HomeMy WebLinkAboutS22-05 (2) JULY,2007
IN REVIEWING THIS FILE,IT WAS DETERMINED THAT AN EXECUTED COPY
OF THE AGREEMENT LISTED BELOW WAS NEVER RETURNED TO THE
CLERK'S OFFICE.
ALL THAT IS AVAILABLE IS THE ATTACHED DRAFT COPY OF THE
AGREEMENT AND ITS SUPPORTING PAPERWORK.
REFERENCE: ORDINANCE NO. S22-05
PASSED: AUGUST 24,2005
SUBJECT: ORDINANCE PROVIDING FOR THE EXECUTION OF DOCUMENTS
IN CONNECTION WITH THE REDEMPTION OF $2,065,000 CITY OF
ELGIN, KANE AND COOK COUNTIES, ELGIN, ILLINOIS
VARIABLE RATE DEMAND REVENUE BONDS, SERIES 2001 FOR
EASTER SEALS JAYNE SHOVER CENTER
Ordinance No. S22-05
AN ORDINANCE
PROVIDING FOR THE EXECUTION OF DOCUMENTS IN CONNECTION
WITH THE REDEMPTION OF $2,065,000 CITY OF ELGIN,
KANE AND COOK COUNTIES, ELGIN, ILLINOIS
VARIABLE RATE DEMAND REVENUE BONDS, SERIES 2001
(EASTER SEALS JAYNE SHOVER CENTER)
WHEREAS,on September 26,2001,the City Council of the City of Elgin adopted Ordinance
No. S 13-01 providing for the issuance of Variable Rate Demand Revenue Bonds, Series, 2001
(Easter Seals Jayne Shover Center) in an aggregate principal amount of not to exceed $2,065,000
(the "2001 Bonds"); and
WHEREAS, due to financial difficulties Easter Seals Jayne Shover Center, an Illinois not-
for-profit corporation(the"Corporation")has agreed to sell the building and real estate commonly
known as 790 S. McLean Boulevard, Elgin, Illinois (the "Sale"); and
WHEREAS,in connection with the Sale and the resulting change in use of its facilities,the
Corporation has determined that it is in its best interests to provide for the payment of the
outstanding 2001 Bonds; and
WHEREAS, the Corporation will utilize the proceeds from the sale to provide for the
payment of 100% of the principal of the 2001 Bonds plus all accrued interest thereon through the
redemption date.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS, KANE AND COOK COUNTIES, ILLINOIS, IN THE EXERCISE OF ITS
HOME RULE POWERS AS FOLLOWS:
Section 1. Incorporation of Preambles. The Corporate Authorities hereby find that all of
the recitals contained in the preambles to this ordinance are full,true and correct and do incorporate
them into this ordinance by this reference.
Section 2. Execution of Documents in Connection with Redemption of 2001 Bonds.The
Corporate Authorities do hereby authorize and approve the execution by the Mayor and the City
Clerk of all documents necessary to provide for the redemption of the 2001 Bonds in whole on
October 3, 2005 (the "Redemption Date") at a redemption price equal to 100% of the principal
amount thereof plus accrued interest to the Redemption Date, including, without limitation, the
Notice to the Trustee of Intention to Redeem, the Release of Bond Indenture, the Release of Loan
Agreement and the First Supplemental Bond Trust Indenture.
s/Ed Schock
Ed Schock, Mayor
Presented: August 24, 2005
Passed: August 24, 2005
Vote: Yeas: 7 Nays: 0
Recorded: August 25, 2005
Published:
Attest:
s/Dolonna Mecum
Dolonna Mecum, City Clerk
VIA FACSIMILE
August 22 , 2005
MEMORANDUM
TO: Mayor and Members of the City Council
Olufemi Folarin, City Manager
FROM: William A. Cogley, Corporation Counsel
SUBJECT: Redemption of the 2001 Easter Seals Jayne Shover Bonds
In 2001 the city authorized the issuance of $2, 065, 000 of Variable
Rate Demand Revenue Bonds for the Easter Seals Jayne Shover Center.
Easter Seals Jayne Shover Center is in the process of selling its
building at 799 S . McLean. The building was financed with the
subject City of Elgin revenue bonds. The bonds will be redeemed in
full through the closing proceeds .
Attached is an ordinance which authorizes the execution of the
documents in connection with the redemption of the subject bonds .
The closing of the sale of the Easter Seals property has been
scheduled for this Thursday, August 25, 2005 . I have therefore
added the subject ordinance to the Other Business portion of this
Wednesday night ' s City Council agenda .
Please contact me if you have any questions or require any
additional information.
WAC
mg
Attachments
cc : Sean Stegall (w/attach. )
James R. Nowicki (w/attach. )
Loni Mecum (w/attach. )
,OF .4
\ City of Elgin Mayor
Y
41.
+, Ed Schock
kare„cc° Council Members
Juan Figueroa
Robert Gilliam
VIA FEDERAL EXPRESS David J. Kaptain
Brenda Rodgers
Thomas K.Sandor
August 2 4 , 2005 John Walters
City Manager
Olufemi Folarin
Julie Seymour
Ungretti & Harris
70 W. Madison Street
Suite 3500
Chicago, IL 60602
RE : Easter Seals Bond Redemption
Dear Ms . Seymour:
Enclosed please find two original copies of the bond redemption
documents executed by the City of Elgin for the above-referenced
matter. Please return a fully executed copy of the documents to my
office . Please also provide me a confirmation of the closing of
the sale of the subject property and that the proceeds to redeem
the subject bonds have been deposited with the bond trustee .
Very truly yours,
William A. Cogley
Corporation Counsel
WAC/mg
Encls .
bc : City Clerk
150 Dexter Court• Elgin, IL 60120-5555• Phone 847/931-6100• Fax 847/931-5610•TDD 847/931-5616
www.cityofelgin.org
L: Printed on recycled paper
Legal Department Direct Dial 847-931-5655 - Fax 847-931-5665
William Gogley- Easter Seals Q age 1
0a*°°'/°
From: "Walker, Angela S." <aswalker@uhlaw.com>
To: <cogley_W@cityofelgin.org>
Date: 8/18/2005 11:51:44 AM `
Subject: Easter Seals
?/„Iintek,„
Please disregard the signature pages earlier sent and please have the
attached signature pages executed for the closing occurring on August
23, 2005 and sent to me at the address listed below.
Much appreciated,
Angela
Angela S. Williams-Walker
Ungaretti & Harris LLP
70 West Madison Street
Chicago, Illinois 60602
312.977.4415
312.977.4405
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CC: <cogley_w@cityofelgin.org>
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