be selected by lot by the Bond Registrar from the Bonds of such maturity by such method of lottery as the Bond Registrar shall deem fair and appropriate;
provided that such lottery shall provide for the selection for redemption of Bonds or portions thereof so that any $5,000 Bond or $5,000 portion of a Bond shall be as likely to be called
for redemption as any other such $5,000 Bond or $5,000 portion. The Bond Registrar shall make such selection upon the earlier of the irrevocable deposit of funds with an escrow agent
sufficient to pay the redemption price of the Bonds to be redeemed or the time of the giving of official notice of redemption.
The Bond Registrar shall promptly notify the City in writing of the Bonds or portions of Bonds selected for redemption and, in the case of any Bond selected for partial redemption, the
principal amount thereof to be redeemed.
Section 10. Redemption Procedure. Unless waived by the registered owner of Bonds to be redeemed, official notice of any such redemption shall be given by the Bond Registrar on behalf
of the City by mailing the redemption notice by first class mail not less than 30 days and not more than 60 days prior to the date fixed for redemption to each registered owner of the
Bond or Bonds to be redeemed at the address shown on the Bond Register or at such other address as is furnished in writing by such registered owner to the Bond Registrar.
All official notices of redemption shall include the full name of the Bonds to be redeemed and at least the information as follows:
(a) the redemption date;
(b) the redemption price;
(c) if less than all of the outstanding Bonds of a particular maturity are to be redeemed, the identification (and, in the case of partial redemption of Bonds within such maturity,
the respective principal amounts) of the Bonds to be redeemed;
(d) a statement that on the redemption date the redemption price will become due and payable upon each such Bond or portion thereof called for redemption and that interest thereon shall
cease to accrue from and after said date;
(e) the place where such Bonds are to be surrendered for payment of the redemption price, which place of payment shall be the principal corporate trust office of the Paying Agent; and
(f) such other information then required by custom, practice or industry standard.
Unless moneys sufficient to pay the redemption price of the Bonds to be redeemed shall have been received by the Paying Agent prior to the giving of such notice of redemption, such notice
may, at the option of the City, state that said redemption shall be conditional upon the receipt of such moneys by the Paying Agent on or prior to the date fixed for redemption. If
such moneys are not received, such notice shall be of no force and effect, the City shall not redeem such Bonds, and the Bond Registrar shall give notice, in the same manner in which
the notice of redemption shall have been given, that such moneys were not so received and that such Bonds will not be redeemed. Otherwise, prior to any redemption date, the City shall
deposit with the Paying Agent an amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds which are to be redeemed on that date.
Subject to the provisions for a conditional redemption described above, notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on
the redemption date, become due and payable at the redemption price therein specified, and from and after such date (unless the City shall default in the payment of the redemption price)
such Bonds or portions of Bonds shall cease to bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid by the Paying Agent
at the redemption price. The procedure for the payment of interest due as part of the redemption price shall be as herein provided for payment of interest otherwise due. Upon surrender
for any partial redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of like tenor, of authorized denominations, of the same maturity, and bearing
the same rate of interest in the amount of the unpaid principal.
If any Bond or portion of a Bond called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest
from the redemption date at the rate borne by the Bond or portion of Bond so called for
redemption. All Bonds which have been redeemed shall be cancelled and destroyed by the Bond Registrar and shall not be reissued.
As part of their respective duties hereunder, the Bond Registrar and Paying Agent shall prepare and forward to the City a statement as to notice given with respect to each redemption
together with copies of the notices as mailed and published.
Section 11. Registration and Exchange or Transfer of Bonds; Persons Treated as Owners. The City shall cause books (the “Bond Register”) for the registration and for the transfer of
the Bonds as provided in this Ordinance to be kept at the principal corporate trust office of the Bond Registrar in the City of Chicago, Illinois, which is hereby constituted and appointed
the registrar of the City for the Bonds. The City is authorized to prepare, and the Bond Registrar or such other agent as the City may designate shall keep custody of, multiple Bond
blanks executed by the City 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 this Ordinance. Upon surrender for transfer
or exchange of any Bond at the principal corporate trust office of the Bond Registrar, duly endorsed by or accompanied by a written instrument or instruments of transfer or exchange
in form satisfactory to the Bond Registrar and duly executed by the registered owner or an attorney for such owner duly authorized in writing, the City shall execute and the Bond Registrar
shall authenticate, date and deliver in the name of the transferee or transferees or, in the case of an exchange, the registered owner, a new fully registered Bond or Bonds of like
tenor, of the same maturity, bearing the same interest rate, of authorized denominations, for a like aggregate principal amount.
The Bond Registrar shall not be required to transfer or exchange any Bond during the period from the close of business on the Record Date for an interest payment to the opening of business
on such interest payment date, nor to transfer or exchange any Bond after notice calling
such Bond for redemption has been mailed, nor during a period of fifteen (15) days next preceding mailing of a notice of redemption of any Bonds.
The execution by the City of any fully registered Bond shall constitute full and due authorization of such Bond, and the Bond Registrar shall thereby be authorized to authenticate, date
and deliver such Bond; provided, however, that the principal amount of Bonds of each maturity authenticated by the Bond Registrar shall not at any one time exceed the authorized principal
amount of Bonds for such maturity less the amount of such Bonds which have been paid.
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
Bond shall be made only to or upon the order of the registered owner thereof or his 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 City 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.
Section 12. Form of Bond. The Bonds shall be in substantially the form hereinafter set forth; provided, however, that if the text of the Bonds is to be printed in its entirety on the
front side of the Bonds, then the second paragraph on the front side and the legend “See Reverse Side for Additional Provisions” shall be omitted and the text of paragraphs set forth
for the reverse side shall be inserted immediately after the first paragraph.
[Form of Bond - Front Side]
Registered Registered
No. ______ $_________
United States of America
State of Illinois
The Counties of Kane and Cook
City of Elgin
General Obligation Corporate Purpose Bond, Series 2016
See Reverse Side for
Additional Provisions.
Interest Maturity Dated
Rate: ____% Date: December 15, ____ Date: February 24, 2016 CUSIP: 286299 ____
Registered Owner: Cede & Co.
Principal Amount: Dollars
Know All Persons by These Presents that the City of Elgin, Kane and Cook Counties, Illinois, a municipality, home rule unit, and political subdivision of the State of Illinois (the “City”),
hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns as hereinafter provided, on the Maturity Date
identified above (subject to right of prior redemption as hereinafter stated), the Principal Amount identified above and to pay interest (computed on the basis of a 360 day year of
twelve 30 day months) on such Principal Amount from the later of the Dated Date of this Bond identified above or from the most recent interest payment date to which interest has been
paid or duly provided for, at the Interest Rate per annum identified above, such interest to be payable on June 15 and December 15 of each year, commencing June 15, 2016, until said
Principal Amount is paid or duly provided for. The principal of or redemption price on this Bond is payable in lawful money of the United States of America upon presentation hereof
at the principal corporate trust office of U.S. Bank National Association, in the City of Chicago, Illinois, as paying agent (the “Paying Agent”). Payment of interest shall be made
to the Registered Owner hereof as
shown on the registration books of the City maintained by U.S. Bank National Association, in the City of Chicago, Illinois, as bond registrar (the “Bond Registrar”), at the close of
business on the applicable Record Date (the “Record Date”). The Record Date shall be the 1st day of the month of any regular or other interest payment date occurring on the 15th day
of any month. Interest shall be paid by check or draft of the Paying Agent, payable upon presentation in lawful money of the United States of America, mailed to the address of such
Registered Owner as it appears on such registration books or at such other address furnished in writing by such Registered Owner to the Bond Registrar, or as otherwise agreed by the
City and Cede & Co., as nominee, or successor, for so long as this Bond is held by The Depository Trust Company, New York, New York, the depository, or nominee, in book-entry only form
as provided for same.
Reference is hereby made to the further provisions of this Bond set forth on the reverse hereof, and such further provisions shall for all purposes have the same effect as if set forth
at this place.
It is hereby certified and recited that all conditions, acts and things required by the Constitution and Laws of the State of Illinois to exist or to be done precedent to and in the
issuance of this Bond, including the authorizing Act, have existed and have been properly done, happened and been performed in regular and due form and time as required by law; that
the indebtedness of the City, represented by the Bonds, and including all other indebtedness of the City, howsoever evidenced or incurred, does not exceed any constitutional or statutory
or other lawful limitation; and that provision has been made for the collection of a direct annual tax, in addition to all other taxes, on all of the taxable property in the City sufficient
to pay the interest hereon as the same falls due and also to pay and discharge the principal hereof at maturity.
This Bond shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Bond Registrar.
In Witness Whereof the City of Elgin, Kane and Cook Counties, Illinois, by its City Council, has caused this Bond to be executed by the manual or duly authorized facsimile signature
of its Mayor and attested by the manual or duly authorized facsimile signature of its City Clerk and its corporate seal or a facsimile thereof to be impressed or reproduced hereon,
all as appearing hereon and as of the Dated Date identified above.
Mayor, City of Elgin
Kane and Cook Counties, Illinois
Attest:
__________________________________
City Clerk, City of Elgin
Kane and Cook Counties, Illinois
[Seal]
Date of Authentication: ____________, ____
Certificate of Authentication
This Bond is one of the Bonds described in the within-mentioned Ordinance and is one of the General Obligation Corporate Purpose Bonds, Series 2016, having a Dated Date of February 24,
2016, of the City of Elgin, Kane and Cook Counties, Illinois.
U.S. Bank National Association,
as Bond Registrar
By:
Authorized Officer
Bond Registrar and Paying Agent:
U.S. Bank National Association
Chicago, Illinois
[Form of Bond - Reverse Side]
City of Elgin
Kane and Cook Counties, Illinois
General Obligation Corporate Purpose Bond, Series 2016
This bond is one of a series of bonds (the “Bonds”) in the aggregate principal amount of $24,995,000 issued by the City for the purpose of paying the costs of the Series 2016 Project
and of paying expenses incidental thereto, all as described and defined in the ordinance authorizing the Bonds (the “Ordinance”), pursuant to and in all respects in compliance with
the applicable provisions of the Illinois Municipal Code, as supplemented and amended, and as further supplemented and, where necessary, superseded, by the powers of the City as a home
rule unit under the provisions of Section 6 of Article VII of the Illinois Constitution of 1970 (such code and powers being the “Act”), and with the Ordinance, which has been duly passed
by the City Council of the City, approved by the Mayor, and published, in all respects as by law required.
The Bonds of the series of which this Bond is one due on and after December 15, 2025, are subject to redemption prior to maturity at the option of the City from any available funds,
as a whole or in part, and if in part in integral multiples of $5,000 in any order of their maturity as determined by the City (less than all of the Bonds of a single maturity to be
selected by the Bond Registrar), on December 15, 2024, and on any date thereafter, at the redemption price of par plus accrued interest to the date fixed for redemption.
Notice of any such redemption shall be sent by first class mail not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption to the registered
owner of each Bond to be redeemed at the address shown on the registration books of the City maintained by the Bond Registrar or at such other address as is furnished in writing by
such registered owner to the Bond Registrar. When so called for redemption, this Bond will cease to bear interest on the specified redemption date, provided funds for redemption are
on deposit at the place of payment at that time, and shall not be deemed to be outstanding.
Subject to the provisions relating to this Bond remaining in book-entry only form, this 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 Ordinance. Upon surrender for transfer or exchange of this Bond at the principal corporate trust office of the Bond Registrar in the
City of Chicago, Illinois, duly endorsed by or accompanied by a written instrument or instruments of transfer or exchange in form satisfactory to the Bond Registrar and duly executed
by the Registered Owner or an attorney for such owner duly authorized in writing, the City shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the
transferee or transferees or, in the case of an exchange, the Registered Owner, a new fully registered Bond or Bonds of like tenor, of the same maturity, bearing the same interest rate,
of authorized denominations, for a like aggregate principal amount.
The Bond Registrar shall not be required to transfer or exchange any Bond during the period from the close of business on the Record Date for an interest payment to the opening of business
on such interest payment date, nor to transfer or exchange any Bond after notice calling such Bond for redemption has been mailed, nor during a period of fifteen (15) days next preceding
mailing of a notice of redemption of any Bonds.
The City, the Bond Registrar and the Paying Agent may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of
principal hereof and interest due hereon and for all other purposes, and the City, the Bond Registrar and the Paying Agent shall not be affected by any notice to the contrary.
Assignment
For Value Received, the undersigned sells, assigns and transfers unto
Here insert Social Security Number,
Employer Identification Number or
other Identifying Number
(Name and Address of Assignee)
the within Bond and does hereby irrevocably constitute and appoint
as attorney to transfer the said Bond on the books kept for registration thereof with full power of substitution in the premises.
Dated: __________________________ __________________________
Signature guaranteed: __________________________
Notice: The signature to this transfer and assignment must correspond with the name of the Registered Owner as it appears upon the face of the within Bond in every particular, without
alteration or enlargement or any change whatever.
Section 13. Tax Levy. For the purpose of providing funds required to pay the interest on the Bonds promptly when and as the same falls due, and to pay and discharge the principal thereof
at maturity, there is hereby levied upon all of the taxable property within the City, in the years for which any of the Bonds are outstanding, a direct annual tax sufficient for that
purpose; and there is hereby levied on all of the taxable property in the City, in addition to all other taxes, the following direct annual taxes (the Pledged Taxes as hereinabove defined):
For the Year
A Tax Sufficient to Produce the Dollar Sum of:
2015
$ 2,131,128.75
for interest and principal up to and including December 15, 2016
2016
$ 2,179,100.00
for interest and principal
2017
$ 2,144,850.00
for interest and principal
2018
$ 2,130,300.00
for interest and principal
2019
$ 1,904,850.00
for interest and principal
2020
$ 1,904,800.00
for interest and principal
2021
$ 1,898,550.00
for interest and principal
2022
$ 2,091,250.00
for interest and principal
2023
$ 2,166,900.00
for interest and principal
2024
$ 2,153,800.00
for interest and principal
2025
$ 2,149,500.00
for interest and principal
2026
$ 2,138,700.00
for interest and principal
2027
$ 2,121,550.00
for interest and principal
2028
$ 2,063,200.00
for interest and principal
2029
$ 2,054,850.00
for interest and principal
Interest or principal coming due at any time when there are insufficient funds on hand from the Pledged Taxes to pay the same shall be paid promptly when due from current funds on hand
in advance of the collection of the Pledged Taxes herein levied; and when the Pledged Taxes shall have been collected, reimbursement shall be made to said funds in the amount so advanced.
The City covenants and agrees with the purchasers and registered owners of the Bonds that so long as any of the Bonds remain outstanding, the City will take no action or fail to take
any action which in any way would adversely affect the ability of the City to levy and collect the foregoing tax levy. The City and its officers will comply with all present and future
applicable laws in order to assure that the Pledged Taxes may be levied, extended and collected as provided herein and deposited into the Bond Fund.
Whenever other funds from any lawful source are made available for the purpose of paying any principal of or interest on the Bonds so as to enable the abatement of the taxes levied herein
for the payment of same, the City Council shall, by proper proceedings, direct the deposit of such funds into the Bond Fund and further shall direct the abatement of the taxes by the
amount so deposited. A certified copy or other notification of any such proceedings abating taxes may then be filed with the County Clerks in a timely manner to effect such abatement.
Section 14. Filing with County Clerks. Promptly, as soon as this Ordinance becomes effective, a copy hereof, certified by the City Clerk of the City, shall be filed with the County
Clerks; and the County Clerks shall in and for each of the years 2015 to 2029, inclusive, ascertain the rate percent required to produce the aggregate tax hereinbefore provided to be
levied in each of said years; and the County Clerks shall extend the same for collection on the tax books in connection with other taxes levied in said years in and by the City for
general corporate purposes of the City; and in said years such annual tax shall be levied and collected by and for and on behalf of the City in like manner as taxes for general corporate
purposes for said years are levied and collected, and in addition to and in excess of all other taxes.
Section 15. Sale of Bonds. The Bonds hereby authorized shall be executed as in this Ordinance provided as soon after the passage hereof as may be, and thereupon be deposited with the
City Treasurer, and be by said Treasurer delivered to Citigroup Global Markets, Inc., Dallas, Texas, the purchaser thereof (the “Purchaser”), upon receipt of the purchase price therefor,
the same being $25,990,265.16; the contract for the sale of the Bonds heretofore entered into (the “Purchase Contract”) is in all respects ratified, approved and confirmed, it being
hereby found and determined that the Bonds have been sold at such price and bear interest at such rates that
neither the true interest cost (yield) nor the net interest rate received upon such sale exceed the maximum rate otherwise authorized by Illinois law and that the Purchase Contract is
in the best interests of the City and that no person holding any office of the City, either by election or appointment, is in any manner financially interested directly in his own name
or indirectly in the name of any other person, association, trust or corporation, in the Purchase Contract.
The use by the Purchaser of any Preliminary Official Statement and any final Official Statement relating to the Bonds is hereby ratified, approved and authorized; the execution and delivery
of said final Official Statement is hereby authorized; and the officers of the City Council are hereby authorized to take any action as may be required on the part of the City to consummate
the transactions contemplated by the Purchase Contract, this Ordinance, said Preliminary Official Statement, said final Official Statement and the Bonds.
Section 16. Creation of Funds and Appropriations.
A. There is hereby created the “General Obligation Corporate Purpose Bonds, Series 2016, Bond Fund” (the “Bond Fund”), which shall be the fund for the payment of principal of and interest
on the Bonds. Premium received upon delivery of the Bonds shall be deposited into the Bond Fund and be applied to pay first interest coming due on the Bonds or be deposited into the
Project Fund as defined below.
B. The Pledged Taxes shall either be deposited into the Bond Fund and used solely and only for paying the principal of and interest on the Bonds or be used to reimburse a fund or account
from which advances to the Bond Fund may have been made to pay principal of or interest on the Bonds prior to receipt of Pledged Taxes. Interest income or investment profit earned
in the Bond Fund shall be retained in the Bond Fund for payment of the principal of or interest on the Bonds on the interest payment date next after such interest or profit is received
or, to the extent lawful and as determined by the City Council, transferred to such other fund as may
be determined. The City hereby pledges, as equal and ratable security for the Bonds, all present and future proceeds of the Pledged Taxes for the sole benefit of the registered owners
of the Bonds, subject to the reserved right of the City Council to transfer certain interest income or investment profit earned in the Bond Fund to other funds of the City, as described
in the preceding sentence.
C. Accrued interest on the Bonds plus the remaining principal proceeds of the Bonds shall be set aside in a separate fund, hereby created, and designated as the “Series 2016 Project
Fund” (the “Project Fund”), hereby created as the fund to provide for the receipt and disbursement of proceeds of the Bonds for the Series 2016 Project and to pay costs of issuance
of the Bonds. Alternatively, the Treasurer may allocate such remaining proceeds to one or more related project funds of the City already in existence; provided, however, that this
shall not relieve the Treasurer of the duty to account for the proceeds as herein provided. (Any such one or more funds shall also be referred to hereinafter, collectively, as the
“Project Fund”.) The City Council reserves the right, as it becomes necessary from time to time, to revise the list of expenditures hereinabove set forth, to change priorities, to
revise cost allocations between expenditures and to substitute projects, in order to meet current needs of the City; subject, however, to the tax covenants set forth herein and in any
other tax agreements related to the issuance of the Bonds.
Section 17. General Arbitrage Covenants. The City hereby covenants that it will not take any action, omit to take any action or permit the taking or omission of any action within its
control (including, without limitation, making or permitting any use of the proceeds of the Bonds) if taking, permitting or omitting to take such action would cause any of the Bonds
to be an arbitrage bond or a private activity bond within the meaning of the Code or would otherwise cause the interest on the Bonds to be included in the gross income of the recipients
thereof for
federal income tax purposes. The City acknowledges that, in the event of an examination by the Internal Revenue Service of the exemption from Federal income taxation of interest on
the Bonds, under present rules, the City may be treated as a “taxpayer” in such examination and agrees that it will respond in a commercially reasonable manner to any inquiries from
the Internal Revenue Service in connection with such an examination.
The City also agrees and covenants with the purchasers and holders of the Bonds from time to time outstanding that, to the extent possible under Illinois law, it will comply with whatever
federal tax law is adopted in the future which applies to the Bonds and affects the tax exempt status of the Bonds.
The City Council hereby authorizes the officials of the City responsible for issuing the Bonds, the same being the Mayor, Clerk and Treasurer of the City, to make such further covenants
and certifications as may be necessary to assure that the use thereof will not cause the Bonds to be arbitrage bonds and to assure that the interest on the Bonds will be exempt from
federal income taxation. In connection therewith, the City and the City Council further agree: (a) through their officers, to make such further specific covenants, representations
as shall be truthful, and assurances as may be necessary or advisable; (b) to consult with counsel approving the Bonds and to comply with such advice as may be given; (c) to pay to
the United States, as necessary, such sums of money representing required rebates of excess arbitrage profits relating to the Bonds; (d) to file such forms, statements, and supporting
documents as may be required and in a timely manner; and (e) if deemed necessary or advisable by their officers, to employ and pay fiscal agents, financial advisors, attorneys, and
other persons to assist the City in such compliance.
Section 18. Registered Form. The City recognizes that Section 149 of the Code requires the Bonds to be issued and to remain in fully registered form in order to be and remain
Tax-exempt. In this connection, the City agrees that it will not take any action to permit the Bonds to be issued in, or converted into, bearer or coupon form.
Section 19. Rights and Duties of Bond Registrar and Paying Agent. If requested by the Bond Registrar or the Paying Agent, or both, any officer of the City is authorized to execute
standard forms of agreements between the City and the Bond Registrar or Paying Agent with respect to the obligations and duties of the Bond Registrar or Paying Agent hereunder. In
addition to the terms of such agreements and subject to modification thereby, the Bond Registrar and Paying Agent by acceptance of duties hereunder agree:
(a) to act as bond registrar, paying agent, authenticating agent, and transfer agent as provided herein;
(b) as to the Bond Registrar, to maintain a list of Bondholders as set forth herein and to furnish such list to the City upon request, but otherwise to keep such list confidential to
the extent permitted by law;
(c) as to the Bond Registrar, to give notice of redemption of the Bonds as provided herein;
(c) as to the Bond Registrar, to cancel and/or destroy Bonds which have been paid at maturity or upon prior redemption or submitted for exchange or transfer;
(d) as to the Bond Registrar, to furnish the City at least annually a certificate with respect to Bonds cancelled and/or destroyed; and
(e) to furnish the City at least annually an audit confirmation of Bonds paid, Bonds outstanding and payments made with respect to interest on the Bonds.
The City Clerk of the City is hereby directed to file a certified copy of this Ordinance with the Bond Registrar and the Paying Agent.
Section 20. Defeasance. Any Bond or Bonds which (a) are paid and cancelled, (b) which have matured and for which sufficient sums been deposited with the Paying Agent to pay all principal
and interest due thereon, or (c) for which sufficient U.S. funds and direct U.S. Treasury obligations have been deposited with the Paying Agent or similar institution to pay, taking
into account investment earnings on such obligations, all principal of and interest on such Bond or Bonds when due at maturity or as called for redemption, pursuant to an irrevocable
escrow or trust agreement, shall cease to have any lien on or right to receive or be paid from the Bond Moneys or Pledged Taxes hereunder and shall no longer have the benefits of any
covenant for the registered owners of outstanding Bonds as set forth herein as such relates to lien and security of the outstanding Bonds. All covenants relative to the Tax-exempt
status of the Bonds; and payment, registration, transfer, and exchange; are expressly continued for all Bonds whether outstanding Bonds or not.
Section 21. Continuing Disclosure Undertaking. The Mayor or Treasurer of the City is hereby authorized, empowered and directed to execute and deliver the Continuing Disclosure Undertaking
(the “Continuing Disclosure Undertaking”) in substantially the same form as now before the City Council, or with such changes therein as the individual executing the Continuing Disclosure
Undertaking on behalf of the City shall approve, the official’s execution thereof to constitute conclusive evidence of the approval of such changes. When the Continuing Disclosure
Undertaking is executed and delivered on behalf of the City as herein provided, the Continuing Disclosure Undertaking will be binding on the City and the officers, employees and agents
of the City, and the officers, employees and agents of the City are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may
be necessary to carry out and comply with the provisions of the Continuing Disclosure Undertaking as executed. Notwithstanding any other provision of this Ordinance, the sole
remedies for failure to comply with the Continuing Disclosure Undertaking shall be the ability of the beneficial owner of any Bond to seek mandamus or specific performance by court order,
to cause the City to comply with its obligations under the Continuing Disclosure Undertaking.
Section 22. Record-Keeping Policy and Post-Issuance Compliance Matters. The Council has previously adopted a record-keeping policy (the “Policy”) to maintain sufficient records to
demonstrate compliance with its covenants and expectations to ensure the appropriate federal tax status for the Bonds and other debt obligations of the City, the interest on which is
excludable from “gross income” for federal income tax purposes or which enable the City or the holder to receive federal tax benefits, including, but not limited to, qualified tax credit
bonds and other specified tax credit bonds (including the Bonds). The Council and the City hereby reaffirm the Policy.
Section 23. Publication of Ordinance. A full, true and complete copy of this Ordinance shall be published within ten days after passage in pamphlet form by authority of the City Council.
Section 24. Severability. If any section, paragraph, clause or provision of this Ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall
not affect any of the other provisions of this Ordinance.
Section 25. Superseder and Effective Date. All ordinances, resolutions and orders, or parts thereof, in conflict herewith, are to the extent of such conflict hereby superseded; and
this Ordinance shall be in full force and effect immediately upon its passage, approval and publication.
Ayes: Councilmembers Dunne, Gavin, Martinez, Powell, Prigge, Rauschenberger, Shaw, Steffen, and Mayor Kaptain.
Nays: None.
Absent: None.
Adopted: February 10, 2016
Approved: February 10, 2016
Mayor, City of Elgin
Kane and Cook Counties, Illinois
Recorded In City Records: February 10, 2016.
Published in pamphlet form by authority of the City Council on February 10, 2016.
Attest:
________________________________
City Clerk, City of Elgin
Kane and Cook Counties, Illinois
[Seal]
State of Illinois )
) SS
County of Kane )
Certification of Minutes and Ordinance
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the City of Elgin, Kane and Cook Counties, Illinois (the “City”), and as such official I am
the keeper of the official journal of proceedings, books, records, minutes and files of the City and of the City Council (the “City Council”) thereof.
I do further certify that the foregoing is a full, true and complete transcript of that portion of the minutes of the meeting of the City Council held on the 10th day of February, 2016
insofar as the same relates to the adoption of an ordinance, entitled:
An Ordinance providing for the issuance of $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, of the City of Elgin, Kane and Cook Counties, Illinois, for the purpose
of financing various capital improvements, including, but not limited to, street improvements and utility projects, and providing for the levy and collection of a direct annual tax
for the payment of the principal of and interest on said bonds.
a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting.
I do further certify that the deliberations of the Council on the adoption of said ordinance were conducted openly, that the vote on the adoption of said ordinance was taken openly,
that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that an
agenda for said meeting was posted at the location where said meeting was held and at the principal office of the Council at least 48 hours in advance of the holding of said meeting,
that at least one copy of said agenda was continuously available for public review during the entire 48 hour period preceding said meeting, that said agenda contained a separate specific
item concerning the proposed adoption of said ordinance, a true, correct and complete copy of the agenda as so posted being attached hereto as Exhibit A, that said meeting was called
and held in strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and with the provisions of the Illinois Municipal Code, as amended,
and that the Council has complied with all of the applicable provisions of said Act and said Code and its procedural rules in the adoption of said ordinance.
In Witness Whereof I hereunto affix my official signature and the seal of the City this 10th day of February, 2016.
City Clerk
[Seal]
[Attach Exhibit A]
State of Illinois )
) SS
County of Kane )
Certificate of Publication in Pamphlet Form
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the City of Elgin, Kane and Cook Counties, Illinois (the “City”), and as such official I am
the keeper of the official journal of proceedings, books, records, minutes, and files of the City and of the City Council (the “City Council”) thereof.
I do further certify that on the 10th day of February, 2016 there was published in pamphlet form, by authority of the City Council, a true, correct and complete copy of Ordinance Number S1-16
of the City providing for the issuance of $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, dated February 24, 2016, of the City and that said ordinance as so published
was on said date readily available for public inspection and distribution, in sufficient number to meet the needs of the general public, at my office as City Clerk located in the City.
In Witness Whereof I have affixed hereto my official signature and the seal of the City this 10th day of February, 2016.
City Clerk
[Seal]
State of Illinois )
) SS
County of Kane )
Certificate of Filing
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of The County of Kane, Illinois, and as such officer I do hereby certify that on the ____ day
of February, 2016 there was filed in my office a properly certified copy of Ordinance Number S1-16, passed by the City Council of the City of Elgin, Kane and Cook Counties, Illinois,
on the 10th day of February, 2016 and entitled:
An Ordinance providing for the issuance of $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, of the City of Elgin, Kane and Cook Counties, Illinois, for the purpose
of financing various capital improvements, including, but not limited to, street improvements and utility projects, and providing for the levy and collection of a direct annual tax
for the payment of the principal of and interest on said bonds.
and that the same has been deposited in, and all as appears from, the official files and records of my office.
In Witness Whereof I have hereunto affixed my official signature and the seal of The County of Kane, Illinois, this ____ day of February, 2016.
County Clerk of the County of Kane, Illinois
[Seal]
State of Illinois )
) SS
County of Cook )
Certificate of Filing
I, the undersigned, do hereby certify that I am the duly qualified and acting County Clerk of The County of Cook, Illinois, and as such officer I do hereby certify that on the ____ day
of February, 2016, there was filed in my office a properly certified copy of Ordinance Number S1-16, passed by the City Council of the City of Elgin, Kane and Cook Counties, Illinois,
on the 10th day of February, 2016 and entitled:
An Ordinance providing for the issuance of $24,995,000 General Obligation Corporate Purpose Bonds, Series 2016, of the City of Elgin, Kane and Cook Counties, Illinois, for the purpose
of financing various capital improvements, including, but not limited to, street improvements and utility projects, and providing for the levy and collection of a direct annual tax
for the payment of the principal of and interest on said bonds.
and that the same has been deposited in, and all as appears from, the official files and records of my office.
In Witness Whereof I have hereunto affixed my official signature and the seal of The County of Cook, Illinois, this ____ day of February, 2016.
County Clerk of The County of Cook, Illinois
[Seal]