T2-87C TELEPHONE 312/695-6500
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4.1 '' :' °) 1 In 150 DEXTER COURT ELGIN, ILLINOIS 60120-5555
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June 15 , 1987
Stanley T. Kusper, Jr.
Cook County Clerk
County Building- Room 402
Chicago, Ill. 60602
Dear Sir:
Enclosed please find certified copy of Ordinance T1-87, which
was passed by the Elgin City Council on June 9 , 1987 . Please
file this Ordinance and return the Certificate of Filing to
me.
rk
Thank you for your cooperation in this matter.
Very truly yours ,
Marie Yearman
City Clerk
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OFFICIAL BID FORM
City of Elgin June 9, 1987
City Hall
Elgin, Illinois
Council Members:
For your$2,700,000 City of Elgin, Illinois, General Obligation Corporate Purpose Bonds, Series 1987,described in
the annexed Official Notice of Sale, which is expressly made a part hereof, we will pay you $ plus
accrued interest from July 1, 1987,to the date of delivery.The bonds are to bear interest at the following respective rates
(each a multiple of 1/8 or '/z„ of 1%) for bonds of each designated maturity.
MATURITIES—January 1
$600,000. . . 1990 % $650,000. . . 1991 % $750,000. . . 1993 %
700,000. . . 1992 %
Said bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the
approving legal opinion of Chapman and Cutler,Attorneys,Chicago,Illinois.You are to pay for the legal opinion and for
printing the bonds. Unless we notify you to the contrary within 24 hours, CUSIP numbers are to be applied for and
printed on the bonds at our expense,and we agree to accept the bonds at delivery with the CUSIP numbers as printed.
As evidence of good faith,we enclose herewith a check in the sum of$54,000 in accordance with your Official Notice
of Sale. A list of the members of our account on whose behalf this bid is made is appended hereto.
Respectfully submitted,
Description of Check:
Amount: $54,000 Name
Account Manager
Name of Bank By
City Address
State City
State
Certified (Cashier's) Check No.
NOT A PART OF BID
Dated
Our calculation of net interest cost from above is:
Total Interest $
(For Use By City Only)
The above check was returned and received for the Less Premium/Plus Discount $
above named Account Manager
Net Interest Cost $
By
Net Interest Rate %
The foregoing bid was accepted and bonds sold by resolution of the Council of the City of Elgin, Illinois, June 9,
1987, and receipt is hereby acknowledged of the good faith check which is being held in accordance with the terms of the
Official Notice of Sale.
CITY OF ELGIN, ILLINOIS
ATTEST:
City Clerk Mayor
TOTAL BOND YEARS: 11,050.000
AVERAGE LIFE: 4.092593 Years
OFFICIAL NOTICE OF SALE -
$2,700,000
CITY OF ELGIN
Kane and Cook Counties,Illinois
General Obligation Corporate Purpose Bonds,Series 1987
The City of Elgin,Illinois,will receive sealed bids for its$2,700,000 General Obligation Corporate Purpose Bonds,Series 1987,on an all or none
basis,at 55 East Monroe Street,Suite 4510,Chicago,Illinois(mailed bids should be sent c/o Speer Financial,Inc.)until 11:00 A.M.,C.D.T.,June 9,
1987,at which time bids will be publicly opened and read.Award will be made,or all bids rejected,at a meeting of the Council in Elgin on that date.
The bonds are general obligations of the City,payable as to both principal and interest from ad valorem taxes to be levied on all taxable property
within the City,without limitation as to rate or amount.The bonds will be dated July 1,1987,will be in fully registered form,will be in the denomination
of$5,000 and authorized integral multiples thereof,and will mature serially on January 1 of each of the years 1990-1993, inclusive,as follows:
MATURITIES—January 1
$600,000 1990 $650,000 1991 $750,000 1993
700,000 1992
The bonds will be payable at The First Commercial Bank,Chicago, Illinois (the"Bond Registrar"). Interest on each bond will be payable on
January 1 and July I of each year commencing July 1,1988,by check or draft of the Bond Registrar mailed to the person in whose name such bond is
registered.
The bonds will be awarded to the best bidder determined upon the basis of the lowest total interest at the rate or rates designated in said bid from
July 1, 1987,to the respective maturity dates and deducting therefrom the premium bid. Each bidder shall name a rate or rates of interest which the
bonds are to bear,and each rate must be a multiple of one-eighth or one-twentieth of one percent('/s or of 1%),and no more than one rate for a single
maturity shall be specified.The difference between the lowest rate bid and the highest rate bid may not exceed two percent(2%).Bids must be for all or
none of the bonds, must be for not less than$2,675,000 plus accrued interest to date of delivery and must be made upon the Official Bid Form and
delivered in a sealed envelope marked"Bid for Bonds"at the time set out above.The City reserves the right to reject any or all bids and to determine the
best bid in its sole discretion and to waive any informality in any bid.
Each bid shall be accompanied by a certified or cashier's check on a solvent bank or trust company for$54,000 payable to the City Treasurer of the
City of Elgin,Illinois,as evidence of good faith of the bidder.The check of the successful bidder will be retained uncashed by the City pending delivery
of the bonds.All other checks will be returned promptly.No interest will be allowed on any checks.Should the successful bidder fail to take up and pay
for the bonds when tendered in accordance with his bid and this Notice,his check shall be cashed by the City and the proceeds retained as full and
liquidated damages to the City caused by failure of the bidder to carry out his offer of purchase.Otherwise,his check will be applied on the purchase
price of the bonds when delivered,or returned uncashed at delivery.
The successful bidder agrees that on or before delivery of the bonds,it will deliver a certificate confirming the initial offering prices of the bonds to
the public (not including bond houses and brokers or intermediaries or similar persons or organizations acting in the capacity of underwriters or
wholesalers)at which price a substantial amount of the bonds in each maturity are in fact sold.In such certificate,the successful bidder shall also certify
the reasonableness of the interest rates on the bonds,the spread,production or profits realized in the purchase and sale of the bonds,and the purchase
price paid to the City for the bonds.The certificate will be in form and substance drafted by or acceptable to bond counsel.The certificate will be relied
upon by the City for the purpose of obtaining and maintaining the tax-exempt status of interest on the bonds.
The City intends to designate the bonds as"qualified tax-exempt obligations"pursuant to the small issuer exception by Section 265(b)(3)of the
Internal Revenue Code of 1986.
The printed bonds, in standard 8-inch by 12-inch form,will be delivered to the successful bidder against full payment in immediately available
funds in Chicago,Illinois,as soon as they can be printed and executed,which is expected to be on or about July 1, 1987.Should delivery be delayed
beyond 60 days from the date of sale for any reason except failure of performance of the successful bidder,then the bidder may cancel his agreement to
purchase the bonds and receive back his check,and thereafter his interest in and liability for the bonds will cease.
The City Council has authorized the preparation of an Official Statement containing pertinent information relative to the City and its finances.For
copies of that Statement or for any additional information,any prospective purchaser is referred to the undersigned at the City Hall,Elgin,Illinois,or
the Public Finance Consultants to the City,Speer Financial,Inc.,55 East Monroe Street,Suite 4510,Chicago,Illinois 60603.Telephone:Area 312-
346-3700.
/S/ MARIE YEARMAN
City Clerk
City of Elgin, Illinois