HomeMy WebLinkAboutORDINANCES-2005-077-O-05•
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ORDINANCE NUMBER
77-0-05
AN ORDINANCE providing for the issuance of not to exceed
$32,500,000 General Obligation Bonds, Series 2005, of the City of
Evanston, Cook County, Illinois, 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 13th day of June 2005.
Published in Pamphlet Form by
the Authority of the City
Council on the 14th day of
June 2005.
1883740v20rdhdoc
2130755 - TVM - 6/10/05
TABLE OF CONTENTS
PAGE •
Preambles........................................................................................................................................
1
Section1. Definitions
...............................................................................................................4
Section 2.
Incorporation of Preambles..................................................................................... 8
Section 3.
Determination to Issue Bonds................................................................................. 8
Section4.
Bond Details............................................................................................................ 8
Section 5.
Book Entry Provisions..........................................................................................
10
Section 6.
Execution; Authentication.....................................................................................
12
Section 7.
Term Bonds, Mandatory Redemption and Covenants; Optional
Redemption...........................................................................................................
13
Section 8.
Term Bonds Purchase or Redemption..................................................................
14
Section 9.
Redemption Procedure..........................................................................................
14
Section 10.
Registration of Bonds; Persons Treated as Owners ..............................................
18
Section11.
Form of Bond........................................................................................................
20
Section12.
Security; Tax Levy................................................................................................
26
Section 13.
Filing with County Clerk......................................................................................
28
Section 14:
Sale of Bonds; Bond Order; Bond Series..............................................................
29
Section 15.
Creation of Funds and Appropriations..................................................................
31
Section 16.
Tax Covenants Generally ......................
Section 17.
Certain Specific Tax Covenants............................................................................
34
Section 18.
Continuing Disclosure.............................................:.............................................
38
Section 19.
Prior Bonds and Taxes..........................................................................................
38
.Section 20.
Pertaining to the Bond Registrar...........................................................................
39
Section21.
Defeasance............................................................................................................
40
Section 22.
Amend Budget Policy...........................................................................................
41
Section 22.
Publication of Ordinance.......................................................................................
42
Section 23.
Superseder and Effective Date...............................................................................
42
•
ORDINANCE NUMBER 77-0-05
• AN ORDINANCE providing for the issuance of not to exceed
$32,500,000 General Obligation Bonds, Series 2005, of the City of
Evanston, Cook County, Illinois, and providing for the levy and
collection of a direct annual tax for the payment of the principal of
and interest on said bonds.
PREAMBLES
WHEREAS
A. The City of Evanston, Cook County, Illinois (the "City"), has a population in
excess of 25,000 as determined by the last official census and, accordingly, pursuant to the
provisions of the 1970 Constitution of the State of Illinois and particularly Article VII,
Section 6(a) thereof, the City is a home rule unit and as such 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.
• B. Pursuant to the provisions of said Section 6 of Article VII of the 1970 Constitution,
the City has the power to incur debt payable from ad valorem tax receipts maturing within
40 years from the time it is incurred and without prior referendum approval.
C. The City has a Capital Improvement Plan (the "Plan"), which. is reviewed and
revised annually, and most recently has included the fiscal year 2005/6 through 200/10.
D. It is deemed by the City Council of the City (the "City Council") to be necessary
and advisable and in the best interests of the inhabitants of the City to obtain funds to reimburse
or pay a portion of the costs of certain of the capital projects (the "Plan Projects") set forth in
the Plan for the fiscal years ending 2005 and thereafter (certain alley improvement being
included therein) and also to obtain funds for certain "Sherman Plaza" redevelopment
improvements, all at an estimated cost of not in excess of $25,500,000 (said projects and
is
improvements being the "Series 2005 Capital Improvements") and subject to amendment for •
such other corporate purposes as the City Council may determine as hereinafter provided.
E. The estimated total cost to the City of the Series 2005 Capital Improvements to be
provided for hereunder (collectively the "Series 2005 Capital Funding Cost") is the sum of not
in excess of $25,500,000 plus the estimated available amount of interest earnings on said sum
prior to its expenditure.
F. It is necessary for the payment of the costs of the Series 2005 Capital Improvements
that money be borrowed at this time and in evidence of such borrowing, general obligation bonds
of the City be issued in the principal amount of not to exceed $25,500,000 and that such
indebtedness be incurred in accordance with the home rule powers of the City, as aforesaid, and
without submitting the question of incurring such indebtedness to the electors of said City for
their approval.
G. The City has heretofore issued and there are now outstanding the following legal •
and validly binding and subsisting obligations of the City:
GENERAL OBLIGATION CORPORATE PURPOSE BONDS
SERIES 1998 DATED APRIL 15,1998
Original Principal Amount: $11,160,000
Originally Due Serially on
December 1 in the Years: 1999 to 2018
Amount Remaining Outstanding: $8,300,000
Amount Which May Be $6,350,000
Refunded:
•
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REMAINING
OUTSTANDING BONDS AND BONDS WHICH MAY
•
BE REFUNDED DUE AND DESCRIBED AS FOLLOWS:
DECEMBER 1
RATE OF
AMOUNT WHICH MAY
OF THE YEAR
AMOUNT ($)
INTEREST (%)
BE REFUNDED
2005
600,000
4.80
None
2006
420,000
4.80
None
2007
450,000
4.80
None
2008
480,000
4.80
None
2009
480,000
4.80
All
2010
510,000
4.80
All
2011
540,000
4.85
All
2012
570,000
4.85
All
2013
605,000
4.85
All
2014
645,000
4.85
All
2015
685,000
4.875
All
2016
735,000
4.875
All
2017
765,000
4.875
All
2018
815,000
4.875
All
of which bonds (the "Prior Bonds"), those which may be refunded in advance of maturity as
• shown in the table above may be referred to as the "Eligible Prior Bonds" and are subject to
redemption prior to maturity at the option of the City, on any date on or after June 1, 2008, at the
redemption price of par and accrued interest.
H. The City Council of the City has considered and determined that interest rates
available in the bond market for the maturities to be refunded are currently more favorable for
the City than they were at the time when the Prior Bonds were issued and that it is possible,
proper and advisable to provide for the timely refunding, if such favorable rates continue, of the
Eligible Prior Bonds, and to provide for the payment and redemption thereof as same become
due at the earliest date of redemption, to the end of taking advantage of the debt service savings
which may result from such lower interest rates (which refunding may hereinafter be referred to
as the "Refunding").
• I. The City Council does hereby determine that it is advisable and in the best interests
of the City to provide for the borrowing of not to exceed $7,000,000 at this time pursuant to the
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Act as hereinafter defined for the purpose of paying the costs of the Refunding and, in evidence
of such borrowing, provide for the issuance of its full faith and credit bonds in the aggregate •
principal amount of not to exceed such $7,00,000.
J. In order to accomplish the objectives set forth above, it will be necessary to amend
the City's budget policy.
Now THEREFORE Be It Ordained by the City Council of the City of Evanston, Cook
County, Illinois, in the exercise of its home rule powers, as follows:
Section 1. Definitions. Words and terms used in this Ordinance shall have the
meanings given them, unless the context or use clearly indicates another or different meaning is
intended. Words and terms defined in the singular may be used in the plural and vice -versa.
Reference to any gender shall be deemed to include the other and also inanimate persons such as
corporations, where applicable.
A. The following words and terms are as defined in the preambles hereto. •
City
City Council
Eligible Prior Bonds
Plan
Plan Projects
Prior Bonds
Refunding
Series 2005 Capital Funding Cost
Series 2005 Capital Improvements
•
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B. The following words and terms are defined as set forth.
"Act" means the Illinois Municipal Code, as supplemented and amended, and the
home rule powers of the City under Section 6 of Article VII of the Illinois Constitution of
1970; 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;
and, further, includes the Local Government Debt Reform Act, as amended.
"Bond Counsel" means Chapman and Cutler LLP or any other nationally
recognized firm of attorneys experienced in the field of municipal bonds whose opinions
are generally accepted by purchasers of municipal bonds.
"Bonds" means the not to exceed $32,500,000 General Obligation Bonds, Series
2005, authorized to be issued by this Ordinance.
"Bond Moneys" means the Pledged Taxes and any other moneys deposited into
• the Debt Service Fund and investment income earned in the Bond Fund.
•
"Bond Order" means a Bond Order as authorized to be executed by the
Designated Officials of the City in Section (14) of this Ordinance, substantially in the
form (with related certificates) as attached hereto as Exhibit B, and by which the final
terms of the Bonds will be established.
"Bond Purchase Agreement" means the Bond Purchase Agreement as authorized
to be executed by the Designated Officials of the City in Section (14) of this Ordinance,
substantially in the form (with related certificates) as attached hereto as Exhibit A, and by
which the final terms of the Bonds will be established.
"Bond Register" means the books of the City kept by the Bond Registrar to
evidence the registration and transfer of the Bonds.
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"Bond Registrar" means Wells Fargo Bank, N.A., Chicago, Illinois, a bank or .
trust company having trust powers, or a successor thereto or a successor designated as
bond registrar hereunder.
"Book Entry Form " means the form of the Bonds as fully registered and available
in physical form only to the Depository.
"Code" means the Internal Revenue Code of 1986, as amended.
"Continuing Disclosure Undertaking" means the undertaking by the City for the
benefit of the Purchasers as authorized in Section (18) hereof and substantially in the
form as attached hereto as Exhibit C.
"County Clerk" means the County Clerk of The County of Cook, Illinois.
"Debt Service Fund" means the Debt Service Fund established and defined in
Section (15) of this Ordinance.
"Depository" means The Depository Trust Company, an New York limited trust •
company, its successors, or a successor depository qualified to clear securities under
applicable state and federal laws.
"Designated Officials" means the City Manager and Finance Director of the City,
acting together.
"Escrow Agent" means Wells Fargo Bank, N.A., Chicago, Illinois, a bank or trust
company having trust powers, or a successor thereto or a successor designated as Escrow
Agent hereunder.
"Escrow Agreement" means the agreement by and between the City and the
Escrow Agent as authorized in Section (15) hereof and set forth as Exhibit D.
"Ordinance" means this Ordinance, numbered 77-0-05, and passed by the City
Council on the day of 2005. 0
IRI
"Paying Agent" means Wells Fargo Bank, N.A., Chicago, Illinois, a bank 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
corporate limits of the City to pay principal of and interest on the Bonds as provided in
Section (12) hereof.
"Project Fund" means the Project Fund as established and defined in Section (15)
of this ordinance.
"Rebate Fund" means the Rebate Fund authorized to be established and as
defined in Section (17) of this Ordinance.
"Record Date " means the 15th day of the month preceding any regular or other
interest payment date occurring on the first day of any month and 15 days preceding any
interest payment date occasioned by the redemption of Bonds on other than the first day
0 of a month.
"Tax-exempt" means, with respect to the Bonds, the status of interest paid and
received thereon as not includible in the gross income of the owners thereof under the
Code for federal income tax purposes except to the extent that such interest will be taken
into account in computing an adjustment used in determining the alternative minimum
tax for certain corporations.
"Term Bonds" means Bonds subject to mandatory redemption by operation of the
Debt Service Fund and designated as term bonds in the Bond Order.
"Underwriter" means Legg Mason Wood Walker, Incorporated, with offices at
225 West Washington Street, Chicago, Illinois, as the purchaser and underwriter of the
Bonds.
•
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C. Definitions also appear in the preambles hereto or in specific sections, as appear •
below. The headings in this Ordinance are for the convenience of the reader and are not a part of
this Ordinance.
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 provide for the Series 2005 Capital Improvements for the public health, safety and
welfare, and to pay all the Series 2005 Capital Funding Costs and all related costs -and expenses
incidental thereto, and to borrow money and issue a portion of the Bonds for such purposes. It is
further necessary and in the best interests of the City to provide for the Refunding to achieve a
net debt service savings, to pay all related costs and expenses incidental thereto, and to borrow
money and issue the necessary portion of the Bonds for such purposes. It is hereby found and •
determined that such borrowing of money is for a proper public purpose or purposes and is in the
public interest and is authorized by the Act.
Section 4. Bond Details. There shall be issued and sold the Bonds in the aggregate
principal amount of not to exceed $32,500,000. The Bonds shall each be designated "General
Obligation Bond, Series 2005" or such other name or names or series designations as may be
appropriate and as stated in the Bond Order; be dated July 15, 2005, or such other date or dates
on or prior to the initial date of issuance as may be set forth in the Bond Order if it is determined
therein to be a date better suited to the advantageous marketing of the Bonds (the "Dated
Date "); and shall also bear the date of authentication thereof. The Bonds shall be fully
registered and in Book Entry 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), and shall
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be numbered consecutively in such fashion as shall be determined by the Bond Registrar. The
not to exceed $25,500,000 portion of the Bonds to be issued to provide the Series 2005 Capital
Funding Cost, shall mature serially or as term bonds on December 1 of the years and in not to
exceed the amounts as follows (subject to the right of prior redemption hereinafter stated):
YEAR
AMOUNT ($)
YEAR
AMOUNT ($)
2006
975,000
2016
2,100,000
2007
1,020,000
2017
2,200,000
2008
1,115,000
2018
2,315,000
2009
1,150,000
2019
865,000
2010
1,100,000
2020
900,000
2011
1,135,000
2021
935,000
2012
1,420,000
2022
975,000
2013
1,845,000
2023
1,020,000
2014
1,940,000
2024
1,070,000
2015
2,015,000
2025
1,125,000
and as subject to reduction in individual years and in the aggregate as shall be set forth in the
. Bond Order. The portion of the Bonds to be issued to pay the costs of the Refunding, and all
related costs and expenses incidental thereto, shall mature on December 1 of such years as shall
be set forth in the Bond Order, and in such principal amounts as shall be set forth therein;
provided, however, that the tax levy required for the timely payment of the principal of and
interest on the portion of the Bonds allocated to the Refunding in any year shall not exceed the
tax levy now on file for the Eligible Prior Bonds which are in fact refunded for the same year,
plus, in each year, the sum of $10,000. The Bonds may be issued in one or more series as may
be specified in the Bond Order. Each Bond shall bear interest, at a rate not to exceed 9% per
annum, 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 December 1 and June 1 of each year, commencing
on December 1, 2006, as provided in the Bond Order. 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 and mailed to the registered owner of the Bond as shown
in the Bond Registrar or at such other address furnished in writing by such Registered Owner, or
as otherwise may be agreed with the Depository for so long as the Depository or its nominee is
the registered owner as of a given Record Date. The principal of or redemption price due on the
Bonds shall be payable in lawful money of the United States of America upon presentation
thereof at the principal office maintained for such purpose of the Bond Registrar, or at successor
Bond Registrar and locality.
Section 5. Book Entry Provisions. The Bonds shall be initially issued in the form of a
separate single fully registered Bond for each of the maturities of the Bonds. Upon initial
issuance, the ownership of each such Bond shall be registered in the Bond Register in the name i
of the Depository or a designee or nominee of the Depository (such depository or nominee being
the "Book Entry Owner'). Except as otherwise expressly provided, all of the outstanding Bonds
from time to time shall be registered in the Bond Register in the name of the Book Entry Owner
(and accordingly in Book Entry Form as such term is used in this Ordinance). Any City officer,
as representative of the City, is hereby authorized, empowered, and directed to ' execute and
deliver or utilize a previously executed and delivered Letter of Representations or Blanket Letter
of Representations (either being the "Letter of Representations ") substantially in the form
common in the industry, or with such changes therein as the officer executing the Letter of
Representations on behalf of the City shall approve, his or her execution thereof to constitute
conclusive evidence of approval of such changes, as shall be necessary to effectuate Book Entry
Form. Without limiting the generality of the authority given with respect to entering into such
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Letter of Representations, it may contain provisions relating to (a) payment procedures,
(b) transfers of the Bonds or of beneficial interests therein, (c) redemption notices and
procedures unique to the Depository, (d) additional notices or communications, and
(e) amendment from time to time to conform with changing customs and practices with respect
to securities industry transfer and payment practices. With respect to Bonds registered in the
Bond Register in the name of the Book Entry Owner, none of the City, its Finance Director, or
the Bond Registrar shall have any responsibility or obligation to any broker -dealer, bank, or
other financial institution for which the Depository holds Bonds from time to time as securities
depository (each such broker -dealer, bank, or other financial institution being referred to herein
as a "Depository Participant") or to any person on behalf of whom such a Depository
Participant holds an interest in the Bonds. Without limiting the meaning of the immediately
preceding sentence, the City, its Finance Director, and the Bond Registrar shall have no
. responsibility or obligation with respect to (a) the accuracy of the records of the Depository, the
Book Entry Owner, or any Depository Participant with respect to any ownership interest in the
Bonds, (b) the delivery to any Depository Participant or any other person, other than a registered
owner of a Bond as shown in the Bond Register or as otherwise expressly provided in the Letter
of Representations, of any notice with respect to the Bonds, including any notice of redemption,
or (c) the payment to any Depository 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. No person other than a registered owner of a Bond as shown in the Bond
Register shall receive a Bond certificate with respect to any Bond. In the event that (a) the City
determines that the Depository is incapable of discharging its responsibilities described herein
and in the Letter of Representations, (b) the agreement among the City, the Bond Registrar, and
the Depository evidenced by the Letter of Representations shall be terminated for any reason, or
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(c) the City determines that it is in the best interests of the City or of the beneficial owners of the •
Bonds either that they be able to obtain certificated Bonds or that another depository is
preferable, the City shall notify the Depository and the Depository shall notify the Depository
Participants of the availability of Bond certificates, and the Bonds shall no longer be restricted to
being registered in the Bond Register in the name of the Book Entry Owner. Alternatively, at
such time, the City may determine that the Bonds shall be registered in the name of and
deposited with a successor depository operating a system accommodating Book Entry Form, as
may be acceptable to the City, or such depository's agent or designee, but if the City does not
select such alternate book entry system, then the Bonds shall be registered in whatever name or
names registered owners of Bonds transferring or exchanging Bonds shall designate, in
accordance with the provisions of this Ordinance.
Section 6. Execution; Authentication. The Bonds shall be executed on behalf of the
City 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, 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
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authenticated and delivered under this Ordinance. The certificate of authentication on any Bond
is 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, Mandatory Redemption and Covenants; Optional Redemption.
The Bonds may be subject to mandatory redemption (as Term Bonds) as provided in the Bond
Order; provided, however, that in such event the amounts due as provided for under such
mandatory redemption shall be the amounts used to satisfy the test set forth in Section (4) of this
Ordinance for the maximum amounts of principal due on the Bonds in any given period. Bonds
designated as Term Bonds shall be made subject to mandatory redemption by operation of the
Debt Service Fund at a price of not to exceed par and accrued interest, without premium, on a
given date of the years and in the amounts as shall be determined in the Bond Order. The City
covenants that it will redeem any Term Bonds pursuant to the mandatory redemption
requirement for such Term Bonds and levy taxes accordingly. The Bonds shall also be subject to
redemption prior to maturity at the option of the City, from any available funds, in whole or in
part on any date, not longer than ten and one-half (10-1/2) years from the Dated Date, as
provided in the Bond Order, and if in part, in such order of maturities (and, if applicable, order of
mandatory redemption payments) as shall be specified in the Bond Order, and if less than an
entire maturity, in integral multiples of $5,000, selected by lot by the Bond Registrar as
hereinafter provided, at the redemption price (expressed as a percentage of the principal amount
being redeemed) of not to exceed 103% of par plus accrued interest to the date fixed for
redemption, as provided in the Bond Order. Notwithstanding any other provision of this
Ordinance, the Bond Order may provide for non -callable Bonds for the first ten and one-half
i (10-1/2) years.
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Section 8. Term Bonds Purchase or Redemption. If the City redeems pursuant to is
optional redemption as hereinabove provided or purchases Term Bonds of any maturity and
cancels the same from Bond Moneys as hereinafter described, then an amount equal to the
principal amount of Term Bonds so redeemed or purchased shall be deducted from the
mandatory redemption requirements provided for Term Bonds of such maturity, first, in the
current year of such requirement, until the requirement for the current year has been fully met,
and then in any order of such Term Bonds as due at maturity or subject to mandatory redemption
in any year, as the City shall determine. If the City redeems pursuant to optional redemption or
purchases Term Bonds of any maturity and cancels the same from moneys other than Bond
Moneys, then an amount equal to the principal amount of Term Bonds so redeemed or purchased
shall be deducted from the amount of such Term Bonds as due at maturity or subject to
mandatory redemption requirement in any year, as the City shall determine.
Section 9. Redemption Procedure. The Bonds subject to redemption shall be .
identified, notice given, and paid and redeemed pursuant to the procedures as follows.
A. Notice to Registrar. For a mandatory redemption, unless otherwise
notified by the City, the Bond Registrar will proceed on behalf of the City as its agent to
provide for the mandatory redemption of such Term Bonds without any further order or
direction hereunder or otherwise. For an optional redemption, the City shall, at least
45 days prior to a 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
maturities and principal amounts of Bonds to be redeemed.
B. Selection of Bonds within a Maturity. For purposes of any redemption of
less than all of the Bonds of a single maturity, the particular Bonds.or portions of Bonds
to be redeemed shall be selected by lot by the Bond Registrar for the Bonds of such
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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 on or before the time of the giving of official notice
of redemption or, if applicable, at such earlier date as the Bond Registrar shall have been
advised of the irrevocable receipt of funds sufficient to pay the redemption price of the
Bonds to be redeemed (as in the case of a refunding or defeasance).
C. 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. 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 U.S. 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 name of the Bonds and at least the
information as follows:
(1) the redemption date;
(2) thexedemption price;
(3) 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
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within such maturity, the respective principal amounts) of the Bonds to be
redeemed; 0
(4) 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;
and
(5) the place where such Bonds are to be surrendered for payment of the
redemption price, which place of payment shall be the principal office of the
Bond Registrar maintained for that purpose.
D. Conditional Redemption. Unless moneys sufficient to pay the redemption
price of the Bonds to be redeemed shall have been received by the Bond Registrar 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 .
Bond Registrar 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 was given, that such moneys were not so received and that such Bonds will
not be redeemed.
E. Bonds Shall Become Due. Subject to the stated condition in paragraph D
immediately preceding, official notice of redemption having been given as described, 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 0
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• redemption in accordance with said notice, such Bonds shall be paid by the Bond
Registrar 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.
F. Insufficiency in Notice Not Affecting Other Bonds; Failure to Receive
Notice; Waiver. Neither the failure to mail such redemption notice, nor any defect in any
notice so mailed, to any particular registered owner of a Bond, shall affect the sufficiency
of such notice with respect to other registered owners. Notice having been properly
given, failure of a registered owner of a Bond to receive such notice shall not be deemed
to invalidate, limit or delay the effect of the notice or redemption action described in the
notice. Such notice may be waived in writing by a registered owner of a Bond entitled to
receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by registered owners shall be filed with the
• Bond Registrar, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. In lieu of the foregoing official notice, so long
as the Bonds are held in Book Entry Form, notice may be given as provided in the Letter
of Representations, and the giving of such notice shall constitute a waiver by the
Depository and the Book Entry Owner, as registered owner, of the foregoing notice.
G. New Bond in Amount Not Redeemed. 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.
H. Effect of Nonpayment upon Redemption. If any Bond or portion of Bond
called for redemption shall not be so paid upon surrender thereof for redemption, the
w
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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.
I. Bonds to be Cancelled; Payment to Identify Bonds. All Bonds which have
been redeemed shall be cancelled and destroyed by the Bond Registrar and shall not be
reissued. Upon the payment of the redemption price of Bonds being redeemed, each
check or other transfer of funds issued for such purpose shall bear the CUSIP number
identifying, by issue and maturity, the Bonds being redeemed with the proceeds of such
check or other transfer.
J. Additional Notice. The City agrees to provide such additional notice of
redemption as it may deem advisable at such time as it determines to redeem Bonds,
taking into account any requirements or guidance of the Securities and Exchange
Commission, the Municipal Securities Rulemaking Board, the Government Accounting
Standards Board, or any other federal or state agency having jurisdiction or authority in .
:such matters; provided, however, that such additional notice shall be (1) advisory in
nature, (2) solely in the discretion of the City, (3) not be a condition precedent of a valid
redemption or a part of the Bond contract, and (4) any failure or defect in such notice
shall not delay or invalidate the redemption of Bonds for which proper official notice
shall have been given. Reference is also made to the provisions of the Continuing
Disclosure Undertaking of the City with respect to the Bonds, which may contain other
provisions relating to notice of redemption of Bonds.
Section 10. Registration of Bonds; Persons Treated as Owners. The City shall cause
books (the "Bond Register" as defined) for the registration and for the transfer of the Bonds as
provided in this Ordinance to be kept at the principal office maintained for such purpose of the
Bond Registrar, which is hereby constituted and appointed the registrar of the City for the Bonds. •
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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. Subject to the provisions of this Ordinance relating to the Bonds in
Book Entry Form, 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 or during the period of 15 days preceding the
giving of notice of redemption of Bonds or to transfer or exchange any Bond all or a portion of
which has been called for redemption. 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, 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
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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 to any registered owner of Bonds 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.
Section 11. Form of Bond. The Bonds shall be in substantially the form hereinafter set
forth; provided, however, that if the text of the Bond is to be printed in its entirety on the front
side of the Bond, then the second paragraph of the front side of the Bond and the legend "See
Reverse Side for Additional Provisions" shall be omitted and paragraphs on the reverse side of
the Bond shall be inserted immediately after the first paragraph on the front side.
•
•
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[Form of Bond - Front Side]
REGISTERED REGISTERED
No. $
UNITED STATES OF AMERICA
STATE OF ILLINOIS
THE COUNTY OF COOK
CITY OF EVANSTON
GENERAL OBLIGATION BOND, SERIES 2005
See Reverse Side for
Additional Provisions.
Interest Maturity Dated
Rate: % Date: December 1, Date: July 15, 2005 CUSIP:
Registered Owner:
Principal Amount: DOLLARS
KNOW ALL PERSONS BY THESE PRESENTS that the City of Evanston, Cook County,
• 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 1 and December 1 of each year, commencing December 1, 2006, until the 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 office
• maintained for such purpose of Wells Fargo Bank, N.A., in the City of Chicago, Illinois, as
paying agent and bond registrar (the "Bond Registrar"). Payment of interest shall be made to
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the Registered Owner hereof as shown on the registration books of the City maintained by the
Bond Registrar at the close of business on the applicable record date (the "Record Date "). The •
Record Date shall be the 15th day of the month preceding any regular interest payment date or a
redemption on the first day of any month and the 15th day preceding any other interest payment
date which may be occasioned by a redemption of Bonds on a day other than the first day of any
month. Interest shall be paid by check or draft of the Bond Registrar, 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 the Bond
Registrar and a qualified securities clearing corporation as depository, or nominee, for so long as
this Bond shall be in Book Entry Form as provided for same.
Reference is hereby made to the further provisions of this Bond set forth on the reverse
hereof, and such fiirther 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, 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,
excepting such interest as may be provided for from the proceeds of the Bonds, and also to pay
and discharge the principal hereof at maturity.
C�
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• 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 Evanston, Cook County, 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.
Attest:
• City k, Evanston
Cook Coun Illinois -
[SEAL]
•
ayor, City of Evanston
Cook County, Illinois
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CERTIFICATE OF AUTHENTICATION
Date of Authentication: I is
This Bond is one of the Bonds described in the within -mentioned Ordinance and is one of
the General Obligation Bonds, Series 2005, of the City of Evanston, Cook County, Illinois.
Wells Fargo Bank, N.A., as Bond
Registrar
[FORM OF BOND - REVERSE SIDE]
This bond is one of a series of bonds (the "Bonds ") in the aggregate principal amount of
$ issued 'by the City for the purpose of paying the costs of the Series 2005 Capital
Improvements in and for the City and of refunding certain outstanding bonds of the City, and of
paying expenses incidental thereto, all as described and defined in the Ordinance Number 77-0- •
05, duly adopted by the City Council on the day of 2005, 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, and pursuant to the provisions of
the Local Government Debt Reform Act, as amended (such provisions of law being, collectively,
the "Act"), and also pursuant to the Ordinance, which has been duly signed by the Mayor of the
City, and published in pamphlet form, in all respects as by law required.
[The Bonds due on December 1 of the years 20_ and 20_ are Term Bonds and are
subject to mandatory redemption by operation of the Debt Service Fund at a price of par and
accruedinterest, without premium, on December 1 of the years and inthe amounts as follows: .
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• For the Term Bonds due December 1, 200_:
YEAR AMOUNT ($)
200
200
with $ remaining to be paid at maturity in 200_.
For the Term Bonds due December 1, 20_:
YEAR AMOUNT ($)
20
20
20
with $ remaining to be paid at maturity in 20_1
Those of the Bonds due on or after December 1, , are subject to redemption prior to
maturity, at the option of the City, from any available funds, in whole or in part, on any date on
0 or after [June 1, or December 1, _], and if in part, in any order of maturity (and, if
applicable, any order of mandatory redemption payment) as selected by the City, and if less than
an entire maturity, in integral multiples of $5,000, selected by lot by the Bond Registrar, at the
redemption price of par plus accrued interest to the date of redemption.
In each case of redemption, such further terms and provision for notice of redemption
shall be as set forth in the Ordinance.
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. 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 or during the period of 15 days preceding the giving of notice of redemption of
•
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Bonds or to transfer or exchange any Bond all or a portion of which has been called for
redemption.
•
The City and the Bond Registrar 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 neither the City nor the Bond Registrar
shall be affected by any notice to the contrary.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto
[Here insert identifying number such as
TID, SSN, or other]
(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 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 12. Security; Tax Levy. The Bonds are a general obligation of the City, for
which the full faith and credit of the City are irrevocably pledged, and are payable from the levy
•
of the Pledged Taxes on all of the taxable property in the City, without limitation as to rate or •
amount. For the purpose of providing fiends required to pay the interest on the Bonds promptly
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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. Such levy shall be filly
set forth in the Bond Order for the Bonds. The Pledged Taxes and other moneys on deposit
(collectively, the "Bond Moneys ") in the Debt Service Fund and allocable to the Bonds shall be
applied to pay principal of and interest on the Bonds as follows:
A. Bond Moneys shall be applied to the payment of interest when due and
principal or redemption price when due at maturity or as redeemed pursuant to mandatory
redemption from the Debt Service Fund, or
B. On or before 65 days preceding a mandatory redemption date, and provided
notice is given to the Bond Registrar on or before said 65th day preceding a mandatory
redemption date, Bond Moneys up to the amount of the redemption requirement on such
• mandatory, redemption date plus interest due on Term Bonds on such date may be applied
(1) to the purchase of Term Bonds of the maturity for which such mandatory redemption
requirement was established at prices (including commissions and charges, if any) not
exceeding par and accrued interest to such mandatory redemption date or (2) to the
redemption of such Bonds, without premium, pursuant to optional redemption provisions
applicable thereto. Upon the purchase or redemption of Term Bonds of any maturity
pursuant to this paragraph (B), an amount equal to the principal amount of such Bonds or
applicable portion thereof so purchased or redeemed shall be deducted from the
mandatory redemption requirement as provided for Term Bonds of such maturity, first, in
the current year of such requirement, until the requirement for the current year has been
fully met, and then in any order of payment on the Term Bonds as due at maturity or
• subject to mandatory redemption in any year as the. City shall at such time determine.
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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 fiends 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 Debt Service Fund. Whenever other fiends 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 Debt Service 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 Clerk in a timely manner
to effect such abatement.
Section 13. Filing with County Clerk. After this Ordinance becomes effective and
promptly upon a sale of Bonds and execution and delivery of the Bond Order, a copy hereof,
certified by the City Clerk of the City, shall be filed with the County Clerk; and the County Clerk
shall in and for each of the years required ascertain the rate percent required to produce the
aggregate tax herein provided to be levied and set forth in a Bond Order for each of the years;
and the County Clerk shall (to the extent said tax has not been abated as provided herein) extend
the same for collection on the tax books in connection with any other taxes that may be levied in
said years in and by the City for general corporate purposes of the City; and in said years such •
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• annual tax shall be levied and collected by and for and on behalf of the City in like manner as
provided by law for the levy and collection of taxes for general corporate purposes for said years,
without limit as to either rate or amount, and in addition to and in excess of all other taxes.
Section 1.1. Sale of Bonds; Bond Order; Bond Series. The Designated Officials are
hereby authorized to proceed, without any further authorization or direction whatsoever from the
City Council, to sell and deliver the Bonds upon the terms as prescribed in this Section, pursuant
to the Bond Order. The Bonds shall be sold and delivered to the Underwriter at the price of not
less than 98.5% of the par value of the principal amount thereof, plus accrued interest to the date
of delivery. Such sale shall be made upon the advice (in the form of a written certificate or
report) of the Underwriter that the net interest cost rate on the Bonds, calculated in accordance
with customary market practice, does not exceed 6.00% and that the terms of the Bonds are fair
and reasonable in view of current conditions in the bond markets. As an additional limitation on
• the sale of that portion of the Bonds to be sold to provide for the Refunding, the Underwriter's
certificate or report (as hereinabove described) must set forth that the Refunding will provide a
present value debt service savings to the City resulting from the issuance of Bonds to refund the
Eligible Prior Bonds which are chosen to be refunded of not less than 2% of the par value of
such refunded bonds, which report shall demonstrate the amount of such savings. The
Designated Officials may choose all or any lesser portion of the Eligible Prior Bonds to be
refunded, in such manner as will provide such savings. Nothing in this Section shall require the
Designated Officials to sell any of the Bonds if in their judgment, aided by the Underwriter, the
conditions in the bond markets shall have deteriorated from the time of adoption thereof or the
sale of all or any portion of the Bonds shall for some other reason not be deemed advisable, but
the Designated Officials shall have the authority to sell the Bonds in any event so long as the
• limitations set forth in this Ordinance and the conditions of this Section shall have been met. As
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a further exercise of this authority, the Designated Officials may sell the Bonds in more than one
series pursuant to a Bond Order for each series; and in such event such officers shall be •
authorized to change the name of the Bonds for each such series so that such series may properly
be identified separately. Further, in such event, the provisions for registration, redemption and
exchange of Bonds shall be read as applying to Bonds only of each series, respectively, and not
as between series. Upon the sale of the Bonds or any series of the Bonds, the Designated
Officials and any other officers of the City as shall be appropriate, shall be and are hereby
authorized and directed to approve or execute, or both, such documents of sale of the Bonds as
may be necessary, including, without limitation, the Bond Order, Preliminary Official Statement,
Official Statement, Bond Purchase Contract (as hereinafter defined), and closing documents.
The City Council, by its Aldermen voting hereon, finds and determines that no person holding
any office of the City either by election or appointment, is in any manner financially interested
either directly, in his or her own name, or indirectly in the name of any other person, association, is
trust or corporation in said Contract with the Underwriter for the purchase of the Bonds. The
distribution of the Preliminary Official Statement relating to the Bonds is hereby in all respects
authorized and approved, and the proposed use by the Underwriter of an Official Statement (in
substantially the form of the Preliminary Official Statement but with appropriate variations to
reflect the final terms of the Bonds) is hereby approved. A bond purchase contract for the sale of
the Bonds to the Underwriter (the "Bond Purchase Contract"), substantially in the form attached
hereto as Exhibit A, is hereby in all respects authorized and approved. Upon the sale of the
Bonds, the Designated Officials shall prepare the Bond Order, to be substantially in the form of
Exhibit B attached hereto, which shall include the pertinent details of sale as provided herein, and
such shall be entered into the records of the City and made available to all City Council members
at the next public meeting thereof. The Designated Officials shall also file with the County •
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• Clerk the Bond Order or like document including a statement of taxes. The authority granted in
this Ordinance to the Designated Officers to sell Bonds as provided herein shall expire on
December 31, 2005.
Section 15. Creation of Funds and Appropriations. Bond proceeds and other funds of
the City as noted are hereby appropriated as follows:
A. Accrued interest and premium, if any, on the Bonds shall be and is hereby
appropriated for the purpose of paying the first interest due on the Bonds and to such end is
hereby ordered to be deposited into the "General Obligation Bonds, Series 2005, Debt Service
Fund" (the "Debt Service Fund"), hereby created, which shall be the fund for the payment of
principal of and interest on the Bonds.
B. The Pledged Taxes shall either be deposited into the Debt Service 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 Debt Service 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 Debt Service Fund shall be retained in the Debt Service 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 Debt Service Fund to other
funds of the City, as described in the preceding sentence.
C. The amount necessary from the proceeds of the Bonds shall be used to pay costs of
issuance of the Bonds and shall be deposited into a separate fund, hereby created, designated the
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"Expense Fund. " Any disbursements from such fund shall be made from time to time as
necessary. Any excess in said fund shall be deposited into the Project Fund hereinafter created •
after six months from the date of issuance of the Bonds.
D. Provided that the Refunding portion of the Bonds is to be sold and delivered, the
amount necessary from the proceeds of the Bonds, together with such money in the debt service
funds for the Prior Bonds as may be advisable for the purpose, shall be used to provide for the
Refunding, and the payment of such expenses as may be designated, pursuant to the provisions
of an Escrow Agreement with the Escrow Agent as is designated, all in accordance with the
provisions of the Escrow Agreement, substantially in the form attached hereto as Exhibit D to
this Ordinance, made a part hereof by this reference, and hereby approved; the officers appearing
signatory to such Escrow Agreement are hereby authorized and directed to execute same, their
execution to constitute conclusive proof of action in accordance with this Ordinance, and
approval of all completions or revisions necessary or appropriate to effect the Refunding. •
E. The amount necessary to pay interest on the portion of the Bonds allocable to the
Series 2005 Capital Improvements to and including December 1, 2005, shall be deposited into
the Debt Service Fund and be used for such purpose.
F. The remaining proceeds of the Bonds shall be set aside in a separate fund, hereby
created, and designated as the "Series 2005 Capital Project Fund" (the "Project Fund"), hereby
created, and be used to pay costs of the 2005 Bonds Capital Improvements, including costs of
issuance of the Bonds which for any reason are not paid from the Expense Fund.
G. Alternatively, the Finance Director may allocate proceeds of the Bonds otherwise
designated for the Debt Service Fund, the Expense Fund or the Project Fund to one or more
related funds of the City already in existence; provided, however, that this shall not relieve the
Finance Director of the duty to account for the proceeds as herein provided. 19
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• H. The City Council reserves the right, as it becomes necessary from time to time, to
revise the list of projects hereinabove set forth, to change priorities, to revise cost allocations
between projects and to substitute projects, in order to meet current needs of the City; subject,
however, to the various covenants set forth in this Ordinance and in related certificates given in
connection with delivery of the Bonds and also subject to the obtaining of the opinion of
Chapman and Cutler LLP, Chicago, Illinois, or of some other attorney or firm of attorneys whose
opinions are generally acceptable to the purchasers in the national marketplace of governmental
tax-exempt obligations ( "Bond Counsel") that such changes or substitutions are proper under the
Act and do not adversely affect the Tax-exempt status of the Bonds.
Section 16. Tax Covenants Generally. 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 for interest paid on the
Bonds, under present rules, the City is treated as the "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. In furtherance of the foregoing
provisions, but without limiting their generality, the City agrees: (a) through its officers, to make
such further specific covenants, representations as shall be truthful, and assurances as may be
necessary or advisable; (b) to comply with all representations, covenants, and assurances
• contained in certificates or agreements as may be prepared by counsel approving the Bonds;
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(c) to consult with Bond Counsel; (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 its
officers, to employ and pay fiscal agents, financial advisors, attorneys, and other persons to assist
the City in such compliance.
Section 17. Certain Specific Tax Covenants.
A. None of the Bonds shall be and none of the Eligible Prior Bonds was a "private
activity bond" as defined in Section 141(a) of the Code; and the City certifies, represents, and
covenants as follows:
(1) Not more than 5% of the net proceeds and investment earnings of the Bonds
is to be used, and not more than 5% of the net proceeds of the Eligible Prior Bonds was
used directly or indirectly, in any activity carried on by any person other than a state or
local governmental unit.
(2) Not more than 5% of the amounts necessary to pay the principal of and is
interest on the Bonds will be derived, directly or indirectly, from payments with respect
-to any private business use by any person other than a state or local governmental unit.
(3) None of the proceeds of the Bonds is to be used and none of the proceeds of
the Eligible Prior Bonds was used directly or indirectly, to make or finance loans to
persons other than a state or local governmental unit.
(4) No user of the real or personal property of the City acquired, constructed, or
improved with the proceeds of the Eligible Prior Bonds, other than the City or another
governmental unit, will use the same on any basis other than the same basis as the general
public; and no person, other than the City or another governmental unit, will be a user of
such property as a result of (i) ownership or (ii) actual or beneficial use pursuant to a
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lease, a management or incentive payment contract other than as expressly permitted by
• the Code, or (iii) any other arrangement.
B. The Bonds shall not be "arbitrage bonds" under Section 148 of the Code; and the
City certifies, represents, and covenants as follows:
(1) All proceeds of the Eligible Prior Bonds, except for money treated as
proceeds because on deposit in the bond fund or debt service fund for the Eligible Prior
Bonds, have been spent.
(2) With respect to the Series 2005 Capital Improvements, the City has
heretofore incurred or within six months after delivery of the Bonds expects to incur
substantial binding obligations to be paid for with money received from the sale of the
Bonds, said binding obligations comprising binding contracts for the Series 2005 Capital
Improvements in not less than the amount of 5% of the proceeds of the Bonds allocable
is to the Series 2005 Capital Improvements.
(3) The City expects that more than 85% of the proceeds of the Bonds allocable
to the Series 2005 Capital Improvements will be expended on or before three years for
the purpose of paying the costs of the Series 2005 Capital Improvements.
(4) The City expects that all of the principal proceeds of the Bonds allocable to
the Series 2005 Capital Improvements and investment earnings thereon will be used,
needed, and expended for the purpose of paying the costs of the Series 2005 Capital
Improvements including expenses incidental thereto.
(5) Work on the Series 2005 Capital Improvements is expected to proceed with
due diligence to completion.
(6) Except for the Debt Service Fund, the City has not created or established
• and will not create or establish any sinking fund reserve fund or any other similar fund to
-35-
provide for the payment of the Bonds. The Debt Service Fund has been established and •
will be funded in a manner primarily to achieve a proper matching of revenues and debt
service and will be depleted at least annually to an amount not in excess of 1/12th the
particular annual debt service on the Bonds. Money deposited into the Debt Service
Fund will be spent within a 13-month period beginning on the date of deposit, and
investment earnings in the Debt Service Fund will be spent or withdrawn from the Debt
Service Fund within a one-year period beginning on the date of receipt.
(7) Amounts of money related to the Bonds required to be invested at a yield
not materially higher than the yield on the Bonds, as determined pursuant to such tax
certifications or agreements as the City officers may make in connection with the
issuance of the Bonds, shall be so invested; and appropriate City officers are hereby
authorized to make such investments.
(8) Unless an applicable exception to Section 148(f) of the Code, relating to the •
rebate of "excess arbitrage profits" to the United States Treasury (the "Rebate
Requirement") is available to the City, the City will meet the Rebate Requirement.
(9) Relating to applicable exceptions, any City officer charged with issuing the
Bonds is hereby authorized to make such elections under the Code as such officer shall
deem reasonable and in the best interests of the City. If such election may result in a
"penalty in lieu of rebate" as provided in the Code, and such penalty is incurred (the
"Penalty "), then the City shall pay such Penalty.
(10) Not less often than annually, the Director of Finance of the City shall make
a determination in writing as to whether it shall be necessary or appropriate to establish a
"Series 2005 Bonds Rebate for Penalty, if applicable] Fund" (the "Rebate Fund") for
the Bonds, and thereupon, if so established, such officer shall further, not less frequently •
-36-
• than annually, cause to be transferred to the Rebate Fund the amount determined to be the
accrued liability under the Rebate Requirement or Penalty. Said officer shall cause to be
paid to the United States Treasury, without further order or direction from the City
Council, from time to time as required, amounts sufficient to meet the Rebate
Requirement or to pay the Penalty.
(11) Interest earnings in the Project Fund and the Bond Fund are hereby
authorized to be transferred, without further order or direction from the City Council,
from time to time as required, to the Rebate Fund for the purposes herein provided; and
proceeds of the Bonds and other funds of the City are also hereby authorized to be used
to meet the Rebate Requirement or to pay the Penalty, but only if necessary after
application of investment earnings as aforesaid and only as appropriated by the City
Council.
• C. None of the proceeds of the Bonds will be used to pay, directly or indirectly, in
whole or in part, for an expenditure that has been paid by the City prior to the date hereof except
architectural or engineering costs incurred prior to commencement of any of the Series 2005
Capital Improvements or expenditures for which an intent to reimburse it as properly declared
under Treasury Regulations Section 1.103-18. This Ordinance is in itself a declaration of official
intent under Treasury Regulations Section 1.103-18 as to all costs of the Series 2005 Capital
Improvements paid after the date hereof and prior to issuance of the Bonds.
D. The City reserves the right to use or invest moneys in connection with the Bonds in
any manner or to make changes in the Series 2005 Capital Improvements list or to use the City
infrastructure acquired, constructed, or improved as part of the Series 2005 Capital
Improvements in any manner, notwithstanding the representations and covenants in Sections 16
• and 17 herein, provided it shall first have received an opinion from Bond Counsel to the effect
-37-
that use or investment of such moneys or the changes in or use of such infrastructure as •
contemplated will not result in loss or impairment of Tax-exempt status for the Bonds.
Section 18. Continuing Disclosure. The Mayor or the City Clerk of the City is hereby
authorized, empowered and directed to execute and deliver the Continuing Disclosure
Undertaking (the "Continuing Disclosure Undertaking") substantially in the form attached
hereto as Exhibit C to this Ordinance, made a part hereof by this reference, and hereby
approved; the officer signatory to such Continuing Disclosure Undertaking being hereby
authorized and directed to execute same, his or her execution to constitute conclusive proof of
action in accordance with this Ordinance, and approval of all completions or revisions necessary
or appropriate to such undertaking. When the Continuing Disclosure Undertaking is executed
and delivered on behalf of the City as herein provided, the Continuing Disclosure Undertaking
will be binding upon 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 19. Prior Bonds and Taxes. The taxes previously levied to pay principal of and
interest on the Prior Bonds, to the extent such principal and interest is provided for from the
proceeds of the Bonds or from the Escrow Account under the Escrow Agreement as hereinabove
described, shall be abated. The filing of a certificate of abatement with the County Clerk shall
constitute authority and direction for the County Clerk to make such abatement. Such taxes as is
-38-
• previously levied which are either on hand or cannot be abated (already in the process of
extension) shall be used for lawful purposes of the City, including the payment of debt service on
the Bonds so as to reduce the need for the levy of taxes for the Bonds.
Section 20. Pertaining to the Bond Registrar. 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 under this Ordinance. In addition
to the terms of such agreements and subject to modification thereby, the Bond Registrar and
Paying Agent by acceptance of duties under this Ordinance 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 cancel and/or destroy Bonds which have been paid at maturity or upon
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 covenants with respect to the
Bond Registrar, and the Bond Registrar further covenants and agrees as follows: (A) The City
shall at all times retain a Bond Registrar with respect to the Bonds; it will maintain at the
designated office(s) of such Bond Registrar a place or places where Bonds may be presented for
payment, registration, transfer or exchange; and it will require that the Bond Registrar properly
maintain the Bond Register and perform the other duties and obligations imposed upon it by this
Ordinance in a manner consistent with the standards, customs and practices of the municipal
• securities industry. (B) The Bond Registrar shall signify its acceptance of the duties and
-39-
obligations imposed upon it by this Ordinance by executing the certificate of authentication on
any Bond, and by such execution the Bond Registrar shall be deemed to have certified to the City
that it has all requisite power to accept and has accepted such duties and obligations not only
with respect to the Bond so authenticated but with respect to all the Bonds. Any Bond Registrar
shall be the_ agent of the City and shall not be liable in connection with the performance of its
duties except for its own negligence or willful wrongdoing. Any Bond Registrar shall, however,
be responsible for any representation in its certificate of authentication on Bonds. (C) The City
may remove the Bond Registrar at any time. In case at any time the Bond Registrar shall resign,
shall be removed, shall become incapable of acting, or shall be adjudicated a bankrupt or
insolvent, or if a receiver, liquidator, or conservator of the Bond Registrar or of the property
thereof shall be appointed, or if any public officer shall take charge or control of the Bond
Registrar or of the property or affairs thereof, the City covenants and agrees that it will thereupon
appoint a successor Bond Registrar. The City shall give notice of any such appointment made by
it to each registered owner of any Bond within twenty days after such appointment in the same
manner, or as nearly the same as may be practicable, as for a redemption of Bonds. Any Bond
Registrar appointed under the provisions of this Section shall be a bank, trust company, or
national banking association maintaining its principal corporate trust office in Illinois, and
having capital and surplus and undivided profits in excess of $10,000,000. 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 21. 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 funds and Defeasance
Obligations have been deposited with the Paying Agent or similar institution to pay, taking into •
-40-
• 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 Pledged
Taxes 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.
For purposes of this section, "Defeasance Obligations" means (a) direct and general full faith
and credit obligations of the United States Treasury ( "Directs "), (b) certificates of participation
or trust receipts in trusts comprised wholly of Directs or (c) other obligations unconditionally
guaranteed as to timely payment by the United States Treasury.
Section 22. Amend Budget Policy. The City is in need of additional debt
incurring capacity. Accordingly, Paragraph J of the Budget Policy is hereby deleted in its entirety
as currently written and amended to read as follows:
J. Debt Service Fund. General Obligation Debt of the City
means debt (viz., bonds) for which an unlimited real property tax
levy is made or pledged for payment. General Obligation Debt
shall be allocated into two categories. Self -Supporting General
Obligation Debt shall mean General Obligation Debt which, at the
time of issuance, is expected and intended by the Finance Director
to be payable out of a source of funds other than the City's general
real property tax levy, thus permitting the abatement and avoidance
of the property tax levy to pay such bonds; examples of
Self -Supporting General Obligation Debt include (without
limitation) bonds payable from the Water Fund or the Sewer Fund,
bonds payable from special assessments, bonds payable from tax
increment financing areas, and bonds payable from Motor Fuel
Taxes. Tax -Supported General Obligation Debt shall mean all
other General Obligation Debt, which is expected and intended to
be paid from a general real property tax levy. General Obligation
Debt shall not include any obligation of the City not denominated a
• bond, including, without limitation, short term notes or warrants or
other obligations which the City may issue from time to time for
various purposes and to come due within three (3) years of
-41-
issuance. General Obligation Debt does not include bonds which
have been refunded or defeased and which, as a consequence of •
same, are provided for from a dedicated source of funds or
investments. Self -Supporting General Obligation Debt shall not be
limited by this Budget Policy. Tax -Supported General Obligation
Debt shall not exceed $-100,000,000 $110.000,000 in aggregate
principal amount, which limit is expressly subject to increase from
time to time by action of the City Council as the needs of the City
may grow. General Obligation Debt issued as so-called zero
coupon bonds or capital appreciation bonds shall be counted as
debt in the original principal amount issued. The Finance Director
shall at all times keep a book or record of all General Obligation
Debt and its proper allocation. The Finance Director's statements
as to the allocation of General Obligation Debt into these two
categories shall be conclusive. Notwithstanding -this statement of
policy, all bonds or other obligations by whatever name designated
of the City duly authorized to be issued by the City Council shall
be valid and legally binding as against the City, and there shall be
no defense of the City as against any bondholder or other
obligation holder on the basis of this 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. 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.
•
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• AYES: Aldermen Wynne, Bernstein, Holmes, Moran, Tisdahl, Rainev.,
Hansen, Wollin. Jean -Baptiste
NAYS: None
ABSENT: None
ADOPTED: June 13, 2005
APPROVED: June 22 0, 2005
Mayor, City of Pvanston
Cook County, Illinois
RECORDED In City Records: June 13, 2005.
PUBLISHED in pamphlet form by authority of the City Council on June 14, 2005.
• Attest:
City erk, A,linnois
of Evanston
Cook Coun
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STATE OF ILLINOIS )
j SS •
COUNTY OF COOK
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 Evanston, Cook County, 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 13`h day of June 2005 insofar as the
same relates to the adoption of an ordinance numbered 77-0-05 and entitled:
AN ORDINANCE providing for the issuance of not to exceed
$32,500,000 General Obligation Bonds, Series 2005, of the City of
Evanston, Cook County, Illinois, 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 City Council on the adoption of the •
ordinance were taken openly; that the vote on the adoption of the ordinance was taken openly;
that the meeting was held at a specified time and place convenient to the public; that an agenda
for the meeting, including a specific item listed showing the proposed adoption of the Ordinance,
was posted at the location where the meeting was held and at the principal office of the City
Council at least 48 hours in advance of the holding of the meeting (no later than 5:00 p.m. on
Thursday, June 8, 2005); that a true and complete copy of such agenda is attached hereto; that
notice of the meeting was duly given to all newspapers, radio or television stations and other
news media requesting such notice; and that the meeting was called and held in strict compliance
with the provisions of the Open Meetings Act of the State of Illinois, as amended, and the Illinois
Municipal Code, as amended, and that the City Council has complied with all of the provisions
of the act and code so cited and with all of the procedural rules of the City Council in the
adoption of the ordinance.
,,IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the City this
day of `��,*--e 2005.
� s
�i C�rk
[SEAL] •
[Attachments: Ordinance, Minutes, Agenda]
STATE OF ILLINOIS )
0 ) SS
COUNTY OF COOK )
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 Evanston, Cook County, 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 14 th day of June 2005 there was published in pamphlet
form, by authority of the City Council, a true, correct and complete copy of Ordinance
Number 77-0-05 of the City providing for the issuance of not to exceed $32,500,000 General
Obligation Bonds, Series 2005, dated May 1, 2005, 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 ;2 i q ay of CLU0UL 2005.
6/
[SEAL]
0
EXTRACT OF MINUTES of the regular public meeting of the City •
Council of the City of Evanston, Cook County, Illinois, held at the
Municipal Building, 2100 Ridge Avenue, in said City, at 8:30 p.m.,
on Monday, the 13th day of June 2005.
The Mayor called the meeting to order and directed the City Clerk to call the roll.
Upon the roll being called, the Mayor and the following Aldermen answered present:
Wynne, Bernstein, Holmes, Moran, Tisdahl. Rain.ev. Hansen.t We11ill,
Jean -Baptiste
The following were absent: None
The City Council then discussed proposed current capital improvement projects for the
City and further discussed a proposed refunding of bonds of the City to achieve debt service
savings, and considered an ordinance providing for the issuance of not to exceed $32,500,000
General Obligation Bonds, Series 2005, of the City of Evanston, Cook County, Illinois, 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, Alderman Moran: presented, the City Attorney explained,
and there was read into the record in full the following ordinance:
AN ORDINANCE providing for the issuance of not to exceed
$32,500,000 General Obligation Bonds, Series 2005, of the City of
Evanston, Cook County, Illinois, 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").
Alderman R a i n e v moved and Alderman T i s d a h l
seconded the motion that the Bond Ordinance as presented be adopted.
•
• A Council discussion of the matter followed. During the Council discussion, the Mayor
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
bonds for the purpose of paying the costs of a certain City refunding and 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 to pay the bonds, and (4) that the ordinance provides
many details for the bonds, including tax-exempt status covenants, 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 Aldermen voted AXE: Wynne. Bernstein,
Holmes, Moran, Tisdahl. Rainey. Hansen. Wo11in_ TPan-Rnntictp
• and the following Aldermen 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 Evanston, Cook County,
Illinois, and number 77-0-05 was assigned to the Ordinance, and same was duly recorded.
Other business was duly transacted at said meeting.
Upon motion duly made and carried, the meeting adjourned.
-2-
EXHIBIT A
BOND PURCHASE AGREEMENT •
1]
E
STATE OF ILLINOIS • )
SS
COUNTY OF COOK )
We,
BOND ORDER
and William A. Stafford, do hereby certify that we
are, respectively, the City Manager and the Finance Director of the City of Evanston, Cook
County, Illinois (the "City"); and as such officers, we have reviewed the books, records, minutes
and files of the City, and from such review and based on our authority, we do further certify as
follows:
entitled:
On June 13, 2005, the City Council adopted Ordinance Number 77-0-05 of the City
AN ORDINANCE providing for the issuance of not to exceed
$32,500,000 General Obligation Bonds, Series 2005, of the City of
Evanston, Cook County, Illinois, 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 "). Terms used in this Bond Order which are not defined are as defined in
the Bond Ordinance.
2. The Bond Ordinance, in accordance with delegated limits, authorizes us to establish
a final maturity and rate schedule for the Bonds (as authorized and defined in the Bond
Ordinance), to calculate the tax levy for the Bonds, and to advise the County Clerk of the
determinations so made.
3. We have received the Underwriter's Certificate Re: Bond Sale. Please be advised
that responsive to the information contained in such Certificate and the authority contained in the
Bond Ordinance, a contract for the purchase of the Bonds in the face amount of $
was awarded by us as the City Manager and Finance Director of the City, to the Underwriter, at a
price of $ . being % of the par value of the principal amount of the Bonds.
4. The net present value debt service savings from the Refunding is demonstrated in
the Underwriter's Certificate Re: Bond Sale.
•5. The terms of the Bonds are fair and reasonable in view of current conditions in the
bond market.
6. The final schedule for the Bonds is as follows:
Principal Amount: $ •
Dated: July 15, 2005.
Due: Serially [and as Term Bonds], on December 1 of the years, in the amounts,
and bearing interest at the rates percent per annum as follows:
YEAR AMOUNT ($) RATE (%) YEAR AMOUNT RATE
7. The levy amounts to be provided to pay principal of and interest on the Bonds are as
follows: •
•
-2-
FOR THE YEAR
A TAX SUFFICIENT TO PRODUCE THE DOLLAR SUM OF:
•
2005
$
for interest and principal up to and
including December 1, 2006
2006
$
for interest and principal
2007
$
for interest and principal
2008
$
for interest and principal
2009
$
for interest and principal
2010
$
for interest and principal
2011
$
for interest and principal
2012
$
for interest and principal
2013
$
for interest and principal
2014
$
for interest and principal
2015
$
for interest and principal
2016
$
for interest and principal
2017
$
for interest and principal
2018
$
for interest and principal
2019
$
for interest and principal
2020
$
for interest and principal
2021
$
for interest and principal
2022
$
for interest and principal
2023
$
for interest and principal
•
8. The final terms of redemption for the Bonds are as follows:
•
A. Term Bonds:
The Bonds due on December 1 of the years 20_, 20_ and 20 are Term Bonds
and are subject to mandatory redemption by operation of the Debt Service Fund at a price
of par and accrued interest, without premium, on December 1 of the years and in the
amounts as follows:
-3-
with $
FOR THE TERM BONDS DUE DECEMBER 1, 20_:
REDEMPTION
YEAR AMOUNT ($}
20
remaining to be paid at maturity in 20_.
FOR THE TERM BONDS DUE DECEMBER 1, 20_:
REDEMPTION
YEAR AMOUNT ($)
20
with $ remaining to be paid at maturity in 20_.
FOR THE TERM BONDS DUE DECEMBER 1, 20_:
REDEMPTION
YEAR AMOUNT ($)
20
with $ remaining to be paid at maturity in 20_.
B.Those of the Bonds due on or after December 1, 20_, are subject to
redemption prior to maturity, at the option of the City, from any available funds, in whole
or in part, on any date on or after , 20_, and if in part, in any order of
maturity (and, if applicable, any order of mandatory redemption payment) as selected by
the City, and if less than an entire maturity, in integral multiples of $5,000, selected by lot
by the Bond Registrar, at the redemption price of par plus accrued interest to the date of
redemption.
9. All other terms are as provided in the Bond Ordinance.
10. Please be further advised that we find and determine that no person holding any
office of the City either by election or appointment, is in any manner financially interested, either
directly, in his or her own name, or indirectly in the name of any other person, associate, trust or
corporation, in the Bond Purchase Contract with the Underwriters.
11. Finally, please be advised that this Bond Order shall be entered into the records of
the City and made available to all Aldermen.
r1
•
-4-
• IN WITNESS WHEREOF we have hereunto affixed our official signatures this day of
2005.
•
•
City Manager
William A. Stafford
Finance Director
-5-
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
GENERAL OBLIGATION BONDS
SERIES 2005 AND RELATED BOND ORDER
CERTIFICATE OF FILING
I, David D. Orr, 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
2005 there was filed in my office a properly certified copy of Ordinance
Number 77-0-05, passed by the City Council of the City of Evanston, Cook County, Illinois, on
the day of 2005 and entitled:
AN ORDINANCE providing for the issuance of not to exceed
$32,500,000 General Obligation Bonds, Series 2005, of the City of
Evanston, Cook County, Illinois, and providing for the levy and
collection of a direct annual tax for the payment of the principal of
and interest on said bonds.
together with a duly executed
Bond Order
of and William A. Stafford, respectively the City Manager and
the Finance Director of said City, dated the day of June 2005, setting forth Bond
information and tax levy amounts relating to said Bonds; and that the same have been duly
deposited in 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, at Chicago, Illinois, this day of
[SEAL]
2005.
County Clerk of
The County of Cook, Illinois
•
•
STATE OF ILLINOIS )
•) SS
COUNTY OF COOK )
GENERAL OBLIGATION BONDS
SERIES 2005 AND RELATED BOND ORDER
AVAILABILITY OF BOND ORDER
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of
the City of Evanston, Cook County, 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 I made available to all members of the City Council at the regular
meeting of the City Council held on the 13th day of June 2005, a Bond Order, as such term is
defined in Ordinance Number 77-0-05 and entitled:
AN ORDINANCE providing for the issuance of not to exceed
• $32,500,000 General Obligation Bonds, Series 2005, of the City of
Evanston, Cook County, Illinois, and providing for the levy and
collection of a direct annual tax for the payment of the principal of
and interest on said bonds.
which Bond Order is responsive to such Ordinance; a true, correct and complete copy of which
said Bond Order as provided at said meeting being attached hereto.
IN WITNESS WHEREOF I hereunto affix my official signature and the seal of the City this
,��ay of 2005.
City Cler�
City of Evans n
Cook County, Illinois
[SEAL]
is
E
E