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Ordinance No. S4-80
ORDINANCE OF THE CITY OF
ELGIN , KANE AND COOK COUNTIES
ILLINOIS , AMENDING
ORDINANCE S3-80 ADOPTED
BY THE CITY COUNCIL ON
MARCH 19 , 1980, NAMING
A NEW ESCROW AGENT,
REVISING THE DEFINITION
OF AUTHORIZED DEVELOPER REPRESENTATIVE,
AMENDING THE TOTAL OF THE
APPROVED PROJECT COSTS , AND RELATED MATTERS
WHEREAS, the City of Elgin , Kane and Cook Counties ,
Illinois ( the "Issuer" ) adopted Ordinance No. S3-80 on March 19 ,
1980 (the "Ordinance" ) providing for the issuance of its
$850 ,000 Industrial Development Revenue Bond , Series A of 1980
( Refractory Products Co. Project) (the "Bond" ) the proceeds
of which are to be loaned to Refractory Products Co . ( the
"Developer" ) to pay or reimburse the Developer for certain
Project Costs as defined therein pursuant to a Loan Agreement
(the "Loan Agreement" ) between the Issuer and the Developer ;
and
WHEREAS, the proceeds of the Bond were to be deposited
with and disbursed by Great Lakes Mortgage Corporation as Escrow
Agent under Section 601 of the Ordinance and Section 5 . 1 and 5 . 2
of the Loan Agreement ; and
WHEREAS, the Great Lakes Mortgage Corporation has been
merged into The Lomas & Nettleton Company , a Connecticut corpora-
tion qualified to do business in Illinois and having an address
at 111 West Jackson Boulevard, Chicago, Illinois 60604 ; and
WHEREAS , the President of Refractory Products Co . is
out of the county and therefore unable to designate an "Authorized
Developer Representative" for purposes of the Loan Agreement ; and
WHEREAS, the total Costs of Construction included in
the Project Costs under Section 602 of the Ordinance and Exhibit
D to the Loan Agreement , are greater than previously approved ;
NOW, THEREFORE , Be It Ordained by the City Council of
the City of Elgin , Kane and Cook Counties , Illinois as follows :
1. The Lomas & Nettleton Company, a Connecticut
corporation qualified to do business in Illinois and having an
address at 111 West Jackson Boulevard, Chicago, Illinois 60604
is hereby designated to act as Escrow Agent under Section 602 of
the Ordinance and Section 5 .1 and 5 . 2 of the Loan Agreement
in place of the Great Lakes Mortgage Corporation.
C . -
2. The definition of "Authorized Developer
Representative" in the Loan Agreement shall be amended to provide
that said person may be designated by a written certificate signed
on behalf of the Developer by its President , Vice President ,
Secretary or Treasurer rather than solely by its President •
3. The Cost of Construction set forth in Section 602
of the Ordinance and on Exhibit D to the Loan Agreement is hereby
amended to $976,751 instead of $956,364+. 50 and the
totalProject
Costs set forth therein are amended to be $985 , 7• insteadof
$965 ,030.70.
4. The Ordinance , as hereby amended, is hereby ratified
and confirmed and republished in all respects .
This Ordinance shall be in full force and effect upon its
approval by the Mayor.
Passed and approved by the City Council of the City of
Elgin , Kane and Cook Counties , Illinois , a Home Rule Unit of
Government this 26th day of March , 1980.
A proved : March 26, 1980 )7e4(/// 74-. - z� Z �` T 3/27/80
p Date ,�ay Tem _—�•t 3/27/80
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Ayes : Councilmen Harry Barnes, Robert Gilliam, Herbert
Hill, James Kirkland, Lucille Wise Nelson and Stephen West.
Nays : None
Absent : Mayor Richard L. Verbic
Attest :
Acting City Jerk
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