S22-05 .. 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. S13-01 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.
eft. age—trgerAllir,Zd■
Ed c o , Mayor
Presented: August 24, 2005
Passed: August 24, 2005
Vote: Yeas: 7 Nays: 0
Recorded: August 25, 2005
Published:
Attest:
Dolonna Mecum, City Clerk